Sprott Physical Platinum and Palladium Trust (SPPP) 40-F 29 Mar 18 2017 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Entity Central Index Key	1,539,190
Document Type	40-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	13,199,121
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Statements of comprehensive inc

Statements of comprehensive income (loss) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income [abstract]
Net realized losses on redemptions and sales of platinum and palladium bullion	$ (1,379,037)	$ (2,244,538)
Change in unrealized gains (losses) on bullion	36,755,873	13,697,696
Other income		142
Total income	35,376,836	11,453,300
Expenses [abstract]
Management fees (note 8)	568,066	504,359
Bullion storage fees	84,591	193,355
Listing and regulatory filing fees	72,860	87,346
Legal fees	72,810	82,473
Unitholder reporting costs	82,246	62,477
Sales tax	65,327	57,501
Administrative fees	43,802	57,394
Audit fees	48,324	54,336
Trustee fees	4,417	5,000
Independent Review Committee fees	24,248	4,151
Custodial fees	7,911	128
Net foreign exchange losses	(417)
Total expenses	1,074,185	1,108,520
Net income (loss) and comprehensive income (loss)	$ 34,302,651	$ 10,344,780
Weighted average number of Units	13,701,904	14,758,656
Increase (decrease) in total equity from operations per Unit	$ 2.50	$ 0.70

Statements of financial positio

Statements of financial position - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets [abstract]
Cash	$ 14,281	$ 253,486
Platinum bullion	35,040,951	38,016,118
Palladium bullion	90,284,290	65,393,983
Prepaid assets	144,806	124,347
Total assets	125,484,328	103,787,934
Current liabilities [abstract]
Accounts payable	217,198	257,791
Total liabilities	217,198	257,791
Equity [abstract]
Unitholders' capital	131,666,923	147,265,373
Unit premiums and reserves	686	686
Retained earnings (deficit)	8,743,010	(28,592,427)
Underwriting commissions and issue expenses	(15,143,489)	(15,143,489)
Total equity (note 7)	125,267,130	103,530,143
Total liabilities and equity	$ 125,484,328	$ 103,787,934
Total equity per Unit	$ 9.49	$ 7.01

Statements of changes in equity

Statements of changes in equity - USD ($)	Unitholders' Capital	Retained Earnings (Deficit)	Underwriting Commissions and Issue Expenses [member]	Unit Premiums And Reserves [member]	Total
Balance as (in number of units) at Dec. 31, 2015	15,308,934
Balance as at Dec. 31, 2015	$ 153,089,340	$ (41,727,170)	$ (15,133,473)	$ 686	$ 96,229,383
Proceeds from issuance of Units (note 7)	$ 817,063				817,063
Cost of redemption of Units (note 7) (in number of units)	(664,103)
Cost of redemption of Units (note 7)	$ (6,641,030)	(2,789,963)			(3,851,067)
Cost of redemption of Units (note 7)	$ 6,641,030	2,789,963			3,851,067
Net income (loss) for the year		10,344,780			10,344,780
Balance as (in number of units) at Dec. 31, 2016	14,758,966
Balance as at Dec. 31, 2016	$ 147,265,373	(28,592,427)	(15,143,489)	686	103,530,143
Proceeds from issuance of Units (note 7) (in number of units)	114,135
Underwriting commissions and issue expenses			(10,016)		(10,016)
Cost of redemption of Units (note 7) (in number of units)	(1,559,845)
Cost of redemption of Units (note 7)	$ (15,598,450)	(3,032,786)			(12,565,664)
Cost of redemption of Units (note 7)	$ 15,598,450	3,032,786			12,565,664
Net income (loss) for the year		34,302,651			34,302,651
Balance as (in number of units) at Dec. 31, 2017	13,199,121
Balance as at Dec. 31, 2017	$ 131,666,923	$ 8,743,010	$ (15,143,489)	$ 686	$ 125,267,130

