net income -$125.0M. Palladium ETF NAV plunges 42.92% on metal price decline and investor redemptions

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~1 min read

Key Changes

• high

  NAV fell 42.92% in the first half of 2026 to $591M as palladium prices dropped 22.14% to $1,220/oz and investors redeemed 9.6M net shares (26.5% of outstanding). Q2 alone saw a 25.14% NAV decline on a 15.75% price drop and 465 baskets redeemed.

  MD&A: NAV and palladium price performance verify on EDGAR →
• high

  NAV per share fell 22.37% from $28.47 to $1,035,462,345 in the six months ended June 30, 2026, reversing the prior year's 24.38% gain. The decline closely tracked the palladium price drop, with the 0.60% annualized sponsor fee accounting for the difference.

  MD&A: NAV per Share performance verify on EDGAR →
• medium

  Trust executed a 5-for-1 forward share split effective May 18, 2026. Shareholders received five new shares for each share held as of May 14, 2026; all historical data has been retroactively adjusted.

  Notes: 5-for-1 forward share split view on EDGAR →