NAV Falls 23.74% on Palladium Decline and Net Redemptions; 5-for-1 Split Announced

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  NAV fell 23.74% to $789.6M in Q1 2026, driven by a 7.59% decline in palladium price (to $1,448/oz) and net redemptions of 1.26M shares. NAV per share dropped 7.73% to $131.33, underperforming the commodity by 16 basis points due to the 0.60% sponsor fee.

  MD&A: NAV Performance verify on EDGAR →
• high

  The Trust recorded a $128.8M unrealized loss on palladium holdings versus a $45.4M unrealized gain in Q1 2025, while redemptions generated a $52.8M realized gain (versus a $14.7M realized loss prior year). Net assets from operations decreased $77.2M.

  MD&A: Operations verify on EDGAR →
• medium

  Intra-quarter NAV per share volatility reached 34.9%, ranging from $191.20 (Jan 29) to $124.45 (Mar 26), double the 16.7% swing in Q1 2025. The heightened volatility reflects increased palladium price instability.

  MD&A: NAV Range verify on EDGAR →