<SEC-DOCUMENT>0001387131-22-011106.txt : 20221104
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<ACCEPTANCE-DATETIME>20221104162719
ACCESSION NUMBER:		0001387131-22-011106
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		35
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221104
DATE AS OF CHANGE:		20221104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Palladium ETF Trust
		CENTRAL INDEX KEY:			0001459862
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34589
		FILM NUMBER:		221362660

	BUSINESS ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-446-2020

	MAIL ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Standard Palladium ETF Trust
		DATE OF NAME CHANGE:	20181001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETFS PALLADIUM TRUST
		DATE OF NAME CHANGE:	20090326
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="text-align: center"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 25%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 24pt"><b><span id="xdx_908_edei--EntityRegistrantName_c20220101__20220930_zOG2N3QGgWR7"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:EntityRegistrantName">abrdn
Palladium ETF Trust</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
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<tr style="font: 10pt Times New Roman, Times, Serif">
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or other jurisdiction of incorporation or</i></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>organization)</i></span></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(I.R.S.
    Employer Identification No.)</i></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c/o
    abrdn ETFs Sponsor LLC</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_90F_edei--EntityAddressAddressLine1_c20220101__20220930_zrKGAJkqtrzi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:EntityAddressAddressLine1">1900 Market Street, Suite 200</ix:nonNumeric></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></b></p>
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        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Address
of principal executive offices)</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressPostalZipCode_c20220101__20220930_zKoZbEPDRjqj"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:EntityAddressPostalZipCode">19103</ix:nonNumeric></span></b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Zip
Code)</i></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90B_edei--CityAreaCode_c20220101__20220930_zS0A8ycxYFok"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:CityAreaCode">844</ix:nonNumeric></span>)
<span id="xdx_904_edei--LocalPhoneNumber_c20220101__20220930_zhEu4wEHodFk"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:LocalPhoneNumber">383-7289</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Registrant&#8217;s
telephone number, including area code) </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--Security12bTitle_c20220101__20220930_zIVzf20T5yQ2"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:Security12bTitle">abrdn
    Physical Palladium Shares ETF</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--TradingSymbol_c20220101__20220930_zfJla82l4GPj"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:TradingSymbol">PALL</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--SecurityExchangeName_c20220101__20220930_zKJEyjAJVdd2"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE
    Arca</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2)&#160;has been subject to such filing requirements for the past 90 days. <span id="xdx_90E_edei--EntityCurrentReportingStatus_c20220101__20220930_zl0ZIPFZ6V9d"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;&#9746;&#160;&#160;&#160;No&#160;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). <span id="xdx_906_edei--EntityInteractiveDataCurrent_c20220101__20220930_z1CZdnZG7bci"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746;&#160;&#160;&#160;No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer,&#160;a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated
filer&#8221;, &#8220;smaller reporting company&#8221;, and &#8220;emerging growth company&#8221;&#160;in Rule 12b-2 of the Exchange
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--EntityFilerCategory_c20220101__20220930_zxViWihtN1n"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Accelerated
    Filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Accelerated
    Filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    Reporting Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntitySmallBusiness_c20220101__20220930_zzMe3HZRsf7i"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt:booleanfalse" name="dei:EntitySmallBusiness">&#9744;</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20220101__20220930_zVlZtGqccRv2"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &#9744; Yes&#160;&#160;&#160;&#160;&#9746;
<span id="xdx_90D_edei--EntityShellCompany_c20220101__20220930_zDgj3KOmfVg2"><span id="xdx_908_edei--EntityShellCompany_c20220101__20220930_zL2wlZemYMXa"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt:booleanfalse" name="dei:EntityShellCompany"><ix:nonNumeric contextRef="From2022-01-01to2022-09-30" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></ix:nonNumeric></span></span> </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of November 2, 2022, abrdn Palladium ETF Trust had <span id="xdx_900_edei--EntityCommonStockSharesOutstanding_iI_pip0_c20221102_zSo6cGePt7al"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-11-02" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,750,000</ix:nonFraction></span> abrdn Physical Palladium Shares ETF outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF TRUST</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
10-Q</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE QUARTER ENDED SEPTEMBER 30, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla001">PART I. FINANCIAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla002">Item 1.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla002">Financial Statements</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla003">Item 2.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla003">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla004">Item 3.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla004">Quantitative and Qualitative Disclosures About Market Risk</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla005">Item 4.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla005">Controls and Procedures</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla006">PART II. OTHER INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla007">Item 1.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla007">Legal Proceedings</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla008">Item 1A.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla008">Risk Factors</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla009">Item 2.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla009">Unregistered Sales of Equity Securities and Use of Proceeds</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla010">Item 3.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla010">Defaults Upon Senior Securities</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla011">Item 4.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla011">Mine Safety Disclosures</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla012">Item 5.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla012">Other Information</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17</b></span></td></tr>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla013">Item 6.</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla013">Exhibits</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#palla014">SIGNATURES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF Trust</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="palla001"></span>PART
I. FINANCIAL INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="palla002"></span>Item
1. Financial Statements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Assets and Liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
September 30, 2022&#160;(Unaudited) and December 31, 2021</span></p>

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<table cellpadding="0" cellspacing="0" id="xdx_301_111_pn3n3_zLt1kGWfP2oh" summary="xdx: Statement - Statements of Assets and Liabilities (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_490_20220930_zW2RIrllc7E1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2022</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_z2yW2KhJbv6g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for Share and per Share data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--AssetsAbstract_iB_zhh2w2OXaBL8" style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_i01I_pn3n3_uUSD_maAzFP0_z02IVammakV" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 15%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,056</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 15%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--Assets_i01TI_pn3n3_uUSD_mtAzFP0_maANzHaX_zgAwnheCRU9l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Total assets</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,056</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--LiabilitiesAbstract_iB_z5aiZRD2gLf4" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--AssetsNet_iTI_pn3n3_uUSD_mtANzHaX_zyROxPzTNv16" style="vertical-align: bottom; background-color: White">
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</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
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<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules
of Investments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
September 30, 2022 (Unaudited) and December 31, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_111_pn3n3_zKFq8SNczjWh" summary="xdx: Statement - Schedules of Investments (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">oz</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total investment in palladium</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Less liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilities_iI_pn3n3_uUSD_c20220930_z2PyxqN9Oes7" title="Less liabilities" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilities" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">178</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_iI_pid_dp_uPure_c20220930_zjR08tCuxOK3" title="Less liabilities, % of Net Assets" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">0.05</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_30C_111_pn3n3_zK4ijXlp3mU" summary="xdx: Statement - Schedules of Investments (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">oz</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td colspan="17"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment in palladium</b> <i>(in 000&#8217;s of US$, except for oz and percentage data)</i></span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Operations (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and nine months&#160;ended&#160;September 30, 2022&#160;and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for Share and per Share data)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<tr id="xdx_405_eus-gaap--SponsorFees_i01_maOEzVni_zClEEtesOBMl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_405_eus-gaap--NetIncomeLoss_iT_pn3n3_uUSD_mtNILzH1F_zCRH8CpGGit3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--EarningsPerShareBasic_pp2p0_uUSDPShares_zFwiWLqzHOx2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-left: 10pt; text-indent: -10pt">Net increase / (decrease) in net assets per Share</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0p0_uShares_zgIl2eoDKQk7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>See
Notes to the Financial Statements</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Changes in Net Assets (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and nine months&#160;ended September 30, 2022&#160;and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_114_pn3n3_zO0F2XDLFpvk" summary="xdx: Statement - Statements of Changes in Net Assets (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$, except for Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--NetInvestmentGainLoss_pn3n3_c20210701__20210930_zo92JGGvTvgh" title="Net investment loss" style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentGainLoss" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">649</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Realized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Change in unrealized (loss) on unsettled creations or redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions_pn3n3_c20220701__20220930_zvNBc4vLciX5" title="Change in unrealized (loss) on unsettled creations or redemptions" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0198">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt">Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20220701__20220930_zl3zbDAjbsAb" title="Creations (in shares)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0202">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20220701__20220930_zBUuGliKL24i" title="Creations" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0204">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Redemptions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pip0_di_c20220701__20220930_z0BkOWrTA0Li" title="Redemptions (in shares)" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">150,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_pn3n3_di_c20220701__20220930_zcDI3sTM3QF4" title="Redemptions" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,815</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pip0_di_c20210701__20210930_z5Nr6G4oCDZ8" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">350,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_pn3n3_di_c20210701__20210930_zlZjDVNnt6Ve" title="Redemptions" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">83,187</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--SharesOutstanding_iE_pip0_c20220701__20220930_zzUtszWC32Z8" title="Closing balance (in shares)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,750,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--StockholdersEquity_iE_pn3n3_c20220701__20220930_zVosbRDsGqtc" title="Closing balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,878</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--SharesOutstanding_iE_pip0_c20210701__20210930_zjglHMNAYFGa" title="Closing balance (in shares)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,850,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--StockholdersEquity_iE_pn3n3_c20210701__20210930_zgnn6TG8yfG7" title="Closing balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">327,372</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" id="xdx_30C_114_pn3n3_zxWSXAfKHxb4" summary="xdx: Statement - Statements of Changes in Net Assets (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$, except for Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; text-indent: -10pt; padding-left: 10pt">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pip0_c20220101__20220930_zYdmONacRU0a" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,950,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--StockholdersEquity_iS_pn3n3_c20220101__20220930_zBGHKNiQntJ5" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">357,971</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--SharesOutstanding_iS_pip0_c20210101__20210930_z228hsEbWcB3" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,625,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--NetInvestmentGainLoss_pn3n3_c20220101__20220930_zFe4GdrRdv5h" style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentGainLoss" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,761</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--NetInvestmentGainLoss_pn3n3_c20210101__20210930_zGfDH95t5UQg" style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentGainLoss" contextRef="From2021-01-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,890</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Realized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_c20220101__20220930_z1liL3rEJkY3" style="text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,471</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_c20210101__20210930_zWfh3IRF1mX8" style="text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2021-01-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,093</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Change in unrealized gain/(loss) on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Highlights (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and nine months&#160;ended September 30, 2022&#160;and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_112_pn3n3_zmpJD84S2t4" summary="xdx: Statement - Financial Highlights (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr id="xdx_40A_ecustom--PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_iB_z95FM5LNqCdb" style="vertical-align: bottom">
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throughout the entire period)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_409_eus-gaap--NetAssetValuePerShare_i01S_pp2p0_z3qt90pt8kG2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40E_ecustom--IncomeFromInvestmentOperationsAbstract_i01B_pid_z28Rb02TMahb" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecustom--NetInvestmentIncomeLossPerShare_i02_pp2p0_maCNA_zFQicccAiuEd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_403_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_zoCn3WAxVw0i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_ecustom--AnnualizedNetInvestmentIncomeLossRatio_pid_dp_uPure_z4esm70JpN6f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--TotalReturnAtNetAssetValue_pid_dp_uPure_zAhXmgABHNa2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><span id="xdx_F0A_zuE4cCRqPG9f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span id="xdx_F0F_zVc4Dx5yg1f3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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    is not annualized.</ix:footnote></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>See
Notes to the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z6cVXGE2Juoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.&#160;&#160;&#160;&#160;<span id="xdx_828_zUTM4C4zXfW">Organization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The&#160;abrdn
Palladium ETF Trust&#160;(known as&#160;Aberdeen Standard Palladium ETF Trust&#160;prior to March 31, 2022) (the &#8220;Trust&#8221;)
is a common law trust formed on&#160;December 30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#8220;Trust
Agreement&#8221;) executed by abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1,
2022)&#160;(the &#8220;Sponsor&#8221;) and The Bank of New York Mellon as Trustee (the &#8220;Trustee&#8221;). The Trust holds
palladium&#160;bullion and&#160;issues&#160;abrdn Physical Palladium Shares ETF (known as&#160;Aberdeen Standard Physical Palladium
Shares ETF&#160;prior to March 31, 2022) (&#8220;Shares&#8221;) in minimum blocks of&#160;<span id="xdx_90D_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20220101__20220930_z7Inbwl5pROe" title="Minimum block of shares issued redeemed against palladium"><ix:nonFraction name="pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> Shares (also referred to as &#8220;Baskets&#8221;)
in exchange for deposits of&#160;palladium and distributes&#160;palladium in connection with the redemption of Baskets. Shares
represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor
is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc. (known as Aberdeen Standard Investments Inc.
prior to January 1, 2022). abrdn Inc. is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen)
plc. The Trust is governed by the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;palladium, less the Trust&#8217;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#8220;Shareholder&#8221;)
an opportunity to participate in the&#160;palladium market through an investment in securities. The fiscal year end for the Trust
is December 31.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United
States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions for Form 10-Q. In the
opinion of the Trust&#8217;s management, all adjustments (which consist of normal recurring adjustments) necessary to present
fairly the financial position and results of operations as of&#160;September 30, 2022, and for the three and nine month periods
then ended have been made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements should be read in conjunction with the Trust&#8217;s Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31,&#160;2021. The results of operations for the&#160;three and nine months ended&#160;September 30, 2022 are
not necessarily indicative of the operating results for the full year.</span></p>

</ix:nonNumeric><p id="xdx_81C_zQ8ms1bttJxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zgugZ8eoowCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;<span id="xdx_823_zFamtQns3GQi">Significant
Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZmx5pVt2Mrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.1.&#160;&#160;&#160;<span id="xdx_863_zmDlpTVF0Fa8">&#160;Basis
of Accounting</span></i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.</span></p>

</ix:nonNumeric><p id="xdx_85F_zDW4bc9FYqp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="pall:ValuationOfBullionPolicyTextBlock"><p id="xdx_84C_ecustom--ValuationOfBullionPolicyTextBlock_zo3YB4Jnse2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_86A_zRxXQTApfh6d">Valuation
of&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<ix:exclude><p id="xdx_231_zIuUud6TfRki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zj6iAuETTXfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zyiy4x3pG7ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zHcYYlwsaX8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Financial Statements (Unaudited)</span></p></ix:exclude>
<ix:exclude><p id="xdx_231_z4MajfZoPmKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London,
England vaulting premises. The Trust&#8217;s palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold
the Trust&#8217;s palladium in the Trust&#8217;s allocated account in the firm&#8217;s&#160;vault premises on a segregated basis and
whose appointment has been approved by the Sponsor. At September 30, 2022, approximately <span id="xdx_907_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20220930_zMPluIdcsNUc" title="Percentage of palladium held by sub-custodians"><ix:nonFraction name="pall:PercentageOfAssetBeingHeldByTrust" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.14</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;of
the Trust&#8217;s palladium was held by one or more sub-custodians.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium is recorded at fair value. The cost of palladium is determined according to the average cost method and
the fair value is based on the afternoon session of the twice daily fix of an ounce of&#160;palladium administered by the London
Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;). Realized gains and losses on transfers of palladium, or palladium
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average&#160;cost
of&#160;palladium transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LME is responsible for the administration of the electronic&#160;palladium price fixing system (&#8220;LMEbullion&#8221;) that
replicates electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing
Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London palladium fix processes, establishes
and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45
a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London time (the &#8220;LME PM Fix&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the value of&#160;&#160;palladium has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee
by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the
&#8220;Sponsor&#8217;s Fee&#8221;), from the fair value of the&#160;palladium and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust recognizes changes in fair value of the investment in&#160;palladium as changes in unrealized gains or losses on investment
in&#160;palladium through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per Share amount of&#160;palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM
Fix to calculate the&#160;palladium amount in respect of any liabilities for which covering palladium&#160;sales have not yet
been made, and represents the per Share amount of&#160;palladium held by the Trust, after giving effect to its liabilities, to
cover expenses and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <!-- Field: /Page --></ix:exclude>
<ix:exclude><p id="xdx_23E_zlCWNYjQP8ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zSfLph5Rttti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zR7Tp5aJpAgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zI6DGMCTHOxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Financial Statements (Unaudited)</span></p></ix:exclude>
<ix:exclude><p id="xdx_237_z8QhsCxHvBNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s investment in&#160;palladium is classified as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted
quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_znb7ZXZI1ILc">The
categorization of the Trust&#8217;s assets is as shown below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, <br />
2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br />
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2022-09-30_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,056</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A5_zRjIUXpDhSD8" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.</span></p>

</ix:nonNumeric><p id="xdx_854_zgUnldxYxFGb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="pall:ReceivableAndPayablePolicyTextBlock"><p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_zY8YhsSKJxO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_86D_zJ7MuojVETRd">Palladium
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Palladium&#160;receivable
or payable represents the quantity of&#160;palladium covered by contractually binding orders for the creation or redemption of
Shares respectively, where the&#160;palladium has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership
of palladium is transferred within two business days of the trade date. At September 30, 2022, the Trust had <span id="xdx_900_ecustom--BullionReceivableAtMarketValue_iI_do_c20220930_zrXZx7poJtfa" title="Palladium receivable"><span id="xdx_902_ecustom--BullionPayableAtMarketValue_iI_do_c20220930_zsN5jbCeL37i" title="Palladium payable"><ix:nonFraction name="pall:BullionReceivableAtMarketValue" contextRef="AsOf2022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="pall:BullionPayableAtMarketValue" contextRef="AsOf2022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zaEswDs4dj9" title="Palladium receivable"><span id="xdx_903_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zZCGImmRj53c" title="Palladium payable"><ix:nonFraction name="pall:BullionReceivableAtMarketValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="pall:BullionPayableAtMarketValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares.</span></p>

