ETC · Invesco
SPAP Invesco Physical Palladium ETC
ISIN IE00B4LJS984London Stock Exchange: SPAPInvesco Ltd.
Latest close
LSE£73.03
on
- Ongoing charge
- 0.19% a year
- Fund size
- £19.1m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, SPAP (Invesco Physical Palladium ETC, ISIN IE00B4LJS984) closed at £73.03 on the London Stock Exchange. Its ongoing charge is 0.19% a year (about £19 on £10,000). Over the five years to 13/11/2026 its total return was −47.1%, or −58.7% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- −26.2%
- −28.8% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +3.0%
- −6.9% after inflation (UK CPIH)
- 5 years to 13/11/2026
- −47.1%
- −58.7% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £529 on 13/11/2026 — about £413 in today’s spending power, once price rises are taken out. Past performance is not a guide to future returns.
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Invesco Physical Palladium ETC in pounds (price only; the fund pays no income): 2022 +5.6%, 2023 −41.1%, 2024 −15.0%, 2025 +60.3%; 2026 to 13/11/2026 −36.3%. Returns of Invesco Physical Palladium ETC in pounds (price only; the fund pays no income) over the 12 months to 30/09/2026: −3.8%; to 30/09/2025: +22.4%; to 30/09/2024: −25.6%; to 30/09/2023: −47.9%; to 30/09/2022: +39.0%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | −36.3% | −38.3% | |
| to | +60.3% | +54.8% | |
| to | −15.0% | −17.9% | |
| −41.1% | −43.5% | ||
| +5.6% | −3.3% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | −3.8% | −7.2% |
| from | +22.4% | +17.7% |
| from | −25.6% | −27.5% |
| from | −47.9% | −51.1% |
| from | +39.0% | +27.8% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
41.7%over 5 years
| 1 year | 42.3% |
|---|---|
| 3 years | 40.7% |
| 5 years | 41.7% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −69.5%
- From to
- Lowest 12-month return
- −53.1%
- 12 months to
- Highest 12-month return
- +88.0%
- 12 months to
- Below its highest weekly close since November 2021
- 65.8%
- High of , latest
In words: Volatility of Invesco Physical Palladium ETC in pounds, annualised from weekly returns to 13/11/2026: 42.3% over 1 year, 40.7% over 3 years, 41.7% over 5 years. Largest fall in the price of Invesco Physical Palladium ETC since November 2021, in pounds: −69.5% from 04/03/2022 to 09/02/2024. The lowest 12-month return of Invesco Physical Palladium ETC in pounds (price only; the fund pays no income) since January 2021 was −53.1% (12 months to 10/11/2023); the highest was +88.0% (12 months to 26/12/2025). On 13/11/2026 the price of Invesco Physical Palladium ETC was 65.8% below its highest weekly close since November 2021 (04/03/2022), in pounds.
As of , price only; the fund pays no income
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.19%
- a year
- On £10,000
- £19
- a year, roughly
- Over five years
- £95
- of £10,000, before growth
- 11 charge less
- 7 the same
- 131 charge more
Ongoing charge of Invesco Physical Palladium ETC 0.19% a year. Compared on 14/11/2026, 131 of the 149 other gold and commodity funds charge more, 7 the same and 11 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Invesco Physical Palladium ETC is an exchange-traded commodity (ETC) from Invesco, launched in 2011.
It tracks the Disc. Palladium London PM Fix ($/ozt).
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.19% a year — about £19 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Gold & commodities: Gold, silver, oil and other raw materials. They pay no dividends or interest — returns come only from price changes.
Key facts
- Ticker
- SPAP
- ISIN
- IE00B4LJS984
- Also listed as
- SPAL (London Stock Exchange, US dollars), 8PSC (Xetra, euros)
- Provider
- Invesco
- Tracks
- Disc. Palladium London PM Fix ($/ozt)
- Structure
- ETC
- An exchange-traded commodity: a security backed by a commodity such as gold, traded like a share.
- Ongoing charge
- 0.19% a year · about £19 on £10,000
- Fund size
- £19.1m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- Pounds (GBP)
- Category
- Gold & commodities
Price chart
Over the last year, the closing price went from £102.53 on 14/11/2025 to £73.03 on 13/11/2026 (−28.8%). The lowest close shown was £70.33 on 30/10/2026 and the highest £142.12 on 23/01/2026.
One close a week. Before 13/08/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price as traded.
As of , at least 15 min delayed
Five years of prices, and after inflation
260 weekly closes, from 12/11/2021 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
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How we work it out:Prices and returnsNAV and price
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1, 3 and 5 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 251 rolling 12-month returns since January 2021, and of 147 rolling three-year returns, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since November 2021, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Questions people ask
What is the ongoing charge of SPAP?
The ongoing charge of SPAP is 0.19% a year — about £19 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Physical Palladium ETC 0.19% a year. Compared on 14/11/2026, 131 of the 149 other gold and commodity funds charge more, 7 the same and 11 less (share classes counted once).
What does SPAP track?
SPAP tracks the Disc. Palladium London PM Fix ($/ozt).
What is the ISIN of SPAP?
The ISIN of SPAP is IE00B4LJS984. An ISIN identifies one exact share class of a fund; SPAP is its ticker on the London Stock Exchange. The same share class is also listed as SPAL (London Stock Exchange, US dollars) and 8PSC (Xetra, euros).
What were SPAP’s returns in each of the last five years?
Calendar-year returns of SPAP in pounds (price only; the fund pays no income): 2022 +5.6%, 2023 −41.1%, 2024 −15.0%, 2025 +60.3%; 2026 to 13/11/2026 −36.3%. Past performance is not a guide to future returns.
How has SPAP done after inflation?
Over the five years to 13/11/2026 SPAP’s total return was −47.1%, or −58.7% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
Methodology:ReturnsCategoriesAll methods
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