Vault-13

ABRDN PALLADIUM ETF TRUST PALL

PHYSICAL PALLADM · ETP · CUSIP 003262102

94 institutional holders +16 vs Q1 2025
1,082,1141.1m shares reported held*
$109.0mreported value*
29 new 25 added 11 reduced 12 sold out net bought ≈ $35.9m (+356.7k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $100.69. Options: 6 managers hold calls ($11.9m notional), 5 hold puts ($6.1m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 81Q4 22: 78Q1 23: 79Q2 23: 66Q3 23: 66Q4 23: 63Q1 24: 64Q2 24: 64Q3 24: 55Q4 24: 71Q1 25: 78Q2 25: 9494Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202281
Q4 202278
Q1 202379
Q2 202366
Q3 202366
Q4 202363
Q1 202464
Q2 202464
Q3 202455
Q4 202471
Q1 202578
Q2 202594

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 23: 21 bought or addedQ3 23: 23 cut or sold outQ4 23: 22 bought or addedQ4 23: 29 cut or sold outQ4 23Q1 24: 25 bought or addedQ1 24: 26 cut or sold outQ2 24: 33 bought or addedQ2 24: 24 cut or sold outQ2 24Q3 24: 23 bought or addedQ3 24: 25 cut or sold outQ4 24: 35 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 33 bought or addedQ1 25: 26 cut or sold outQ2 25: 54 bought or addedQ2 25: 23 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232123
Q4 20232229
Q1 20242526
Q2 20243324
Q3 20242325
Q4 20243514
Q1 20253326
Q2 20255423

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $832.1kQ1 25 puts: $1.1mQ1 25P/C 1.29Q2 25 calls: $11.9mQ2 25 puts: $6.1mQ2 25P/C 0.51
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$832.1k$1.1m1.29
Q2 2025$11.9m$6.1m0.51

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +100,097+100.1k
Manatuck Hill Partners, LLC New +65,000+65.0k
JANE STREET GROUP, LLC Added +34,574+34.6k
UBS Group AG Added +22,536+22.5k
Maxi Investments CY Ltd New +22,500+22.5k
Fortis Capital Advisors, LLC New +20,981+21.0k
Belpointe Asset Management LLC New +20,981+21.0k
CANTOR FITZGERALD, L. P. New +20,010+20.0k
Belvedere Trading LLC Added +19,686+19.7k
LPL Financial LLC Added +16,286+16.3k

Biggest sellers

JPMORGAN CHASE & CO Reduced -66,764-66.8k
IMC-Chicago, LLC Sold out -31,764-31.8k
WOLVERINE TRADING, LLC Sold out -11,034-11.0k
MML INVESTORS SERVICES, LLC Sold out -8,696-8.7k
CIBC WORLD MARKET INC. Sold out -7,214-7.2k
RAYMOND JAMES FINANCIAL INC Reduced -6,747-6.7k
NAPA WEALTH MANAGEMENT Sold out -5,690-5.7k
CITADEL ADVISORS LLC Sold out -4,577-4.6k
Marex Group Ltd Sold out -3,522-3.5k
AMG National Trust Bank Reduced -1,264-1.3k

Biggest calls

CITADEL ADVISORS LLC New $7.7m76.3k shares
IMC-Chicago, LLC New $3.2m32.1k shares
Belvedere Trading LLC Added $503.1k5.0k shares
SIMPLEX TRADING, LLC Added $271.0k2.7k shares
KESTRA PRIVATE WEALTH SERVICES, LLC New $251.5k2.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

