SEMI-ANNUAL
SHAREHOLDER
REPORT
TICKER:
Fund Overview
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23382
(Exact name of registrant as specified in charter)
320 Post Road, Suite 230
Darien, Connecticut 06820
(Address of principal executive offices)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
New Castle County
Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: (203) 656-2400
Date of fiscal year end: December 31
Date
of reporting period:
Item 1. Reports to Stockholders.
|
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Gold Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SGDM
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdm-sprott-gold-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85210B102–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Junior Gold Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SGDJ
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85210B201–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Critical Materials ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SETM
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/setm-sprott-critical-materials-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P402–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Lithium Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: LITP
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/litp-sprott-lithium-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P709–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Uranium Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: URNM
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/urnm-sprott-uranium-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P303–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Junior Uranium Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: URNJ
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P808–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Junior Copper Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: COPJ
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copj-sprott-junior-copper-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P501–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Nickel Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: NIKL
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/nikl-sprott-nickel-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P600–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Copper Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: COPP
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copp-sprott-copper-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P881–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Silver Miners & Physical Silver ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SLVR
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P873–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Active Gold & Silver Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: GBUG
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P865–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Active Metals & Miners ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: METL
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/metl-sprott-active-metals-miners-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P857–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
| Principal Listing Exchange: |
||||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics
| Total Net Assets | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Rare Earths Ex-China ETF
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: REXC
Phone: 1.888.622.1813 Distributor: ALPS Distributors, Inc.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/rexc-rare-earths-ex-china-etf.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P832–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics (as of 6/30/2026)
| Total Net Assets | $ |
| # of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Advisory Fees Paid | $ |
What Did the Fund Invest In?
| Asset Weightings (% of Net Assets) | |
|---|---|
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Gold Equity Fund
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SGDIX
Phone: 1.888.622.1813 Distributor: Sprott Global Resource Investments Ltd.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P204–SA–06302026 |
 |
June 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: |
Fund Overview
| ||
What Were the Fund’s Costs for the Last Six Months?
(based on a hypothetical $10,000 investment)
|
Fund Name |
Cost of a $10,000 Investment |
Cost Paid as a Percentage of a $10,000 Investment |
|
|
$ |
Fund Statistics (as of 6/30/2026)
| Total Net Assets | $ |
| # of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Advisory Fees Paid | $ |
What Did the Fund Invest In?
|
Geographic Weightings (% of Net Assets) |
Asset Weightings (% of Net Assets) |
 |
 |
|
Sprott Gold Equity Fund
JUNE 30, 2026 SEMI-ANNUAL SHAREHOLDER REPORT TICKER: SGDLX
Phone: 1.888.622.1813 Distributor: Sprott Global Resource Investments Ltd.
|
Availability of Additional Information Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/.
Householding To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary.
85208P105–SA–06302026 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for the reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable for the reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable for the reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable for the reporting period.
Item 6. Investments.
| (a) | The complete schedule of investments is included in the Financial Statements filed under Item 7 of this Form N-CSR. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-Ended Management Investment Companies.
Semi-Annual
Financial Statements and
Other Important Information
June 30, 2026
Sprott Gold Miners ETF (NYSE Arca: SGDM)
Sprott Junior Gold Miners ETF (NYSE Arca: SGDJ)
Sprott Critical Materials ETF (Nasdaq: SETM)
Sprott Lithium Miners ETF (Nasdaq: LITP)
Sprott Uranium Miners ETF (NYSE Arca: URNM)
Sprott Junior Uranium Miners ETF (Nasdaq: URNJ)
Sprott Junior Copper Miners ETF (Nasdaq: COPJ)
Sprott Nickel Miners ETF (Nasdaq: NIKL)
Sprott Copper Miners ETF (Nasdaq: COPP)
Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR)
Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG)
Sprott Active Metals & Miners ETF (Nasdaq: METL)
Sprott Rare Earths Ex-China ETF (Nasdaq: REXC)
Table of Contents
Financial Statements and Financial Highlights for Open-End Management Investment Companies
| Sprott Gold Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (100.06%) | ||||||||
| Basic Materials (0.01%) | ||||||||
| Valor Gold Corp.(a)(b) | 22,711 | $ | 59,250 | |||||
| Diversified Metals & Mining (0.08%) | ||||||||
| Collective Mining, Ltd.(a) | 35,660 | 438,757 | ||||||
| Gold Mining (97.06%) | ||||||||
| Agnico Eagle Mines, Ltd. | 335,110 | 52,067,576 | ||||||
| Alamos Gold, Inc., Class A | 569,273 | 17,259,819 | ||||||
| Allied Gold Corp.(a) | 51,488 | 1,223,441 | ||||||
| Anglogold Ashanti PLC | 111,666 | 9,032,663 | ||||||
| Aris Mining Corp.(a) | 85,305 | 1,272,132 | ||||||
| Aura Minerals, Inc. | 29,572 | 1,861,557 | ||||||
| B2Gold Corp.(b) | 427,261 | 1,602,699 | ||||||
| Barrick Mining Corp. | 1,182,615 | 43,485,544 | ||||||
| Centerra Gold, Inc. | 920,687 | 14,599,859 | ||||||
| Coeur Mining, Inc. | 1,297,185 | 21,170,059 | ||||||
| DPM Metals, Inc.(b) | 506,366 | 16,445,068 | ||||||
| Eldorado Gold Corp. | 60,436 | 1,880,941 | ||||||
| Endeavour Mining PLC | 364,671 | 18,284,333 | ||||||
| Equinox Gold Corp.(b) | 165,392 | 1,611,646 | ||||||
| Fortuna Mining Corp.(a) | 1,598,539 | 13,514,178 | ||||||
| Franco-Nevada Corp. | 156,785 | 32,714,532 | ||||||
| G Mining Ventures Corp.(a)(b) | 71,830 | 2,103,367 | ||||||
| Galiano Gold, Inc.(a) | 6,339,576 | 11,845,497 | ||||||
| Gold Fields, Ltd., Sponsored ADR | 119,861 | 4,026,131 | ||||||
| Harmony Gold Mining Co., Ltd., Sponsored ADR | 1,124,267 | 17,100,101 | ||||||
| Hycroft Mining Holding Corp.(a) | 37,712 | 882,461 | ||||||
| IAMGOLD Corp.(a) | 1,111,342 | 17,638,857 | ||||||
| K92 Mining, Inc.(a)(b) | 112,650 | 1,768,087 | ||||||
| Kinross Gold Corp. | 1,094,308 | 25,910,004 | ||||||
| Lundin Gold, Inc.(b) | 348,371 | 18,793,489 | ||||||
| McEwen, Inc.(a) | 24,652 | 446,941 | ||||||
| Montage Gold Corp.(a) | 172,372 | 1,960,416 | ||||||
| Newmont Corp. | 424,864 | 39,682,298 | ||||||
| Novagold Resources, Inc.(a) | 181,616 | 1,085,918 | ||||||
| OceanaGold Corp. | 601,838 | 15,085,733 | ||||||
| OR Royalties, Inc.(b) | 466,845 | 14,783,014 | ||||||
| Orezone Gold Corp.(a) | 275,521 | 439,046 | ||||||
| Orla Mining, Ltd. | 1,336,144 | 13,067,031 | ||||||
| Pan American Silver Corp. | 37,599 | 1,685,559 | ||||||
| Perpetua Resources Corp.(a) | 51,632 | 1,071,776 | ||||||
| Rio2, Ltd.(a) | 177,584 | 333,068 | ||||||
| Royal Gold, Inc. | 8,626 | 1,721,836 | ||||||
| Seabridge Gold, Inc.(a)(b) | 44,461 | 1,147,381 | ||||||
| Skeena Resources, Ltd.(a)(b) | 50,263 | 1,339,638 | ||||||
| Snowline Gold Corp.(a) | 72,688 | 657,049 | ||||||
| Southern Cross Gold Consolidated, Ltd.(a) | 107,182 | 663,535 | ||||||
| SSR Mining, Inc.(a) | 575,034 | 16,258,673 | ||||||
| Torex Gold Resources, Inc. | 359,531 | 14,310,259 | ||||||
| Triple Flag Precious Metals Corp.(b) | 549,213 | 16,454,123 | ||||||
| Wesdome Gold Mines, Ltd. | 786,775 | 13,508,176 | ||||||
1 | June 30, 2026
| Sprott Gold Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| Gold Mining (continued) | ||||||||
| Wheaton Precious Metals Corp. | 342,191 | $ | 38,493,321 | |||||
| Total Gold Mining | 542,288,832 | |||||||
| Silver Mining (2.91%) | ||||||||
| Discovery Silver Corp.(a)(b) | 2,721,695 | 16,273,558 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $384,434,883) | 559,060,397 | |||||||
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (3.50%) | ||||||||||||
| Money Market Fund (0.01%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $38,184) | 3.58 | % | 38,184 | 38,184 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (3.49%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $19,525,685) | 19,525,685 | 19,525,685 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $19,563,869) | $ | 19,563,869 | ||||||||||
| TOTAL INVESTMENTS (103.56%) | ||||||||||||
| (Cost $403,998,752) | $ | 578,624,266 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐3.56%) | (19,881,521 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 558,742,745 | ||||||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $18,677,794. The loaned securities were secured with cash collateral of $19,525,685 and non-cash collateral with the value of $123,158. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
See Notes to Financial Statements.
2 | June 30, 2026
| Sprott Junior Gold Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (99.94%) | ||||||||
| Diversified Metals & Mining (5.44%) | ||||||||
| Collective Mining, Ltd.(a) | 586,646 | $ | 7,218,031 | |||||
| TR Anadolu Metal Madencilik Isletmeleri AS(a) | 3,063,961 | 7,291,040 | ||||||
| Total Diversified Metals & Mining | 14,509,071 | |||||||
| Gold Mining (87.40%) | ||||||||
| Alkane Resources, Ltd.(a) | 8,881,254 | 8,424,020 | ||||||
| Allied Gold Corp.(a) | 502,291 | 11,935,277 | ||||||
| Aris Mining Corp.(a) | 826,688 | 12,328,187 | ||||||
| Bellevue Gold, Ltd.(a)(b) | 9,111,569 | 7,664,679 | ||||||
| Catalyst Metals, Ltd.(a) | 2,060,305 | 7,175,036 | ||||||
| Centerra Gold, Inc.(b) | 876,307 | 13,896,101 | ||||||
| DRDGOLD, Ltd. | 3,150,371 | 6,775,798 | ||||||
| Emerald Resources NL(a) | 2,417,383 | 9,188,452 | ||||||
| Firefinch, Ltd.(a)(b)(c) | 6,635,363 | 32,158 | ||||||
| Fortuna Mining Corp.(a) | 1,418,185 | 11,989,451 | ||||||
| i‐80 Gold Corp.(a)(b) | 5,563,943 | 8,081,595 | ||||||
| Kingsgate Consolidated, Ltd. | 3,480,823 | 11,929,210 | ||||||
| McEwen, Inc.(a)(b) | 420,905 | 7,631,008 | ||||||
| Ora Banda Mining, Ltd.(a) | 11,422,258 | 8,343,129 | ||||||
| Pantoro Gold, Ltd.(a)(b) | 2,688,141 | 4,299,209 | ||||||
| Perpetua Resources Corp.(a)(b) | 492,649 | 10,226,396 | ||||||
| Predictive Discovery, Ltd.(a) | 15,851,964 | 7,463,053 | ||||||
| Resolute Mining, Ltd.(a) | 10,037,750 | 6,567,389 | ||||||
| Seabridge Gold, Inc.(a)(b) | 440,876 | 11,348,148 | ||||||
| Snowline Gold Corp.(a)(b) | 762,899 | 6,896,080 | ||||||
| Southern Cross Gold Consolidated, Ltd.(a)(b) | 1,454,892 | 9,006,841 | ||||||
| Tongguan Gold Group, Ltd. | 22,848,000 | 5,331,205 | ||||||
| Turk Altin Isletmeleri AS(a) | 13,170,745 | 13,163,333 | ||||||
| Vault Minerals, Ltd.(b) | 4,252,376 | 12,277,000 | ||||||
| Victoria Gold Corp./Vancouver(a)(b)(c) | 968,690 | – | ||||||
| Wesdome Gold Mines, Ltd.(b) | 725,744 | 12,460,332 | ||||||
| West African Resources, Ltd.(a) | 4,604,621 | 8,543,843 | ||||||
| Total Gold Mining | 232,976,930 | |||||||
| Precious Metals & Minerals Mining (3.11%) | ||||||||
| Avino Silver & Gold Mines, Ltd.(a)(b) | 1,306,790 | 8,283,478 | ||||||
| Silver Mining (3.99%) | ||||||||
| Endeavour Silver Corp.(a)(b) | 1,280,701 | 10,628,486 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $240,591,147) | 266,397,965 | |||||||
3 | June 30, 2026
| Sprott Junior Gold Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Shares | Value | |||||||||||
| SHORT TERM INVESTMENTS (8.20%) | ||||||||||||
| Money Market Fund (0.07%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $199,875) | 3.58 | % | 199,875 | 199,875 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (8.13%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $21,658,007) | 21,658,007 | 21,658,007 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $21,857,882) | $ | 21,857,882 | ||||||||||
| TOTAL INVESTMENTS (108.14%) | ||||||||||||
| (Cost $262,449,029) | $ | 288,255,847 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐8.14%) | (21,702,261 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 266,553,586 | ||||||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $21,608,337. The loaned securities were secured with cash collateral of $21,658,007 and non-cash collateral with the value of $901,033. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
See Notes to Financial Statements.
4 | June 30, 2026
| Sprott Critical Materials ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (99.90%) | ||||||||
| Coal & Consumable Fuels (25.07%) | ||||||||
| Atha Energy Corp.(a) | 891,419 | $ | 622,249 | |||||
| Bannerman Energy, Ltd.(a)(b) | 396,579 | 862,152 | ||||||
| Boss Energy, Ltd.(a)(b) | 1,817,586 | 1,277,278 | ||||||
| Cameco Corp. | 286,224 | 29,154,777 | ||||||
| CGN Mining Co., Ltd. | 16,630,050 | 5,173,798 | ||||||
| Deep Yellow, Ltd.(a)(b) | 1,787,683 | 1,726,590 | ||||||
| Denison Mines Corp.(a)(b) | 4,284,419 | 13,110,322 | ||||||
| Eagle Nuclear Energy Corp.(a)(b) | 32,374 | 311,114 | ||||||
| Encore Energy Corp.(a) | 919,515 | 1,199,438 | ||||||
| Energy Fuels, Inc.(a)(b) | 553,287 | 8,022,662 | ||||||
| IsoEnergy, Ltd.(a) | 108,001 | 1,076,774 | ||||||
| Lotus Resources, Ltd.(a)(b) | 464,322 | 212,172 | ||||||
| NAC Kazatomprom JSC, GDR(c) | 446,163 | 30,651,398 | ||||||
| NexGen Energy, Ltd.(a)(b) | 1,482,498 | 13,920,656 | ||||||
| Paladin Energy, Ltd.(a)(b) | 2,287,413 | 14,728,282 | ||||||
| Peninsula Energy, Ltd.(a)(b) | 1,782,825 | 493,734 | ||||||
| Uranium Energy Corp.(a) | 1,796,703 | 19,152,854 | ||||||
| Ur‐Energy, Inc.(a) | 1,779,889 | 2,420,649 | ||||||
| Total Coal & Consumable Fuels | 144,116,899 | |||||||
| Copper Mining (20.36%) | ||||||||
| Aeris Resources, Ltd.(a) | 582,292 | 149,165 | ||||||
| Amman Mineral Internasional PT(a) | 12,236,300 | 2,121,506 | ||||||
| Antofagasta PLC | 315,896 | 16,006,615 | ||||||
| Atalaya Mining Copper SA | 120,759 | 1,307,879 | ||||||
| Capstone Copper Corp.(a) | 664,179 | 6,102,064 | ||||||
| Central Asia Metals PLC(b) | 91,174 | 160,122 | ||||||
| ERO Copper Corp.(a) | 68,840 | 1,838,160 | ||||||
| Faraday Copper Corp.(a) | 123,156 | 520,151 | ||||||
| FireFly Metals, Ltd.(a) | 373,259 | 454,828 | ||||||
| First Quantum Minerals, Ltd.(a) | 508,225 | 13,882,346 | ||||||
| Freeport‐McMoRan, Inc. | 490,955 | 30,876,160 | ||||||
| Hindustan Copper, Ltd. | 339,671 | 1,798,134 | ||||||
| Hot Chili, Ltd.(a) | 97,129 | 133,822 | ||||||
| Imperial Metals Corp.(a) | 44,707 | 195,125 | ||||||
| Jinchuan Group International Resources Co., Ltd.(b)(d) | 323,600 | 26,407 | ||||||
| KGHM Polska Miedz SA | 98,821 | 8,701,807 | ||||||
| Lundin Mining Corp. | 535,700 | 13,053,969 | ||||||
| Marimaca Copper Corp.(a) | 41,739 | 221,019 | ||||||
| Sandfire Resources, Ltd.(a) | 304,306 | 4,043,059 | ||||||
| Selkirk Copper Mines, Inc.(a)(b) | 47,218 | 52,603 | ||||||
| Sociedad Minera Cerro Verde SAA | 15,937 | 1,013,593 | ||||||
| Southern Copper Corp. | 70,730 | 12,325,410 | ||||||
| Trekor Metals, Ltd.(a) | 304,049 | 2,091,857 | ||||||
| Total Copper Mining | 117,075,801 | |||||||
| Diversified Metals & Mining (34.60%) | ||||||||
| 29Metals, Ltd.(a) | 686,829 | 121,259 | ||||||
| Aclara Resources, Inc.(a)(b) | 129,245 | 375,455 | ||||||
| AIC Mines, Ltd.(a) | 577,632 | 289,944 | ||||||
| American Battery Technology Co.(a)(b) | 406,285 | 1,149,787 | ||||||
| American Rare Earths, Ltd.(a) | 753,159 | 200,758 | ||||||
| Americas Gold & Silver Corp.(a)(b) | 697,694 | 3,293,116 | ||||||
| Amerigo Resources, Ltd. | 124,087 | 537,207 | ||||||
5 | June 30, 2026
| Sprott Critical Materials ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Andean Silver, Ltd.(a) | 213,564 | 280,196 | ||||||
| Anglo Asian Mining PLC(b) | 37,160 | 198,396 | ||||||
| Arafura Rare Earths, Ltd.(a)(b) | 7,104,895 | 1,205,170 | ||||||
| Blackrock Silver Corp.(a)(b) | 489,620 | 307,253 | ||||||
| Blue Moon Metals, Inc.(a) | 38,353 | 243,382 | ||||||
| Boab Metals, Ltd.(a) | 926,486 | 218,093 | ||||||
| Brazilian Rare Earths, Ltd.(a) | 359,492 | 1,117,532 | ||||||
| Canada Nickel Co., Inc.(a)(b) | 351,145 | 336,723 | ||||||
| Cia de Minas Buenaventura SAA, ADR | 574,533 | 16,828,072 | ||||||
| Cobre, Ltd.(a)(b) | 373,486 | 85,332 | ||||||
| Core Lithium, Ltd.(a) | 4,982,381 | 862,386 | ||||||
| Critical Metals Corp.(a)(b) | 156,587 | 1,605,017 | ||||||
| Elevra Lithium, Ltd.(a)(b) | 613,163 | 4,075,414 | ||||||
| Eramet SA(a)(b) | 24,764 | 1,271,588 | ||||||
| European Lithium, Ltd.(a) | 2,935,474 | 853,595 | ||||||
| Galan Lithium, Ltd.(a) | 1,808,840 | 457,107 | ||||||
| Global Atomic Corp.(a)(b) | 1,247,818 | 545,494 | ||||||
| Gruvaktiebolaget Viscaria(a) | 112,934 | 189,614 | ||||||
| Hudbay Minerals, Inc.(b) | 207,499 | 4,899,051 | ||||||
| IGO, Ltd.(a) | 1,823,737 | 9,305,811 | ||||||
| Iluka Resources, Ltd. | 732,500 | 3,585,515 | ||||||
| Investigator Silver, Ltd.(a) | 4,164,808 | 132,641 | ||||||
| ioneer, Ltd.(a) | 4,522,368 | 469,658 | ||||||
| Ivanhoe Electric, Inc. / US(a) | 59,668 | 573,409 | ||||||
| Ivanhoe Mines, Ltd.(a)(b) | 331,505 | 2,596,877 | ||||||
| Jain Resource Recycling, Ltd.(a) | 127,917 | 471,148 | ||||||
| Jupiter Mines, Ltd. | 5,162,409 | 965,030 | ||||||
| Lake Resources NL(a)(b) | 3,777,464 | 112,459 | ||||||
| Leo Lithium, Ltd.(d) | 23,792 | – | ||||||
| Lifezone Metals, Ltd.(a)(b) | 76,276 | 295,951 | ||||||
| Lindian Resources, Ltd.(a) | 2,413,588 | 1,554,070 | ||||||
| Liontown, Ltd.(a)(b) | 7,759,968 | 9,052,830 | ||||||
| Lithium Americas Corp.(a) | 600,390 | 2,311,502 | ||||||
| Lithium Argentina AG(a) | 252,199 | 2,085,686 | ||||||
| Lynas Rare Earths, Ltd.(a) | 2,336,258 | 29,212,121 | ||||||
| Magna Mining, Inc.(a)(b) | 325,575 | 479,783 | ||||||
| Merdeka Battery Materials Tbk PT(a) | 63,982,400 | 1,653,237 | ||||||
| Meteoric Resources NL(a) | 5,253,069 | 545,543 | ||||||
| Midnight Sun Mining Corp.(a) | 111,798 | 48,873 | ||||||
| Minsur SA | 529,153 | 1,052,423 | ||||||
| Mkango Resources, Ltd.(a)(b) | 574,206 | 316,088 | ||||||
| MMG, Ltd.(a)(b) | 3,445,920 | 3,049,234 | ||||||
| MP Materials Corp.(a) | 351,382 | 19,680,906 | ||||||
| NGEx Minerals, Ltd.(a)(b) | 73,955 | 1,323,446 | ||||||
| Nickel Asia Corp. | 11,144,300 | 648,283 | ||||||
| Nickel Industries, Ltd.(a) | 3,685,198 | 2,423,868 | ||||||
| NioCorp Developments, Ltd.(a)(b) | 263,148 | 1,268,373 | ||||||
| Northern Minerals, Ltd.(a) | 15,006,657 | 259,746 | ||||||
| Nouveau Monde Graphite, Inc.(a)(b) | 268,723 | 403,085 | ||||||
| Osisko Metals, Inc.(a) | 317,696 | 400,970 | ||||||
| Pam Mineral Tbk PT | 9,536,700 | 251,752 | ||||||
| Panoro Minerals, Ltd.(a) | 131,203 | 142,466 | ||||||
| Pensana PLC(a)(b) | 396,079 | 483,875 | ||||||
| Philex Mining Corp. | 1,122,700 | 125,679 | ||||||
| PLS Group, Ltd.(a)(b) | 6,940,205 | 24,121,292 | ||||||
| PMET Resources, Inc.(a) | 1,065,008 | 442,414 | ||||||
| Power Metallic Mines, Inc.(a)(b) | 359,635 | 286,542 | ||||||
| Q2 Metals Corp.(a) | 339,612 | 730,348 |
6 | June 30, 2026
| Sprott Critical Materials ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Rainbow Rare Earths, Ltd.(a)(b) | 821,928 | 234,404 | ||||||
| Sigma Lithium Corp.(a) | 197,218 | 2,494,808 | ||||||
| Silver X Mining Corp.(a) | 639,103 | 288,402 | ||||||
| Silverco Mining, Ltd.(a)(b) | 49,911 | 260,772 | ||||||
| Societe Metallurgique D’imiter | 770 | 491,960 | ||||||
| Solaris Resources, Inc.(a) | 55,179 | 464,153 | ||||||
| St George Mining, Ltd.(a)(b) | 6,352,813 | 413,446 | ||||||
| Standard Lithium, Ltd.(a) | 391,710 | 1,077,203 | ||||||
| Sunrise Energy Metals, Ltd.(a) | 237,523 | 2,833,450 | ||||||
| Syrah Resources, Ltd.(a)(b) | 3,792,356 | 275,691 | ||||||
| Talon Metals Corp.(a)(b) | 344,076 | 1,368,298 | ||||||
| Teck Resources, Ltd., Class B | 315,493 | 18,759,214 | ||||||
| Trilogy Metals, Inc.(a) | 71,656 | 251,513 | ||||||
| Trimegah Bangun Persada Tbk PT | 12,124,100 | 528,904 | ||||||
| Vale Indonesia Tbk PT | 7,088,450 | 1,633,356 | ||||||
| Viridis Mining and Minerals, Ltd.(a) | 234,311 | 571,031 | ||||||
| Vulcan Energy Resources, Ltd.(a)(b) | 694,727 | 1,467,029 | ||||||
| Wildcat Resources, Ltd.(a) | 1,972,524 | 710,150 | ||||||
| Xinjiang Xinxin Mining Industry Co., Ltd. | 2,118,000 | 375,376 | ||||||
| Total Diversified Metals & Mining | 198,909,035 | |||||||
| Electrical Components & Equipment (0.02%) | ||||||||
| Westwater Resources, Inc.(a) | 203,532 | 102,784 | ||||||
| Environmental & Facilities Services (0.11%) | ||||||||
| Sungeel Hitech Co., Ltd.(a) | 23,088 | 619,932 | ||||||
| Fertilizers & Agricultural Chemicals (3.15%) | ||||||||
| Sociedad Quimica y Minera de Chile SA, ADR | 244,276 | 18,086,195 | ||||||
| Gold Mining (0.51%) | ||||||||
| ANTAM Persero Tbk | 13,467,600 | 1,950,844 | ||||||
| Atex Resources, Inc.(a) | 143,154 | 246,286 | ||||||
| Gold Resource Corp.(a) | 294,880 | 371,549 | ||||||
| Unico Silver, Ltd.(a)(b) | 1,010,238 | 398,679 | ||||||
| Total Gold Mining | 2,967,358 | |||||||
| Precious Metals & Minerals Mining (0.73%) | ||||||||
| Avino Silver & Gold Mines, Ltd.(a) | 434,405 | 2,754,128 | ||||||
| Guanajuato Silver Co., Ltd.(a)(b) | 1,123,933 | 364,540 | ||||||
| Highlander Silver Corp.(a) | 228,032 | 1,070,822 | ||||||
| Total Precious Metals & Minerals Mining | 4,189,490 | |||||||
| Silver Mining (9.88%) | ||||||||
| AbraSilver Resource Corp.(a)(b) | 237,095 | 2,392,265 | ||||||
| Aftermath Silver, Ltd.(a)(b) | 410,311 | 185,157 | ||||||
| Andean Precious Metals Corp.(a) | 109,946 | 451,180 | ||||||
| Apollo Silver Corp.(a)(b) | 85,971 | 157,606 | ||||||
| Aya Gold & Silver, Inc.(a)(b) | 456,907 | 8,653,285 | ||||||
| Endeavour Silver Corp.(a) | 514,935 | 4,263,662 | ||||||
| First Majestic Silver Corp. | 913,174 | 15,487,431 | ||||||
| GoGold Resources, Inc.(a) | 694,068 | 1,556,239 | ||||||
| Hecla Mining Co. | 945,116 | 14,583,140 | ||||||
| Kootenay Silver, Inc.(a) | 160,224 | 145,735 | ||||||
| New Pacific Metals Corp.(a)(b) | 162,875 | 654,758 | ||||||
| Silver Mines, Ltd.(a)(b) | 3,451,286 | 286,739 | ||||||
| Silver Mountain Resources, Inc.(a)(b) | 95,536 | 219,600 |
7 | June 30, 2026
| Sprott Critical Materials ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Silver Storm Mining, Ltd.(a)(b) | 944,823 | 299,785 | ||||||
| Silver Tiger Metals, Inc.(a) | 894,112 | 498,042 | ||||||
| Silvercorp Metals, Inc. | 476,109 | 4,808,701 | ||||||
| Sotkamo Silver AB(a) | 534,577 | 235,466 | ||||||
| Sun Silver, Ltd.(a) | 247,462 | 148,200 | ||||||
| Vizsla Silver Corp.(a)(b) | 528,351 | 1,743,558 | ||||||
| Total Silver Mining | 56,770,549 | |||||||
| Specialty Chemicals (5.36%) | ||||||||
| Albemarle Corp. | 157,299 | 21,240,084 | ||||||
| Ganfeng Lithium Group Co., Ltd.(c)(e) | 930,000 | 5,964,541 | ||||||
| Tianqi Lithium Corp.(a)(b) | 709,350 | 3,634,098 | ||||||
| Total Specialty Chemicals | 30,838,723 | |||||||
| Steel Mining (0.11%) | ||||||||
| MOIL, Ltd. | 216,239 | 635,293 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $548,686,659) | 574,312,059 |
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (3.39%) | ||||||||||||
| Money Market Fund (0.29%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $1,674,222) | 3.58 | % | 1,674,222 | 1,674,222 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (3.10%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $17,804,568) | 17,804,568 | 17,804,568 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $19,478,790) | $ | 19,478,790 | ||||||||||
| TOTAL INVESTMENTS (103.29%) | ||||||||||||
| (Cost $568,165,449) | $ | 593,790,849 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐3.29%) | (18,916,347 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 574,874,502 | ||||||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $38,027,617. The loaned securities were secured with cash collateral of $17,804,568 and non-cash collateral with the value of $21,874,285. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2026, the market value of those securities was $36,615,939, representing 6.37% of net assets. |
| (d) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
| (e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2026, the aggregate market value of those securities was $5,964,541, representing 1.04% of net assets. |
See Notes to Financial Statements.
8 | June 30, 2026
| Sprott Lithium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (99.93%) | ||||||||
| Diversified Metals & Mining (64.74%) | ||||||||
| American Lithium Corp.(a) | 461,216 | $ | 143,088 | |||||
| Anson Resources, Ltd.(a) | 4,566,942 | 142,286 | ||||||
| Argosy Minerals, Ltd.(a)(b) | 3,473,527 | 105,815 | ||||||
| Core Lithium, Ltd.(a) | 5,496,968 | 951,454 | ||||||
| Delta Lithium, Ltd.(a)(b) | 1,147,017 | 131,032 | ||||||
| E3 Lithium, Ltd.(a)(b) | 203,744 | 160,898 | ||||||
| Elevra Lithium, Ltd.(a) | 301,852 | 2,006,272 | ||||||
| European Lithium, Ltd.(a) | 3,238,069 | 941,586 | ||||||
| European Metals Holdings, Ltd.(a)(b) | 752,202 | 142,181 | ||||||
| Frontier Lithium, Inc.(a) | 436,484 | 141,571 | ||||||
| Galan Lithium, Ltd.(a) | 2,002,600 | 506,071 | ||||||
| Global Lithium Resources, Ltd.(a) | 469,745 | 133,343 | ||||||
| IGO, Ltd.(a) | 405,569 | 2,069,459 | ||||||
| ioneer, Ltd.(a)(b) | 5,006,895 | 519,977 | ||||||
| Kairos Gold, Inc.(a) | 4,531 | 2,045 | ||||||
| Kodal Minerals PLC(a)(b) | 42,463,650 | 169,260 | ||||||
| Lake Resources NL(a)(b) | 3,574,161 | 106,406 | ||||||
| Leo Lithium, Ltd.(c) | 117,442 | – | ||||||
| LibertyStream Infrastructure Partners, Inc.(a)(b) | 222,460 | 152,150 | ||||||
| Li‐FT Power, Ltd.(a) | 163,896 | 514,252 | ||||||
| Liontown, Ltd.(a) | 3,300,008 | 3,849,811 | ||||||
| Lithium Americas Corp.(a)(b) | 537,415 | 2,069,048 | ||||||
| Lithium Argentina AG(a) | 269,133 | 2,225,730 | ||||||
| Lithium Ionic Corp.(a)(b) | 230,603 | 121,948 | ||||||
| PLS Group, Ltd.(a) | 1,235,680 | 4,294,713 | ||||||
| PMET Resources, Inc.(a) | 350,396 | 1,435,432 | ||||||
| Power Metals Corp.(a)(b) | 394,200 | 191,784 | ||||||
| Q2 Metals Corp.(a)(b) | 373,979 | 804,256 | ||||||
| Savannah Resources PLC(a)(b) | 1,885,918 | 162,603 | ||||||
| Sigma Lithium Corp.(a) | 119,606 | 1,513,016 | ||||||
| Standard Lithium, Ltd.(a) | 431,676 | 1,187,109 | ||||||
| Surge Battery Metals, Inc.(a) | 349,084 | 179,680 | ||||||
| Vulcan Energy Resources, Ltd.(a)(b) | 766,521 | 1,618,633 | ||||||
| Wildcat Resources, Ltd.(a) | 2,175,805 | 783,336 | ||||||
| Total Diversified Metals & Mining | 29,476,245 | |||||||
| Fertilizers & Agricultural Chemicals (10.89%) | ||||||||
| Sociedad Quimica y Minera de Chile SA, ADR | 66,979 | 4,959,124 | ||||||
| Precious Metals & Minerals Mining (0.34%) | ||||||||
| Atlas Lithium Corp.(a)(b) | 42,011 | 155,021 | ||||||
| Specialty Chemicals (23.96%) | ||||||||
| Albemarle Corp. | 32,587 | 4,400,223 | ||||||
| Ganfeng Lithium Group Co., Ltd.(d)(e) | 700,700 | 4,493,929 | ||||||
| Tianqi Lithium Corp.(a)(b) | 393,800 | 2,017,492 | ||||||
| Total Specialty Chemicals | 10,911,644 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $38,197,514) | 45,502,034 | |||||||
9 | June 30, 2026
| Sprott Lithium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (5.43%) | ||||||||||||
| Money Market Fund (0.00%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $435) | 3.58 | % | 435 | $ | 435 | |||||||
| Investments Purchased with Collateral from Securities Loaned (5.43%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $2,473,022) | 2,473,022 | 2,473,022 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $2,473,457) | $ | 2,473,457 | ||||||||||
| TOTAL INVESTMENTS (105.36%) | ||||||||||||
| (Cost $40,670,971) | $ | 47,975,491 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐5.36%) | (2,440,970 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 45,534,521 | ||||||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $4,153,684. The loaned securities were secured with cash collateral of $2,473,022 and non-cash collateral with the value of $3,067,632. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2026, the market value of those securities was $4,493,929, representing 9.87% of net assets. |
| (e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2026, the aggregate market value of those securities was $4,493,929, representing 9.87% of net assets. |
See Notes to Financial Statements.
