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sft:LimitedPartnershipMember sft:C000216004Member 2026-06-30 0001728683 sft:ConvertibleCorporateBondMember sft:C000216004Member 2026-06-30 0001728683 sft:WarrantsMember sft:C000216004Member 2026-06-30 0001728683 us-gaap:ShortTermInvestmentsMember sft:C000216004Member 2026-06-30 0001728683 sft:LiabilitiesInExcessOfOtherAssetsMember sft:C000216004Member 2026-06-30 0001728683 sft:C000216003Member 2026-06-30 0001728683 sft:C000216004Member 2026-06-30 iso4217:USD pure sft:Holdings false N-1A N-CSRS 0001728683 SPROTT FUNDS TRUST 2026-06-30 SGDM This semi-annual shareholder report contains important information about the Sprott Gold Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/sgdm-sprott-gold-miners-etf 1.888.622.1813 Sprott Gold Miners ETF NYSEArca What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Gold Miners ETF </td> <td id="xdx_98C_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000206508Member_zscbDRPUQjW5" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$21</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000206508Member_zPnUX1z38cz2" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.44%</td></tr> </table> Sprott Gold Miners ETF 21 0.0044 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000206508Member_dU_zaoCIwzPwhm4" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_980_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000206508Member_zKo5tX9dUN3e" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$558,742,745</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000206508Member_zG1DY1WSkiof" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">50</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000206508Member_zFpx8SQCZLMf" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">29%</td></tr> </table>

558742745

0.29

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess of Other Assets</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zIoUXCSImz8g" style="display: none; width: 50%">-0.07%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">United Kingdom</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__oef--GeographicRegionAxis__country--GB_zn3dUeFZmEr" style="display: none">3.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__oef--GeographicRegionAxis__country--ZA_zOra2C0dKCQe" style="display: none">3.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__oef--GeographicRegionAxis__country--US_zKvCIFZzB5A9" style="display: none">16.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__oef--GeographicRegionAxis__country--CA_z5ZWIffkK5D2" style="display: none">76.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Value</td> <td style="display: none; text-align: center">Value</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Common Stocks</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zQsrNwa5CeZ3" style="display: none">100.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Money Market Funds</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zi0WFmTrGs8d" style="display: none">0.01%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Net Liabilities Less Other Assets</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206508Member__us-gaap--InvestmentTypeAxis__custom--NetLiabilitiesLessOtherAssetsMember_zx4poNSjLET4" style="display: none">-0.07%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-1_001.jpg" style="height: 332px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-1_002.jpg" style="width: 250px; height: 299px"/></td></tr> </table> -0.0007 0.0327 0.0378 0.1649 0.7653 1.0006 0.0001 -0.0007 SGDJ This semi-annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf 1.888.622.1813 Sprott Junior Gold Miners ETF NYSEArca What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Junior Gold Miners ETF </td> <td id="xdx_983_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000206509Member_zNfXKU2to382" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$23</td> <td id="xdx_982_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000206509Member_zyxHQECPvBzh" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.50%</td></tr> </table> Sprott Junior Gold Miners ETF 23 0.0050 <p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000206509Member_dU_z73mHizsfvf4" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000206509Member_z7HsKxIsMmW1" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$266,553,586</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000206509Member_zEFIstOu1b2f" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">32</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000206509Member_zcrQfgTycsce" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">37%</td></tr> </table>

266553586

0.37

What Did the Fund Invest In? <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Aptos Narrow; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden; width: 58%">Value</td> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden; width: 42%">Value</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Liabilities in Excess of Other Assets</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_z7CFfm11LPsc" style="display: none; text-align: right; visibility: hidden">-0.01%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">South Africa</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__country--ZA_zNZCPRnS08Pc" style="display: none; text-align: right; visibility: hidden">2.54%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">United States</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__country--US_zxQGQBD8d0i8" style="display: none; text-align: right; visibility: hidden">6.62%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Turkey</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__currency--TRY_zWnvcsdervM1" style="display: none; text-align: right; visibility: hidden">7.67%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Australia</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__country--AU_zSJBCbkJnry4" style="display: none; text-align: right; visibility: hidden">34.48%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Canada</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__oef--GeographicRegionAxis__country--CA_zWK0GsMbVsSc" style="display: none; text-align: right; visibility: hidden">46.70%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td colspan="2" style="display: none; color: #005670; text-align: left; visibility: hidden">Asset Weightings (% of Net Assets)</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td> <td style="display: none; font-size: 11pt; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden">Value</td> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden">Value</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Common Stocks</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zmMRuG3p0x09" style="display: none; text-align: right; visibility: hidden">99.94%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Short Term Investments</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zhV9IvRoUfX7" style="display: none; text-align: right; visibility: hidden">0.07%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Liabilities in Excess of Other Assets</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000206509Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zc60gWugWkZ2" style="display: none; text-align: right; visibility: hidden">-0.01%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-2_001.jpg" style="height: 326px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-2_002.jpg" style="width: 250px; height: 299px"/></td></tr> </table> -0.0001 0.0254 0.0662 0.0767 0.3448 0.4670 0.9994 0.0007 -0.0001 SETM This semi-annual shareholder report contains important information about the Sprott Critical Materials ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/setm-sprott-critical-materials-etf 1.888.622.1813 Sprott Critical Materials ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Critical Materials ETF </td> <td id="xdx_98C_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000239800Member_zJUApBSdGh92" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$34</td> <td id="xdx_98C_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239800Member_zgC9e1aSpad9" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.65%</td></tr> </table> Sprott Critical Materials ETF 34 0.0065 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239800Member_dU_zr0svJBVUCIb" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_981_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000239800Member_zq0Dq4Zzanjl" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$574,874,502</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000239800Member_z7JMdnFhZWX8" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">159</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239800Member_zcv4BbMZuG8b" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">16%</td></tr> </table>

