Sprott Physical Platinum and Palladium Trust (SPPP) is a closed-end fund that buys and holds physical platinum and palladium bullion on behalf of investors. Units of the Trust trade on the NYSE Arca and TSX in both USD and CAD, and each unit represents an undivided interest in the Trust's net assets, which consist almost entirely of physical bullion. Investors can redeem units for physical bullion (in lots of at least 25,000 units) or for cash, making the Trust a direct proxy for owning the metals. Physical platinum is custodied at the Royal Canadian Mint in Ottawa, while palladium is held by Loomis International in London or Zurich. All bullion is held in allocated, segregated vaults in "Good Delivery" form meeting London Platinum and Palladium Market specifications. The Trust is managed by Sprott Asset Management, a Toronto-based asset manager with approximately $59.6B in AUM that also runs similar physical bullion trusts for gold, silver, copper, and uranium. The Trust charges a management fee of 0.50% per year of net assets, which is the primary revenue source for Sprott as manager. Since the fee is calculated on net assets, Sprott's fee income rises and falls directly with platinum and palladium prices. The Trust periodically sells small amounts of bullion to cover operating expenses, which gradually reduces NAV over time. Investors receive no cash distributions; returns accrue entirely through changes in metal prices, net of fees.