<SEC-DOCUMENT>0001387131-23-011454.txt : 20231026
<SEC-HEADER>0001387131-23-011454.hdr.sgml : 20231026
<ACCEPTANCE-DATETIME>20230921143743
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001387131-23-011454
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230921

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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    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">One International Place, 40th Floor<BR>
    100 Oliver Street<BR>
    Boston, MA 02110-2605</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">+1 617 728 7100 Main</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">+1 617 275 8364 Fax</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">www.dechert.com</P>
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    <TD>
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
    <P STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase">STEPHANIE CAPISTRON</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">Stephanie.Capistron@dechert.com</P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">+1 617 728 7127 Direct</p>
    <p style="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">+1 617 275 8364 Fax</P>
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<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-top: 0; margin-right: 0; margin-left: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
21, 2023</font></p>

<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIA
EDGAR CORRESPONDENCE</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jessica
Livingston</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
Dana Brown</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Securities and Exchange Commission</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Crypto Assets</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, NE&#9;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549-4644</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</font></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-right: 5.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
                                            Palladium ETF Trust Amendment No. 1 to Registration Statement on Form S-3 filed on August
                                            24, 2023 (SEC File No. 333-272037) (the &ldquo;Registration Statement&rdquo;)</font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Ms. Livingston and Mr. Brown:</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are writing in response to the comment you provided in writing on behalf of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
staff (the &ldquo;Staff&rdquo;) to Steven Dunn on September 11, 2023, with respect to the Registration Statement for the abrdn Physical
Palladium Shares ETF (the &ldquo;Registrant&rdquo;). On behalf of the &ldquo;Registrant, we have reproduced your comment below and provided
the Registrant&rsquo;s response immediately thereafter. To the extent not otherwise defined herein, capitalized terms have the meanings
attributed to such terms in the Registration Statement.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Historical
Chart of the Price of Palladium, page 16</u></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 1.5in; text-align: justify; text-indent: -1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Comment</u>:</font></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-right: 31.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
                                            to your response and revised disclosure to comment 4. We reissue the comment in part, as
                                            we do not see the requested revisions to add additional, more timely disclosure about palladium's
                                            prices in 2023 and how they compare to pricing in previous years and to include quantitative
                                            and qualitative disclosures that address 2023 price declines and the reasons for the declines.</font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Response</u>:</font></td><td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-right: 31.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Registration Statement has been revised to address the Staff&rsquo;s comment.</font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 31.5pt 12pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
you have any questions, please feel free to contact me at (617)&nbsp;728-7127.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>/s/
Stephanie A. Capistron</u></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephanie
A. Capistron</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.35in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</font></td><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
                                            C. Bogle</font></td></tr><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lucia Sitar, abrdn Inc.</FONT></TD></TR>
                                                                     <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Brian Kordeck, abrdn Inc.</FONT></TD></TR>
                                                                     </table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: 0in"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"></p>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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