574874502

159

0.16

What Did the Fund Invest In? <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Aptos Narrow; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden; width: 58%">Value</td> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden; width: 42%">Value</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Liabilities in Excess of Other Assets</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zkT3xXDXJZUj" style="display: none; text-align: right; visibility: hidden">-0.19%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Azerbaijan</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--AZ_zmwnY982EWb" style="display: none; text-align: right; visibility: hidden">0.03%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Guernsey</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--GG_zHFBxF3v5Jb1" style="display: none; text-align: right; visibility: hidden">0.04%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Isle Of Man</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--IM_z4o1zX33iK97" style="display: none; text-align: right; visibility: hidden">0.05%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Sweden</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--SE_zZuWHvQnuIJa" style="display: none; text-align: right; visibility: hidden">0.07%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Morocco</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--MA_zdyf6dt7Np43" style="display: none; text-align: right; visibility: hidden">0.09%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">South Korea</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--KR_zwJ26xcEjP9f" style="display: none; text-align: right; visibility: hidden">0.11%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">United Kingdom</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--GB_zANR8UyNMvY7" style="display: none; text-align: right; visibility: hidden">0.11%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Philippines</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--PH_zzjYQIFj32Fj" style="display: none; text-align: right; visibility: hidden">0.14%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">France</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--FR_zkaojEXwmYW2" style="display: none; text-align: right; visibility: hidden">0.22%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Spain</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--ES_zfZHFBSVO1Y6" style="display: none; text-align: right; visibility: hidden">0.23%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Brazil</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--BR_zoVkAq3DhMUh" style="display: none; text-align: right; visibility: hidden">0.43%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">India</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--IN_zIQzxP3TBFUj" style="display: none; text-align: right; visibility: hidden">0.51%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Hong Kong</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--HK_z2Y2LpIysyxc" style="display: none; text-align: right; visibility: hidden">0.90%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Indonesia</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--ID_z7p3Pd8UH9w7" style="display: none; text-align: right; visibility: hidden">1.42%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Poland</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--PL_zN0T05mLhwwh" style="display: none; text-align: right; visibility: hidden">1.51%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">China</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--CN_z52Y0cB0Q9m6" style="display: none; text-align: right; visibility: hidden">1.73%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Peru</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--PE_z69SB3LoltRd" style="display: none; text-align: right; visibility: hidden">3.29%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Kazakhstan</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--KZ_zdUgD8vHK2jl" style="display: none; text-align: right; visibility: hidden">5.33%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Chile</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--CL_zBGwEqtGBqy9" style="display: none; text-align: right; visibility: hidden">6.04%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">United States</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--US_zaDUnROPiv4a" style="display: none; text-align: right; visibility: hidden">20.42%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Australia</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--AU_zTL0oFZA9Wul" style="display: none; text-align: right; visibility: hidden">21.87%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Canada</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__oef--GeographicRegionAxis__country--CA_zSITrgN0WgD3" style="display: none; text-align: right; visibility: hidden">35.65%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td colspan="2" style="display: none; color: #005670; text-align: left; visibility: hidden">Asset Weightings (% of Net Assets)</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td> <td style="display: none; font-size: 11pt; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden">Value</td> <td style="display: none; font-weight: bold; text-align: center; visibility: hidden">Value</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Common Stocks</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z34lLeXwr6s7" style="display: none; text-align: right; visibility: hidden">99.90%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Short Term Investments</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zy1ayfCoxIBg" style="display: none; text-align: right; visibility: hidden">0.29%</td></tr> <tr style="display: none; vertical-align: middle; visibility: hidden"> <td style="display: none; visibility: hidden">Liabilities in Excess of Other Assets</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239800Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zs2jRmgEVkP1" style="display: none; text-align: right; visibility: hidden">-0.19%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-3_001.jpg" style="height: 324px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-3_002.jpg" style="width: 250px; height: 299px"/></td></tr> </table> -0.0019 0.0003 0.0004 0.0005 0.0007 0.0009 0.0011 0.0011 0.0014 0.0022 0.0023 0.0043 0.0051 0.0090 0.0142 0.0151 0.0173 0.0329 0.0533 0.0604 0.2042 0.2187 0.3565 0.9990 0.0029 -0.0019 LITP This semi-annual shareholder report contains important information about the Sprott Lithium Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/litp-sprott-lithium-miners-etf 1.888.622.1813 Sprott Lithium Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Lithium Miners ETF </td> <td id="xdx_982_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000239803Member_zeXYAUMAYmg7" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$33</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239803Member_zh8ougZSM8Je" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.65%</td></tr> </table> Sprott Lithium Miners ETF 33 0.0065 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239803Member_dU_zZyxlkjF3IQb" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_989_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000239803Member_z12A5FfHplGd" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$45,534,521</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98E_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000239803Member_zQ5JjzO42F58" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">40</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239803Member_zw4yaXz35Xbc" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">20%</td></tr> </table>