10 | June 30, 2026
| Sprott Uranium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| CLOSED END FUND (13.23%) | ||||||||
| Sprott Physical Uranium Trust(a)(b) | 13,665,173 | $ | 251,383,299 | |||||
| TOTAL CLOSED END FUND | ||||||||
| (Cost $235,568,003) | 251,383,299 | |||||||
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (81.36%) | ||||||||
| Coal & Consumable Fuels (80.17%) | ||||||||
| Alligator Energy, Ltd.(a)(b) | 237,871,596 | 9,057,948 | ||||||
| Atha Energy Corp.(a)(b) | 33,634,948 | 23,478,652 | ||||||
| Bannerman Energy, Ltd.(a)(b)(c) | 20,854,068 | 45,336,186 | ||||||
| Boss Energy, Ltd.(a)(b) | 43,240,472 | 30,386,524 | ||||||
| Cameco Corp. | 3,203,410 | 326,299,344 | ||||||
| CanAlaska Uranium, Ltd.(a)(c) | 8,027,826 | 2,518,867 | ||||||
| CGN Mining Co., Ltd. | 246,770,300 | 76,773,052 | ||||||
| Deep Yellow, Ltd.(a)(b) | 86,120,548 | 83,177,438 | ||||||
| Denison Mines Corp.(a)(c) | 30,124,908 | 92,182,218 | ||||||
| Eagle Nuclear Energy Corp.(a)(b)(c) | 1,742,363 | 16,744,108 | ||||||
| Encore Energy Corp.(a)(b)(c) | 21,109,131 | 27,535,267 | ||||||
| Energy Fuels, Inc.(a) | 6,390,332 | 92,659,814 | ||||||
| IsoEnergy, Ltd.(a)(b)(c) | 4,236,962 | 42,242,653 | ||||||
| Laramide Resources, Ltd.(a)(b)(c) | 22,651,935 | 8,944,180 | ||||||
| Lotus Resources, Ltd.(a)(b)(c) | 27,507,106 | 12,569,366 | ||||||
| Mega Uranium, Ltd.(a)(b)(c) | 37,337,151 | 13,952,893 | ||||||
| NAC Kazatomprom JSC, GDR(d) | 1,341,483 | 92,159,882 | ||||||
| NexGen Energy, Ltd.(a) | 22,959,809 | 215,592,607 | ||||||
| Paladin Energy, Ltd.(a) | 12,275,066 | 79,037,161 | ||||||
| Peninsula Energy, Ltd.(a)(b) | 44,064,359 | 12,203,151 | ||||||
| Uranium Energy Corp.(a) | 7,592,645 | 80,937,596 | ||||||
| Uranium Royalty Corp.(a)(c) | 4,650,470 | 12,919,338 | ||||||
| Ur‐Energy, Inc.(a)(b)(c) | 40,196,255 | 54,666,907 | ||||||
| Yellow Cake PLC(a)(c)(d)(e) | 10,269,229 | 71,786,118 | ||||||
| Total Coal & Consumable Fuels | 1,523,161,270 | |||||||
| Diversified Metals & Mining (1.19%) | ||||||||
| Global Atomic Corp.(a)(b) | 51,880,926 | 22,680,186 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,374,468,057) | 1,545,841,456 | |||||||
11 | June 30, 2026
| Sprott Uranium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (2.12%) | ||||||||||||
| Money Market Fund (0.19%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $3,618,331) | 3.58 | % | 3,618,331 | 3,618,331 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (1.93%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $36,617,999) | 36,617,999 | 36,617,999 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $40,236,330) | $ | 40,236,330 | ||||||||||
| TOTAL INVESTMENTS (96.71%) | ||||||||||||
| (Cost $1,650,272,390) | $ | 1,837,461,085 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (3.29%) | 62,471,173 | |||||||||||
| NET ASSETS (100.00%) | $ | 1,899,932,258 | ||||||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. See table below (Affiliated Investments). |
| (c) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $94,671,596 ($52,994,674 Unaffiliated and $41,676,922 Affiliated). The loaned securities were secured with cash collateral of $36,617,999 and non-cash collateral with the value of $58,519,029. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2026, the market value of those securities was $163,946,000, representing 8.63% of net assets. |
| (e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2026, the aggregate market value of those securities was $71,786,118, representing 3.78% of net assets. |
See Notes to Financial Statements.
12 | June 30, 2026
| Sprott Uranium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
AFFILIATED INVESTMENTS
| Security Name | Shares as of January 1, 2026 |
Market
Value as of January 1, 2026 |
Purchases (Shares) |
Purchases (Cost) |
Sales (Shares) |
Sales (Proceeds) |
Change
in Unrealized Gain/(Loss) |
Realized Gain/(Loss) |
Market
Value as of June 30, 2026 |
Share
Balance as of June 30, 2026 |
||||||||||||||||||||||||||||||
| Closed End Fund | ||||||||||||||||||||||||||||||||||||||||
| Sprott Physical Uranium Trust(a) | 12,259,363 | 239,640,603 | 4,460,181 | 91,110,418 | (3,054,371 | ) | (59,467,865 | ) | (26,960,037 | ) | 7,060,180 | 251,383,299 | 13,665,173 | |||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||||
| Coal & Consumable Fuels | ||||||||||||||||||||||||||||||||||||||||
| Atha Energy Corp.(a) | 25,256,401 | 11,224,658 | 11,312,063 | 7,263,219 | (2,933,516 | ) | (1,944,348 | ) | 6,468,179 | 466,944 | 23,478,652 | 33,634,948 | ||||||||||||||||||||||||||||
| Bannerman Energy, Ltd.(a)(b) | 16,724,012 | 37,165,463 | 6,489,875 | 18,065,628 | (2,359,819 | ) | (6,306,337 | ) | (5,649,391 | ) | 2,060,823 | 45,336,186 | 20,854,068 | |||||||||||||||||||||||||||
| Boss Energy, Ltd.(a) | 35,273,552 | 34,485,908 | 13,016,088 | 14,866,004 | (5,049,168 | ) | (5,321,683 | ) | (13,015,105 | ) | (628,600 | ) | 30,386,524 | 43,240,472 | ||||||||||||||||||||||||||
| Deep Yellow, Ltd.(a) | 73,307,512 | 90,016,299 | 31,056,678 | 43,804,812 | (18,243,642 | ) | (23,957,601 | ) | (27,120,452 | ) | 434,380 | 83,177,438 | 86,120,548 | |||||||||||||||||||||||||||
| Encore Energy Corp.(a)(b) | 16,013,776 | 38,151,650 | 7,098,605 | 15,629,118 | (2,003,250 | ) | (4,408,673 | ) | (21,863,369 | ) | 26,541 | 27,535,267 | 21,109,131 | |||||||||||||||||||||||||||
| IsoEnergy, Ltd.(a)(b) | 3,059,051 | 27,836,907 | 1,579,559 | 16,820,204 | (401,648 | ) | (4,354,403 | ) | 1,108,853 | 831,092 | 42,242,653 | 4,236,962 | ||||||||||||||||||||||||||||
| Laramide Resources, Ltd.(a)(b) | 18,390,817 | 7,637,438 | 6,520,236 | 3,600,406 | (2,259,118 | ) | (1,219,198 | ) | (1,207,422 | ) | 132,956 | 8,944,180 | 22,651,935 | |||||||||||||||||||||||||||
| Lotus Resources, Ltd.(a)(b)(c) | 18,234,444 | 24,489,688 | 11,734,146 | 13,555,051 | (2,461,484 | ) | (2,746,284 | ) | (22,813,135 | ) | 84,046 | 12,569,366 | 27,507,106 | |||||||||||||||||||||||||||
| Mega Uranium, Ltd.(a)(b) | 29,736,652 | 10,507,651 | 11,272,178 | 5,302,770 | (3,671,679 | ) | (1,700,171 | ) | (1,092,805 | ) | 935,448 | 13,952,893 | 37,337,151 | |||||||||||||||||||||||||||
| Ur-Energy, Inc.(a)(b) | 31,966,693 | 44,433,703 | 12,692,800 | 20,831,865 | (4,463,238 | ) | (7,305,704 | ) | (4,808,648 | ) | 1,515,691 | 54,666,907 | 40,196,255 | |||||||||||||||||||||||||||
| Diversified Metals & Mining | ||||||||||||||||||||||||||||||||||||||||
| Global Atomic Corp.(a) | 33,071,987 | 17,348,607 | 23,045,572 | 13,293,068 | (4,236,633 | ) | (2,391,998 | ) | (5,807,244 | ) | 237,753 | 22,680,186 | 51,880,926 | |||||||||||||||||||||||||||
| $ | 582,938,575 | $ | 264,142,563 | $ | (121,124,265 | ) | $ | (122,760,576 | ) | $ | 13,157,254 | $ | 616,353,551 | |||||||||||||||||||||||||||
| Security that became affiliated during the period | ||||||||||||||||||||||||||||||||||||||||
| Coal & Consumable Fuels | ||||||||||||||||||||||||||||||||||||||||
| Alligator Energy, Ltd.(a) | – | – | 237,871,596 | 7,906,103 | – | – | 1,151,844 | 1 | 9,057,948 | 237,871,596 | ||||||||||||||||||||||||||||||
| Eagle Nuclear Energy Corp.(a)(b) | – | – | 1,742,363 | 19,568,047 | – | – | (2,823,939 | ) | – | 16,744,108 | 1,742,363 | |||||||||||||||||||||||||||||
| Peninsula Energy, Ltd.(a) | 10,062,087 | 4,331,144 | 34,482,051 | 16,540,479 | (479,779 | ) | (294,799 | ) | (8,485,909 | ) | 112,236 | 12,203,151 | 44,064,359 | |||||||||||||||||||||||||||
| $ | 587,269,719 | $ | 308,157,192 | $ | (121,419,064 | ) | $ | (132,918,580 | ) | $ | 13,269,491 | $ | 38,005,207 | |||||||||||||||||||||||||||
| Securities no longer held at June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||
| Coal & Consumable Fuels | ||||||||||||||||||||||||||||||||||||||||
| Aura Energy, Ltd.(a) | 56,182,282 | 6,561,336 | 23,528,430 | 2,519,096 | (79,710,712 | ) | (5,805,178 | ) | 2,206,913 | (5,482,167 | ) | – | – | |||||||||||||||||||||||||||
| Berkeley Energia, Ltd.(a) | 25,789,716 | 8,656,017 | – | – | (25,789,716 | ) | (7,095,819 | ) | 13,643 | (1,573,841 | ) | – | – | |||||||||||||||||||||||||||
| 15,217,353 | 2,519,096 | (12,900,997 | ) | 2,220,556 | (7,056,008 | ) | – | |||||||||||||||||||||||||||||||||
| Security that no longer Affiliated as of June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||
| Coal & Consumable Fuels | ||||||||||||||||||||||||||||||||||||||||
| CanAlaska Uranium, Ltd.(a)(b) | 17,359,027 | 7,461,896 | 7,548,130 | 4,216,611 | (16,879,331 | ) | (6,099,080 | ) | 996,377 | (4,056,937 | ) | 2,518,867 | 8,027,826 | |||||||||||||||||||||||||||
| $ | 7,461,896 | $ | 4,216,611 | $ | (6,099,080 | ) | $ | 996,377 | $ | (4,056,937 | ) | $ | 2,518,867 | |||||||||||||||||||||||||||
| $ | (129,701,647 | ) | $ | 2,156,546 | $ | 654,877,625 | ||||||||||||||||||||||||||||||||||
| Securities that became affiliated during the period ended June 30, 2026 | $ | (27,159 | ) | |||||||||||||||||||||||||||||||||||||
| Transfer out of securities no longer affiliated | $ | 1,279,779 | $ | 4,371,878 | $ | 2,518,867 | ||||||||||||||||||||||||||||||||||
| $ | (128,449,027 | ) | $ | 6,528,423 | $ | 654,358,758 | ||||||||||||||||||||||||||||||||||
| Securities no longer affiliated as of June 30, 2026 | 4,496,712 | |||||||||||||||||||||||||||||||||||||||
| Securities that became affiliated during the period ended June 30, 2026 | 27,159 | |||||||||||||||||||||||||||||||||||||||
| Change in unrealized gain/(loss) on securities affiliated as of June 30, 2026 | (132,918,580 | ) | ||||||||||||||||||||||||||||||||||||||
| (a) | Non-income producing security |
| (b) | As of June 30, 2026, the security, or a portion of the security position is on loan |
| (c) | Includes effect of a reverse split (1:11.5) effective on January 20, 2026. |
See Notes to Financial Statements.
13 | June 30, 2026
| Sprott Junior Uranium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (99.16%) | ||||||||
| Coal & Consumable Fuels (94.44%) | ||||||||
| Alligator Energy, Ltd.(a) | 148,636,968 | $ | 5,659,969 | |||||
| Anfield Energy, Inc.(a)(b) | 643,894 | 2,724,036 | ||||||
| Atha Energy Corp.(a)(b) | 12,623,387 | 8,811,672 | ||||||
| Atomic Eagle, Ltd.(a)(b) | 12,520,959 | 3,597,578 | ||||||
| Aura Energy, Ltd.(a)(b) | 25,885,087 | 1,792,149 | ||||||
| Bannerman Energy, Ltd.(a) | 5,515,649 | 11,990,873 | ||||||
| Berkeley Energia, Ltd.(a) | 12,951,797 | 4,124,890 | ||||||
| Boss Energy, Ltd.(a) | 12,634,471 | 8,878,665 | ||||||
| CanAlaska Uranium, Ltd.(a)(b) | 7,254,059 | 2,276,084 | ||||||
| Cauldron Energy, Ltd.(a) | 44,325,879 | 3,222,339 | ||||||
| CGN Mining Co., Ltd. | 44,152,500 | 13,736,346 | ||||||
| Deep Yellow, Ltd.(a) | 15,878,147 | 15,335,522 | ||||||
| Denison Mines Corp.(a)(b) | 13,091,554 | 40,060,155 | ||||||
| Eagle Nuclear Energy Corp.(a)(b) | 458,432 | 4,405,532 | ||||||
| Elevate Uranium, Ltd.(a)(b) | 15,451,623 | 2,407,028 | ||||||
| Encore Energy Corp.(a)(b) | 6,435,848 | 8,395,078 | ||||||
| Energy Fuels, Inc.(a) | 2,501,306 | 36,268,937 | ||||||
| F3 Uranium Corp.(a)(b) | 22,773,717 | 2,167,778 | ||||||
| Forsys Metals Corp.(a)(b) | 6,615,657 | 2,099,098 | ||||||
| IsoEnergy, Ltd.(a) | 1,499,712 | 14,952,179 | ||||||
| Jaguar Uranium Corp.(a) | 434,559 | 725,714 | ||||||
| Kirkstone Metals Corp.(a)(b) | 143,075 | 25,725 | ||||||
| Laramide Resources, Ltd.(a)(b) | 7,470,047 | 2,949,569 | ||||||
| Lotus Resources, Ltd.(a)(b) | 6,642,911 | 3,035,477 | ||||||
| Manhattan Uranium Discovery Corp.(a) | 2,466,385 | 608,662 | ||||||
| Mega Uranium, Ltd.(a)(b) | 13,712,199 | 5,124,249 | ||||||
| NEO ENERGY METALS PLC(a)(c) | 50,481,960 | 686,360 | ||||||
| NexGen Energy, Ltd.(a) | 4,004,666 | 38,816,724 | ||||||
| Paladin Energy, Ltd.(a) | 5,593,265 | 36,014,127 | ||||||
| Peninsula Energy, Ltd.(a) | 12,286,831 | 3,402,706 | ||||||
| Premier American Uranium, Inc.(a)(b) | 2,870,431 | 961,364 | ||||||
| Skyharbour Resources, Ltd.(a)(b) | 7,971,069 | 2,163,837 | ||||||
| Stallion Uranium Corp.(a)(b) | 3,856,078 | 543,780 | ||||||
| Ur‐Energy, Inc.(a)(b) | 11,140,208 | 15,150,683 | ||||||
| Western Uranium & Vanadium Corp.(a)(b) | 2,325,766 | 787,144 | ||||||
| Total Coal & Consumable Fuels | 303,902,029 | |||||||
| Diversified Metals & Mining (4.72%) | ||||||||
| Cosa Resources Corp.(a) | 3,122,783 | 1,365,151 | ||||||
| DevEx Resources, Ltd.(a) | 21,120,068 | 3,655,610 | ||||||
| Frontier Nuclear and Minerals, Inc.(a)(b) | 483,406 | 739,611 | ||||||
| Future Fuels, Inc.(a)(b) | 1,812,223 | 568,616 | ||||||
| Global Atomic Corp.(a) | 17,363,710 | 7,590,693 | ||||||
| Myriad Uranium Corp.(a) | 3,727,283 | 1,261,481 | ||||||
| Total Diversified Metals & Mining | 15,181,162 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $339,538,501) | 319,083,191 | |||||||
14 | June 30, 2026
| Sprott Junior Uranium Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (3.11%) | ||||||||||||
| Money Market Fund (1.03%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $3,327,680) | 3.58 | % | 3,327,680 | $ | 3,327,680 | |||||||
| Investments Purchased with Collateral from Securities Loaned (2.08%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $6,697,364) | 6,697,364 | 6,697,364 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $10,025,044) | $ | 10,025,044 | ||||||||||
| TOTAL INVESTMENTS (102.27%) | ||||||||||||
| (Cost $349,563,545) | $ | 329,108,235 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐2.27%) | (7,305,580 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 321,802,655 | ||||||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $10,540,887. The loaned securities were secured with cash collateral of $6,697,364 and non-cash collateral with the value of $3,388,668. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2026, the market value of those securities was $686,360, representing 0.21% of net assets. |
See Notes to Financial Statements.
15 | June 30, 2026
| Sprott Junior Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (98.07%) | ||||||||
| Copper Mining (46.75%) | ||||||||
| Aeris Resources, Ltd.(a)(b) | 8,299,236 | $ | 2,126,006 | |||||
| Aldebaran Resources, Inc.(a)(b) | 1,187,379 | 2,193,501 | ||||||
| Atalaya Mining Copper SA | 673,057 | 7,289,539 | ||||||
| Atlas Consolidated Mining & Development Corp.(a) | 10,830,000 | 1,251,176 | ||||||
| Austral Resources Australia, Ltd.(a) | 14,012,322 | 708,203 | ||||||
| Central Asia Metals PLC | 1,372,342 | 2,410,140 | ||||||
| China Daye Non‐Ferrous Metals Mining, Ltd.(a) | 52,069,300 | 630,713 | ||||||
| Copper 360, Ltd.(a) | 22,290,889 | 544,344 | ||||||
| Copper Fox Metals, Inc.(a) | 1,152,035 | 503,622 | ||||||
| Cyprium Metals, Ltd.(a) | 3,500,147 | 1,090,494 | ||||||
| Element 29 Resources, Inc.(a)(b) | 826,695 | 932,637 | ||||||
| ERO Copper Corp.(a) | 264,248 | 7,055,929 | ||||||
| Faraday Copper Corp.(a)(b) | 1,780,961 | 7,521,915 | ||||||
| FireFly Metals, Ltd.(a) | 5,408,131 | 6,589,985 | ||||||
| Gladiator Metals Corp.(a)(b) | 823,939 | 2,155,342 | ||||||
| Hillgrove Resources, Ltd.(a) | 23,967,397 | 879,471 | ||||||
| Hot Chili, Ltd.(a) | 1,649,925 | 2,273,222 | ||||||
| Imperial Metals Corp.(a) | 673,851 | 2,941,045 | ||||||
| Jinchuan Group International Resources Co., Ltd.(b)(c) | 6,259,100 | 510,761 | ||||||
| Koryx Copper SA(a)(b) | 1,066,103 | 2,495,654 | ||||||
| Marimaca Copper Corp.(a)(b) | 695,056 | 3,680,501 | ||||||
| Oroco Resource Corp.(a) | 2,568,247 | 670,017 | ||||||
| Selkirk Copper Mines, Inc.(a) | 784,975 | 874,501 | ||||||
| Sociedad Punta del Cobre SA | 317,065 | 5,375,866 | ||||||
| Trekor Metals, Ltd.(a) | 1,069,786 | 7,360,128 | ||||||
| Vizsla Copper Corp.(a) | 670,333 | 498,644 | ||||||
| Total Copper Mining | 70,563,356 | |||||||
| Diversified Metals & Mining (48.01%) | ||||||||
| 29Metals, Ltd.(a) | 7,525,006 | 1,328,531 | ||||||
| AIC Mines, Ltd.(a) | 5,554,408 | 2,788,049 | ||||||
| Amarc Resources, Ltd.(a)(b) | 1,362,454 | 912,626 | ||||||
| Amerigo Resources, Ltd. | 1,166,915 | 5,051,901 | ||||||
| Andina Copper Corp.(a)(b) | 2,214,967 | 1,811,642 | ||||||
| Anglo Asian Mining PLC | 514,532 | 2,747,074 | ||||||
| Asiamet Resources, Ltd.(a) | 26,979,738 | 563,651 | ||||||
| Barksdale Resources Corp.(a) | 1,781,733 | 489,953 | ||||||
| Blue Moon Metals, Inc.(a)(b) | 638,987 | 4,054,915 | ||||||
| Caravel Minerals, Ltd.(a) | 4,342,903 | 721,632 | ||||||
| Carnaby Resources, Ltd.(a) | 2,096,642 | 849,190 | ||||||
| Cascadia Minerals, Ltd.(a) | 1,733,263 | 348,302 | ||||||
| Cobre, Ltd.(a) | 6,047,587 | 1,381,722 | ||||||
| Coda Minerals, Ltd.(a) | 3,814,762 | 303,732 | ||||||
| Copper Giant Resources Corp.(a)(b) | 1,585,794 | 805,057 | ||||||
| Coppernico Metals, Inc.(a) | 1,721,216 | 370,154 | ||||||
| Entree Resources, Ltd.(a)(b) | 871,421 | 1,892,457 | ||||||
| Fitzroy Minerals, Inc.(a)(b) | 2,245,815 | 823,426 | ||||||
| Gruvaktiebolaget Viscaria(a) | 1,879,677 | 3,155,944 | ||||||
| Gunnison Copper Corp.(a)(b) | 3,710,177 | 967,929 | ||||||
| Hercules Metals Corp.(a) | 2,209,512 | 872,432 | ||||||
| Intrepid Metals Corp.(a) | 665,080 | 335,295 | ||||||
| Ivanhoe Electric, Inc. / US(a) | 589,756 | 5,667,554 | ||||||
| KGL Resources, Ltd.(a) | 3,113,771 | 452,721 | ||||||
| King Copper Discovery Corp.(a)(b) | 2,805,724 | 1,424,376 | ||||||
16 | June 30, 2026
| Sprott Junior Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| Diversified Metals & Mining (continued) | ||||||||
| Kingfisher Metals Corp.(a)(b) | 844,592 | $ | 768,217 | |||||
| Kodiak Copper Corp.(a)(b) | 861,275 | 412,950 | ||||||
| Los Andes Copper, Ltd.(a)(b) | 106,652 | 919,693 | ||||||
| Midnight Sun Mining Corp.(a) | 1,898,770 | 830,063 | ||||||
| Minsur SA | 277,341 | 551,599 | ||||||
| Osisko Metals, Inc.(a)(b) | 5,280,611 | 6,664,758 | ||||||
| Panoro Minerals, Ltd.(a) | 2,180,576 | 2,367,768 | ||||||
| PECOY COPPER Corp.(a) | 1,818,888 | 2,372,602 | ||||||
| Philex Mining Corp. | 18,371,000 | 2,056,522 | ||||||
| Prospect Resources, Ltd.(a) | 5,475,318 | 1,061,431 | ||||||
| Regulus Resources, Inc.(a)(b) | 953,659 | 2,783,817 | ||||||
| Solaris Resources, Inc.(a) | 776,665 | 6,533,131 | ||||||
| Sterling Metals Corp.(a)(b) | 574,435 | 445,534 | ||||||
| Trilogy Metals, Inc.(a)(b) | 1,190,783 | 4,179,648 | ||||||
| True North Copper, Ltd.(a)(b) | 1,439,232 | 383,633 | ||||||
| Total Diversified Metals & Mining | 72,451,631 | |||||||
| Gold Mining (2.71%) | ||||||||
| Atex Resources, Inc.(a)(b) | 2,380,321 | 4,095,176 | ||||||
| Precious Metals & Minerals Mining (0.60%) | ||||||||
| Edge Copper Corp.(a) | 1,034,318 | 401,110 | ||||||
| Star Copper Corp.(a) | 694,868 | 499,746 | ||||||
| Total Precious Metals & Minerals Mining | 900,856 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $162,047,053) | 148,011,019 | |||||||
| RIGHTS (0.00%) | ||||||||
| Diversified Metals & Mining (0.00%) | ||||||||
| KGL Resources, Ltd. (Expiring 7/23/2026), Strike Price AUD $0.01 | 2,413,776 | 167 | ||||||
| TOTAL RIGHTS | ||||||||
| (Cost $–) | 167 | |||||||
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (3.41%) | ||||||||||||
| Money Market Fund (2.26%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $3,403,711) | 3.58 | % | 3,403,711 | 3,403,711 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (1.15%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $1,736,668) | 1,736,668 | 1,736,668 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $5,140,379) | $ | 5,140,379 | ||||||||||
| TOTAL INVESTMENTS (101.48%) | ||||||||||||
| (Cost $167,187,432) | $ | 153,151,565 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐1.48%) | (2,234,269 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 150,917,296 | ||||||||||
17 | June 30, 2026
| Sprott Junior Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $4,914,023. The loaned securities were secured with cash collateral of $1,736,668 and non-cash collateral with the value of $3,343,215. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
See Notes to Financial Statements.
18 | June 30, 2026
| Sprott Nickel Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (98.07%) | ||||||||
| Diversified Metals & Mining (85.24%) | ||||||||
| Ardea Resources, Ltd.(a) | 1,664,490 | $ | 518,583 | |||||
| Canada Nickel Co., Inc.(a)(b) | 1,808,125 | 1,733,862 | ||||||
| Centaurus Metals, Ltd.(a) | 3,550,793 | 1,204,609 | ||||||
| Central Omega Resources Tbk PT | 16,716,200 | 579,645 | ||||||
| Chalice Mining, Ltd.(a) | 600,425 | 482,216 | ||||||
| First Atlantic Nickel & Cobalt Corp.(a) | 1,256,847 | 762,128 | ||||||
| FPX Nickel Corp.(a) | 2,017,750 | 533,514 | ||||||
| Global Ferronickel Holdings, Inc. | 32,033,000 | 897,780 | ||||||
| Homeland Nickel, Inc.(a) | 1,894,999 | 527,780 | ||||||
| IGO, Ltd.(a) | 981,083 | 5,006,080 | ||||||
| Lifezone Metals, Ltd.(a)(b) | 392,560 | 1,523,133 | ||||||
| Lunnon Metals, Ltd.(a) | 1,042,621 | 223,776 | ||||||
| Magna Mining, Inc.(a)(b) | 1,679,489 | 2,474,974 | ||||||
| Merdeka Battery Materials Tbk PT(a) | 226,138,450 | 5,843,175 | ||||||
| NexMetals Mining Corp.(a)(b) | 66,769 | 159,125 | ||||||
| Nickel Asia Corp. | 31,061,515 | 1,806,903 | ||||||
| Nickel Industries, Ltd.(a) | 13,014,952 | 8,560,334 | ||||||
| Pam Mineral Tbk PT | 24,528,800 | 647,516 | ||||||
| Power Metallic Mines, Inc.(a)(b) | 1,848,734 | 1,472,991 | ||||||
| Sherritt International Corp.(a) | 4,199,655 | 355,338 | ||||||
| Sunrise Energy Metals, Ltd.(a) | 164,765 | 1,965,508 | ||||||
| Talon Metals Corp.(a)(b) | 635,050 | 2,525,424 | ||||||
| Trimegah Bangun Persada Tbk PT | 56,236,150 | 2,453,255 | ||||||
| Vale Indonesia Tbk PT | 10,324,500 | 2,379,023 | ||||||
| Xinjiang Xinxin Mining Industry Co., Ltd.(b) | 6,654,200 | 1,179,334 | ||||||
| Total Diversified Metals & Mining | 45,816,006 | |||||||
| Gold Mining (12.83%) | ||||||||
| ANTAM Persero Tbk | 47,597,695 | 6,894,744 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $71,361,006) | 52,710,750 | |||||||
| Shares | Value | |||||||
| SHORT TERM INVESTMENTS (7.31%) | ||||||||
| Investments Purchased with Collateral from Securities Loaned (7.31%) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||
| (Cost $3,929,152) | 3,929,152 | 3,929,152 | ||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||
| (Cost $3,929,152) | $ | 3,929,152 | ||||||
| TOTAL INVESTMENTS (105.38%) | ||||||||
| (Cost $75,290,158) | $ | 56,639,902 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐5.38%) | (2,892,247 | ) | ||||||
| NET ASSETS (100.00%) | $ | 53,747,655 | ||||||
| (a) | Non-income producing security. |
| (b) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $5,168,767. The loaned securities were secured with cash collateral of $3,929,152 and non-cash collateral with the value of $1,431,051. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
See Notes to Financial Statements
19 | June 30, 2026
| Sprott Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| CLOSED END FUND (5.16%) | ||||||||
| Sprott Physical Copper Trust(a)(b) | 1,280,883 | $ | 14,742,963 | |||||
| TOTAL CLOSED END FUND | ||||||||
| (Cost $14,682,671) | 14,742,963 | |||||||
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (92.68%) | ||||||||
| Copper Mining (66.87%) | ||||||||
| Aeris Resources, Ltd.(a)(c) | 1,441,424 | 369,248 | ||||||
| Aldebaran Resources, Inc.(a) | 206,207 | 380,936 | ||||||
| Amman Mineral Internasional PT(a) | 28,735,800 | 4,982,158 | ||||||
| Antofagasta PLC | 520,553 | 26,376,691 | ||||||
| Atalaya Mining Copper SA | 178,137 | 1,929,311 | ||||||
| Atlas Consolidated Mining & Development Corp.(a) | 1,951,900 | 225,501 | ||||||
| Austral Resources Australia, Ltd.(a) | 2,433,650 | 123,000 | ||||||
| Capstone Copper Corp.(a) | 1,024,409 | 9,411,634 | ||||||
| Central Asia Metals PLC | 238,344 | 418,586 | ||||||
| China Daye Non‐Ferrous Metals Mining, Ltd.(a) | 8,991,200 | 108,910 | ||||||
| Copper 360, Ltd.(a) | 831,098 | 20,295 | ||||||
| Copper Fox Metals, Inc.(a) | 145,846 | 63,758 | ||||||
| Cyprium Metals, Ltd.(a) | 607,874 | 189,387 | ||||||
| Element 29 Resources, Inc.(a) | 101,233 | 114,206 | ||||||
| ERO Copper Corp.(a)(c) | 128,760 | 3,444,330 | ||||||
| Faraday Copper Corp.(a) | 363,502 | 1,535,256 | ||||||
| FireFly Metals, Ltd.(a)(c) | 1,101,416 | 1,342,112 | ||||||
| First Quantum Minerals, Ltd.(a) | 486,039 | 13,276,327 | ||||||
| Freeport‐McMoRan, Inc. | 1,127,557 | 70,912,058 | ||||||
| Gladiator Metals Corp.(a) | 143,137 | 374,432 | ||||||
| Hillgrove Resources, Ltd.(a) | 4,162,696 | 152,748 | ||||||
| Hot Chili, Ltd.(a) | 286,535 | 394,780 | ||||||
| Imperial Metals Corp.(a) | 119,462 | 521,396 | ||||||
| Jinchuan Group International Resources Co., Ltd.(c)(d) | 987,700 | 80,599 | ||||||
| KGHM Polska Miedz SA | 156,664 | 13,795,244 | ||||||
| Koryx Copper SA(a)(c) | 185,222 | 433,589 | ||||||
| Lundin Mining Corp. | 500,842 | 12,204,548 | ||||||
| Marimaca Copper Corp.(a) | 123,206 | 652,408 | ||||||
| Oroco Resource Corp.(a) | 276,916 | 72,243 | ||||||
| Sandfire Resources, Ltd.(a) | 547,541 | 7,274,718 | ||||||
| Selkirk Copper Mines, Inc.(a) | 95,333 | 106,206 | ||||||
| Sociedad Minera Cerro Verde SAA | 26,598 | 1,691,633 | ||||||
| Sociedad Punta del Cobre SA | 52,003 | 881,716 | ||||||
| Southern Copper Corp. | 78,254 | 13,636,542 | ||||||
| Trekor Metals, Ltd.(a) | 501,519 | 3,450,451 | ||||||
| Vizsla Copper Corp.(a) | 116,443 | 86,619 | ||||||
| Total Copper Mining | 191,033,576 | |||||||
| Diversified Metals & Mining (25.55%) | ||||||||
| 29Metals, Ltd.(a) | 1,306,954 | 230,741 | ||||||
| AIC Mines, Ltd.(a) | 984,659 | 494,252 | ||||||
| Amarc Resources, Ltd.(a) | 223,180 | 149,495 | ||||||
| Amerigo Resources, Ltd. | 207,134 | 896,741 | ||||||
| Andina Copper Corp.(a) | 195,161 | 159,624 | ||||||
| Anglo Asian Mining PLC | 81,920 | 437,369 | ||||||
| Barksdale Resources Corp.(a) | 122,003 | 33,549 | ||||||
20 | June 30, 2026
| Sprott Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Diversified Metals & Mining (continued) | ||||||||
| Blue Moon Metals, Inc.(a) | 113,340 | $ | 719,239 | |||||
| Caravel Minerals, Ltd.(a) | 712,209 | 118,343 | ||||||
| Carnaby Resources, Ltd.(a)(c) | 362,067 | 146,646 | ||||||
| Cobre, Ltd.(a) | 832,198 | 190,136 | ||||||
| Copper Giant Resources Corp.(a) | 275,403 | 139,813 | ||||||
| Entree Resources, Ltd.(a) | 104,233 | 226,362 | ||||||
| Fitzroy Minerals, Inc.(a) | 390,087 | 143,025 | ||||||
| Gruvaktiebolaget Viscaria(a) | 333,257 | 559,533 | ||||||
| Gunnison Copper Corp.(a) | 644,388 | 168,111 | ||||||
| Hercules Metals Corp.(a)(c) | 383,711 | 151,509 | ||||||
| Hudbay Minerals, Inc. | 513,455 | 12,122,673 | ||||||
| Intrepid Metals Corp.(a) | 116,313 | 58,638 | ||||||
| Ivanhoe Electric, Inc. / US(a) | 176,109 | 1,692,407 | ||||||
| Ivanhoe Mines, Ltd.(a)(c) | 978,168 | 7,662,575 | ||||||
| KGL Resources, Ltd.(a) | 540,849 | 78,636 | ||||||
| King Copper Discovery Corp.(a) | 487,421 | 247,448 | ||||||
| Kingfisher Metals Corp.(a) | 146,733 | 133,464 | ||||||
| Kodiak Copper Corp.(a) | 149,593 | 71,724 | ||||||
| Los Andes Copper, Ltd.(a) | 18,491 | 159,454 | ||||||
| Midnight Sun Mining Corp.(a) | 330,786 | 144,606 | ||||||
| Minsur SA | 1,458,692 | 2,901,167 | ||||||
| MMG, Ltd.(a)(c) | 6,109,700 | 5,406,366 | ||||||
| NGEx Minerals, Ltd.(a) | 218,087 | 3,902,731 | ||||||
| Osisko Metals, Inc.(a) | 937,316 | 1,183,004 | ||||||
| Panoro Minerals, Ltd.(a) | 386,253 | 419,411 | ||||||
| PECOY COPPER Corp.(a) | 237,913 | 310,340 | ||||||
| Philex Mining Corp. | 3,213,100 | 359,687 | ||||||
| Prospect Resources, Ltd.(a) | 950,939 | 184,347 | ||||||
| Regulus Resources, Inc.(a) | 161,089 | 470,233 | ||||||
| Solaris Resources, Inc.(a) | 162,885 | 1,370,152 | ||||||
| Sterling Metals Corp.(a) | 68,899 | 53,438 | ||||||
| Teck Resources, Ltd., Class B | 476,454 | 28,329,955 | ||||||
| Trilogy Metals, Inc.(a) | 211,389 | 741,975 | ||||||
| Total Diversified Metals & Mining | 72,968,919 | |||||||
| Gold Mining (0.26%) | ||||||||
| Atex Resources, Inc.(a) | 422,828 | 727,446 | ||||||
| Cygnus Metals, Ltd.(a) | 287,265 | 22,872 | ||||||
| Total Gold Mining | 750,318 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $247,995,170) | 264,752,813 | |||||||
| Security Description | Shares | Value | ||||||
| EXCHANGE TRADED FUND (0.96%) | ||||||||
| iShares MSCI India ETF(a) | 55,631 | $ | 2,747,615 | |||||
| TOTAL EXCHANGE TRADED FUND | ||||||||
| (Cost $2,888,407) | 2,747,615 | |||||||
21 | June 30, 2026
| Sprott Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| RIGHTS (0.00%) | |||||||
| Diversified Metals & Mining (0.00%) | |||||||
| KGL Resources, Ltd. (Expiring 7/23/2026), Strike Price AUD $0.01 | 426,579 | 30 | |||||
| TOTAL RIGHTS | |||||||
| (Cost $–) | 30 |
| 7-Day Yield | Shares | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHORT TERM INVESTMENTS (0.41%) | ||||||||||||
| Money Market Fund (0.38%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $1,077,036) | 3.58 | % | 1,077,036 | $ | 1,077,036 | |||||||
| Investments Purchased with Collateral from Securities Loaned (0.03%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $91,272) | 91,272 | 91,272 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $1,168,308) | $ | 1,168,308 | ||||||||||
| TOTAL INVESTMENTS (99.21%) | ||||||||||||
| (Cost $266,734,556) | $ | 283,411,729 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (0.79%) | 2,258,127 | |||||||||||
| NET ASSETS (100.00%) | $ | 285,669,856 | ||||||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. See table below (Affiliated Investments). |
| (c) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $4,153,383. The loaned securities were secured with cash collateral of $91,272 and non-cash collateral with the value of $4,222,410. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (d) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
22 | June 30, 2026
| Sprott Copper Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
AFFILIATED INVESTMENTS
| Security Name | Shares as of January 1, 2026 |
Market
Value as of January 1, 2026 |
Purchases (Shares) |
Purchases (Cost) |
Sales (Shares) |
Sales (Proceeds) |
Change
in Unrealized Gain/(Loss) |
Realized Gain/(Loss) |
Market
Value as of June 30, 2026 |
Share
Balance as of June 30, 2026 |
||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EXCHANGE TRADED FUNDS | ||||||||||||||||||||||||||||||||||||||||
| Sprott Physical Copper Trust(a) | 397,714 | 4,498,145 | 939,806 | 11,447,882 | (56,637 | ) | (616,017 | ) | (785,150 | ) | 198,103 | 14,742,963 | 1,280,883 | |||||||||||||||||||||||||||
| Securities Affiliated as of June 30, 2026 | $ | 4,498,145 | $ | 11,447,882 | $ | (616,017 | ) | $ | (785,150 | ) | $ | 198,103 | $ | 14,742,963 | ||||||||||||||||||||||||||
| (a) | Non-income producing security. |
See Notes to Financial Statements.
