Sprott Physical Copper Trust Units (SCOP)

The Sprott Physical Copper Trust is a closed-end trust managed by Sprott Asset Management, part of Toronto-based Sprott Inc. The trust is designed to give investors a convenient way to own physical copper without having to purchase, store and insure the metal themselves.

Its holdings consist primarily of unencumbered copper cathode held in storage, so the value of the units is tied to the market price of copper. The structure follows the same approach Sprott uses for its physical precious-metal and uranium trusts. Copper is widely used in electrical wiring, power grids, construction, electric vehicles and electronics, and the trust offers exposure to the metal itself rather than to shares of mining companies.