45534521

0.20

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="text-align: center; display: none">Value</th> <th style="text-align: center; display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none; width: 50%">Australia</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--AU_zcqDY3leYdph" style="text-align: center; display: none; width: 50%">40.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Canada</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--CA_zlICUPELw4E7" style="text-align: center; display: none">20.49%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">China</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--CN_zvfQxkNEpTsf" style="text-align: center; display: none">14.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Chile</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--CL_zIN5im17Y69j" style="text-align: center; display: none">10.89%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">United States</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--US_zJJVOXeQhNG9" style="text-align: center; display: none">9.66%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Brazil</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--BR_zGWylcKNHcGb" style="text-align: center; display: none">3.66%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">United Kingdom</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__country--GB_zzME9KNMX7pf" style="text-align: center; display: none">0.73%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Other Asset in excess of Liabilities</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__oef--GeographicRegionAxis__custom--OtherAssetInExcessOfLiabilitiesMember_z7nprSU30dxk" style="text-align: center; display: none">0.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Asset Weightings (% of Net Assets)</td> <td style="display: none; text-align: center"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Value</td> <td style="display: none; text-align: center">Value</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Common Stocks</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zEF7eZ1IL2S1" style="text-align: center; display: none">99.93%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Money market funds</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zd4xuOoct4Xf" style="text-align: center; display: none">0.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">Other Asset in Excess of Liabilities</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239803Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetInExcessOfLiabilitiesMember_zo8M44KqFgI5" style="text-align: center; display: none">0.07%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-4_001.jpg" style="height: 326px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-4_002.jpg" style="width: 250px; height: 298px"/></td></tr> </table> 0.4020 0.2049 0.1430 0.1089 0.0966 0.0366 0.0073 0.0007 0.9993 0.0000 0.0007 URNM This semi-annual shareholder report contains important information about the Sprott Uranium Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/urnm-sprott-uranium-miners-etf 1.888.622.1813 Sprott Uranium Miners ETF NYSEArca What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Uranium Miners ETF </td> <td id="xdx_988_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000233863Member_zYewbKg0CR08" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$36</td> <td id="xdx_98E_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000233863Member_zdGKHe6LXfWa" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.75%</td></tr> </table> Sprott Uranium Miners ETF 36 0.0075 <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000233863Member_dU_zKXvnfFS4Hdd" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000233863Member_zKTk8ixibjwl" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$1,899,932,258</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000233863Member_zKVxN3vsdzs6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">27</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000233863Member_zZjRtefpEIG5" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">18%</td></tr> </table>

1899932258

0.18

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Value</th> <th style="display: none; text-align: center">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">Other Assets in Excess of Liabilities</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zH0IaADy4hc8" style="display: none; text-align: center; width: 50%">5.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">United Kingdom</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--GB_zDF1qlFlxUTg" style="display: none; text-align: center">3.78%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Hong Kong</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--HK_zEcPi1N3Hhx2" style="display: none; text-align: center">4.04%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Kazakhstan</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--KZ_zHa76xwKyTU4" style="display: none; text-align: center">4.85%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">United States</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--US_zr9ffHqusAqk" style="display: none; text-align: center">10.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Australia</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--AU_zrqB8mP8GzV3" style="display: none; text-align: center">14.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Canada</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__oef--GeographicRegionAxis__country--CA_zP5wLsfuPil9" style="display: none; text-align: center">57.53%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Asset Weightings (% of Net Assets)</td> <td style="display: none; text-align: center"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Value</td> <td style="display: none; text-align: center">Value</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Common Stocks</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zoWyqXBdAnF6" style="display: none; text-align: center">81.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Closed End Fund</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__us-gaap--InvestmentTypeAxis__custom--ClosedEndFundMember_zO9yKuIE3UZk" style="display: none; text-align: center">13.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center"> Money Market Funds </td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zgEG3RRbek27" style="display: none; text-align: center">0.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">Other Assets in Excess of Liabilities</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000233863Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zBgwJsX4CgZh" style="display: none; text-align: center">5.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-5_001.jpg" style="height: 326px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-5_002.jpg" style="width: 250px; height: 314px"/></td></tr> </table> 0.0522 0.0378 0.0404 0.0485 0.1028 0.1430 0.5753 0.8136 0.1323 0.0019 0.0522 URNJ This semi-annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf 1.888.622.1813 Sprott Junior Uranium Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Junior Uranium Miners ETF </td> <td id="xdx_981_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000239804Member_zKzJaIg5IQye" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$38</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239804Member_z4Z9d0rHJ2hf" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.80%</td></tr> </table> Sprott Junior Uranium Miners ETF 38 0.0080 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239804Member_dU_zdLtvNv1NaW5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3D3935"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000239804Member_zT8zqahrbUE6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$321,802,655</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000239804Member_zmMybLnu7Cvc" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">42</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239804Member_z4oujpBnXI0e" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">18%</td></tr> </table>

