<SEC-DOCUMENT>0001387131-23-010201.txt : 20231026
<SEC-HEADER>0001387131-23-010201.hdr.sgml : 20231026
<ACCEPTANCE-DATETIME>20230824111218
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001387131-23-010201
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230824

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:		CORRESP

	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
</SEC-HEADER>
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    2929 Arch Street<BR>
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    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase">Kyle Whiteman</P>
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    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">Kyle.Whiteman@dechert.com</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt">August 24, 2023</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify">VIA EDGAR CORRESPONDENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eric Envall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">John Dana Brown</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Office of Crypto Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 F Street, NE&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, D.C. 20549-4644</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">Re:</TD><TD STYLE="text-align: justify; padding-right: 5.65pt">abrdn Palladium ETF Trust Registration Statement on Form S-3 filed on May 18, 2023
(SEC File No. 333-272037) (the &ldquo;Registration Statement&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Dear Messrs. Envall and Brown:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are writing in response
to comments you provided in writing on behalf of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) staff (the &ldquo;Staff&rdquo;)
to Robert Hepp and me on June 1, 2023, with respect to the Registration Statement for the abrdn Physical Palladium Shares ETF. On behalf
of abrdn Palladium ETF Trust (the &ldquo;Registrant&rdquo;), we have reproduced your comments below and provided the Registrant&rsquo;s
responses immediately thereafter. To the extent not otherwise defined herein, capitalized terms have the meanings attributed to such terms
in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Risks Related to Palladium,
page 6</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><U>Comment 1:</U></TD><TD>Please revise this section to add a
new risk factor that specifically addresses, qualitatively and quantitatively, the changes in palladium's price over the last year.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><U>Response</U>:</TD><TD STYLE="text-align: justify; padding-right: 31.7pt">The Registration Statement has been revised to address the Staff&rsquo;s comment.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 24, 2023</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in"><U>General Risks,
page 12</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><U>Comment 2:</U></TD><TD>Please revise the risk factors in this
section to include revised disclosure that;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 31.7pt"><FONT STYLE="font-size: 10pt">discusses how the 2022 London Platinum and Palladium
Market's suspension of Russian palladium refiners' accreditation has actually impacted the palladium market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 31.7pt"><FONT STYLE="font-size: 10pt">explains whether and how Russia's production levels
have impacted palladium prices subsequent to the suspension; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 31.7pt"><FONT STYLE="font-size: 10pt">better explains how the inclusion of disclosure related
to gold and silver, for example on page 13, is relevant to the risks to the palladium markets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><U>Response</U>:</TD><TD STYLE="text-align: justify; padding-right: 31.7pt">The Registration Statement has been revised to address the Staff&rsquo;s comment.
The disclosure related to gold and silver has been removed and the risks have been tailored more specifically to palladium.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in"><U>Platinum Group
Metals, page 14</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><U>Comment 3:</U></TD><TD>Please update the discussion and table
on this page to include information and figures through 2022 and into 2023.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><U>Response</U>:</TD><TD STYLE="text-align: justify; padding-right: 31.7pt">The Registration Statement has been revised to address the Staff&rsquo;s comment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in"><U>Historical Chart
of the Price of Palladium, page 16</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><U>Comment 4:</U></TD><TD STYLE="text-align: justify">We note your chart that shows the price
per ounce of palladium through 2022 and the discussion in your final paragraph regarding palladium's price changes in 2022. Please revise
this section to add additional, more timely disclosure about palladium's prices in 2023 and how they compare to your discussion of pricing
in previous years. Include quantitative and qualitative disclosures that address the more recent price declines and the reasons for the
declines.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.5pt 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><U>Response</U>:</TD><TD STYLE="text-align: justify; padding-right: 31.7pt">The Registration Statement has been revised to address the Staff&rsquo;s comment.</TD></TR></TABLE>

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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 24, 2023</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 31.5pt 0px 0; text-align: justify">Should you have any questions, please
feel free to contact me at (215)&nbsp;994-2168.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 40%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><U>/s/ Kyle F. Whiteman</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Kyle F. Whiteman</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.35in">cc:</TD><TD STYLE="text-align: justify">Thomas C. Bogle<BR>
Stephanie A. Capistron<BR>
Lucia Sitar, abrdn Inc.<BR>
Brian Kordeck, abrdn
Inc.</TD></TR></TABLE>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
