Sprott Physical Silver Trust

Sprott Physical Silver Trust is a closed-end investment trust incorporated in Ontario, Canada and listed on the NYSE. The trust operates as a commodity-focused vehicle that holds physical silver bullion as its primary asset. Rather than operating traditional business segments, the trust functions as a custodian and manager of silver inventory, enabling investors to gain exposure to silver prices through a publicly traded security.

The trust's operations center on acquiring and storing physical silver bars, with holdings maintained in secure vaults. Revenue is generated primarily through management fees charged to investors based on assets under administration. The trust does not engage in mining, refining, or commodity trading operations; instead, it serves as a passive storage and custody mechanism for allocated silver bullion. Its geographic reach extends primarily through its Canadian incorporation and NYSE listing, providing liquidity to both institutional and retail investors seeking direct silver exposure without the logistical requirements of physical ownership and storage.