</ix:nonNumeric><p id="xdx_85C_z4EsbbH2sa0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="pall:CreationsAndRedemptionsOfSharesPolicyTextBlock"><p id="xdx_847_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zNPeDTYaU6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_865_zVfJn4jxIw2c">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_c20220101__20220930_zTv26bpwIcG8" title="Minimum block of shares issued redeemed against palladium"><ix:nonFraction name="pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>&#160;Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;palladium bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the&#160;palladium&#160;required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated&#160;palladium account, either loco London or loco Zurich, established with the Custodian
or a&#160;palladium bullion clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>
<ix:exclude><p id="xdx_23B_zYuiQlxw0E25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zgmriBpLjIOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_ziYqF2DLfGjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zPFJAQPMAKc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Financial Statements (Unaudited)</span></p></ix:exclude>
<ix:exclude><p id="xdx_232_ziumorqcaY04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;palladium is exchanged in settlement of a redemption, it is considered
a sale of&#160;palladium for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of&#160;palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of palladium&#160;to
be delivered or distributed by the Trust. In order to ensure that the correct amount of&#160;palladium is available at all times
to back the Shares, the Sponsor accepts an adjustment to its Sponsor&#8217;s Fee in the event of any shortfall or excess on each
transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

</ix:nonNumeric><p id="xdx_85D_ziycLCmKVIy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zeeUelPVWdwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_867_zm81DezsjeKh">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_zPqI7hPTFfag"><span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20220930_zgUYfoyfJDJ5" title="Reserve for uncertain tax positions"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> reserves for uncertain tax positions are required as of&#160;September 30, 2022&#160;or December 31, 2021.</span></p>

</ix:nonNumeric><p id="xdx_856_zfQBiy0sVhh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zEulIAkcOzYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_86C_z2NI8vjccRvh">Investment
in&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="pall:InvestmentsInBullionTableTextBlock"><p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zEO3NRtXgwhl">Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br /> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br /> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="oz">176,345.5</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="oz">182,072.1</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0362">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsOuncesOfBullion" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="oz">23,312.9</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:RedemptionsOuncesOfBullion" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="oz">13,906.7</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:RedemptionsOuncesOfBullion" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="oz">32,637.3</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:TransfersOfBullionOunces" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="1" sign="-" unitRef="oz">263.3</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:TransfersOfBullionOunces" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="1" sign="-" unitRef="oz">269.0</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="oz">162,175.5</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">332,940</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">492,870</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0377">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsValueOfBullion" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,616</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,815</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">83,187</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">575</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,682</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:CostOfBullionTransferredToPayExpenses" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">529</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:CostOfBullionTransferredToPayExpenses" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">716</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized (loss) / gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">236</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54,891</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">163,964</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,056</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<ix:exclude><p id="xdx_230_zMILvepKq4Sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zh8JMYQofi78" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
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<ix:exclude><p id="xdx_23C_zFV0xuHFpPp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br /> Ended<br /> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
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<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
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<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
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<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">120,921</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
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<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
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<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">151</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,056</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">327,537</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


</ix:nonNumeric><p id="xdx_8AF_zCdFO3Zm22ml" style="margin-top: 0; margin-bottom: 0">&#160;</p>

</ix:nonNumeric><p id="xdx_852_zWpIiH8Nia02" style="margin-top: 0; margin-bottom: 0">&#160;</p>
<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="pall:ExpensesPolicyTextBlock"><p id="xdx_843_ecustom--ExpensesPolicyTextBlock_zQgQDSItcbc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_zeZcRfKbUfug">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of palladium to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 12; Value: 1 -->
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<ix:exclude><p id="xdx_23D_zJ5QI4GYTDij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zQbUAdPVODcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zu2H5onyo9Tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
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<ix:exclude><p id="xdx_23B_zKKriqkABRLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will transfer&#160;palladium to the Sponsor to pay the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months&#160;ended&#160;September 30, 2022&#160;and 2021, the Sponsor&#8217;s Fee&#160;was $<span id="xdx_909_eus-gaap--SponsorFees_pp0p0_c20220701__20220930_zatRV95ag6wg" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2022-07-012022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">538,123</ix:nonFraction></span>&#160;and&#160;$<span id="xdx_90B_eus-gaap--SponsorFees_pp0p0_c20210701__20210930_zY3JjVhkFdn9"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">648,684</ix:nonFraction></span>,
respectively.&#160;For the&#160;nine months ended&#160;September 30, 2022 and&#160;2021, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_903_eus-gaap--SponsorFees_pp0p0_c20220101__20220930_zbRG5xnJ67Ql" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2022-01-01to2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,761,406</ix:nonFraction></span>
and $<span id="xdx_902_eus-gaap--SponsorFees_pp0p0_c20210101__20210930_zsP8NjfMm9Xf"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2021-01-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,889,843</ix:nonFraction></span>, respectively.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At&#160;September
30, 2022 and at&#160;December 31, 2021, the fees payable to the Sponsor were&#160;$<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20220930_zlsBp7axJvxj" title="Fees payable to Sponsor"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2022-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">177,895</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20211231_zvd9e4aACC14"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">189,455</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;palladium as necessary to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee
will endeavor to sell the smallest amounts of&#160;palladium needed to pay these expenses in order to minimize the Trust&#8217;s
holdings of assets other than palladium. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220930_z4urD0ZtrM72" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20210930_zycVCp1ujng3" title="All other expenses"><span id="xdx_906_eus-gaap--OtherCostAndExpenseOperating_do_c20220701__20220930_z3QRYClv7uqi" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20210701__20210930_zFNbeu3c8Dkl" title="All other expenses"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2022-01-01to2022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2021-01-012021-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2022-07-012022-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2021-07-012021-09-30" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> expenses during the three and nine
months ended&#160;September 30, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise directed by the Sponsor, when selling&#160;palladium the Trustee will endeavor to sell at the price established by the
LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to
receive the most favorable price and execution of orders. The Custodian may be the purchaser of such&#160;palladium only if the
sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case
as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average
cost of the&#160;palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of
any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses result from the transfer of&#160;palladium for Share redemptions and / or to pay expenses and are recognized
on a trade date basis as the difference between the fair value and average cost of&#160;palladium transferred.</span></p>

</ix:nonNumeric><p id="xdx_856_zR5SGl3awkS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:SubsequentEventsPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zPCXGxxeBYpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.8.&#160;&#160;&#160;&#160;<span id="xdx_86B_zzVb7yc4hvSb">Subsequent
Events</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

</ix:nonNumeric><p id="xdx_857_ziPK88Efgj3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_818_z7dFpAp0fN0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_806_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zQmqSRBC8m8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.&#160;&#160;&#160;&#160;<span id="xdx_822_zO19jDG1pdm4">Related
Parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;palladium directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#8217;s and Custodian&#8217;s fees are paid by the Sponsor and are
not separate expenses of the Trust.&#160;</span></p>

</ix:nonNumeric><p id="xdx_81A_zhnouEfGJZ48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>abrdn
Palladium ETF Trust</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Financial Statements (Unaudited)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_801_eus-gaap--ConcentrationRiskDisclosureTextBlock_z6s1XWStYNEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.&#160;&#160;&#160;&#160;<span id="xdx_82E_zo3AwGvvINkl">Concentration
of Risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s sole business activity is the investment in&#160;palladium, and substantially all the Trust&#8217;s assets are holdings
of&#160;palladium, which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors
could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as
production and cost levels in major palladium-producing countries, recycling, autocatalyst demand, industrial demand, jewelry
demand, investment demand, and sales of existing stockpiles of palladium, which have been a key source of supply and are likely
to be exhausted soon, placing a higher burden on new mine supply; (ii) investors&#8217; expectations with respect to the rate
of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity
funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance
that&#160;palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price
of&#160;palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these
events could have a material effect on the Trust&#8217;s financial position and results of operations.&#160;</span></p>

</ix:nonNumeric><p id="xdx_810_zkHmFo0AkFKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-09-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zvuojhq2FwO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.&#160;&#160;&#160;&#160;<span id="xdx_825_zUld0KfZkB93">Indemnification</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust&#8217;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,
managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#8217;s organizational documents. The Trust&#8217;s maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.&#160;</span></p>

</ix:nonNumeric><p id="xdx_81D_zOcX8nhUMUW1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>abrdn Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="palla003"></span>Item 2. Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>This information should be read in conjunction with the financial
statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that
follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995,
as amended. These forward-looking statements may relate to the Trust&#8217;s financial condition, operations, future performance
and business. These statements can be identified by the use of the words &#8220;may&#8221;, &#8220;should&#8221;, &#8220;expect&#8221;,
&#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;predict&#8221;, &#8220;potential&#8221;
or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its
perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under
a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in
management&#8217;s expectations or predictions.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Introduction&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust is a common law trust, formed under the laws of the
state of New York on&#160;December 30, 2009. The Trust is not managed like a corporation or an active investment vehicle. It does
not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is
not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.
It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool
operator or a commodity trading adviser in connection with issuing Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust holds&#160;palladium and is expected to issue Baskets
in exchange for deposits of&#160;palladium and to distribute&#160;palladium in connection with redemptions of Baskets. Shares issued
by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust
is for the Shares to reflect the performance of the price of&#160;palladium, less the Trust&#8217;s expenses.&#160;The Sponsor
believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing
in&#160;palladium.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust issues and redeems Shares only with Authorized Participants
in exchange for palladium&#160;and only in aggregations of&#160;25,000 Shares or integral multiples thereof. A list of current
Authorized Participants is available from the Sponsor or the Trustee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of the Trust trade on the New York Stock Exchange (the
&#8220;NYSE&#8221;) Arca under the symbol &#8220;PALL&#8221;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Valuation of&#160;Palladium and Computation of Net Asset
Value&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On each day that the NYSE Arca is open for regular trading,
as promptly as practicable after 4:00 p.m. New York time on such day (the &#8220;Evaluation Time&#8221;), the Trustee evaluates
the&#160;palladium held by the Trust and determines the NAV of the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">At the Evaluation Time, the Trustee values the
Trust&#8217;s palladium on the basis of that day&#8217;s LME PM Fix or, if no LME PM Fix is made on such day, the next most recent
LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate
as a basis for evaluation. In the event the Sponsor determines that the LME PM Fix or such other publicly available price as the
Sponsor may deem fairly represents the commercial value of the Trust&#8217;s palladium is not an appropriate basis for evaluation
of the Trust&#8217;s palladium, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither
the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available
price is not appropriate as a basis for evaluation of the Trust&#8217;s palladium or for any determination as to the alternative
basis for such evaluation provided that such determination is made in good faith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the value of the&#160;palladium has been determined, the
Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes
place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from
the total value of the&#160;palladium and all other assets of the Trust (other than any amounts credited to the Trust&#8217;s reserve
account, if established). The resulting figure is the adjusted net asset value (the &#8220;ANAV&#8221;) of the Trust. The ANAV
of the Trust is used to compute the Sponsor&#8217;s Fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All fees accruing for the day on which the valuation takes place
that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The
Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the
Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as
of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee&#8217;s estimation of accrued but unpaid fees, expenses
and liabilities is conclusive upon all persons interested in the Trust and no revision or correction in any computation made under
the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529; text-align: justify">The NAV of the Trust is obtained by subtracting
the Trust&#8217;s liabilities on any day from the value of the palladium owned and receivable by the Trust on that day; the NAV
per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><i>The Quarter Ended September 30, 2022</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The Trust&#8217;s NAV increased from $332,771,584
at June 30, 2022 to $358,878,575 at September 30, 2022, a 7.85% increase for the quarter. The increase in the Trust&#8217;s NAV
resulted from a increase in the price per ounce of palladium, which rose 17.27% from $1,888.00 at June 30, 2022 to $2,214.00 at
September 30, 2022. There was a decrease in outstanding Shares, which fell from 1,900,000 Shares at June 30, 2022 to 1,750,000
Shares at September 30, 2022, as a result of no Shares (0 Baskets) being created and 150,000 Shares (6 Baskets) being redeemed
during the quarter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The NAV per Share increased 17.09% from $175.14
at June 30, 2022 to $205.07 at September 30, 2022. The Trust&#8217;s NAV per Share rose slightly less than the price per ounce
of palladium on a percentage basis due to the Sponsor&#8217;s Fee, which was $538,123 for the quarter, or 0.60% of the Trust&#8217;s
ANAV on an annualized basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The NAV per Share of $211.18 at August 11, 2022
was the highest during the quarter, compared with a low of $172.87 at July 15, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The increase in net assets from operations for
the quarter ended September 30, 2022 was $54,921,598, resulting from a realized gain of $575,066 on palladium distributed for the
redemption of Shares and a change in unrealized gain on investment in palladium of $54,890,605, offset by a realized loss of $5,950
on the transfer of palladium to pay expenses and the Sponsor&#8217;s Fee of $538,123. Other than the Sponsor&#8217;s Fee, the Trust
had no expenses during the quarter ended September 30, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><i>The Nine Months Ended September 30, 2022</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The Trust&#8217;s NAV increased from $357,971,468
at December 31, 2021 to $358,878,575 at September 30, 2022, a 0.25% increase for the period. The increase in the Trust&#8217;s NAV
resulted primarily from a increase in the price per ounce of palladium, which rose 12.21% from $1,973.00 at December 31, 2021 to
$2,214.00 at September 30, 2022. There was a decrease in outstanding Shares, which fell from 1,950,000 Shares at December 31, 2021
to 1,750,000 Shares at September 30, 2022, as a result of 425,000 Shares (17 Baskets) being created and 625,000 Shares (25 Baskets)
being redeemed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The NAV per Share increased 11.71% from $183.58
at December 31, 2021 to $205.07 at September 30, 2022. The Trust&#8217;s NAV per Share rose slightly less than the price per ounce
of palladium on a percentage basis due to the Sponsor&#8217;s Fee, which was $1,761,406 for the period, or 0.60% of the Trust&#8217;s
ANAV on an annualized basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">The NAV per Share of $280.22 at March 7, 2022
was the highest during the period, compared with a low of $167.95 at June 14, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">The increase in net assets from operations for
the period ended September 30, 2022 was $9,716,443, resulting from a realized gain of $150,527 on the transfer of palladium to
pay expenses, a realized gain of $5,319,894 on palladium distributed for the redemption of Shares and a change in unrealized gain
on investment in palladium of $6,007,428, offset by the Sponsor&#8217;s Fee of $1,761,406. Other than the Sponsor&#8217;s Fee, the Trust had
no expenses during the period ended September 30, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F2429">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Liquidity &amp; Capital Resources&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust is not aware of any trends, demands, commitments,
events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor&#8217;s
Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the
Trust during the period covered by this report was the Sponsor&#8217;s Fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee will, at the direction of the Sponsor or in its
own discretion, sell the Trust&#8217;s&#160;palladium&#160;as necessary to pay the Trust&#8217;s expenses not otherwise assumed
by the Sponsor. The Trustee will not sell&#160;palladium to pay the Sponsor&#8217;s Fee but will pay the Sponsor&#8217;s Fee through
in-kind transfers of&#160;palladium to the Sponsor. At&#160;September 30, 2022, the Trust did not have any cash balances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Off-Balance Sheet Arrangements &#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust has no off-balance sheet arrangements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Critical Accounting Policies&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial statements and accompanying notes are prepared
in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial
statements relies on estimates and assumptions that impact the Trust&#8217;s financial position and results of operations. These
estimates and assumptions affect the Trust&#8217;s application of accounting policies. Refer to Note 2 to the Financial Statements
for further information on accounting policies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="palla004"></span>Item 3. Quantitative and Qualitative Disclosures About Market
Risk&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="palla005"></span>Item 4. Controls and Procedures&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust maintains disclosure controls and procedures that
are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;) is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s
rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer
of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the supervision and with the participation of the Chief
Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust&#8217;s disclosure
controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive
Officer and the Chief Financial Officer of the Sponsor concluded that, as of&#160;September 30, 2022, the Trust&#8217;s disclosure
controls and procedures were effective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There have been no changes in the Trust&#8217;s or Sponsor&#8217;s
internal control over financial reporting during the quarter ended&#160;September 30, 2022 that have materially affected, or are
reasonably likely to materially affect, the Trust&#8217;s or Sponsor&#8217;s internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="palla006"></span>PART II. OTHER INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="palla007"></span>Item 1. Legal Proceedings&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="palla008"></span>Item 1A. Risk Factors &#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Except
for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the
Trust&#8217;s Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to Palladium&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 8, 2022, in response to Russia&#8217;s invasion of
Ukraine, LPPM suspended two government-owned Russian platinum and palladium refiners. New productions by such refiners will no
longer be accepted as &#8220;Good Delivery&#8221; by the LPPM until further notice. The bars and sponges these refiners previously
produced will still be considered Good Delivery, consistent with past suspensions of refiners by the LPPM. Fewer suppliers to the
LPPM may lead to a lower supply of Good Delivery palladium and further volatility in the price of palladium.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General Risks&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Armed conflict can result in significant disruptions to the
commodities markets and could adversely affect the price of the Shares<b>. <i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 24, 2022, Russia commenced an invasion of Ukraine.
In response to such conflict or for other reasons, governments have imposed and may impose additional economic sanctions against
Russia, certain other countries, entities and/or individuals. Economic sanctions and other similar governmental actions could,
among other things, prevent or prohibit certain entities or individuals from participating in the bullion and commodities markets
or otherwise impact the functioning of those markets. Such actions could affect the value of palladium held by the Fund. Sanctions
could also result in countermeasures or retaliatory actions, which may impact the value of palladium. Although it is not possible
to predict the impact that any sanctions and retaliatory actions may have on the Fund, such events could significantly harm the
value of the Fund&#8217;s shares.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><span id="palla009"></span>Item 2.&#160;Unregistered Sales of Equity
Securities and Use of Proceeds&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b>Item 2(a).</b>&#160;None.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b>Item 2(b).</b>&#160;Not applicable.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b>Item 2(c).</b>&#160;For the three months
ended September 30, 2022:&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; color: #212529">0 Baskets were created.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; color: #212529">6 Basket were redeemed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529; text-indent: 1in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Period</b></span></td>
    <td style="vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Total Baskets&#160;<br />
        Redeemed</b>&#160;</p></td>
    <td style="vertical-align: bottom; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Shares <br />
Redeemed</b></span></td>
    <td style="vertical-align: bottom; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average ounces of <br />
palladium per Share</b></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2022</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.093</span></td></tr>
<tr style="background-color: White">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2022</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.093</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 2022</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.093</span></td></tr>
<tr style="background-color: White">
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.093</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><span id="palla010"></span>Item 3. Defaults Upon Senior Securities&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><span id="palla011"></span>Item 4. Mine Safety Disclosures&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><span id="palla012"></span>Item 5. Other Information&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><b><span id="palla013"></span>Item 6. Exhibits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">31.1</span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-1.htm">Chief Executive Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">31.2</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-2.htm">Chief Financial Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a> </span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-1.htm">Chief Executive Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-2.htm">Chief Financial Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a> </span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">101</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The following financial statements from the Trust&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Schema Document</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">101.CAL</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Inline XBRL Taxonomy Extension Calculation Document</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">101.DEF</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Inline XBRL Taxonomy Extension Definitions Document</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">101.LAB</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Inline XBRL Taxonomy Extension Labels Document</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">101.PRE</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Inline XBRL Taxonomy Extension Presentation Document</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">104</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The cover page from the Trust&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (included as Exhibit 101).</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>abrdn Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; color: #212529; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <b><span id="palla014"></span>SIGNATURES</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529; text-align: left">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities
thereunto duly authorized.</p>

