Sprott Platinum & Palladium Trust: 5.1% stake filed by Raymond James

Rhea-AI Filing Summary

Raymond James & Associates filed a Schedule 13G reporting beneficial ownership in Sprott Physical Platinum & Palladium Trust (SPPP).

The firm reported 505,516 Units of Beneficial Interest, representing 5.1% of the class as of 09/30/2025. It reported 0 sole and shared voting power, and 505,516 sole dispositive power, consistent with an investment adviser (Type: IA) holding the securities in the ordinary course. The certification states the position was not acquired to change or influence control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

85207Q104

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 85207Q104

1

Names of Reporting Persons

RAYMOND JAMES & ASSOCIATES

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 505,516.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

505,516.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
(b)	Address of issuer's principal executive offices: 200 BAY STREET, 200 BAY ST. #2600, TORONTO, ONTARIO, CANADA, M5J 2J1
Item 2.
(a)	Name of person filing: RAYMOND JAMES & ASSOCIATES
(b)	Address or principal business office or, if none, residence: 880 CARILLON PARKWAY, ST PETERSBURG FL 33716
(c)	Citizenship: US
(d)	Title of class of securities: Units of Beneficial Interest
(e)	CUSIP No.: 85207Q104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 505,516.00
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 505,516.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

RAYMOND JAMES & ASSOCIATES

Signature:	Rachel Jacobson
Name/Title:	Manager
Date:	10/23/2025

FAQ

What stake in SPPP did Raymond James report?

Raymond James & Associates reported beneficial ownership of 505,516 units, equal to 5.1% of the class.

What is the event date for the SPPP Schedule 13G?

The date of event is 09/30/2025.

Does Raymond James have voting power over the SPPP units?

It reported 0 sole voting power and 0 shared voting power.

What dispositive power did Raymond James report for SPPP?

It reported 505,516 units with sole dispositive power and 0 shared dispositive power.

What type of filer is Raymond James on this 13G?

It is an Investment Adviser (IA) under Rule 13d-1(b)(1)(ii)(E).

What class and CUSIP are covered for SPPP?

The filing covers Units of Beneficial Interest with CUSIP 85207Q104.

What does the 13G certification say about control intent?

It certifies the securities were acquired and held in the ordinary course, not to change or influence control.