What is the Sprott Physical Gold Trust?
The Sprott Physical Gold Trust is a closed-end fund, not a traditional ETF. Closed-end funds issue a fixed number of units and trade based on market supply and demand.
As a result, the trust can trade at a premium or discount to its net asset value (NAV). NAV represents the value of the gold per unit based on the metal held in the vault. As of Nov. 13, 2025, the trust trades at roughly a 2.345% discount. That means investors are buying units for slightly less than the underlying gold is worth.
Modern gold ETFs don’t have this issue because authorized participants can create or redeem shares throughout the trading day. When demand is high, they create new shares using gold bars; when demand is low, they redeem shares and take gold out. This mechanism keeps prices aligned with NAV.
Even with these structural differences, the trust has remained popular due to its long history (it launched Feb. 25, 2010), strong brand reputation, and large asset base. It currently manages $15.6 billion, and it is dual-listed in both the U.S. and Canada.