IMC-Chicago, LLC New $2.5m24.5k shares
SIMPLEX TRADING, LLC Added $1.6m16.3k shares
CITADEL ADVISORS LLC New $1.3m13.1k shares
Belvedere Trading LLC Added $704.3k7.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 125,787125.8k $12.7m $12.7m 0.00% Added +100.1k +100,097
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 105,873105.9k $10.7m $10.7m 0.00% Added +995 +995
3 Manatuck Hill Partners, LLC 2.46% of their portfolio WESTPORT, CT 65,00065.0k $6.5m $6.5m 2.46% New
4 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 59,36659.4k $6.0m $6.0m 0.00% Added +16.3k +16,286
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 55,06955.1k $5.5m $5.5m 0.00% Reduced -66.8k -66,764
6 EVERGREEN CAPITAL MANAGEMENT LLC 0.13% of their portfolio Bellevue, WA 43,07643.1k $4.3m $4.3m 0.13% Added +1.2k +1,174
7 Gradient Investments LLC 0.08% of their portfolio ARDEN HILLS, MN 41,12941.1k $4.1m $4.1m 0.08% Added +3.7k +3,719
8 UBS Group AG 0.00% of their portfolio ZURICH, V8 40,00340.0k $4.0m $4.0m 0.00% Added +22.5k +22,536
9 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 38,61738.6k $3.9m $3.9m 0.00% Added +5.9k +5,857
10 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 37,00237.0k $3.7m $3.7m 0.01% Added +34.6k +34,574
11 Belvedere Trading LLC 0.23% of their portfolio CHICAGO, IL 28,90728.9k $2.9m $2.9m 0.23% Added +19.7k +19,686
12 Quadrature Capital Ltd 0.05% of their portfolio LONDON, X0 27,03027.0k $2.7m $2.7m 0.05% Added +9.1k +9,093
13 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 25,91425.9k $2.6m $2.6m 0.00% Added +13.3k +13,317
14 Maxi Investments CY Ltd 0.38% of their portfolio LIMASSOL, G4 22,50022.5k $2.3m $2.3m 0.38% New
15 Belpointe Asset Management LLC 0.09% of their portfolio RENO, NV 20,98121.0k $2.1m $2.1m 0.09% New
16 Fortis Capital Advisors, LLC 0.38% of their portfolio PRAIRIE VILLAGE, KS 20,98121.0k $2.1m $2.1m 0.38% New
17 ARVEST INVESTMENTS, INC. 0.32% of their portfolio LOWELL, AR 20,87920.9k $2.1m $2.1m 0.32% Reduced -424 -424
18 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 20,36220.4k $2.0m $2.0m 0.00% Added +9.5k +9,497
19 CANTOR FITZGERALD, L. P. 0.05% of their portfolio NEW YORK, NY 20,01020.0k $2.0m $2.0m 0.05% New
20 Anthracite Investment Company, Inc. 1.00% of their portfolio FORT WORTH, TX 19,00019.0k $1.9m $1.9m 1.00% Added +3.0k +3,000
21 IHT Wealth Management, LLC 0.05% of their portfolio Chicago, IL 18,60818.6k $1.9m $1.9m 0.05% Added +13.5k +13,495
22 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 16,85716.9k $1.7m $1.7m 0.00% Reduced -6.7k -6,747
23 Alhambra Investment Management LLC 0.79% of their portfolio PALMETTO BAY, FL 15,83815.8k $1.6m $1.6m 0.79% New
24 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 13,77713.8k $1.4m $1.4m 0.01% Unchanged
25 Intellus Advisors LLC 0.21% of their portfolio NAPLES, FL 13,76213.8k $1.4m $1.4m 0.21% New
26 SIMPLEX TRADING, LLC 0.04% of their portfolio CHICAGO, IL 13,42113.4k $1.4m $1.4m 0.04% Added +10.5k +10,509
27 Private Wealth Advisors, LLC 0.49% of their portfolio Fresno, CA 12,45512.5k $1.3m $1.3m 0.49% Added +251 +251
28 Copley Financial Group, Inc. 0.75% of their portfolio SAN DIEGO, CA 10,09010.1k $1.0m $1.0m 0.75% Added +93 +93
29 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 9,8629.9k $992.2k $992.2k 0.00% Added +5.7k +5,664
30 Massar Capital Management, LP 0.68% of their portfolio STAMFORD, CT 9,0009.0k $905.5k $905.5k 0.68% Unchanged
31 Financial Sense Advisors, Inc. 0.19% of their portfolio SAN DIEGO, CA 8,0008.0k $804.9k $804.9k 0.19% New
32 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 6,7306.7k $676.1k $676.1k 0.00% Added +437 +437
33 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 6,7066.7k $675.0k $675.0k 0.00% New
34 Linden Thomas Advisory Services, LLC 0.07% of their portfolio Charlotte, NC 6,3096.3k $634.7k $634.7k 0.07% Added +2.7k +2,681
35 SMART Wealth LLC 0.17% of their portfolio Omaha, NE 5,4315.4k $546.4k $546.4k 0.17% Added +2.5k +2,543
36 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5,1345.1k $516.6k $516.6k 0.00% Reduced -931 -931
37 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 5,0605.1k $509.1k $509.1k 0.00% Added +934 +934
38 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 4,5394.5k $456.7k $456.7k 0.00% New
39 Mutual Advisors, LLC 0.01% of their portfolio OMAHA, NE 4,5294.5k $506.0k $506.0k 0.01% Added +966 +966
40 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 4,3294.3k $436.0k $436.0k 0.00% Reduced -438 -438
41 Essex Financial Services, Inc. 0.03% of their portfolio ESSEX, CT 4,2004.2k $422.6k $422.6k 0.03% New
42 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 4,1204.1k $414.5k $414.5k 0.00% New
43 Solstein Capital, LLC 0.20% of their portfolio Menlo Park, CA 3,8953.9k $391.9k $391.9k 0.20% New
44 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,6183.6k $376.4k $376.4k 0.00% Reduced -632 -632
