Company: SPPP
Filing Date: 2025-03-20
Form Type: 40-F
Source: 0001999371-25-002919
Chunk: 0

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-03-20
Form: 40-F
Chunk 0
---
<div align='center'>UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 40-F</div>

| ☐ | REGISTRATION STATEMENT                                        
 PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 |

<div align='center'>OR</div>

| ☒ | ANNUAL REPORT PURSUANT                                           
 TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| For                                     
 the fiscal year ended December 31, 2024 |     | Commission            
 file number 001-35765 |

<div align='center'>SPROTT PHYSICAL PLATINUM AND PALLADIUM TRUST

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s Name into English (if applicable))</div>

| Province                          
 of Ontario, Canada                
 (Province or other jurisdiction   
 of incorporation or organization) |     | 1040                         
 (Primary Standard Industrial 
 Classification Code          
 Number (if applicable))      |     | Not                             
 Applicable                      
 (I.R.S. Employer Identification 
 Number (if applicable))         |

<div align='center'>Suite 2600, South Tower

Royal Bank Plaza

200 Bay Street

Toronto, Ontario

Canada, M5J 2J1

(Address and telephone number of Registrant’s principal executive offices)

Anthony Tu-Sekine

Seward & Kissel LLP

901 K Street NW, Suite 800

Washington, DC 20001

( 202) 737-8833

(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act :</div>

| Title         
 of each class |     | Trading 
 Symbol  |     | Name                                 
 of each exchange on which registered |
| Units         |     | SPPP    |     | NYSE Arca                            |

<div align='center'>Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</div>

For annual reports, indicate by check mark the information filed with this Form:

☒Annual Information Form ☒Audited annual financial statements

Indicate the number of outstanding shares of the Registrant’s classes of