Sprott Physical Gold Trust Dossier
Qualitative Analysis
Business overview
Sprott Physical Gold Trust (PHYS) is a closed-end mutual fund trust established under the laws of Ontario, Canada, and managed by Sprott Asset Management LP. The Trust was created to invest and hold substantially all of its assets in physical gold bullion, specifically in the form of London Good Delivery (LGD) bars. It aims to provide a secure, convenient, and exchange-traded investment alternative for investors seeking exposure to physical gold without the logistical challenges, storage costs, and transaction inconveniences associated with direct physical ownership. Unitholders benefit from fully allocated, unencumbered gold stored securely at the Royal Canadian Mint, with the unique option for monthly physical redemption subject to minimum requirements.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Sprott Asset Management updated its at-the-market (ATM) equity program to issue up to U.S. $2 billion of units of the Trust in the United States and Canada. This program allows the Trust to issue units on an ongoing basis at prevailing market prices.
Expected impact: Provides the Trust with a highly flexible and efficient mechanism to raise capital in response to market demand, with all net proceeds utilized to acquire additional physical gold bullion in line with its core investment objective.