Vault-13

ABRDN PALLADIUM ETF TRUST PALL

PHYSICAL PALLADM · ETP · CUSIP 003262102

125 institutional holders -12 vs Q4 2025
1,260,8321.3m shares reported held*
$169.4mreported value*
24 new 33 added 41 reduced 34 sold out net sold ≈ $21.0m (-155.7k 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 ≈ $134.36. Options: 11 managers hold calls ($88.0m notional), 8 hold puts ($59.9m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 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: 99Q4 25: 137Q1 26: 125125Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q4 2025137
Q1 2026125

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 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 25Q4 25: 93 bought or addedQ4 25: 40 cut or sold outQ1 26: 57 bought or addedQ1 26: 75 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20243324
Q3 20242325
Q4 20243514
Q1 20253326
Q2 20255423
Q3 20255536
Q4 20259340
Q1 20265775

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ2 25 calls: $11.9mQ2 25 puts: $6.1mQ2 25P/C 0.51Q3 25 calls: $49.2mQ3 25 puts: $24.5mQ3 25P/C 0.50Q4 25 calls: $112.9mQ4 25 puts: $109.6mQ4 25P/C 0.97Q1 26 calls: $88.0mQ1 26 puts: $59.9mQ1 26P/C 0.68
Numbers
QuarterCallsPutsP/C
Q2 2025$11.9m$6.1m0.51
Q3 2025$49.2m$24.5m0.50
Q4 2025$112.9m$109.6m0.97
Q1 2026$88.0m$59.9m0.68

Biggest buyers

JANE STREET GROUP, LLC New +65,381+65.4k
MAINSTAY CAPITAL MANAGEMENT LLC /ADV Added +44,617+44.6k
RAYMOND JAMES FINANCIAL INC Added +24,696+24.7k
Gradient Investments LLC Added +24,522+24.5k
MILLENNIUM MANAGEMENT LLC New +21,011+21.0k
Marshall Financial Group, LLC New +18,777+18.8k
Titiun Yejiel New +8,461+8.5k
Financial Sense Advisors, Inc. New +7,500+7.5k
RENAISSANCE TECHNOLOGIES LLC New +7,300+7.3k
JPMORGAN CHASE & CO Added +3,334+3.3k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -87,837-87.8k
MORGAN STANLEY Reduced -35,564-35.6k
CITADEL ADVISORS LLC Reduced -30,502-30.5k
Black Swift Group, LLC Reduced -30,134-30.1k
WELLS FARGO & COMPANY/MN Reduced -25,006-25.0k
Fortis Group Advisors, LLC Sold out -18,799-18.8k
BANK OF AMERICA CORP /DE/ Reduced -18,066-18.1k
LPL Financial LLC Reduced -14,723-14.7k
UBS Group AG Reduced -14,279-14.3k
AMERIPRISE FINANCIAL INC Reduced -11,128-11.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $24.8m183.8k shares
CITADEL ADVISORS LLC Reduced $20.3m150.8k shares
JANE STREET GROUP, LLC Reduced $14.3m106.2k shares
GROUP ONE TRADING LLC Reduced $11.9m88.0k shares
IMC-Chicago, LLC Reduced $11.4m84.8k shares
Belvedere Trading LLC Reduced $2.7m19.7k shares
SIMPLEX TRADING, LLC Reduced $1.8m13.7k shares
HRT FINANCIAL LP New $687.0k5.1k shares
Apella Capital, LLC New $57.0k400 shares
MAI Capital Management New $40.4k300 shares

Biggest puts

CITADEL ADVISORS LLC Added $25.4m188.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $11.1m82.6k shares
JANE STREET GROUP, LLC Reduced $7.7m57.5k shares
GROUP ONE TRADING LLC Added $7.3m54.4k shares
IMC-Chicago, LLC Reduced $6.8m50.4k shares
Belvedere Trading LLC Added $969.9k7.2k shares
HRT FINANCIAL LP New $350.0k2.6k shares
SIMPLEX TRADING, LLC Reduced $202.1k1.5k 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 Q1 2026

