The Sprott Physical Silver Trust (PSLV) is a closed-end fund that holds physical silver bullion on behalf of investors. The Trust gives investors a simple, exchange-traded way to own physical silver without buying, storing, or insuring the metal directly. Investors buy units of the Trust on NYSE Arca or the TSX, and each unit represents an undivided interest in the Trust's net assets, which consist almost entirely of physical silver bullion stored at the Royal Canadian Mint in Winnipeg. The Trust is managed by Sprott Asset Management, an affiliate of Toronto-based Sprott Inc. The Trust's NAV moves directly with the spot price of silver — there is no leverage, active trading, or operational complexity. The Trust charges an annual management fee of 0.45% of net assets, which is its primary revenue source. The Trust does not pay distributions; investors profit solely through appreciation in silver prices. A key differentiator is the physical redemption feature: unitholders can redeem units monthly for actual silver bullion (subject to a minimum of ten Good Delivery bars), which most silver ETFs do not offer. To cover expenses, the Trust retains a small cash reserve from unit offering proceeds and sells silver as needed to replenish it. The Trust is domiciled in Canada but draws a largely U.S.-based investor base, with the majority of trading volume occurring on NYSE Arca.