Statements of cash flows

Statements of cash flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities [abstract]
Net income (loss) for the year	$ 34,302,651	$ 10,344,780
Adjustment to reconcile net income (loss) for the year to net cash from operating activities [abstract]
Realized losses on redemptions and sales of bullion	1,379,037	2,244,538
Change in unrealized (gains) losses on bullion	(36,755,873)	(13,697,696)
Net changes in operating assets and liabilities
Increase in accounts payable	(40,593)	13,715
Increase in prepaid assets	(20,459)	(124,347)
Net cash used in operating activities	(1,135,237)	(1,219,010)
Cash flows from investing activities [abstract]
Sales of bullion	952,534
Net cash provided by investing activities	952,534
Cash flows from financing activities [abstract]
Proceeds from issuance of Units (note 7)		817,063
Payments on redemption of Units (note 7)	(56,502)	(2,867)
Underwriting commissions and issue expenses		(10,016)
Net cash provided by (used in) financing activities	(56,502)	804,180
Net increase (decrease) in cash during the year	(239,205)	(414,830)
Cash (bank indebtness) at beginning of year	253,486	668,316
Cash at end of year	$ 14,281	$ 253,486

Trust specific information

Trust specific information	12 Months Ended
	Dec. 31, 2017
Financial Risk, Management and Objectives
Trust specific information	(in U.S. dollars) Financial Risk Management (note 6) Investment Objective The investment objective of the Trust is to seek to provide a convenient and exchange-traded investment alternative for investors interested in holding physical platinum and palladium bullion without the inconvenience that is typical of a direct investment in physical bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical platinum and palladium bullion and does not speculate with regard to short-term changes in platinum and palladium prices. The Trust will only purchase and expects only to own “Good Delivery Bars” as defined by the London Platinum and Palladium Market (“LPPM”), with each bar purchased being verified against the LPPM source. Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note 6 of the Generic Notes. Fair Value Measurements The reconciliation of bullion holdings for the years ended December 31, 2017 and 2016, is presented as follows: December 31, 2017 December 31, 2016 $ $ Balance at beginning of year Sales (952,534) - Redemptions for physical bullion (12,509,162) (3,848,200) Realized losses on sales and redemptions for physical bullion (1,379,037) (2,244,538) Change in unrealized gains (losses) 13,697,696 Balance at end of year Realized gains (losses) on physical bullion include both realized gains (losses) on sales of physical bullion, and realized gains (losses) occurring upon unitholder redemptions for physical bullion. Market Risk a) Other Price Risk If the market value of each of platinum and palladium bullion increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $1.3 million (December 31, 2016: $1.0 million); conversely, if the value of each of platinum and palladium bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same amount. b) Currency Risk As at December 31, 2017 approximately $115,000 (December 31, 2016: $173,000) of the Trust’s liabilities were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. Dollars would have no material impact to the Trust. Concentration Risk The Trust’s risk is concentrated in physical platinum and palladium bullion, whose values constitute 28.0% and 72.1% of total equity, respectively, as at December 31, 2017 (December 31, 2016: 36.7% and 63.2%). Management Fees (note 11) The Trust pays the Manager a monthly management fee equal to 1 / 12 of 0.50% of the value of net assets of the Trust (determined in accordance with the Trust’s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. Tax Loss Carryforwards As of the taxation year ended December 31, 2017, the Trust had capital losses available for tax purposes of $602,337 (2016: $449,337). Related Party Disclosures (note 8) There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above.