321802655

0.18

<p id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000239804Member_dD_zB1EQASMHvFg" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; color: #005670"> What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess Of Other Assets</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zmmHs1TkmFtj" style="display: none; width: 50%">(0.19%)</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United Kingdom</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__country--GB_zq7ANt3GedS" style="display: none">1.50%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Hong Kong</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__country--HK_zu275V9BKlYf" style="display: none">4.27%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__country--US_zaYt05HL66vl" style="display: none">20.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__country--AU_zYkw4NupNvD4" style="display: none">30.76%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__oef--GeographicRegionAxis__country--CA_z7Fd9ge1bs11" style="display: none">42.67%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Asset Weightings (% of Net Assets)</td> <td style="display: none"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Common Stocks</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zOx7OmecLisj" style="display: none">99.16%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zuvV9S2kRGN2" style="display: none">1.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Liabilities in Excess Of Other Assets</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239804Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zNT9LDHN1Sac" style="display: none">(0.19)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-6_001.jpg" style="height: 329px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-6_002.jpg" style="width: 250px; height: 299px"/></td></tr> </table> -0.0019 0.0150 0.0427 0.2099 0.3076 0.4267 0.9916 0.0103 -0.0019 COPJ This semi-annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/copj-sprott-junior-copper-miners-etf 1.888.622.1813 Sprott Junior Copper Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Junior Copper Miners ETF </td> <td id="xdx_98D_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000239801Member_zil2m6D8G1K6" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$37</td> <td id="xdx_98B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239801Member_zU06xP3agL1i" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.75%</td></tr> </table> Sprott Junior Copper Miners ETF 37 0.0075 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239801Member_dD_zyvhuZvBF7o3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3D3935"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000239801Member_zFxpTilagT23" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$150,917,296</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000239801Member_z3bYU0KFxhTi" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">71</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239801Member_zbPtsJ3OKdJ2" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">22%</td></tr> </table>

150917296

0.22

<p id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000239801Member_dD_zhy8aKz8mvR6" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; color: #005670"> What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess Of Other Assets</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zqVPzJycUP9b" style="display: none; width: 50%">(0.33)%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Peru</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--PE_zqwSdCYaNvT4" style="display: none">0.37%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--ZA_zMsqJIv9PSFh" style="display: none">0.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Hong Kong</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--HK_zYBrSfIkZqb8" style="display: none">0.75%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United Kingdom</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--GB_zg0oLI4L64nh" style="display: none">1.60%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Azerbaijan</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--AZ_zt2nra5ylBI8" style="display: none">1.82%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Sweden</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--SE_z5LkWUkBTg6d" style="display: none">20.9%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Philippines</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--PH_zwHOz4yGPHG9" style="display: none">2.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Spain</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--ES_zAiDRloP5K5c" style="display: none">4.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Chile</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--CL_zcuN9acUmu3c" style="display: none">6.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--US_zlfH17JkCk3e" style="display: none">6.66%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--AU_zZks2RBeE5Ki" style="display: none">15.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__oef--GeographicRegionAxis__country--CA_zqb6aOiWzWz6" style="display: none">58.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Asset Weightings (% of Net Assets)</th> <th style="display: none"> </th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z15y6RiqC3hc" style="display: none; width: 50%">98.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short term Investments</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zbrJ2JoHqKLg" style="display: none">2.26%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Right and Warrants</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__us-gaap--InvestmentTypeAxis__custom--RightAndWarrantsMember_zYv85XPHasa2" style="display: none">0.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Liabilities in Excess Of Other Assets</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239801Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zh6W6JvNI4Rl" style="display: none">(0.33)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-7_001.jpg" style="height: 320px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-7_002.jpg" style="width: 250px; height: 315px"/></td></tr> </table> -0.0033 0.0037 0.0036 0.0075 0.0160 0.0182 0.209 0.0219 0.0483 0.0600 0.0666 0.1520 0.5846 0.9807 0.0226 0.0000 -0.0033 NIKL This semi-annual shareholder report contains important information about the Sprott Nickel Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813 https://sprottetfs.com/nikl-sprott-nickel-miners-etf 1.888.622.1813 Sprott Nickel Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Nickel Miners ETF </td> <td id="xdx_982_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000239802Member_zPOnJgs90h61" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$34</td> <td id="xdx_98E_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239802Member_zxLDP0qz7JP6" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.75%</td></tr> </table> Sprott Nickel Miners ETF 34 0.0075 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239802Member_dD_z9O3Anekl8R5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3D3935"> Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_986_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000239802Member_z03Nv8SEPDQ2" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$53,747,655</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000239802Member_zTdMogm6WcJ9" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">26</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000239802Member_zmfgyCMJZtnk" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">18%</td></tr> </table>

