# EDGAR Filing Document

**Accession Number:** 0001728683
**File Stem:** 0001999371-25-012693
**Filing Date:** 2025-9
**Character Count:** 416154
**Document Hash:** b6866036d583d297c6500ebb5ec7a58b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012693.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001999371-25-012693

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001728683

**ORGANIZATION NAME:**
- **EIN:** 824034050
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23382
- **FILM NUMBER:** 251295856

**BUSINESS ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **STREET 2:** SUITE 200
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 656-2400

**MAIL ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **STREET 2:** SUITE 200
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sprott ETF Trust
- **DATE OF NAME CHANGE:** 20180119

## Series and Classes Contracts Data

### Sprott Gold Miners ETF (Series ID: S000063708)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000206508 | Sprott Gold Miners ETF |  |

### Sprott Junior Gold Miners ETF (Series ID: S000063709)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000206509 | Sprott Junior Gold Miners ETF |  |

### Sprott Gold Equity Fund (Series ID: S000067147)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000216003 | Institutional Class |  |
| C000216004 | Investor Class      |  |

### SPROTT URANIUM MINERS ETF (Series ID: S000075060)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000233863 | SPROTT URANIUM MINERS ETF |  |

### Sprott Critical Materials ETF (Series ID: S000078980)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000239800 | Sprott Critical Materials ETF | SETM            |

### Sprott Junior Copper Miners ETF (Series ID: S000078981)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000239801 | Sprott Junior Copper Miners ETF |  |

### Sprott Nickel Miners ETF (Series ID: S000078982)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000239802 | Sprott Nickel Miners ETF |  |

### Sprott Lithium Miners ETF (Series ID: S000078983)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000239803 | Sprott Lithium Miners ETF |  |

### Sprott Junior Uranium Miners ETF (Series ID: S000078984)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000239804 | Sprott Junior Uranium Miners ETF |  |

### Sprott Copper Miners ETF (Series ID: S000084097)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000248362 | Sprott Copper Miners ETF |  |

### Sprott Silver Miners & Physical Silver ETF (Series ID: S000086726)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252337 | Sprott Silver Miners & Physical Silver ETF | SLVR            |

### Sprott Active Gold & Silver Miners ETF (Series ID: S000090179)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000257091 | Sprott Active Gold & Silver Miners ETF |  |

?xml version='1.0' encoding='ASCII'? Semi-Annual Report

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23382**

**SPROTT FUNDS TRUST**

(Exact name of registrant as specified in charter)

**320 Post Road, Suite 230**

**Darien, Connecticut 06820**

(Address of principal executive offices)

**The Corporation Trust Company**

**Corporation Trust Center**

**1209 Orange Street**

**New Castle County**

**Wilmington, DE 19801**

(Name and address of agent for service)

Registrant's telephone number, including area code: **(203) 656-2400**

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

**<u>Item 1. Reports to Stockholders.</u>**

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Gold Miners ETF**<br>**Principal Listing Exchange: NYSE Arca, Inc.** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: SGDM** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Gold Miners ETF | $32 | 0.49% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $409708581 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 29% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr002.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr003.jpg)

![](sprotttsr004.jpg)

**Sprott Gold Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: SGDM**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr005.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdm-sprott-gold-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85210B102–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Junior Gold Miners ETF**<br>**Principal Listing Exchange: NYSE Arca, Inc.** | **June 30, 2025 SEMI-ANNUAL SHAREHOLDER REPORT**<br>**TICKER: SGDJ** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Junior Gold Miners ETF | $31 | 0.50% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $175521740 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 59% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr006.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr007.jpg)

![](sprotttsr004.jpg)

**Sprott Junior Gold Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: SGDJ**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr008.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85210B201–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Critical Materials ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025 SEMI-ANNUAL SHAREHOLDER REPORT**<br>**TICKER: SETM** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Critical Materials ETF | $35 | 0.65% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $48106831 |
| Number of Portfolio Holdings | 90 |
| Portfolio Turnover Rate | 22% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr009.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr010.jpg)

![](sprotttsr004.jpg)

**Sprott Critical Materials ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: SETM**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr011.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/setm-sprott-critical-materials-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P402–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Lithium Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025 SEMI-ANNUAL SHAREHOLDER REPORT**<br>**TICKER: LITP** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Lithium Miners ETF | $30 | 0.65% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $13645094 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 24% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr012.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr013.jpg)

![](sprotttsr004.jpg)

**Sprott Lithium Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: LITP**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr014.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/litp-sprott-lithium-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P709–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Uranium Miners ETF**<br>**Principal Listing Exchange: NYSE Arca, Inc.** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNM** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Uranium Miners ETF | $41 | 0.75% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $1749288005 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 9% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr015.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr016.jpg)

![](sprotttsr004.jpg)

**Sprott Uranium Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: URNM**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr017.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/urnm-sprott-uranium-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P303–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Junior Uranium Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNJ** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Junior Uranium Miners ETF | $42 | 0.80% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $307354046 |
| Number of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 18% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr018.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr019.jpg)

![](sprotttsr004.jpg)

**Sprott Junior Uranium Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: URNJ**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr020.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P808–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Junior Copper Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPJ** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Junior Copper Miners ETF | $43 | 0.75% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $14221912 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 20% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr021.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr022.jpg)

![](sprotttsr004.jpg)

**Sprott Junior Copper Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: COPJ**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr023.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copj-sprott-junior-copper-miners-etf .<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P501–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Nickel Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: NIKL** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Nickel Miners ETF | $39 | 0.75% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $11247209 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 26% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr024.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr025.jpg)

![](sprotttsr004.jpg)

**Sprott Nickel Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: NIKL**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr026.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/nikl-sprott-nickel-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P600–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Copper Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPP** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Copper Miners ETF | $34 | 0.65% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $28763735 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 20% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr027.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr028.jpg)

![](sprotttsr004.jpg)

**Sprott Copper Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: COPP**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr029.jpg) | **Availability of Additional Information**<br>Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copp-sprott-copper-miners-etf.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P881–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Silver Miners & Physical Silver ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: SLVR** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Silver Miners & Physical Silver ETF | $36 | 0.65% |
| 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. | 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. | 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. |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $107121929 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 53% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr030.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr031.jpg)

![](sprotttsr004.jpg)

**Sprott Silver Miners & Physical Silver ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: SLVR**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr032.jpg) | **Availability of Additional Information**<br>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.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P873–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr001.jpg)<br>**Sprott Active Gold & Silver Miners ETF**<br>**Principal Listing Exchange: NASDAQ** | **June 30, 2025**<br> **SEMI-ANNUAL**<br> **SHAREHOLDER**<br> **REPORT**<br>**TICKER: GBUG** | **Fund Overview** <br> This semi-annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to June 30, 2025.<br>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. |

---

**What Were the Fund's Costs for the Last Six Months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000<br> Investment** | **Cost Paid as a Percentage of a<br> $10,000 Investment** |
| Sprott Active Gold & Silver Miners ETF | $36 | 0.89% |
| 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. | 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. | 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. |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $45849334 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 19% |

---

**What Did the Fund Invest In?**

As of June 30, 2025

**Geographic Weightings (% of Net Assets)**

![](sprotttsr033.jpg)

**Asset Weightings (% of Net Assets)**

![](sprotttsr034.jpg)

![](sprotttsr004.jpg)

**Sprott Active Gold & Silver Miners ETF**

---

| | |
|:---|:---|
| **JUNE 30, 2025** <br> **SEMI-ANNUAL SHAREHOLDER REPORT** <br> **TICKER: GBUG**<br>Phone: 1.888.622.1813<br>*Distributor: ALPS Distributors, Inc.*<br>![](sprotttsr035.jpg) | **Availability of Additional Information**<br>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.<br>**Householding**<br>If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P865–SA–06302025 |

---

---

| | | |
|:---|:---|:---|
| ![](sprotttsr036.jpg) | **Sprott Gold Equity Fund**<br>Institutional Class \| SGDIX<br>Semi-Annual Shareholder Report \| June 30, 2025 | ![](sprotttsr037.jpg) |

---

This semi-annual shareholder report contains important information about the Sprott Gold Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://sprott.com/investment-strategies/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813.

---

| | | | |
|:---|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) |
|  | **Class Name** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of** <br> **a $10,000 investment\*** |
|  | Institutional Class | $68 | 1.11% |
| \* | &nbsp;&nbsp;Annualized |  |  |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of June 30, 2025) | **KEY FUND STATISTICS** (as of June 30, 2025) |
| **Net Assets** | $1174929678 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 22% |
| Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information. | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information. |

---

**WHAT DID THE FUND INVEST IN?** (as a % of net assets as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Gold Bullion | &nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Coeur Mining, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;OR Royalties, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Lundin Gold, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Wesdome Gold Mines, Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Torex Gold Resources, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Alamos Gold, Inc. | &nbsp;&nbsp;3.1% |

---

---

| | |
|:---|:---|
| **Country Breakdown** | **(%)** |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;62.8% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;30.4% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Cash & Other | &nbsp;&nbsp;-3.5% |

---

---

| |
|:---|
| For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/. |
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary. |

---

Sprott Gold Equity Fund PAGE 1 TSR-SAR-85208P204

---

| | | |
|:---|:---|:---|
| ![](sprotttsr036.jpg) | **Sprott Gold Equity Fund**<br>Investor Class \| SGDLX<br>Semi-Annual Shareholder Report \| June 30, 2025 | ![](sprotttsr037.jpg) |

---

This semi-annual shareholder report contains important information about the Sprott Gold Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://sprott.com/investment-strategies/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813.

---

| | | | |
|:---|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) |
|  | **Class Name** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of** <br> **a $10,000 investment\*** |
|  | Investor Class | $85 | 1.39% |
| \* | &nbsp;&nbsp;Annualized |  |  |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of June 30, 2025) | **KEY FUND STATISTICS** (as of June 30, 2025) |
| **Net Assets** | $1174929678 |
| **Number of Holdings** | 51 |
| **Portfolio Turnover** | 22% |
| Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information. | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information. |

---

**WHAT DID THE FUND INVEST IN?** (as a % of net assets as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| &nbsp;&nbsp;Gold Bullion | &nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Coeur Mining, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;OR Royalties, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Lundin Gold, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Wesdome Gold Mines, Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Torex Gold Resources, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Alamos Gold, Inc. | &nbsp;&nbsp;3.1% |

---

---

| | |
|:---|:---|
| **Country Breakdown** | **(%)** |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;62.8% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;30.4% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Cash & Other | &nbsp;&nbsp;-3.5% |

---

---

| |
|:---|
| For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/. |
| **HOUSEHOLDING**<br>To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary. |

---

Sprott Gold Equity Fund PAGE 1 TSR-SAR-85208P105

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable to this filing on Form N-CSR.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable to this filing on Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable to this filing on Form N-CSR.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to this filing on Form N-CSR.

**<u>Item 6. Investments.</u>**

(a) The complete schedule of investments is included in the Financial Statements filed under Item 7 of this
Form N-CSR.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-Ended Management Investment Companies.</u>**

![](sprottncsrs001.jpg)

**Semi-Annual Financial Statements and Other Important Information**

June 30, 2025

**Sprott Gold Miners ETF** (NYSE Arca: SGDM)

**Sprott Junior Gold Miners ETF** (NYSE Arca: SGDJ)

**Sprott Critical Materials ETF** (Nasdaq: SETM) (Formerly Sprott Energy Transition Materials ETF)

**Sprott Lithium Miners ETF** (Nasdaq: LITP)

**Sprott Uranium Miners ETF** (NYSE Arca: URNM)

**Sprott Junior Uranium Miners ETF** (Nasdaq: URNJ)

**Sprott Junior Copper Miners ETF** (Nasdaq: COPJ)

**Sprott Nickel Miners ETF** (Nasdaq: NIKL)

**Sprott Copper Miners ETF** (Nasdaq: COPP)

**Sprott Silver Miners & Physical Silver ETF** (Nasdaq: SLVR)

**Sprott Active Gold & Silver Miners ETF** (Nasdaq: GBUG)

![](sprottncsrs002.jpg)

**Table of Contents**

**Financial Statements and Financial Highlights for Open-End Management Investment Companies**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#sprottncsrsa001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Gold Miners ETF](#sprottncsrsa002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Gold Miners ETF](#sprottncsrsa003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Critical Materials ETF](#sprottncsrsa004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Lithium Miners ETF](#sprottncsrsa005) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Uranium Miners ETF](#sprottncsrsa006) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Uranium Miners ETF](#sprottncsrsa007) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Copper Miners ETF](#sprottncsrsa008) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Nickel Miners ETF](#sprottncsrsa009) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Copper Miners ETF](#sprottncsrsa010) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Silver Miners & Physical Silver ETF](#sprottncsrsa011) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Gold & Silver Miners ETF](#sprottncsrsa012) | 25 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#sprottncsrsa013) | 27 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#sprottncsrsa014) | 31 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#sprottncsrsa015) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Gold Miners ETF](#sprottncsrsa016) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Gold Miners ETF](#sprottncsrsa017) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Critical Materials ETF](#sprottncsrsa018) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Lithium Miners ETF](#sprottncsrsa019) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Uranium Miners ETF](#sprottncsrsa020) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Uranium Miners ETF](#sprottncsrsa021) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Copper Miners ETF](#sprottncsrsa022) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Nickel Miners ETF](#sprottncsrsa023) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Copper Miners ETF](#sprottncsrsa024) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Silver Miners & Physical Silver ETF](#sprottncsrsa025) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Gold & Silver Miners ETF](#sprottncsrsa026) | 40 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#sprottncsrsa027) | 41 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements and Financial Highlights](#sprottncsrsa028) | 52 |
| &nbsp;&nbsp;&nbsp;[Additional Information](#sprottncsrsa029) | 70 |
| [**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**](#sprottncsrsa030) | **71** |
| [**Proxy Disclosures for Open-End Management Investment Companies**](#sprottncsrsa031) | **72** |
| [**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**](#sprottncsrsa032) | **73** |
| [**Statement Regarding Basis for Approval of Investment Advisory Contract**](#sprottncsrsa033) | **74** |

---

Sprott Gold Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.99%)** |  |  |
| ***Gold Mining (93.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd.<sup>(a)</sup> | 395907 | $47168681 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A<sup>(a)</sup> | 615158 | 16362051 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 117053 | 5334105 |
| &nbsp;&nbsp;&nbsp;Artemis Gold, Inc.<sup>(b)</sup> | 71505 | 1300664 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp.<sup>(a)</sup> | 371342 | 1341658 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 616063 | 12825692 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1469832 | 10588619 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(b)</sup> | 149323 | 1323002 |
| &nbsp;&nbsp;&nbsp;Dundee Precious Metals, Inc.<sup>(a)</sup> | 746913 | 12001070 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(b)</sup> | 64743 | 1317919 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 449797 | 13869635 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)(b)</sup> | 359665 | 2075981 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 178282 | 29270062 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(b)</sup> | 93908 | 1226131 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd., Sponsored ADR | 177225 | 4194916 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd., Sponsored ADR | 1045152 | 14600773 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(b)</sup> | 182553 | 1344598 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(b)</sup> | 981616 | 11072239 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 1390622 | 21731181 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc.<sup>(a)</sup> | 331250 | 17489903 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.<sup>(b)</sup> | 281055 | 1397277 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 870646 | 50723836 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)(b)</sup> | 191013 | 785513 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 785248 | 11083140 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc.<sup>(a)</sup> | 52125 | 1339728 |
| &nbsp;&nbsp;&nbsp;Orla Mining, Ltd.<sup>(a)(b)</sup> | 1076242 | 10811816 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 95326 | 16952776 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold, Ltd. | 148917 | 1400864 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 50194 | 728721 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(b)</sup> | 57326 | 911828 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(b)</sup> | 110638 | 1411259 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(b)</sup> | 38795 | 1265485 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp.<sup>(a)</sup> | 520356 | 12338752 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(b)</sup> | 759583 | 10581450 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 391420 | 35199775 |
| **Total Gold Mining** |  | 383371100 |
| ***Silver Mining (6.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(b)</sup> | 1591017 | 10410106 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 561017 | 15918999 |
| **Total Silver Mining** |  | 26329105 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $265,329,278) |  | 409700205 |