Organization of the Trusts

Organization of the Trusts	12 Months Ended
	Dec. 31, 2017
Organization of the Trusts
Organization of the Trusts	1. Organization of the Trusts Sprott Physical Gold Trust, Sprott Physical Silver Trust and Sprott Physical Platinum and Palladium Trust (collectively, the “Trusts” and each a “Trust”) are closed-end mutual fund trusts created under the laws of the Province of Ontario, Canada, pursuant to trust agreements. Sprott Asset Management LP (the “Manager”) acts as the manager of the Trusts. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trusts. RBC Investor Services Trust also acts as custodian on behalf of the Trusts for the Trusts’ assets other than physical bullion. The Royal Canadian Mint acts as custodian on behalf of the Trusts for the physical bullion owned by the Trusts. The Trusts’ registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1. The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the “Units”). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the “NYSE Arca”) and the Toronto Stock Exchange (the “TSX”). The date of inception and trading symbols of each of the Trusts is as follows: Trust Trust Agreement date Initial Public Offering date NYSE Area and TSX symbols, respectively Sprott Physical Gold Trust August 28, 2009, as amended and restated as of December 7, 2009 and as further amended and restated as of February 1, 2010 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust June 30, 2010, as amended and restated as of October 1, 2010 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and Palladium Trust December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U The financial statements of each of the Trusts are as at and for the year ended December 31, 2017. These financial statements were authorized for issue by the Manager on March 28, 2018.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2017
Basis Of Preparation
Basis of Preparation	2. Basis of Preparation These financial statements have been prepared in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) and include estimates and assumptions made by the Manager that may affect the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in Net Assets during the reporting period. Actual results could differ from those estimates. The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical bullion and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair value. The financial statements are presented in U.S. dollars and all values are rounded to the nearest dollar unless otherwise indicated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trusts: Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the business day following the date the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis. Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost. Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability. Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. Standards issued but not yet effective Standards issued but not yet effective up to the date of issuance of the Trusts’ financial statements are listed below. The Trusts intend to adopt applicable standards when they become effective. IFRS 9 , Financial Instruments - Classification and Measurement (“IFRS 9”): IFRS 9 was issued by the IASB on July 24, 2014 and will replace IAS 39 Financial instruments: Recognition and Measurement. IFRS 9 requires financial instrument classification and related measurement practices to be based primarily on an entity’s "business model objectives" when managing those financial assets and on the characteristics of their contractual cash flows. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The transition to IFRS 9 is not expected to result in any material changes to the Trust’s financial statements. IFRS 15 , Revenue from Contracts with Customers (“IFRS 15”): IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer, regardless of the type of revenue transaction or the industry. IFRS 15 will also apply to the recognition and measurement of gains and losses on the same of certain non-financial that are not an output for the fund’s ordinary activities. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The transition to IFRS 15 is not expected to result in any material changes to the Trust’s financial statements.

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
	Dec. 31, 2017
Critical Accounting Estimates and Judgments
Critical Accounting Estimates and Judgments	4. Critical Accounting Estimates and Judgments The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements: Estimation uncertainty For tax purposes, the Trusts generally treat gains from the disposition of bullion as capital gains, rather than income, as the Trusts intend to be long-term passive holders of bullion, and generally dispose of their holdings in bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. The Trusts based their assumptions and estimates on parameters available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trusts. Such changes are reflected in the assumptions when they occur.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements The Trusts use a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value their investments. The fair value hierarchy has the following levels: Level 1 Level 2 Level 3 Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level 1 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying values of cash, accounts receivable and accounts payable approximate their fair values due to their short-term nature.

Financial Risk, Management and

Financial Risk, Management and Objectives	12 Months Ended
	Dec. 31, 2017
Financial Risk, Management and Objectives
Financial Risk, Management and Objectives	6. Financial Risk, Management and Objectives The Trusts’ objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts’ activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trusts have investment guidelines that set out their overall business strategies, their tolerance for risk and their general risk management philosophy, as set out in each Trust’s offering documents. The Trusts’ Manager is responsible for identifying and controlling risks. The Trusts are exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the bullion that they hold. Only certain risks of the Trusts are actively managed by the Manager, as the Trusts are passive investment vehicles. Significant risks that are relevant to the Trusts are discussed below. Refer to the Notes to financial statements — Trust specific information of each Trust for specific risk disclosures. Price risk Price risk arises from the possibility that changes in the market price of each Trust’s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trusts do not hedge their exposure to interest rate risk as that risk is minimal. Currency risk Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust’s assets, substantially all of which consist of an investment in bullion, are priced in U.S. dollars. Some of the Trusts’ expenses are payable in Canadian dollars. Therefore, the Trusts are exposed to currency risk, as the value of their liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trusts, and, as such, exposure to foreign exchange risk is limited. The Trusts do not enter into currency hedging transactions. Credit risk Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trusts primarily incur credit risk when entering into and settling bullion transactions. It is each Trust’s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts’ counterparties, such as bullion dealers, by reviewing their financial statements when available, regulatory notices and press releases. The Trusts seek to minimize credit risk relating to unsettled transactions in bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for bullion is only made against the receipt of the bullion by the custodian. Liquidity risk Liquidity risk is defined as the risk that the Trusts will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trusts could be required to pay their liabilities earlier than expected. The Trusts are also subject to redemptions for both cash and bullion on a regular basis. The Trusts manage their obligation to redeem units when required to do so and their overall liquidity risk by only allowing for redemptions monthly, which require 15-day advance notice to the Trusts. Each Trust’s liquidity risk is minimal, since it’s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts’ financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three months. Concentration risk Each Trust’s risk is concentrated in the physical bullion of precious metals.

