The Sprott Physical Gold and Silver Trust (ticker: CEF) is a closed-end investment trust that holds physical gold and silver bullion on behalf of investors. The Trust gives investors exposure to gold and silver prices through a publicly traded security, without the need to directly purchase, store, or insure the metals. The physical bullion is stored in allocated, segregated form at the Royal Canadian Mint in Ottawa. Units trade on both NYSE Arca and the Toronto Stock Exchange in Canadian and U.S. dollar denominations. A key differentiator is that unitholders can redeem units directly for physical bullion — a feature most competing ETFs do not offer. Since inception, approximately 90M units have been redeemed for physical bullion versus only ~206,000 for cash, reflecting strong investor preference for physical delivery. The Trust earns no investment income and simply holds bullion. The manager, Sprott Asset Management, charges a management fee of 0.40% per year of net assets, subject to a total expense cap of 0.65% annually. The manager's economics are driven by the Trust's NAV, which moves with gold and silver prices and units outstanding. The Trust is Canadian-domiciled, which creates a PFIC tax classification for U.S. investors — a structural disadvantage relative to U.S.-domiciled gold ETFs — though the bulk of trading volume occurs on NYSE Arca, indicating a primarily U.S.-based investor base. Sprott Asset Management is a subsidiary of Sprott Inc. and managed approximately $59.6B in assets across multiple precious metals trusts as of year-end 2025.