PHYS vs PSLV: Sprott Gold vs Silver Trust Comparison
PHYS and PSLV are sister funds from Sprott Asset Management — one holding gold, the other silver. Both are closed-end trusts holding allocated bullion, so they share the same tax regimes, the same redemption framework and the same capacity to trade at a premium or discount to NAV. They differ in the underlying metal, the expense ratio, and the volatility profile.
PHYS and PSLV are structurally identical — same issuer, same closed-end trust structure, same tax regimes, same redemption framework — apart from the expense ratio, which is 0.39% for PHYS and 0.52% for PSLV. The choice between them is really a choice between gold and silver: gold is more stable; silver is more volatile with larger potential moves in both directions. Both can trade at a premium or discount to NAV, and the discount has at times been wider on PSLV.
- Are PHYS and PSLV taxed the same way in Canada?
- Yes. Both are TSX-listed Canadian trusts, so for Canadian investors in taxable accounts a gain is generally capital property with one-half included in income — the enacted rate as of September 2026. Both are also eligible for registered accounts (RRSP, TFSA, RRIF). US investors face a different regime again: both are generally PFICs requiring a QEF election.
- Which has a lower expense ratio — PHYS or PSLV?
- PHYS reported an MER of 0.39%/year and PSLV 0.52%/year as at 30 June 2026. Silver is more expensive to store relative to its value — it is physically bulkier per dollar — which accounts for most of the gap.
- Should I hold both PHYS and PSLV?
- Many precious metals investors hold both gold and silver, using PHYS and PSLV as their vehicle. Some size the split with reference to the gold/silver ratio, though the ratio can stay at an extreme for years and is context rather than a timing signal. The weighting depends on why each metal is held, your volatility tolerance and your horizon.