PALL is first in the space that focuses on palladium exposure in an ETF. The fund tracks the movements in palladium spot price, by providing focused exposure to palladium held in JPMorgan vaults in London and Zurich. NAV is determined using the LME PM Fix for palladium, so expect a close relationship with spot prices. PALL is structured as a grantor trust preventing trustees from lending the underlying metal. On October 1, 2018, Aberdeen purchased the fund from issuer, ETF Securities.