abrdn Palladium ETF Trust Files 8-K with Material Agreements

TL;DR

ABDN Palladium ETF Trust filed an 8-K detailing material agreements and bylaw changes.

AI Summary

On May 23, 2024, abrdn Palladium ETF Trust entered into a material definitive agreement and terminated a material definitive agreement. The company also made amendments to its articles of incorporation or bylaws, and experienced other events. These actions were reported on May 28, 2024.

Why It Matters

This filing indicates significant corporate actions and potential changes for the abrdn Palladium ETF Trust, which could impact investors in palladium-backed ETFs.

Risk Assessment

Risk Level: medium — Material definitive agreements and amendments to bylaws can signal significant operational or structural changes that may affect the ETF's performance or investment strategy.

Key Players & Entities

• abrdn Palladium ETF Trust (company) — Registrant
• May 23, 2024 (date) — Date of earliest event reported
• May 28, 2024 (date) — Date of report

FAQ

Filing Documents

• pall-8k_052324.htm (8-K) — 43KB
• ex4-1.htm (EX-4.1) — 20KB
• ex10-1.htm (EX-10.1) — 370KB
• ex10-2.htm (EX-10.2) — 250KB
• 0001999371-24-006701.txt ( ) — 951KB
• pall-20240523.xsd (EX-101.SCH) — 3KB
• pall-20240523_lab.xml (EX-101.LAB) — 33KB
• pall-20240523_pre.xml (EX-101.PRE) — 22KB
• pall-8k_052324_htm.xml (XML) — 4KB

01

Item 1.01 Entry into a Material Definitive Agreement. Entry into New Allocated and Unallocated Account Agreements with New Custodian On May 23, 2024, The Bank of New York Mellon (the "Trustee"), in its capacity as Trustee of the abrdn Palladium ETF Trust (the "Trust"), and at the direction of abrdn ETFs Sponsor LLC (the "Sponsor"), the Trust's Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement (collectively, the "New Custody Agreements") with ICBC Standard Bank Plc (the "New Custodian") providing for the custody of the Trust's palladium by the New Custodian. Copies of the New Custody Agreements are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this report and are incorporated by reference herein. Amendment to Depositary Trust Agreement On May 23, 2024, the Sponsor entered into an Amendment (the "Trust Amendment") to the Depositary Trust Agreement (the "Trust Agreement") with the Trustee. The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and directed by the Sponsor on behalf of the Trust: (1) the amendment of the definition of "Benchmark Price" to mean, "as of any day, (i) such day's LBMA Palladium Price PM or such day's LBMA Palladium Price AM if such day's LBMA Palladium Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value of palladium held by the Trust and instructs the Trustee to use as the Benchmark Price"; (2) the deletion and replacement of the defined term for "London PM Fix" with the defined term "LBMA Palladium Price PM", which means "the price of a troy ounce of palladium as determined by the LME, the third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 2:00 p.m. London, England time"; and (3) the a

03

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. Depositary Trust Agreement The information set forth in Item 1.01 relating to the Trust Agreement, is incorporated by reference herein. Item 8.01 Other Events. Reduction in Basket Size Effective June 18, 2024, the number of abrdn Physical Palladium Shares ETF (the "Shares") in a block that constitutes a basket for the purpose of creations and redemptions in the Trust (a "Basket") will be reduced from 25,000 Shares to 12,500 Shares. Change to T+1 Standard Settlement Cycle effective May 28, 2024 Pursuant to an SEC rule amendment adopted in February 2023, the standard settlement cycle for most securities transactions by broker-dealers will be shortened from two business days after the trade date ("T+2 Settlement") to one business day following the trade date ("T+1 Settlement"), effective as of May 28, 2024. Consistent with the rule amendment, beginning on May 28, 2024, the standard creation and redemption processes for the Trust will change from T+2 Settlement to T+1 Settlement. Creation and redemption orders placed before May 28, 2024 will not be subject to this change. Item 9.01

Financial Statements

Financial Statements and Exhibits Exhibit 4.1 Third Amendment to the Depositary Trust Agreement dated May 23, 2024 Exhibit 10.1 Allocated Account Agreement dated May 23, 2024 Exhibit 10.2 Unallocated Account Agreement dated May 23, 2024 Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABRDN PALLADIUM ETF TRUST By: abrdn ETFs Sponsor LLC, Sponsor of the abrdn Palladium ETF Trust Date: May 28, 2024 By: /s/ Brian Kordeck Brian Kordeck Chief Financial Officer and Treasurer* * The Registrant is a trust and Mr. Kordeck is signing in his capacities as officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

View Full Filing

View this 8-K filing on SEC EDGAR