23 | June 30, 2026
| Sprott Silver Miners & Physical Silver ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| CLOSED END FUND (16.88%) | ||||||||
| Sprott Physical Silver Trust(a)(b) | 5,777,206 | $ | 109,015,877 | |||||
| TOTAL CLOSED END FUND | ||||||||
| (Cost $118,722,249) | 109,015,877 | |||||||
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (82.94%) | ||||||||
| Diversified Metals & Mining (9.58%) | ||||||||
| Alaska Silver Corp.(a)(c) | 70,531 | 34,314 | ||||||
| Americas Gold & Silver Corp.(a)(c) | 5,295,571 | 24,995,095 | ||||||
| Andean Silver, Ltd.(a) | 3,375,139 | 4,428,182 | ||||||
| Argent Minerals, Ltd.(a) | 13,968,834 | 203,097 | ||||||
| Black Bear Minerals, Ltd.(a) | 162,710 | 50,130 | ||||||
| Blackrock Silver Corp.(a)(c) | 5,633,557 | 3,535,248 | ||||||
| BMC Minerals, Ltd.(a) | 50,776 | 103,355 | ||||||
| Boab Metals, Ltd.(a) | 10,660,241 | 2,509,403 | ||||||
| Bunker Hill Mining Corp.(a) | 16,792 | 55,648 | ||||||
| Cerro de Pasco Resources, Inc.(a) | 9,780,767 | 4,206,782 | ||||||
| Cia de Minas Buenaventura SAA, ADR | 231,289 | 6,774,455 | ||||||
| Eloro Resources, Ltd.(a)(c) | 108,836 | 128,155 | ||||||
| Emerita Resources Corp.(a) | 200,536 | 47,368 | ||||||
| Investigator Silver, Ltd.(a) | 47,920,676 | 1,526,178 | ||||||
| Kingsmen Resources, Ltd.(a) | 636,132 | 479,930 | ||||||
| Maronan Metals Pty, Ltd.(a) | 4,185,247 | 1,274,965 | ||||||
| Minaurum Gold, Inc.(a) | 9,516,348 | 2,163,950 | ||||||
| Mithril Silver And Gold, Ltd.(a) | 95,032 | 16,120 | ||||||
| Santacruz Silver Mining, Ltd.(a)(c) | 95,316 | 618,302 | ||||||
| Silver Viper Minerals Corp.(a) | 119,779 | 34,627 | ||||||
| Silver X Mining Corp.(a)(c) | 5,018,576 | 2,264,684 | ||||||
| Silver47 Exploration Corp.(a)(c) | 239,981 | 98,141 | ||||||
| Silverco Mining, Ltd.(a)(c) | 573,744 | 2,997,668 | ||||||
| Societe Metallurgique D’imiter | 4,565 | 2,916,622 | ||||||
| Tinka Resources, Ltd.(a) | 73,104 | 21,134 | ||||||
| West Coast Silver, Ltd.(a)(c) | 6,128,676 | 420,075 | ||||||
| Total Diversified Metals & Mining | 61,903,628 | |||||||
| Gold Mining (10.03%) | ||||||||
| American Pacific Mining Corp.(a) | 192,032 | 20,987 | ||||||
| Coeur Mining, Inc. | 852,561 | 13,913,796 | ||||||
| Hochschild Mining PLC | 266,036 | 1,632,443 | ||||||
| Hycroft Mining Holding Corp.(a)(c) | 51,415 | 1,203,111 | ||||||
| Integra Resources Corp.(a) | 162,000 | 359,810 | ||||||
| OR Royalties, Inc.(c) | 120,407 | 3,808,473 | ||||||
| Skeena Resources, Ltd.(a) | 68,068 | 1,814,187 | ||||||
| Triple Flag Precious Metals Corp. | 193,633 | 5,803,181 | ||||||
| Unico Silver, Ltd.(a) | 10,862,837 | 4,286,893 | ||||||
| Wheaton Precious Metals Corp. | 284,278 | 31,930,105 | ||||||
| Total Gold Mining | 64,772,986 | |||||||
| Precious Metals & Minerals Mining (4.87%) | ||||||||
| Astra Exploration, Inc.(a) | 118,244 | 48,356 | ||||||
| Avino Silver & Gold Mines, Ltd.(a)(c) | 209,819 | 1,330,252 | ||||||
| Capitan Silver Corp.(a)(c) | 133,987 | 165,329 | ||||||
| Chesapeake Gold Corp.(a) | 41,373 | 99,184 | ||||||
24 | June 30, 2026
| Sprott Silver Miners & Physical Silver ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Precious Metals & Minerals Mining (continued) | ||||||||
| GR Silver Mining, Ltd.(a) | 9,379,330 | $ | 2,050,127 | |||||
| Guanajuato Silver Co., Ltd.(a)(c) | 12,931,499 | 4,194,246 | ||||||
| Highlander Silver Corp.(a) | 2,597,496 | 12,197,654 | ||||||
| Industrias Penoles SAB de CV(c) | 153,772 | 6,711,802 | ||||||
| Outcrop Silver & Gold Corp.(a) | 7,325,631 | 1,420,447 | ||||||
| Sierra Madre Gold And Silver, Ltd.(a) | 162,936 | 164,286 | ||||||
| Southern Silver Exploration Corp.(a) | 6,173,123 | 1,958,685 | ||||||
| Thesis Gold & Silver, Inc.(a) | 235,504 | 483,213 | ||||||
| Viscount Mining Corp.(a)(c) | 2,219,952 | 532,194 | ||||||
| Total Precious Metals & Minerals Mining | 31,355,775 | |||||||
| Silver Mining (58.46%) | ||||||||
| AbraSilver Resource Corp.(a)(c) | 2,701,369 | 27,256,542 | ||||||
| Aftermath Silver, Ltd.(a)(c) | 4,720,605 | 2,130,222 | ||||||
| Andean Precious Metals Corp.(a) | 1,103,923 | 4,530,112 | ||||||
| Apollo Silver Corp.(a)(c) | 989,492 | 1,813,981 | ||||||
| Argenta Silver Corp.(a)(c) | 4,332,744 | 1,344,197 | ||||||
| Aya Gold & Silver, Inc.(a)(c) | 2,411,665 | 45,674,122 | ||||||
| Discovery Silver Corp.(a)(c) | 483,938 | 2,893,562 | ||||||
| Endeavour Silver Corp.(a) | 3,789,100 | 31,373,748 | ||||||
| Excellon Resources, Inc.(a) | 258,316 | 62,837 | ||||||
| First Majestic Silver Corp. | 8,294,797 | 140,679,758 | ||||||
| Fresnillo PLC | 220,712 | 8,024,667 | ||||||
| GoGold Resources, Inc.(a)(c) | 7,906,960 | 17,728,985 | ||||||
| Hecla Mining Co. | 742,739 | 11,460,463 | ||||||
| Honey Badger Silver, Inc.(a) | 2,018,152 | 1,024,551 | ||||||
| IMPACT Silver Corp.(a) | 6,365,521 | 1,324,046 | ||||||
| Kootenay Silver, Inc.(a)(c) | 1,843,455 | 1,676,754 | ||||||
| Kuya Silver Corp.(a)(c) | 3,337,826 | 1,859,251 | ||||||
| New Pacific Metals Corp.(a)(c) | 1,842,987 | 7,408,808 | ||||||
| Silver Mines, Ltd.(a) | 39,710,820 | 3,299,246 | ||||||
| Silver Mountain Resources, Inc.(a)(c) | 1,099,471 | 2,527,252 | ||||||
| Silver One Resources, Inc.(a) | 5,457,623 | 1,443,052 | ||||||
| Silver Storm Mining, Ltd.(a)(c) | 10,860,859 | 3,446,068 | ||||||
| Silver Tiger Metals, Inc.(a) | 10,287,296 | 5,730,276 | ||||||
| Silvercorp Metals, Inc. | 2,834,116 | 28,624,572 | ||||||
| Sotkamo Silver AB(a)(c) | 6,144,754 | 2,706,584 | ||||||
| Sun Silver, Ltd.(a)(c) | 2,847,827 | 1,705,510 | ||||||
| Vizsla Silver Corp.(a)(c) | 6,004,177 | 19,813,784 | ||||||
| Total Silver Mining | 377,562,950 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $493,402,564) | 535,595,339 | |||||||
25 | June 30, 2026
| Sprott Silver Miners & Physical Silver ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| 7-Day Yield | Shares | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHORT TERM INVESTMENTS (2.47%) | ||||||||||||
| Money Market Fund (0.01%) | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | ||||||||||||
| (Cost $84,199) | 3.58 | % | 84,199 | 84,199 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (2.46%) | ||||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.66% | ||||||||||||
| (Cost $15,891,175) | 15,891,175 | 15,891,175 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $15,975,374) | $ | 15,975,374 | ||||||||||
| TOTAL INVESTMENTS (102.29%) | ||||||||||||
| (Cost $628,100,187) | $ | 660,586,590 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐2.29%) | (14,766,379 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 645,820,211 | ||||||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. See table below (Affiliated Investments). |
| (c) | As of June 30, 2026, the security, or a portion of the security position was on loan. The total market value of securities on loan was $19,087,571. The loaned securities were secured with cash collateral of $15,891,175 and non-cash collateral with the value of $4,403,587. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
AFFILIATED INVESTMENTS
| Security Name | Shares as of January 1, 2026 |
Market
Value as of January 1, 2026 |
Purchases (Shares) |
Purchases (Cost) |
Sales (Shares) |
Sales (Proceeds) |
Change
in Unrealized Gain/(Loss) |
Realized Gain/(Loss) |
Market
Value as of June 30, 2026 |
Share
Balance as of June 30, 2026 |
||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Closed End Fund | ||||||||||||||||||||||||||||||||||||||||
| Sprott Physical Silver Trust(a) | 5,387,630 | 127,417,450 | 1,527,531 | 46,756,572 | (1,137,955 | ) | (26,615,323 | ) | (49,359,703 | ) | 10,816,881 | 109,015,877 | 5,777,206 | |||||||||||||||||||||||||||
| Securities Affiliated as of June 30, 2026 | $ | 127,417,450 | $ | 46,756,572 | $ | (26,615,323 | ) | $ | (49,359,703 | ) | $ | 10,816,881 | $ | 109,015,877 | ||||||||||||||||||||||||||
| (a) | Non-income producing security. |
See Notes to Financial Statements.
26 | June 30, 2026
| Sprott Active Gold & Silver Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (99.09%) | ||||||||
| Diversified Metals & Mining (2.42%) | ||||||||
| Benz Mining Corp.(a) | 882,037 | $ | 1,587,759 | |||||
| Cia de Minas Buenaventura SAA, ADR | 58,592 | 1,716,160 | ||||||
| LunR Royalties Corp.(a) | 7,789 | 103,798 | ||||||
| Total Diversified Metals & Mining | 3,407,717 | |||||||
| Gold Mining (85.57%) | ||||||||
| Agnico Eagle Mines, Ltd. | 28,426 | 4,416,678 | ||||||
| Alamos Gold, Inc., Class A | 98,748 | 2,996,014 | ||||||
| Anglogold Ashanti PLC | 46,686 | 3,776,431 | ||||||
| Artemis Gold, Inc.(a) | 30,129 | 663,019 | ||||||
| Barrick Mining Corp. | 50,070 | 1,841,107 | ||||||
| Coeur Mining, Inc. | 343,160 | 5,600,371 | ||||||
| DPM Metals, Inc. | 215,115 | 6,986,213 | ||||||
| Eldorado Gold Corp. | 159,839 | 4,969,395 | ||||||
| Emerald Resources NL(a) | 1,090,769 | 4,146,003 | ||||||
| Equinox Gold Corp. | 435,797 | 4,246,582 | ||||||
| Evolution Mining, Ltd. | 407,115 | 3,311,918 | ||||||
| G Mining Ventures Corp.(a) | 238,597 | 6,986,733 | ||||||
| Genesis Minerals, Ltd.(a) | 942,535 | 3,399,850 | ||||||
| Gold Fields, Ltd., Sponsored ADR | 17,622 | 591,923 | ||||||
| i‐80 Gold Corp.(a) | 2,504,560 | 3,637,859 | ||||||
| IAMGOLD Corp.(a) | 367,164 | 5,815,878 | ||||||
| K92 Mining, Inc.(a) | 179,196 | 2,812,553 | ||||||
| Kinross Gold Corp. | 156,704 | 3,701,348 | ||||||
| Lundin Gold, Inc. | 37,316 | 2,013,078 | ||||||
| Montage Gold Corp.(a) | 457,611 | 5,204,488 | ||||||
| New Found Gold Corp.(a) | 407,594 | 627,695 | ||||||
| Newmont Corp. | 46,572 | 4,349,825 | ||||||
| Northern Star Resources, Ltd. | 267,367 | 3,507,854 | ||||||
| OceanaGold Corp. | 197,122 | 4,941,080 | ||||||
| OR Royalties, Inc. | 42,845 | 1,356,721 | ||||||
| Ora Banda Mining, Ltd.(a) | 3,494,681 | 2,552,610 | ||||||
| Pan American Silver Corp. | 30,074 | 1,347,014 | ||||||
| Perpetua Resources Corp.(a) | 110,967 | 2,303,675 | ||||||
| Ramelius Resources, Ltd. | 1,734,329 | 3,506,218 | ||||||
| Skeena Resources, Ltd.(a) | 81,906 | 2,183,005 | ||||||
| SSR Mining, Inc.(a) | 90,066 | 2,547,066 | ||||||
| Torex Gold Resources, Inc. | 52,364 | 2,084,222 | ||||||
| Wesdome Gold Mines, Ltd. | 258,761 | 4,442,680 | ||||||
| West African Resources, Ltd.(a) | 518,276 | 961,658 | ||||||
| Westgold Resources, Ltd. | 740,055 | 2,408,166 | ||||||
| Wheaton Precious Metals Corp. | 37,871 | 4,253,671 | ||||||
| Total Gold Mining | 120,490,601 | |||||||
| Platinum Mining (1.83%) | ||||||||
| Valterra Platinum, Ltd. | 38,359 | 2,579,688 | ||||||
| Precious Metals & Minerals Mining (1.59%) | ||||||||
| Metalla Royalty & Streaming, Ltd.(a) | 293,589 | 2,234,212 | ||||||
| Silver Mining (7.68%) | ||||||||
| AbraSilver Resource Corp.(a) | 96,072 | 969,357 | ||||||
| Discovery Silver Corp.(a) | 921,612 | 5,510,502 | ||||||
27 | June 30, 2026
| Sprott Active Gold & Silver Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Silver Mining (continued) | ||||||||
| Endeavour Silver Corp.(a) | 268,497 | $ | 2,228,246 | |||||
| Vizsla Silver Corp.(a) | 639,044 | 2,099,732 | ||||||
| Total Silver Mining | 10,807,837 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $129,559,554) | 139,520,055 | |||||||
| 7-Day Yield | Shares | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHORT TERM INVESTMENTS (0.99%) | ||||||||||||
| Money Market Fund | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.58 | % | 1,398,171 | 1,398,171 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $1,398,171) | $ | 1,398,171 | ||||||||||
| TOTAL INVESTMENTS (100.08%) | ||||||||||||
| (Cost $130,957,725) | $ | 140,918,226 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐0.08%) | (108,139 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 140,810,087 | ||||||||||
| (a) | Non-income producing security. |
See Notes to Financial Statements.
28 | June 30, 2026
| Sprott Active Metals & Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (96.80%) | ||||||||
| Coal & Consumable Fuels (18.11%) | ||||||||
| Cameco Corp. | 34,819 | $ | 3,546,663 | |||||
| Denison Mines Corp.(a) | 994,225 | 3,042,329 | ||||||
| NexGen Energy, Ltd.(a) | 347,726 | 3,265,793 | ||||||
| Paladin Energy, Ltd.(a) | 381,500 | 2,456,416 | ||||||
| Peninsula Energy, Ltd.(a) | 2,302,872 | 637,756 | ||||||
| Uranium Energy Corp.(a) | 237,335 | 2,529,991 | ||||||
| Total Coal & Consumable Fuels | 15,478,948 | |||||||
| Copper Mining (14.28%) | ||||||||
| Antofagasta PLC | 17,373 | 880,299 | ||||||
| Atalaya Mining Copper SA | 228,166 | 2,471,150 | ||||||
| Capstone Copper Corp.(a) | 99,323 | 912,518 | ||||||
| ERO Copper Corp.(a) | 75,669 | 2,020,508 | ||||||
| Freeport‐McMoRan, Inc. | 34,913 | 2,195,679 | ||||||
| Lundin Mining Corp. | 110,123 | 2,683,484 | ||||||
| Trekor Metals, Ltd.(a) | 151,277 | 1,043,179 | ||||||
| Total Copper Mining | 12,206,817 | |||||||
| Diversified Metals & Mining (30.60%) | ||||||||
| Andina Copper Corp.(a) | 483,000 | 395,050 | ||||||
| Cia de Minas Buenaventura SAA, ADR | 94,034 | 2,754,256 | ||||||
| Galan Lithium, Ltd.(a) | 2,640,590 | 667,296 | ||||||
| Hudbay Minerals, Inc. | 141,981 | 3,352,684 | ||||||
| Ivanhoe Mines, Ltd.(a) | 326,633 | 2,558,712 | ||||||
| LibertyStream Infrastructure Partners, Inc.(a) | 526,286 | 359,949 | ||||||
| Lindian Resources, Ltd.(a) | 1,068,545 | 688,019 | ||||||
| Lithium Argentina AG(a) | 430,301 | 3,558,588 | ||||||
| Lynas Rare Earths, Ltd.(a) | 260,216 | 3,253,690 | ||||||
| Major Drilling Group International, Inc.(a) | 307,776 | 3,270,357 | ||||||
| MP Materials Corp.(a) | 34,136 | 1,911,957 | ||||||
| PLS Group, Ltd.(a) | 326,955 | 1,136,361 | ||||||
| Sovereign Metals, Ltd.(a) | 1,482,166 | 579,789 | ||||||
| Talon Metals Corp.(a) | 250,849 | 997,559 | ||||||
| USA Rare Earth, Inc.(a) | 31,634 | 682,662 | ||||||
| Total Diversified Metals & Mining | 26,166,929 | |||||||
| Fertilizers & Agricultural Chemicals (3.02%) | ||||||||
| Sociedad Quimica y Minera de Chile SA, ADR | 34,818 | 2,577,925 | ||||||
| Gold Mining (5.63%) | ||||||||
| Coeur Mining, Inc. | 51,200 | 835,584 | ||||||
| Pan American Silver Corp. | 54,720 | 2,450,909 | ||||||
| Wheaton Precious Metals Corp. | 13,576 | 1,527,174 | ||||||
| Total Gold Mining | 4,813,667 | |||||||
| Platinum Mining (1.10%) | ||||||||
| Valterra Platinum, Ltd. | 13,892 | 934,254 | ||||||
| Precious Metals & Minerals Mining (0.29%) | ||||||||
| Sibanye Stillwater, Ltd., ADR | 29,445 | 249,988 | ||||||
29 | June 30, 2026
| Sprott Active Metals & Miners ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Silver Mining (7.84%) | ||||||||
| Endeavour Silver Corp.(a) | 353,637 | $ | 2,928,114 | |||||
| GoGold Resources, Inc.(a) | 601,159 | 1,347,919 | ||||||
| Vizsla Silver Corp.(a) | 737,137 | 2,422,040 | ||||||
| Total Silver Mining | 6,698,073 | |||||||
| Specialty Chemicals (2.09%) | ||||||||
| Albemarle Corp. | 13,269 | 1,791,713 | ||||||
| Steel Mining (13.84%) | ||||||||
| Champion Iron, Ltd. | 666,960 | 1,810,133 | ||||||
| Nucor Corp. | 16,993 | 3,785,191 | ||||||
| Reliance, Inc. | 7,844 | 2,930,518 | ||||||
| Steel Dynamics, Inc. | 14,381 | 3,299,864 | ||||||
| Total Steel Mining | 11,825,706 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $87,311,956) | 82,744,020 | |||||||
| 7-Day Yield | Shares | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHORT TERM INVESTMENTS (3.23%) | ||||||||||||
| Money Market Fund | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.58 | % | 2,759,032 | 2,759,032 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $2,759,032) | $ | 2,759,032 | ||||||||||
| TOTAL INVESTMENTS (100.03%) | ||||||||||||
| (Cost $90,070,988) | $ | 85,503,052 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‐0.03%) | (27,111 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 85,475,941 | ||||||||||
| (a) | Non-income producing security. |
See Notes to Financial Statements.
30 | June 30, 2026
| Sprott Rare Earths Ex-China ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| COMMON STOCKS (98.69%) | ||||||||
| Application Software (4.39%) | ||||||||
| REalloys, Inc.(a) | 169,882 | $ | 2,454,794 | |||||
| Coal & Consumable Fuels (2.20%) | ||||||||
| Energy Fuels, Inc.(a) | 85,018 | 1,232,761 | ||||||
| Diversified Metals & Mining (85.90%) | ||||||||
| Aclara Resources, Inc.(a) | 198,631 | 577,021 | ||||||
| American Rare Earths, Ltd.(a) | 1,374,147 | 366,284 | ||||||
| Apex Critical Metals Corp.(a) | 32,322 | 37,148 | ||||||
| Arafura Rare Earths, Ltd.(a) | 10,932,856 | 1,854,489 | ||||||
| Astron, Ltd.(a) | 54,222 | 20,835 | ||||||
| Avalon Advanced Materials, Inc.(a) | 311,796 | 10,992 | ||||||
| Brazilian Rare Earths, Ltd.(a) | 552,760 | 1,718,334 | ||||||
| Critica, Ltd.(a) | 8,483,074 | 99,845 | ||||||
| Critical Metals Corp.(a) | 240,950 | 2,469,738 | ||||||
| Defense Metals Corp.(a) | 1,017,522 | 107,617 | ||||||
| Energy Transition Minerals, Ltd.(a) | 701,510 | 20,399 | ||||||
| Evolution Metals & Technologies Corp.(a) | 21,032 | 139,022 | ||||||
| Geomega Resources, Inc.(a) | 65,840 | 13,463 | ||||||
| Hastings Technology Metals, Ltd.(a) | 599,073 | 107,839 | ||||||
| Idaho Strategic Resources, Inc.(a) | 5,846 | 191,457 | ||||||
| Iluka Resources, Ltd. | 515,112 | 2,521,423 | ||||||
| Ionic Rare Earths, Ltd.(a) | 632,662 | 157,688 | ||||||
| Kendrick Resources PLC(a) | 104,470 | 9,181 | ||||||
| Leading Edge Materials Corp.(a) | 437,976 | 98,821 | ||||||
| Lindian Resources, Ltd.(a) | 3,713,892 | 2,391,315 | ||||||
| Lynas Rare Earths, Ltd.(a) | 892,667 | 11,161,736 | ||||||
| Meteoric Resources NL(a) | 8,075,470 | 838,656 | ||||||
| Mkango Resources, Ltd.(a) | 883,284 | 486,229 | ||||||
| MP Materials Corp.(a) | 190,544 | 10,672,369 | ||||||
| NioCorp Developments, Ltd.(a) | 404,470 | 1,949,545 | ||||||
| Northern Minerals, Ltd.(a) | 23,091,959 | 399,692 | ||||||
| Pensana PLC(a) | 609,409 | 744,492 | ||||||
| Rainbow Rare Earths, Ltd.(a) | 1,264,793 | 360,703 | ||||||
| Scandium Canada, Ltd.(a) | 1,298,296 | 160,199 | ||||||
| St George Mining, Ltd.(a) | 9,775,596 | 636,203 | ||||||
| Sunrise Energy Metals, Ltd.(a) | 218,198 | 2,602,918 | ||||||
| Ucore Rare Metals, Inc.(a) | 297,763 | 1,026,660 | ||||||
| USA Rare Earth, Inc.(a) | 125,915 | 2,717,246 | ||||||
| VHM, Ltd.(a) | 556,826 | 92,524 | ||||||
| Victory Metals, Ltd.(a) | 346,809 | 390,184 | ||||||
| Viridis Mining and Minerals, Ltd.(a) | 360,655 | 878,940 | ||||||
| Total Diversified Metals & Mining | 48,031,207 | |||||||
| Gold Mining (0.32%) | ||||||||
| Brazilian Critical Minerals, Ltd.(a) | 4,390,180 | 176,293 | ||||||
| Specialty Chemicals (5.51%) | ||||||||
| Neo Performance Materials, Inc. | 117,580 | 3,082,407 | ||||||
31 | June 30, 2026
| Sprott Rare Earths Ex-China ETF | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Steel Mining (0.37%) | ||||||||
| Ramaco Resources, Inc.(a) | 15,554 | $ | 205,779 | |||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $59,507,488) | 55,183,241 | |||||||
| 7-Day Yield | Shares | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHORT TERM INVESTMENTS (0.07%) | ||||||||||||
| Money Market Fund | ||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.58 | % | 40,510 | 40,510 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $40,510) | $ | 40,510 | ||||||||||
| TOTAL INVESTMENTS (98.76%) | ||||||||||||
| (Cost $59,547,998) | $ | 55,223,751 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES (1.24%) | 694,538 | |||||||||||
| NET ASSETS (100.00%) | $ | 55,918,289 | ||||||||||
| (a) | Non-income producing security. |
See Notes to Financial Statements.
32 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| Sprott Gold Miners ETF |
Sprott Junior Gold Miners ETF |
Sprott Critical Materials ETF |
||||||||||
| ASSETS: | ||||||||||||
| Unaffiliated investments, at value* | $ | 578,624,266 | $ | 288,255,847 | $ | 593,790,849 | ||||||
| Foreign currency, at value | – | 87 | 1,963,039 | |||||||||
| Receivable for investments sold | – | – | 906,973 | |||||||||
| Receivable for shares sold | – | 1,497,492 | – | |||||||||
| Dividends and reclaim receivable | 53,869 | 106,174 | 429,122 | |||||||||
| Prepaid expenses and other assets | 4,584 | 4,119 | – | |||||||||
| Total assets | 578,682,719 | 289,863,719 | 597,089,983 | |||||||||
| LIABILITIES: | ||||||||||||
| Payable to custodian for foreign currency overdraft | 164,541 | – | 917,040 | |||||||||
| Payable for investments purchased | – | 1,497,464 | 3,148,647 | |||||||||
| Payable for Non U.S. taxes | – | 12,122 | – | |||||||||
| Payable to Adviser | 174,251 | 86,595 | 335,159 | |||||||||
| Payable to custodian for overdraft | – | – | 10,067 | |||||||||
| Payable for collateral upon return of securities loaned | 19,525,685 | 21,658,007 | 17,804,568 | |||||||||
| Administration fees payable | 18,548 | 10,298 | – | |||||||||
| Professional fees payable | 21,137 | 15,384 | – | |||||||||
| Transfer agent fees payable | 4,463 | 4,463 | – | |||||||||
| Trustees’ fees and expenses payable | 30,683 | 13,307 | – | |||||||||
| Accrued expenses and other liabilities | 666 | 12,493 | – | |||||||||
| Total liabilities | 19,939,974 | 23,310,133 | 22,215,481 | |||||||||
| Commitments and contingencies (Note 6) | ||||||||||||
| NET ASSETS | $ | 558,742,745 | $ | 266,553,586 | $ | 574,874,502 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 327,742,845 | $ | 187,749,742 | $ | 556,561,874 | ||||||
| Total distributable earnings/(accumulated loss) | 230,999,900 | 78,803,844 | 18,312,628 | |||||||||
| NET ASSETS | $ | 558,742,745 | $ | 266,553,586 | $ | 574,874,502 | ||||||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 403,998,752 | $ | 262,449,029 | $ | 568,165,449 | ||||||
| FOREIGN CURRENCY, AT COST | $ | – | $ | 87 | $ | 1,963,039 | ||||||
| FOREIGN CURRENCY OVERDRAFT, AT COST | $ | 164,541 | $ | – | $ | 917,040 | ||||||
| PRICING OF SHARES | ||||||||||||
| Net Assets | $ | 558,742,745 | $ | 266,553,586 | $ | 574,874,502 | ||||||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 8,850,000 | 3,560,000 | 18,480,000 | |||||||||
| Net Asset Value, offering and redemption price per share | $ | 63.13 | $ | 74.87 | $ | 31.11 | ||||||
| * Includes Securities on Loan, at Value | 18,677,794 | 21,608,337 | 38,027,617 | |||||||||
See Notes to Financial Statements.