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<tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">abrdn ETFs Sponsor LLC</td></tr>


<tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Date: November 4, 2022</span></td>
    <td style="width: 50%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Steven Dunn*</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Steven Dunn**</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">President and Chief Executive Officer</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(Principal Executive Officer)</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Date: November 4, 2022</span></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Andrea Melia*</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Andrea Melia**</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Chief Financial Officer and Treasurer</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(Principal Financial Officer and Principal Accounting Officer)</span></td></tr>
</table>


<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         originally executed copy of this Certification will be maintained at the Sponsor&#8217;s
                                         offices and will be made available for inspection upon request.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                                                                                                                                               Registrant is a trust and the persons are signing in
their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><font style="font-size: 10pt"><A HREF="pall-10q_093022.htm">abrdn Palladium ETF Trust 10-Q</A></font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
31.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
OF CHIEF EXECUTIVE OFFICER PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Steven Dunn, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
I have reviewed this Report on Form 10-Q of abrdn Palladium ETF Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    November 4, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven Dunn*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Dunn**</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         originally executed copy of this Certification will be maintained at the Sponsor&rsquo;s
                                         offices and will be made available for inspection upon request.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                                                                                                                                               Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the
                                                                                                                                                                                                                               Registrant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>ex31-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><font style="font-size: 10pt"><A HREF="pall-10q_093022.htm">abrdn Palladium ETF Trust 10-Q</A></font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit
31.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
OF CHIEF FINANCIAL OFFICER PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Andrea Melia, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
I have reviewed this Report on Form 10-Q of abrdn Palladium ETF Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    November 4, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andrea
    Melia*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea Melia**</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer and Principal Accounting
    Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in">*</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The originally
executed copy of this Certification will be maintained at the Sponsor&rsquo;s offices and will be made available for inspection upon
request.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant
is a trust and Ms. Melia is signing in her capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>ex32-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><font style="font-size: 10pt"><A HREF="ex32-1.htm">abrdn Palladium ETF Trust 10-Q</A></font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Exhibit
32.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Quarterly Report of abrdn Palladium ETF Trust (the &ldquo;Registrant&rdquo;) on Form 10-Q for
the quarter ended September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the
&ldquo;Report&rdquo;), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    November 4, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven Dunn*</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Dunn**</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         original executed copy of this Certification will be maintained at the Sponsor&rsquo;s
                                         offices and will be made available for inspection upon request.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                                                                                                                                               Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the
                                                                                                                                                                                                                               Registrant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>ex32-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><font style="font-size: 10pt"><A HREF="ex32-2.htm">abrdn Palladium ETF Trust 10-Q</A></font></P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
32.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Quarterly Report of abrdn Palladium ETF Trust (the &ldquo;Registrant&rdquo;) on Form 10-Q for
the quarter ended September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;),
the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    November 4, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Andrea Melia*</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea Melia**</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
    Officer and Treasurer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial
    Officer and Principal Accounting Officer)</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         original executed copy of this Certification will be maintained at the Sponsor&rsquo;s
                                         offices and will be made available for inspection upon request.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                                                                                                                                               Registrant is a trust and Ms. Melia is signing in her capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the
                                                                                                                                                                                                                               Registrant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Fees payable to Sponsor</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AssetsNet" xlink:label="us-gaap_AssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsNet_lbl" xml:lang="en-US">NET ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentCompanyAbstract" xlink:label="us-gaap_InvestmentCompanyAbstract" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentOwnedAtCost" xlink:label="us-gaap_InvestmentOwnedAtCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedAtCost_lbl" xml:lang="en-US">Investment in palladium at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorizedUnlimited" xlink:to="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorizedUnlimited_lbl" xml:lang="en-US">Common stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockNoParValue" xlink:label="us-gaap_CommonStockNoParValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Common stock, no par value (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetAssetValuePerShare" xlink:label="us-gaap_NetAssetValuePerShare" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_lbl" xml:lang="en-US">Investment in palladium</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_2_lbl" xml:lang="en-US">Net Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_NetAssetsPercentageOfNetAssets" xlink:label="pall_NetAssetsPercentageOfNetAssets" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ExpensesAbstract" xlink:label="pall_ExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesAbstract" xlink:to="pall_ExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#8217;s Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_NetInvestmentGainLoss" xlink:label="pall_NetInvestmentGainLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NonoperatingGainsLossesAbstract" xlink:label="us-gaap_NonoperatingGainsLossesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingGainsLossesAbstract" xlink:to="us-gaap_NonoperatingGainsLossesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingGainsLossesAbstract_lbl" xml:lang="en-US">REALIZED AND UNREALIZED GAINS / (LOSSES)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xml:lang="en-US">Realized (loss) / gain on palladium transferred to pay expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain on palladium distributed for the redemption of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xml:lang="en-US">Change in unrealized gain / (loss) on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions" xlink:label="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions" xlink:to="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions_lbl" xml:lang="en-US">Change in unrealized (loss) on unsettled creations or redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_TotalGainLossOnBullion" xlink:label="pall_TotalGainLossOnBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainLossOnBullion" xlink:to="pall_TotalGainLossOnBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_TotalGainLossOnBullion_lbl" xml:lang="en-US">Total gain/(loss) on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net increase / (decrease) in net assets per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Opening balance (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetInvestmentGainLoss_2_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="us-gaap_RealizedInvestmentGainsLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US">Realized gain on investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xml:lang="en-US">Change in unrealized gain/(loss) on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Creations (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Redemptions (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Closing balance (in shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_StatementFinancialHighlightsUnauditedAbstract" xlink:label="pall_StatementFinancialHighlightsUnauditedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_StatementFinancialHighlightsUnauditedAbstract" xlink:to="pall_StatementFinancialHighlightsUnauditedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_StatementFinancialHighlightsUnauditedAbstract_lbl" xml:lang="en-US">Financial Highlights</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:label="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:to="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xml:lang="en-US">Per Share Performance (for a Share outstanding throughout the entire period)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_NetAssetValuePerShare_2_lbl" xml:lang="en-US">Net asset value per Share at beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_IncomeFromInvestmentOperationsAbstract" xlink:label="pall_IncomeFromInvestmentOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncomeFromInvestmentOperationsAbstract" xlink:to="pall_IncomeFromInvestmentOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncomeFromInvestmentOperationsAbstract_lbl" xml:lang="en-US">Income from investment operations:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_NetInvestmentIncomeLossPerShare" xlink:label="pall_NetInvestmentIncomeLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentIncomeLossPerShare" xlink:to="pall_NetInvestmentIncomeLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_NetInvestmentIncomeLossPerShare_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xml:lang="en-US">Total realized and unrealized gains or losses on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ChangeInNetAssetsFromOperationsPerShare" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInNetAssetsFromOperationsPerShare" xlink:to="pall_ChangeInNetAssetsFromOperationsPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_NetAssetValuePerShare_3_lbl" xml:lang="en-US">Net asset value per Share at end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_AnnualizedRateOfSponsorsFee" xlink:label="pall_AnnualizedRateOfSponsorsFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedRateOfSponsorsFee" xlink:to="pall_AnnualizedRateOfSponsorsFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Expense ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="pall_AnnualizedNetInvestmentIncomeLossRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio_lbl" xml:lang="en-US">Net investment loss ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_TotalReturnAtNetAssetValue" xlink:label="pall_TotalReturnAtNetAssetValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalReturnAtNetAssetValue" xlink:to="pall_TotalReturnAtNetAssetValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TotalReturnAtNetAssetValue_lbl" xml:lang="en-US">Total return, net asset value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Risks and Uncertainties [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration of Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Indemnification</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ValuationOfBullionPolicyTextBlock" xlink:label="pall_ValuationOfBullionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfBullionPolicyTextBlock" xlink:to="pall_ValuationOfBullionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValuationOfBullionPolicyTextBlock_lbl" xml:lang="en-US">Valuation of Palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ReceivableAndPayablePolicyTextBlock" xlink:label="pall_ReceivableAndPayablePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReceivableAndPayablePolicyTextBlock" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Palladium Receivable and Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Creations and Redemptions of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment in Palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ExpensesPolicyTextBlock" xlink:label="pall_ExpensesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesPolicyTextBlock" xlink:to="pall_ExpensesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Expenses / Realized Gains / Losses</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xml:lang="en-US">The categorization of the Trust&#8217;s assets is as shown below:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_InvestmentsInBullionTableTextBlock" xlink:label="pall_InvestmentsInBullionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentsInBullionTableTextBlock" xlink:to="pall_InvestmentsInBullionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_InvestmentsInBullionTableTextBlock_lbl" xml:lang="en-US">Changes in ounces of palladium and their respective values for the three and nine months ended September 30, 2022 and 2021 are set out below:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xml:lang="en-US">Minimum block of shares issued redeemed against palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:to="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xml:lang="en-US">Investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_CreationsOuncesOfBullion" xlink:label="pall_CreationsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsOuncesOfBullion" xlink:to="pall_CreationsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_CreationsOuncesOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_RedemptionsOuncesOfBullion" xlink:label="pall_RedemptionsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionsOuncesOfBullion" xlink:to="pall_RedemptionsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedemptionsOuncesOfBullion_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_TransfersOfBullionOunces" xlink:label="pall_TransfersOfBullionOunces" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TransfersOfBullionOunces" xlink:to="pall_TransfersOfBullionOunces_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TransfersOfBullionOunces_lbl" xml:lang="en-US">Transfers of palladium to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_CreationsValueOfBullion" xlink:label="pall_CreationsValueOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsValueOfBullion" xlink:to="pall_CreationsValueOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_CreationsValueOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:label="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_CostOfBullionTransferredToPayExpenses" xlink:label="pall_CostOfBullionTransferredToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfBullionTransferredToPayExpenses" xlink:to="pall_CostOfBullionTransferredToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_CostOfBullionTransferredToPayExpenses_lbl" xml:lang="en-US">Transfers of palladium to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_2_lbl" xml:lang="en-US">Realized gain on palladium transferred to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_PercentageOfAssetBeingHeldByTrust" xlink:label="pall_PercentageOfAssetBeingHeldByTrust" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PercentageOfAssetBeingHeldByTrust" xlink:to="pall_PercentageOfAssetBeingHeldByTrust_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PercentageOfAssetBeingHeldByTrust_lbl" xml:lang="en-US">Percentage of palladium held by sub-custodians</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_BullionReceivableAtMarketValue" xlink:label="pall_BullionReceivableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionReceivableAtMarketValue" xlink:to="pall_BullionReceivableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_BullionReceivableAtMarketValue_lbl" xml:lang="en-US">Palladium receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_BullionPayableAtMarketValue" xlink:label="pall_BullionPayableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionPayableAtMarketValue" xlink:to="pall_BullionPayableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_BullionPayableAtMarketValue_lbl" xml:lang="en-US">Palladium payable</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:to="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xml:lang="en-US">Reserve for uncertain tax positions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20220930.xsd#pall_MaximumSponsorFeeForLegalExpenses" xlink:label="pall_MaximumSponsorFeeForLegalExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MaximumSponsorFeeForLegalExpenses" xlink:to="pall_MaximumSponsorFeeForLegalExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MaximumSponsorFeeForLegalExpenses_lbl" xml:lang="en-US">Maximum sponsor fee for legal expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SponsorFees_2_lbl" xml:lang="en-US">Sponsor's Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">All other expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetInvestmentGainLoss_doc" xml:lang="en-US">Net investment gain (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xml:lang="en-US">Realized gain or loss during the period on bullion distributed for the redemption of Shares. Realized gains or losses are calculated on a trade date basis using average cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xml:lang="en-US">Change in unrealized gain (loss) on investment in Bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xml:lang="en-US">Net realized and unrealized gains and losses on investment in Bullion per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInNetAssetsFromOperationsPerShare" xlink:to="pall_ChangeInNetAssetsFromOperationsPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare_doc" xml:lang="en-US">Change in net assets from operations per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedRateOfSponsorsFee" xlink:to="pall_AnnualizedRateOfSponsorsFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AnnualizedRateOfSponsorsFee_doc" xml:lang="en-US">Annualized rate of sponsor's fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="pall_AnnualizedNetInvestmentIncomeLossRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio_doc" xml:lang="en-US">Annualized net investment income (loss) ratio.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xml:lang="en-US">The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfBullionPolicyTextBlock" xlink:to="pall_ValuationOfBullionPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValuationOfBullionPolicyTextBlock_doc" xml:lang="en-US">Disclosure of valuation of bullion policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReceivableAndPayablePolicyTextBlock" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_doc" xml:lang="en-US">Disclosure of bullion receivable and payable policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of creation and redemptions of shares policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesPolicyTextBlock" xlink:to="pall_ExpensesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ExpensesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of expenses policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentsInBullionTableTextBlock" xlink:to="pall_InvestmentsInBullionTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_InvestmentsInBullionTableTextBlock_doc" xml:lang="en-US">Tabular disclosure of movement in the investment in bullion in the Trust.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsOuncesOfBullion" xlink:to="pall_CreationsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsOuncesOfBullion_doc" xml:lang="en-US">Ounces of bullion received into the Trust's account in respect of creations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionsOuncesOfBullion" xlink:to="pall_RedemptionsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RedemptionsOuncesOfBullion_doc" xml:lang="en-US">Ounces of bullion paid out of the Trust's account in respect of redemptions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TransfersOfBullionOunces" xlink:to="pall_TransfersOfBullionOunces_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TransfersOfBullionOunces_doc" xml:lang="en-US">Ounces of bullion transferred to pay Trust's expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsValueOfBullion" xlink:to="pall_CreationsValueOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsValueOfBullion_doc" xml:lang="en-US">Amount of creations of bullion in investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_doc" xml:lang="en-US">Value of bullion distributed at average cost for the redemption of Shares excluding bullion payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfBullionTransferredToPayExpenses" xlink:to="pall_CostOfBullionTransferredToPayExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CostOfBullionTransferredToPayExpenses_doc" xml:lang="en-US">Cost of Bullion transferred to pay Trust's expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PercentageOfAssetBeingHeldByTrust" xlink:to="pall_PercentageOfAssetBeingHeldByTrust_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_PercentageOfAssetBeingHeldByTrust_doc" xml:lang="en-US">Percentage of asset being held by trust.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionPayableAtMarketValue" xlink:to="pall_BullionPayableAtMarketValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_BullionPayableAtMarketValue_doc" xml:lang="en-US">Amount of bullion payable at market value as of the reporting date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetAssetsPercentageOfNetAssets" xlink:to="pall_NetAssetsPercentageOfNetAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetAssetsPercentageOfNetAssets_doc" xml:lang="en-US">Net Assets, Percentage of Net Assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainLossOnBullion" xlink:to="pall_TotalGainLossOnBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalGainLossOnBullion_doc" xml:lang="en-US">The net gain or loss in the period on bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalReturnAtNetAssetValue" xlink:to="pall_TotalReturnAtNetAssetValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalReturnAtNetAssetValue_doc" xml:lang="en-US">Total return, at net asset value.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionReceivableAtMarketValue" xlink:to="pall_BullionReceivableAtMarketValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_BullionReceivableAtMarketValue_doc" xml:lang="en-US">Amount of bullion receivable at market value as of the reporting date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MaximumSponsorFeeForLegalExpenses" xlink:to="pall_MaximumSponsorFeeForLegalExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MaximumSponsorFeeForLegalExpenses_doc" xml:lang="en-US">Maximum sponsor fee for legal expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentIncomeLossPerShare" xlink:to="pall_NetInvestmentIncomeLossPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetInvestmentIncomeLossPerShare_doc" xml:lang="en-US">Net investment income (loss) per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions" xlink:to="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions_doc" xml:lang="en-US">The amount represents change in unrealized gain (loss) on unsettled creations or redemptions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainLossOnBullion" xlink:to="pall_TotalGainLossOnBullion_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TotalGainLossOnBullion_3_lbl" xml:lang="en-US">Total gain / (loss) on investment in palladium</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_3_lbl" xml:lang="en-US">Shares, Outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetInvestmentIncomeLossPerShare_3_lbl" xml:lang="en-US">Net investment income (loss) per share</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare_3_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsOuncesOfBullion_3_lbl" xml:lang="en-US">Creations (in Ounces)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsValueOfBullion_3_lbl" xml:lang="en-US">Creations [Default Label]</link:label>
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<SEQUENCE>10
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934230426128">
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</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1900 Market Street, Suite 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Philadelphia<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">383-7289<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">abrdn
    Physical Palladium Shares ETF<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PALL<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEArca<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,750,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fiscalPeriodItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentQuarterlyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an quarterly report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-Q<br> -Number 240<br> -Section 308<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentQuarterlyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231492608">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Unaudited) - USD ($)<br></strong></div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Investment in palladium (cost: September 30, 2022: $329,322; December 31, 2021: $334,434)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 359,056,000<span></span>