53747655

0.18

<p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000239802Member_dD_zVQceN7reYqb" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; color: #005670"> What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Other Assets in Excess of Liabilities</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zfPyB0Wb1R26" style="display: none; width: 50%">1.93%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">China</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--CN_z74PO5ptVYll" style="display: none">2.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Isle Of Man</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--IM_zTECUOdEJCYk" style="display: none">2.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Philippines</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--PH_zRLjA3QFPGKf" style="display: none">5.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--CA_zKm8Ntzukllc" style="display: none">19.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--AU_zBTpBmigEbql" style="display: none">33.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Indonesia</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__oef--GeographicRegionAxis__country--ID_zjjKl3QVeYt6" style="display: none">34.98%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none; text-align: left; vertical-align: top">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zQuettSSJkn" style="display: none; width: 50%">98.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Money Market Funds</td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000239802Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zFUjt1RrvyR8" style="display: none">0.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Other Assets in Excess of Liabilities</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000239802Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_z26zvfDGefIb" style="display: none">1.93%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-8_001.jpg" style="height: 326px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-8_002.jpg" style="width: 250px; height: 298px"/></td></tr> </table> 0.0193 0.0219 0.0283 0.0503 0.1962 0.3342 0.3498 0.9807 0.0000 0.0193 COPP This semi-annual shareholder report contains important information about the Sprott Copper Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/copp-sprott-copper-miners-etf 1.888.622.1813 Sprott Copper Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Copper Miners ETF </td> <td id="xdx_98C_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000248362Member_zKbqrfziYbfd" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$34</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000248362Member_zOP5ShZ7fdB" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.65%</td></tr> </table> Sprott Copper Miners ETF 34 0.0065 <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248362Member_dD_zqIvz8T6VN28" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_98E_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000248362Member_zVeKDc17okx7" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$285,669,856</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000248362Member_zT9YcVM3It29" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">82</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000248362Member_zbArL9X4Q2E6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">11%</td></tr> </table>

285669856

0.11

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Other Assets in Excess of Liabilities</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zMIyZDR8fWEg" style="display: none; width: 50%">0.82%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--ZA_zhw7kJck9ohk" style="display: none">0.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Hong Kong</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--HK_z2FfnfMm9Nxe" style="display: none">0.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Azerbaijan</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--AZ_zrAbyarYIRx3" style="display: none">0.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United Kingdom</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--GB_zANggN4iYIZ2" style="display: none">0.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Sweden</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--SE_zZpwPzKFdug3" style="display: none">0.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Philippines</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--PH_zkAgNdNEG6Kh" style="display: none">0.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Spain</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--ES_zO4L9QPiXgua" style="display: none">0.68%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Peru</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--PE_zYIYnKFBihAe" style="display: none">1.61%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Indonesia</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--ID_zzcFyYQOmtyf" style="display: none">1.74%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Poland</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--PL_z38quKrzAYJl" style="display: none">4.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--AU_ziCDfGWQDku4" style="display: none">5.85%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Chile</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--CL_zeMtqiVUVuid" style="display: none">9.77%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--US_zmT7b995WgDd" style="display: none">31.58%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__oef--GeographicRegionAxis__country--CA_z2sFTR7AuMAg" style="display: none">42.34%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Value</td> <td style="display: none; width: 50%">Value</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Common Stocks</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zEYvM6R9Qnx6" style="display: none">92.68%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Closed End Fund</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__custom--ClosedEndFundMember_zUbBmbcLq7c8" style="display: none">5.16%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Exchange Traded Funds</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zNPNiyfkWP84" style="display: none">0.96%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zkOZxDYLxCM2" style="display: none">0.38%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Rights and Warrants</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__custom--RightsAndWarrantsMember_z8cuV3x4sTyl" style="display: none">0.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Other Assets in Excess of Liabilities</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000248362Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zkZxjp44JbAi" style="display: none">0.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-9_001.jpg" style="height: 319px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-9_002.jpg" style="width: 250px; height: 353px"/></td></tr> </table> 0.0082 0.0001 0.0007 0.0015 0.0015 0.0020 0.0020 0.0068 0.0161 0.0174 0.0483 0.0585 0.0977 0.3158 0.4234 0.9268 0.0516 0.0096 0.0038 0.0000 0.0082 SLVR This semi-annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813 https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf 1.888.622.1813 Sprott Silver Miners & Physical Silver ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Silver Miners & Physical Silver ETF </td> <td id="xdx_988_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000252337Member_zoWoFXIwX1L2" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$31</td> <td id="xdx_983_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000252337Member_zJBMY2FCalwf" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.65%</td></tr> </table> Sprott Silver Miners & Physical Silver ETF 31 0.0065 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000252337Member_dD_z8HV9raVJgh5" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_98C_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000252337Member_zmfGghGQhe1c" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$645,820,211</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000252337Member_zulZBHcSUmC1" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">78</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000252337Member_zhTDh1FAbQm7" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">15%</td></tr> </table>