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 Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 138,141138.1k $18.6m $18.6m 0.01% Added +412 +412
2 Gradient Investments LLC 0.25% of their portfolio ARDEN HILLS, MN 120,330120.3k $16.2m $16.2m 0.25% Added +24.5k +24,522
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 90,84990.8k $12.2m $12.2m 0.00% Reduced -35.6k -35,564
4 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 65,38165.4k $8.8m $8.8m 0.01% New
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 65,37165.4k $8.4m $8.4m 0.00% Added +3.3k +3,334
6 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 62,90662.9k $8.5m $8.5m 0.00% Reduced -14.7k -14,723
7 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 50,02050.0k $6.7m $6.7m 0.00% Added +24.7k +24,696
8 MAINSTAY CAPITAL MANAGEMENT LLC /ADV 0.50% of their portfolio GRAND BLANC, MI 47,73747.7k $6.4m $6.4m 0.50% Added +44.6k +44,617
9 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 47,57447.6k $6.4m $6.4m 0.00% Reduced -18.1k -18,066
10 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 45,37545.4k $6.1m $6.1m 0.01% Unchanged
11 KESTRA PRIVATE WEALTH SERVICES, LLC 0.07% of their portfolio AUSTIN, TX 41,44241.4k $5.6m $5.6m 0.07% Added +1.5k +1,549
12 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 37,48137.5k $5.0m $5.0m 0.01% Reduced -87.8k -87,837
13 UBS Group AG 0.00% of their portfolio ZURICH, V8 31,27431.3k $4.2m $4.2m 0.00% Reduced -14.3k -14,279
14 EVERGREEN CAPITAL MANAGEMENT LLC 0.07% of their portfolio Bellevue, WA 24,84124.8k $3.3m $3.3m 0.07% Reduced -7.4k -7,382
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 22,40822.4k $3.0m $3.0m 0.00% Reduced -25.0k -25,006
16 Brookwood Investment Group LLC 0.38% of their portfolio PHOENIX, AZ 22,07822.1k $3.0m $3.0m 0.38% Added +2.6k +2,568
17 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 21,01121.0k $2.8m $2.8m 0.00% New
18 Marshall Financial Group, LLC 0.40% of their portfolio Hunt Valley, MD 18,77718.8k $2.5m $2.5m 0.40% New
19 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 17,15117.2k $2.3m $2.3m 0.00% Reduced -870 -870
20 Copley Financial Group, Inc. 1.38% of their portfolio SAN DIEGO, CA 16,99117.0k $2.3m $2.3m 1.38% Added +1.3k +1,332
21 GROUP ONE TRADING LLC 0.07% of their portfolio CHICAGO, IL 15,13215.1k $2.0m $2.0m 0.07% Reduced -402 -402
22 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,69311.7k $1.6m $1.6m 0.00% Reduced -7.3k -7,276
23 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,37910.4k $1.4m $1.4m 0.00% Reduced -9.1k -9,093
24 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 9,9359.9k $1.3m $1.3m 0.00% Added +377 +377
25 MATAURO, LLC 0.17% of their portfolio NEW YORK, NY 8,8818.9k $1.2m $1.2m 0.17% Reduced -697 -697
26 Titiun Yejiel 1.15% of their portfolio PUNTA DEL ESTE, X3 8,4618.5k $1.1m $1.1m 1.15% New
27 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 8,0148.0k $1.1m $1.1m 0.00% Reduced -11.1k -11,128
28 Black Swift Group, LLC 0.18% of their portfolio BOULDER, CO 7,7757.8k $1.0m $1.0m 0.18% Reduced -30.1k -30,134
29 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 7,7677.8k $1.0m $1.0m 0.00% Added +216 +216
30 Financial Sense Advisors, Inc. 0.21% of their portfolio SAN DIEGO, CA 7,5007.5k $1.0m $1.0m 0.21% New
31 Linden Thomas Advisory Services, LLC 0.10% of their portfolio Charlotte, NC 7,3957.4k $996.2k $996.2k 0.10% Added +320 +320
32 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 7,3007.3k $983.4k $983.4k 0.00% New
33 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 7,0927.1k $955.4k $955.4k 0.00% Reduced -4.2k -4,216
