Copper Trust Hits the Exchange: Sprott Shares Coming to NYSE Arca
Published Date: 6/26/2025
Notice
Summary
NYSE Arca wants to start trading shares of the Sprott Physical Copper Trust, letting investors buy and sell copper-backed units easily. This change affects anyone interested in investing in copper through the stock market and could open new ways to invest starting soon after approval. It’s a fresh, shiny chance to add copper to your portfolio with the convenience of regular stock trading.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 2 costs, 1 mixed.
Copper-backed Shares Listed on NYSE Arca
NYSE Arca filed to list and trade units of the Sprott Physical Copper Trust under NYSE Arca Rule 8.201-E. The filing was made on June 10, 2025, and the Units currently trade on the Toronto Stock Exchange under the symbols COP.U (U.S. dollars) and COP.UN (Canadian dollars).
Monthly Redemptions With Specific Terms
Unitholders may redeem Units on a monthly basis for physical copper or for cash. Physical redemptions must be at least one Minimum Physical Redemption Lot (the equivalent of 100 metric tons); cash redemptions receive 95% of the lesser of (i) the 5-business-day volume-weighted average trading price or (ii) the Net Asset Value as of 4:00 p.m. on the applicable Redemption Date, less fees, with redemption notices due by 4:00 p.m. Eastern time on the 15th day of the calendar month.
No Regular Cash Distributions
The Trust does not anticipate making regular cash distributions to unitholders. The Trust expects to hold substantially all of its assets in physical copper and cash and will not make regular payments to holders.
Trust Holds Only Physical Copper and Cash
The Trust will hold substantially all of its assets in physical copper (Grade 1 Cathode or Grade A Cathode) and cash and will not hold or trade in futures, options, warrants, swap contracts, commodity interests, or other instruments regulated by the Commodity Exchange Act. The Trust will not be a commodity pool or an investment company registered under the Investment Company Act of 1940.
Transparency: NAV, IIV, and Daily Holdings
The Trust will calculate and publish its Net Asset Value (NAV) daily and will provide an intraday indicative value (IIV) per Unit every 15 seconds during the NYSE Arca Core Trading Session (9:30 a.m. to 4:00 p.m. Eastern time). The Trust will post its copper holdings on its website before 9:30 a.m. Eastern time each trading day.
Custody and Storage Location Details
The Trust will store its copper with Warehouse Providers at Facilities approved by the CME or LME in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States. The Trustee is custodian of the Trust's assets it holds but is not responsible for the safekeeping of the Trust's physical copper, and the Manager may change custodial arrangements with the Trustee's consent.
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