</td>
<td class="nump">$ 358,161,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">359,056,000<span></span>
</td>
<td class="nump">358,161,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,895<span></span>
</td>
<td class="nump">189,455<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">178,000<span></span>
</td>
<td class="nump">190,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">NET ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 358,878,000<span></span>
</td>
<td class="nump">$ 357,971,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
    share capital is <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20210101__20211231_zT1PSkbq2rrj" title="Common stock, shares authorized::XDX::Unlimited"><span id="xdx_90A_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20220101__20220930_zUcRX9RphE0f" title="::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0066"><span style="-sec-ix-hidden: xdx2ixbrl0067">unlimited</span></span></span></span> with <span id="xdx_901_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20211231_zZdUHybopjz6" title="Common stock, no par value (in dollars per share)"><span id="xdx_90B_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20220930_z16EPpXW0NR5">no</span></span> par value per Share. Shares issued and outstanding at September 30, 2022 were <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20220930_zMBl8ea6gVSc" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220930_z5LkZ1j5y0s1" title="Common stock, shares outstanding">1,750,000</span></span>
    and at December 31, 2021 were <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zblTaOYdSDhk"><span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zjMzGP3BoYUg">1,950,000</span></span>. Net asset values per Share at September 30, 2022 and December 31, 2021 were $<span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20220930_z7JTlYn1Imxl" title="Net asset value per share (in dollars per share)">205.07</span>
    and $<span id="xdx_900_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20211231_zj8WlgIu05qk">183.58</span>, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI https://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI https://asc.fasb.org/extlink&amp;oid=126897435&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 852<br> -SubTopic 10<br> -Section 55<br> -Paragraph 10<br> -URI https://asc.fasb.org/extlink&amp;oid=84165509&amp;loc=d3e56426-112766<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(A))<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI https://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentInPhysicalCommodities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 852<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=124433192&amp;loc=SL2890621-112765<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -URI 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https://asc.fasb.org/extlink&amp;oid=126975872&amp;loc=SL124442552-122756<br><br>Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(ii))<br> -URI https://asc.fasb.org/extlink&amp;oid=126975872&amp;loc=SL124442526-122756<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231709152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyAbstract', window );"><strong>Investment Company [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in palladium at cost</a></td>
<td class="nump">$ 329,322<span></span>
</td>
<td class="nump">$ 334,434<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorizedUnlimited', window );">Common stock, shares authorized</a></td>
<td class="text">Unlimited<span></span>
</td>
<td class="text">Unlimited<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Common stock, no par value (in dollars per share)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">1,750,000<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">1,750,000<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share (in dollars per share)</a></td>
<td class="nump">$ 205.07<span></span>
</td>
<td class="nump">$ 183.58<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNoParValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of no-par value common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNoParValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorizedUnlimited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the number of common shares permitted to be issued by an entity's charter and bylaws is unlimited. The acceptable value is "Unlimited".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorizedUnlimited</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>us-types:authorizedUnlimitedItemType</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126973232&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentCompanyAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentCompanyAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 54B<br> -URI https://asc.fasb.org/extlink&amp;oid=126972413&amp;loc=SL7495116-110257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -URI https://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6A<br> -URI https://asc.fasb.org/extlink&amp;oid=126976982&amp;loc=SL6742756-110258<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 59<br> -URI https://asc.fasb.org/extlink&amp;oid=126972413&amp;loc=SL6740821-110257<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<title></title>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231540288">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investments (Unaudited)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Sep. 30, 2022 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in palladium | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">162,175.5<span></span>
</td>
<td class="nump">181,531.1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 329,322<span></span>
</td>
<td class="nump">$ 334,434<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 359,056<span></span>
</td>
<td class="nump">$ 358,161<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.05%<span></span>
</td>
<td class="nump">100.05%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities', window );">Less liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (178)<span></span>
</td>
<td class="num">$ (190)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Less liabilities, % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.05%)<span></span>
</td>
<td class="num">(0.05%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 358,878<span></span>
</td>
<td class="nump">$ 357,971<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetAssetsPercentageOfNetAssets', window );">Net Assets, % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_XPD', window );">Palladium Ounces</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in palladium | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">162,175.5<span></span>
</td>
<td class="nump">181,531.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 329,322<span></span>
</td>
<td class="nump">$ 334,434<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 359,056<span></span>
</td>
<td class="nump">$ 358,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.05%<span></span>
</td>
<td class="nump">100.05%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
    share capital is <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20210101__20211231_zT1PSkbq2rrj" title="Common stock, shares authorized::XDX::Unlimited"><span id="xdx_90A_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20220101__20220930_zUcRX9RphE0f" title="::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0066"><span style="-sec-ix-hidden: xdx2ixbrl0067">unlimited</span></span></span></span> with <span id="xdx_901_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20211231_zZdUHybopjz6" title="Common stock, no par value (in dollars per share)"><span id="xdx_90B_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20220930_z16EPpXW0NR5">no</span></span> par value per Share. Shares issued and outstanding at September 30, 2022 were <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20220930_zMBl8ea6gVSc" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220930_z5LkZ1j5y0s1" title="Common stock, shares outstanding">1,750,000</span></span>
    and at December 31, 2021 were <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zblTaOYdSDhk"><span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zjMzGP3BoYUg">1,950,000</span></span>. Net asset values per Share at September 30, 2022 and December 31, 2021 were $<span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20220930_z7JTlYn1Imxl" title="Net asset value per share (in dollars per share)">205.07</span>
    and $<span id="xdx_900_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20211231_zj8WlgIu05qk">183.58</span>, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_NetAssetsPercentageOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net Assets, Percentage of Net Assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetAssetsPercentageOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI https://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI https://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of the investment at close of period. For schedules of investments that are categorized, the value would be aggregated by category. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column C))<br> -URI https://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C))<br> -URI https://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=d3e611197-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI https://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percent of net assets at close of period. For schedules of investments that are categorized, each category has a percent of net assets for the aggregated value of the Investments in the category.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column D))<br> -URI https://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=d3e611197-123010<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net of non investment assets and liabilities. This amount represents the difference between the aggregate value of the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of net assets of non investment assets and liabilities. This represents the percentage difference between the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_XPD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_XPD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231651552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Operations (Unaudited) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#8217;s Fee</a></td>
<td class="nump">$ 538,123<span></span>
</td>
<td class="nump">$ 648,684<span></span>
</td>
<td class="nump">$ 1,761,406<span></span>
</td>
<td class="nump">$ 1,889,843<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="nump">538,000<span></span>
</td>
<td class="nump">649,000<span></span>
</td>
<td class="nump">1,761,000<span></span>
</td>
<td class="nump">1,890,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="num">(538,000)<span></span>
</td>
<td class="num">(649,000)<span></span>
</td>
<td class="num">(1,761,000)<span></span>
</td>
<td class="num">(1,890,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLossesAbstract', window );"><strong>REALIZED AND UNREALIZED GAINS / (LOSSES)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized (loss) / gain on palladium transferred to pay expenses</a></td>
<td class="num">(6,000)<span></span>
</td>
<td class="nump">236,000<span></span>
</td>
<td class="nump">151,000<span></span>
</td>
<td class="nump">704,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on palladium distributed for the redemption of Shares</a></td>
<td class="nump">575,000<span></span>
</td>
<td class="nump">24,682,000<span></span>
</td>
<td class="nump">5,320,000<span></span>
</td>
<td class="nump">37,389,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain / (loss) on investment in palladium</a></td>
<td class="nump">54,891,000<span></span>
</td>
<td class="num">(163,964,000)<span></span>
</td>
<td class="nump">6,007,000<span></span>
</td>
<td class="num">(120,370,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions', window );">Change in unrealized (loss) on unsettled creations or redemptions</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(159,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TotalGainLossOnBullion', window );">Total gain/(loss) on investment in palladium</a></td>
<td class="nump">55,460,000<span></span>
</td>
<td class="num">(139,205,000)<span></span>
</td>
<td class="nump">11,478,000<span></span>
</td>
<td class="num">(82,277,000)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Change in net assets from operations</a></td>
<td class="nump">$ 54,922,000<span></span>
</td>
<td class="num">$ (139,854,000)<span></span>
</td>
<td class="nump">$ 9,717,000<span></span>
</td>
<td class="num">$ (84,167,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net increase / (decrease) in net assets per Share</a></td>
<td class="nump">$ 30.38<span></span>
</td>
<td class="num">$ (73.38)<span></span>
</td>
<td class="nump">$ 5.04<span></span>
</td>
<td class="num">$ (47.33)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="nump">1,807,609<span></span>
</td>
<td class="nump">1,905,978<span></span>
</td>
<td class="nump">1,929,304<span></span>
</td>
<td class="nump">1,778,297<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount represents change in unrealized gain (loss) on unsettled creations or redemptions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_NetInvestmentGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss during the period on bullion distributed for the redemption of Shares. Realized gains or losses are calculated on a trade date basis using average cost.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TotalGainLossOnBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net gain or loss in the period on bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TotalGainLossOnBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 40<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (e)(4)<br> -URI https://asc.fasb.org/extlink&amp;oid=126732423&amp;loc=SL123482106-238011<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI https://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22583-107794<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22694-107794<br><br>Reference 4: 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-SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -URI https://asc.fasb.org/extlink&amp;oid=126953954&amp;loc=SL114868664-224227<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126958026&amp;loc=d3e1252-109256<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI https://asc.fasb.org/extlink&amp;oid=126958026&amp;loc=SL5780133-109256<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -URI https://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI https://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI https://asc.fasb.org/extlink&amp;oid=126901519&amp;loc=d3e8933-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI 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Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(A))<br> -URI https://asc.fasb.org/extlink&amp;oid=126975872&amp;loc=SL124442552-122756<br><br>Reference 34: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=126901519&amp;loc=d3e8906-108599<br><br>Reference 35: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI https://asc.fasb.org/extlink&amp;oid=126901519&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLossesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLossesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI https://asc.fasb.org/extlink&amp;oid=126953954&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SponsorFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=124432515&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI https://asc.fasb.org/extlink&amp;oid=126958026&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231505760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Changes in Net Assets (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Statement of Stockholders' Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Opening balance (in shares)</a></td>
<td class="nump">1,900,000<span></span>
</td>
<td class="nump">2,000,000<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
<td class="nump">1,625,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Opening balance</a></td>
<td class="nump">$ 332,771<span></span>
</td>
<td class="nump">$ 505,269<span></span>
</td>
<td class="nump">$ 357,971<span></span>
</td>
<td class="nump">$ 356,238<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="num">(538)<span></span>
</td>
<td class="num">(649)<span></span>
</td>
<td class="num">(1,761)<span></span>
</td>
<td class="num">(1,890)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Realized gain on investment in palladium</a></td>
<td class="nump">569<span></span>
</td>
<td class="nump">24,918<span></span>
</td>
<td class="nump">5,471<span></span>
</td>
<td class="nump">38,093<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain/(loss) on investment in palladium</a></td>
<td class="nump">54,891<span></span>
</td>
<td class="num">(163,964)<span></span>
</td>
<td class="nump">6,007<span></span>
</td>
<td class="num">(120,370)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions', window );">Change in unrealized (loss) on unsettled creations or redemptions</a></td>
<td class="text"> <span></span>
</td>
<td class="num">$ (159)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Creations (in shares)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">200,000<span></span>
</td>
<td class="nump">425,000<span></span>
</td>
<td class="nump">700,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Creations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 45,144<span></span>
</td>
<td class="nump">$ 112,111<span></span>
</td>
<td class="nump">$ 169,308<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Redemptions (in shares)</a></td>
<td class="num">(150,000)<span></span>
</td>
<td class="num">(350,000)<span></span>
</td>
<td class="num">(625,000)<span></span>
</td>
<td class="num">(475,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Redemptions</a></td>
<td class="num">$ (28,815)<span></span>
</td>
<td class="num">$ (83,187)<span></span>
</td>
<td class="num">$ (120,921)<span></span>
</td>
<td class="num">$ (114,007)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Closing balance (in shares)</a></td>
<td class="nump">1,750,000<span></span>
</td>
<td class="nump">1,850,000<span></span>
</td>
<td class="nump">1,750,000<span></span>
</td>
<td class="nump">1,850,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Closing balance</a></td>
<td class="nump">$ 358,878<span></span>
</td>
<td class="nump">$ 327,372<span></span>
</td>
<td class="nump">$ 358,878<span></span>
</td>
<td class="nump">$ 327,372<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount represents change in unrealized gain (loss) on unsettled creations or redemptions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentGainLoss</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealizedInvestmentGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI https://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126973232&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI https://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI https://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126973232&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126973232&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI https://asc.fasb.org/extlink&amp;oid=126973232&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI https://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 852<br> -SubTopic 10<br> -Section 55<br> -Paragraph 10<br> -URI https://asc.fasb.org/extlink&amp;oid=84165509&amp;loc=d3e56426-112766<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI https://asc.fasb.org/extlink&amp;oid=122038336&amp;loc=d3e74512-122707<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI https://asc.fasb.org/extlink&amp;oid=123596393&amp;loc=d3e14064-108612<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI https://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231601360">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights (Unaudited) - $ / shares<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract', window );"><strong>Per Share Performance (for a Share outstanding throughout the entire period)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at beginning of period</a></td>
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<td class="nump">$ 175.14<span></span>
</td>
<td class="nump">$ 252.63<span></span>
</td>
<td class="nump">$ 183.58<span></span>
</td>
<td class="nump">$ 219.22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_IncomeFromInvestmentOperationsAbstract', window );"><strong>Income from investment operations:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentIncomeLossPerShare', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.30)<span></span>
</td>
<td class="num">(0.34)<span></span>
</td>
<td class="num">(0.91)<span></span>
</td>
<td class="num">(1.06)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare', window );">Total realized and unrealized gains or losses on investment in palladium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30.23<span></span>
</td>
<td class="num">(75.33)<span></span>
</td>
<td class="nump">22.40<span></span>
</td>
<td class="num">(41.20)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInNetAssetsFromOperationsPerShare', window );">Change in net assets from operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29.93<span></span>
</td>
<td class="num">(75.67)<span></span>
</td>
<td class="nump">21.49<span></span>
</td>
<td class="num">(42.26)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 205.07<span></span>
</td>
<td class="nump">$ 176.96<span></span>
</td>
<td class="nump">$ 205.07<span></span>
</td>
<td class="nump">$ 176.96<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,807,609<span></span>
</td>
<td class="nump">1,905,978<span></span>
</td>
<td class="nump">1,929,304<span></span>
</td>
<td class="nump">1,778,297<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedNetInvestmentIncomeLossRatio', window );">Net investment loss ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(0.60%)<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TotalReturnAtNetAssetValue', window );">Total return, net asset value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">17.09%<span></span>
</td>
<td class="num">(29.95%)<span></span>
</td>
<td class="nump">11.71%<span></span>
</td>
<td class="num">(19.28%)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Annualized
    for periods less than one year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Total return
    is not annualized.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedNetInvestmentIncomeLossRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized net investment income (loss) ratio.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedNetInvestmentIncomeLossRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsor's fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInNetAssetsFromOperationsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in net assets from operations per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInNetAssetsFromOperationsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncomeFromInvestmentOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_IncomeFromInvestmentOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_NetInvestmentIncomeLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment income (loss) per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentIncomeLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized and unrealized gains and losses on investment in Bullion per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TotalReturnAtNetAssetValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total return, at net asset value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TotalReturnAtNetAssetValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 54B<br> -URI https://asc.fasb.org/extlink&amp;oid=126972413&amp;loc=SL7495116-110257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -URI https://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6A<br> -URI https://asc.fasb.org/extlink&amp;oid=126976982&amp;loc=SL6742756-110258<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 59<br> -URI https://asc.fasb.org/extlink&amp;oid=126972413&amp;loc=SL6740821-110257<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=124432515&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI https://asc.fasb.org/extlink&amp;oid=126958026&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934236382656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization</a></td>
<td class="text"><p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z6cVXGE2Juoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.&#160;&#160;&#160;&#160;<span id="xdx_828_zUTM4C4zXfW">Organization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The&#160;abrdn
Palladium ETF Trust&#160;(known as&#160;Aberdeen Standard Palladium ETF Trust&#160;prior to March 31, 2022) (the &#8220;Trust&#8221;)
is a common law trust formed on&#160;December 30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#8220;Trust
Agreement&#8221;) executed by abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1,
2022)&#160;(the &#8220;Sponsor&#8221;) and The Bank of New York Mellon as Trustee (the &#8220;Trustee&#8221;). The Trust holds
palladium&#160;bullion and&#160;issues&#160;abrdn Physical Palladium Shares ETF (known as&#160;Aberdeen Standard Physical Palladium
Shares ETF&#160;prior to March 31, 2022) (&#8220;Shares&#8221;) in minimum blocks of&#160;<span id="xdx_90D_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20220101__20220930_z7Inbwl5pROe" title="Minimum block of shares issued redeemed against palladium">25,000</span> Shares (also referred to as &#8220;Baskets&#8221;)
in exchange for deposits of&#160;palladium and distributes&#160;palladium in connection with the redemption of Baskets. Shares
represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor
is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc. (known as Aberdeen Standard Investments Inc.
prior to January 1, 2022). abrdn Inc. is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen)
plc. The Trust is governed by the Trust Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;palladium, less the Trust&#8217;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#8220;Shareholder&#8221;)
an opportunity to participate in the&#160;palladium market through an investment in securities. The fiscal year end for the Trust
is December 31.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United
States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions for Form 10-Q. In the
opinion of the Trust&#8217;s management, all adjustments (which consist of normal recurring adjustments) necessary to present
fairly the financial position and results of operations as of&#160;September 30, 2022, and for the three and nine month periods
then ended have been made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements should be read in conjunction with the Trust&#8217;s Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31,&#160;2021. The results of operations for the&#160;three and nine months ended&#160;September 30, 2022 are
not necessarily indicative of the operating results for the full year.</span></p>

