Vault-13

ABRDN PALLADIUM ETF TRUST PALL

PHYSICAL PALLADM · ETP · CUSIP 003262102

99 institutional holders +5 vs Q2 2025
1,199,2801.2m shares reported held*
$137.5mreported value*
27 new 28 added 18 reduced 18 sold out net bought ≈ $15.6m (+136.2k 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 ≈ $114.68. Options: 8 managers hold calls ($49.2m notional), 7 hold puts ($24.5m).

Trends to Q3 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: 94Q3 25: 9999Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 202599

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 23: 22 bought or addedQ4 23: 29 cut or sold outQ1 24: 25 bought or addedQ1 24: 26 cut or sold outQ1 24Q2 24: 33 bought or addedQ2 24: 24 cut or sold outQ3 24: 23 bought or addedQ3 24: 25 cut or sold outQ3 24Q4 24: 35 bought or addedQ4 24: 14 cut or sold outQ1 25: 33 bought or addedQ1 25: 26 cut or sold outQ1 25Q2 25: 54 bought or addedQ2 25: 23 cut or sold outQ3 25: 55 bought or addedQ3 25: 36 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232229
Q1 20242526
Q2 20243324
Q3 20242325
Q4 20243514
Q1 20253326
Q2 20255423
Q3 20255536

Calls vs puts

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

CallsPuts
$0$20m$40m$60mQ4 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 0.51Q3 25 calls: $49.2mQ3 25 puts: $24.5mQ3 25P/C 0.50
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$832.1k$1.1m1.29
Q2 2025$11.9m$6.1m0.51
Q3 2025$49.2m$24.5m0.50

Biggest buyers

JPMORGAN CHASE & CO Added +81,001+81.0k
BNP PARIBAS FINANCIAL MARKETS Added +78,005+78.0k
WOLVERINE TRADING, LLC New +61,261+61.3k
Gradient Investments LLC Added +38,003+38.0k
CITADEL ADVISORS LLC New +36,804+36.8k
IMC-Chicago, LLC New +31,348+31.3k
Fortis Group Advisors, LLC New +26,689+26.7k
Financial Sense Advisors, Inc. Added +14,250+14.2k
RAYMOND JAMES FINANCIAL INC Added +12,399+12.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +11,354+11.4k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -87,135-87.1k
JANE STREET GROUP, LLC Sold out -37,002-37.0k
Belvedere Trading LLC Sold out -28,907-28.9k
Quadrature Capital Ltd Sold out -27,030-27.0k
LPL Financial LLC Reduced -24,758-24.8k
Maxi Investments CY Ltd Sold out -22,500-22.5k
CANTOR FITZGERALD, L. P. Sold out -20,010-20.0k
Manatuck Hill Partners, LLC Reduced -15,000-15.0k
Intellus Advisors LLC Sold out -13,762-13.8k
SIMPLEX TRADING, LLC Sold out -13,421-13.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $13.1m114.5k shares
CITADEL ADVISORS LLC Added $10.1m88.2k shares
WOLVERINE TRADING, LLC New $6.9m60.2k shares
JANE STREET GROUP, LLC New $6.4m55.7k shares
SIMPLEX TRADING, LLC Added $6.1m53.3k shares
Belvedere Trading LLC Added $4.7m41.1k shares
GROUP ONE TRADING LLC New $2.0m17.3k shares
FNY Investment Advisers, LLC New $03 shares

