Sprott Physical Silver Trust Dossier
Qualitative Analysis
Business overview
Sprott Physical Silver Trust (PSLV) is a closed-end mutual fund trust established under the laws of the Province of Ontario, Canada. The Trust was created to invest and hold substantially all of its assets in physical silver bullion, specifically in the form of unencumbered, fully allocated London Good Delivery ("LGD") silver bars stored securely at the Royal Canadian Mint. Managed by Sprott Asset Management LP, PSLV provides institutional and retail investors with a secure, liquid, and convenient exchange-traded alternative to direct physical silver ownership, eliminating the logistical complexities, storage fees, and insurance costs typically associated with holding physical bullion. Unlike many traditional silver ETFs, PSLV allows unitholders to redeem their trust units for physical silver bullion under specific conditions, offering a unique structural advantage and reducing counterparty risk.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
The Trust continuously utilizes its At-The-Market (ATM) equity program to issue new trust units, allowing it to acquire additional fully allocated physical silver bullion in the open market without diluting existing unitholders.
Expected impact: Enables the Trust to efficiently scale its assets under management (AUM), increase liquidity on the NYSE Arca and TSX, and acquire physical silver bullion to meet investor demand.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
High. The Royal Canadian Mint, a Canadian Federal Crown Corporation, acts as the physical custodian for the Trust's silver bullion. This partnership eliminates intermediary financial institution counterparty risk and ensures secure, fully allocated storage.
Terms: The Trust pays custody fees to the Mint as part of its ongoing operating expenses, which are included in the Trust's management expense ratio.