645820211

0.15

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Other Assets in Excess of Liabilities</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zg8N49WLaZFg" style="display: none; width: 50%">0.17%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Sweden</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--SE_zkzvlY4n4g6a" style="display: none">0.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Morocco</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--MA_z4IUtPOtZPS1" style="display: none">0.45%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Peru</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--PE_zS7kLQSl79S9" style="display: none">1.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Mexico</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--MX_z5YvKNNYAIG5" style="display: none">2.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--AU_zjbaMAOQh9gj" style="display: none">3.06%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--US_za1sqGPhyWgi" style="display: none">4.13%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__oef--GeographicRegionAxis__country--CA_zxrIgnPdVAZa" style="display: none">88.19%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z89rgJXe3fVk" style="display: none; width: 50%">82.94%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Closed End Fund</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__us-gaap--InvestmentTypeAxis__custom--ClosedEndFundMember_zMlQ6qW9A7Pl" style="display: none">16.88%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Money Market Funds</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zxRc9J3Si47g" style="display: none">0.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Other Assets in Excess of Liabilities</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000252337Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zAI05uLqxFt5" style="display: none">0.17%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-10_001.jpg" style="height: 318px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-10_002.jpg" style="width: 250px; height: 332px"/></td></tr> </table> 0.0017 0.0042 0.0045 0.0130 0.0228 0.0306 0.0413 0.8819 0.8294 0.1688 0.0001 0.0017 GBUG This semi-annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf 1.888.622.1813 Sprott Active Gold & Silver Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Active Gold & Silver Miners ETF </td> <td id="xdx_98C_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000257091Member_zsrvSL6UL1Ua" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$42</td> <td id="xdx_98F_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000257091Member_zzzhoF9omIc5" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.89%</td></tr> </table> Sprott Active Gold & Silver Miners ETF 42 0.0089 <p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000257091Member_dD_zKhK9YwzKQO2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000257091Member_z8RhRk4fSGh9" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$140,810,087</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98F_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000257091Member_z4p9XUvFSi7" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">46</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000257091Member_zVyT62IpjFP6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">6%</td></tr> </table>

140810087

0.06

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess of Other Assets</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zYgHbhMeeo4g" style="display: none; width: 50%">(0.08)%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Peru</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__country--PE_zjDAaJPtmSd" style="display: none">1.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__country--ZA_z1WQPfjACQGe" style="display: none">2.25%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__country--US_zOUlSSVhjUNl" style="display: none">14.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__country--AU_zGFlO7qOGrTg" style="display: none">16.90%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__oef--GeographicRegionAxis__country--CA_zzb0CnbChlb1" style="display: none">65.52%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zaF2xOpXEV75" style="display: none; width: 50%">99.09%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_z4KXZ4bViD4g" style="display: none">0.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Net Liabilities Less Other Assets</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000257091Member__us-gaap--InvestmentTypeAxis__custom--NetLiabilitiesLessOtherAssetsMember_zmtJHJjNOex3" style="display: none">(0.08)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-11_001.jpg" style="height: 309px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-11_002.jpg" style="width: 250px; height: 312px"/></td></tr> </table> -0.0008 0.0122 0.0225 0.1419 0.1690 0.6552 0.9909 0.0099 -0.0008 METL This semi-annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/metl-sprott-active-metals-miners-etf 1.888.622.1813 Sprott Active Metals & Miners ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Active Metals & Miners ETF </td> <td id="xdx_984_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000263362Member_zWl7bR3Yjtob" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$45</td> <td id="xdx_981_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000263362Member_zulDtRhO0Ct3" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.89%</td></tr> </table> Sprott Active Metals & Miners ETF 45 0.0089 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000263362Member_dU_zIOxfpuCXuP6" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_982_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000263362Member_zOX6W0IwK188" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$85,475,941</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000263362Member_z1gyAXg9YEjk" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">43</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000263362Member_zeeu6b0A0te3" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">15%</td></tr> </table>

