Openbookopenbook
Openbook
SPAP
+26.78 · +27.05%
£125.79 · LSE
Source Physical Palladium P | Commodities - Precious Metals
Invesco Investment Management Limited · Ireland
AUM:£11.9M
#– of – in Commodities - Precious Metals ETFs
ℹ️
Reward Rating
51
Moderate
92.43% 1Y return
ℹ️
Risk Rating
90
High
Risk Assessment
ℹ️

Educational tool only – Scores are based on historical data, holdings and expense metrics for informational purposes. This is not financial advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser.

Market Performance

📈 Up 92.4% over the past year, reflecting strong price momentum.

Cost Efficiency

💰 Ongoing charge of 0.19% — competitive for the exposure provided.

What is SPAP?

The investment seeks to replicate as closely as possible, before fees and expenses, the performance of the spot palladium price through certificates collateralised with physical palladium. Each Palladium P-ETC is a certificate which is secured by physical palladium held in J.

Performance Highlights

Investment Breakdown

Strong Recent Performance
SPAP delivered 92.4% over the past year. Historical returns only — past performance is not indicative of future results.
Competitive Ongoing Charge
Ongoing charge of 0.19% — reasonable for the index exposure provided.

Openbook Analysis

Performance: Moderate (51)

The scoring profile reflects moderate historical performance, with a 92.4% 1-year return (historical). The ongoing charge of 0.19% is reasonable for this exposure. Risk indicators are high, reflecting meaningful price sensitivity (historical).

For informational and educational purposes only. Not financial advice. Past performance is not indicative of future results.

ETF Information
AUM£11.9M
Ongoing Charge0.19%
Dividend Yield0.00%
Holdings1
Inception DateApr 2011
DomicileIreland
DistributionNA
Index–
ProviderInvesco Investment Management Limited
Beta–
CategoryCommodities - Precious Metals
CurrencyGBX
Portfolio Impact

How would SPAP affect your portfolio?

Sign in to see exactly what adding this ETF changes — sector exposure, yield, diversification, volatility. Real numbers from your actual holdings.

Sign in
Example preview
6168
+7 points · better diversified
Alternatives
Similar ETFs to compare
CSP1
iShares Core S&P 500
TER 0.07%
1Y+18.1%
AUM£78B
Yield1.3%
VUAG
Vanguard S&P 500 Acc
TER 0.07%
1Y+18.0%
AUM£12B
Yield—
SWDA
iShares MSCI World
TER 0.20%
1Y+15.4%
AUM£62B
Yield1.6%
VWRP
Vanguard FTSE All-World
TER 0.22%
1Y+14.8%
AUM£14B
Yield1.8%

Chart Tools

My Portfolio

Sign in to overlay your portfolio on the chart.

Sign in
Compare Equity
Uses ISF.L (iShares FTSE 100 ETF)
Indicators

Performance Metrics

Historical returns

6M
-8.0%
1Y
+40.1%
3Y
-10.6%
5Y
-49.6%
OpenBook InsightIf you had invested £10,000 in SPAP 5 years ago, it would have fallen to £5,037 — a loss of £4,963.

Annual Returns

Calendar year performance

SPAP delivered positive returns in 2 of the last 5 calendar years.
YearSPAP
2026 YTD-15.7%
2025+58.3%
2024-16.2%
2023-39.3%
2022+7.3%
CAGR 4yr-3.6%
2/5 positive yearsAvg return: -1.1%Worst year: -39.3% (2023)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: NEGATIVE
Trend Strength
0%
Negative
Volatility
31.3%
High
Momentum
-13.0%
30-day change
Support Level
96.08
Key floor
Key Insights
  • Price is currently below all major moving averages, indicating a weaker trend profile.
  • Monitor key support and resistance levels as part of broader risk assessment.

Reward Rating Breakdown

Our reward rating analyses SPAP's attractiveness using 4 weighted factors. Each factor is scored 0-100, then combined using the weights shown below. Past performance does not guarantee future results.

Overall Reward Rating
51
Moderate REWARD
Data Coverage: %
Factor Framework
Performance
Has the ETF delivered strong historical returns versus similar ETFs?
Cost Efficiency
Is the ETF cheap to own over long periods?
Income
Does it provide attractive and consistent distributions?
Diversification Quality
Does it spread exposure across holdings, sectors, and regions?

📈 Performance

Weight: 30%
64/100

Has the ETF delivered strong historical returns versus similar ETFs? Combines 1/3/5/10-year returns with the Sharpe ratio (risk-adjusted return).

1Y Return
92.43%
Very Good
3Y Return
7.75%
Neutral
5Y Return
-5.30%
Very Weak
10Y Return
13.33%
Very Good
Sharpe Ratio
—
No Data

Solid historical performance: 1-year return of 92.43%, 3-year annualised 7.75%, 5-year annualised -5.30%. Past performance is not indicative of future results.