33 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| Sprott
Lithium Miners ETF |
Sprott
Uranium Miners ETF |
Sprott Junior Uranium Miners ETF |
||||||||||
| ASSETS: | ||||||||||||
| Unaffiliated investments, at value* | $ | 47,975,491 | $ | 1,183,102,327 | $ | 329,108,235 | ||||||
| Affiliated investments, at value | – | 654,358,758 | * | – | ||||||||
| Foreign currency, at value | – | 30,201 | 752,554 | |||||||||
| Receivable for investments sold | – | 102,474,295 | 5,494,789 | |||||||||
| Dividends and reclaim receivable | 61,437 | 579,347 | 173,478 | |||||||||
| Total assets | 48,036,928 | 1,940,544,928 | 335,529,056 | |||||||||
| LIABILITIES: | ||||||||||||
| Payable for investments purchased | – | 2,730,377 | 1,686,317 | |||||||||
| Payable for shares redeemed | – | – | 5,096,866 | |||||||||
| Payable to Adviser | 29,385 | 1,264,294 | 245,854 | |||||||||
| Payable for collateral upon return of securities loaned | 2,473,022 | 36,617,999 | 6,697,364 | |||||||||
| Total liabilities | 2,502,407 | 40,612,670 | 13,726,401 | |||||||||
| Commitments and contingencies (Note 6) | ||||||||||||
| NET ASSETS | $ | 45,534,521 | $ | 1,899,932,258 | $ | 321,802,655 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 36,787,721 | $ | 1,949,302,105 | $ | 379,144,540 | ||||||
| Total distributable earnings/(accumulated loss) | 8,746,800 | (49,369,847 | ) | (57,341,885 | ) | |||||||
| NET ASSETS | $ | 45,534,521 | $ | 1,899,932,258 | $ | 321,802,655 | ||||||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 40,670,971 | $ | 834,635,153 | $ | 349,563,545 | ||||||
| AFFILIATED INVESTMENTS, AT COST | $ | – | $ | 815,637,237 | $ | – | ||||||
| FOREIGN CURRENCY, AT COST | $ | – | $ | 30,201 | $ | 752,554 | ||||||
| PRICING OF SHARES | ||||||||||||
| Net Assets | $ | 45,534,521 | $ | 1,899,932,258 | $ | 321,802,655 | ||||||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3,650,000 | 36,235,000 | 13,890,000 | |||||||||
| Net Asset Value, offering and redemption price per share | $ | 12.48 | $ | 52.43 | $ | 23.17 | ||||||
| * Includes Securities on Loan, at Value | 4,153,684 | 94,671,596 | 10,540,887 | |||||||||
See Notes to Financial Statements.
34 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| Sprott Junior Copper Miners ETF |
Sprott Nickel Miners ETF |
Sprott
Copper Miners ETF |
||||||||||
| ASSETS: | ||||||||||||
| Unaffiliated investments, at value* | $ | 153,151,565 | $ | 56,639,902 | $ | 268,668,766 | ||||||
| Affiliated investments, at value | – | – | 14,742,963 | |||||||||
| Cash | 418,491 | – | – | |||||||||
| Foreign currency, at value | – | 1,158,122 | 181,743 | |||||||||
| Receivable for investments sold | 397,662 | 1,686,046 | 2,907,628 | |||||||||
| Dividends and reclaim receivable | 14,481 | 595,955 | 72,629 | |||||||||
| Total assets | 153,982,199 | 60,080,025 | 286,573,729 | |||||||||
| LIABILITIES: | ||||||||||||
| Payable to custodian for foreign currency overdraft | 202,151 | 924,719 | – | |||||||||
| Payable for investments purchased | 1,024,877 | 1,140,083 | 510,100 | |||||||||
| Payable to Adviser | 101,207 | 41,770 | 166,337 | |||||||||
| Payable to custodian for overdraft | – | 296,646 | 136,164 | |||||||||
| Payable for collateral upon return of securities loaned | 1,736,668 | 3,929,152 | 91,272 | |||||||||
| Total liabilities | 3,064,903 | 6,332,370 | 903,873 | |||||||||
| Commitments and contingencies (Note 6) | ||||||||||||
| NET ASSETS | $ | 150,917,296 | $ | 53,747,655 | $ | 285,669,856 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 157,862,408 | $ | 78,250,200 | $ | 266,652,888 | ||||||
| Total distributable earnings/(accumulated loss) | (6,945,112 | ) | (24,502,545 | ) | 19,016,968 | |||||||
| NET ASSETS | $ | 150,917,296 | $ | 53,747,655 | $ | 285,669,856 | ||||||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 167,187,432 | $ | 75,290,158 | $ | 252,051,885 | ||||||
| AFFILIATED INVESTMENTS, AT COST | $ | – | $ | – | $ | 14,682,671 | ||||||
| FOREIGN CURRENCY, AT COST | $ | – | $ | 1,158,122 | $ | 181,743 | ||||||
| FOREIGN CURRENCY OVERDRAFT, AT COST | $ | 202,151 | $ | 924,719 | $ | – | ||||||
| PRICING OF SHARES | ||||||||||||
| Net Assets | $ | 150,917,296 | $ | 53,747,655 | $ | 285,669,856 | ||||||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3,790,000 | 4,210,000 | 7,440,000 | |||||||||
| Net Asset Value, offering and redemption price per share | $ | 39.82 | $ | 12.77 | $ | 38.40 | ||||||
| * Includes Securities on Loan, at Value | 4,914,023 | 5,168,767 | 4,153,383 | |||||||||
See Notes to Financial Statements.
35 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| Sprott
Silver Miners & Physical Silver ETF |
Sprott
Active Gold & Silver Miners ETF |
|||||||
| ASSETS: | ||||||||
| Unaffiliated investments, at value | $ | 551,570,713 | * | $ | 140,918,226 | |||
| Affiliated investments, at value | 109,015,877 | – | ||||||
| Receivable for investments sold | 2,275,499 | – | ||||||
| Dividends and reclaim receivable | 69,058 | 18,480 | ||||||
| Total assets | 662,931,147 | 140,936,706 | ||||||
| LIABILITIES: | ||||||||
| Payable to Adviser | 384,234 | 109,269 | ||||||
| Payable to custodian for overdraft | 5 | – | ||||||
| Payable for collateral upon return of securities loaned | 15,891,175 | – | ||||||
| Payable to custodian for foreign currency overdraft | 835,522 | 17,350 | ||||||
| Total liabilities | 17,110,936 | 126,619 | ||||||
| NET ASSETS | $ | 645,820,211 | $ | 140,810,087 | ||||
| NET ASSETS CONSIST OF: | ||||||||
| Paid-in capital | $ | 601,401,478 | $ | 114,504,382 | ||||
| Total distributable earnings/(accumulated loss) | 44,418,733 | 26,305,705 | ||||||
| NET ASSETS | $ | 645,820,211 | $ | 140,810,087 | ||||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 509,377,940 | $ | 130,957,725 | ||||
| AFFILIATED INVESTMENTS, AT COST | $ | 118,722,247 | $ | – | ||||
| FOREIGN CURRENCY OVERDRAFT, AT COST | $ | 835,522 | $ | 17,346 | ||||
| PRICING OF SHARES | ||||||||
| Net Assets | $ | 645,820,211 | $ | 140,810,087 | ||||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 12,860,000 | 3,610,000 | ||||||
| Net Asset Value, offering and redemption price per share | $ | 50.22 | $ | 39.01 | ||||
| * Includes Securities on Loan, at Value | 19,087,571 | |||||||
See Notes to Financial Statements.
36 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| Sprott Active Metals & Miners ETF |
Sprott Rare Earths Ex-China ETF |
|||||||
| ASSETS: | ||||||||
| Unaffiliated investments, at value | $ | 85,503,052 | $ | 55,223,751 | ||||
| Foreign currency, at value | 8 | – | ||||||
| Receivable for investments sold | – | 723,079 | ||||||
| Dividends and reclaim receivable | 40,706 | 21 | ||||||
| Total assets | 85,543,766 | 55,946,851 | ||||||
| LIABILITIES: | ||||||||
| Payable to Adviser | 67,825 | 28,562 | ||||||
| Total liabilities | 67,825 | 28,562 | ||||||
| NET ASSETS | $ | 85,475,941 | $ | 55,918,289 | ||||
| NET ASSETS CONSIST OF: | ||||||||
| Paid-in capital | $ | 87,127,701 | $ | 61,364,182 | ||||
| Total distributable earnings/(accumulated loss) | (1,651,760 | ) | (5,445,893 | ) | ||||
| NET ASSETS | $ | 85,475,941 | $ | 55,918,289 | ||||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 90,070,988 | $ | 59,547,998 | ||||
| FOREIGN CURRENCY, AT COST | $ | 8 | $ | – | ||||
| PRICING OF SHARES | ||||||||
| Net Assets | $ | 85,475,941 | $ | 55,918,289 | ||||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3,320,000 | 2,840,000 | ||||||
| Net Asset Value, offering and redemption price per share | $ | 25.75 | $ | 19.69 | ||||
See Notes to Financial Statements.
37 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| Sprott
Gold Miners ETF |
Sprott Junior Gold Miners ETF |
Sprott Critical Materials ETF |
||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividends from unaffiliated investments | $ | 4,576,061 | $ | 765,790 | $ | 1,276,688 | ||||||
| Securities lending income - net of fees (See Note 5) | 27,107 | 36,013 | 616,617 | |||||||||
| Foreign withholding tax | (635,777 | ) | (62,668 | ) | (73,654 | ) | ||||||
| Total investment income | 3,967,391 | 739,135 | 1,819,651 | |||||||||
| EXPENSES: | ||||||||||||
| Investment adviser fees (See Note 6) | 1,240,725 | 614,501 | 1,762,077 | |||||||||
| Administration fees | 116,363 | 57,694 | – | |||||||||
| Legal fees | 65,419 | 21,394 | – | |||||||||
| Custody fees | 50,656 | 46,669 | – | |||||||||
| Trustee fees | 30,683 | 13,307 | – | |||||||||
| Audit fees | 10,757 | 10,760 | – | |||||||||
| Compliance fees | 5,239 | 2,680 | – | |||||||||
| Transfer agent fees | 4,463 | 4,463 | – | |||||||||
| Other fees and expenses | 28,841 | 19,535 | – | |||||||||
| Total expenses | 1,553,146 | 791,003 | 1,762,077 | |||||||||
| Adviser recoupment | – | 85,980 | – | |||||||||
| Net expense | 1,553,146 | 876,983 | 1,762,077 | |||||||||
| NET INVESTMENT INCOME/(LOSS) | 2,414,245 | (137,848 | ) | 57,574 | ||||||||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||||||
| Net realized gain/(loss) on unaffiliated investments | 62,839,487 | (a) | 83,552,867 | (b) | (1,147,081 | )(c) | ||||||
| Net realized gain/(loss) on deferred non U.S tax | – | – | – | |||||||||
| Net realized gain/(loss) on foreign currency transactions | (55,003 | ) | 73,589 | (28,799 | ) | |||||||
| Net realized gain/(loss) | 62,784,484 | 83,626,456 | (1,175,880 | ) | ||||||||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (127,548,977 | ) | (114,004,956 | ) | (28,914,522 | ) | ||||||
| Net change in unrealized appreciation/(depreciation) on deferred non U.S tax | – | – | 65,812 | |||||||||
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 51 | (211 | ) | (137 | ) | |||||||
| Net change in unrealized appreciation/(depreciation) | (127,548,926 | ) | (114,005,167 | ) | (28,848,847 | ) | ||||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | (64,764,442 | ) | (30,378,711 | ) | (30,024,727 | ) | ||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (62,350,197 | ) | $ | (30,516,559 | ) | $ | (29,967,153 | ) | |||
| (a) | Includes realized gain or loss as a result of in-kind transactions $62,879,991 (See Note 8). |
| (b) | Includes realized gain or loss as a result of in-kind transactions $83,351,355 (See Note 8). |
| (c) | Includes realized gain or loss as a result of in-kind transactions $7,426,115 (See Note 8). |
See Notes to Financial Statements.
38 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| Sprott
Lithium Miners ETF |
Sprott
Uranium Miners ETF |
Sprott Junior Uranium Miners ETF |
||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividends from unaffiliated investments | $ | 114,468 | $ | 506,127 | $ | 105,305 | ||||||
| Securities lending income - net of fees (See Note 5) | 244,945 | 425,829 | 157,150 | |||||||||
| Foreign withholding tax | (24,952 | ) | – | – | ||||||||
| Total investment income | 334,461 | 931,956 | 262,455 | |||||||||
| EXPENSES: | ||||||||||||
| Investment adviser fees (See Note 6) | 181,096 | 8,394,107 | 1,713,500 | |||||||||
| Total expenses | 181,096 | 8,394,107 | 1,713,500 | |||||||||
| NET INVESTMENT INCOME/(LOSS) | 153,365 | (7,462,151 | ) | (1,451,045 | ) | |||||||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||||||
| Net realized gain/(loss) on unaffiliated investments | 7,620,013 | (a) | 46,712,904 | (b) | 7,813,941 | (c) | ||||||
| Net realized gain/(loss) on affiliated investments | – | 6,528,423 | – | |||||||||
| Net realized gain/(loss) on foreign currency transactions | 5,251 | (80,874 | ) | (47,465 | ) | |||||||
| Net realized gain/(loss) | 7,625,264 | 53,160,453 | 7,766,476 | |||||||||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (8,790,198 | ) | (82,314,991 | ) | (44,454,701 | ) | ||||||
| Net change in unrealized appreciation/(depreciation) on affiliated investments | – | (132,918,580 | ) | – | ||||||||
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 747 | 14,949 | 4,884 | |||||||||
| Net change in unrealized appreciation/(depreciation) | (8,789,451 | ) | (215,218,622 | ) | (44,449,817 | ) | ||||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | (1,164,187 | ) | (162,058,169 | ) | (36,683,341 | ) | ||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,010,822 | ) | $ | (169,520,320 | ) | $ | (38,134,386 | ) | |||
| (a) | Includes realized gain or loss as a result of in-kind transactions $7,676,096 (See Note 8). |
| (b) | Includes realized gain or loss as a result of in-kind transactions $137,242,400 (See Note 8). |
| (c) | Includes realized gain or loss as a result of in-kind transactions $19,419,210 (See Note 8). |
See Notes to Financial Statements.
39 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| Sprott Junior Copper Miners ETF |
Sprott
Nickel Miners ETF |
Sprott
Copper Miners ETF |
||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividends from unaffiliated investments | $ | 1,294,792 | $ | 977,288 | $ | 1,213,143 | ||||||
| Securities lending income - net of fees (See Note 5) | 69,569 | 27,506 | 51,668 | |||||||||
| Foreign withholding tax | (137,861 | ) | (193,649 | ) | (43,400 | ) | ||||||
| Other income | 3,135 | 892 | 580 | |||||||||
| Total investment income | 1,229,635 | 812,037 | 1,221,991 | |||||||||
| EXPENSES: | ||||||||||||
| Investment adviser fees (See Note 6) | 605,605 | 273,707 | 855,191 | |||||||||
| Total expenses | 605,605 | 273,707 | 855,191 | |||||||||
| NET INVESTMENT INCOME/(LOSS) | 624,030 | 538,330 | 366,800 | |||||||||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||||||
| Net realized gain/(loss) on unaffiliated investments | 12,950,607 | (a) | (3,252,435 | )(b) | 5,095,025 | (c) | ||||||
| Net realized gain/(loss) on affiliated investments | – | – | 198,103 | |||||||||
| Net realized gain/(loss) on foreign currency transactions | (52,476 | ) | (6,873 | ) | 13,909 | |||||||
| Net realized gain/(loss) | 12,898,131 | (3,259,308 | ) | 5,307,037 | ||||||||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (31,739,970 | ) | (20,069,280 | ) | (2,532,822 | ) | ||||||
| Net change in unrealized appreciation/(depreciation) on affiliated investments | – | – | (785,150 | ) | ||||||||
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 11,616 | (2,157 | ) | 333 | ||||||||
| Net change in unrealized appreciation/(depreciation) | (31,728,354 | ) | (20,071,437 | ) | (3,317,639 | ) | ||||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | (18,830,223 | ) | (23,330,745 | ) | 1,989,398 | |||||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (18,206,193 | ) | $ | (22,792,415 | ) | $ | 2,356,198 | ||||
| (a) | Includes realized gain or loss as a result of in-kind transactions $19,885,039 (See Note 8). |
| (b) | Includes realized gain or loss as a result of in-kind transactions $2,602,098 (See Note 8). |
| (c) | Includes realized gain or loss as a result of in-kind transactions $5,808,759 (See Note 8). |
See Notes to Financial Statements.
40 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| Sprott
Silver Miners & Physical Silver ETF |
Sprott
Active Gold & Silver Miners ETF |
|||||||
| INVESTMENT INCOME: | ||||||||
| Dividends from unaffiliated investments | $ | 1,072,994 | $ | 886,441 | ||||
| Securities lending income - net of fees (See Note 5) | 387,255 | 22,861 | ||||||
| Foreign withholding tax | (99,000 | ) | (91,628 | ) | ||||
| Other income | – | – | ||||||
| Total investment income | 1,361,249 | 817,674 | ||||||
| EXPENSES: | ||||||||
| Investment adviser fees (See Note 6) | 2,771,824 | 787,370 | ||||||
| Total expenses | 2,771,824 | 787,370 | ||||||
| NET INVESTMENT INCOME/(LOSS) | (1,410,575 | ) | 30,304 | |||||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||
| Net realized gain/(loss) on unaffiliated investments | 25,874,873 | (a) | 18,347,142 | (b) | ||||
| Net realized gain/(loss) on affiliated investment | 10,816,881 | – | ||||||
| Net realized gain/(loss) on foreign currency transactions | 26,559 | 5,839 | ||||||
| Net realized gain/(loss) | 36,718,313 | 18,352,981 | ||||||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (109,164,627 | ) | (41,474,222 | ) | ||||
| Net change in unrealized appreciation/(depreciation) on affiliated investments | (49,359,703 | ) | – | |||||
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (2,586 | ) | 4 | |||||
| Net change in unrealized appreciation/(depreciation) | (158,526,916 | ) | (41,474,218 | ) | ||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | (121,808,603 | ) | (23,121,237 | ) | ||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (123,219,178 | ) | $ | (23,090,933 | ) | ||
| (a) | Includes realized gain or loss as a result of in-kind transactions $64,396,193 (See Note 8). |
| (b) | Includes realized gain or loss as a result of in-kind transactions $18,910,727 (See Note 8). |
See Notes to Financial Statements.
41 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| Sprott
Active Metals & Miners ETF |
Sprott Rare Earths Ex-China ETF(a) |
|||||||
| INVESTMENT INCOME: | ||||||||
| Dividends from unaffiliated investments | $ | 324,232 | $ | 7,862 | ||||
| Securities lending income - net of fees (See Note 5) | 2,793 | – | ||||||
| Foreign withholding tax | (29,431 | ) | (1,176 | ) | ||||
| Total investment income | 297,594 | 6,686 | ||||||
| EXPENSES: | ||||||||
| Investment adviser fees (See Note 6) | 398,466 | 53,137 | ||||||
| Total expenses | 398,466 | 53,137 | ||||||
| NET INVESTMENT INCOME/(LOSS) | (100,872 | ) | (46,451 | ) | ||||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||
| Net realized gain/(loss) on unaffiliated investments | 3,479,924 | (b) | (1,072,804 | ) | ||||
| Net realized gain/(loss) on foreign currency transactions | 68 | (2,391 | ) | |||||
| Net realized gain/(loss) | 3,479,992 | (1,075,195 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (10,789,076 | ) | (4,324,247 | ) | ||||
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (94 | ) | – | |||||
| Net change in unrealized appreciation/(depreciation) | (10,789,170 | ) | (4,324,247 | ) | ||||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | (7,309,178 | ) | (5,399,442 | ) | ||||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,410,050 | ) | $ | (5,445,893 | ) | ||
| (a) | The Sprott Rare Earths Ex-China ETF commenced operations on April, 14, 2026. |
| (b) | Includes realized gain or loss as a result of in-kind transactions $3,548,128 (See Note 8). |
See Notes to Financial Statements.
42 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Gold Miners ETF | Sprott Junior Gold Miners ETF | |||||||||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income/(loss) | $ | 2,414,245 | $ | 3,007,766 | $ | (137,848 | ) | $ | 213,092 | |||||||
| Net realized gain/(loss) | 62,784,484 | 110,276,966 | 83,626,456 | 73,067,515 | ||||||||||||
| Net change in unrealized appreciation/(depreciation) | (127,548,926 | ) | 275,034,205 | (114,005,167 | ) | 134,059,199 | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | (62,350,197 | ) | 388,318,937 | (30,516,559 | ) | 207,339,806 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From distributable earnings | – | (6,833,424 | ) | – | (24,031,959 | ) | ||||||||||
| Return of capital | – | – | – | (1,185,561 | ) | |||||||||||
| Total distributions | – | (6,833,424 | ) | – | (25,217,520 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Proceeds from sale of shares | 148,913,035 | 75,676,691 | 131,410,117 | 86,402,838 | ||||||||||||
| Cost of shares redeemed | (189,998,957 | ) | (36,894,613 | ) | (184,693,945 | ) | (30,378,628 | ) | ||||||||
| Net increase/(decrease) from capital share transactions | (41,085,922 | ) | 38,782,078 | (53,283,828 | ) | 56,024,210 | ||||||||||
| Net increase/(decrease) in net assets | (103,436,119 | ) | 420,267,591 | (83,800,387 | ) | 238,146,496 | ||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 662,178,864 | 241,911,273 | 350,353,973 | 112,207,477 | ||||||||||||
| End of period | $ | 558,742,745 | $ | 662,178,864 | $ | 266,553,586 | $ | 350,353,973 | ||||||||
| OTHER INFORMATION: | ||||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Beginning shares | 9,510,000 | 8,700,000 | 4,140,000 | 3,370,000 | ||||||||||||
| Shares sold | 2,120,000 | 1,550,000 | 1,580,000 | 1,200,000 | ||||||||||||
| Shares redeemed | (2,780,000 | ) | (740,000 | ) | (2,160,000 | ) | (430,000 | ) | ||||||||
| Shares outstanding, end of period | 8,850,000 | 9,510,000 | 3,560,000 | 4,140,000 | ||||||||||||
See Notes to Financial Statements.
43 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Critical Materials ETF | Sprott Lithium Miners ETF | |||||||||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income/(loss) | $ | 57,574 | $ | 276,879 | $ | 153,365 | $ | 309,842 | ||||||||
| Net realized gain/(loss) | (1,175,880 | ) | (1,116,470 | ) | 7,625,264 | (841,223 | ) | |||||||||
| Net change in unrealized appreciation/(depreciation) | (28,848,847 | ) | 58,103,523 | (8,789,451 | ) | 19,268,219 | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | (29,967,153 | ) | 57,263,932 | (1,010,822 | ) | 18,736,838 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From distributable earnings | – | (3,372,392 | ) | – | (2,678,220 | ) | ||||||||||
| Total distributions | – | (3,372,392 | ) | – | (2,678,220 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Proceeds from sale of shares | 364,244,331 | 168,708,569 | 19,304,362 | 21,022,695 | ||||||||||||
| Cost of shares redeemed | (12,712,236 | ) | – | (14,071,668 | ) | (2,026,042 | ) | |||||||||
| Net increase/(decrease) from capital share transactions | 351,532,095 | 168,708,569 | 5,232,694 | 18,996,653 | ||||||||||||
| Net increase/(decrease) in net assets | 321,564,942 | 222,600,109 | 4,221,872 | 35,055,271 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 253,309,560 | 30,709,451 | 41,312,649 | 6,257,378 | ||||||||||||
| End of period | $ | 574,874,502 | $ | 253,309,560 | $ | 45,534,521 | $ | 41,312,649 | ||||||||
| OTHER INFORMATION: | ||||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Beginning shares | 8,790,000 | 2,040,000 | 3,410,000 | 930,000 | ||||||||||||
| Shares sold | 10,070,000 | 6,750,000 | 1,340,000 | 2,670,000 | ||||||||||||
| Shares redeemed | (380,000 | ) | – | (1,100,000 | ) | (190,000 | ) | |||||||||
| Shares outstanding, end of period | 18,480,000 | 8,790,000 | 3,650,000 | 3,410,000 | ||||||||||||
See Notes to Financial Statements.
44 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Uranium Miners ETF | Sprott Junior Uranium Miners ETF | |||||||||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income/(loss) | $ | (7,462,151 | ) | $ | 1,740,010 | $ | (1,451,045 | ) | $ | (1,956,219 | ) | |||||
| Net realized gain/(loss) | 53,160,453 | 202,878,541 | 7,766,476 | 63,142,143 | ||||||||||||
| Net change in unrealized appreciation/(depreciation) | (215,221,622 | ) | 357,473,840 | (44,449,817 | ) | 68,503,346 | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | (169,523,320 | ) | 562,092,391 | (38,134,386 | ) | 129,689,270 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From distributable earnings | – | (53,924,964 | ) | – | (21,317,764 | ) | ||||||||||
| Total distributions | – | (53,924,964 | ) | – | (21,317,764 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Proceeds from sale of shares | 563,684,938 | 437,971,129 | 72,229,175 | 137,269,913 | ||||||||||||
| Cost of shares redeemed | (248,958,293 | ) | (646,820,354 | ) | (54,871,750 | ) | (143,820,226 | ) | ||||||||
| Net increase/(decrease) from capital share transactions | 314,726,645 | (208,849,225 | ) | 17,357,425 | (6,550,313 | ) | ||||||||||
| Net increase/(decrease) in net assets | 145,203,325 | 299,318,202 | (20,776,961 | ) | 101,821,193 | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 1,754,728,933 | 1,455,410,731 | 342,579,616 | 240,758,423 | ||||||||||||
| End of period | $ | 1,899,932,258 | $ | 1,754,728,933 | $ | 321,802,655 | $ | 342,579,616 | ||||||||
| OTHER INFORMATION: | ||||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Beginning shares | 31,935,000 | 36,055,000 | 13,600,000 | 12,990,000 | ||||||||||||
| Shares sold | 8,070,000 | 8,460,000 | 2,240,000 | 6,590,000 | ||||||||||||
| Shares redeemed | (3,770,000 | ) | (12,580,000 | ) | (1,950,000 | ) | (5,980,000 | ) | ||||||||
| Shares outstanding, end of period | 36,235,000 | 31,935,000 | 13,890,000 | 13,600,000 | ||||||||||||
See Notes to Financial Statements.
45 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Junior Copper Miners ETF | Sprott Nickel Miners ETF | |||||||||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income/(loss) | $ | 624,030 | $ | 209,268 | $ | 538,330 | $ | 102,990 | ||||||||
| Net realized gain/(loss) | 12,898,131 | 3,210,618 | (3,259,308 | ) | 1,473,715 | |||||||||||
| Net change in unrealized appreciation/(depreciation) | (31,728,354 | ) | 18,535,048 | (20,071,437 | ) | 3,736,657 | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | (18,206,193 | ) | 21,954,934 | (22,792,415 | ) | 5,313,362 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From distributable earnings | – | (6,002,396 | ) | – | (520,738 | ) | ||||||||||
| Total distributions | – | (6,002,396 | ) | – | (520,738 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Proceeds from sale of shares | 160,590,481 | 42,321,557 | 72,151,706 | 34,595,582 | ||||||||||||
| Cost of shares redeemed | (52,208,750 | ) | (9,923,548 | ) | (27,343,616 | ) | (16,229,583 | ) | ||||||||
| Net increase/(decrease) from capital share transactions | 108,381,731 | 32,398,009 | 44,808,090 | 18,365,999 | ||||||||||||
| Net increase/(decrease) in net assets | 90,175,538 | 48,350,547 | 22,015,675 | 23,158,623 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 60,741,758 | 12,391,211 | 31,731,980 | 8,573,357 | ||||||||||||
| End of period | $ | 150,917,296 | $ | 60,741,758 | $ | 53,747,655 | $ | 31,731,980 | ||||||||
| OTHER INFORMATION: | ||||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Beginning shares | 1,550,000 | 670,000 | 2,020,000 | 800,000 | ||||||||||||
| Shares sold | 3,480,000 | 1,260,000 | 3,960,000 | 2,520,000 | ||||||||||||
| Shares redeemed | (1,240,000 | ) | (380,000 | ) | (1,770,000 | ) | (1,300,000 | ) | ||||||||
| Shares outstanding, end of period | 3,790,000 | 1,550,000 | 4,210,000 | 2,020,000 | ||||||||||||
See Notes to Financial Statements.
46 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Copper Miners ETF | ||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
|||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | 366,800 | $ | 142,365 | ||||
| Net realized gain/(loss) | 5,307,037 | 2,288,455 | ||||||
| Net change in unrealized appreciation/(depreciation) | (3,317,639 | ) | 22,850,718 | |||||
| Net increase/(decrease) in net assets resulting from operations | 2,356,198 | 25,281,538 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | – | (1,894,418 | ) | |||||
| Total distributions | – | (1,894,418 | ) | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 200,213,611 | 55,823,925 | ||||||
| Cost of shares redeemed | (13,768,940 | ) | (5,969,036 | ) | ||||
| Net increase/(decrease) from capital share transactions | 186,444,671 | 49,854,889 | ||||||
| Net increase/(decrease) in net assets | 188,800,869 | 73,242,009 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 96,868,987 | 23,626,978 | ||||||
| End of period | $ | 285,669,856 | $ | 96,868,987 | ||||
| OTHER INFORMATION: | ||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 2,790,000 | 1,150,000 | ||||||
| Shares sold | 5,020,000 | 1,820,000 | ||||||
| Shares redeemed | (370,000 | ) | (180,000 | ) | ||||
| Shares outstanding, end of period | 7,440,000 | 2,790,000 | ||||||
See Notes to Financial Statements.
47 | June 30, 2026
| Sprott ETFs | |
|---|---|
| Statements of Changes in Net Assets |
| Sprott Silver Miners & Physical Silver ETF | Sprott Active Gold & Silver Miners ETF | |||||||||||||||
| For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Period Ended December 31, 2025(a) |
For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Period Ended December 31, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income/(loss) | $ | (1,410,575 | ) | $ | (656,161 | ) | $ | 30,304 | $ | 27,093 | ||||||
| Net realized gain/(loss) | 36,718,311 | 37,798,179 | 18,352,981 | 5,984,732 | ||||||||||||
| Net change in unrealized appreciation/(depreciation) | (158,526,914 | ) | 191,013,317 | (41,474,218 | ) | 51,434,723 | ||||||||||
| Net increase/(decrease) in net assets resulting from operations | (123,219,178 | ) | 228,155,335 | (23,090,933 | ) | 57,446,548 | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From distributable earnings | – | (21,862,327 | ) | – | (2,257,168 | ) | ||||||||||
| Total distributions | – | (21,862,327 | ) | – | (2,257,168 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Proceeds from sale of shares | 238,724,102 | 551,469,858 | 49,421,593 | 113,837,783 | ||||||||||||
| Cost of shares redeemed | (125,033,969 | ) | (102,413,610 | ) | (38,193,372 | ) | (16,354,364 | ) | ||||||||
| Net increase/(decrease) from capital share transactions | 113,690,133 | 449,056,248 | 11,228,221 | 97,483,419 | ||||||||||||
| Net increase/(decrease) in net assets | (9,529,045 | ) | 655,349,256 | (11,862,712 | ) | 152,672,799 | ||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 655,349,256 | – | 152,672,799 | – | ||||||||||||
| End of period | $ | 645,820,211 | $ | 655,349,256 | $ | 140,810,087 | $ | 152,672,799 | ||||||||
| OTHER INFORMATION: | ||||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Beginning shares | 11,760,000 | – | 3,500,000 | – | ||||||||||||
| Shares sold | 3,300,000 | 14,060,000 | 960,000 | 3,990,000 | ||||||||||||
| Shares redeemed | (2,200,000 | ) | (2,300,000 | ) | (850,000 | ) | (490,000 | ) | ||||||||
| Shares outstanding, end of period | 12,860,000 | 11,760,000 | 3,610,000 | 3,500,000 | ||||||||||||
| (a) | The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025. |
| (b) | The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025. |
See Notes to Financial Statements.
48 | June 30, 2026
| Sprott ETFs | |
| Statements of Changes in Net Assets |
| Sprott Active Metals & Miners ETF | ||||||||
| For the Six Months Ended June 30, 2026 (Unaudited) |
For the Period Ended December 31, 2025(a) |
|||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (100,872 | ) | $ | (25,381 | ) | ||
| Net realized gain/(loss) | 3,479,992 | (25,909 | ) | |||||
| Net change in unrealized appreciation/(depreciation) | (10,789,170 | ) | 6,221,089 | |||||
| Net increase/(decrease) in net assets resulting from operations | (7,410,050 | ) | 6,169,799 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From distributable earnings | – | (411,509 | ) | |||||
| Total distributions | – | (411,509 | ) | |||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares | 62,546,197 | 39,339,458 | ||||||
| Cost of shares redeemed | (14,757,954 | ) | – | |||||
| Net increase/(decrease) from capital share transactions | 47,788,243 | 39,339,458 | ||||||
| Net increase/(decrease) in net assets | 40,378,193 | 45,097,748 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 45,097,748 | – | ||||||
| End of period | $ | 85,475,941 | $ | 45,097,748 | ||||
| OTHER INFORMATION: | ||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Beginning shares | 1,790,000 | – | ||||||
| Shares sold | 2,080,000 | 1,790,000 | ||||||
| Shares redeemed | (550,000 | ) | – | |||||
| Shares outstanding, end of period | 3,320,000 | 1,790,000 | ||||||
| (a) | The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025. |
See Notes to Financial Statements.