34 Alhambra Investment Management LLC 0.40% of their portfolio PALMETTO BAY, FL 6,3716.4k $858.2k $858.2k 0.40% Reduced -2.6k -2,554
35 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 6,3446.3k $855.0k $855.0k 0.00% Reduced -177 -177
36 IHT Wealth Management, LLC 0.02% of their portfolio Chicago, IL 6,3346.3k $853.3k $853.3k 0.02% Reduced -1.5k -1,518
37 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 5,3475.3k $720.3k $720.3k 0.00% Added +540 +540
38 Pekin Hardy Strauss, Inc. 0.07% of their portfolio CHICAGO, IL 5,2255.2k $703.9k $703.9k 0.07% Reduced -900 -900
39 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 4,9144.9k $662.0k $662.0k 0.00% Reduced -1.6k -1,579
40 Ameritas Advisory Services, LLC 0.02% of their portfolio Lincoln, NE 4,6754.7k $629.8k $629.8k 0.02% Added +1.5k +1,500
41 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 4,4454.4k $598.8k $598.8k 0.00% Reduced -4.2k -4,187
42 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 4,2304.2k $530.6k $530.6k 0.00% Added +802 +802
43 Essex Financial Services, Inc. 0.03% of their portfolio ESSEX, CT 4,2254.2k $569.1k $569.1k 0.03% Reduced -639 -639
44 Perigon Wealth Management, LLC 0.01% of their portfolio SAN FRANCISCO, CA 4,0714.1k $548.4k $548.4k 0.01% Unchanged
45 Leo Wealth, LLC 0.04% of their portfolio HURST, TX 3,6913.7k $497.2k $497.2k 0.04% Added +157 +157
46 Mutual Advisors, LLC 0.01% of their portfolio OMAHA, NE 3,5713.6k $481.0k $481.0k 0.01% Reduced -1.7k -1,717
47 TWO SIGMA SECURITIES, LLC 0.05% of their portfolio NEW YORK, NY 3,4393.4k $463.3k $463.3k 0.05% Reduced -887 -887
48 Total Wealth Planning & Management, Inc. 0.34% of their portfolio Ponte Vedra Beach, FL 3,2093.2k $432.3k $432.3k 0.34% Reduced -4 -4
49 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 3,0213.0k $407.0k $407.0k 0.00% Added +1.2k +1,236
50 Optiver Holding B.V. 0.02% of their portfolio AMSTERDAM, P7 2,9553.0k $398.1k $398.1k 0.02% Added +2.6k +2,613
51 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2,8992.9k $390.4k $390.4k 0.00% Added +390 +390
52 AMG National Trust Bank 0.01% of their portfolio GREENWOOD VILLAGE, CO 2,8772.9k $387.6k $387.6k 0.01% Reduced -371 -371
53 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 2,8572.9k $384.9k $384.9k 0.00% Added +1.1k +1,100
54 Belpointe Asset Management LLC 0.01% of their portfolio RENO, NV 2,7672.8k $372.7k $372.7k 0.01% Reduced -2.6k -2,586
55 Fortis Capital Advisors, LLC 0.05% of their portfolio PRAIRIE VILLAGE, KS 2,7672.8k $372.7k $372.7k 0.05% Reduced -2.6k -2,586
56 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,7602.8k $371.8k $371.8k 0.00% Reduced -30.5k -30,502
57 Kellett Wealth Advisors, LLC 0.19% of their portfolio CINCINNATI, OH 2,6682.7k $359.4k $359.4k 0.19% Unchanged
58 Compound Planning, Inc. 0.01% of their portfolio NEW YORK, NY 2,6522.7k $357.3k $357.3k 0.01% Added +232 +232
59 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 2,6212.6k $353.1k $353.1k 0.00% Reduced -1.6k -1,561
60 Valeo Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 2,5502.5k $343.5k $343.5k 0.01% Unchanged
61 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 2,5382.5k $341.0k $341.0k 0.00% Added +1.1k +1,120
62 Betterment LLC 0.00% of their portfolio NEW YORK, NY 2,4862.5k $335.0k $335.0k 0.00% Added +148 +148
63 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 2,4222.4k $325.6k $325.6k 0.00% Reduced -48 -48
64 CARDIFF PARK ADVISORS, LLC 0.02% of their portfolio SAN MARCOS, CA 2,2412.2k $301.9k $301.9k 0.02% New
65 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,2172.2k $298.7k $298.7k 0.00% Added +1.1k +1,106