<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI https://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -URI https://asc.fasb.org/topic&amp;trid=2197479<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934230408304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
<td class="text"><p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zgugZ8eoowCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;<span id="xdx_823_zFamtQns3GQi">Significant
Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZmx5pVt2Mrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.1.&#160;&#160;&#160;<span id="xdx_863_zmDlpTVF0Fa8">&#160;Basis
of Accounting</span></i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.</span></p>

<p id="xdx_85F_zDW4bc9FYqp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecustom--ValuationOfBullionPolicyTextBlock_zo3YB4Jnse2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_86A_zRxXQTApfh6d">Valuation
of&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London,
England vaulting premises. The Trust&#8217;s palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold
the Trust&#8217;s palladium in the Trust&#8217;s allocated account in the firm&#8217;s&#160;vault premises on a segregated basis and
whose appointment has been approved by the Sponsor. At September 30, 2022, approximately <span id="xdx_907_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20220930_zMPluIdcsNUc" title="Percentage of palladium held by sub-custodians">28.14</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;of
the Trust&#8217;s palladium was held by one or more sub-custodians.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium is recorded at fair value. The cost of palladium is determined according to the average cost method and
the fair value is based on the afternoon session of the twice daily fix of an ounce of&#160;palladium administered by the London
Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;). Realized gains and losses on transfers of palladium, or palladium
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average&#160;cost
of&#160;palladium transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LME is responsible for the administration of the electronic&#160;palladium price fixing system (&#8220;LMEbullion&#8221;) that
replicates electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing
Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London palladium fix processes, establishes
and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45
a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London time (the &#8220;LME PM Fix&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the value of&#160;&#160;palladium has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee
by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the
&#8220;Sponsor&#8217;s Fee&#8221;), from the fair value of the&#160;palladium and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust recognizes changes in fair value of the investment in&#160;palladium as changes in unrealized gains or losses on investment
in&#160;palladium through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per Share amount of&#160;palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM
Fix to calculate the&#160;palladium amount in respect of any liabilities for which covering palladium&#160;sales have not yet
been made, and represents the per Share amount of&#160;palladium held by the Trust, after giving effect to its liabilities, to
cover expenses and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s investment in&#160;palladium is classified as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted
quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_znb7ZXZI1ILc">The
categorization of the Trust&#8217;s assets is as shown below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, <br/>
2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">359,056</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td></tr>
</table>


<p id="xdx_8A5_zRjIUXpDhSD8" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.</span></p>

<p id="xdx_854_zgUnldxYxFGb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


<p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_zY8YhsSKJxO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_86D_zJ7MuojVETRd">Palladium
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Palladium&#160;receivable
or payable represents the quantity of&#160;palladium covered by contractually binding orders for the creation or redemption of
Shares respectively, where the&#160;palladium has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership
of palladium is transferred within two business days of the trade date. At September 30, 2022, the Trust had <span id="xdx_900_ecustom--BullionReceivableAtMarketValue_iI_do_c20220930_zrXZx7poJtfa" title="Palladium receivable"><span id="xdx_902_ecustom--BullionPayableAtMarketValue_iI_do_c20220930_zsN5jbCeL37i" title="Palladium payable">no</span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zaEswDs4dj9" title="Palladium receivable"><span id="xdx_903_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zZCGImmRj53c" title="Palladium payable">no</span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares.</span></p>

<p id="xdx_85C_z4EsbbH2sa0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_847_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zNPeDTYaU6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_865_zVfJn4jxIw2c">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_c20220101__20220930_zTv26bpwIcG8" title="Minimum block of shares issued redeemed against palladium">25,000</span>&#160;Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;palladium bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the&#160;palladium&#160;required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated&#160;palladium account, either loco London or loco Zurich, established with the Custodian
or a&#160;palladium bullion clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;palladium is exchanged in settlement of a redemption, it is considered
a sale of&#160;palladium for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of&#160;palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of palladium&#160;to
be delivered or distributed by the Trust. In order to ensure that the correct amount of&#160;palladium is available at all times
to back the Shares, the Sponsor accepts an adjustment to its Sponsor&#8217;s Fee in the event of any shortfall or excess on each
transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

<p id="xdx_85D_ziycLCmKVIy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zeeUelPVWdwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_867_zm81DezsjeKh">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_zPqI7hPTFfag"><span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20220930_zgUYfoyfJDJ5" title="Reserve for uncertain tax positions">no</span></span> reserves for uncertain tax positions are required as of&#160;September 30, 2022&#160;or December 31, 2021.</span></p>

<p id="xdx_856_zfQBiy0sVhh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zEulIAkcOzYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_86C_z2NI8vjccRvh">Investment
in&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zEO3NRtXgwhl">Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">176,345.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">182,072.1</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0362">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,312.9</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(13,906.7</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(32,637.3</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(263.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(269.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">172,478.7</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">332,940</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">492,870</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0377">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,616</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28,815</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(83,187</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,682</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(529</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(716</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized (loss) / gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">236</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">54,891</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(163,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>









<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
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<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,033.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(44,320.8</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(822.2</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(739.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">112,111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">169,308</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(120,921</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(114,007</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,320</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,389</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,773</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">704</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,007</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(120,370</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p id="xdx_8AF_zCdFO3Zm22ml" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p id="xdx_852_zWpIiH8Nia02" style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p id="xdx_843_ecustom--ExpensesPolicyTextBlock_zQgQDSItcbc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_zeZcRfKbUfug">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of palladium to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will transfer&#160;palladium to the Sponsor to pay the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal
to <span id="xdx_90F_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_c20220101__20220930_zq4SNw4BLrl7" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (&#8220;ANAV&#8221;) of the Trust, paid monthly in arrears.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
audit fees and up to $<span id="xdx_90A_ecustom--MaximumSponsorFeeForLegalExpenses_pp0p0_uUSD_c20220101__20220930_zyn2RDaqKZW5" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months&#160;ended&#160;September 30, 2022&#160;and 2021, the Sponsor&#8217;s Fee&#160;was $<span id="xdx_909_eus-gaap--SponsorFees_pp0p0_c20220701__20220930_zatRV95ag6wg" title="Sponsor's Fee">538,123</span>&#160;and&#160;$<span id="xdx_90B_eus-gaap--SponsorFees_pp0p0_c20210701__20210930_zY3JjVhkFdn9">648,684</span>,
respectively.&#160;For the&#160;nine months ended&#160;September 30, 2022 and&#160;2021, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_903_eus-gaap--SponsorFees_pp0p0_c20220101__20220930_zbRG5xnJ67Ql" title="Sponsor's Fee">1,761,406</span>
and $<span id="xdx_902_eus-gaap--SponsorFees_pp0p0_c20210101__20210930_zsP8NjfMm9Xf">1,889,843</span>, respectively.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At&#160;September
30, 2022 and at&#160;December 31, 2021, the fees payable to the Sponsor were&#160;$<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20220930_zlsBp7axJvxj" title="Fees payable to Sponsor">177,895</span> and $<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20211231_zvd9e4aACC14">189,455</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;palladium as necessary to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee
will endeavor to sell the smallest amounts of&#160;palladium needed to pay these expenses in order to minimize the Trust&#8217;s
holdings of assets other than palladium. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220930_z4urD0ZtrM72" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20210930_zycVCp1ujng3" title="All other expenses"><span id="xdx_906_eus-gaap--OtherCostAndExpenseOperating_do_c20220701__20220930_z3QRYClv7uqi" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20210701__20210930_zFNbeu3c8Dkl" title="All other expenses">no</span></span></span></span> expenses during the three and nine
months ended&#160;September 30, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise directed by the Sponsor, when selling&#160;palladium the Trustee will endeavor to sell at the price established by the
LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to
receive the most favorable price and execution of orders. The Custodian may be the purchaser of such&#160;palladium only if the
sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case
as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average
cost of the&#160;palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of
any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses result from the transfer of&#160;palladium for Share redemptions and / or to pay expenses and are recognized
on a trade date basis as the difference between the fair value and average cost of&#160;palladium transferred.</span></p>

<p id="xdx_856_zR5SGl3awkS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_844_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zPCXGxxeBYpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.8.&#160;&#160;&#160;&#160;<span id="xdx_86B_zzVb7yc4hvSb">Subsequent
Events</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

<p id="xdx_857_ziPK88Efgj3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=126899994&amp;loc=d3e18726-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI https://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934236553440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Parties</a></td>
<td class="text"><p id="xdx_806_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zQmqSRBC8m8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.&#160;&#160;&#160;&#160;<span id="xdx_822_zO19jDG1pdm4">Related
Parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;palladium directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#8217;s and Custodian&#8217;s fees are paid by the Sponsor and are
not separate expenses of the Trust.&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI https://asc.fasb.org/topic&amp;trid=2122745<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231746736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentration of Risk<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration of Risk</a></td>
<td class="text"><p id="xdx_801_eus-gaap--ConcentrationRiskDisclosureTextBlock_z6s1XWStYNEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.&#160;&#160;&#160;&#160;<span id="xdx_82E_zo3AwGvvINkl">Concentration
of Risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s sole business activity is the investment in&#160;palladium, and substantially all the Trust&#8217;s assets are holdings
of&#160;palladium, which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors
could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as
production and cost levels in major palladium-producing countries, recycling, autocatalyst demand, industrial demand, jewelry
demand, investment demand, and sales of existing stockpiles of palladium, which have been a key source of supply and are likely
to be exhausted soon, placing a higher burden on new mine supply; (ii) investors&#8217; expectations with respect to the rate
of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity
funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance
that&#160;palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price
of&#160;palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these
events could have a material effect on the Trust&#8217;s financial position and results of operations.&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI https://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934232766864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Indemnification<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Indemnification</a></td>
<td class="text"><p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zvuojhq2FwO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.&#160;&#160;&#160;&#160;<span id="xdx_825_zUld0KfZkB93">Indemnification</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust&#8217;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,
managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#8217;s organizational documents. The Trust&#8217;s maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.&#160;</span></p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI https://asc.fasb.org/topic&amp;trid=2144648<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 440<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=6491277&amp;loc=d3e6429-115629<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI https://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI https://asc.fasb.org/extlink&amp;oid=123406679&amp;loc=d3e25336-109308<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=123406679&amp;loc=d3e25336-109308<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934230656576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting</a></td>
<td class="text"><p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZmx5pVt2Mrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.1.&#160;&#160;&#160;<span id="xdx_863_zmDlpTVF0Fa8">&#160;Basis
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting
Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial Services&#8212;Investment Companies</i>, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ValuationOfBullionPolicyTextBlock', window );">Valuation of Palladium</a></td>
<td class="text"><p id="xdx_84C_ecustom--ValuationOfBullionPolicyTextBlock_zo3YB4Jnse2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.2.&#160;&#160;&#160;&#160;<span id="xdx_86A_zRxXQTApfh6d">Valuation
of&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London,
England vaulting premises. The Trust&#8217;s palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold
the Trust&#8217;s palladium in the Trust&#8217;s allocated account in the firm&#8217;s&#160;vault premises on a segregated basis and
whose appointment has been approved by the Sponsor. At September 30, 2022, approximately <span id="xdx_907_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20220930_zMPluIdcsNUc" title="Percentage of palladium held by sub-custodians">28.14</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&#160;of
the Trust&#8217;s palladium was held by one or more sub-custodians.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s palladium is recorded at fair value. The cost of palladium is determined according to the average cost method and
the fair value is based on the afternoon session of the twice daily fix of an ounce of&#160;palladium administered by the London
Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;). Realized gains and losses on transfers of palladium, or palladium
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average&#160;cost
of&#160;palladium transferred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LME is responsible for the administration of the electronic&#160;palladium price fixing system (&#8220;LMEbullion&#8221;) that
replicates electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing
Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London palladium fix processes, establishes
and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45
a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London time (the &#8220;LME PM Fix&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the value of&#160;&#160;palladium has been determined, the net asset value (the &#8220;NAV&#8221;) is computed by the Trustee
by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the
&#8220;Sponsor&#8217;s Fee&#8221;), from the fair value of the&#160;palladium and all other assets held by the Trust.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust recognizes changes in fair value of the investment in&#160;palladium as changes in unrealized gains or losses on investment
in&#160;palladium through the Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
per Share amount of&#160;palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM
Fix to calculate the&#160;palladium amount in respect of any liabilities for which covering palladium&#160;sales have not yet
been made, and represents the per Share amount of&#160;palladium held by the Trust, after giving effect to its liabilities, to
cover expenses and liabilities and any losses that may have occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value Hierarchy</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s investment in&#160;palladium is classified as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted
quoted prices from primary market sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_znb7ZXZI1ILc">The
categorization of the Trust&#8217;s assets is as shown below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, <br/>
2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">359,056</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td></tr>
</table>


