At a glance
PALL charges 0.6% a year, above the 0.21% average of the 7 funds most like it (the most expensive of 7). It has $598.0M in assets, the 8th largest of that group. Over the past year it returned −26.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned −3.2% a year. At its worst it fell 43.7% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
abrdn Physical Palladium Shares ETF (PALL) is a grantor trust that holds only physical palladium bullion. Its goal is to track the metal's price, less expenses, without using futures or other derivatives. It offers direct exposure to a metal whose demand comes mostly from car exhaust catalysts. That comes at a cost: its 0.60% sponsor fee is far above the 0.21% average of the physically backed gold funds it was compared with, and its price swings have been severe.
Price history
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PALL -26.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PALL price data to Oct 27, 2026 | -35.5% | -26.5% | -3.2% | -12.5% | — | -10.1% |
- Over the year to Oct 27, 2026, PALL returned -26.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was -12.5%.
- Its worst full calendar year was 2023 (-38.8%); its best was 2025 (+74.1%).
- The deepest fall in its price history was 73.6% (Mar 8, 2022 to Aug 5, 2024), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -35.5% |
| 2025 | +74.1% |
| 2024 | -17.4% |
| 2023 | -38.8% |
| 2022 | -6.3% |
| 2021 | -23.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 17.9% over that stretch · deepest drop along the way 43.7%, not recovered by the end of the data |
What's inside
The trust holds physical palladium directly, worth $598.0M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
PALL has no index to follow and no portfolio manager making choices. The trust's assets consist solely of palladium bullion. Its objective is for the shares to reflect the price of physical palladium, less the trust's expenses. Each share is a fractional undivided beneficial interest, meaning a small shared slice of ownership in the metal the trust holds. The trust does not trade to make a profit or to limit losses when palladium's price moves.
abrdn ETFs Sponsor LLC is the sponsor, The Bank of New York Mellon is the trustee, and ICBC Standard Bank Plc holds the metal as custodian. The palladium is not lent out. Large brokers called Authorized Participants create or redeem shares in blocks, called Baskets, of 12,500 shares by delivering or receiving palladium. During these trades a small amount may sit in an unallocated account. That amount is not kept separate from the custodian's own assets, so it carries some credit risk.
The trust delivers or sells palladium to pay its 0.60% sponsor fee, so the metal behind each share slowly shrinks over time. PALL is not registered under the Investment Company Act of 1940 and is not a commodity pool. As a result, it lacks some of the protections ordinary funds offer. In the US, long-term gains can be taxed at the collectibles rate of up to 28%.
What it really costs
- PALL charges 0.6% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
PALL holds one volatile industrial metal, pays no income and fell 73.6% from peak to trough, so it fits at most a small, higher-risk slice of a portfolio.
PALL could add a small, direct stake in palladium to a long-term portfolio, but its record shows how rough that ride can be. The price history used here begins June 2, 2020, so it doesn't cover the 2008 crisis or the 2020 crash. During the 2022 bear market, shares fell 43.7% from March 8 to June 13, 2022. From that March 2022 peak, they dropped 73.6% by August 5, 2024, and they had not recovered as of October 27, 2026. Its worst calendar year was 2023, at -38.8%, while 2025 gained 74.1%. The fund pays no income, so anyone who needs cash from it in a bad year would have to sell shares at low prices. Its 0.60% fee is also high for a metal trust. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want palladium exposure backed by physical bullion held by a custodian, with no futures or derivatives, through an ordinary brokerage account.
- Investors with a specific view on palladium demand from car catalysts and on supply from Russia and South Africa, which provided over 77% in 2024.
- Investors who can keep a small position through drops like the 73.6% fall from March 2022 to August 2024.
Look elsewhere if
- Investors who need income: the fund has made no distributions, and its only return is the change in palladium's price.
- Cost-focused investors: the 0.60% sponsor fee is well above the 0.21% average of the physically backed gold funds it was compared with.
- Taxable investors who want standard capital-gains rates: long-term gains on physical-metal trusts can be taxed at the collectibles rate of up to 28%.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PALL this fund | 0.6% | $598.0M | -26.5% | -3.2% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Does PALL actually hold physical palladium?
Yes. The trust's assets consist solely of palladium bullion, held by the custodian ICBC Standard Bank Plc, and it does not use futures or other derivatives. Each share is a fractional ownership interest in that metal, and the palladium is not lent out. A small amount may sit in an unallocated account while shares are created or redeemed. That portion is not kept separate from the custodian's own assets, so it carries some credit risk.
Does PALL pay dividends?
No. PALL has made no distributions. Palladium bullion earns no interest or dividends, so the only return comes from changes in the metal's price, minus the 0.60% sponsor fee. The trust delivers or sells small amounts of palladium to pay that fee, so the metal behind each share slowly shrinks. Investors who want regular cash from this holding would have to sell shares to get it.
Is PALL good for retirement?
PALL is a high-risk holding for a retirement account, not a core one. Its shares fell 73.6% from March 8, 2022 to August 5, 2024 and had not recovered as of October 27, 2026. Calendar-year returns swung from -38.8% in 2023 to +74.1% in 2025, and one-year volatility was 50.1%. Because it pays no income, a retiree who needs cash in a down year would have to sell at low prices. Some investors hold it only as a small side position.
What is PALL's expense ratio?
PALL charges a 0.60% annual sponsor fee. That is the highest of the physically backed metal funds it was compared with, which averaged 0.21%. abrdn's own gold fund, SGOL, charges 0.17%, and GLDM charges 0.10%. The fee is paid with palladium taken from the trust, not billed separately. As a result, it lowers the amount of metal behind each share year after year, whatever happens to palladium's price.
What's the difference between PALL and SGOL?
Both come from abrdn and hold physical metal, but SGOL holds gold and PALL holds palladium, so one is not a stand-in for the other. SGOL charges 0.17% against PALL's 0.60%. As of October 27, 2026, SGOL returned 1.7% over one year and 26.3% a year over three years, while PALL returned -26.5% and -3.2% a year. SGOL is also much larger, with $6.7 billion in net assets against PALL's $598 million as of June 30, 2026.