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  5. PHYS: My question is about the Norbert Gambit. [Sprott Physical Gold Trust]
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Q: My question is about the Norbert Gambit.

If an ETF trades in both Canada and the US, does that automatically mean that you can transfer the ETF between your Canadian and US accounts (eg. PHYS)? Is there a way to tell which ETFs trade on both a US and Cdn exchange, and which ones can be transferred from a US to Cdn account, or vice versa?

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Asked by Dale on June 09, 2025
5i Research Answer:

If units are identical (i.e PHYS) it should be possible. However, there are not a lot of ETFs (technically, PHYS is a mutual fund trust) that are identical that trade on both markets. Most Canadian ETFs simply hold units in their US counterparts, and these would not work for Norbert as one would be trading legally different securities. All securities have what's known as a Cusip number. If this is the same on both markets, then the security is the same.