45 AMG National Trust Bank 0.01% of their portfolio GREENWOOD VILLAGE, CO 3,3013.3k $332.1k $332.1k 0.01% Reduced -1.3k -1,264
46 Pekin Hardy Strauss, Inc. 0.04% of their portfolio CHICAGO, IL 3,2003.2k $322.0k $322.0k 0.04% New
47 Eschler Asset Management LLP 0.23% of their portfolio London, X0 3,0003.0k $301.8k $301.8k 0.23% New
48 BENJAMIN EDWARDS INC 0.00% of their portfolio Clayton, MO 2,9202.9k $293.8k $293.8k 0.00% New
49 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 2,8302.8k $284.7k $284.7k 0.00% Unchanged
50 NATIXIS 0.00% of their portfolio PARIS, I0 2,5802.6k $259.8k $259.8k 0.00% New
51 Valeo Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 2,5502.5k $256.6k $256.6k 0.01% Unchanged
52 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 2,2392.2k $225.0k $225.0k 0.00% New
53 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 2,0952.1k $210.8k $210.8k 0.00% New
54 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 2,0292.0k $204.1k $204.1k 0.00% New
55 Rossby Financial, LCC 0.08% of their portfolio MELBOURNE, FL 2,0002.0k $201.2k $201.2k 0.08% Unchanged
56 Compound Planning, Inc. 0.01% of their portfolio NEW YORK, NY 1,9902.0k $200.2k $200.2k 0.01% New
57 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 1,2881.3k $133.3k $133.3k 0.00% Added +242 +242
58 Heritage Wealth Advisors 0.01% of their portfolio RICHMOND, VA 1,1251.1k $113.2k $113.2k 0.01% Unchanged
59 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 1,0001.0k $100.6k $100.6k 0.00% Unchanged
60 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 750750 $75.5k $75.5k 0.00% Reduced -100 -100
61 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 500500 $50.3k $50.3k 0.00% Unchanged
62 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 490490 $49.3k $49.3k 0.00% Unchanged
63 BlackRock, Inc. 0.00% of their portfolio New York, NY 300300 $30.2k $30.2k 0.00% Unchanged
64 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 201201 $20.2k $20.2k 0.00% Unchanged
65 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 200200 $20.1k $20.1k 0.01% New
66 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 178178 $17.9k $17.9k 0.00% Added +2 +2
67 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 167167 $16.8k $16.8k 0.00% Reduced -133 -133
68 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 150150 $15.1k $15.1k 0.00% Unchanged
69 Accredited Wealth Management, LLC 0.01% of their portfolio LOUISVILLE, KY 150150 $15.1k $15.1k 0.01% New
70 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 126126 $12.7k $12.7k 0.00% Unchanged
71 Kiker Wealth Management, LLC 0.01% of their portfolio JASPER, GA 125125 $12.6k $12.6k 0.01% New
72 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 119119 $11.9k $11.9k 0.00% Unchanged
73 Main Street Group, LTD 0.00% of their portfolio GLEN ALLEN, VA 110110 $11.1k $11.1k 0.00% Unchanged
74 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 100100 $10.1k $10.1k 0.00% Unchanged
75 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 9898 $9.9k $9.9k 0.00% Reduced -506 -506
76 Capital Analysts, LLC 0.00% of their portfolio FORT WASHINGTON, PA 8888 $9.0k $9.0k 0.00% Unchanged
77 Centricity Wealth Management, LLC 0.01% of their portfolio Westerville, OH 8080 $8.0k $8.0k 0.01% Unchanged
78 SJS Investment Consulting Inc. 0.00% of their portfolio SYLVANIA, OH 7575 $7.5k $7.5k 0.00% Unchanged
79 Princeton Global Asset Management LLC 0.00% of their portfolio PRINCETON, NJ 6060 $6.0k $6.0k 0.00% New
80 Hilltop National Bank 0.00% of their portfolio CASPER, WY 6060 $6.0k $6.0k 0.00% First filing
81 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 5555 $5.5k $5.5k 0.00% New
82 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 5050 $5.0k $5.0k 0.00% Reduced -35 -35
83 Tradewinds Capital Management, LLC 0.00% of their portfolio BELLINGHAM, WA 4040 $4.0k $4.0k 0.00% Unchanged
84 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 3333 $3.3k $3.3k 0.00% Unchanged
85 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 2525 $2.5k $2.5k 0.00% New
86 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 2121 $2.1k $2.1k 0.00% Unchanged
87 EQ WEALTH ADVISORS, LLC 0.00% of their portfolio DALLAS, TX 1515 $1.5k $1.5k 0.00% Unchanged
88 Atlantic Union Bankshares Corp 0.00% of their portfolio GLEN ALLEN, VA 1414 $1.4k $1.4k 0.00% New
89 TOTH FINANCIAL ADVISORY CORP 0.00% of their portfolio LEESBURG, VA 1212 $1.2k $1.2k 0.00% Unchanged
90 Costello Asset Management, INC 0.00% of their portfolio FEASTERVILLE, PA 1111 $1.1k $1.1k 0.00% Unchanged
91 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 77 $704 $704 0.00% Unchanged
92 Financial Gravity Companies, Inc. 0.00% of their portfolio Lakeway, TX 11 $101 $101 0.00% First filing
93 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 11 $101 $101 0.00% New
94 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged