Sprott Physical Silver Trust
Sprott Physical Silver Trust is a closed-end mutual fund trust organized under Ontario law that holds physical silver bullion as its core asset. Its units trade on NYSE Arca and the Toronto Stock Exchange, giving investors exchange-traded exposure to allocated silver bullion through a trust structure.
Business
Share of revenueDirect ownership exposure to unencumbered physical silver bullion held by the trust.
Minor cash balances and residual assets less liabilities supporting the trust structure.
Customers
The trust sells to investors who want silver exposure without buying, storing, or insuring bullion themselves. Its unitholders typically include retail investors, wealth managers, and institutions that use listed trust units as a convenient commodity allocation or inflation hedge. Demand is tied to portfolio diversification, precious-metals exposure, and exchange-traded liquidity.
Buy listed trust units to gain simple, exchange-traded silver exposure.
Use the trust as a portfolio diversifier and precious-metals allocation.
Use the trust for tactical or strategic exposure to physical silver.
Strategy
The trust’s strategy is to maintain substantially all of its assets in long-term holdings of unencumbered physical silver bullion. This approach is designed to offer a secure, convenient, exchange-traded alternative to direct bullion ownership while avoiding short-term trading around silver prices. The structure emphasizes simplicity, allocable storage, and investor access through public markets.
The trust’s mandate depends on direct physical backing and investor confidence in the asset base.
Listed units make the trust usable for investors who want bullion exposure through public markets.
Reliable custody and administration are central to a physically backed trust model.
Geography
The trust is organized in Ontario, Canada, and its units trade on both NYSE Arca and the TSX. Its assets are held through Canadian custodians, including the Royal Canadian Mint for physical bullion, while investors are located across the United States, Canada, and other markets that access the listed units. Geography matters mainly through listing access, custody structure, and cross-border investor demand rather than operating sites.
Risks
The main risks come from silver price volatility, because the trust’s value moves with the market price of bullion it holds. There are also custody, operational, and exchange-trading risks tied to maintaining allocated metal, administering units, and preserving investor confidence in the trust structure. Tax, regulatory, and market-access issues can also affect how efficiently investors can use the product.
- Silver price volatilityImpact: HighLikelihood: High
The trust holds physical silver, so changes in bullion prices pass through directly to NAV and unit value.
Exposure: Physical silver bullion holdings
- Custody and bullion integrityImpact: HighLikelihood: Medium
The trust relies on third-party custodians and allocated holdings to maintain product credibility.
Exposure: Bullion custody and storage
- Liquidity and market-discount riskImpact: MediumLikelihood: Medium
Listed trust units may trade above or below underlying asset value depending on market conditions.
Exposure: NYSE Arca and TSX trading
- Regulatory and tax changesImpact: MediumLikelihood: Low
Commodity trust structures can be affected by changes in tax treatment, listing rules, or investor access.
Exposure: Canada and U.S. investor base
Accounting
Judgemental itemsSilver holdings are marked to published prices, so valuation directly affects income and net assets.
Impact: Primary driver of reported performance
Changes in silver prices create non-cash volatility in comprehensive income.
Impact: Can dominate quarterly results
The trust expects to distribute taxable income, limiting tax liability recognition.
Impact: Reduces deferred tax accounting complexity
Similar listed companies
Publicly listed companies with a comparable business focus.
Sprott Physical Gold Trust
PHYS · Commodity Contracts Brokers & Dealers
Sprott Physical Gold Trust is a closed-end mutual fund trust that holds allocated physical gold bullion on behalf of unitholders.
Sprott Physical Gold & Silver Trust
CEF · Commodity Contracts Brokers & Dealers
Sprott Physical Gold & Silver Trust is a closed-end mutual fund trust that holds allocated physical gold and silver bullion for unitholders.
Sprott Physical Platinum and Palladium Trust
SPPP · Commodity Contracts Brokers & Dealers
Sprott Physical Platinum & Palladium Trust is a closed-end mutual fund trust organized under Ontario law that holds physical platinum and palladium bullion on behalf of unitholders.
Sprott Physical Copper Trust
SCOP · Commodity Contracts Brokers & Dealers
Sprott Physical Copper Trust is a closed-end investment trust that holds physical copper and issues exchange-traded units.
Sprott Inc
SII · Finance Services
iShares Silver Trust
SLV · Commodity Contracts Brokers & Dealers
iShares Silver Trust is a U.S.-based grantor trust that holds physical silver bullion and issues shares representing fractional interests in that silver.
Last updated: 28/09/2026