💰 Cost Efficiency

Weight: 30%
85/100

Is the ETF cheap to own over long periods? Low ongoing charges compound into meaningful additional returns over a 10-year horizon.

Ongoing Charge
0.19%
Good
Net Expense Ratio
0.00%
Very Good
Annual Turnover
0.00%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.19%, net expense ratio of 0.00%, annual turnover of 0.0%.

💵 Income

Weight: 15%
15/100

Does the ETF provide attractive and consistent distributions? Combines the current yield with distribution frequency.

Distribution Yield
0.00%
Very Weak
Distribution Frequency
NA
No Data

Low-income profile — better suited as a growth holding: distribution yield of 0.00%, na distributions.

🌐 Diversification Quality

Weight: 25%
15/100

Does the ETF spread exposure across many holdings, sectors, and regions? Concentrated funds can be doing exactly what they're meant to do — treat the score as context, not a verdict.

Holdings
1
Very Weak
Top 10 Concentration
0.00%
No Data
Top Sector
—
No Data
Top Region
—
No Data

Heavily concentrated — returns will be driven by a narrow slice of the market: 1 holdings.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Past performance is not indicative of future results.

Risk Rating Breakdown

Our risk rating analyses SPAP using 4 weighted factors. A higher score indicates higher risk. This is a framework for understanding exposure — concentrated funds can still be doing exactly what they're meant to do.

Overall Risk Rating
90
High RISK
Data Coverage: 17%
Factor Framework
Holdings Concentration
How much of the fund sits in its largest positions? Few dominant names mean returns ride on those companies.
Market Exposure
Geographic, sector and cyclical dependencies. High single-country or single-sector weight increases macro sensitivity.
Volatility
Historical price movement, beta and drawdowns — how sharply the fund moves relative to the market.
Income Reliability
How dependable the distribution yield is — cyclical-sector dependency and unusually high yields can flag payout risk.

🎯 Holdings Concentration

Weight: 25%
90/100

How much of the fund sits in a small number of positions? If the top holdings dominate, returns will be driven by those specific companies rather than the broader index.

Top 10 Weight
0.00%
Low Risk
Largest Holding
0.00%
Low Risk
Number of Holdings
1
High Risk
HHI (weight²)
—
Low Risk

Holdings-level concentration is high: 1 total holdings.

🌍 Market Exposure

Weight: 25%
0/100

How dependent is the fund on a single country, sector or economic cycle? Heavy exposure to one market means a single macro event can drive most of the return.

Top Region
—
Low Risk
Top Sector
—
Low Risk
Top 2 Sectors
0.00%
Low Risk
Cyclical Sectors
0.00%
Low Risk

Insufficient exposure data available.

📊 Volatility

Weight: 35%
90/100

How sharply does the fund move day-to-day and how deep have its drawdowns been? High volatility means wider return outcomes over short horizons.

1Y Volatility
47.70%
High Risk
Beta
—
No Data
Max Drawdown
—
No Data

High historical volatility — expect meaningful short-term swings: 1Y volatility of 47.70% (historical).

💵 Income Reliability

Weight: 15%
Not applicable

This is an accumulating ETF. Distributions are reinvested inside the fund, so there's no dividend-reliability risk to assess. The 15% income weight is redistributed to the other three factors.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Risk scoring is model-based and past data does not guarantee future results.
openbook

Stock research for everyday UK investors. Make smarter decisions, faster.

Questions? Email us at contact@openbookanalytics.com

© 2026 Openbook Analytics Ltd · Company No. SC843579 · Registered in Scotland

256-bit encryption GDPR compliant UK data centres

Openbook Analytics Ltd (Company No. SC843579) is registered in Scotland. Registered office: Strathclyde Inspire Hub, University of Strathclyde, Graham Hills Building (Level 6), 50 Richmond Street, Glasgow, G1 1XP. Openbook Analytics is not authorised or regulated by the Financial Conduct Authority (FCA). The content on this platform is provided for general informational and educational purposes only and does not constitute financial advice, investment advice, trading advice, or any other form of advice. You should not treat any content on this platform as a recommendation to buy, sell, or hold any financial instrument. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up, and you may get back less than you invest. User-generated content, including community posts and commentary, reflects the personal opinions of individual users, is not verified for accuracy, and does not represent the views of Openbook Analytics Ltd. You should always conduct your own research or consult a qualified, FCA-regulated financial adviser before making investment decisions. Data displayed on this platform may be delayed or inaccurate and is provided "as is" without warranty. Openbook Analytics Ltd accepts no liability for any loss arising from reliance on the information provided.