# iShares Physical Palladium ETC (SPDM) **Page:** https://fundology.uk/fund/spdm · ISIN IE00B4556L06 ## 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 13/11/2026, SPDM (iShares Physical Palladium ETC, ISIN IE00B4556L06) closed at £21.82 on the London Stock Exchange. Its ongoing charge is 0.20% a year (about £20 on £10,000). Over the five years to 13/11/2026 its total return was −47.1%, or −58.7% 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: **£21.82** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | SPDM | | ISIN | IE00B4556L06 | | Also listed as | IPDM (London Stock Exchange, US dollars) | | 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 | £47.4m | | Launched | 2011 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 11/04/2011 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -26.24% | -28.85% | income reinvested | | 3 years | +2.99% | -6.96% | income reinvested | | 5 years | -47.09% | -58.70% | income reinvested | Returns: as reported (delayed data). Inflation: UK 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 −15.1%, 2025 +60.6%; 2026 to 13/11/2026 −36.6%. Returns of iShares Physical Palladium ETC in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −3.8%; to 30/09/2025: +22.3%; to 30/09/2024: −25.5%; to 30/09/2023: −48.1%; to 30/09/2022: +39.2%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | +5.6% | -3.4% | Price | | 2023 | -41.1% | -43.5% | Price | | 2024 | -15.1% | -18.0% | Price | | 2025 | +60.6% | +55.1% | Price | | 2026 to 13/11/2026 | -36.6% | -38.6% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 40.02% | -50.48% | | 3 years | 39.90% | -50.48% | | 5 years | 41.27% | -69.50% | ## Largest fall Volatility of iShares Physical Palladium ETC in pounds, annualised from weekly returns to 13/11/2026: 40.0% over 1 year, 39.9% over 3 years, 41.3% over 5 years. Largest fall in the price of iShares Physical Palladium ETC since November 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 13/11/2026 the price of iShares Physical Palladium ETC was 66.0% below its highest weekly close since November 2021 (04/03/2022), in pounds. ## Charges compared with similar funds Ongoing charge of iShares Physical Palladium ETC 0.20% a year. Compared on 14/11/2026, 124 of the 149 other gold and commodity funds charge more, 6 the same and 19 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.20%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of SPDM?** The ongoing charge of SPDM is 0.20% a year — about £20 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 iShares Physical Palladium ETC 0.20% a year. Compared on 14/11/2026, 124 of the 149 other gold and commodity funds charge more, 6 the same and 19 less (share classes counted once). **What does SPDM track?** SPDM tracks the London Palladium PM Fix - USD. **Is SPDM accumulating or distributing?** SPDM is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of SPDM?** The ISIN of SPDM is IE00B4556L06. An ISIN identifies one exact share class of a fund; SPDM is its ticker on the London Stock Exchange. The same share class is also listed as IPDM (London Stock Exchange, US dollars). **What were SPDM’s returns in each of the last five years?** Calendar-year returns of SPDM in pounds (price, with income reinvested in the fund): 2022 +5.6%, 2023 −41.1%, 2024 −15.1%, 2025 +60.6%; 2026 to 13/11/2026 −36.6%. Past performance is not a guide to future returns. **How has SPDM done after inflation?** Over the five years to 13/11/2026 SPDM’s total return was −47.1%, or −58.7% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/256574/ishares-physical-palladium-etc-fund) - [Key information document (KID)](https://www.ishares.com/gls-download/literature/kiid/uk_priips-ishares-physical-palladium-etc-gb-ie00b4556l06-en.pdf) - [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/spdm-ishares-physical-palladium-etc-fund-fact-sheet-en-gb.pdf) - Links checked 12/10/2026. --- 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.