Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

The categorization of the Trust’s assets is as shown below:

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	June 30, 2026		December 31, 2025
Level 1
Investment in palladium	$	597,981	$	1,000,375

Changes in ounces of palladium and their respective values for the three and six months ended June 30, 2026 and 2025 are set out below:

Changes in ounces of palladium and their respective values for the three and six months ended June 30, 2026 and 2025 are set out below:

	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance		545,618.0			374,276.3
Creations		50,763.4			117,359.5
Redemptions		(105,335.9	)		(36,489.5	)
Transfers of palladium to pay expenses		(861.3	)		(537.7	)
Closing balance		490,184.2			454,608.6

	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Investment in palladium
Opening balance	$	790,055		$	369,036
Creations		69,096			118,740
Redemptions		(135,995	)		(33,636	)
Realized gain / (loss) on palladium distributed for the redemption of Shares		3,559			(11,095	)
Transfers of palladium to pay expenses		(1,298	)		(514	)
Realized gain / (loss) on palladium transferred to pay expenses		160			(138	)
Change in unrealized (loss) / gain on investment in palladium		(126,964	)		73,133
Change in unrealized (loss) / gain on unsettled creations or redemptions		(632	)		—
Closing balance	$	597,981		$	515,526

	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance		638,401.4			389,706.3
Creations		130,224.0			155,002.0
Redemptions		(276,601.7	)		(88,999.8	)
Transfers of palladium to pay expenses		(1,839.5	)		(1,099.9	)
Closing balance		490,184.2			454,608.6
Investment in palladium
Opening balance	$	1,000,375		$	354,243
Creations		213,460			154,990
Redemptions		(413,430	)		(85,111	)
Realized gain / (loss) on palladium distributed for the redemption of Shares		56,369			(25,748	)
Transfers of palladium to pay expenses		(2,989	)		(1,045	)
Realized gain / (loss) on palladium transferred to pay expenses		584			(315	)
Change in unrealized (loss) / gain on investment in palladium		(255,756	)		118,512
Change in unrealized (loss) / gain on unsettled creations or redemptions		(632	)		—
Closing balance	$	597,981		$	515,526