49 | June 30, 2026
| Sprott ETFs | |
| Statements of Changes in Net Assets |
| Sprott Rare Earths Ex-China ETF |
||||
| For the Period Ended June 30, 2026(a) |
||||
| OPERATIONS: | ||||
| Net investment income/(loss) | $ | (46,451 | ) | |
| Net realized gain/(loss) | (1,075,195 | ) | ||
| Net change in unrealized appreciation/(depreciation) | (4,324,247 | ) | ||
| Net increase/(decrease) in net assets resulting from operations | (5,445,893 | ) | ||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Proceeds from sale of shares | 61,364,182 | |||
| Net increase/(decrease) from capital share transactions | 61,364,182 | |||
| Net increase/(decrease) in net assets | 55,918,289 | |||
| NET ASSETS: | ||||
| Beginning of period | – | |||
| End of period | $ | 55,918,289 | ||
| OTHER INFORMATION: | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||
| Beginning shares | – | |||
| Shares sold | 2,840,000 | |||
| Shares outstanding, end of period | 2,840,000 | |||
| (a) | The Sprott Rare Earths Ex-China ETF commenced operations on April 14, 2026. |
See Notes to Financial Statements.
50 | June 30, 2026
| Sprott Gold Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Year Ended December 31, 2024 |
For
the Year Ended December 31, 2023 |
For
the Year Ended December 31, 2022 |
For
the Year Ended December 31, 2021 |
||||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 69.63 | $ | 27.81 | $ | 25.03 | $ | 24.70 | $ | 27.28 | $ | 30.50 | ||||||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | 0.26 | 0.33 | 0.26 | 0.34 | 0.37 | 0.33 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (6.76 | ) | 42.22 | 2.81 | 0.34 | (2.60 | ) | (3.19 | ) | |||||||||||||||
| Total from investment operations | (6.50 | ) | 42.55 | 3.07 | 0.68 | (2.23 | ) | (2.86 | ) | |||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| From net investment income | – | (0.73 | ) | (0.28 | ) | (0.35 | ) | (0.35 | ) | (0.36 | ) | |||||||||||||
| Tax return of capital | – | – | (0.01 | ) | – | – | – | |||||||||||||||||
| Total distributions | – | (0.73 | ) | (0.29 | ) | (0.35 | ) | (0.35 | ) | (0.36 | ) | |||||||||||||
| Net increase/(decrease) in net asset value | (6.50 | ) | 41.82 | 2.78 | 0.33 | (2.58 | ) | (3.22 | ) | |||||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 63.13 | $ | 69.63 | $ | 27.81 | $ | 25.03 | $ | 24.70 | $ | 27.28 | ||||||||||||
| TOTAL RETURN(b) | (9.34 | )% | 152.87 | % | 12.25 | % | 2.72 | % | (8.18 | )% | (9.33 | )% | ||||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
| Net assets, end of period (000s) | $ | 558,743 | $ | 662,179 | $ | 241,911 | $ | 232,322 | $ | 233,432 | $ | 231,914 | ||||||||||||
| Ratio of expenses including waiver/reimbursement/recoupment to average net assets | 0.44 | %(c) | 0.46 | %(d) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
| Ratio of expenses excluding waiver to average net assets | 0.44 | %(c) | 0.46 | % | 0.47 | % | 0.49 | % | 0.51 | % | 0.49 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | 0.68 | %(c) | 0.69 | % | 0.96 | % | 1.30 | % | 1.43 | % | 1.18 | % | ||||||||||||
| Portfolio turnover rate(e) | 29 | % | 59 | % | 81 | % | 58 | % | 73 | % | 66 | % | ||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (c) | Annualized. |
| (d) | Includes interest expense of $721 or 0.00% of average net assets. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
51 | June 30, 2026
| Sprott Junior Gold Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Year Ended December 31, 2024 |
For
the Year Ended December 31, 2023 |
For
the Year Ended December 31, 2022 |
For
the Year Ended December 31, 2021 |
||||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 84.63 | $ | 33.30 | $ | 29.44 | $ | 28.84 | $ | 40.70 | $ | 49.30 | ||||||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | (0.04 | ) | 0.06 | (0.03 | ) | (0.01 | ) | 0.19 | 0.42 | |||||||||||||||
| Net realized and unrealized gain/(loss) | (9.72 | ) | 58.31 | 6.07 | 1.95 | (11.34 | ) | (8.12 | ) | |||||||||||||||
| Total from investment operations | (9.76 | ) | 58.37 | 6.04 | 1.94 | (11.15 | ) | (7.70 | ) | |||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| From net investment income | – | (6.71 | ) | (1.80 | ) | (1.34 | ) | (0.71 | ) | (0.90 | ) | |||||||||||||
| Tax return of capital | – | (0.33 | ) | (0.38 | ) | – | – | – | ||||||||||||||||
| Total distributions | – | (7.04 | ) | (2.18 | ) | (1.34 | ) | (0.71 | ) | (0.90 | ) | |||||||||||||
| Net increase/(decrease) in net asset value | (9.76 | ) | 51.33 | 3.86 | 0.60 | (11.86 | ) | (8.60 | ) | |||||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 74.87 | $ | 84.63 | $ | 33.30 | $ | 29.44 | $ | 28.84 | $ | 40.70 | ||||||||||||
| TOTAL RETURN(b) | (11.53 | )% | 174.57 | % | 20.45 | % | 6.69 | % | (27.40 | )% | (15.56 | )% | ||||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
| Net assets, end of period (000s) | $ | 266,554 | $ | 350,354 | $ | 112,207 | $ | 106,869 | $ | 102,370 | $ | 124,127 | ||||||||||||
| Ratio of expenses including waiver/reimbursement/recoupment to average net assets | 0.50 | %(c) | 0.50 | %(d) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
| Ratio of expenses excluding waiver to average net assets | 0.45 | %(c) | 0.48 | % | 0.50 | % | 0.53 | % | 0.67 | % | 0.61 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.08 | )%(c) | 0.11 | % | (0.09 | )% | (0.02 | )% | 0.59 | % | 0.96 | % | ||||||||||||
| Portfolio turnover rate(e) | 37 | % | 76 | % | 63 | % | 70 | % | 100 | % | 66 | % | ||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (c) | Annualized. |
| (d) | Includes interest expense of $6,223 or 0.00% of average net assets. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
52 | June 30, 2026
| Sprott Critical Materials ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Period Ended December 31, 2023(a) |
||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 28.82 | $ | 15.05 | $ | 17.67 | $ | 20.49 | ||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(b) | 0.00 | (c) | 0.08 | 0.12 | 0.19 | |||||||||||
| Net realized and unrealized gain/(loss) | 2.29 | 14.14 | (2.43 | ) | (2.57 | ) | ||||||||||
| Total from investment operations | 2.29 | 14.22 | (2.31 | ) | (2.38 | ) | ||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| From net investment income | – | (0.45 | ) | (0.30 | ) | (0.43 | ) | |||||||||
| From net realized gains | – | – | – | (0.01 | ) | |||||||||||
| Tax return of capital | – | – | (0.01 | ) | – | |||||||||||
| Total distributions | – | (0.45 | ) | (0.31 | ) | (0.44 | ) | |||||||||
| Net increase/(decrease) in net asset value | 2.29 | 13.77 | (2.62 | ) | (2.82 | ) | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 31.11 | $ | 28.82 | $ | 15.05 | $ | 17.67 | ||||||||
| TOTAL RETURN(d) | 7.95 | % | 94.50 | % | (13.09 | )% | (11.60 | )% | ||||||||
| Net assets, end of period (000s) | $ | 574,875 | $ | 253,310 | $ | 30,709 | $ | 13,429 | ||||||||
| Ratio of expenses to average net assets | 0.65 | %(e) | 0.65 | %(f) | 0.65 | % | 0.65 | %(e) | ||||||||
| Ratio of net investment income/(loss) to average net assets | 0.02 | %(e) | 0.35 | % | 0.68 | % | 1.22 | %(e) | ||||||||
| Portfolio turnover rate(g) | 16 | % | 55 | % | 37 | % | 33 | % | ||||||||
| (a) | The Sprott Critical Materials ETF commenced operations on February 1, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Less than $0.005 per share. |
| (d) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (e) | Annualized. |
| (f) | Includes interest expense of $751 or 0.00% of average net assets. |
| (g) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
53 | June 30, 2026
| Sprott Lithium Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Period Ended December 31, 2023(a) |
||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.12 | $ | 6.73 | $ | 12.62 | $ | 20.21 | ||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(b) | 0.04 | 0.13 | 0.17 | 0.28 | ||||||||||||
| Net realized and unrealized gain/(loss) | 0.32 | 6.15 | (5.62 | ) | (7.52 | ) | ||||||||||
| Total from investment operations | 0.36 | 6.28 | (5.45 | ) | (7.24 | ) | ||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| From net investment income | – | (0.89 | ) | (0.44 | ) | (0.35 | ) | |||||||||
| Total distributions | – | (0.89 | ) | (0.44 | ) | (0.35 | ) | |||||||||
| Net increase/(decrease) in net asset value | 0.36 | 5.39 | (5.89 | ) | (7.59 | ) | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 12.48 | $ | 12.12 | $ | 6.73 | $ | 12.62 | ||||||||
| TOTAL RETURN(c) | 2.97 | % | 93.35 | % | (43.21 | )% | (35.77 | )% | ||||||||
| Net assets, end of period (000s) | $ | 45,535 | $ | 41,313 | $ | 6,257 | $ | 4,671 | ||||||||
| Ratio of expenses to average net assets | 0.65 | %(d) | 0.65 | %(e) | 0.65 | % | 0.65 | %(d) | ||||||||
| Ratio of net investment income/(loss) to average net assets | 0.55 | %(d) | 1.69 | % | 1.93 | % | 2.00 | %(d) | ||||||||
| Portfolio turnover rate(f) | 20 | % | 40 | % | 49 | % | 59 | % | ||||||||
| (a) | The Sprott Lithium Miners ETF commenced operations on February 1, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $112 or 0.00% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
54 | June 30, 2026
| Sprott Uranium Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Year Ended December 31, 2024 |
For
the Year Ended December 31, 2023 |
For
the Period Ended December 31, 2022(a) |
For
the Year Ended August 31, 2022(b) |
For
the Year Ended August 31, 2021(b)(c) |
|||||||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 54.95 | $ | 40.37 | $ | 48.07 | $ | 31.82 | $ | 38.94 | $ | 31.07 | $ | 16.69 | ||||||||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income/(loss)(d) | (0.21 | ) | 0.05 | 0.16 | 0.01 | (0.07 | ) | 0.15 | 0.23 | |||||||||||||||||||
| Net realized and unrealized gain/(loss) | (2.31 | ) | 16.27 | (6.58 | ) | 17.99 | (7.05 | ) | 10.12 | 14.71 | ||||||||||||||||||
| Total from investment operations | (2.52 | ) | 16.32 | (6.42 | ) | 18.00 | (7.12 | ) | 10.27 | 14.94 | ||||||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||||||
| From net investment income | – | (1.74 | ) | (1.28 | ) | (1.75 | ) | – | (2.42 | ) | (0.56 | ) | ||||||||||||||||
| Total distributions | – | (1.74 | ) | (1.28 | ) | (1.75 | ) | – | (2.42 | ) | (0.56 | ) | ||||||||||||||||
| Redemptions fees | – | – | – | – | – | 0.02 | – | |||||||||||||||||||||
| Net increase/(decrease) in net asset value | (2.52 | ) | 14.58 | (7.70 | ) | 16.25 | (7.12 | ) | 7.87 | 14.38 | ||||||||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 52.43 | $ | 54.95 | $ | 40.37 | $ | 48.07 | $ | 31.82 | $ | 38.94 | $ | 31.07 | ||||||||||||||
| TOTAL RETURN(e) | (4.59 | )% | 40.41 | % | (13.38 | )% | 56.59 | % | (18.28 | )% | 33.42 | % | 91.13 | % | ||||||||||||||
| Net assets, end of period (000s) | $ | 1,899,932 | $ | 1,754,729 | $ | 1,455,411 | $ | 1,677,898 | $ | 826,468 | $ | 1,037,584 | $ | 355,776 | ||||||||||||||
| Ratio of expenses to average net assets | 0.75 | %(f) | 0.75 | %(g) | 0.76 | %(h) | 0.81 | % | 0.83 | %(f) | 0.83 | % | 0.85 | % | ||||||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.67 | )%(f) | 0.11 | % | 0.33 | % | 0.03 | % | (0.58 | )%(f) | 0.40 | % | 0.81 | % | ||||||||||||||
| Portfolio turnover rate(i) | 18 | % | 35 | % | 18 | % | 10 | % | 17 | % | 19 | % | 26 | % | ||||||||||||||
| (a) | With the approval of the Board effective September 6, 2022, the Fund’s fiscal year end was changed from August 31 to December 31. |
| (b) | On December 21, 2022, the Sprott Uranium Miners ETF underwent a two for one stock split. The capital share activity presented here has been retroactively adjusted to reflect this stock split (See Note 1). |
| (c) | These financials have been audited by the Predecessor Fund’s independent registered public accounting firm. |
| (d) | Based on average shares outstanding during the period. |
| (e) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (f) | Annualized. |
| (g) | Includes interest expense of $8,835 or 0.00% of average net assets. |
| (h) | Effective April 1, 2024, the Adviser reduced its advisory fee to 0.75%. Prior to this date, the fee was 0.85% of net assets up to $500 million, 0.80% of net assets up to $1 billion, and 0.70% on net assets greater than $1 billion. |
| (i) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
55 | June 30, 2026
| Sprott Junior Uranium Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Period Ended December 31, 2023(a) |
||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.19 | $ | 18.53 | $ | 23.38 | $ | 20.26 | ||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(b) | (0.10 | ) | (0.14 | ) | (0.17 | ) | (0.13 | ) | ||||||||
| Net realized and unrealized gain/(loss) | (1.92 | ) | 8.46 | (3.87 | ) | 4.20 | ||||||||||
| Total from investment operations | (2.02 | ) | 8.32 | (4.04 | ) | 4.07 | ||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| From net investment income | – | (1.66 | ) | (0.81 | ) | (0.95 | ) | |||||||||
| Total distributions | – | (1.66 | ) | (0.81 | ) | (0.95 | ) | |||||||||
| Net increase/(decrease) in net asset value | (2.02 | ) | 6.66 | (4.85 | ) | 3.12 | ||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 23.17 | $ | 25.19 | $ | 18.53 | $ | 23.38 | ||||||||
| TOTAL RETURN(c) | (8.02 | )% | 44.76 | % | (17.40 | )% | 20.05 | % | ||||||||
| Net assets, end of period (000s) | $ | 321,803 | $ | 342,580 | $ | 240,758 | $ | 198,005 | ||||||||
| Ratio of expenses to average net assets | 0.80 | %(d) | 0.80 | %(e) | 0.80 | % | 0.80 | %(d) | ||||||||
| Ratio of net investment income/(loss) to average net assets | (0.68 | )%(d) | (0.67 | )% | (0.72 | )% | (0.68 | )%(d) | ||||||||
| Portfolio turnover rate(f) | 18 | % | 38 | % | 31 | % | 62 | % | ||||||||
| (a) | The Sprott Junior Uranium Miners ETF commenced operations on February 1, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $4,689 or 0.00% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
56 | June 30, 2026
| Sprott Junior Copper Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Period Ended December 31, 2023(a) |
||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 39.19 | $ | 18.49 | $ | 18.41 | $ | 20.33 | ||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(b) | 0.16 | 0.28 | 0.22 | 0.11 | ||||||||||||
| Net realized and unrealized gain/(loss) | 0.47 | 24.97 | 2.01 | (1.57 | ) | |||||||||||
| Total from investment operations | 0.63 | 25.25 | 2.23 | (1.46 | ) | |||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| From net investment income | – | (4.55 | ) | (2.15 | ) | (0.46 | ) | |||||||||
| Total distributions | – | (4.55 | ) | (2.15 | ) | (0.46 | ) | |||||||||
| Net increase/(decrease) in net asset value | 0.63 | 20.70 | 0.08 | (1.92 | ) | |||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 39.82 | $ | 39.19 | $ | 18.49 | $ | 18.41 | ||||||||
| TOTAL RETURN(c) | 1.61 | % | 137.40 | % | 12.42 | % | (7.18 | )% | ||||||||
| Net assets, end of period (000s) | $ | 150,917 | $ | 60,742 | $ | 12,391 | $ | 4,787 | ||||||||
| Ratio of expenses to average net assets | 0.75 | %(d) | 0.75 | %(e) | 0.75 | % | 0.75 | %(d) | ||||||||
| Ratio of net investment income/(loss) to average net assets | 0.77 | %(d) | 1.04 | % | 1.02 | % | 0.65 | %(d) | ||||||||
| Portfolio turnover rate(f) | 22 | % | 59 | % | 70 | % | 36 | % | ||||||||
| (a) | The Sprott Junior Copper Miners ETF commenced operations on February 1, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $857 or 0.00% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
57 | June 30, 2026
| Sprott Nickel Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Period Ended December 31, 2023(a) |
||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 15.71 | $ | 10.72 | $ | 14.00 | $ | 20.69 | ||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income/(loss)(b) | 0.12 | 0.09 | 0.23 | 0.39 | ||||||||||||
| Net realized and unrealized gain/(loss) | (3.06 | ) | 5.30 | (3.14 | ) | (4.32 | ) | |||||||||
| Total from investment operations | (2.94 | ) | 5.39 | (2.91 | ) | (3.93 | ) | |||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| From net investment income | – | (0.40 | ) | (0.37 | ) | (2.68 | ) | |||||||||
| From net realized gains | – | – | – | (0.08 | ) | |||||||||||
| Total distributions | – | (0.40 | ) | (0.37 | ) | (2.76 | ) | |||||||||
| Net increase/(decrease) in net asset value | (2.94 | ) | 4.99 | (3.28 | ) | (6.69 | ) | |||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 12.77 | $ | 15.71 | $ | 10.72 | $ | 14.00 | ||||||||
| TOTAL RETURN(c) | (18.71 | )% | 50.54 | % | (20.73 | )% | (18.43 | )% | ||||||||
| Net assets, end of period (000s) | $ | 53,748 | $ | 31,732 | $ | 8,573 | $ | 1,540 | ||||||||
| Ratio of expenses to average net assets | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | %(d) | ||||||||
| Ratio of net investment income/(loss) to average net assets | 1.48 | %(d) | 0.80 | % | 1.77 | % | 2.55 | %(d) | ||||||||
| Portfolio turnover rate(e) | 18 | % | 48 | % | 47 | % | 55 | % | ||||||||
| (a) | The Sprott Nickel Miners ETF commenced operations on March 21, 2023. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
58 | June 30, 2026
| Sprott Copper Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
For the Period Ended December 31, 2024(a) |
|||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 34.72 | $ | 20.55 | $ | 19.69 | ||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
| Net investment income/(loss)(b) | 0.05 | 0.10 | 0.12 | |||||||||
| Net realized and unrealized gain/(loss) | 3.63 | 14.89 | 1.27 | |||||||||
| Total from investment operations | 3.68 | 14.99 | 1.39 | |||||||||
| DISTRIBUTIONS: | ||||||||||||
| From net investment income | – | (0.82 | ) | (0.53 | ) | |||||||
| Total distributions | – | (0.82 | ) | (0.53 | ) | |||||||
| Net increase/(decrease) in net asset value | 3.68 | 14.17 | 0.86 | |||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 38.40 | $ | 34.72 | $ | 20.55 | ||||||
| TOTAL RETURN(c) | 10.60 | % | 73.04 | % | 7.08 | % | ||||||
| Net assets, end of period (000s) | $ | 285,670 | $ | 96,869 | $ | 23,627 | ||||||
| Ratio of expenses to average net assets | 0.65 | %(d) | 0.65 | %(e) | 0.65 | %(d) | ||||||
| Ratio of net investment income/(loss) to average net assets | 0.28 | %(d) | 0.40 | % | 0.61 | %(d) | ||||||
| Portfolio turnover rate(f) | 11 | % | 29 | % | 40 | % | ||||||
| (a) | The Sprott Copper Miners ETF commenced operations on March 5, 2024. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $1,010 or 0.00% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
59 | June 30, 2026
| Sprott Silver Miners & Physical Silver ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Period Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Period Ended December 31, 2025(a) |
||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 55.73 | $ | 20.78 | ||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
| Net investment income/(loss)(b) | (0.10 | ) | (0.14 | ) | ||||
| Net realized and unrealized gain/(loss) | (5.41 | ) | 37.14 | |||||
| Total from investment operations | (5.51 | ) | 37.00 | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | – | (2.05 | ) | |||||
| Total distributions | – | (2.05 | ) | |||||
| Net increase/(decrease) in net asset value | (5.51 | ) | 34.95 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 50.22 | $ | 55.73 | ||||
| TOTAL RETURN(c) | (9.89 | )% | 177.89 | % | ||||
| Net assets, end of period (000s) | $ | 645,820 | $ | 655,349 | ||||
| Ratio of expenses to average net assets | 0.65 | %(d) | 0.65 | %(d),(e) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.33 | )%(d) | (0.36 | )%(d) | ||||
| Portfolio turnover rate(f) | 15 | % | 49 | % | ||||
| (a) | The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $1,752 or 0.00% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
60 | June 30, 2026
| Sprott Active Gold & Silver Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Period Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Period Ended December 31, 2025(a) |
||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 43.62 | $ | 19.79 | ||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
| Net investment income/(loss)(b) | 0.01 | 0.01 | ||||||
| Net realized and unrealized gain/(loss) | (4.62 | ) | 24.50 | |||||
| Total from investment operations | (4.61 | ) | 24.51 | |||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | – | (0.68 | ) | |||||
| Total distributions | – | (0.68 | ) | |||||
| Net increase/(decrease) in net asset value | (4.61 | ) | 23.83 | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 39.01 | $ | 43.62 | ||||
| TOTAL RETURN(c) | (10.57 | )% | 123.71 | % | ||||
| Net assets, end of period (000s) | $ | 140,810 | $ | 152,673 | ||||
| Ratio of expenses to average net assets | 0.89 | %(d) | 0.89 | %(d) | ||||
| Ratio of net investment income/(loss) to average net assets | 0.03 | %(d) | 0.05 | %(d) | ||||
| Portfolio turnover rate(e) | 6 | % | 20 | % | ||||
| (a) | The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
61 | June 30, 2026
| Sprott Active Metals & Miners ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Period Presented | For the Six Months Ended June 30, 2026 (Unaudited) |
For the Period Ended December 31, 2025(a) |
||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 25.19 | $ | 19.77 | ||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
| Net investment income/(loss)(b) | (0.03 | ) | (0.02 | ) | ||||
| Net realized and unrealized gain/(loss) | 0.59 | 5.69 | ||||||
| Total from investment operations | 0.56 | 5.67 | ||||||
| DISTRIBUTIONS: | ||||||||
| From net investment income | – | (0.25 | ) | |||||
| Total distributions | – | (0.25 | ) | |||||
| Net increase/(decrease) in net asset value | 0.56 | 5.42 | ||||||
| NET ASSET VALUE, END OF PERIOD | $ | 25.75 | $ | 25.19 | ||||
| TOTAL RETURN(c) | 2.22 | % | 28.67 | % | ||||
| Net assets, end of period (000s) | $ | 85,476 | $ | 45,098 | ||||
| Ratio of expenses to average net assets | 0.89 | %(d) | 0.99 | %(d),(e) | ||||
| Ratio of net investment income/(loss) to average net assets | (0.23 | )%(d) | (0.27 | )%(d) | ||||
| Portfolio turnover rate(f) | 15 | % | 6 | % | ||||
| (a) | The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Includes interest expense of $9,000 or 0.10% of average net assets. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
62 | June 30, 2026
| Sprott Rare Earths Ex-China ETF | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For the Period Ended June 30, 2026(a) |
|||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 20.41 | ||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||
| Net investment income/(loss)(b) | (0.02 | ) | ||
| Net realized and unrealized gain/(loss) | (0.70 | ) | ||
| Total from investment operations | (0.72 | ) | ||
| Net increase/(decrease) in net asset value | (0.72 | ) | ||
| NET ASSET VALUE, END OF PERIOD | $ | 19.69 | ||
| TOTAL RETURN(c) | (3.53 | )% | ||
| Net assets, end of period (000s) | $ | 55,918 | ||
| Ratio of expenses to average net assets | 0.65 | %(d) | ||
| Ratio of net investment income/(loss) to average net assets | (0.57 | )%(d) | ||
| Portfolio turnover rate(e) | 11 | % | ||
| (a) | The Sprott Rare Earths Ex-China ETF commenced operations on April 14, 2026. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
63 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
1. ORGANIZATION
The Sprott Funds Trust (the “Trust”) was organized as a Delaware statutory trust on January 3, 2018. As of June 30, 2026, the Trust consisted of fourteen separate portfolios that each represent a separate series of the Trust. The financial statements of thirteen series are presented in this report. The "Sprott Precious Metals ETFs" are comprised of Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Silver Miners & Physical Silver ETF, and Sprott Active Gold & Silver Miners ETF. Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF were reorganized effective as of the close of business on July 19, 2019, from each Fund’s respective predecessor funds. Each of these predecessor funds were a separate series of another investment company. The "Sprott Critical Materials ETFs" are comprised of Sprott Critical Materials ETF, Sprott Lithium Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, Sprott Copper Miners ETF and Sprott Rare Earths Ex-China ETF. Sprott Uranium Miners ETF was reorganized effective as of the close of business on April 22, 2022 from its predecessor fund. The “Sprott Diversified Metals & Mining ETFs” includes the Sprott Active Metals & Miners ETF. This report pertains to the above listed funds (each a “Fund” and collectively, the “Funds”). Each of the above Funds are passively managed (each an “Index Fund”), with the exception of Sprott Active Gold & Silver Miners ETF and Sprott Active Metals & Miners ETF. Each Fund is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).
The financial Statements of the Sprott Gold Equity Fund, a separate series of the Trust with two classes of shares, are presented in a separate report.
The Board previously authorized a two-for-one forward share split of Sprott Uranium Miners ETF that was effective prior to the market open on December 21, 2022. The impact of the forward share split was to increase the number of shares outstanding by a factor of two, while decreasing the NAV per share outstanding by a factor of one-half, resulting in no effect to the net assets of the Fund. The financial statements of the Fund were adjusted to reflect the forward share split.
On July 1, 2023, Sprott Asset Management USA, Inc. (the “Adviser”) commenced acting as investment adviser to each Fund then in operation. On the same date, Sprott Asset Management LP, which previously had served as investment adviser to those Funds, became the sponsor of each such Fund. Currently, the Adviser serves as investment adviser to, and Sprott Asset Management LP is sponsor, of each Fund. ALPS Advisors, Inc. serves as sub-adviser to each Fund.
Pursuant to the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
A. Portfolio Valuation and Methodologies
Each Fund’s NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of a Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
The Board of Trustees of the Trust (the “Board”) with respect to each Fund has approved the designation of Sprott Asset Management USA, Inc, the Funds’ investment adviser, as the valuation designee. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Adviser’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Adviser’s policies and procedures as reflecting fair value. The Adviser has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments. Fair value pricing could result in a difference between the prices used to calculate an Index Fund’s NAV and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Index Fund’s performance and the performance of the Index Fund’s underlying index.
Portfolio securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as
64 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
of which such value is being determined at the close of the exchange representing the principal market for such securities. Securities for which no sales are reported are valued at the mean of the closing bid and ask price. If no current day price quotation is available, the previous day’s closing sale price is used. Investments in open-end mutual funds such as money market funds are valued at the closing NAV.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of a Fund’s investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Adviser’s policies and procedures as reflecting fair value (such investments, “Fair Valued Investments”). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
B. Fair Value Hierarchy
Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.
Valuation techniques used to value the Funds’ investments by major category are as follows:
Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a Level 1 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, subject to valuation procedures approved by the Board and are categorized in Level 2 or Level 3, when appropriate.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Various inputs are used in determining the value of each Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.
These inputs are categorized in the following hierarchy under applicable financial accounting standards:
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices in markets which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |
65 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The following is a summary of the inputs used to value the Funds’ investments at June 30, 2026:
Sprott Gold Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | 559,060,397 | – | – | 559,060,397 | ||||||||||||
| Short Term Investments | 19,563,869 | – | – | 19,563,869 | ||||||||||||
| Total | $ | 578,624,266 | $ | – | $ | – | $ | 578,624,266 | ||||||||
Sprott Junior Gold Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 266,365,807 | $ | – | $ | 32,158 | (a) | $ | 266,397,965 | |||||||
| Short Term Investments | 21,857,882 | – | – | 21,857,882 | ||||||||||||
| Total | $ | 288,223,689 | $ | – | $ | 32,158 | $ | 288,255,847 | ||||||||
Sprott Critical Materials ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 574,073,480 | $ | 212,172 | $ | 26,407 | (a) | $ | 574,312,059 | |||||||
| Short Term Investments | 19,478,790 | – | – | 19,478,790 | ||||||||||||
| Total | $ | 593,552,270 | $ | 212,172 | $ | 26,407 | $ | 593,790,849 | ||||||||
Sprott Lithium Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 45,502,034 | $ | – | $ | – | (a)(b) | $ | 45,502,034 | |||||||
| Short Term Investments | 2,473,457 | – | – | 2,473,457 | ||||||||||||
| Total | $ | 47,975,491 | $ | – | $ | – | $ | 47,975,491 | ||||||||
Sprott Uranium Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 1,533,272,090 | $ | 12,569,366 | $ | – | $ | 1,545,841,456 | ||||||||
| Closed End Fund* | 251,383,299 | – | – | 251,383,299 | ||||||||||||
| Short Term Investments | 40,236,330 | – | – | 40,236,330 | ||||||||||||
| Total | $ | 1,824,891,719 | $ | 12,569,366 | $ | – | $ | 1,837,461,085 | ||||||||
Sprott Junior Uranium Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 316,047,714 | $ | 3,035,477 | $ | – | $ | 319,083,191 | ||||||||
| Short Term Investments | 10,025,044 | – | – | 10,025,044 | ||||||||||||
| Total | $ | 326,072,758 | $ | 3,035,477 | $ | – | $ | 329,108,235 | ||||||||
Sprott Junior Copper Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 147,500,258 | $ | – | $ | 510,761 | $ | 148,011,019 | ||||||||
| Rights and Warrants* | – | 167 | – | 167 | ||||||||||||
| Short Term Investments | 5,140,379 | – | – | 5,140,379 | ||||||||||||
| Total | $ | 152,640,637 | $ | 167 | $ | 510,761 | $ | 153,151,565 | ||||||||
Sprott Nickel Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | 52,710,750 | – | – | 52,710,750 | ||||||||||||
| Short Term Investments | 3,929,152 | – | – | 3,929,152 | ||||||||||||
| Total | $ | 56,639,902 | $ | – | $ | – | $ | 56,639,902 | ||||||||
66 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
Sprott Copper Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 264,672,214 | $ | – | $ | 80,599 | $ | 264,752,813 | ||||||||
| Closed End Fund* | 14,742,963 | – | – | 14,742,963 | ||||||||||||
| Exchange Traded Fund* | 2,747,615 | – | – | 2,747,615 | ||||||||||||
| Rights and Warrants* | – | 30 | – | 30 | ||||||||||||
| Short Term Investments | 1,168,308 | – | – | 1,168,308 | ||||||||||||
| Total | $ | 283,331,100 | $ | 30 | $ | 80,599 | $ | 283,411,729 | ||||||||
Sprott Silver Miners & Physical Silver ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | 535,595,339 | – | – | 535,595,339 | ||||||||||||
| Closed End Fund* | 109,015,877 | – | – | 109,015,877 | ||||||||||||
| Short Term Investments | 15,975,374 | – | – | 15,975,374 | ||||||||||||
| Total | $ | 660,586,590 | $ | – | $ | – | $ | 660,586,590 | ||||||||
Sprott Active Gold & Silver Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 139,520,055 | $ | – | $ | – | $ | 139,520,055 | ||||||||
| Short Term Investments | 1,398,171 | – | – | 1,398,171 | ||||||||||||
| Total | $ | 140,918,226 | $ | – | $ | – | $ | 140,918,226 | ||||||||
Sprott Active Metals & Miners ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 82,744,020 | $ | – | $ | – | $ | 82,744,020 | ||||||||
| Short Term Investments | 2,759,032 | – | – | 2,759,032 | ||||||||||||
| Total | $ | 85,503,052 | $ | – | $ | – | $ | 85,503,052 | ||||||||
Sprott Rare Earths Ex-China ETF
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks* | $ | 55,183,241 | $ | – | $ | – | $ | 55,183,241 | ||||||||
| Short Term Investments | 40,510 | – | – | 40,510 | ||||||||||||
| Total | $ | 55,223,751 | $ | – | $ | – | $ | 55,223,751 | ||||||||
| * | For a detailed sector breakdown, see the accompanying Schedule of Investments. | |
| (a) | Includes a position(s) valued at zero. | |
| (b) | Level 3 security included in prior cycle transferred to Level 1 during the reporting cycle. |
67 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
Below is a reconciliation that details the activity of securities in Level 3 during the period ended June 30, 2026:
| Sprott Junior Gold Miners ETF | Common Stock | |||
| Balance as of December 31, 2025 | $ | 39,853 | ||
| Realized Gain/(Loss) | – | |||
| Change in Unrealized Appreciation/(Depreciation) | (7,695 | ) | ||
| Purchases | – | |||
| Sales | – | |||
| Transfers into/(out of) Level 3* | – | |||
| Balance as of June 30, 2026 | $ | 32,158 | ||
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(7,695).
| Sprott Critical Materials ETF | Common Stock | |||
| Balance as of December 31, 2025 | $ | 26,770 | ||
| Realized Gain/(Loss) | – | |||
| Change in Unrealized Appreciation/(Depreciation) | (363 | ) | ||
| Purchases | – | |||
| Sales | – | |||
| Transfers into/(out of) Level 3* | – | |||
| Balance as of June 30, 2026 | $ | 26,407 | ||
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(363).
| Sprott Lithium Miners ETF | Common Stock | |||
| Balance as of December 30, 2025 | $ | 1,173 | ||
| Realized Gain/(Loss) | – | |||
| Change in Unrealized Appreciation/(Depreciation) | 872 | |||
| Purchases | – | |||
| Sales | – | |||
| Transfers into/(out of) Level 3* | (2,045 | ) | ||
| Balance as of June 30, 2026 | $ | – | ||
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(784).
| Sprott Junior Copper Miners ETF | Common Stock | |||
| Balance as of December 31, 2025 | $ | 514,709 | ||
| Realized Gain/(Loss) | – | |||
| Change in Unrealized Appreciation/(Depreciation) | (3,948 | ) | ||
| Purchases | – | |||
| Sales | – | |||
| Transfers into/(out of) Level 3* | – | |||
| Balance as of June 30, 2026 | $ | 510,761 | ||
68 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(3,948).
| Sprott Copper Miners ETF | Common Stock | |||
| Balance as of December 31, 2025 | $ | 81,222 | ||
| Realized Gain/(Loss) | – | |||
| Change in Unrealized Appreciation/(Depreciation) | (623 | ) | ||
| Purchases | – | |||
| Sales | – | |||
| Transfers into/(out of) Level 3* | – | |||
| Balance as of June 30, 2026 | $ | 80,599 | ||
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(623).
| * | The Fund has adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the quarter. |
The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within level 3 as of June 30, 2026.
| Industry Category | Fair Value at June 30, |
Valuation Technique | Unobservable Input | Range
of Input (Weighted Average) |
Impact
to Valuation from an Increase in Input | ||||||||||
| Sprott Junior Gold Miners ETF | |||||||||||||||
| Gold Mining | $ | 32,158 | Asset Approach | Estimated Recoverable Proceeds | $0.00 | Increase | |||||||||
| Sprott Critical Materials ETF | |||||||||||||||
| Copper Mining | $ | 26,407 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase | |||||||||
| Diversified Metals & Mining | $ | - | Asset Approach | Estimated Recoverable Proceeds | $0.00 | Increase | |||||||||
| Sprott Lithium Miners ETF | |||||||||||||||
| Diversified Metals & Mining | $ | - | Asset Approach | Estimated Recoverable Proceeds | $0.00 | Increase | |||||||||
| Sprott Junior Copper Miners ETF | |||||||||||||||
| Copper Mining | $ | 510,761 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase | |||||||||
| Sprott Copper Miners ETF | |||||||||||||||
| Copper Mining | $ | 80,599 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase | |||||||||
C. Securities Transactions and Investment Income
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded with a specific identification cost method. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.