Biggest puts

CITADEL ADVISORS LLC Added $9.3m81.4k shares
JANE STREET GROUP, LLC New $5.6m48.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $4.8m42.3k shares
WOLVERINE TRADING, LLC New $2.2m18.8k shares
SIMPLEX TRADING, LLC Reduced $1.6m14.1k shares
Belvedere Trading LLC Reduced $662.2k5.8k shares
GROUP ONE TRADING LLC New $399.6k3.5k 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 Q3 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 Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 136,070136.1k $15.5m $15.5m 0.00% Added +81.0k +81,001
2 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 116,622116.6k $13.3m $13.3m 0.01% Added +78.0k +78,005
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 110,020110.0k $12.6m $12.6m 0.00% Added +4.1k +4,147
4 Gradient Investments LLC 0.15% of their portfolio ARDEN HILLS, MN 79,13279.1k $9.0m $9.0m 0.15% Added +38.0k +38,003
5 WOLVERINE TRADING, LLC 0.14% of their portfolio CHICAGO, IL 61,26161.3k $7.1m $7.1m 0.14% New
6 Manatuck Hill Partners, LLC 1.94% of their portfolio WESTPORT, CT 50,00050.0k $5.7m $5.7m 1.94% Reduced -15.0k -15,000
7 EVERGREEN CAPITAL MANAGEMENT LLC 0.11% of their portfolio Bellevue, WA 42,29842.3k $4.8m $4.8m 0.11% Reduced -778 -778
8 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 38,65238.7k $4.4m $4.4m 0.00% Reduced -87.1k -87,135
9 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 36,80436.8k $4.2m $4.2m 0.00% New
10 UBS Group AG 0.00% of their portfolio ZURICH, V8 34,61134.6k $4.0m $4.0m 0.00% Reduced -5.4k -5,392
11 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 34,60834.6k $4.0m $4.0m 0.00% Reduced -24.8k -24,758
12 IMC-Chicago, LLC 0.06% of their portfolio CHICAGO, IL 31,34831.3k $3.6m $3.6m 0.06% New
13 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 29,65229.7k $3.4m $3.4m 0.00% Added +9.3k +9,290
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 29,25629.3k $3.3m $3.3m 0.00% Added +12.4k +12,399
15 Fortis Group Advisors, LLC 0.61% of their portfolio WESTWOOD, NJ 26,68926.7k $3.5m $3.5m 0.61% New
16 Financial Sense Advisors, Inc. 0.47% of their portfolio SAN DIEGO, CA 22,25022.2k $2.5m $2.5m 0.47% Added +14.2k +14,250
17 Belpointe Asset Management LLC 0.09% of their portfolio RENO, NV 20,01020.0k $2.3m $2.3m 0.09% Reduced -971 -971
18 Fortis Capital Advisors, LLC 0.36% of their portfolio PRAIRIE VILLAGE, KS 20,01020.0k $2.3m $2.3m 0.36% Reduced -971 -971
19 IHT Wealth Management, LLC 0.06% of their portfolio Chicago, IL 19,06019.1k $2.2m $2.2m 0.06% Added +452 +452
20 ARVEST INVESTMENTS, INC. 0.31% of their portfolio LOWELL, AR 18,75318.8k $2.1m $2.1m 0.31% Reduced -2.1k -2,126
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 16,75116.8k $1.9m $1.9m 0.00% Reduced -9.2k -9,163
22 Copley Financial Group, Inc. 1.25% of their portfolio SAN DIEGO, CA 16,04816.0k $1.8m $1.8m 1.25% Added +6.0k +5,958
23 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 15,89315.9k $1.8m $1.8m 0.00% Added +11.4k +11,354
24 Alhambra Investment Management LLC 0.81% of their portfolio PALMETTO BAY, FL 14,92014.9k $1.7m $1.7m 0.81% Reduced -918 -918
25 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 13,77713.8k $1.6m $1.6m 0.01% Unchanged
26 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,33910.3k $1.2m $1.2m 0.00% Added +477 +477
27 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 9,5499.5k $1.1m $1.1m 0.00% Added +2.8k +2,843
28 Massar Capital Management, LP 0.37% of their portfolio STAMFORD, CT 9,0009.0k $1.0m $1.0m 0.37% Unchanged
