If You Hold PSLV- The Redemption Rule Nobody Told You About скачать в хорошем качестве

If You Hold PSLV- The Redemption Rule Nobody Told You About

1. The 3 Hidden PSLV Redemption Rules Almost No One Knows – 10,000 oz Minimum Exposed 2. PSLV Holders: You Can Redeem for Physical – But Only If You Have $780,000+ 3. Why PSLV Isn’t On-Demand Physical: Monthly Deadline, Mail Form & $800k Threshold 4. PSLV Prospectus Truth: Redemption Isn’t What Most Investors Think It Is 5. PSLV’s Real Protection – Institutional Arbitrage Floor vs Retail Redemption Limits As of February 24, 2026, with silver rebounding from a 40% crash low of $72.44 and PSLV trading at a 3–5% discount to NAV (holding 216.93 million allocated ounces at the Royal Canadian Mint), many holders assume easy physical redemption. The official Sprott prospectus reveals three critical rules most overlook. First, the minimum redemption is not 400 ounces—it requires units equivalent to 10,000 ounces (~$770,000–$780,000 at current prices). Smaller holders cannot redeem for bars. Second, redemptions occur only monthly, with notices due by 4:00 p.m. Toronto time on the 15th—missing the cutoff delays to the next month. Third, the process demands a physical mailed redemption notice form with a bank/broker signature guarantee to TSX Trust Company in Toronto, introducing delays and logistics in volatile markets. These restrictions are intentional: PSLV targets long-term allocated exposure with transparency (serial-numbered bars, KPMG audits, sovereign mint storage) and low costs (0.57% MER). The institutional redemption mechanism creates an arbitrage floor—large holders can buy discounted shares and redeem at full NAV, capping severe discounts (max 5–6% in the recent crash vs SLV’s 20%). For retail, PSLV offers secure, liquid exposure but not on-demand physical access. Sophisticated investors often pair it with personal physical holdings for full-system independence. Data sourced from Sprott’s official site and prospectus.