Unitholders' Capital

Unitholders' Capital	12 Months Ended
	Dec. 31, 2017
Unitholders' Capital
Unitholders' Capital	7. Unitholders’ Capital The Trusts are authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. The Trusts’ capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts’ capital is provided in their statements of changes in equity. Under the trust agreements of each Trust, Units may be redeemed at the option of the unitholder on a monthly basis for physical bullion or cash. Units redeemed for physical bullion will be entitled to a redemption price equal to 100% of the Net Asset Value (“NAV”) of the redeemed Units on the last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion for Units that are being redeemed and the applicable bullion storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price of the Units traded on the NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX for the last five business days of the month in which the redemption request is processed and (ii) the NAV of the redeemed Units as of 4:00 p.m., Eastern Standard time, on the last business day of the month in which the redemption request is processed. When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders’ capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption. The Trusts’ units are classified as equity on the Statements of Financial Position, since the Trusts’ units meet the criteria in IAS 32, Financial Instruments: Presentation (“IAS 32”) for classification as equity. Net Asset Value NAV is defined as a Trust’s net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities represented by outstanding Units, if any) calculated using the value of physical gold bullion based on the end-of-day price provided by a widely recognized pricing service. Capital management As a result of the ability to issue, repurchase and resell Units of the Trusts, the capital of the Trusts as represented by the Unitholders’ capital in the statements of financial position can vary depending on the demand for redemptions and subscriptions to the Trusts. The Trusts are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable Units beyond those included in their trust agreements. The Trusts may not issue additional Units except (i) if the net proceeds per Unit to be received by the Trusts are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution. Each Trusts’ objectives for managing capital are: · To invest and hold substantially all of the Trust’s assets in physical bullion; and · To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they arise. Refer to “Financial risk, management and objectives” (Note 6) for the policies and procedures applied by the Trusts in managing their capital.

Related Party Disclosures

Related Party Disclosures	12 Months Ended
	Dec. 31, 2017
Related Party Disclosures
Related Party Disclosures	8. Related Party Disclosures Management Fees The Trusts pay the Manager a monthly management fee, calculated and accrued daily and payable monthly in arrears on the last day of each month. Management fees are unique to each Trust and are subject to applicable taxes.

Independent Review Committee ("

Independent Review Committee ("IRC")	12 Months Ended
	Dec. 31, 2017
Independent Review Committee ("IRC")
Independent Review Committee ("IRC")	9. Independent Review Committee (“IRC”) In accordance with National Instrument 81-107, Independent Review Committee for Investment Funds (“NI 81-107”), the Manager has established an IRC for a number of funds managed by it, including the Trusts. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trusts. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trusts. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107.

