IPO raises $400 million for Sprott Physical Gold Trust

Sprott Asset Management's closed-end mutual fund investing in physical gold started trading on the Toronto Stock Exchange and NYSE Arca, with investors pouring $400 million into the initial public offering. Gold represented by the shares is held in physical form at the Royal Canadian Mint. Unit holders have the option of redeeming their shares for the gold. The fund's expense ratio is 0.45%.

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