Palladium ETFs: Physically Backed Palladium Funds

A palladium ETF is a fund that gives investors exposure to palladium's price without holding the metal directly, most commonly by holding allocated palladium bars in a vault, as the abrdn Physical Palladium Shares ETF (PALL) and WisdomTree Physical Palladium (PHPD) both do. Five such funds trade on major exchanges, from a 0.49% annual fee to a dual-metal trust also holding platinum, compared below by ticker, fee, custodian and structure. Palladium (Pd), element 46, is covered in full on palladium (Pd), element 46.

What Is a Palladium ETF?#

A palladium ETF is a fund whose share price tracks the palladium price, either by holding physical metal or by holding palladium futures contracts. Investing in platinum through bars, coins, ETFs and futures follows the same four routes; see investing in platinum. A palladium ETF's net asset value changes every trading session and never appears as a live number on this page; the palladium price itself is tracked on palladium price today.

Physically Backed vs Futures-Based Palladium Exposure#

Physically backed palladium ETFs hold allocated LPPM Good Delivery bars, while a futures-based fund instead rolls exchange contracts and can drift from the spot price over time. Allocated bars are assigned to the fund and held in its name, so shares outstanding always correspond to metal sitting in a vault; a futures contract, by contrast, must be sold before expiry and replaced with a new one, a process called rolling that can add or subtract return depending on the shape of the futures curve. Every fund named on this page is physically backed, which is why each one names a custodian bank or mint rather than a brokerage account.

Palladium ETFs Compared: Ticker, Fee, AUM and Custodian#

Five palladium-exposed funds trade on major exchanges: PALL, PHPD, SPPP and two London-listed ETCs from iShares and Invesco, each with a different fee and custody structure. Platinum ETFs compared by the same fields sit on platinum ETFs compared, and the five funds are listed below before the full comparison table.

• PALL: abrdn Physical Palladium Shares ETF, NYSE Arca.
• PHPD: WisdomTree Physical Palladium, LSE and Xetra (also traded as PPDX).
• SPPP: Sprott Physical Platinum and Palladium Trust, NYSE Arca and TSX.
• iShares Physical Palladium ETC: London.
• Invesco Physical Palladium ETC: London.

PALL: abrdn Physical Palladium Shares ETF#

PALL, the abrdn Physical Palladium Shares ETF, trades on NYSE Arca, charges a 0.60% annual fee, and has held physical palladium since its 6 January 2010 inception. The fund reported net assets of $633.78 million on 5 August 2026. abrdn plc rebranded to Aberdeen Investments in 2025, and PALL's legal fund name can still read "abrdn Physical Palladium Shares ETF" on data pages even where the issuer presents as Aberdeen. Reported sources place PALL's custodian at JPMorgan Chase Bank, with vaults in London and Zurich, but that detail has not been confirmed against a prospectus or fund filing.

PHPD: WisdomTree Physical Palladium#

PHPD, WisdomTree Physical Palladium (ISIN JE00B1VS3002, also traded as PPDX), is a Jersey-domiciled, UCITS-eligible exchange-traded commodity charging 0.49% a year, with HSBC Bank plc as custodian. The fund is backed by physical, allocated palladium meeting LPPM Good Delivery rules, the same wholesale standard PALL's bars meet. WisdomTree runs a mirror-image platinum fund, Physical Platinum (PHPT, also PPTX), at the same 0.49% fee with the same custodian and ETC structure.

SPPP: Sprott Physical Platinum and Palladium Trust#

SPPP, the Sprott Physical Platinum and Palladium Trust, is the only major fund holding both platinum and palladium in one vehicle, at a management expense ratio of 0.78% a year. As of 31 August 2026 the trust held 213,820 troy ounces of platinum and 161,914 troy ounces of palladium, with total net assets of $548.26 million as of 23 September 2026, listed on NYSE Arca (SPPP) and on the TSX (SPPP.U in US dollars, SPPP in Canadian dollars). The Royal Canadian Mint holds the trust's physical bullion, while RBC Investor Services Trust acts as trustee and custodian for its non-bullion assets. One reconciliation gap remains open: Sprott's 2012 SEC registration statement (Form F-1/A) describes a base management fee of one-twelfth of 0.50% a year of net assets, plus applicable taxes, a figure DailyPlatinum has not reconciled with the fund's current 0.78% MER, since the higher figure may fold in trustee, custodian and other trust operating costs on top of that 2012 base fee. A full profile of the trust, including its unit-by-unit holdings history, is planned for SPPP: Sprott Physical Platinum and Palladium Trust.

Other Palladium ETPs: iShares and Invesco Physical Palladium#

Two further London-listed products, iShares Physical Palladium ETC and Invesco Physical Palladium ETC, give the same physical exposure outside the KB's confirmed fee data. Both appeared among the palladium ETF results reviewed for this page, but their fee, AUM and custodian figures have not been confirmed to the same standard as PALL, PHPD and SPPP above.

How a Palladium ETF Is Backed and Priced#

A palladium ETF's holdings must meet the LPPM Good Delivery standard: 99.95% minimum purity, in 1-6 kg bars, the same specification used for platinum bars. The London Platinum and Palladium Market (LPPM) sets that standard jointly for both metals, so a fund's palladium bars and a sister fund's platinum bars are held to identical purity and weight rules even though the two metals trade at different prices.