<p id="xdx_8A5_zRjIUXpDhSD8" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ReceivableAndPayablePolicyTextBlock', window );">Palladium Receivable and Payable</a></td>
<td class="text"><p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_zY8YhsSKJxO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.3.&#160;&#160;&#160;&#160;<span id="xdx_86D_zJ7MuojVETRd">Palladium
Receivable and Payable</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Palladium&#160;receivable
or payable represents the quantity of&#160;palladium covered by contractually binding orders for the creation or redemption of
Shares respectively, where the&#160;palladium has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership
of palladium is transferred within two business days of the trade date. At September 30, 2022, the Trust had <span id="xdx_900_ecustom--BullionReceivableAtMarketValue_iI_do_c20220930_zrXZx7poJtfa" title="Palladium receivable"><span id="xdx_902_ecustom--BullionPayableAtMarketValue_iI_do_c20220930_zsN5jbCeL37i" title="Palladium payable">no</span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zaEswDs4dj9" title="Palladium receivable"><span id="xdx_903_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zZCGImmRj53c" title="Palladium payable">no</span></span> palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares.</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsAndRedemptionsOfSharesPolicyTextBlock', window );">Creations and Redemptions of Shares</a></td>
<td class="text"><p id="xdx_847_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zNPeDTYaU6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.4.&#160;&#160;&#160;&#160;<span id="xdx_865_zVfJn4jxIw2c">Creations
and Redemptions of Shares</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_c20220101__20220930_zTv26bpwIcG8" title="Minimum block of shares issued redeemed against palladium">25,000</span>&#160;Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#8217;s Custodian or other&#160;palladium bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the&#160;palladium&#160;required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated&#160;palladium account, either loco London or loco Zurich, established with the Custodian
or a&#160;palladium bullion clearing bank by an Authorized Participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;palladium is exchanged in settlement of a redemption, it is considered
a sale of&#160;palladium for financial statement purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of&#160;palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of palladium&#160;to
be delivered or distributed by the Trust. In order to ensure that the correct amount of&#160;palladium is available at all times
to back the Shares, the Sponsor accepts an adjustment to its Sponsor&#8217;s Fee in the event of any shortfall or excess on each
transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zeeUelPVWdwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_867_zm81DezsjeKh">Income
Taxes</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the
Shareholders, and the Trustee will report the Trust&#8217;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_zPqI7hPTFfag"><span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20220930_zgUYfoyfJDJ5" title="Reserve for uncertain tax positions">no</span></span> reserves for uncertain tax positions are required as of&#160;September 30, 2022&#160;or December 31, 2021.</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment in Palladium</a></td>
<td class="text"><p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zEulIAkcOzYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_86C_z2NI8vjccRvh">Investment
in&#160;Palladium</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zEO3NRtXgwhl">Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
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<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(13,906.7</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(32,637.3</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(263.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(269.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">172,478.7</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">332,940</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">492,870</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0377">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,616</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28,815</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(83,187</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,682</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(529</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(716</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized (loss) / gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">236</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">54,891</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(163,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>









<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_z2jEB9ZXmi66" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">181,531.1</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">152,187.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zsg2wSaYaWd7" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,500.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">65,351.4</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,033.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(44,320.8</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(822.2</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(739.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">172,478.7</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">112,111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">169,308</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(120,921</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(114,007</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,320</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,389</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,773</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">704</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,007</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(120,370</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p id="xdx_8AF_zCdFO3Zm22ml" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ExpensesPolicyTextBlock', window );">Expenses / Realized Gains / Losses</a></td>
<td class="text"><p id="xdx_843_ecustom--ExpensesPolicyTextBlock_zQgQDSItcbc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.7.&#160;&#160;&#160;&#160;<span id="xdx_868_zeZcRfKbUfug">Expenses
/ Realized Gains / Losses</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary expense of the Trust is the Sponsor&#8217;s Fee, which is paid by the Trust through in-kind transfers of palladium to
the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"/></p>











<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will transfer&#160;palladium to the Sponsor to pay the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal
to <span id="xdx_90F_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_c20220101__20220930_zq4SNw4BLrl7" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (&#8220;ANAV&#8221;) of the Trust, paid monthly in arrears.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#8217;s monthly
fee and out of pocket expenses, the Custodian&#8217;s fee and the reimbursement of the Custodian&#8217;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#8220;SEC&#8221;) registration fees, printing and mailing costs,
audit fees and up to $<span id="xdx_90A_ecustom--MaximumSponsorFeeForLegalExpenses_pp0p0_uUSD_c20220101__20220930_zyn2RDaqKZW5" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months&#160;ended&#160;September 30, 2022&#160;and 2021, the Sponsor&#8217;s Fee&#160;was $<span id="xdx_909_eus-gaap--SponsorFees_pp0p0_c20220701__20220930_zatRV95ag6wg" title="Sponsor's Fee">538,123</span>&#160;and&#160;$<span id="xdx_90B_eus-gaap--SponsorFees_pp0p0_c20210701__20210930_zY3JjVhkFdn9">648,684</span>,
respectively.&#160;For the&#160;nine months ended&#160;September 30, 2022 and&#160;2021, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_903_eus-gaap--SponsorFees_pp0p0_c20220101__20220930_zbRG5xnJ67Ql" title="Sponsor's Fee">1,761,406</span>
and $<span id="xdx_902_eus-gaap--SponsorFees_pp0p0_c20210101__20210930_zsP8NjfMm9Xf">1,889,843</span>, respectively.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At&#160;September
30, 2022 and at&#160;December 31, 2021, the fees payable to the Sponsor were&#160;$<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20220930_zlsBp7axJvxj" title="Fees payable to Sponsor">177,895</span> and $<span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20211231_zvd9e4aACC14">189,455</span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#8217;s&#160;palladium as necessary to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee
will endeavor to sell the smallest amounts of&#160;palladium needed to pay these expenses in order to minimize the Trust&#8217;s
holdings of assets other than palladium. Other than the Sponsor&#8217;s Fee, the Trust had <span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220930_z4urD0ZtrM72" title="All other expenses"><span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20210930_zycVCp1ujng3" title="All other expenses"><span id="xdx_906_eus-gaap--OtherCostAndExpenseOperating_do_c20220701__20220930_z3QRYClv7uqi" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20210701__20210930_zFNbeu3c8Dkl" title="All other expenses">no</span></span></span></span> expenses during the three and nine
months ended&#160;September 30, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise directed by the Sponsor, when selling&#160;palladium the Trustee will endeavor to sell at the price established by the
LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to
receive the most favorable price and execution of orders. The Custodian may be the purchaser of such&#160;palladium only if the
sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case
as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average
cost of the&#160;palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of
any sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
gains and losses result from the transfer of&#160;palladium for Share redemptions and / or to pay expenses and are recognized
on a trade date basis as the difference between the fair value and average cost of&#160;palladium transferred.</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock', window );">Subsequent Events</a></td>
<td class="text"><p id="xdx_844_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zPCXGxxeBYpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2.8.&#160;&#160;&#160;&#160;<span id="xdx_86B_zzVb7yc4hvSb">Subsequent
Events</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s management has evaluated
the possibility of subsequent events impacting the Trust&#8217;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of creation and redemptions of shares policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of expenses policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of bullion receivable and payable policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValuationOfBullionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of valuation of bullion policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BasisOfAccountingPolicyPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI https://asc.fasb.org/extlink&amp;oid=123427490&amp;loc=d3e32247-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI https://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32847-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI https://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32840-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=124431353&amp;loc=SL116659661-227067<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI https://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32639-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI https://asc.fasb.org/extlink&amp;oid=123427490&amp;loc=d3e32280-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32809-109319<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investment in financial asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(b))<br> -URI https://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI https://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentPolicyTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reporting subsequent events.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934236234368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">The categorization of the Trust&#8217;s assets is as shown below:</a></td>
<td class="text"><p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_znb7ZXZI1ILc">The
categorization of the Trust&#8217;s assets is as shown below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, <br/>
2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">359,056</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td></tr>
</table>


<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_InvestmentsInBullionTableTextBlock', window );">Changes in ounces of palladium and their respective values for the three and nine months ended September 30, 2022 and 2021 are set out below:</a></td>
<td class="text"><p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zEO3NRtXgwhl">Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">176,345.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0362">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,312.9</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(13,906.7</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(32,637.3</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(263.3</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(269.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">172,478.7</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">332,940</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">492,870</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0377">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,616</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28,815</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(83,187</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,682</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(529</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(716</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized (loss) / gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">236</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">54,891</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(163,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>









<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months<br/> Ended<br/> September 30, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_z2jEB9ZXmi66" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">181,531.1</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">152,187.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zsg2wSaYaWd7" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,500.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">65,351.4</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,033.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(44,320.8</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(822.2</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(739.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,175.5</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">172,478.7</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">112,111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">169,308</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(120,921</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(114,007</td><td style="text-align: left">)</td></tr>
<tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,320</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,389</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,773</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,911</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">704</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,007</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(120,370</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">359,056</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">327,537</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of movement in the investment in bullion in the Trust.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI https://asc.fasb.org/extlink&amp;oid=126976982&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=126976982&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock</td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934230423088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th">
<div>Sep. 30, 2022 </div>
<div>shares</div>
</th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against palladium</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934231819072">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>The categorization of the Trust&#8217;s assets is as shown below: (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Fair Value, Inputs, Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Investment in palladium</a></td>
<td class="nump">$ 359,056<span></span>
</td>
<td class="nump">$ 358,161<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment held in physical commodities, for example, but not limited to, gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI https://asc.fasb.org/extlink&amp;oid=126976982&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>instant</td>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934228751904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Changes in ounces of palladium and their respective values for the three and nine months ended September 30, 2022 and 2021 are set out below: (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Sep. 30, 2022 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Sep. 30, 2021 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Sep. 30, 2022 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Sep. 30, 2021 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Opening balance | oz</a></td>
<td class="nump">176,345.5<span></span>
</td>
<td class="nump">182,072.1<span></span>
</td>
<td class="nump">181,531.1<span></span>
</td>
<td class="nump">152,187.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsOuncesOfBullion', window );">Creations | oz</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">23,312.9<span></span>
</td>
<td class="nump">39,500.4<span></span>
</td>
<td class="nump">65,351.4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RedemptionsOuncesOfBullion', window );">Redemptions | oz</a></td>
<td class="num">(13,906.7)<span></span>
</td>
<td class="num">(32,637.3)<span></span>
</td>
<td class="num">(58,033.8)<span></span>
</td>
<td class="num">(44,320.8)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TransfersOfBullionOunces', window );">Transfers of palladium to pay expenses | oz</a></td>
<td class="num">(263.3)<span></span>
</td>
<td class="num">(269.0)<span></span>
</td>
<td class="num">(822.2)<span></span>
</td>
<td class="num">(739.4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Closing balance | oz</a></td>
<td class="nump">162,175.5<span></span>
</td>
<td class="nump">172,478.7<span></span>
</td>
<td class="nump">162,175.5<span></span>
</td>
<td class="nump">172,478.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Opening balance</a></td>
<td class="nump">$ 332,940<span></span>
</td>
<td class="nump">$ 492,870<span></span>
</td>
<td class="nump">$ 358,161<span></span>
</td>
<td class="nump">$ 356,424<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsValueOfBullion', window );">Creations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">57,616<span></span>
</td>
<td class="nump">112,111<span></span>
</td>
<td class="nump">169,308<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable', window );">Redemptions</a></td>
<td class="num">(28,815)<span></span>
</td>
<td class="num">(83,187)<span></span>
</td>
<td class="num">(120,921)<span></span>
</td>
<td class="num">(114,007)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on palladium distributed for the redemption of Shares</a></td>
<td class="nump">575<span></span>
</td>
<td class="nump">24,682<span></span>
</td>
<td class="nump">5,320<span></span>
</td>
<td class="nump">37,389<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CostOfBullionTransferredToPayExpenses', window );">Transfers of palladium to pay expenses</a></td>
<td class="num">(529)<span></span>
</td>
<td class="num">(716)<span></span>
</td>
<td class="num">(1,773)<span></span>
</td>
<td class="num">(1,911)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized gain on palladium transferred to pay expenses</a></td>
<td class="num">(6)<span></span>
</td>
<td class="nump">236<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="nump">704<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain / (loss) on investment in palladium</a></td>
<td class="nump">54,891<span></span>
</td>
<td class="num">(163,964)<span></span>
</td>
<td class="nump">6,007<span></span>
</td>
<td class="num">(120,370)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Closing balance</a></td>
<td class="nump">$ 359,056<span></span>
</td>
<td class="nump">$ 327,537<span></span>
</td>
<td class="nump">$ 359,056<span></span>
</td>
<td class="nump">$ 327,537<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CostOfBullionTransferredToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of Bullion transferred to pay Trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CostOfBullionTransferredToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion received into the Trust's account in respect of creations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CreationsOuncesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsValueOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of creations of bullion in investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CreationsValueOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss during the period on bullion distributed for the redemption of Shares. Realized gains or losses are calculated on a trade date basis using average cost.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedemptionsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion paid out of the Trust's account in respect of redemptions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RedemptionsOuncesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TransfersOfBullionOunces">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion transferred to pay Trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TransfersOfBullionOunces</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of bullion distributed at average cost for the redemption of Shares excluding bullion payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentInPhysicalCommodities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI https://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139934228666896">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_PercentageOfAssetBeingHeldByTrust', window );">Percentage of palladium held by sub-custodians</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28.14%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28.14%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_BullionReceivableAtMarketValue', window );">Palladium receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_BullionPayableAtMarketValue', window );">Palladium payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against palladium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent', window );">Reserve for uncertain tax positions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MaximumSponsorFeeForLegalExpenses', window );">Maximum sponsor fee for legal expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor's Fee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 538,123<span></span>
</td>
<td class="nump">$ 648,684<span></span>
</td>
<td class="nump">1,761,406<span></span>
</td>
<td class="nump">$ 1,889,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">177,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 189,455<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">All other expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Annualized
    for periods less than one year.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsor's fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_BullionPayableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion payable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_BullionPayableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_BullionReceivableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion receivable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_BullionReceivableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_MaximumSponsorFeeForLegalExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum sponsor fee for legal expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_MaximumSponsorFeeForLegalExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PercentageOfAssetBeingHeldByTrust">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of asset being held by trust.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_PercentageOfAssetBeingHeldByTrust</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI https://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI https://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount recognized for uncertainty in income taxes classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI https://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilityForUncertainTaxPositionsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostAndExpenseOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div>
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      unitRef="Pure">0.1709</pall:TotalReturnAtNetAssetValue>
    <pall:TotalReturnAtNetAssetValue
      contextRef="From2021-07-012021-09-30"
      decimals="INF"
      id="Fact000298"
      unitRef="Pure">-0.2995</pall:TotalReturnAtNetAssetValue>
    <pall:TotalReturnAtNetAssetValue
      contextRef="From2022-01-01to2022-09-30"
      decimals="INF"
      id="Fact000299"
      unitRef="Pure">0.1171</pall:TotalReturnAtNetAssetValue>
    <pall:TotalReturnAtNetAssetValue
      contextRef="From2021-01-012021-09-30"
      decimals="INF"
      id="Fact000300"
      unitRef="Pure">-0.1928</pall:TotalReturnAtNetAssetValue>
    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z6cVXGE2Juoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1.&#160;&#160;&#160;&#160;&lt;span id="xdx_828_zUTM4C4zXfW"&gt;Organization&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The&#160;abrdn
Palladium ETF Trust&#160;(known as&#160;Aberdeen Standard Palladium ETF Trust&#160;prior to March 31, 2022) (the &#x201c;Trust&#x201d;)
is a common law trust formed on&#160;December 30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#x201c;Trust
Agreement&#x201d;) executed by abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1,
2022)&#160;(the &#x201c;Sponsor&#x201d;) and The Bank of New York Mellon as Trustee (the &#x201c;Trustee&#x201d;). The Trust holds
palladium&#160;bullion and&#160;issues&#160;abrdn Physical Palladium Shares ETF (known as&#160;Aberdeen Standard Physical Palladium
Shares ETF&#160;prior to March 31, 2022) (&#x201c;Shares&#x201d;) in minimum blocks of&#160;&lt;span id="xdx_90D_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_uShares_c20220101__20220930_z7Inbwl5pROe" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt; Shares (also referred to as &#x201c;Baskets&#x201d;)
in exchange for deposits of&#160;palladium and distributes&#160;palladium in connection with the redemption of Baskets. Shares
represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor
is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc. (known as Aberdeen Standard Investments Inc.
prior to January 1, 2022). abrdn Inc. is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen)
plc. The Trust is governed by the Trust Agreement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
investment objective of the Trust is for the Shares to reflect the performance of the price of&#160;palladium, less the Trust&#x2019;s
expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#x201c;Shareholder&#x201d;)
an opportunity to participate in the&#160;palladium market through an investment in securities. The fiscal year end for the Trust
is December 31.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United
States of America (&#x201c;U.S. GAAP&#x201d;) for interim financial information and with the instructions for Form 10-Q. In the
opinion of the Trust&#x2019;s management, all adjustments (which consist of normal recurring adjustments) necessary to present
fairly the financial position and results of operations as of&#160;September 30, 2022, and for the three and nine month periods
then ended have been made.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;These
financial statements should be read in conjunction with the Trust&#x2019;s Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31,&#160;2021. The results of operations for the&#160;three and nine months ended&#160;September 30, 2022 are
not necessarily indicative of the operating results for the full year.&lt;/span&gt;&lt;/p&gt;