29 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 8,2788.3k $885.8k $885.8k 0.00% Added +3.1k +3,144
30 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 7,7807.8k $888.2k $888.2k 0.00% New
31 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 6,8156.8k $777.3k $777.3k 0.00% Added +85 +85
32 Linden Thomas Advisory Services, LLC 0.08% of their portfolio Charlotte, NC 6,7906.8k $775.2k $775.2k 0.08% Added +481 +481
33 GROUP ONE TRADING LLC 0.02% of their portfolio CHICAGO, IL 6,7796.8k $774.0k $774.0k 0.02% New
34 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 6,5536.6k $748.2k $748.2k 0.00% Added +2.4k +2,433
35 Bell Bank 0.02% of their portfolio FARGO, ND 5,0005.0k $570.9k $570.9k 0.02% New
36 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 4,9715.0k $567.5k $567.5k 0.00% Reduced -89 -89
37 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 4,3454.3k $496.0k $496.0k 0.00% Added +16 +16
38 Mutual Advisors, LLC 0.01% of their portfolio OMAHA, NE 4,2274.2k $556.9k $556.9k 0.01% Reduced -302 -302
39 Essex Financial Services, Inc. 0.03% of their portfolio ESSEX, CT 4,2254.2k $482.4k $482.4k 0.03% Added +25 +25
40 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 3,9514.0k $451.1k $451.1k 0.01% New
41 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 3,8903.9k $444.1k $444.1k 0.00% New
42 AMG National Trust Bank 0.01% of their portfolio GREENWOOD VILLAGE, CO 3,3013.3k $376.9k $376.9k 0.01% Unchanged
43 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 3,2663.3k $401.6k $401.6k 0.00% Reduced -352 -352
44 Pekin Hardy Strauss, Inc. 0.04% of their portfolio CHICAGO, IL 3,1203.1k $356.2k $356.2k 0.04% Reduced -80 -80
45 SMART Wealth LLC 0.13% of their portfolio Omaha, NE 3,1003.1k $354.0k $354.0k 0.13% Reduced -2.3k -2,331
46 BENJAMIN EDWARDS INC 0.00% of their portfolio Clayton, MO 3,0693.1k $350.4k $350.4k 0.00% Added +149 +149
47 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 2,8752.9k $328.0k $328.0k 0.00% New
48 WMG Financial Advisors, LLC 0.10% of their portfolio Knoxville, TN 2,7252.7k $311.1k $311.1k 0.10% New
49 Eschler Asset Management LLP 0.22% of their portfolio London, X0 2,5772.6k $294.2k $294.2k 0.22% Reduced -423 -423
50 Geneos Wealth Management Inc. 0.01% of their portfolio ENGLEWOOD, CO 2,5552.6k $291.7k $291.7k 0.01% Added +2.4k +2,388
51 Compound Planning, Inc. 0.01% of their portfolio NEW YORK, NY 2,5552.6k $291.7k $291.7k 0.01% Added +565 +565
52 Valeo Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 2,5502.5k $291.1k $291.1k 0.01% Unchanged
53 CARDIFF PARK ADVISORS, LLC 0.02% of their portfolio SAN MARCOS, CA 2,3592.4k $269.3k $269.3k 0.02% New
54 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,2732.3k $259.5k $259.5k 0.00% New
55 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 2,0952.1k $239.2k $239.2k 0.00% Unchanged
56 Rossby Financial, LCC 0.08% of their portfolio MELBOURNE, FL 2,0002.0k $228.3k $228.3k 0.08% Unchanged
57 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 1,9882.0k $227.0k $227.0k 0.00% New
58 Betterment LLC 0.00% of their portfolio NEW YORK, NY 1,9602.0k $224.0k $224.0k 0.00% New
59 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 1,9051.9k $220.8k $220.8k 0.00% Added +617 +617
60 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 1,7951.8k $204.9k $204.9k 0.00% New
61 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,7951.8k $204.9k $204.9k 0.00% New
62 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 1,7751.8k $202.7k $202.7k 0.00% New
63 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,5641.6k $178.6k $178.6k 0.00% Added +1.1k +1,074