85475941

0.15

What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess of Other Assets</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_znUqIixoL5Ub" style="display: none; width: 50%">(0.03)%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--ZA_z4uVoPytLt78" style="display: none">1.39%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Spain</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--ES_zvPRN3SbDq5f" style="display: none">2.89%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Peru</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--PE_zqPwxSk7PMaa" style="display: none">3.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Chile</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--CL_zR7axRz5I61" style="display: none">4.05%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--AU_zxu0ZiHIMtp3" style="display: none">13.14%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--US_zKApu1iGJC7c" style="display: none">23.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__oef--GeographicRegionAxis__country--CA_zJqMqeaEqFfl" style="display: none">51.72%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z28cw9ELFLMc" style="display: none; width: 50%">96.80%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zmlIQnydtgB2" style="display: none">3.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Net Liabilities Less Other Assets</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000263362Member__us-gaap--InvestmentTypeAxis__custom--NetLiabilitiesLessOtherAssetsMember_z5P1z5KdE3ti" style="display: none">(0.03)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-12_001.jpg" style="height: 314px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-12_002.jpg" style="width: 250px; height: 312px"/></td></tr> </table> -0.0003 0.0139 0.0289 0.0322 0.0405 0.1314 0.2362 0.5172 0.9680 0.0323 -0.0003 REXC This semi-annual shareholder report contains important information about the Sprott Rare Earths Ex-China ETF (the “Fund”) for the period of April 14, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprottetfs.com/rexc-rare-earths-ex-china-etf. You can also request this information by contacting us at 1.888.622.1813. https://sprottetfs.com/rexc-rare-earths-ex-china-etf 1.888.622.1813 Sprott Rare Earths Ex-China ETF NASDAQ What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Rare Earths Ex-China ETF </td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000272625Member_zOTGlJXfVlQc" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$13</td> <td id="xdx_988_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000272625Member_zycwtjR5qMR5" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.65%</td></tr> </table> The operating history of the Fund is less than that of the reporting period. Had the Fund operated for the full reporting period, expenses would have been higher. Sprott Rare Earths Ex-China ETF 13 0.0065 The operating history of the Fund is less than that of the reporting period. Had the Fund operated for the full reporting period, expenses would have been higher <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000272625Member_dU_zh1lI52gwh35" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_98F_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000272625Member_zTasdco11qn4" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$55,918,289</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Number of Portfolio Holdings</td> <td id="xdx_98C_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000272625Member_zcBNkHmDm2Vc" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">42</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000272625Member_zs6Al7eZdC4l" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">11%</td></tr> </table>

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What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Other Assets in Excess of Liabilities</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zUJEPrbpvhJg" style="display: none; width: 50%">1.24%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Guernsey</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--GG_z8cdPyE9ZZ2f" style="display: none">0.65%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Chile</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--CL_zrO7Pwcw63B8" style="display: none">1.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United Kingdom</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--GB_zvbH4mbQjUT4" style="display: none">1.35%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--CA_zlRjZUdOQYK8" style="display: none">8.98%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--US_ztIqlJR5rIZ7" style="display: none">39.47%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__oef--GeographicRegionAxis__country--AU_zkEFeQwnmIQf" style="display: none">47.28%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zkd602bl4Pg6" style="display: none; width: 50%">98.69%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Money Market Funds</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zxJnpcw7BYAe" style="display: none">0.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Other Assets in Excess of Liabilities</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000272625Member__us-gaap--InvestmentTypeAxis__custom--OtherAssetsInExcessOfLiabilitiesMember_zd1nv2KNaM26" style="display: none">1.24%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-13_001.jpg" style="height: 312px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-13_002.jpg" style="width: 250px; height: 310px"/></td></tr> </table> 0.0124 0.0065 0.0103 0.0135 0.0898 0.3947 0.4728 0.9869 0.0007 0.0124 SGDIX This semi-annual shareholder report contains important information about the Sprott Gold Equity Fund (the “Fund”) - Institutional Class for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813. https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/ 1.888.622.1813 Sprott Gold Equity Fund What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Gold Equity Fund - Institutional </td> <td id="xdx_98B_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000216003Member_zEF5NbaT6Mpk" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$47</td> <td id="xdx_985_eoef--ExpenseRatioPct_dp_c20260101__20260630__oef--ClassAxis__custom--C000216003Member_fKg_____zkdxyDzg0Gk1" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">0.98%</td></tr> </table> Sprott Gold Equity Fund - Institutional 47 0.0098 <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000216003Member_dD_zJOBhFf4FTQe" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics (as of 6/30/2026) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_985_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000216003Member_z74G1yZ7xAS7" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$1,493,908,290</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"># of Portfolio Holdings</td> <td id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000216003Member_z1d7SQggVwUg" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">52</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20260101__20260630__oef--ClassAxis__custom--C000216003Member_zRVeQ1wVoMN6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">14%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Advisory Fees Paid</td> <td id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000216003Member_zFUoPwb51Zk7" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$7,092,674</td></tr> </table>

