Fund Description: abrdn Physical Palladium Shares ETF formerly Aberdeen Standard Physical Palladium Shares ETF formerly ETFS Physical Palladium Shares is under the abrdn Palladium ETF Trust formerly ABERDEEN STANDARD PALLADIUM ETF TRUST formerly ETFS Palladium Trust. The abrdn Palladium ETF Trust is a common law trust and is not registered as an investment company under the Investment Company Act of 1940. <p> INVESTMENT OBJECTIVE: abrdn Physical Palladium Shares ETF f is for the Shares to reflect the performance of the price of Palladium bullion, less Trust’s expenses. <p> TRUST DESCRIPTION: The Shares represent beneficial interest in the Trust, which in turn holds allocated physical palladium bullion bars stored in secure vaults in London and Zurich on behalf of the Custodian, JPMorgan Chase Bank, N.A. Each physical plate and ingot is properly segregated, individually identified and allocated towards the property of the Trust. Palladium, a sister metal to platinum, is used extensively in auto catalysts, which accounts for roughly 55% of the total demand. It’s also used in dentistry, electronics and jewelry, giving it somewhat of a split personality. It’s an industrial metal that’s often closely correlated with gold and silver. The majority of supply comes from Russia and South Africa, where disruptions in production can often lead to sharp spikes in price. <p> TRUST STRATEGY: The Shares may be purchased from the Trust only in one or more blocks of <s> 50,000</s> 25,000 Shares (a block of 50,000 Shares is called a Basket). The Trust will issue Shares in Baskets to certain authorized participants on an ongoing basis. Baskets will be offered continuously at the net asset value (NAV) for 50,000 Shares on the day that an order to create a Basket is accepted by the Trustee. The Trust will not issue fractions of a Basket. Advantages of investing in the Shares include: 1. Ease and Flexibility of Investment. 2. Expenses. The Sponsor expects that, for many investors, costs associated with buying and selling the Shares in the secondary market and the payment of the Trust’s ongoing expenses will be lower than the costs associated with buying and selling physical palladium and storing and insuring physical palladium in a traditional allocated physical palladium account. 3. Minimal Credit Risk. <p> TRUST MANAGEMENT: The Bank of New York Mellon is the Trustee and is generally responsible for the day-to-day administration of the Trust.