Net assets decreased by 23.74% to $789.6 million as of March 31, 2026, compared to $1.035 billion at year-end 2025. The price per ounce of palladium fell 7.59% during the quarter, from $1,567.00 to $1,448.00. Total shares outstanding declined from 7,275,000 to 6,012,500 due to 1,887,500 shares redeemed versus 625,000 shares created. The net asset value (NAV) per share decreased 7.73% to $131.33. The Trust recorded a net investment loss of $1.64 million, primarily representing the Sponsor's fee.