The Sprott Physical Gold Trust (PHYS) is a closed-end fund listed on NYSE Arca and the TSX that holds physical gold bullion on behalf of investors. The Trust holds substantially all of its assets in physical gold bars meeting London Bullion Market Association standards, stored in custody at the Royal Canadian Mint in Ottawa. Investors buy and sell units through a standard brokerage account, gaining gold exposure without needing to store or insure physical metal themselves. A key differentiator is that unitholders can redeem units for actual physical gold bars — not just cash — giving investors a direct claim on allocated, segregated metal held at a government-owned institution. The Trust does not trade or speculate; it simply buys and holds gold over the long term. Sprott Asset Management charges a management fee of 0.35% of NAV annually, which is the primary revenue driver and scales with both the gold price and the size of the asset base. Total operating expenses are capped at 0.65% of NAV, with Sprott absorbing any excess. The Trust raises new capital through an at-the-market equity program, issuing new units continuously into the market. The Trust is part of a broader family of physical precious and critical metals funds managed by Sprott, which also covers silver, platinum, palladium, copper, and uranium, with total assets under management across Sprott's platform of approximately $59.6B as of year-end 2025.