D. Dividends and Distributions to Shareholders
Dividends from net investment income for each Fund, if any, are declared and paid annually or as the Board may determine from time to time. Net realized capital gains earned by the Funds, if any, are distributed at least annually.
The Sprott Junior Gold ETF had a return of capital in the amount of $1,185,561 for the year ended December 31, 2025.
69 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
E. Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments in the Statements of Operations, when applicable.
F. Overdrafts
The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. All, if any, overdrafts are presented in the statement of assets and liabilities and associated expenses are presented in the Statements of Operations.
3. PRINCIPAL RISKS
A. Commodity Exposure Risk
Each Fund invests in companies primarily engaged in the mining or processing of a commodity, the stock price of which may be subject to the risks associated with that commodity. A particular commodity is subject to the special risks including: (1) the price of the commodity may be subject to wide fluctuation; (2) the market for the commodity is relatively limited; (3) the sources of the commodity are concentrated in countries that have the potential for instability; and (4) the market for the commodity is unregulated. The price of the commodity can be significantly affected by central bank operations, events relating to international political developments, the success of exploration projects, adverse environmental developments and tax and government regulations.
B. Currency Risk
Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of the Fund’s investments in that foreign currency and investments denominated in that foreign currency.
C. Critical Materials Risk
Production and cost estimates of companies mining critical materials are dependent on many factors including but not limited to, mine commissioning, the accuracy of mineral resources, mine planning and scheduling, the accuracy of ore grades, ground conditions and mine stability, ore characteristics, the accuracy of the estimated rates and costs of mining, ore haulage, barging and shipping. Other factors that may affect production and costs include: industrial accidents; natural phenomena such as weather conditions, floods, rock slides and earthquakes; changes in fuel and power costs and potential fuel and power shortages; shortages of and cost of supplies, labor costs, shortages or strikes, civil unrest and restrictions or regulations imposed by government agencies or other changes in the regulatory environment.
D. Emerging Markets Securities Risk
Emerging markets are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Investments in debt securities of foreign governments present special risks, including the fact that issuers may be unable or unwilling to repay principal and/or interest when due in accordance with the terms of such debt, or may be unable to make such repayments when due in the currency required under the terms of the debt. Political, economic and social events also may have a greater impact on the price of debt securities issued by foreign governments than on the price of U.S. securities. In addition, brokerage and other transaction costs on foreign securities exchanges are often higher than in the United States and there is generally less government supervision and regulation of exchanges, brokers and issuers in foreign countries. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the Adviser’s ability to evaluate local companies and impact a Fund’s performance. Investments in securities of issuers in emerging markets may also be exposed to risks related to a lack of liquidity, greater potential for market manipulation, issuers’ limited reliable access to capital, and foreign investment structures. Additionally, a Fund may have limited rights and remedies available to it to pursue claims against issuers in emerging markets.
E. Equity Securities Risk
The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. A stock or stocks selected for the Fund’s portfolio may fail to perform as expected. A value stock may decrease in price or may not increase in price as anticipated by the portfolio managers if other investors fail to recognize the company’s value or the factors that the portfolio managers believe will cause the stock price to increase do not occur.
70 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
F. Foreign Securities Risk
A foreign government may expropriate a Fund’s assets. Political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund’s investments to decline. These risks associated with non-U.S. securities are more likely in the securities of companies located in emerging markets.
G. Frontier Markets Risk
Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting and reporting requirements, unreliable securities valuations and greater risk associated with custody of securities. Economic, political, illiquidity and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.
H. Geographic Concentration Risk
To the extent a Fund’s Underlying Index and that Fund are significantly comprised of securities of issuers from a single country, a Fund would be more likely to be impacted by events or conditions affecting that country.
I. Index Tracking Risk
A Fund’s return may not match or achieve a high degree of correlation with the return of the Index for a number of reasons, including operating expenses incurred by a Fund not applicable to the Index, costs in buying and selling securities, asset valuation differences and differences between a Fund’s portfolio and the Index resulting from legal restrictions, cash flows or operational inefficiencies. To the extent a Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if a Fund sought to replicate the Index.
J. Liquidity Risk
Foreign stock exchanges generally have less volume than U.S. stock exchanges. Therefore, it may be more difficult to buy or sell shares of foreign securities, which increases the volatility of share prices on such markets. Additionally, trading on foreign stock markets may involve longer settlement periods and higher transaction costs.
K. Micro-Capitalization Company Risk
Micro-cap stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources and may lack management depth. In addition, there may be less public information available about these companies. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Also, it may take a long time before a Fund realizes a gain, if any, on an investment in a micro-cap company.
L. Mining Industry Risk
Companies in the mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which a Fund has exposure.
M. Rare Earth and Critical Materials Companies Risk
A Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of Rare Earth and Critical Materials Companies. Rare Earth and Critical Materials are industrial metals that are typically mined as by-products or secondary metals in operations focused on precious metals and base metals. Compared to base metals, they have more specialized uses. Rare Earth metals (or rare earth elements) are a collection of chemical elements that are crucial to many of the world’s most advanced technologies. Consequently, the demand for Rare Earth and Critical Materials has strained supply, which has the potential to result in a shortage of such materials which could adversely affect the companies in a Fund’s portfolio. Companies involved in the various activities that are related to the mining, production, recycling, mineral sands, processing and/or refining of Rare Earth and Critical Materials tend to be small-, medium- and micro-capitalization companies with volatile share prices, are highly dependent on the price of Rare Earth and Critical Materials, which may fluctuate substantially over short periods of time.
N. Valuation Risk
The risk that a Fund has valued certain securities at a higher price than the price at which they can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid.
71 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
4. TAXES
A. Federal Tax and Tax Basis Information
The timing and character of income and capital gain are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of June 30, 2026.
For year ended December 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:
| Fund | Paid-in Capital |
Total Distributable Earnings |
||||||
| Sprott Gold Miners ETF | $ | 21,074,697 | $ | (21,074,697 | ) | |||
| Sprott Junior Gold Miners ETF | 13,969,025 | (13,969,025 | ) | |||||
| Sprott Critical Materials ETF | – | – | ||||||
| Sprott Lithium Miners ETF | 880,803 | (880,803 | ) | |||||
| Sprott Uranium Miners ETF | 244,784,322 | (244,784,322 | ) | |||||
| Sprott Junior Uranium Miners ETF | 55,294,370 | (55,294,370 | ) | |||||
| Sprott Junior Copper Miners ETF | 2,565,082 | (2,565,082 | ) | |||||
| Sprott Nickel Miners ETF | 2,563,035 | (2,563,035 | ) | |||||
| Sprott Copper Miners ETF | 2,713,644 | (2,713,644 | ) | |||||
| Sprott Silver Miners & Physical Silver ETF* | 38,655,097 | (38,655,097 | ) | |||||
| Sprott Active Gold & Silver Miners ETF* | 5,792,742 | (5,792,742 | ) | |||||
| Sprott Active Metals & Miners ETF* | – | – | ||||||
| * | The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025 |
| ** | The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025. |
| *** | The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025. |
For the year ended December 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:
| Fund | Paid-in Capital |
Total Distributable Earnings |
||||||
| Sprott Gold Miners ETF | $ | 21,074,697 | $ | (21,074,697 | ) | |||
| Sprott Junior Gold Miners ETF | 13,969,025 | (13,969,025 | ) | |||||
| Sprott Critical Materials ETF | – | – | ||||||
| Sprott Lithium Miners ETF | 880,803 | (880,803 | ) | |||||
| Sprott Uranium Miners ETF | 244,784,322 | (244,784,322 | ) | |||||
| Sprott Junior Uranium Miners ETF | 55,294,370 | (55,294,370 | ) | |||||
| Sprott Junior Copper Miners ETF | 2,565,082 | (2,565,082 | ) | |||||
| Sprott Nickel Miners ETF | 2,563,035 | (2,563,035 | ) | |||||
| Sprott Copper Miners ETF | 2,713,644 | (2,713,644 | ) | |||||
| Sprott Silver Miners & Physical Silver ETF* | 38,655,097 | (38,655,097 | ) | |||||
| Sprott Active Gold & Silver Miners ETF* | 5,792,742 | (5,792,742 | ) | |||||
| Sprott Active Metals & Miners ETF* | – | – | ||||||
| * | Represents the period from inception to December 31, 2025 |
72 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The tax character of the distributions paid during the year ended December 31, 2025 were as follows:
| Ordinary Income | Return of Capital | |||||||
| December 31, 2025 | ||||||||
| Sprott Gold Miners ETF | $ | 6,833,424 | $ | – | ||||
| Sprott Junior Gold Miners ETF | 24,031,959 | 1,185,561 | ||||||
| Sprott Critical Materials ETF | 3,372,392 | – | ||||||
| Sprott Lithium Miners ETF | 2,678,220 | – | ||||||
| Sprott Uranium Miners ETF | 53,924,964 | – | ||||||
| Sprott Junior Uranium Miners ETF | 21,317,764 | – | ||||||
| Sprott Junior Copper Miners ETF | 6,002,396 | – | ||||||
| Sprott Nickel Miners ETF | 520,738 | – | ||||||
| Sprott Copper Miners ETF | 1,894,418 | – | ||||||
| Sprott Silver Miners & Physical Silver ETF* | 21,862,327 | – | ||||||
| Sprott Active Gold & Silver Miners ETF* | 2,257,168 | – | ||||||
| Sprott Active Metals & Miners ETF* | 411,509 | – | ||||||
| * | Represents the period from inception to December 31, 2025 |
Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the year ended December 31, 2025, the following amounts are available as carry forwards to the next tax year:
| Fund | Short-Term | Long-Term | ||||||
| Sprott Gold Miners ETF | $ | 6,338,558 | $ | – | ||||
| Sprott Junior Gold Miners ETF | 7,962,903 | 1,459,423 | ||||||
| Sprott Critical Materials ETF | – | – | ||||||
| Sprott Lithium Miners ETF | 635,651 | 1,875,705 | ||||||
| Sprott Uranium Miners ETF | 70,847,267 | 74,535,079 | ||||||
| Sprott Junior Uranium Miners ETF | 1,912,703 | – | ||||||
| Sprott Junior Copper Miners ETF | 457,147 | 151,074 | ||||||
| Sprott Nickel Miners ETF | 1,075,039 | 1,174,701 | ||||||
| Sprott Copper Miners ETF | 1,138,399 | 42,527 | ||||||
| Sprott Silver Miners & Physical Silver ETF* | – | – | ||||||
| Sprott Active Gold & Silver Miners ETF** | – | – | ||||||
| Sprott Active Metals & Miners ETF*** | – | – | ||||||
| * | The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025. |
| ** | The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025. |
| *** | The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025. |
Capital loss carryovers used during the year ended December 31, 2025 were as follows:
| Sprott Gold Miners ETF | $ | 87,677,084 | ||
| Sprott Junior Gold Miners ETF | $ | 49,188,244 | ||
| Sprott Critical Materials ETF | $ | 1,317,836 | ||
| Sprott Junior Uranium ETF | $ | 11,141,540 | ||
| Sprott Junior Gold Miners ETF | $ | 71,947 |
73 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
As of the year ended December 31, 2025, the components of distributable earnings on a tax basis for the Funds were as follows:
| Accumulated net investment income |
Accumulated net realized loss on investments |
Other accumulated differences |
Net
unrealized appreciation/ (depreciation) on investments |
Total | ||||||||||||||||
| Sprott Gold Miners ETF | $ | 244,055 | $ | (6,338,558 | ) | $ | – | $ | 299,444,600 | $ | 293,350,097 | |||||||||
| Sprott Junior Gold Miners ETF | – | (9,422,326 | ) | – | 118,742,729 | 109,320,403 | ||||||||||||||
| Sprott Critical Materials ETF | 2,512,175 | – | (65,812 | ) | 45,833,418 | 48,279,781 | ||||||||||||||
| Sprott Lithium Miners ETF | 2,212,877 | (2,511,356 | ) | – | 10,056,101 | 9,757,622 | ||||||||||||||
| Sprott Uranium Miners ETF | – | (145,382,346 | ) | (18,623,842 | ) | 284,159,661 | 120,153,473 | |||||||||||||
| Sprott Junior Uranium Miners ETF | – | (1,912,703 | ) | (6,917,540 | ) | (10,377,256 | ) | (19,207,499 | ) | |||||||||||
| Sprott Junior Copper Miners ETF | 3,176,079 | (608,221 | ) | – | 8,693,223 | 11,261,081 | ||||||||||||||
| Sprott Nickel Miners ETF | – | (2,249,740 | ) | (39,024 | ) | 578,634 | (1,710,130 | ) | ||||||||||||
| Sprott Copper Miners ETF | 1,159,456 | (1,180,926 | ) | – | 16,682,240 | 16,660,770 | ||||||||||||||
| Sprott Silver Miners & Physical Silver ETF(a) | 57,500,547 | – | – | 110,137,364 | 167,637,911 | |||||||||||||||
| Sprott Active Gold & Silver Miners ETF(b) | 2,689,903 | – | – | 46,706,735 | 49,396,638 | |||||||||||||||
| Sprott Active Metals & Miners ETF(c) | 1,062,099 | – | – | 4,696,191 | 5,758,290 | |||||||||||||||
As of December 31, 2025 the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:
| Gross appreciation (excess of value over tax cost) |
Gross depreciation (excess of tax cost over value) |
Net
appreciation (depreciation) of foreign currency |
Net
unrealized appreciation (depreciation) |
Cost
of investments for income tax purposes |
||||||||||||||||
| Sprott Gold Miners ETF | $ | 301,481,526 | $ | (2,036,899 | ) | $ | (27 | ) | $ | 299,444,600 | $ | 381,538,593 | ||||||||
| Sprott Junior Gold Miners ETF | 127,502,633 | (8,760,020 | ) | 116 | 118,742,729 | 256,271,836 | ||||||||||||||
| Sprott Critical Materials ETF | 51,729,423 | (5,896,000 | ) | (5 | ) | 45,833,418 | 223,572,505 | |||||||||||||
| Sprott Lithium Miners ETF | 10,706,743 | (649,914 | ) | (728 | ) | 10,056,101 | 31,620,685 | |||||||||||||
| Sprott Uranium Miners ETF | 408,506,370 | (124,319,024 | ) | (27,685 | ) | 284,159,661 | 1,498,399,186 | |||||||||||||
| Sprott Junior Uranium Miners ETF | 28,300,086 | (38,672,273 | ) | (5,069 | ) | (10,377,256 | ) | 377,816,372 | ||||||||||||
| Sprott Junior Copper Miners ETF | 8,966,009 | (262,489 | ) | (10,297 | ) | 8,693,223 | 56,828,405 | |||||||||||||
| Sprott Nickel Miners ETF | 1,460,744 | (882,109 | ) | (1 | ) | 578,634 | 31,448,723 | |||||||||||||
| Sprott Copper Miners ETF | 16,942,625 | (259,054 | ) | (1,331 | ) | 16,682,240 | 82,699,908 | |||||||||||||
| Sprott Silver Miners & Physical Silver ETF* | 112,815,905 | (2,681,125 | ) | 2,584 | 110,137,364 | 567,106,931 | ||||||||||||||
| Sprott Active Gold & Silver Miners ETF* | 47,078,049 | (371,314 | ) | – | 46,706,735 | 106,097,856 | ||||||||||||||
| Sprott Active Metals & Miners ETF | 5,745,038 | (1,048,796 | ) | (51 | ) | 4,696,191 | 40,170,891 | |||||||||||||
| Sprott Rare Earths Ex-China ETF | – | – | – | – | – | |||||||||||||||
| * | Represents the period from inception to period end. |
The differences between book-basis and tax-basis are primarily due to Passive Foreign Investment Company adjustments and the deferral of losses from wash sales.
Capital losses incurred after October 31 and ordinary losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. For the fiscal year ended December 31, 2025 the Sprott Uranium Miners ETF had Post October losses of 18,623,842.
For the fiscal year ended December 31, 2025 the Sprott Junior Uranium ETF had late year losses of 6,917,540.
The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Funds’ financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.
74 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The amount of foreign withholding taxes paid during the year ended December 31, 2025 is not significant and accordingly, a disclosure of income taxes paid for the year ended December 31, 2025, is not presented.
B. Income Taxes
No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.
As of and during the period ended June 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years for the Funds have incorporated no uncertain tax positions that require a provision for income taxes.
5. LENDING OF PORTFOLIO SECURITIES
The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. The Funds may lend their portfolio securities only to borrowers that are approved by SSB. Each Fund limits such lending to not more than 33 1/3% of the value of its total assets. Each Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund, the Adviser, or the Sub-Adviser specifically identifies in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash (U.S. Dollars only) and/or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S. equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.
Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in each Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in a Fund’s Statements of Assets and Liabilities as it is held by the lending agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Income, less associated fees and expenses, earned by each Fund from securities lending activity is disclosed in the Statements of Operations.
Pursuant to the current securities lending agreement, each Fund retains 80% of securities lending income (which excludes collateral investment expenses). Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. SSB bears all operational costs directly related to securities lending.
75 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of June 30, 2026:
| Fund | Market
Value of Securities on Loan |
Cash
Collateral Received |
Non-Cash
Collateral Received |
Total
Collateral Received |
||||||||||||
| Sprott Gold Miners ETF | $ | 18,677,794 | $ | 19,525,685 | $ | 123,158 | $ | 19,648,843 | ||||||||
| Sprott Junior Gold Miners ETF | 21,608,337 | 21,658,007 | 901,033 | 22,559,040 | ||||||||||||
| Sprott Critical Materials ETF | 38,027,617 | 17,804,568 | 21,874,285 | 39,678,853 | ||||||||||||
| Sprott Lithium Miners ETF | 4,153,684 | 2,473,022 | 3,067,632 | 5,540,654 | ||||||||||||
| Sprott Uranium Miners ETF* | 94,671,596 | 36,617,999 | 58,519,029 | 95,137,028 | ||||||||||||
| Sprott Junior Uranium Miners ETF | 10,540,887 | 6,697,364 | 3,388,668 | 10,086,032 | ||||||||||||
| Sprott Junior Copper Miners ETF | 4,914,023 | 1,736,668 | 3,343,215 | 5,079,883 | ||||||||||||
| Sprott Nickel Miners ETF | 5,168,767 | 3,929,152 | 1,431,051 | 5,360,203 | ||||||||||||
| Sprott Copper Miners ETF | 4,153,383 | 91,272 | 4,222,410 | 4,313,682 | ||||||||||||
| Sprott Silver Miners & Physical Silver ETF | 19,087,571 | 15,891,175 | 4,403,587 | 20,294,762 | ||||||||||||
| Sprott Active Gold & Silver Miners ETF | – | – | – | – | ||||||||||||
| Sprott Active Metals & Miners ETF | – | – | – | – | ||||||||||||
| Sprott Rare Earths Ex-China ETF | – | – | – | – | ||||||||||||
| * | The Affiliated Investments at value presented in the Statement of Assets and Liabilities may include the market value of securities that are on loan. For the year ended June 30, 2026, the Sprott Uranium Miners ETF Affiliated investments at value included $41,676,922 of market value for securities on loan. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
76 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
| Sprott Gold Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 19,525,685 | $ | – | $ | – | $ | – | $ | 19,525,685 | ||||||||||
| Total Borrowings | 19,525,685 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 19,525,685 | |||||||||||||||||||
| Sprott Junior Gold Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 21,658,007 | $ | – | $ | – | $ | – | $ | 21,658,007 | ||||||||||
| Total Borrowings | 21,658,007 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 21,658,007 | |||||||||||||||||||
| Sprott Critical Materials ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 17,804,568 | $ | – | $ | – | $ | – | $ | 17,804,568 | ||||||||||
| Total Borrowings | 17,804,568 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 17,804,568 | |||||||||||||||||||
| Sprott Lithium Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 2,473,022 | $ | – | $ | – | $ | – | $ | 2,473,022 | ||||||||||
| Total Borrowings | 2,473,022 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 2,473,022 | |||||||||||||||||||
| Sprott Uranium Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 36,617,999 | $ | – | $ | – | $ | – | $ | 36,617,999 | ||||||||||
| Total Borrowings | 36,617,999 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 36,617,999 | |||||||||||||||||||
| Sprott Junior Uranium Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 6,697,364 | $ | – | $ | – | $ | – | $ | 6,697,364 | ||||||||||
| Total Borrowings | 6,697,364 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 6,697,364 | |||||||||||||||||||
| Sprott Junior Copper Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 1,736,668 | $ | – | $ | – | $ | – | $ | 1,736,668 | ||||||||||
| Total Borrowings | 1,736,668 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 1,736,668 | |||||||||||||||||||
| Sprott Nickel Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 3,929,152 | $ | – | $ | – | $ | – | $ | 3,929,152 | ||||||||||
| Total Borrowings | 3,929,152 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 3,929,152 | |||||||||||||||||||
77 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
| Sprott Copper Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 91,272 | $ | – | $ | – | $ | – | $ | 91,272 | ||||||||||
| Total Borrowings | 91,272 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 91,272 | |||||||||||||||||||
| Sprott Silver Miners & Physical Silver ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | 15,891,175 | $ | – | $ | – | $ | – | $ | 15,891,175 | ||||||||||
| Total Borrowings | 15,891,175 | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | 15,891,175 | |||||||||||||||||||
| Sprott Active Gold & Silver Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
| Total Borrowings | – | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | – | |||||||||||||||||||
| Sprott Active Metal & Miners ETF | Remaining contractual maturity of the agreements | |||||||||||||||||||
| Securities Lending Transactions | Overnight
& Continuous |
Up
to 30 Days |
30-90 Days |
Greater
than 90 Days |
Total | |||||||||||||||
| Common Stocks | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
| Total Borrowings | – | |||||||||||||||||||
| Gross amount of recognized liabilities for securities lending (collateral received) | – | |||||||||||||||||||
6. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS
A. Advisory and Sub-Advisory Fees
The Adviser serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund’s average daily net assets as set out below.
| Fund | Advisory Fee | |
| Sprott Gold Miners ETF | 0.35% | |
| Sprott Junior Gold Miners ETF | 0.35% | |
| Sprott Critical Materials ETF | 0.65% | |
| Sprott Lithium Miners ETF | 0.65% | |
| Sprott Uranium Miners ETF | 0.75% | |
| Sprott Junior Uranium Miners ETF | 0.80% | |
| Sprott Junior Copper Miners ETF | 0.75% | |
| Sprott Nickel Miners ETF | 0.75% | |
| Sprott Copper Miners ETF | 0.65% | |
| Sprott Silver Miners & Physical Silver ETF | 0.65% | |
| Sprott Active Gold & Silver Miners ETF | 0.89% | |
| Sprott Active Metals & Miners ETF | 0.89% | |
| Sprott Rare Earths Ex-China ETF | 0.65% |
78 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The Sub-Adviser serves as each Fund’s sub-adviser pursuant to a sub-advisory agreement with the Adviser and the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of the relevant Fund’s average daily net assets as set out below:
| Average Assets* | Sub-Advisory Fee** | |
| Up to $250 million | 0.04% | |
| $250 million-$500 million | 0.03% | |
| Above $500 million | 0.02% |
| * | Subject to the following annual minimums per fund sub-advised by the Sub-Adviser for Sprott: (i) first two funds: $40,000 per fund; (ii) additional funds: $30,000 per fund. |
| ** | Annual rate stated as a percentage of the average daily net assets of the Funds. |
B. Fee Waiver Arrangement
For the Sprott Gold Miners ETF and the Sprott Junior Gold Miners ETF, the Adviser is paid a monthly management fee at an annual rate (stated as a percentage of the average daily net assets of each Fund) of 0.35%. The Adviser has contractually agreed to waive the management fee, and/or reimburse expenses so that total annual operating expenses of these funds after fee waiver/expense reimbursements (not including distribution (12b-1) fees, shareholder service fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses) do not exceed a maximum of 0.50% of the Funds’ average daily net assets through April 30, 2035. The Adviser will be permitted to recover expenses it has borne to the extent that the Funds’ expenses in later periods fall below the annual rates set forth in the expense agreement. These Funds’ fee waiver/expense reimbursement arrangements with the Adviser permit the Adviser to recapture only if any such recapture payments do not cause the Funds’ expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. The Funds will not be obligated to pay any such deferred fees and expenses more than three years after the particular date on which the fees and expenses were deferred. This expense agreement may only be terminated by the Board of Trustees of Sprott Funds Trust.
For the period ended June 30, 2026, the fees waived and recoupment of previously waived fees were as follows:
| Fees
waived by Advisor |
Expense Recoupment of Previously Waived Fees |
|||||||
| Sprott Gold Miners ETF | $ | – | $ | – | ||||
| Sprott Junior Gold Miners ETF | – | 85,980 | ||||||
As of June 30, 2026, the balance of recoupable expenses for the Fund was as follows:
| Expires December 31, 2026 |
Expires December 31, 2027 |
Expires December 31, 2028 |
||||||||||
| Sprott Gold Miners ETF | $ | – | $ | – | $ | – | ||||||
| Sprott Junior Gold Miners ETF | – | 29,897 | 14,447 | |||||||||
C. Unitary Fee Arrangement
Under the Investment Advisory Agreement for all of the Sprott ETFs excluding Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF, the Adviser has agreed to pay all expenses incurred by each such Fund except for the fee paid to the Adviser, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
7. TRUSTEES OF THE TRUST
The Board consists of five Trustees, four of whom are not “interested persons” (as defined in the 1940 Act) of the Trust (“Independent Trustees”), and one of whom is an interested person. Each current Independent Trustee is paid an annual retainer of $105,000 for his or her services as a Board member to the Trust and another trust in the fund complex, together with out-of-pocket expenses in accordance with the Board’s policy on travel and other business expenses relating to attendance at meetings.
79 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
8. PURCHASES AND SALES OF SECURITIES
For the six months ended June 30, 2026, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:
| Fund | Purchases | Sales | ||||||
| Sprott Gold Miners ETF | $ | 203,496,694 | $ | 201,039,737 | ||||
| Sprott Junior Gold Miners ETF | 128,529,408 | 127,436,685 | ||||||
| Sprott Critical Materials ETF | 95,867,967 | 85,205,986 | ||||||
| Sprott Lithium Miners ETF | 11,223,701 | 10,703,063 | ||||||
| Sprott Uranium Miners ETF | 397,897,460 | 466,266,430 | ||||||
| Sprott Junior Uranium Miners ETF | 75,869,112 | 73,588,823 | ||||||
| Sprott Junior Copper Miners ETF | 47,077,364 | 34,444,163 | ||||||
| Sprott Nickel Miners ETF | 15,189,414 | 12,229,402 | ||||||
| Sprott Copper Miners ETF | 33,290,555 | 29,527,565 | ||||||
| Sprott Silver Miners & Physical Silver ETF | 126,589,757 | 127,512,310 | ||||||
| Sprott Active Gold & Silver Miners ETF | 16,102,569 | 9,708,985 | ||||||
| Sprott Active Metals & Miners ETF | 14,633,471 | 13,197,624 | ||||||
| Sprott Rare Earths Ex-China ETF* | 5,075,171 | 5,861,902 | ||||||
For the six months ended June 30, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Fund | Purchases | Sales | ||||||
| Sprott Gold Miners ETF | $ | 148,922,841 | $ | 188,392,699 | ||||
| Sprott Junior Gold Miners ETF | 123,716,594 | 177,670,086 | ||||||
| Sprott Critical Materials ETF | 353,493,224 | 12,418,735 | ||||||
| Sprott Lithium Miners ETF | 19,222,309 | 14,118,997 | ||||||
| Sprott Uranium Miners ETF | 547,882,207 | 247,167,137 | ||||||
| Sprott Junior Uranium Miners ETF | 66,263,999 | 51,333,095 | ||||||
| Sprott Junior Copper Miners ETF | 141,912,827 | 48,429,499 | ||||||
| Sprott Nickel Miners ETF | 68,403,225 | 26,308,981 | ||||||
| Sprott Copper Miners ETF | 193,382,079 | 13,322,795 | ||||||
| Sprott Silver Miners & Physical Silver ETF | 237,184,888 | 124,180,517 | ||||||
| Sprott Active Gold & Silver Miners ETF | 46,392,400 | 37,830,435 | ||||||
| Sprott Active Metals & Miners ETF | 59,978,547 | 14,676,213 | ||||||
| Sprott Rare Earths Ex-China ETF* | 61,367,060 | – | ||||||
For the six months ended June 30, 2026, the net realized gains/(losses) on in-kind transactions were as follows:
| Fund | Net
Realized Gain/(Loss) |
|||
| Sprott Gold Miners ETF | $ | 62,879,991 | ||
| Sprott Junior Gold Miners ETF | 83,351,355 | |||
| Sprott Critical Materials ETF | 7,426,115 | |||
| Sprott Lithium Miners ETF | 7,676,096 | |||
| Sprott Uranium Miners ETF | 137,242,400 | |||
| Sprott Junior Uranium Miners ETF | 19,419,210 | |||
| Sprott Junior Copper Miners ETF | 19,885,039 | |||
| Sprott Nickel Miners ETF | 2,602,098 | |||
| Sprott Copper Miners ETF | 5,808,759 | |||
| Sprott Silver Miners & Physical Silver ETF | 64,396,193 | |||
| Sprott Active Gold & Silver Miners ETF | 18,910,727 | |||
| Sprott Active Metals & Miners ETF | 3,548,128 | |||
| Sprott Rare Earths Ex-China ETF * | – | |||
| * | Represents the period from inception through period end. |
80 | June 30, 2026
| Sprott ETFs | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.
9. CAPITAL SHARE TRANSACTIONS
Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 10,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted for the equivalent value of certain securities, generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
10. RELATED PARTY TRANSACTIONS
Each Fund may engage in cross trades with other funds in the Trust pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board has adopted procedures that apply to transactions between the funds of the Trust pursuant to Rule 17a-7. It has been reported to the Board that these transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.
Transactions related to cross trades during the period ended June 30, 2026 were as follows:
| Fund | Purchase Cost Paid |
Sale Proceeds Received |
Realized Gain/(Loss) on Sales |
|||||||||
| Sprott Gold Miners ETF | $ | – | $ | – | $ | – | ||||||
| Sprott Junior Gold Miners ETF | – | – | – | |||||||||
| Sprott Critical Materials ETF | 3,176,458 | 1,061,934 | (133,236 | ) | ||||||||
| Sprott Lithium Miners ETF | – | – | – | |||||||||
| Sprott Uranium Miners ETF | – | 2,011,223 | (484,026 | ) | ||||||||
| Sprott Junior Uranium Miners ETF | 814,898 | – | – | |||||||||
| Sprott Junior Copper Miners ETF | – | 193,226 | (40,645 | ) | ||||||||
| Sprott Nickel Miners ETF | 1,061,934 | 1,111,855 | (244,661 | ) | ||||||||
| Sprott Copper Miners ETF | 193,226 | – | – | |||||||||
| Sprott Silver Miners & Physical Silver ETF | – | 868,279 | (112,188 | ) | ||||||||
| Sprott Active Gold & Silver Miners ETF | – | – | – | |||||||||
| Sprott Active Metals & Miners ETF | – | – | – | |||||||||
| Sprott Rare Earths Ex-China ETF | – | – | – | |||||||||
11. SEGMENT REPORTING
In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they operates as single reportable segments. The Chief Compliance Officer and Chief Financial Officer of the Adviser are deemed to be the Chief Operating Decision Maker (“CODM”). The CODM is responsible for assessing the Funds’ financial performance and allocating resources. In making these assessments the CODM evaluates the Funds’ financial results on an aggregated basis rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund level expenses and are not allocated to specific segments or business lines. Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate theri reporting requirements in accordance with applicable accounting standards.