LPPM Good Delivery Bars and Fund Custody#

Fund custodians hold Good Delivery bars in accredited vaults, and each fund publishes a bar list or holdings statement so the physical backing can be checked against shares outstanding. A Good Delivery palladium plate or ingot weighs between 1 kg (32.151 troy oz) and 6 kg (192.904 troy oz) at a minimum fineness of 99.95%, carrying a producer's mark, a serial number, the year of manufacture and its stamped weight. The custodian is the institution actually holding those bars, distinct from the fund's sponsor, which is why PALL, PHPD and SPPP each name a bank or mint separately from their issuer.

What Sets a Palladium ETF's Share Price#

A palladium ETF's net asset value moves with the LBMA Palladium Price, the London benchmark that ICE Benchmark Administration has run since 1 July 2026. That benchmark is set by an electronic auction at 09:45 and 14:00 London time, and the palladium auction begins only once the platinum auction it shares an administrator with has concluded. Palladium's benchmark status sets it apart from rhodium, iridium, ruthenium and osmium, which have no LBMA or LPPM benchmark and are instead quoted by dealers; see how minor PGM prices are quoted for that comparison. Fund share prices and NAVs change every trading session, so this page names the mechanism rather than a figure.

Leveraged and Palladium Mining-Stock ETFs#

Palladium exposure also comes through leveraged futures-tracking products and, indirectly, mining-stock funds, which behave differently from the physically backed funds above. Neither category holds physical metal, and both carry risks a buy-and-hold physical fund does not. An investor who wants physical bars or coins instead can compare those routes under investing in palladium.

Leveraged Palladium ETFs (2x, 3x)#

Leveraged palladium ETFs (2x, 3x) track a multiple of the daily futures-price move, not the underlying metal, and are built for short-dated trading rather than a buy-and-hold position. A 2x fund aims to return twice a single day's move and a 3x fund three times it, but daily resetting means the compounded return over a week or a month can diverge sharply from that same multiple of palladium's own move over the period. Investors planning to hold longer than a few trading days typically choose a physically backed fund such as PALL, PHPD or SPPP instead.

Is There a Palladium Mining Stock ETF?#

There is no exchange-traded fund dedicated solely to palladium mining stocks: PGM miners such as Sibanye-Stillwater and Nornickel appear inside diversified mining or precious-metals-equity funds instead. Sibanye-Stillwater runs palladium-producing operations in South Africa and the United States, and Nornickel is the world's largest palladium producer, but buying either company's shares means buying a mining business exposed to costs, output and country risk, not a pure palladium price tracker. Platinum-focused mining equities follow the same pattern and are covered on platinum stocks.

Palladium ETF Holdings, Flows and Other Ways to Invest#

Palladium ETF holdings and flows move with the metal's price cycle and are reported alongside bar and coin demand. Selling palladium recovered from spent catalysts and other scrap is a separate route entirely, covered on scrap palladium price.

Global Palladium ETF Holdings and 2026 Flows#

Global palladium ETF holdings reached 1.14 million ounces at end-2025, the highest since early 2015, before a roughly 100,000-ounce outflow in Q1 2026, according to Johnson Matthey's May 2026 report. That swing from record holdings to a first-quarter outflow shows how quickly ETF investors can add or remove palladium relative to mine and recycled supply, the two sources tracked on the palladium market. Both figures come from Johnson Matthey's own reporting basis, so neither is mixed here with a World Platinum Investment Council balance calculated on different definitions, and both move alongside the day-to-day level tracked on palladium price today.

Other Ways to Invest in Palladium#

Investors who want direct metal or equity exposure instead of a fund have bars, coins, mining stocks and futures as alternatives, each covered on its own page.

Investing in palladium across all of these routes, with their relative costs and liquidity, is covered on investing in palladium.

Palladium ETF FAQ#

What is the best ETF for palladium?#

The "best" palladium ETF depends on the investor's venue and cost priority, as the three cases below show.

• A single US-listed, palladium-only holding: PALL, the largest and most liquid of the three on a US exchange.
• The lowest confirmed annual fee: PHPD, at 0.49% a year.
• Both metals in one position: SPPP, the only fund holding platinum and palladium together.

Is it better to invest in platinum or palladium?#

Platinum and palladium suit different investors: palladium is more volatile and more concentrated in gasoline-vehicle demand, while platinum has broader industrial and jewelry demand. Palladium's demand sits mostly in gasoline three-way catalysts, a single end use, while platinum demand spreads across automotive catalysts, industrial processes and jewelry.

Is there a palladium ETF in India?#

No India-listed physical palladium ETF is confirmed in this brief's sources; Indian investors seeking palladium exposure have used international brokerage access to PALL or PHPD rather than a domestic fund. The palladium price in India today, in rupees per gram, is tracked separately on palladium price in India today.

Why is palladium losing value?#

Palladium's price has been volatile rather than in one-way decline: it fell sharply from its March 2022 record before rising 67% in 2025, on the LBMA series. The LBMA palladium price rose from $994 at the start of 2025 to $1,660 at year-end, a 67.0% annual gain, after falling from its all-time high of $3,440.76 per troy ounce on 7 March 2022, when sanctions fears over Russian supply peaked. Named drivers behind palladium's price moves, including that 2022 spike and its unwind, are covered on palladium price forecast.

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