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2022-01-01to2022-09-30"
      decimals="INF"
      unitRef="Shares">25000</pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zgugZ8eoowCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&lt;span id="xdx_823_zFamtQns3GQi"&gt;Significant
Accounting Policies&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZmx5pVt2Mrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.1.&#160;&#160;&#160;&lt;span id="xdx_863_zmDlpTVF0Fa8"&gt;&#160;Basis
of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting
Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85F_zDW4bc9FYqp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecustom--ValuationOfBullionPolicyTextBlock_zo3YB4Jnse2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.2.&#160;&#160;&#160;&#160;&lt;span id="xdx_86A_zRxXQTApfh6d"&gt;Valuation
of&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement &lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s palladium&#160;is held by JPMorgan Chase Bank, N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at its London,
England vaulting premises. The Trust&#x2019;s palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold
the Trust&#x2019;s palladium in the Trust&#x2019;s allocated account in the firm&#x2019;s&#160;vault premises on a segregated basis and
whose appointment has been approved by the Sponsor. At September 30, 2022, approximately &lt;span id="xdx_907_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20220930_zMPluIdcsNUc" title="Percentage of palladium held by sub-custodians"&gt;28.14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&#160;of
the Trust&#x2019;s palladium was held by one or more sub-custodians.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s palladium is recorded at fair value. The cost of palladium is determined according to the average cost method and
the fair value is based on the afternoon session of the twice daily fix of an ounce of&#160;palladium administered by the London
Metal Exchange (&#x201c;LME&#x201d;) (the &#x201c;LME PM Fix&#x201d;). Realized gains and losses on transfers of palladium, or palladium
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average&#160;cost
of&#160;palladium transferred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
LME is responsible for the administration of the electronic&#160;palladium price fixing system (&#x201c;LMEbullion&#x201d;) that
replicates electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing
Company Ltd (&#x201c;LPPFCL&#x201d;), as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London palladium fix processes, establishes
and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45
a.m. London time (the&#x201d; LME AM Fix&#x201d;) and 2:00 p.m. London time (the &#x201c;LME PM Fix&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Once
the value of&#160;&#160;palladium has been determined, the net asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee
by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the
&#x201c;Sponsor&#x2019;s Fee&#x201d;), from the fair value of the&#160;palladium and all other assets held by the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust recognizes changes in fair value of the investment in&#160;palladium as changes in unrealized gains or losses on investment
in&#160;palladium through the Statement of Operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
per Share amount of&#160;palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM
Fix to calculate the&#160;palladium amount in respect of any liabilities for which covering palladium&#160;sales have not yet
been made, and represents the per Share amount of&#160;palladium held by the Trust, after giving effect to its liabilities, to
cover expenses and liabilities and any losses that may have occurred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Fair
Value Hierarchy&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#x2019;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s investment in&#160;palladium is classified as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted
quoted prices from primary market sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8BE_znb7ZXZI1ILc"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;September 30, &lt;br/&gt;
2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31, &lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 50%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8A5_zRjIUXpDhSD8" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_854_zgUnldxYxFGb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_zY8YhsSKJxO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.3.&#160;&#160;&#160;&#160;&lt;span id="xdx_86D_zJ7MuojVETRd"&gt;Palladium
Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Palladium&#160;receivable
or payable represents the quantity of&#160;palladium covered by contractually binding orders for the creation or redemption of
Shares respectively, where the&#160;palladium has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership
of palladium is transferred within two business days of the trade date. At September 30, 2022, the Trust had &lt;span id="xdx_900_ecustom--BullionReceivableAtMarketValue_iI_do_c20220930_zrXZx7poJtfa" title="Palladium receivable"&gt;&lt;span id="xdx_902_ecustom--BullionPayableAtMarketValue_iI_do_c20220930_zsN5jbCeL37i" title="Palladium payable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares. At December 31, 2021, the Trust had &lt;span id="xdx_907_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zaEswDs4dj9" title="Palladium receivable"&gt;&lt;span id="xdx_903_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zZCGImmRj53c" title="Palladium payable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85C_z4EsbbH2sa0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zNPeDTYaU6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.4.&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zVfJn4jxIw2c"&gt;Creations
and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_c20220101__20220930_zTv26bpwIcG8" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt;&#160;Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#x2019;s Custodian or other&#160;palladium bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the&#160;palladium&#160;required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated&#160;palladium account, either loco London or loco Zurich, established with the Custodian
or a&#160;palladium bullion clearing bank by an Authorized Participant.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;palladium is exchanged in settlement of a redemption, it is considered
a sale of&#160;palladium for financial statement purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amount of&#160;palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of palladium&#160;to
be delivered or distributed by the Trust. In order to ensure that the correct amount of&#160;palladium is available at all times
to back the Shares, the Sponsor accepts an adjustment to its Sponsor&#x2019;s Fee in the event of any shortfall or excess on each
transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85D_ziycLCmKVIy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zeeUelPVWdwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_867_zm81DezsjeKh"&gt;Income
Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust is classified as a &#x201c;grantor trust&#x201d; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the
Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that &lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_zPqI7hPTFfag"&gt;&lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20220930_zgUYfoyfJDJ5" title="Reserve for uncertain tax positions"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are required as of&#160;September 30, 2022&#160;or December 31, 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_856_zfQBiy0sVhh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zEulIAkcOzYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_86C_z2NI8vjccRvh"&gt;Investment
in&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8B8_zEO3NRtXgwhl"&gt;Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;176,345.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;182,072.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0362"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;23,312.9&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(13,906.7&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(32,637.3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(263.3&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(269.0&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;332,940&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;492,870&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0377"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;57,616&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(28,815&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(83,187&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;575&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;24,682&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(529&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(716&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized (loss) / gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;236&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;54,891&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(163,964&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;









&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_z2jEB9ZXmi66" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zsg2wSaYaWd7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;39,500.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;65,351.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(58,033.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(44,320.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(822.2&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(739.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;112,111&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;169,308&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(120,921&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(114,007&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,320&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,389&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,773&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,911&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;151&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;704&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;6,007&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(120,370&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8AF_zCdFO3Zm22ml" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_852_zWpIiH8Nia02" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;p id="xdx_843_ecustom--ExpensesPolicyTextBlock_zQgQDSItcbc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.7.&#160;&#160;&#160;&#160;&lt;span id="xdx_868_zeZcRfKbUfug"&gt;Expenses
/ Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to
the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust will transfer&#160;palladium to the Sponsor to pay the Sponsor&#x2019;s Fee that accrues daily at an annualized rate equal
to &lt;span id="xdx_90F_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_c20220101__20220930_zq4SNw4BLrl7" title="Expense ratio"&gt;0.60&lt;/span&gt;% of the adjusted daily net asset value (&#x201c;ANAV&#x201d;) of the Trust, paid monthly in arrears.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly
fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs,
audit fees and up to $&lt;span id="xdx_90A_ecustom--MaximumSponsorFeeForLegalExpenses_pp0p0_uUSD_c20220101__20220930_zyn2RDaqKZW5" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the three months&#160;ended&#160;September 30, 2022&#160;and 2021, the Sponsor&#x2019;s Fee&#160;was $&lt;span id="xdx_909_eus-gaap--SponsorFees_pp0p0_c20220701__20220930_zatRV95ag6wg" title="Sponsor's Fee"&gt;538,123&lt;/span&gt;&#160;and&#160;$&lt;span id="xdx_90B_eus-gaap--SponsorFees_pp0p0_c20210701__20210930_zY3JjVhkFdn9"&gt;648,684&lt;/span&gt;,
respectively.&#160;For the&#160;nine months ended&#160;September 30, 2022 and&#160;2021, the Sponsor&#x2019;s Fee&#160;was&#160;$&lt;span id="xdx_903_eus-gaap--SponsorFees_pp0p0_c20220101__20220930_zbRG5xnJ67Ql" title="Sponsor's Fee"&gt;1,761,406&lt;/span&gt;
and $&lt;span id="xdx_902_eus-gaap--SponsorFees_pp0p0_c20210101__20210930_zsP8NjfMm9Xf"&gt;1,889,843&lt;/span&gt;, respectively.&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At&#160;September
30, 2022 and at&#160;December 31, 2021, the fees payable to the Sponsor were&#160;$&lt;span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20220930_zlsBp7axJvxj" title="Fees payable to Sponsor"&gt;177,895&lt;/span&gt; and $&lt;span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20211231_zvd9e4aACC14"&gt;189,455&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#x2019;s&#160;palladium as necessary to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee
will endeavor to sell the smallest amounts of&#160;palladium needed to pay these expenses in order to minimize the Trust&#x2019;s
holdings of assets other than palladium. Other than the Sponsor&#x2019;s Fee, the Trust had &lt;span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220930_z4urD0ZtrM72" title="All other expenses"&gt;&lt;span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20210930_zycVCp1ujng3" title="All other expenses"&gt;&lt;span id="xdx_906_eus-gaap--OtherCostAndExpenseOperating_do_c20220701__20220930_z3QRYClv7uqi" title="All other expenses"&gt;&lt;span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20210701__20210930_zFNbeu3c8Dkl" title="All other expenses"&gt;no&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; expenses during the three and nine
months ended&#160;September 30, 2022 and 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unless
otherwise directed by the Sponsor, when selling&#160;palladium the Trustee will endeavor to sell at the price established by the
LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to
receive the most favorable price and execution of orders. The Custodian may be the purchaser of such&#160;palladium only if the
sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case
as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average
cost of the&#160;palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of
any sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Realized
gains and losses result from the transfer of&#160;palladium for Share redemptions and / or to pay expenses and are recognized
on a trade date basis as the difference between the fair value and average cost of&#160;palladium transferred.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_856_zR5SGl3awkS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zPCXGxxeBYpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.8.&#160;&#160;&#160;&#160;&lt;span id="xdx_86B_zzVb7yc4hvSb"&gt;Subsequent
Events&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with the provisions set forth in FASB ASC 855-10, &lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&#x2019;s management has evaluated
the possibility of subsequent events impacting the Trust&#x2019;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_857_ziPK88Efgj3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zZmx5pVt2Mrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.1.&#160;&#160;&#160;&lt;span id="xdx_863_zmDlpTVF0Fa8"&gt;&#160;Basis
of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting
Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.&lt;/span&gt;&lt;/p&gt;

</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <pall:ValuationOfBullionPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_84C_ecustom--ValuationOfBullionPolicyTextBlock_zo3YB4Jnse2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.2.&#160;&#160;&#160;&#160;&lt;span id="xdx_86A_zRxXQTApfh6d"&gt;Valuation
of&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement &lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s palladium&#160;is held by JPMorgan Chase Bank, N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at its London,
England vaulting premises. The Trust&#x2019;s palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold
the Trust&#x2019;s palladium in the Trust&#x2019;s allocated account in the firm&#x2019;s&#160;vault premises on a segregated basis and
whose appointment has been approved by the Sponsor. At September 30, 2022, approximately &lt;span id="xdx_907_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20220930_zMPluIdcsNUc" title="Percentage of palladium held by sub-custodians"&gt;28.14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&#160;of
the Trust&#x2019;s palladium was held by one or more sub-custodians.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s palladium is recorded at fair value. The cost of palladium is determined according to the average cost method and
the fair value is based on the afternoon session of the twice daily fix of an ounce of&#160;palladium administered by the London
Metal Exchange (&#x201c;LME&#x201d;) (the &#x201c;LME PM Fix&#x201d;). Realized gains and losses on transfers of palladium, or palladium
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average&#160;cost
of&#160;palladium transferred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
LME is responsible for the administration of the electronic&#160;palladium price fixing system (&#x201c;LMEbullion&#x201d;) that
replicates electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing
Company Ltd (&#x201c;LPPFCL&#x201d;), as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. LMEbullion, like the previous London palladium fix processes, establishes
and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45
a.m. London time (the&#x201d; LME AM Fix&#x201d;) and 2:00 p.m. London time (the &#x201c;LME PM Fix&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Once
the value of&#160;&#160;palladium has been determined, the net asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee
by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the
&#x201c;Sponsor&#x2019;s Fee&#x201d;), from the fair value of the&#160;palladium and all other assets held by the Trust.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust recognizes changes in fair value of the investment in&#160;palladium as changes in unrealized gains or losses on investment
in&#160;palladium through the Statement of Operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
per Share amount of&#160;palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LME PM
Fix to calculate the&#160;palladium amount in respect of any liabilities for which covering palladium&#160;sales have not yet
been made, and represents the per Share amount of&#160;palladium held by the Trust, after giving effect to its liabilities, to
cover expenses and liabilities and any losses that may have occurred.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;Fair
Value Hierarchy&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
1.&#160;Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
2.&#160;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument on
an inactive market, prices for similar instruments and similar data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2013;&#160;Level
3.&#160;Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust&#x2019;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s investment in&#160;palladium is classified as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted
quoted prices from primary market sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8BE_znb7ZXZI1ILc"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;September 30, &lt;br/&gt;
2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31, &lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 50%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8A5_zRjIUXpDhSD8" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.&lt;/span&gt;&lt;/p&gt;

</pall:ValuationOfBullionPolicyTextBlock>
    <pall:PercentageOfAssetBeingHeldByTrust contextRef="AsOf2022-09-30" decimals="INF" unitRef="Pure">0.2814</pall:PercentageOfAssetBeingHeldByTrust>
    <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zvMNHV0C7234" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8BE_znb7ZXZI1ILc"&gt;The
categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_497_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6wGCG3P4ZLc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;September 30, &lt;br/&gt;
2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_491_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwd3D7gsw3sj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31, &lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 50%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zUrK5T2GXtIa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2022-09-30_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">359056000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">358161000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <pall:ReceivableAndPayablePolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_zY8YhsSKJxO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.3.&#160;&#160;&#160;&#160;&lt;span id="xdx_86D_zJ7MuojVETRd"&gt;Palladium
Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Palladium&#160;receivable
or payable represents the quantity of&#160;palladium covered by contractually binding orders for the creation or redemption of
Shares respectively, where the&#160;palladium has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership
of palladium is transferred within two business days of the trade date. At September 30, 2022, the Trust had &lt;span id="xdx_900_ecustom--BullionReceivableAtMarketValue_iI_do_c20220930_zrXZx7poJtfa" title="Palladium receivable"&gt;&lt;span id="xdx_902_ecustom--BullionPayableAtMarketValue_iI_do_c20220930_zsN5jbCeL37i" title="Palladium payable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares. At December 31, 2021, the Trust had &lt;span id="xdx_907_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zaEswDs4dj9" title="Palladium receivable"&gt;&lt;span id="xdx_903_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zZCGImmRj53c" title="Palladium payable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable
or payable for the&#160;creation&#160;or redemption of Shares.&lt;/span&gt;&lt;/p&gt;

</pall:ReceivableAndPayablePolicyTextBlock>
    <pall:BullionReceivableAtMarketValue contextRef="AsOf2022-09-30" decimals="0" unitRef="USD">0</pall:BullionReceivableAtMarketValue>
    <pall:BullionPayableAtMarketValue contextRef="AsOf2022-09-30" decimals="0" unitRef="USD">0</pall:BullionPayableAtMarketValue>
    <pall:BullionReceivableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</pall:BullionReceivableAtMarketValue>
    <pall:BullionPayableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</pall:BullionPayableAtMarketValue>
    <pall:CreationsAndRedemptionsOfSharesPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_847_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zNPeDTYaU6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.4.&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zVfJn4jxIw2c"&gt;Creations
and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_c20220101__20220930_zTv26bpwIcG8" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt;&#160;Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust&#x2019;s Custodian or other&#160;palladium bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the&#160;palladium&#160;required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated&#160;palladium account, either loco London or loco Zurich, established with the Custodian
or a&#160;palladium bullion clearing bank by an Authorized Participant.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of&#160;palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When&#160;palladium is exchanged in settlement of a redemption, it is considered
a sale of&#160;palladium for financial statement purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amount of&#160;palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from&#160;the value of palladium&#160;to
be delivered or distributed by the Trust. In order to ensure that the correct amount of&#160;palladium is available at all times
to back the Shares, the Sponsor accepts an adjustment to its Sponsor&#x2019;s Fee in the event of any shortfall or excess on each
transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.&lt;/span&gt;&lt;/p&gt;