12. SUBSEQUENT EVENTS
The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between June 30, 2026 and the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.
81 | June 30, 2026
| Sprott ETFs | |
| Additional Information (Unaudited) | June 30, 2026 |
TAX INFORMATION
Pursuant to Section 853(c) of the Internal Revenue Code, the Funds designated the following for the calendar year ended December 31, 2025:
| Foreign Taxes Paid |
Foreign Source Income |
|||||||
| Sprott Gold Miners ETF | $ | 595,852 | $ | 4,607,403 | ||||
| Sprott Junior Gold Miners ETF | $ | 61,918 | $ | 1,223,734 | ||||
| Sprott Uranium Miners ETF | $ | 54,079 | $ | 12,148,459 | ||||
| Sprott Critical Materials ETF | $ | 273,915 | $ | 273,915 | ||||
| Sprott Junior Uranium Miners ETF | $ | 0 | $ | 51,020 | ||||
| Sprott Lithium Miners ETF | $ | 1,017 | $ | 41,967 | ||||
| Sprott Junior Copper Miners ETF | $ | 14,215 | $ | 268,915 | ||||
| Sprott Nickel Miners ETF | $ | 28,657 | $ | 208,418 | ||||
| Sprott Copper Miners ETF | $ | 11,432 | $ | 195,059 | ||||
| Sprott Silver Miners & Physical Silver ETF | $ | 48,157 | $ | 465,676 | ||||
| Sprott Active Gold & Silver Miners ETF | $ | 41,780 | $ | 448,177 | ||||
| Sprott Active Metals & Miners ETF | $ | 1,708 | $ | 40,170 | ||||
The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2025:
| QDI | DRD | |||||||
| Sprott Gold Miners ETF | 55.00 | % | 13.22 | % | ||||
| Sprott Junior Gold Miners ETF | 3.71 | % | 0.00 | % | ||||
| Sprott Uranium Miners ETF | 21.91 | % | 0.00 | % | ||||
| Sprott Critical Materials ETF | 10.01 | % | 3.83 | % | ||||
| Sprott Junior Uranium Miners ETF | 0.00 | % | 0.00 | % | ||||
| Sprott Lithium Miners ETF | 2.42 | % | 1.10 | % | ||||
| Sprott Junior Copper Miners ETF | 1.49 | % | 0.00 | % | ||||
| Sprott Nickel Miners ETF | 29.03 | % | 0.00 | % | ||||
| Sprott Copper Miners ETF | 10.82 | % | 7.40 | % | ||||
| Sprott Silver Miners & Physical Silver ETF | 1.59 | % | 0.00 | % | ||||
| Sprott Active Gold & Silver Miners ETF | 16.21 | % | 1.19 | % | ||||
| Sprott Active Metals & Miners ETF | 12.99 | % | 5.44 | % | ||||
In early 2026, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.
82 | June 30, 2026
| Sprott ETFs | |
| Changes
in and Disagreements with Accountants for Open-End Management Investment Companies |
June 30, 2026 (Unaudited) |
Nothing to report.
83 | June 30, 2026
| Sprott ETFs | |
| Proxy
Disclosures for Open-End Management Investment Companies |
June 30, 2026 (Unaudited) |
No matters were submitted to the shareholders of the Funds for their vote during this reporting period.
84 | June 30, 2026
| Sprott ETFs | |
|
Remuneration Paid to Directors, Officers, and |
June 30, 2026 (Unaudited) |
Included in the Financial Statements - see Statements of Operations.
85 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Board Approval of Investment Advisory and Sub-Advisory Agreements for Sprott Funds Trust (Sprott ETFs)
The Board of Trustees (the “Board”) of Sprott Funds Trust (the “Trust”) on behalf of its series, Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Lithium Miners ETF, Sprott Copper Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, Sprott Critical Materials ETF, Sprott Silver Miners & Physical Silver Miners ETF, and Sprott Active Gold & Silver Miners ETF (each a “Fund” and, collectively, the “Funds”) met in person at a regularly scheduled meeting on June 5, 2026, in Watch Hill, Rhode Island, for purposes of, among other things, considering whether it would be in the best interests of each Fund and its shareholders for the Board to renew the Amended and Restated Investment Advisory Agreement (the “Advisory Agreement”) by and between the Funds and Sprott Asset Management USA, Inc. (“SAM USA” or the “Adviser”) and the Amended Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) by and among the Funds, SAM USA, Inc. and ALPS Advisors, Inc. (“ALPS” or the “Sub-Adviser”). SAM USA together with ALPS are collectively referred to as the “Advisers.”
In connection with the Board’s review of the Agreements, the Trustees who are not “interested persons” of the Funds within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (collectively, the “Independent Trustees”) requested, and the Advisers provided the Board with, information about a variety of matters, including, without limitation, the following information:
| ● | nature, extent and quality of services to be provided by the Advisers, including background information on the qualifications and experience of key professionals of the Advisers who provide services to the Funds; |
| ● | investment performance of the Funds, including the extent to which the Funds tracked their respective benchmark indexes; |
| ● | fees charged to and expenses of the Funds, including comparative fee and expense information for registered investment companies similar to the Funds; |
| ● | costs of the services provided, and profits realized by the Advisers; and |
| ● | any economies of scale. |
To reach this determination, the Board considered its duties under the 1940 Act as well as under the general principles of state law in reviewing and approving advisory contracts; the fiduciary duty of investment advisers with respect to advisory agreements and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors ordinarily be considered by registered investment company boards when voting on such agreements. To assist the Board in its evaluation of each of the Agreements, the Independent Trustees received materials in advance of the Board meeting from the Advisers. The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data. The Board focused on, among other things, the expense ratio components, including gross and net total expenses of the peer funds determined by Broadridge (the “Peer Group”) that were objectively selected by Broadridge pursuant to its proprietary Morningstar methodology, as compared to the same information about each Fund. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine each Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to each Fund in all instances. The Board applied its business judgment to determine whether the arrangements by and among each Fund, SAM USA and ALPS are reasonable business arrangements from each Fund’s perspective as well as from the perspective of its respective shareholders.
Nature, Extent and Quality of Services Provided
Sprott Asset Management USA, Inc.
The Board reviewed materials provided by the Adviser related to the proposed renewal of the Advisory Agreement. The Board noted that the Adviser provides investment management services on a discretionary basis to its clients, which include individuals, institutions and private funds. The Board further noted that the Adviser was founded in 2005 and is owned by Sprott U.S. Holdings, Inc., a wholly owned subsidiary of Sprott, Inc., a publicly traded company. The Board reviewed the credentials of the key investment personnel that would be responsible for servicing the Funds, noting that each had considerable experience in the asset management industry. The Board discussed the services that would be provided to the Funds, which included portfolio management, research, compliance, and analysis and administration. The Board noted that the Adviser with respect to certain Funds actively managed the investment portfolios of those Funds. The Board discussed the Adviser’s oversight of the Sub-Adviser, which included oversight of the Sub Adviser’s adherence to each Fund’s investment strategies and restrictions, trading, and compliance monitoring. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to perform their duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the Funds would be satisfactory. The Board further noted the Adviser reported no material compliance or litigation issues that have had an adverse effect on the Adviser’s ability to provide investment management services to the Funds since the Advisory agreement was last renewed.
86 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
ALPS Advisors, Inc.
The Board reviewed materials provided by the Sub-Adviser, which included the background information of key investment personnel responsible for the servicing the Funds, considering their education and financial industry experience. The Board discussed the responsibilities of the Sub-Adviser with respect to the Funds noting that the Sub-Adviser was responsible for monitoring and acting on any events which would require trading in order to keep each Fund in line with its respective benchmark index. The Board further noted the Sub-Adviser reported no material compliance or litigation issues that have had an adverse effect on the Sub-Adviser’s ability to provide investment management services to the Funds since the Sub-Advisory agreement was last renewed.
Investment Performance
Sprott Gold Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that as of March 31, 2026, the Fund’s since inception performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its benchmark index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expected ETF frictions, including the expense ratio, trading and rebalancing costs, liquidity constraints in gold miners stocks, foreign-market effects, and cash management, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Junior Gold Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that as of March 31, 2026, the Fund’s since inception performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, including various factors that contributed to the slight tracking error, such as expected ETF frictions, including the expense ratio, trading and rebalancing costs, liquidity constraints in junior gold miners, foreign-market effects, and cash management, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Uranium Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expense ratio drag, trading and rebalancing costs, liquidity
87 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
constraints, foreign-market and currency effects, cash holdings, concentrated uranium exposure, and implementation timing, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Junior Uranium Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expected ETF frictions, including the expense ratio, trading and rebalancing costs, liquidity constraints in junior uranium miners, foreign-market effects, and cash management, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Lithium Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as portfolio trading, index rebalance execution, cash positioning, fair-value pricing, corporate actions, securities lending, or timing differences in foreign-market securities, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
88 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Sprott Copper Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund’s performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as trading and rebalancing costs, bid-ask spreads in underlying copper mining equities, cash balances, foreign-market timing, currency conversions, and implementation differences during index rebalances, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Junior Copper Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expense ratio drag, trading costs, liquidity constraints, foreign- market effects, cash management, and implementation timing, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Nickel Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expense ratio drag, trading and rebalancing costs, liquidity constraints, foreign-market and currency effects, portfolio concentration, and cash/flow management, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The
89 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Critical Materials ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that the Fund’s performance as of March 31, 2026, generally conformed to the since inception performance of the benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as expense ratio drag, trading and rebalancing costs, foreign-market and currency effects, cash management, and implementation complexity across multiple critical-materials sectors, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Silver Miners & Physical Miners ETF
The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that during the 1-year and since inception periods, the Fund’s performance as of March 31, 2026, generally conformed to the performance of the benchmark index. The Board considered the various factors that contributed to the slight tracking error, such as expense ratio drag, portfolio trading and rebalancing costs, physical silver trust exposure, foreign-market and currency conversion, concentrated holdings, cash management, and implementation timing, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.
The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund’s benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
Sprott Active Gold & Silver Miners ETF
The Board observed that the Fund materially outperformed its benchmark index during the 1-year and since inception periods. The Board considered the Adviser’s explanations noting the Fund benefited for strong gains in the gold and silver, active stock selection and continued investor demand for hard-asset related equities. The Board that the Fund performed as of March 31, 2026, slightly below the median performance of its Peer Group.
The Board further considered detailed investment reports on, and the Adviser’s and Sub-Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
In summary, the Board concluded that the Adviser and the Sub-Adviser had the potential to continue providing reasonable returns for the Funds.
90 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Fees and Expenses
Sprott Gold Miners ETF
The Board noted the advisory fee for the Fund as of March 31, 2026, was below the averages and medians of its Peer Group and Morningstar category. The Board further noted that the Fund’s net expense ratio was also slightly below the averages and medians Peer Group and Morningstar category. The Board noted, with respect to the advisory fee, that the peers presented in the Broadridge report, unlike the Fund paid unitary fees and thus a portion of the advisory fee was used to pay non-adviser service provider expenses. The Board discussed the expertise required to manage a gold miners fund and the sophistication of the index that the Fund would track. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the advisory fee and net expense ratio of the Fund were not unreasonable.
Sprott Junior Gold Miners ETF
The Board noted the advisory fee for the Fund as of March 31, 2026, was below the averages and medians of its Peer Group and Morningstar category. The Board further noted that the Fund’s net expense ratio of was also below the averages and medians of its Peer Group and Morningstar category. The Board noted, with respect to the advisory fee, that the peers presented in the Broadridge report, unlike the Fund paid unitary fees and thus a portion of the advisory fee was used to pay non-adviser service provider expenses. The Board discussed the expertise required to manage a gold miners fund and the sophistication of the index that the Fund would track. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the advisory fee and net expense ratio of the Fund were not unreasonable.
Sprott Uranium Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were higher than both the Peer Group and Morningstar category averages and medians by slightly over 20 basis points. The Board discussed the expertise required to manage a junior uranium miners fund and the sophistication of the index that the Fund would track. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
91 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Sprott Junior Uranium Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were higher than both the Peer Group and Morningstar category averages and medians by slightly less than 30 basis points. The Board discussed the expertise required to manage a uranium miners fund and the sophistication of the index that the Fund would track, and noted the strong performance of the Fund relative to the funds in its Peer Group. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Lithium Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category averages and medians. The Board discussed the expertise required to manage a lithium miners fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Copper Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category averages and medians. The Board discussed the expertise required to manage a copper miners fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
92 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Junior Copper Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category averages and medians by slightly over 20 basis points. The Board discussed the expertise required to manage a junior copper miners fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Nickel Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category averages and medians by slightly over 20 basis points. The Board discussed the expertise required to manage a nickel miners fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Critical Materials ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category average and median. The Board discussed the expertise required to manage an energy transition materials fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such
93 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the Sub-Advisory fee was paid by the Adviser and not the Fund. The Board noted that the Sub-Advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Silver Miners & Physical Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category average and median. The Board discussed the expertise required to manage a silver and physical miners fund, the sophistication of the index that the Fund would track and the Adviser’s role in creating such index. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the Sub-Advisory fee was paid by the Adviser and not the Fund. The Board noted that the Sub-Advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
Sprott Active Gold & Silver Miners ETF
The Board noted that the advisory fee for the Fund was a unitary fee and, as such, the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund’s advisory fee and expense ratio as of March 31, 2026, were above both the Peer Group and Morningstar category average and median. The Board took into consideration that the advisory fee for the Fund is a “unitary fee,” meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.
With respect to the Sub-Adviser, the Board considered that the Sub-Advisory fee was paid by the Adviser and not the Fund. The Board noted that the Sub-Advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.
The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.
94 | June 30, 2026
| Sprott ETFs | |
|
Statement Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Profitability
Sprott Asset Management USA, Inc.
The Board reviewed the pro forma profitability analysis provided by the Adviser and noted that the Adviser did not earn a profit for the fiscal year ended December 31, 2025 under the Advisory Agreement for Sprott Lithium Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF. The Board noted that the Adviser earned a profit for the fiscal year ended December 31, 2025 under the Advisory Agreement for Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Copper Miners ETF, Sprott Critical Materials ETF, Sprott Silver Miners & Physical Silver ETF, and Sprott Active Gold & Silver Miners ETF with respect to its management of the Funds. The Board discussed the Adviser’s contractual fee waiver arrangement with respect Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF (“Gold Funds”), which effectively results in the Gold Funds only being charged for their respective investment advisory fees. The Board after reviewing pro forma profitability information about the Adviser and concluded that the advisory fee paid by each Fund to the Adviser was not unreasonable.
ALPS Advisors, Inc.
The Board reviewed the profitability analysis for the fiscal year ended December 31, 2025 provided by the Sub-Adviser with respect to its management of the Funds. The Board noted that the Sub-Adviser earned a modest profit from the management of the Sprott ETFs in aggregate. The Board concluded that excessive profitability was not an issue at this time.
Economies of Scale
The Board considered the existence of any economies of scale in the provisions of the services by the Advisers and whether those economies were shared with the Funds through breakpoints in its management fees or other means, such as expense caps or fee waivers. The Board also considered the extent to which each Fund benefits from such economies of scale and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate. The Board concluded that the current fee structure for each Fund was reasonable and that no changes were necessary.
Conclusion
Having requested and received such information from the Adviser and Sub-Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Agreements, the Board concluded that approval of the Agreements was in the best interests of the shareholders of each Fund.
95 | June 30, 2026
This material must be preceded or accompanied by the Prospectus.
www.sprott.com
ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott ETFs.
 |
 |
Semi-Annual
Financial Statements and
Other
Important Information
June 30, 2026
Sprott Gold Equity Fund Investor Class (Nasdaq: SGDLX)
Sprott Gold Equity Fund Institutional Class (Nasdaq: SGDIX)
Table of Contents
| Sprott Gold Equity Fund | |
ITEM 7 – Financial Statements and Financial Highlights for
Open-End Management Investment Companies
1 | June 30, 2026
| Sprott Gold Equity Fund | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| COMMON STOCKS (85.22%) | ||||||||
| Financial (0.48%) | ||||||||
| Gold Bullion International, LLC(a)(b)(c) | 5,000,000 | $ | 7,150,000 | |||||
| Gold Mining (74.74%) | ||||||||
| Agnico Eagle Mines, Ltd. | 327,450 | 50,877,407 | ||||||
| Alamos Gold, Inc., Class A | 765,100 | 23,213,134 | ||||||
| Anglogold Ashanti PLC(d) | 431,100 | 34,871,679 | ||||||
| Artemis Gold, Inc.(b) | 343,600 | 7,561,259 | ||||||
| Barrick Mining Corp. | 500,133 | 18,390,225 | ||||||
| Coeur Mining, Inc. | 4,248,164 | 69,330,036 | ||||||
| DPM Metals, Inc. | 2,103,800 | 68,324,363 | ||||||
| Eldorado Gold Corp.(d) | 1,457,600 | 45,316,784 | ||||||
| Emerald Resources NL(b) | 9,090,200 | 34,551,772 | ||||||
| Equinox Gold Corp. | 3,923,445 | 38,231,630 | ||||||
| G Mining Ventures Corp.(b) | 2,775,300 | 81,267,907 | ||||||
| Genesis Minerals, Ltd.(b) | 6,459,700 | 23,301,003 | ||||||
| Gold Fields, Ltd., Sponsored ADR | 387,700 | 13,022,843 | ||||||
| i-80 Gold Corp.(b)(d) | 20,693,137 | 30,056,663 | ||||||
| IAMGOLD Corp.(b) | 4,430,000 | 70,171,200 | ||||||
| K92 Mining, Inc.(b) | 1,563,300 | 24,536,618 | ||||||
| Kinross Gold Corp. | 1,414,500 | 33,410,490 | ||||||
| Mining Americas, Inc.(b)(e)(f) | 2,535,211 | 8,991,442 | ||||||
| Montage Gold Corp.(b) | 3,511,250 | 39,934,052 | ||||||
| New Found Gold Corp. (CAD)(b)(e)(f) | 3,325,000 | 5,134,320 | ||||||
| New Found Gold Corp. (USD)(b)(d) | 2,237,400 | 3,445,596 | ||||||
| Northern Star Resources, Ltd. | 2,318,500 | 30,418,715 | ||||||
| OceanaGold Corp. | 2,188,600 | 54,859,672 | ||||||
| OR Royalties, Inc. | 1,250,224 | 39,589,325 | ||||||
| Ora Banda Mining, Ltd.(b) | 22,111,174 | 16,150,606 | ||||||
| Pan American Silver Corp. | 663,500 | 29,718,165 | ||||||
| Perpetua Resources Corp.(b)(d) | 1,543,150 | 32,035,794 | ||||||
| Ramelius Resources, Ltd. | 20,120,645 | 40,677,036 | ||||||
| Skeena Resources, Ltd.(b) | 590,200 | 15,730,344 | ||||||
| SSR Mining, Inc.(b) | 1,376,400 | 38,924,592 | ||||||
| Wesdome Gold Mines, Ltd. | 2,027,000 | 34,801,657 | ||||||
| Westgold Resources, Ltd. | 9,021,200 | 29,355,313 | ||||||
| Wheaton Precious Metals Corp. | 269,700 | 30,292,704 | ||||||
| Total Gold Mining | 1,116,494,346 | |||||||
| Industrial (0.01%) | ||||||||
| Blue Spark Energy Systems, Inc.(a)(b) | 3,727 | 671 | ||||||
| I-Pulse, Inc.(a)(b) | 74,532 | 186,330 | ||||||
| Total Industrial | 187,001 | |||||||
| Platinum Mining (2.18%) | ||||||||
| Valterra Platinum, Ltd. | 484,000 | 32,549,576 | ||||||
| Silver Mining (7.81%) | ||||||||
| AbraSilver Resource Corp.(b) | 689,100 | 6,952,950 | ||||||
| Discovery Silver Corp.(b) | 5,301,800 | 31,700,521 | ||||||
| Endeavour Silver Corp.(b)(d) | 2,452,000 | 20,302,560 | ||||||
| Sunshine Silver Mining & Refining Co.(b)(e) | 2,436,910 | 32,215,950 | ||||||
| Vizsla Royalties Corp.(b)(e)(f) | 286,457 | 767,521 | ||||||
2 | June 30, 2026
| Sprott Gold Equity Fund | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| Security Description | Shares | Value | ||||||
| Silver Mining (continued) | ||||||||
| Vizsla Silver Corp.(b)(e)(f) | 7,563,950 | $ | 24,853,169 | |||||
| Total Silver Mining | 116,792,671 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $731,383,365) | 1,273,173,594 | |||||||
| Security Description | Principal Amount |
Value | ||||||
| CONVERTIBLE CORPORATE BOND (1.33%) | ||||||||
| Gold Mining (1.33%) | ||||||||
| i-80 Gold Corp. | ||||||||
| 3.75%, 04/15/2031(e) | $ | 18,000,000 | $ | 19,855,800 | ||||
| Total Gold Mining | 19,855,800 | |||||||
| TOTAL CONVERTIBLE CORPORATE BOND | ||||||||
| (Cost $18,000,000) | 19,855,800 | |||||||
| Security Description | Shares | Value | ||||||
| GOLD BULLION (10.83%) | ||||||||
| Gold Bullion(b) | 40,384 | 161,858,597 | ||||||
| TOTAL GOLD BULLION | ||||||||
| (Cost $16,140,164) | 161,858,597 | |||||||
| Security Description | Shares | Value | ||||||
| LIMITED PARTNERSHIP (1.88%) | ||||||||
| Financial (1.88%) | ||||||||
| Tocqueville Bullion Reserve LP - Class G(b)(c) | 7,619 | 28,084,786 | ||||||
| TOTAL LIMITED PARTNERSHIP | ||||||||
| (Cost $13,795,735) | 28,084,786 | |||||||
| WARRANTS (0.77%) | ||||||||
| Gold Mining (0.77%) | ||||||||
| New Found Gold Corp. (Expiring 12/16/2026), Exercise Price CAD $5.00(e)(f) | 1,662,500 | 352 | ||||||
| i-80 Gold Corp. (Expiring 11/16/2027), Exercise Price $.70 | 11,300,000 | 9,605,000 | ||||||
| Mining Americas, Inc. (Expiring 9/17/2028), Exercise Price CAD $7.05(e)(f) | 2,535,211 | 1,277,571 | ||||||
| Osisko Development Corp. (Expiring 8/15/2027), Exercise Price $2.56 | 1,290,000 | 540,123 | ||||||
| Osisko Development Corp. (Expiring 3/2/2027), Exercise Price CAD $14.75 | 499,999 | 40,543 | ||||||
| Total Gold Mining | 11,463,589 | |||||||
| TOTAL WARRANTS | ||||||||
| (Cost $860,154) | 11,463,589 | |||||||
3 | June 30, 2026
| Sprott Gold Equity Fund | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
| 7-Day Yield | Shares | Value | ||||||||||
| SHORT TERM INVESTMENTS (7.21%) | ||||||||||||
| Money Market Fund (0.15%) | ||||||||||||
| Invesco Treasury Portfolio, Institutional Class | ||||||||||||
| (Cost $2,229,901) | 3.56 | % | 2,229,901 | 2,229,901 | ||||||||
| Investments Purchased with Collateral from Securities Loaned (7.06%) | ||||||||||||
| Mount Vernon Liquid Assets Portfolio, LLC, 3.71% | ||||||||||||
| (Cost $105,399,441) | 105,399,441 | 105,399,441 | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Cost $107,629,342) | $ | 107,629,342 | ||||||||||
| TOTAL INVESTMENTS (107.24%) | ||||||||||||
| (Cost $887,808,760) | $ | 1,602,065,708 | ||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (-7.24%) | (108,157,418 | ) | ||||||||||
| NET ASSETS (100.00%) | $ | 1,493,908,290 | ||||||||||
| (a) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
| (b) | Non-income producing security. |
| (c) | Affiliate of the Fund. See table below (Affiliated Investments). |
| (d) | The security, or a portion of the security position is currently on loan. The total market value of securities on loan was $102,273,344. The loaned securities were secured with cash collateral of $105,399,441. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (e) | Securities, or a portion thereof exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $73,583,312, representing 4.93% of net assets. |
| (f) | Securities, or a portion thereof were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2026, the market value of those securities was $21,511,562, representing 1.44% of net assets. |
See Notes to Financial Statements.
4 | June 30, 2026
| Sprott Gold Equity Fund | |
| Schedule of Investments | June 30, 2026 (Unaudited) |
AFFILIATED INVESTMENTS
| Security Name | Shares as of January 1, 2026 |
Market
Value as of January 1, 2026 |
Purchases (Shares) |
Purchases (Cost) |
Sales (Shares) |
Sales (Proceeds) |
Change
in Unrealized Gain/(Loss) |
Dividend Income |
Realized Gain/(Loss) |
Market
Value as of June 30, 2026 |
Share
Balance as of June 30, 2026 |
|||||||||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
| Financial | ||||||||||||||||||||||||||||||||||||||||||||
| Gold Bullion International, LLC | 5,000,000 | 7,150,000 | – | – | – | – | – | 1,821,469 | $ | – | 7,150,000 | 5,000,000 | ||||||||||||||||||||||||||||||||
| Limited Partnership | ||||||||||||||||||||||||||||||||||||||||||||
| Financial | ||||||||||||||||||||||||||||||||||||||||||||
| Tocqueville Bullion Reserve LP - Class G(a)(b) | 7,619 | 30,369,028 | – | – | – | – | (2,284,242 | ) | – | 28,084,786 | 7,619 | |||||||||||||||||||||||||||||||||
| Securities no longer held at June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Gold Mining | ||||||||||||||||||||||||||||||||||||||||||||
| International Tower Hill Mines, Ltd.(a) | 19,627,315 | 36,178,724 | – | – | (19,627,315 | ) | (46,845,829 | ) | 80,354 | 10,586,751 | – | – | ||||||||||||||||||||||||||||||||
| $ | 73,697,752 | $ | – | $ | (46,845,829 | ) | $ | (2,203,888 | ) | $ | 1,821,469 | $ | 10,586,751 | $ | 35,234,786 | |||||||||||||||||||||||||||||
| Securities no longer held at June 30, 2026 | 80,354 | 20,171,833 | – | |||||||||||||||||||||||||||||||||||||||||
| Securities affiliated at June 30, 2026 | $ | (2,284,242 | ) | $ | (9,585,082 | ) | $ | 35,234,786 | ||||||||||||||||||||||||||||||||||||
| (a) | Non-income producing security |
| (b) | Tocqueville Bullion Reserve (“TBR”) is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. |
5 | June 30, 2026
| Sprott Gold Equity Fund | |
| Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| ASSETS: | ||||
| Unaffiliated investments, at Market Value (including securities on Loan)(Note 12)(a) | $ | 1,566,830,922 | ||
| Affiliated investments, at value | 35,234,786 | |||
| Receivable for fund shares sold | 535,178 | |||
| Dividends, interest and other receivables | 352,343 | |||
| Prepaid expenses and other assets | 12,961 | |||
| Total assets | 1,602,966,190 | |||
| LIABILITIES: | ||||
| Payable for fund shares redeemed | 2,052,831 | |||
| Payable to Adviser (Note 5) | 1,036,055 | |||
| Payable for collateral upon return of securities loaned (Note 12) | 105,399,441 | |||
| Payable to Administrator | 171,925 | |||
| Accrued distribution fee - Investor Class | 225,004 | |||
| Professional fees payable | 53,396 | |||
| Transfer agent fees payable | 21,741 | |||
| Accrued expenses and other liabilities | 97,507 | |||
| Total liabilities | 109,057,900 | |||
| NET ASSETS | $ | 1,493,908,290 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 514,772,009 | ||
| Total distributable earnings/(accumulated loss) | 979,136,281 | |||
| NET ASSETS | $ | 1,493,908,290 | ||
| UNAFFILIATED INVESTMENTS, AT COST | $ | 869,013,025 | ||
| AFFILIATED INVESTMENTS, AT COST | $ | 18,795,735 | ||
| Institutional | ||||
| Net Assets | $ | 469,255,162 | ||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3,988,971 | |||
| Net Asset Value, offering and redemption price per share | $ | 117.64 | ||
| Investor | ||||
| Net Assets | $ | 1,024,653,128 | ||
| Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 8,850,958 | |||
| Net Asset Value, offering and redemption price per share | $ | 115.77 |
| (a) | Market Value of Securities on Loan $102,273,344. |
See Notes to Financial Statements.
6 | June 30, 2026
| Sprott Gold Equity Fund | |
| Statements of Operations | For the Period Ended June 30, 2026 (Unaudited) |
| INVESTMENT INCOME: | ||||
| Dividends from unaffiliated investments | $ | 6,177,297 | ||
| Dividends from affiliated investments | 1,821,469 | |||
| Interest from unaffiliated investments | 785,676 | |||
| Securities lending income - net of fees (Note 12) | 66,219 | |||
| Foreign withholding tax | (670,078 | ) | ||
| Total investment income | 8,180,583 | |||
| EXPENSES: | ||||
| Investment adviser fees (Note 5) | 7,092,674 | |||
| Distribution fee 12B-1 - Investor Class (Note 5) | 1,585,190 | |||
| Administration fees (Note 5) | 1,192,692 | |||
| Legal fees | 112,669 | |||
| Transfer Agent - Investor Class | 91,004 | |||
| Transfer Agent - Institutional Class | 76,650 | |||
| Trustee fees | 50,550 | |||
| Blue Sky fees | 45,419 | |||
| Audit fees | 34,436 | |||
| Interest Expense (Note 9) | 542 | |||
| Other fees and expenses | 337,884 | |||
| Total expenses | 10,619,710 | |||
| Net expense | 10,619,710 | |||
| NET INVESTMENT INCOME/(LOSS) | (2,439,127 | ) | ||
| REALIZED AND UNREALIZED GAIN/(LOSS) | ||||
| Net realized gain/(loss) on unaffiliated investments | 234,327,354 | |||
| Net realized gain/(loss) on affiliated investments | (9,585,082 | ) | ||
| Net realized gain/(loss) on foreign currency transactions | (514,957 | ) | ||
| Net realized gain/(loss) | 224,227,315 | |||
| Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (344,853,702 | ) | ||
| Net change in unrealized appreciation/(depreciation) on affiliated investments | (2,284,242 | ) | ||
| Net change in unrealized appreciation/(depreciation) | (347,137,944 | ) | ||
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENT AND FOREIGN CURRENCY | (122,910,629 | ) | ||
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (125,349,756 | ) |
See Notes to Financial Statements.
7 | June 30, 2026
| Sprott Gold Equity Fund | |
| Statements of Changes in Net Assets |
| Sprott Gold Equity Fund | ||||||||
| For the Six Months Ended June 30, 2026 (Unaudited) |
For the Year Ended December 31, 2025 |
|||||||
| OPERATIONS: | ||||||||
| Net investment income/(loss) | $ | (2,439,127 | ) | $ | (6,230,780 | ) | ||
| Net realized gain/(loss) | 224,227,315 | 312,323,487 | ||||||
| Net change in unrealized appreciation/(depreciation) | (347,137,944 | ) | 872,079,136 | |||||
| Net increase/(decrease) in net assets resulting from operations | (125,349,756 | ) | 1,178,171,843 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| Net dividends and distributions to shareholders | ||||||||
| Investor Class | – | (8,267,734 | ) | |||||
| Institutional Class | – | (3,768,002 | ) | |||||
| Total distributions | – | (12,035,736 | ) | |||||
| FUND SHARE TRANSACTIONS: | ||||||||
| Proceeds from sale of shares - Investor Class | 61,649,241 | 114,327,166 | ||||||
| Proceeds from sale of shares - Institutional Class | 31,615,742 | 44,766,061 | ||||||
| Dividends reinvested - Investor Class | – | 7,927,466 | ||||||
| Dividends reinvested - Institutional Class | – | 3,468,486 | ||||||
| Cost of shares redeemed - Investor Class(a) | (187,148,310 | ) | (216,556,631 | ) | ||||
| Cost of shares redeemed - Institutional Class(b) | (96,055,362 | ) | (173,060,268 | ) | ||||
| Net increase/(decrease) from capital share transactions | (189,938,689 | ) | (219,127,720 | ) | ||||
| Net increase/(decrease) in net assets | (315,288,445 | ) | 947,008,387 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 1,809,196,735 | 862,188,348 | ||||||
| End of period | $ | 1,493,908,290 | $ | 1,809,196,735 | ||||
| (a) | Net of Redemption Fees of $177,949 and $123,023, respectively. | |
| (b) | Net of Redemption Fees of $57,968 and $44,273, respectively. |
See Notes to Financial Statements.
