Sprott Physical Gold Trust
PHYS
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- Sprott Physical Gold Trust (NYSE Arca: PHYS; TSX: PHYS, PHYS.U) is a closed-end mutual fund trust that invests and holds substantially all of its assets in physical gold bullion, providing investors with a secure, convenient, and exchange-traded alternative to direct ownership of physical gold without the associated storage and custody inconveniences. The Trust exclusively holds fully allocated, unencumbered London Good Delivery gold bars, stored at the Royal Canadian Mint; offers unitholders the option to redeem units for physical gold bullion subject to minimum requirements; trades on NYSE Arca in U.S. dollars and TSX in both U.S. and Canadian dollars; and does not speculate on short-term gold price changes or anticipate regular cash distributions. Managed by Sprott Asset Management LP, a subsidiary of Sprott Inc., with RBC Investor Services as trustee and KPMG as auditor, the Trust maintains a management expense ratio of 0.39% and provides potential tax advantages for certain investors. Founded on February 25, 2010, and headquartered at Suite 2700, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1, the Trust serves retail and institutional investors seeking long-term exposure to physical gold as a store of value amid economic uncertainty. Recent developments include significant unit issuances and redemptions, with 53,985,377 units issued for gross proceeds of $1,307.2 million and redemptions worth $69.9 million in gold bullion during the nine months ended September 30, 2025, driving net assets to $14,111.9 million and unrealized gains on bullion to $4,271.4 million. In October 2025, Sprott Asset Management updated its at-the-market equity program, increasing the issuance capacity to U.S.$2 billion of Trust units in the United States and Canada under an amended sales agreement with agents including Cantor Fitzgerald & Co., following a prior expansion to $1 billion in December 2024. These enhancements support ongoing acquisition of physical gold bullion, bolstering the Trust's holdings, which reached 3,687,798 ounces valued at approximately $15.87 billion as of December 16, 2025.