PHYS CEF — Sprott Physical Gold Trust

Sprott Physical Gold Trust (PHYS)

PHYS is a low-cost CEF. Total return is 242.3% over the past 16.6 years, 596.0 points behind SPY at 838.3%.

Sprott Physical Gold Trust is a closed-end fund that invests in physical gold bullion stored on an allocated basis in London Good Delivery bar form, with units redeemable for physical metal subject to minimum requirements. The fund does not make regular distributions to shareholders. This security appeals to investors seeking direct exposure to physical gold as a store of value or portfolio hedge rather than income generation.

PHYS performance versus SPY

Price and return data through 2026-09-21.

Total return is 242.3% over the past 16.6 years, 596.0 points behind SPY at 838.3%. Over the past year its total return — price change plus distributions reinvested — is 15.8%. Its deepest 1-year drawdown was 26.8%.

PHYS key facts

Issuer

Sprott

Asset type

CEF

Asset class

Commodity

Distribution frequency

Annual

Last close

$32.83 (as of 2026-09-21)

NAV

$33.44

Premium / discount

1.82% discount

Market cap

$16,030,528,512

Average volume

2460647.0

Beta

0.33

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Sprott or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PHYS risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 26.8%.

Who may consider PHYS — and who may not

PHYS may suit someone looking for low-cost broad dividend exposure. It is a weaker fit for investors who need monthly cash flow (PHYS pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Sprott.