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ETFS Physical Palladium Shares is an Exchange Traded Fund that seeks to mimic the equivalent daily performance of the price of Palladium bullion, less Trust’s expenses. It uses the Palladium bullion as the basis for underlying benchmark. In other words, if Palladium bullion declines by 1% for the day, the net asset value of ETFS Physical Palladium Shares will more or less decline by 1%, before fees and expenses.[1]