64 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,1261.1k $128.6k $128.6k 0.00% Added +376 +376
65 Heritage Wealth Advisors 0.01% of their portfolio RICHMOND, VA 1,1251.1k $128.4k $128.4k 0.01% Unchanged
66 FNY Investment Advisers, LLC 0.04% of their portfolio NEW YORK, NY 1,1001.1k $125.0k $125.0k 0.04% New
67 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 1,0001.0k $114.2k $114.2k 0.00% Unchanged
68 Binnacle Investments Inc 0.06% of their portfolio URBANDALE, IA 900900 $102.8k $102.8k 0.06% New
69 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 806806 $92.0k $92.0k 0.00% New
70 Solstein Capital, LLC 0.03% of their portfolio Menlo Park, CA 625625 $71.4k $71.4k 0.03% Reduced -3.3k -3,270
71 BlackRock, Inc. 0.00% of their portfolio New York, NY 300300 $34.3k $34.3k 0.00% Unchanged
72 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 218218 $24.9k $24.9k 0.00% New
73 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 201201 $22.9k $22.9k 0.00% Unchanged
74 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 200200 $22.8k $22.8k 0.01% Unchanged
75 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 180180 $20.6k $20.6k 0.00% Added +2 +2
76 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 158158 $18.0k $18.0k 0.00% Added +133 +133
77 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 156156 $17.9k $17.9k 0.00% Added +6 +6
78 Boreal Capital Management LLC 0.01% of their portfolio MIAMI, FL 150150 $17.1k $17.1k 0.01% New
79 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 126126 $14.4k $14.4k 0.00% Unchanged
80 Main Street Group, LTD 0.00% of their portfolio GLEN ALLEN, VA 110110 $12.6k $12.6k 0.00% Unchanged
81 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 100100 $11.4k $11.4k 0.00% Unchanged
82 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 9898 $11.2k $11.2k 0.00% Unchanged
83 Capital Analysts, LLC 0.00% of their portfolio FORT WASHINGTON, PA 8888 $10.0k $10.0k 0.00% Unchanged
84 SJS Investment Consulting Inc. 0.00% of their portfolio SYLVANIA, OH 7575 $8.6k $8.6k 0.00% Unchanged
85 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 7171 $8.1k $8.1k 0.00% Added +16 +16
86 Princeton Global Asset Management LLC 0.00% of their portfolio PRINCETON, NJ 6060 $6.8k $6.8k 0.00% Unchanged
87 Hilltop National Bank 0.00% of their portfolio CASPER, WY 6060 $6.8k $6.8k 0.00% Unchanged
88 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 5050 $5.7k $5.7k 0.00% Unchanged
89 Tradewinds Capital Management, LLC 0.00% of their portfolio BELLINGHAM, WA 4040 $4.6k $4.6k 0.00% Unchanged
90 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 3333 $3.8k $3.8k 0.00% Unchanged
91 PRINCIPAL SECURITIES, INC. 0.00% of their portfolio DES MOINES, IA 3232 $3.7k $3.7k 0.00% New
92 FMR LLC 0.00% of their portfolio BOSTON, MA 3030 $3.4k $3.4k 0.00% New
93 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 2121 $2.4k $2.4k 0.00% Unchanged
94 Atlantic Union Bankshares Corp 0.00% of their portfolio GLEN ALLEN, VA 1414 $1.6k $1.6k 0.00% Unchanged
95 Costello Asset Management, INC 0.00% of their portfolio FEASTERVILLE, PA 1111 $1.3k $1.3k 0.00% Unchanged
96 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 88 $913 $913 0.00% New
97 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 88 $913 $913 0.00% New
98 HOLLENCREST CAPITAL MANAGEMENT 0.00% of their portfolio NEWPORT BEACH, CA 77 $799 $799 0.00% Unchanged
99 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 55 $571 $571 0.00% Reduced -495 -495