ETFS Physical Palladium (1675) is designed to offer security holders a secured, simple and cost-efficient way to access the palladium market by providing a return equivalent to the movements in the palladium spot price less the applicable management fee. 1675 is backed by physical allocated palladium held by HSBC Bank plc (the custodian). Only metal that conforms with the London Platinum and Palladium Association's (LPPM) rules for Good Delivery can be accepted by the custodian. Each physical bar is segregated, individually identified and allocated.