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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

The categorization of the Trust’s assets is as shown below:

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)		September 30, 2025				December 31, 2024
Level 1
Investment in palladium		$	622,405			$	354,243

Changes in ounces of palladium and their respective values for the three and nine months ended September 30, 2025 and 2024 are set out below:

Changes in ounces of palladium and their respective values for the three and nine months ended September 30, 2025 and 2024 are set out below:

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance			454,608.6				292,303.9
Creations			93,298.9				19,468.1
Redemptions			(43,252.9	)			(40,062.1	)
Transfers of palladium to pay expenses			(682.7	)			(449.9	)
Closing balance			503,971.9				271,260.0

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024
Investment in palladium
Opening balance		$	515,526			$	284,119
Creations			111,604				18,116
Redemptions			(52,103	)			(41,427	)
Realized gain / (loss) on palladium distributed for the redemption of Shares			1,274				(16,344	)
Transfers of palladium to pay expenses			(774	)			(423	)
Realized (loss) on palladium transferred to pay expenses			(28	)			(229	)
Change in unrealized gain on investment in palladium			46,906				26,905
Closing balance		$	622,405			$	270,717

		Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance			389,706.3				193,152.2
Creations			248,300.9				159,426.9
Redemptions			(132,252.7	)			(80,197.9	)
Transfers of palladium to pay expenses			(1,782.6	)			(1,121.2	)
Closing balance			503,971.9				271,260.0
Investment in palladium
Opening balance		$	354,243			$	219,421
Creations			266,594				154,581
Redemptions			(137,213	)			(80,896	)
Realized (loss) on palladium distributed for the redemption of Shares			(24,473	)			(39,647	)
Transfers of palladium to pay expenses			(1,819	)			(1,099	)
Realized (loss) on palladium transferred to pay expenses			(344	)			(670	)
Change in unrealized gain on investment in palladium			165,417				19,027
Closing balance		$	622,405			$	270,717

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+ References

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- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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