# iShares Physical Palladium ETC (SPDM)

**Source:** https://fundology.uk/fund/spdm · ISIN IE00B4556L06 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 30/09/2026, SPDM (iShares Physical Palladium ETC, ISIN IE00B4556L06) closed at £25.94 on the London Stock Exchange. Its ongoing charge is 0.20% a year (about £20 on £10,000). Over the five years to 30/09/2026 its total return was −36.5%, or −50.3% after UK CPIH inflation.

## Summary

iShares Physical Palladium ETC is an exchange-traded commodity (ETC) from iShares, launched in 2011. It tracks the London Palladium PM Fix - USD. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.2% a year — about £20 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

Latest close: **£25.94** (30/09/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | SPDM |
| ISIN | IE00B4556L06 |
| Category | Gold & commodities |
| Type | ETC |
| Provider | iShares |
| Tracks | London Palladium PM Fix - USD |
| Income | Accumulating |
| Ongoing charge | 0.20% a year (£20 per £10,000) |
| Fund size | £40.4m |
| Launched | 2011 |
| Domicile | Ireland |

## Past returns (periods to 30/09/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -1.79% | -4.88% | income reinvested |
| 3 years | -13.34% | -21.80% | income reinvested |
| 5 years | -36.49% | -50.35% | income reinvested |

Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares Physical Palladium ETC in pounds (price, with income reinvested in the fund): 2022 +5.6%, 2023 −41.1%, 2024 −17.7%, 2025 +87.4%; 2026 to 30/09/2026 −33.3%. Returns of iShares Physical Palladium ETC in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −5.1%; to 30/09/2025: +24.0%; to 30/09/2024: −25.5%; to 30/09/2023: −48.1%; to 30/09/2022: +37.9%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +5.6% | -3.4% | Price |
| 2023 | -41.1% | -43.5% | Price |
| 2024 | -17.7% | -20.5% | Price |
| 2025 | +87.4% | +81.0% | Price |
| 2026 to 30/09/2026 | -33.3% | -35.2% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 41.86% | -38.95% |
| 3 years | 39.92% | -38.95% |
| 5 years | 41.15% | -69.50% |

## Largest fall

Volatility of iShares Physical Palladium ETC in pounds, annualised from weekly returns to 30/09/2026: 41.9% over 1 year, 39.9% over 3 years, 41.1% over 5 years. Largest fall in the price of iShares Physical Palladium ETC since October 2021, in pounds: −69.5% from 04/03/2022 to 09/02/2024. The lowest 12-month return of iShares Physical Palladium ETC in pounds (price, with income reinvested in the fund) since January 2021 was −53.1% (12 months to 10/11/2023); the highest was +87.4% (12 months to 26/12/2025). On 30/09/2026 the price of iShares Physical Palladium ETC was 59.6% below its highest weekly close since October 2021 (04/03/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares Physical Palladium ETC 0.20% a year, as of 01/10/2026: 114 of the 137 other gold and commodity funds charge more, 5 the same and 18 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.20%** per year
- ISA eligible: yes
- SIPP eligible: yes

---

We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments.

Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.