The filing is an Amendment No. 1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, solely to include KPMG's Report on Internal Controls over Financial Reporting, which was inadvertently omitted. No other changes or updates were made to the original filing, and it does not provide a discussion of developments subsequent to the original filing date. The Trust's investment objective is for its Shares to reflect the performance of the price of physical palladium, less expenses. For the year ended December 31, 2025, the Trust's Net Asset Value (NAV) increased by 192.46% to $1,035,462,345, driven by an increase in outstanding shares and a 72.39% rise in the price of palladium. The NAV per Share increased by 71.36% to $142.33 at December 31, 2025, compared to $83.06 at December 31, 2024. Net assets from operations for 2025 were $321,948,064, primarily due to a change in unrealized appreciation of $339,753,509. The Sponsor's Fee for 2025 was $3,203,228, representing an annualized rate of 0.60% of the Adjusted Net Asset Value (ANAV). The number of Shares comprising a Basket for creation and redemption was reduced to 12,500 Shares effective June 18, 2024. ICBC Standard Bank Plc became the Custodian of the Trust's palladium effective May 23, 2024, replacing JPMorgan Chase Bank N.A.