net income -$77.2M. NAV 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 in Q1 2026, driven by a 7.59% decline in palladium price (to ) and net redemptions of 1.26M shares. NAV per share dropped, 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 unrealized loss on palladium holdings versus a unrealized gain in Q1 2025, while redemptions generated a realized gain (versus a realized loss prior year). Net assets from operations decreased.

  MD&A: Operations verify on EDGAR →
• medium

  Intra-quarter NAV per share volatility reached 34.9%, ranging from (Jan 29) to (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 →