</pall:CreationsAndRedemptionsOfSharesPolicyTextBlock>
    <pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2022-01-01to2022-09-30"
      decimals="INF"
      unitRef="Shares">25000</pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zeeUelPVWdwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_867_zm81DezsjeKh"&gt;Income
Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust is classified as a &#x201c;grantor trust&#x201d; for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201c;flow through&#x201d; to the
Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that &lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_zPqI7hPTFfag"&gt;&lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20220930_zgUYfoyfJDJ5" title="Reserve for uncertain tax positions"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are required as of&#160;September 30, 2022&#160;or December 31, 2021.&lt;/span&gt;&lt;/p&gt;

</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2022-09-30" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:InvestmentPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_848_eus-gaap--InvestmentPolicyTextBlock_zEulIAkcOzYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_86C_z2NI8vjccRvh"&gt;Investment
in&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8B8_zEO3NRtXgwhl"&gt;Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;176,345.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;182,072.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0362"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;23,312.9&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(13,906.7&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(32,637.3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(263.3&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(269.0&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;332,940&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;492,870&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0377"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;57,616&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(28,815&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(83,187&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;575&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;24,682&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(529&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(716&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized (loss) / gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;236&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;54,891&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(163,964&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;









&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_z2jEB9ZXmi66" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zsg2wSaYaWd7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;39,500.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;65,351.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(58,033.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(44,320.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(822.2&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(739.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;112,111&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;169,308&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(120,921&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(114,007&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,320&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,389&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,773&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,911&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;151&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;704&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;6,007&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(120,370&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8AF_zCdFO3Zm22ml" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

</us-gaap:InvestmentPolicyTextBlock>
    <pall:InvestmentsInBullionTableTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zelUAGkHcljb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_8B8_zEO3NRtXgwhl"&gt;Changes
in ounces of&#160;palladium and their respective values for the three and nine months&#160;ended&#160;September 30, 2022 and&#160;2021
are set out below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_494_20220701__20220930_zqen8XMygLjk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_495_20210701__20210930_zbUlWo6EVHb4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Three Months Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_zZezfI6OMLJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;176,345.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;182,072.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zEt7FZiu2L0b" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0362"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;23,312.9&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_ze2NlC9V4Vo1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(13,906.7&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(32,637.3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_z99Q4tHSVIR5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(263.3&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(269.0&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_z9PTZFbsKPTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zOycRkKuKy8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;332,940&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;492,870&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zT4VtzCisdL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0377"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;57,616&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zBN54waM8Jv5" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(28,815&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(83,187&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zsxbuoAhc1Kk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;575&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;24,682&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zDMUdSdFrjJ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(529&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(716&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zovT97yWMr9h" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized (loss) / gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;236&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zM2J0VosScZd" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;54,891&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(163,964&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zaMgLbZH0KAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;









&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20220101__20220930_zOXigOVDJwQe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49B_20210101__20210930_zDoA65pKhbl7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Nine Months&lt;br/&gt; Ended&lt;br/&gt; September 30, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uoz_z2jEB9ZXmi66" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--CreationsOuncesOfBullion_pp1p0_uoz_zsg2wSaYaWd7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;39,500.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;65,351.4&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--RedemptionsOuncesOfBullion_pp1p0_uoz_zuRufB4Iy1lj" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(58,033.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(44,320.8&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--TransfersOfBullionOunces_pp1d_uoz_zZLabYmdDcD2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(822.2&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(739.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uoz_zYZ3wx3GenUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;162,175.5&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;172,478.7&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zj3LWZLb8rZ2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zn4tzQKfOex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;112,111&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;169,308&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zwKV5Ka39jnb" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(120,921&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(114,007&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zgzEVMkLEHFh" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,320&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,389&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zjvnm3PMxDh" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,773&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,911&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zoTLR0luJsQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;151&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;704&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zFmarVA7NLeg" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized gain / (loss) on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;6,007&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(120,370&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_zKilGliMxPvi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;359,056&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;327,537&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


</pall:InvestmentsInBullionTableTextBlock>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2022-06-30" decimals="1" unitRef="oz">176345.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-06-30" decimals="1" unitRef="oz">182072.1</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <pall:CreationsOuncesOfBullion
      contextRef="From2021-07-012021-09-30"
      decimals="1"
      unitRef="oz">23312.9</pall:CreationsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2022-07-012022-09-30"
      decimals="1"
      unitRef="oz">-13906.7</pall:RedemptionsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2021-07-012021-09-30"
      decimals="1"
      unitRef="oz">-32637.3</pall:RedemptionsOuncesOfBullion>
    <pall:TransfersOfBullionOunces
      contextRef="From2022-07-012022-09-30"
      decimals="1"
      unitRef="oz">-263.3</pall:TransfersOfBullionOunces>
    <pall:TransfersOfBullionOunces
      contextRef="From2021-07-012021-09-30"
      decimals="1"
      unitRef="oz">-269.0</pall:TransfersOfBullionOunces>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2022-09-30" decimals="1" unitRef="oz">162175.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-09-30" decimals="1" unitRef="oz">172478.7</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2022-06-30" decimals="-3" unitRef="USD">332940000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-06-30" decimals="-3" unitRef="USD">492870000</us-gaap:InvestmentInPhysicalCommodities>
    <pall:CreationsValueOfBullion
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">57616000</pall:CreationsValueOfBullion>
    <pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2022-07-012022-09-30"
      decimals="-3"
      unitRef="USD">28815000</pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">83187000</pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2022-07-012022-09-30"
      decimals="-3"
      unitRef="USD">575000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">24682000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2022-07-012022-09-30"
      decimals="-3"
      unitRef="USD">529000</pall:CostOfBullionTransferredToPayExpenses>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">716000</pall:CostOfBullionTransferredToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2022-07-012022-09-30"
      decimals="-3"
      unitRef="USD">-6000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">236000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <pall:ChangeInUnrealizedGainLossOnInvestmentInBullion
      contextRef="From2022-07-012022-09-30"
      decimals="-3"
      unitRef="USD">54891000</pall:ChangeInUnrealizedGainLossOnInvestmentInBullion>
    <pall:ChangeInUnrealizedGainLossOnInvestmentInBullion
      contextRef="From2021-07-012021-09-30"
      decimals="-3"
      unitRef="USD">-163964000</pall:ChangeInUnrealizedGainLossOnInvestmentInBullion>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2022-09-30" decimals="-3" unitRef="USD">359056000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-09-30" decimals="-3" unitRef="USD">327537000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-12-31" decimals="1" unitRef="oz">181531.1</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="oz">152187.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <pall:CreationsOuncesOfBullion
      contextRef="From2022-01-01to2022-09-30"
      decimals="1"
      unitRef="oz">39500.4</pall:CreationsOuncesOfBullion>
    <pall:CreationsOuncesOfBullion
      contextRef="From2021-01-012021-09-30"
      decimals="1"
      unitRef="oz">65351.4</pall:CreationsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2022-01-01to2022-09-30"
      decimals="1"
      unitRef="oz">-58033.8</pall:RedemptionsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2021-01-012021-09-30"
      decimals="1"
      unitRef="oz">-44320.8</pall:RedemptionsOuncesOfBullion>
    <pall:TransfersOfBullionOunces
      contextRef="From2022-01-01to2022-09-30"
      decimals="1"
      unitRef="oz">-822.2</pall:TransfersOfBullionOunces>
    <pall:TransfersOfBullionOunces
      contextRef="From2021-01-012021-09-30"
      decimals="1"
      unitRef="oz">-739.4</pall:TransfersOfBullionOunces>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2022-09-30" decimals="1" unitRef="oz">162175.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-09-30" decimals="1" unitRef="oz">172478.7</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">358161000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">356424000</us-gaap:InvestmentInPhysicalCommodities>
    <pall:CreationsValueOfBullion
      contextRef="From2022-01-01to2022-09-30"
      decimals="-3"
      unitRef="USD">112111000</pall:CreationsValueOfBullion>
    <pall:CreationsValueOfBullion
      contextRef="From2021-01-012021-09-30"
      decimals="-3"
      unitRef="USD">169308000</pall:CreationsValueOfBullion>
    <pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2022-01-01to2022-09-30"
      decimals="-3"
      unitRef="USD">120921000</pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable
      contextRef="From2021-01-012021-09-30"
      decimals="-3"
      unitRef="USD">114007000</pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2022-01-01to2022-09-30"
      decimals="-3"
      unitRef="USD">5320000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2021-01-012021-09-30"
      decimals="-3"
      unitRef="USD">37389000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2022-01-01to2022-09-30"
      decimals="-3"
      unitRef="USD">1773000</pall:CostOfBullionTransferredToPayExpenses>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2021-01-012021-09-30"
      decimals="-3"
      unitRef="USD">1911000</pall:CostOfBullionTransferredToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2022-01-01to2022-09-30"
      decimals="-3"
      unitRef="USD">151000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2021-01-012021-09-30"
      decimals="-3"
      unitRef="USD">704000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
    <pall:ChangeInUnrealizedGainLossOnInvestmentInBullion
      contextRef="From2022-01-01to2022-09-30"
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      contextRef="From2021-01-012021-09-30"
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    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-09-30" decimals="-3" unitRef="USD">327537000</us-gaap:InvestmentInPhysicalCommodities>
    <pall:ExpensesPolicyTextBlock contextRef="From2022-01-01to2022-09-30">&lt;p id="xdx_843_ecustom--ExpensesPolicyTextBlock_zQgQDSItcbc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;2.7.&#160;&#160;&#160;&#160;&lt;span id="xdx_868_zeZcRfKbUfug"&gt;Expenses
/ Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to
the Sponsor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"/&gt;&lt;/p&gt;











&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust will transfer&#160;palladium to the Sponsor to pay the Sponsor&#x2019;s Fee that accrues daily at an annualized rate equal
to &lt;span id="xdx_90F_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_c20220101__20220930_zq4SNw4BLrl7" title="Expense ratio"&gt;0.60&lt;/span&gt;% of the adjusted daily net asset value (&#x201c;ANAV&#x201d;) of the Trust, paid monthly in arrears.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly
fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing
fees, United States Securities and Exchange Commission (the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs,
audit fees and up to $&lt;span id="xdx_90A_ecustom--MaximumSponsorFeeForLegalExpenses_pp0p0_uUSD_c20220101__20220930_zyn2RDaqKZW5" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the three months&#160;ended&#160;September 30, 2022&#160;and 2021, the Sponsor&#x2019;s Fee&#160;was $&lt;span id="xdx_909_eus-gaap--SponsorFees_pp0p0_c20220701__20220930_zatRV95ag6wg" title="Sponsor's Fee"&gt;538,123&lt;/span&gt;&#160;and&#160;$&lt;span id="xdx_90B_eus-gaap--SponsorFees_pp0p0_c20210701__20210930_zY3JjVhkFdn9"&gt;648,684&lt;/span&gt;,
respectively.&#160;For the&#160;nine months ended&#160;September 30, 2022 and&#160;2021, the Sponsor&#x2019;s Fee&#160;was&#160;$&lt;span id="xdx_903_eus-gaap--SponsorFees_pp0p0_c20220101__20220930_zbRG5xnJ67Ql" title="Sponsor's Fee"&gt;1,761,406&lt;/span&gt;
and $&lt;span id="xdx_902_eus-gaap--SponsorFees_pp0p0_c20210101__20210930_zsP8NjfMm9Xf"&gt;1,889,843&lt;/span&gt;, respectively.&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At&#160;September
30, 2022 and at&#160;December 31, 2021, the fees payable to the Sponsor were&#160;$&lt;span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20220930_zlsBp7axJvxj" title="Fees payable to Sponsor"&gt;177,895&lt;/span&gt; and $&lt;span id="xdx_900_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_uUSD_c20211231_zvd9e4aACC14"&gt;189,455&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust&#x2019;s&#160;palladium as necessary to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee
will endeavor to sell the smallest amounts of&#160;palladium needed to pay these expenses in order to minimize the Trust&#x2019;s
holdings of assets other than palladium. Other than the Sponsor&#x2019;s Fee, the Trust had &lt;span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220930_z4urD0ZtrM72" title="All other expenses"&gt;&lt;span id="xdx_90B_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20210930_zycVCp1ujng3" title="All other expenses"&gt;&lt;span id="xdx_906_eus-gaap--OtherCostAndExpenseOperating_do_c20220701__20220930_z3QRYClv7uqi" title="All other expenses"&gt;&lt;span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20210701__20210930_zFNbeu3c8Dkl" title="All other expenses"&gt;no&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; expenses during the three and nine
months ended&#160;September 30, 2022 and 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unless
otherwise directed by the Sponsor, when selling&#160;palladium the Trustee will endeavor to sell at the price established by the
LME PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to
receive the most favorable price and execution of orders. The Custodian may be the purchaser of such&#160;palladium only if the
sale transaction is made at the next LME PM Fix or such other publicly available price that the Sponsor deems fair, in each case
as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average
cost of the&#160;palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of
any sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Realized
gains and losses result from the transfer of&#160;palladium for Share redemptions and / or to pay expenses and are recognized
on a trade date basis as the difference between the fair value and average cost of&#160;palladium transferred.&lt;/span&gt;&lt;/p&gt;

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      contextRef="From2022-07-012022-09-30"
      decimals="0"
      unitRef="USD">538123</us-gaap:SponsorFees>
    <us-gaap:SponsorFees
      contextRef="From2021-07-012021-09-30"
      decimals="0"
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    <us-gaap:SponsorFees
      contextRef="From2022-01-01to2022-09-30"
      decimals="0"
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    <us-gaap:SponsorFees
      contextRef="From2021-01-012021-09-30"
      decimals="0"
      unitRef="USD">1889843</us-gaap:SponsorFees>
    <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2022-09-30" decimals="0" unitRef="USD">177895</us-gaap:AccountsPayableRelatedPartiesCurrent>
    <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">189455</us-gaap:AccountsPayableRelatedPartiesCurrent>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2022-01-01to2022-09-30"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2021-01-012021-09-30"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2022-07-012022-09-30"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2021-07-012021-09-30"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
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Events&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
accordance with the provisions set forth in FASB ASC 855-10, &lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&#x2019;s management has evaluated
the possibility of subsequent events impacting the Trust&#x2019;s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
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Parties&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell&#160;palladium directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee&#x2019;s and Custodian&#x2019;s fees are paid by the Sponsor and are
not separate expenses of the Trust.&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Trust&#x2019;s sole business activity is the investment in&#160;palladium, and substantially all the Trust&#x2019;s assets are holdings
of&#160;palladium, which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors
could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as
production and cost levels in major palladium-producing countries, recycling, autocatalyst demand, industrial demand, jewelry
demand, investment demand, and sales of existing stockpiles of palladium, which have been a key source of supply and are likely
to be exhausted soon, placing a higher burden on new mine supply; (ii) investors&#x2019; expectations with respect to the rate
of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity
funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance
that&#160;palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price
of&#160;palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these
events could have a material effect on the Trust&#x2019;s financial position and results of operations.&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:ConcentrationRiskDisclosureTextBlock>
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the Trust&#x2019;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,
managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust&#x2019;s organizational documents. The Trust&#x2019;s maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.&#160;&lt;/span&gt;&lt;/p&gt;

</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
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        <link:footnote id="Footnote000064" xlink:label="Footnote000064" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Authorized
    share capital is <xhtml:span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20210101__20211231_zT1PSkbq2rrj" title="Common stock, shares authorized::XDX::Unlimited"><xhtml:span id="xdx_90A_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20220101__20220930_zUcRX9RphE0f" title="::XDX::Unlimited"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0066"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0067">unlimited</xhtml:span></xhtml:span></xhtml:span></xhtml:span> with <xhtml:span id="xdx_901_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20211231_zZdUHybopjz6" title="Common stock, no par value (in dollars per share)"><xhtml:span id="xdx_90B_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20220930_z16EPpXW0NR5">no</xhtml:span></xhtml:span> par value per Share. Shares issued and outstanding at September 30, 2022 were <xhtml:span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20220930_zMBl8ea6gVSc" title="Common stock, shares issued"><xhtml:span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220930_z5LkZ1j5y0s1" title="Common stock, shares outstanding">1,750,000</xhtml:span></xhtml:span>
    and at December 31, 2021 were <xhtml:span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zblTaOYdSDhk"><xhtml:span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zjMzGP3BoYUg">1,950,000</xhtml:span></xhtml:span>. Net asset values per Share at September 30, 2022 and December 31, 2021 were $<xhtml:span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20220930_z7JTlYn1Imxl" title="Net asset value per share (in dollars per share)">205.07</xhtml:span>
    and $<xhtml:span id="xdx_900_eus-gaap--NetAssetValuePerShare_iI_pp2p0_uUSDPShares_c20211231_zj8WlgIu05qk">183.58</xhtml:span>, respectively.</link:footnote>
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        <link:footnote id="Footnote000301" xlink:label="Footnote000301" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Annualized
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<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
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..report table.authRefData .hide a:hover {
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..report table.authRefData table{
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/* Report Styles */
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}

/* table */
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..report hr {
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/* Top labels */
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..report th.void	{
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<TYPE>XML
<SEQUENCE>33
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<FilingSummary>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