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7092674 What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess of Other Assets</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zytUDZ1bMVFc" style="display: none; width: 50%">(0.18)%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__oef--GeographicRegionAxis__country--ZA_z3ElpToLrkf7" style="display: none">3.05%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__oef--GeographicRegionAxis__country--AU_zJGdzFTgyUF3" style="display: none">11.68%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__oef--GeographicRegionAxis__country--US_z0cqGTWt5SEa" style="display: none">27.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__oef--GeographicRegionAxis__country--CA_zBWXtxaSEGZd" style="display: none">58.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zUVjYmHwAGpe" style="display: none; width: 50%">85.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Gold Bullion</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--GoldBullionMember_zb3mk5WQmA17" style="display: none">10.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Limited Partnership</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--LimitedPartnershipMember_z6btFKOVyMp" style="display: none">1.88%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Convertible Corporate Bond</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--ConvertibleCorporateBondMember_zQqvBfFPnvQk" style="display: none">1.33%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Warrants</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--WarrantsMember_ztWfCINrZ5ie" style="display: none">0.77%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zHa38zQ8eBV9" style="display: none">0.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Liabilities in Excess of Other Assets</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216003Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zy35SYEVmPGe" style="display: none">(0.18)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-14_001.jpg" style="height: 267px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-14_002.jpg" style="width: 250px; height: 377px"/></td></tr> </table> -0.0018 0.0305 0.1168 0.2723 0.5822 0.8522 0.1083 0.0188 0.0133 0.0077 0.0015 -0.0018 SGDLX This semi-annual shareholder report contains important information about the Sprott Gold Equity Fund (the “Fund”) - Investor Class for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813. https://sprott.com/investment-strategies/managed-equities/sprott-gold-equity-fund/ 1.888.622.1813 Sprott Gold Equity Fund What Were the Fund’s Costs for the Last Six Months? (based on a hypothetical $10,000 investment) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left; background-color: rgb(0,85,112)"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; width: 33%; text-align: left; vertical-align: bottom"> Fund Name </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%"> Cost of a $10,000 Investment </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; text-align: center"> Cost Paid as a Percentage of a $10,000 Investment </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; padding-top: 1pt; padding-bottom: 1pt"> Sprott Gold Equity Fund - Investor </td> <td id="xdx_985_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000216004Member_zw0yBn0ZDqzc" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">$58</td> <td id="xdx_989_eoef--ExpenseRatioPct_dp_c20260101__20260630__oef--ClassAxis__custom--C000216004Member_fKg_____zcpKvboHLaIh" style="border-bottom: rgb(104,103,103) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; padding-bottom: 1pt">1.23%</td></tr> </table> Sprott Gold Equity Fund - Investor 58 0.0123 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000216004Member_dD_zEuEcbsO5mD2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt; color: #005670">Fund Statistics (as of 6/30/2026) <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 1pt; padding-bottom: 1pt">Total Net Assets</td> <td id="xdx_984_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000216004Member_zpwBH9qXWDE6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$1,493,908,290</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"># of Portfolio Holdings</td> <td id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000216004Member_zj4GnNZKfSke" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">52</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Portfolio Turnover Rate</td> <td id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20260101__20260630__oef--ClassAxis__custom--C000216004Member_zM5ySTt9F6" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">14%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">Advisory Fees Paid</td> <td id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000216004Member_zVRxpXCPs7l" style="border-bottom: #686767 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$7,092,674</td></tr> </table>

1493908290

0.14

7092674 What Did the Fund Invest In? <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Liabilities in Excess of Other Assets</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__oef--GeographicRegionAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zXoOrC8uJsuk" style="display: none; width: 50%">(0.18)%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">South Africa</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__oef--GeographicRegionAxis__country--SA_zJ61VkqFhxM6" style="display: none">3.05%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Australia</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__oef--GeographicRegionAxis__country--AU_zZlakyIWOSKa" style="display: none">11.68%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">United States</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__oef--GeographicRegionAxis__country--US_zHhFIpWZm8Cc" style="display: none">27.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Canada</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__oef--GeographicRegionAxis__country--CA_zUN6sEdbIbnd" style="display: none">58.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; text-align: center"> <th colspan="2" style="display: none">Asset Weightings (% of Net Assets)</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none">Value</th> <th style="display: none">Value</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Common Stocks</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zUON4XV2UuY2" style="display: none; width: 50%">85.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Gold Bullion</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--GoldBullionMember_zvR7MyHWXtu6" style="display: none">10.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Limited Partnership</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--LimitedPartnershipMember_zCXJT9Zc6e13" style="display: none">1.88%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Convertible Corporate Bond</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--ConvertibleCorporateBondMember_zJZ7U3S7s7Gk" style="display: none">1.33%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Warrants</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--WarrantsMember_zPediqSzGNg7" style="display: none">0.77%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Short Term Investments</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zW4TguJLwfib" style="display: none">0.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none">Liabilities in Excess of Other Assets</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000216004Member__us-gaap--InvestmentTypeAxis__custom--LiabilitiesInExcessOfOtherAssetsMember_zrU0kgQgm9n7" style="display: none">(0.18)%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"> Geographic Weightings (% of Net Assets) </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">Asset Weightings (% of Net Assets)</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-15_001.jpg" style="height: 267px; width: 300px"/></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><img alt="" src="tsr-15_002.jpg" style="width: 250px; height: 377px"/></td></tr> </table> -0.0018 0.0305 0.1168 0.2723 0.5822 0.8522 0.1083 0.0188 0.0133 0.0077 0.0015 -0.0018