Personnel

Personnel	12 Months Ended
	Dec. 31, 2017
Personnel
Personnel	10. Personnel The Trusts did not employ any personnel during the period, as their affairs were administered by the personnel of the Manager and/or the Trustee, as applicable.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Physical bullion	Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the business day following the date the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.
Other assets and liabilities	Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.
Income taxes	Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability.
Functional and presentation currency	Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.
Standards issued but not yet effective	Standards issued but not yet effective Standards issued but not yet effective up to the date of issuance of the Trusts’ financial statements are listed below. The Trusts intend to adopt applicable standards when they become effective. IFRS 9 , Financial Instruments - Classification and Measurement (“IFRS 9”): IFRS 9 was issued by the IASB on July 24, 2014 and will replace IAS 39 Financial instruments: Recognition and Measurement. IFRS 9 requires financial instrument classification and related measurement practices to be based primarily on an entity’s "business model objectives" when managing those financial assets and on the characteristics of their contractual cash flows. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The transition to IFRS 9 is not expected to result in any material changes to the Trust’s financial statements. IFRS 15 , Revenue from Contracts with Customers (“IFRS 15”): IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer, regardless of the type of revenue transaction or the industry. IFRS 15 will also apply to the recognition and measurement of gains and losses on the same of certain non-financial that are not an output for the fund’s ordinary activities. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The transition to IFRS 15 is not expected to result in any material changes to the Trust’s financial statements.

Organization of the Trusts (Tab

Organization of the Trusts (Tables)	12 Months Ended
	Dec. 31, 2017
Organization of the Trusts
Organization of the Trusts	Trust Trust Agreement date Initial Public Offering date NYSE Area and TSX symbols, respectively Sprott Physical Gold Trust August 28, 2009, as amended and restated as of December 7, 2009 and as further amended and restated as of February 1, 2010 March 3, 2010 PHYS, PHYS.U Sprott Physical Silver Trust June 30, 2010, as amended and restated as of October 1, 2010 October 28, 2010 PSLV, PSLV.U Sprott Physical Platinum and Palladium Trust December 23, 2011, as amended and restated as of June 6, 2012 December 19, 2012 SPPP, SPPP.U

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Fair Value Measurements for reconciliation of bullion holdings	December 31, 2017 December 31, 2016 $ $ Balance at beginning of year Sales (952,534) - Redemptions for physical bullion (12,509,162) (3,848,200) Realized losses on sales and redemptions for physical bullion (1,379,037) (2,244,538) Change in unrealized gains (losses) 13,697,696 Balance at end of year

Summary of Signifcant Accountin

Summary of Signifcant Accounting Policies (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies
Capital losses available for tax purposes	$ 602,337	$ 449,337

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in fair value measurement, assets [abstract]
Realized losses on sales and redemptions for physical bullion	$ (1,379,037)	$ (2,244,538)
Change in unrealized gains (losses)	36,755,873	13,697,696
Recurring fair value measurement [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Balance at beginning of year	103,410,101	95,805,143
Sales	(952,534)
Redemptions for physical bullion	(12,509,162)	(3,848,200)
Realized losses on sales and redemptions for physical bullion	(1,379,037)	(2,244,538)
Change in unrealized gains (losses)	36,755,873	13,697,696
Balance at end of year	$ 125,325,241	$ 103,410,101

Financial Risk, Management an22

Financial Risk, Management and Objectives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of risk management strategy related to hedge accounting [line items]
Liabilities	$ 217,198	$ 257,791
Concentration Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of physical platinum bullion that constitutes total equity	28.00%	36.70%
Percentage of physical palladium bullion that constitutes total equity	72.10%	63.20%
Canada | Currency risk [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Liabilities	$ 115,000	$ 173,000
Scenario Member | Other price risk [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage increase in market value of platinum and palladium	1.00%
Percentage decrease in market value of platinum and palladium	1.00%
Increase (decrease) in equity	$ 1,300,000	$ 1,000,000
Scenario Member | Currency risk [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Percent change in the exchange rate between the Canadian and U.S. Dollars	1.00%

Unitholders' Capital (Details)

Unitholders' Capital (Details)	12 Months Ended
	Dec. 31, 2017
Unitholders' Capital
Redemption price percentage	100.00%
Redemption price percentage for Units redeemed for cash	95.00%
Percentage reduction to the redemption price	5.00%