66 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,1932.2k $295.4k $295.4k 0.00% New
67 COMPASS CAPITAL CORP /MA/ /ADV 0.10% of their portfolio BRAINTREE, MA 2,0952.1k $285.6k $285.6k 0.10% New
68 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 2,0952.1k $282.2k $282.2k 0.00% Unchanged
69 Generation Capital Management LLC 0.20% of their portfolio PITTSFORD, NY 2,0752.1k $279.5k $279.5k 0.20% Reduced -2.2k -2,225
70 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 2,0722.1k $279.1k $279.1k 0.00% New
71 BENJAMIN EDWARDS INC 0.00% of their portfolio Clayton, MO 1,9722.0k $265.6k $265.6k 0.00% Reduced -1.1k -1,111
72 Belvedere Trading LLC 0.03% of their portfolio CHICAGO, IL 1,9151.9k $258.0k $258.0k 0.03% New
73 DGS Capital Management, LLC 0.04% of their portfolio JERSEY CITY, NJ 1,9051.9k $256.6k $256.6k 0.04% Reduced -2.8k -2,768
74 AlphaCore Capital LLC 0.01% of their portfolio LA JOLLA, CA 1,8921.9k $254.9k $254.9k 0.01% Unchanged
75 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 1,8001.8k $242.5k $242.5k 0.00% Added +400 +400
76 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 1,7511.8k $235.9k $235.9k 0.00% Added +8 +8
77 TUCKER ASSET MANAGEMENT LLC 0.07% of their portfolio LITTLETON, CO 1,6811.7k $226.4k $226.4k 0.07% New
78 Mariner, LLC 0.00% of their portfolio Overland Park, KS 1,6431.6k $221.3k $221.3k 0.00% Added +18 +18
79 J.W. COLE ADVISORS, INC. 0.01% of their portfolio TAMPA, FL 1,6071.6k $216.5k $216.5k 0.01% New
80 MSH Capital Advisors LLC 0.04% of their portfolio SCOTTSDALE, AZ 1,5651.6k $210.8k $210.8k 0.04% New
81 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,4861.5k $200.2k $200.2k 0.00% Unchanged
82 Gunpowder Capital Management, LLC dba Oliver Wealth Management 0.14% of their portfolio TOWSON, MD 1,4021.4k $188.9k $188.9k 0.14% Reduced -100 -100
83 CREATIVE FINANCIAL DESIGNS INC /ADV 0.01% of their portfolio KOKOMO, IN 1,1781.2k $158.7k $158.7k 0.01% Added +487 +487
84 Heritage Wealth Advisors 0.01% of their portfolio RICHMOND, VA 1,1251.1k $151.5k $151.5k 0.01% Unchanged
85 Apella Capital, LLC 0.00% of their portfolio WEST HARTFORD, CT 1,1001.1k $156.8k $156.8k 0.00% New
86 FNY Investment Advisers, LLC 0.05% of their portfolio NEW YORK, NY 900900 $121.0k $121.0k 0.05% New
87 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 806806 $108.6k $108.6k 0.00% New
88 NATIXIS 0.00% of their portfolio PARIS, I0 455455 $60.1k $60.1k 0.00% Reduced -545 -545
89 Noble Wealth Management PBC 0.03% of their portfolio GREENWOOD VILLAGE, CO 402402 $54.2k $54.2k 0.03% Added +205 +205
90 CWM, LLC 0.00% of their portfolio OMAHA, NE 400400 $53.9k $53.9k 0.00% New
91 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 345345 $46.5k $46.5k 0.00% Added +105 +105
92 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 261261 $35.2k $35.2k 0.00% Unchanged
93 BlackRock, Inc. 0.00% of their portfolio New York, NY 237237 $31.9k $31.9k 0.00% New
94 Strategic Investment Solutions, Inc. /IL 0.01% of their portfolio ORLAND PARK, IL 230230 $31.0k $31.0k 0.01% Unchanged
95 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 203203 $27.3k $27.3k 0.00% Unchanged
96 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 201201 $27.1k $27.1k 0.00% Unchanged
97 Quaker Wealth Management, LLC 0.01% of their portfolio MOORESTOWN, NJ 201201 $27.1k $27.1k 0.01% Reduced -37 -37
98 Main Street Group, LTD 0.01% of their portfolio GLEN ALLEN, VA 200200 $26.9k $26.9k 0.01% New
99 VALLEY NATIONAL ADVISERS INC 0.00% of their portfolio BETHLEHEM, PA 174174 $23.0k $23.0k 0.00% Added +117 +117
100 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 155155 $20.9k $20.9k 0.00% Added +25 +25