Business Description

2 Trust Objective 2 Overview of the Palladium Industry 3 Operation of the Palladium Bullion Market 5 Secondary Market Trading 7 Valuation of Palladium and Computation of Net Asset Value 8 Trust Expenses 8 Creation and Redemption of Shares 9 Creation and Redemption Transaction Fee 13 The Sponsor 13 The Trustee 13 The Custodian 14 Inspection of Palladium 14 Description of Shares 15 Custody of the Trust’s Palladium 15 United States Federal Income Tax Consequences 16 ERISA and Related Considerations 18