8 | June 30, 2026
| Sprott Gold Equity Fund – Investor Class | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Year Ended December 31, 2024 |
For
the Year Ended December 31, 2023 |
For
the Year Ended December 31, 2022 |
For
the Year Ended December 31, 2021 |
||||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 126.68 | $ | 51.50 | $ | 42.71 | $ | 41.91 | $ | 48.34 | $ | 54.81 | ||||||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | (0.23 | ) | (0.48 | ) | (0.21 | ) | (0.23 | ) | (0.20 | ) | (0.09 | ) | ||||||||||||
| Net realized and unrealized gain/(loss) | (10.68 | ) | 76.51 | 9.00 | 1.03 | (6.18 | ) | (6.38 | ) | |||||||||||||||
| Total from investment operations* | (10.91 | ) | 76.03 | 8.79 | 0.80 | (6.38 | ) | (6.47 | ) | |||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| From net investment income | – | – | – | – | (0.05 | ) | – | |||||||||||||||||
| From net realized gains | – | (0.85 | ) | – | – | – | – | |||||||||||||||||
| Total distributions | – | (0.85 | ) | – | – | (0.05 | ) | – | ||||||||||||||||
| Net increase/(decrease) in net asset value | (10.91 | ) | 75.18 | 8.79 | 0.80 | (6.43 | ) | (6.47 | ) | |||||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 115.77 | $ | 126.68 | $ | 51.50 | $ | 42.71 | $ | 41.91 | $ | 48.34 | ||||||||||||
| TOTAL RETURN(b) | (8.61 | )% | 147.67 | % | 20.58 | % | 1.91 | % | (13.21 | )% | (11.80 | )%(c) | ||||||||||||
| *Includes redemption fees per share of | 0.02 | 0.01 | 0.00 | (d) | 0.00 | (d) | 0.01 | 0.01 | ||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
| Net assets, end of period (000s) | $ | 1,024,653 | $ | 1,239,592 | $ | 564,317 | $ | 536,956 | $ | 598,641 | $ | 748,684 | ||||||||||||
| Ratio of expenses to average net assets | 1.23 | %(e) | 1.33 | %(f) | 1.46 | % | 1.49 | % | 1.44 | % | 1.40 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.34 | )%(e) | (0.58 | )% | (0.44 | )% | (0.55 | )% | (0.45 | )% | (0.18 | )% | ||||||||||||
| Portfolio turnover rate(g) | 14 | % | 37 | % | 26 | % | 12 | % | 24 | % | 15 | % | ||||||||||||
| (a) | Based on average shares outstanding during the period. | |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. | |
| (c) | Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles. | |
| (d) | Represents less than $0.01 | |
| (e) | Annualized. | |
| (f) | Includes interest expense of $10,950 or 0.00% of average net assets. | |
| (g) | Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
9 | June 30, 2026
| Sprott Gold Equity Fund – Institutional Class | |
| Financial Highlights |
| For a Share Outstanding Throughout the Periods Presented | For
the Six Months Ended June 30, 2026 (Unaudited) |
For
the Year Ended December 31, 2025 |
For
the Year Ended December 31, 2024 |
For
the Year Ended December 31, 2023 |
For
the Year Ended December 31, 2022 |
For
the Year Ended December 31, 2021 |
||||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 128.61 | $ | 52.14 | $ | 43.12 | $ | 42.18 | $ | 48.71 | $ | 55.08 | ||||||||||||
| INCOME/(LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | (0.07 | ) | (0.25 | ) | (0.07 | ) | (0.11 | ) | (0.06 | ) | 0.06 | |||||||||||||
| Net realized and unrealized gain/(loss) | (10.90 | ) | 77.57 | 9.09 | 1.05 | (6.25 | ) | (6.43 | ) | |||||||||||||||
| Total from investment operations* | (10.97 | ) | 77.32 | 9.02 | 0.94 | (6.31 | ) | (6.37 | ) | |||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| From net investment income | – | – | – | – | (0.22 | ) | – | |||||||||||||||||
| From net realized gains | – | (0.85 | ) | – | – | – | – | |||||||||||||||||
| Total distributions | – | (0.85 | ) | – | – | (0.22 | ) | – | ||||||||||||||||
| Net increase/(decrease) in net asset value | (10.97 | ) | 76.47 | 9.02 | 0.94 | (6.53 | ) | (6.37 | ) | |||||||||||||||
| NET ASSET VALUE, END OF PERIOD | $ | 117.64 | $ | 128.61 | $ | 52.14 | $ | 43.12 | $ | 42.18 | $ | 48.71 | ||||||||||||
| TOTAL RETURN(b) | (8.53 | )% | 148.33 | % | 20.92 | % | 2.23 | % | (12.97 | )% | (11.57 | )%(c) | ||||||||||||
| *Includes redemption fees per share of | 0.01 | 0.01 | 0.00 | (d) | 0.00 | (d) | 0.00 | (d) | 0.00 | (d) | ||||||||||||||
| RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
| Net assets, end of period (000s) | $ | 469,255 | $ | 569,605 | $ | 297,871 | $ | 252,598 | $ | 239,068 | $ | 271,212 | ||||||||||||
| Ratio of expenses to average net assets | 0.98 | %(e) | 1.06 | %(f) | 1.17 | % | 1.20 | % | 1.15 | % | 1.11 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.10 | )%(e) | (0.30 | )% | (0.15 | )% | (0.27 | )% | (0.15 | )% | 0.13 | % | ||||||||||||
| Portfolio turnover rate(g) | 14 | % | 37 | % | 26 | % | 12 | % | 24 | % | 15 | % | ||||||||||||
| (a) | Based on average shares outstanding during the period. | |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized. | |
| (c) | Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles. | |
| (d) | Represents less than $0.01 | |
| (e) | Annualized. | |
| (f) | Includes interest expense of $5,661 or 0.00%. | |
| (g) | Portfolio turnover rate for periods less than one full year have not been annualized. |
See Notes to Financial Statements.
10 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
1. ORGANIZATION
The Sprott Funds Trust (the “Trust”) was organized as a Delaware statutory trust on January 3, 2018. As of June 30, 2026, the Trust consisted of fourteen separate portfolios that each represent a separate series of the Trust. This report pertains to the Sprott Gold Equity Fund (the “Fund”). The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund offers two classes of shares, Investor Class and Institutional Class. The two classes represent interests in the same portfolio of investments. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. On July 1, 2023, Sprott Asset Management USA, Inc. commenced acting as investment adviser (the “Adviser”) to the Fund and continues to serve in such capacity for the Fund. Prior to July 1, 2023, Sprott Asset Management LP and Sprott Asset Management USA, Inc. served as the investment adviser and sub-adviser, respectively, to the Fund. The financial statements of the other 13 series of the Trust are presented in a separate report.
Pursuant to the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies” and Accounting Standards Update 2013-08.
A. Portfolio Valuation and Methodologies.
The Fund’s net asset value (“NAV”) is determined daily, as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
The Board of Trustees of the Trust (the “Board”) has approved the designation of Sprott Asset Management USA, Inc, the Fund’s investment adviser, as the valuation designee. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Adviser’s policies and procedures as reflecting fair value. The Adviser has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments.
Portfolio securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Securities for which no sales are reported are valued at the mean of the closing bid and ask price. If no current day price quotation is available, the previous business day’s closing sale price is used. Investments in open-end mutual funds such as money market funds are valued at the closing NAV.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of the Fund’s investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Adviser’s policies and procedures as reflecting fair value (such investments, “Fair Valued Investments”). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
11 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
B. Fair Value Hierarchy.
The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.
| Level 1 – | Quoted prices in active markets for identical securities. |
| Level 2 – | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end funds and real estate investment trusts, which are traded on an exchange, the security is valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation. When the market is considered active for such security, the security will be classified as a Level 1 security. When using the mean between the latest bid and ask price, the security will be classified as Level 2. Gold bullion is valued using the latest available price on the valuation day and is classified as Level 1.
Investment in mutual funds, including money market funds, are generally priced at the ending NAV provided by the service agent of the funds and will be classified as Level 1 securities.
Debt securities, such as corporate bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Warrants and rights for which the underlying security is registered and equities which are subject to a required holding period, but have a comparable public issue, are valued in good faith pursuant to the Fair Value Policies and Procedures. These securities will generally be classified as Level 2 securities. If the warrant or right is exchange traded and the official closing price of the exchange is used, these instruments are classified as Level 1 securities.
Investments classified within Level 3 have significant unobservable inputs used by the Adviser in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by private companies and convertible bonds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
For securities traded principally on foreign exchanges, the Fund may use fair value pricing if an event occurs after the close of trading of the principal foreign exchange on which a security is traded, but before calculation of the Fund’s NAV, which the Fund believes affects the value of the security since its last market quotation. Such events may involve situations relating to a single issuer (such as news related to the issuer announced after the close of the principal foreign exchange), or situations relating to sectors of the market or the markets in general (such as significant fluctuations in the U.S. or foreign markets or significant changes in exchange rates, natural disasters, armed conflicts, or governmental actions).
In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Fund may engage a third party fair value service provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of close of the relevant foreign market and the close of the NYSE. Fair value pricing may also be used to value restricted securities held by the Fund or securities with little or no trading activity for extended periods of time. Fair value pricing involves judgments that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price. As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.
12 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
The following is a summary of the inputs used to value the Fund’s investments at June 30, 2026.
Sprott Gold Equity Fund
| Investments in Securities at Value | Investments Measured at Net Asset Value |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
| Common Stocks* | $ | – | $ | 1,265,836,593 | $ | – | $ | 7,337,001 | $ | 1,273,173,594 | ||||||||||
| Convertible Corporate Bond* | – | – | 19,855,800 | – | 19,855,800 | |||||||||||||||
| Gold Bullion* | – | 161,858,597 | – | – | 161,858,597 | |||||||||||||||
| Limited Partnership* | 28,084,786 | – | – | – | 28,084,786 | |||||||||||||||
| Warrants* | – | 9,605,000 | 1,858,589 | – | 11,463,589 | |||||||||||||||
| Short Term Investments | 105,399,441 | 2,229,901 | – | – | 107,629,342 | |||||||||||||||
| Total | $ | 133,484,227 | $ | 1,439,530,091 | $ | 21,714,389 | $ | 7,337,001 | $ | 1,602,065,708 | ||||||||||
| * | For a detailed sector breakdown, see the accompanying Schedule of Investments. |
Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:
| Sprott Gold Equity Fund |
||||
| Balance as of December 31, 2025 | $ | 22,610,758 | ||
| Realized Gain/(Loss) | 180,000 | |||
| Change in Unrealized Appreciation/(Depreciation) | 22,604,325 | |||
| Purchases | – | |||
| Sales | (5,842,132 | ) | ||
| Transfers into/(out of) Level 3* | (32,215,950 | ) | ||
| Balance as of June 30, 2026 | $ | 7,337,001 | ||
| * | The Fund has adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the quarter |
As of June 30, 2026 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $0.
The following table summarizes quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement as of June 30, 2026. The Adviser monitors fair valued positions for factors that could lead to a change in valuation of the securities, such as new financing, corporate actions, recent non-arm’s length transactions and interest rates.
| Industry Category | Fair Value at June 30, 2026 |
Valuation Technique | Unobservable Input | Range of Input (Weighted Average) |
Impact to Valuation from an Increase in Input |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial | $ | 7,150,000 | Professional analysis of latest company valuation or financing, with appropriate discount applied (if required) | Financing Prices | $1.43 | Increase | ||||||||||
| Industrial | $ | 187,001 | Professional analysis of latest company valuation or financing, with appropriate discount applied (if required) | Financing Prices | $0.18-2.50 | Increase | ||||||||||
13 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
C. Securities Transactions and Investment Income.
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded with a specific identification cost method. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
D. Policy for withholding tax.
Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.
E. Foreign Taxes.
The Fund is subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Fund’s financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.
The amount of foreign withholding taxes paid during the period ended June 30, 2026 is not significant and accordingly, a disclosure of income taxes paid for the period ended June 30, 2026, is not presented.
F. Dividends and Distributions to Shareholders.
Dividends from net investment income for the Fund, if any, are declared and paid annually or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.
G. Use of Estimates.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
H. Foreign Currency Translation.
The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.
I. Segmented Reporting.
In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment. The Chief Compliance Officer and Chief Financial Officer of the Adviser are deemed to be the Chief Operating Decision Maker (“CODM”). The CODM is responsible for assessing the Fund’s financial performance and allocating resources. In making these assessments, the CODM evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines. Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.
3. RISKS
A. Gold Risk.
Gold is subject to the special risks associated with investing in gold and other precious metals, including: (1) the price of gold or other precious metals may be subject to wide fluctuation; (2) the market for gold or other precious metals is relatively limited; (3) the sources of gold or other precious metals are concentrated in countries that have the potential for instability; and (4) the market for gold and other precious metals is unregulated.
14 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
B. Gold Mining Industry Risk.
The Fund is sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the gold mining industry. In times of stable economic growth, traditional equity and debt investments could offer greater appreciation potential and the value of gold, silver and other precious metals may be adversely affected, which could in turn affect the Fund’s returns. The gold and precious metals industry can be significantly affected by competitive pressures, central bank operations, events relating to international political developments, the success of exploration projects, commodity prices, adverse environmental developments and tax and government regulations.
C. Commodity Risk.
The Fund may invest in companies that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations and the possibility of tariffs. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, regulatory developments, other catastrophic events, or other factors that the Fund cannot control could have an adverse impact on those companies.
D. Credit (or default) Risk.
The issuer of a debt security may be unable to make timely payments of principal or interest or may default on the debt. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities.
Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
E. Currency Risk.
Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of the Fund’s investments in that foreign currency and investments denominated in that foreign currency.
F. Equity Securities Risk.
The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. A stock or stocks selected for the Fund’s portfolio may fail to perform as expected. A value stock may decrease in price or may not increase in price as anticipated by the portfolio managers if other investors fail to recognize the company’s value or the factors that the portfolio managers believe will cause the stock price to increase do not occur.
G. Expropriation Risk.
Foreign governments may expropriate the Fund’s investments either directly by restricting the Fund’s ability to sell a security or imposing exchange controls that restrict the sale of a currency, or indirectly by taxing the Fund’s investments at such high levels as to constitute confiscation of the security. There may be limitations on the ability of the Fund to pursue and collect a legal judgment against a foreign government.
H. Foreign Securities Risk.
The value of foreign currencies may decline relative to the U.S. dollar. A foreign government may expropriate the Fund’s assets. Political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund’s investments to decline. These risks associated with non-U.S. securities are more likely in the securities of companies located in emerging markets. The laws and regulations of foreign countries may provide investors with less protection or may be less favorable to investors than the U.S. legal system. For example, there may be less publicly available information about a foreign company than there would be about a U.S. company. The auditing and reporting requirements that apply to foreign companies may be less stringent than U.S. requirements. Additionally, government oversight of foreign stock exchanges and brokerage industries may be less stringent than in the U.S.
Australia. Investments in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners.
Canada. Investments in Canadian issuers may subject the Fund to economic risk specific to Canada. Among other things, the Canadian economy is heavily dependent on relationships with certain key trading partners, including the United States and China. The Canadian economy is sensitive to fluctuations in certain commodity markets.
15 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
I. Inflation Risk.
Inflation will erode the purchasing power of the cash flows generated by debt securities held by the Fund. Fixed-rate debt securities are more susceptible to this risk than floating rate debt securities.
J. Information Risk.
Key information about an issuer, security or market may be inaccurate or unavailable. Securities issued in initial public offerings, or IPOs, involve greater information risk than other equity securities due to the lack of public information.
K. Interest Rate Risk.
This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund’s share price to drop below a dollar. A low interest rate environment may prevent the Fund from providing a positive yield or paying fund expenses out of fund assets and could impair the Fund’s ability to maintain a stable net asset value.
L. Liquidity Risk.
Foreign stock exchanges generally have less volume than U.S. stock exchanges. Therefore, it may be more difficult to buy or sell shares of foreign securities, which increases the volatility of share prices on such markets. Additionally, trading on foreign stock markets may involve longer settlement periods and higher transaction costs.
M. Manager Risk.
The Fund’s portfolio managers may use an investment strategy that does not achieve the Fund’s objective or may fail to execute the Fund’s investment strategy effectively. In addition, a portfolio manager’s strategy may produce returns that are different from other mutual funds that invest in similar securities.
N. Market and Geopolitical Risk.
The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, or other public health issues (e.g., COVID-19), terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The COVID-19 global pandemic and the aggressive responses taken by many governments had negative impacts, and in many cases severe negative impacts, on markets worldwide.
O. Non-Diversification Risk.
The Fund is a non-diversified mutual fund and therefore, compared to a diversified mutual fund, the Fund is able to invest a greater portion of its assets in any one particular issuer. The risk of investing in a non-diversified mutual fund is that the fund may be more sensitive to changes in the market value of a single issuer. The impact of a simple economic, political or regulatory occurrence may have a greater adverse impact on the Fund’s net asset value. Investors should consider this greater risk versus the safety that comes with a more diversified portfolio.
P. Political Risk.
Political or social instability or revolution in certain countries in which the Fund invests, in particular, emerging market countries, may result in the loss of some or all of the Fund’s investment in these countries.
Q. Restricted Securities Risk.
The Fund may invest in restricted securities. Restricted securities have contractual or legal restrictions on their resale. They may include private placement securities that the Fund buys directly from the issuer. Private placement and other restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. The Fund may get only limited information about the issuer, so it may be less able to predict a loss.
R. Securities Lending Risk.
Although the Fund will receive collateral in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower default on its obligation to return the borrowed securities (e.g., the loaned securities may have appreciated beyond the value of the collateral held by the Fund). In addition, the Fund will bear the risk of loss of any cash collateral that it invests.
16 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
S. Small- and Mid-Capitalization Company Risk.
Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio.
T. Tax Risk.
The Fund is subject to the risk that it could fail to qualify as a regulated investment company under the Internal Revenue Code, as amended (the “Code”), if it derives more than 10% of its gross income from investment in gold bullion or other precious metals. Failure to qualify as a regulated investment company would result in consequences to the Fund and its shareholders. In order to ensure that it qualifies as a regulated investment company, the Fund may be required to make investment decisions that are less than optimal or forego the opportunity to realize gains.
U. Valuation Risk.
The risk that the Fund has valued certain securities at a higher price than the price at which they can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid, or which may become illiquid.
V. Value Stock Risk.
Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock’s intrinsic worth, or the expected value was misgauged. They also may decline in price even though they are already undervalued.
4. TAXES
A. Federal Tax and Tax Basis Information.
There was one distribution paid during the year ended December 31, 2025.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended December 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences:
| Fund | Paid-in Capital |
Total Distributable Earnings |
||||||
| Sprott Gold Equity Fund | $ | 5,998,959 | $ | (5,998,959 | ) | |||
The permanent differences primarily relate to net operating losses.
As of December 31, 2025, the components of accumulated losses for income tax purposes were as follows:
| Tax cost of investments | $ | 802,559,027 | ||
| Unrealized appreciation | 1,085,858,581 | |||
| Unrealized depreciation | (32,664,371 | ) | ||
| Net unrealized appreciation/(depreciation) | 1,053,194,210 | |||
| Undistributed operating income | – | |||
| Undistributed long-term gains | 51,494,257 | |||
| Distributable Earnings | 51,494,257 | |||
| Other accumulated gain/(loss) | (202,430 | ) | ||
| Total accumulated gain/(loss) | $ | 1,104,486,037 |
For the fiscal year ended December 31, 2025 the Sprott Gold Equity Fund had late year losses of $192,137.
17 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
Capital loss carryforwards used during the period ended December 31, 2025 were as follows:
| Fund | Utilized Capital Losses Short-Term |
Utilized Capital Losses Long-Term |
||||||
| Sprott Gold Equity Fund | $ | 51,266,931 | $ | 195,580,733 | ||||
As of December 31, 2025, the Fund did not have any capital loss carryforwards.
5. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Adviser served as the Fund’s investment adviser through the date of this report pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Adviser received fees from the Fund, calculated daily and payable monthly, at an annual fee rate of 1.00% on the first $500 million of the average daily net assets of the Fund, 0.75% of the average daily net assets in excess of $500 million but not exceeding $1 billion, and 0.65% of the average daily net assets in excess of $1 billion. For the period ended June 30, 2026 the advisory fees incurred by the Fund are disclosed in the Statement of Operations.
The Adviser also served as the Fund’s administrator through the date of this report pursuant to an Administrative Services Agreement with the Trust on behalf of the Fund. Pursuant to an Administrative Services Agreement, the Fund pays the Adviser a fee computed daily and paid monthly at an annual rate of 0.15% on the first $400 million of the average daily net assets of the Fund; 0.13% on the next $600 million of the average daily net assets of the Fund; and 0.12% on all the average daily net assets of the Fund over $1 billion. For the period ended June 30, 2026, the administration fees incurred by the Fund are disclosed in the Statement of Operations.
The Adviser and Fund have entered into a Sub-Administrator Services Agreement with ALPS Fund Services Inc. and related entities (collectively, the “Sub-Administrator”), under which the Adviser and Fund pay the Sub-Administrator a fee based on the assets of the Fund, certain fixed fees and other fees. Prior to January 26, 2026, the Adviser had a sub-administration agreement with U.S. Bank Global Fund Services.
Sprott Global Resource Investments Ltd. (the “Distributor”), an affiliate of the Adviser, acts as distributor for shares of the Fund. The Investor Class adopted a distribution and services plan pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the plan, the Investor Class pays to the Distributor distribution and service fees of 0.25% per annum of its average daily net assets. For the period ended June 30, 2026, the fees paid to the Distributor are disclosed on the Statement of Operations.
6. CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for the Fund were as follows:
| For the Period Ended June 30, 2026 |
For the Year Ended December 31, 2025 |
|||||||
| Sprott Gold Equity Fund (Investor Class) | ||||||||
| Shares sold | 437,223 | 1,345,869 | ||||||
| Dividends reinvested | – | 64,488 | ||||||
| Shares redeemed | (1,371,124 | ) | (2,582,798 | ) | ||||
| Net increase/(decrease) | (933,901 | ) | (1,172,441 | ) | ||||
| Sprott Gold Equity Fund (Institutional Class) | ||||||||
| Shares sold | 230,669 | 565,483 | ||||||
| Dividends reinvested | – | 27,794 | ||||||
| Shares redeemed | (670,565 | ) | (1,877,792 | ) | ||||
| Net increase/(decrease) | (439,896 | ) | (1,284,485 | ) | ||||
7. FUND SHARE TRANSACTIONS
The Fund currently offers two classes of shares of beneficial interest. A redemption fee of 2.00% is imposed on redemptions of shares held 90 days or less for the Fund. This fee is retained by the Fund and is credited to paid in capital. For a more detailed description of when the redemption fee does not apply, please see Statement of Changes or the Fund’s Prospectus.
18 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
8. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term instruments) for the period ended June 30, 2026 are summarized below.
| Fund | Purchases | Sales | ||||||
| Sprott Gold Equity Fund | $ | 251,195,088 | $ | 408,657,669 | ||||
9. LINE OF CREDIT
The Fund has a $20,000,000 line of credit (the “Line”), which is uncommitted, with U.S. Bank N.A. The Line is for temporary emergency or extraordinary purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Line is secured by the Fund’s assets. The Line has a one-year term. The interest rate as of June 30, 2026 was 6.25%.
During the period ended June 30, 2026, the Fund’s maximum borrowing was $6,874,000 and average borrowing was $180,387. This borrowing resulted in interest expenses of $542. As of June 30, 2026, the Fund did not have any Line balances outstanding.
10. PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.888.622.1813 and on the SEC’s website (http://www.sec.gov). The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. Once filed, the information is available without charge, upon request, by calling 1.888.622.1813 and on the SEC’s website (http://www.sec.gov).
11. AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS SCHEDULES
The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Once filed, the Fund’s Part F on Form N-PORT is available without charge on the SEC’s website (http://www.sec.gov) and is available upon request by calling 1.888.622.1813. You may also obtain copies of Form N-PORT, Part F by sending your request electronically to publicinfo@sec.gov. Quarterly portfolio holdings are also available on the website for Sprott Gold Equity Fund, https://sprott.com/investment- strategies/sprott-gold-equity-fund/.
12. SECURITIES LENDING
The Fund may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short term securities. The Fund may return a portion of the interest earned to a third party that is unaffiliated with the Fund and acting as a “placing broker.” When the Fund engages in securities lending, the Fund will retain a portion of the securities lending income and remit the remaining portion to the securities lending agent as compensation for its services. Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of securities. The securities lending agent bears all operational costs directly related to securities lending. The Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Fund’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. U.S. Bank N.A., the custodian, acts as the securities lending agent for the Fund. The value of the securities on loan and the cash collateral at June 30, 2026 are shown on the Statement of Assets and Liabilities. Shares of the Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The following table is a summary of the Fund’s securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2026:
| Fund | Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received |
Total Collateral Received |
||||||||||||
| Sprott Gold Equity Fund | $ | 102,273,344 | $ | 105,399,441 | $ | – | $ | 105,399,441 | ||||||||
19 | June 30, 2026
| Sprott Gold Equity Fund | |
| Notes to Financial Statements and Financial Highlights | June 30, 2026 (Unaudited) |
13. RESTRICTED SECURITIES
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies.
As of June 30, 2026, the Fund invested in the following restricted securities:
| Restricted Security | Initial Acquisition Date |
Cost | Fair Value | Fair Value as a % of Net Assets |
||||||||||
| i-80 Gold Corp 3.75% 4/15/2031 | 3/23/26 | $ | 18,000,000 | $ | 19,855,800 | 1.33 | % | |||||||
| Mining Americas, Inc. | 9/4/25 | 6,509,710 | 8,991,442 | 0.60 | % | |||||||||
| Mining Americas Inc. (Expiring 9/17/2028), Exercise Price CAD $7.05 | 9/4/25 | – | 1,277,571 | 0.09 | % | |||||||||
| New Found Gold Corp. | 12/10/25 | 9,688,327 | 5,134,320 | 0.34 | % | |||||||||
| New Found Gold Corp. (Expiring 12/16/2026), Exercise Price CAD $5.00 | 12/10/25 | – | 352 | 0.00 | % | |||||||||
| Sunshine Silver Mining & Refining Co. | 3/15/11 | 4,525,333 | 32,215,950 | 2.16 | % | |||||||||
| Vizsla Royalties Corp. | 11/8/24 | 369,144 | 460,512 | 0.03 | % | |||||||||
| Vizsla Silver Corp | 11/8/24 | 2,418,923 | 5,647,365 | 0.38 | % | |||||||||
| $ | 41,511,437 | $ | 73,583,312 | 4.93 | % | |||||||||
14. TRUSTEES OF THE TRUST
The Board consists of five Trustees, four of whom are not “interested persons” (as defined in the 1940 Act) of the Trust (“Independent Trustees”), and one of whom is an interested person. Each current Independent Trustee is paid an annual retainer of $105,000 for his or her services as a Board member to the Trust and another trust in the fund complex, together with out-of-pocket expenses in accordance with the Board’s policy on travel and other business expenses relating to attendance at meetings
15. SUBSEQUENT EVENTS
The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between June 30, 2026 and the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosure and/or adjustments.
20 | June 30, 2026
| Sprott Gold Equity Fund | |
| Changes
in and Disagreements with Accountants for Open-End Management Investment Companies |
June 30, 2026 (Unaudited) |
None to report for the reporting period.
21 | June 30, 2026
| Sprott Gold Equity Fund | |
| Proxy
Disclosures for Open-End Management Investment Companies |
June 30, 2026 (Unaudited) |
No matters were submitted to the shareholders of the Fund for their vote during this reporting period.
22 | June 30, 2026
| Sprott Gold Equity Fund | |
| Remuneration
Paid to Directors, Officers, and Others of Open-End Management Investment Companies |
June 30, 2026 (Unaudited) |
Included under Item 7 in the Statement of Operations.
23 | June 30, 2026
| Sprott Gold Equity Fund | |
| Statement
Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
Board Approval of Investment Advisory Agreement for the Sprott Gold Equity Fund
The Board of Trustees (the “Board”) of Sprott Funds Trust (the “Trust”) on behalf of its series the Sprott Gold Equity Fund (the “Fund”) met in person at a regularly scheduled meeting on June 5, 2026, in Watch Hill, Rhode Island, for purposes of, among other things, considering whether it would be in the best interests of the Fund and its shareholders for the Board to renew the Amended and Restated Investment Advisory Agreement (the “Advisory Agreement”) between the Fund and Sprott Asset Management USA, Inc. (the “Adviser”).
In connection with the Board’s review of the Advisory Agreement, the Trustees who are not “interested persons” of the Fund or Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (collectively, the “Independent Trustees”) requested, and the Adviser provided the Board with, information about a variety of matters, including, without limitation, the following information:
| ● | Nature, extent and quality of services to be provided by the Adviser, including background information on the qualifications and experience of key professionals of the Adviser who provide services to the Fund; |
| ● | Investment performance of the Fund, including comparative performance information for registered investment companies similar to the Fund; |
| ● | Fees charged to and expenses of the Fund, including comparative fee and expense information for registered investment companies similar to the Fund; |
| ● | Costs of the services provided, and profits realized by the Adviser; and |
| ● | Economies of scale. |
At the meeting, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement was in the best interests of the Fund in light of the services, personnel, expenses and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment and approved them.
To reach this determination, the Board considered its duties under the 1940 Act as well as under the general principles of state law in reviewing and approving advisory contracts; the fiduciary duty of investment adviser with respect to an advisory agreement and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreement. To assist the Board in its evaluation of the Agreement, the Independent Directors received materials in advance of the Board meeting from the Adviser. The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, including its Morningstar classification system. The Board focused on, among other things, the expense ratio components, including gross and net total expenses of the peer funds determined by Broadridge (the “Peer Group”) that were objectively selected by Broadridge pursuant to its proprietary methodology, as compared to the same information about the Fund. The Board was provided with a detailed description of the proprietary methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board applied its business judgment to determine whether the arrangement by and between the Fund and the Adviser is a reasonable business arrangement from the Fund’s perspective as well as from the perspective of its stockholders.
Nature, Extent and Quality of Services Provided
The Board reviewed materials provided by the Adviser related to the proposed renewal of the Advisory Agreement. The Board noted that the Adviser provides investment management services on a discretionary basis to its clients, which include individuals, institutions and private funds. The Board further noted that the Adviser was founded in 2005 and owned by Sprott U.S. Holdings, Inc., a wholly owned subsidiary of Sprott, Inc. The Board reviewed the credentials of the key investment personnel that would be responsible for servicing the Fund, noting that each had considerable experience in the asset management industry. The Board expressed satisfaction with the experience and credentials of the personnel at the Adviser who will be servicing the Fund. The Board discussed the services that are provided to the Fund which included portfolio management, research, compliance, and analysis and administrative services. Additionally, the Board received satisfactory responses from the representatives of the Adviser with respect to whether the Adviser was involved in any lawsuits or pending regulatory actions. The Board concluded that based on the responses in this questionnaire and their experience with the Adviser, they could expect the Adviser to provide high quality service to the Fund and its shareholders.
Investment Performance
The Board observed that the Fund outperformed category median, peer group, and broad-based index for the 3-year, 5-year, and since inception periods. The Board further observed the Fund outperformed both its peer group and broad-based for the 1-year period and outperformed the broad-based index for the 10-year period. The Fund underperformed its category median for both the 1-year and 10-year periods and underperformed its peer group for the 10-year period. The Board noted the Fund outperformed the benchmark index for the since inception period, but underperformed
24 | June 30, 2026
| Sprott Gold Equity Fund | |
| Statement
Regarding Basis for Approval of Investment Advisory Contract |
June 30, 2026 (Unaudited) |
for 1-year, 3-year, and 5-year periods. The Board considered the Adviser’s explanations noting the Fund benefited for strong gains in the gold and silver prices in 2025. The Board also considered the Adviser’s explanation regarding the underperformance relative to the benchmark index which was due to the benchmark index having a stronger exposure to gold and silver.
The Board further considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the Peer Group selected by Broadridge. The Board noted the Adviser’s view that comparisons to Fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser’s view that, in evaluating such comparisons, in some cases there may be differences in the funds’ objectives, indexes they seek to track and investment management techniques.
In summary, the Board concluded that the Adviser had the potential to continue providing reasonable returns for the Fund.
Fees and Expenses
The Board noted that the Adviser earned a 0.82% fee for managing the Fund and the Fund had a net expense ratio of 1.33% for the Investor Class shares of the Fund and that the Adviser earned 0.82% fee and had a net expense ratio of 1.06% for the Institutional Class shares of the Fund. The Board considered that the advisory fee was above the peer group and Morningstar category averages and medians. The Board noted that the Fund’s expense ratio was above both the peer group average and median, in line with the Morningstar category median and below the average. The Board agreed that the fee structure for the affiliated Advisers, including the advisory fee charged and expense ratio of the Fund, was not unreasonable.
Profitability
The Board reviewed the profitability analysis provided by the Adviser and noted that the Adviser realized a profit in managing the Fund. The Board acknowledged the effort required to maintain and manage the Fund’s complex investment program and determined the Adviser’s profitability was not excessive.
Economies of Scale
The Board considered that the advisory fee already contained breakpoints based on the average daily net assets of the Fund as follows: the Adviser receives 1.00% on the first $500 million of the average daily net assets of the Fund, 0.75% of the average daily net assets in excess of $500 million but not exceeding $1 billion and 0.65% of the average daily net assets in excess of $1 billion. The Board reviewed the breakpoints in place and agreed that they appeared to account for economies of scale.
Conclusion
Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, the Board concluded that approval of the Advisory Agreement was in the best interest of the shareholders of the Fund.
25 | June 30, 2026
www.sprott.com
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
No matters were submitted during the Registrant’s fiscal half-year period ended June 30, 2026 to shareholders for their vote.
Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End Management Investment Companies.
This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is included as part of the material filed under Item 7 of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholder may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| (a) | Not applicable to open-end investment companies. |
| (b) | Not applicable to open-end investment companies. |
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable. |
| (b) | Not applicable. |
Item 19. Exhibits.
| (a) | (1) | Not applicable. |
| (2) | Not applicable. |
| (3) | Certification pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes – Oxley Act of 2002. Filed herewith. | |
| (4) | Not applicable. | |
| (5) | Not applicable. |
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SPROTT FUNDS TRUST | ||
|---|---|---|
| By: | /s/ Thomas W. Ulrich | |
| Thomas W. Ulrich, President (Principal Executive Officer) | ||
| Date: | September 4, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Thomas W. Ulrich | |
| Thomas W. Ulrich, President (Principal Executive Officer) | ||
| Date: | September 4, 2026 |
| By: | /s/ Varinder Bhathal | |
| Varinder Bhathal, Treasurer (Principal Financial Officer) | ||
| Date: | September 4, 2026 |