---

1 \| June 30, 2025

Sprott Gold Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.20%)** |  |  |  |
| ***Money Market Fund (0.06%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $241,355) | 4.25% | 241355 | $241355 |
| ***Investments Purchased with Collateral from Securities Loaned (2.14%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $8,756,240) |  | 8756240 | 8756240 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $8,997,595) |  |  | $8997595 |
| **TOTAL INVESTMENTS (102.19%)** |  |  |  |
| (Cost $274,326,873) |  |  | $418697800 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.19%)** |  |  | (8989219) |
| **NET ASSETS (100.00%)** |  |  | $409708581 |

---

*<sup>(a)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $11,899,662. The loaned securities were secured with cash collateral of $8,756,240 and non-cash collateral with the value of $3,194,691. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(b)</sup>* *Non-income producing security.* 

*See Notes to Financial Statements*.

2 \| June 30, 2025

Sprott Junior Gold Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (100.04%)** |  |  |
| ***Gold Mining (93.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp.<sup>(a)</sup> | 802269 | $5402465 |
| &nbsp;&nbsp;&nbsp;Bellevue Gold, Ltd.<sup>(b)</sup> | 6961268 | 4123404 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1020035 | 7348297 |
| &nbsp;&nbsp;&nbsp;DRDGOLD, Ltd.<sup>(a)</sup> | 4256075 | 5704817 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)(b)</sup> | 1992671 | 5140989 |
| &nbsp;&nbsp;&nbsp;Firefinch, Ltd.<sup>(a)(b)(c)</sup> | 6635363 | 305695 |
| &nbsp;&nbsp;&nbsp;Gold Road Resources, Ltd. | 3212888 | 6914621 |
| &nbsp;&nbsp;&nbsp;Greatland Resources, Ltd.<sup>(b)</sup> | 2040380 | 9242374 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 1635513 | 5738169 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(b)</sup> | 876267 | 9883944 |
| &nbsp;&nbsp;&nbsp;McEwen Mining, Inc.<sup>(a)(b)</sup> | 790971 | 7601231 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(b)</sup> | 1239497 | 5069543 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 668338 | 9433050 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC<sup>(a)</sup> | 7986845 | 5015623 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)(b)</sup> | 348120 | 4228313 |
| &nbsp;&nbsp;&nbsp;Ramelius Resources, Ltd.<sup>(a)</sup> | 3602110 | 5974238 |
| &nbsp;&nbsp;&nbsp;Regis Resources, Ltd.<sup>(b)</sup> | 2947769 | 8516928 |
| &nbsp;&nbsp;&nbsp;Resolute Mining, Ltd.<sup>(a)(b)</sup> | 24404873 | 9797864 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 513521 | 7456325 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(b)</sup> | 415243 | 6604856 |
| &nbsp;&nbsp;&nbsp;Spartan Resources, Ltd.<sup>(b)</sup> | 5830056 | 7616549 |
| &nbsp;&nbsp;&nbsp;Vault Minerals, Ltd.<sup>(b)</sup> | 19514572 | 5394278 |
| &nbsp;&nbsp;&nbsp;Victoria Gold Corp./Vancouver<sup>(a)(b)(c)</sup> | 968690 |  |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(b)</sup> | 610773 | 8508437 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd.<sup>(b)</sup> | 3568049 | 5330669 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd.<sup>(a)</sup> | 3708149 | 7004290 |
| **Total Gold Mining** |  | 163356969 |
| ***Silver Mining (6.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)(b)</sup> | 1253635 | 6177265 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(a)(b)</sup> | 925365 | 6054711 |
| **Total Silver Mining** |  | 12231976 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $146,642,821) |  | 175588945 |

---

3 \| June 30, 2025

Sprott Junior Gold Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (5.44%)** |  |  |  |
| ***Money Market Fund (0.05%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $80,763) | 4.25% | 80763 | 80763 |
| ***Investments Purchased with Collateral from Securities Loaned (5.39%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $9,464,778) |  | 9464778 | 9464778 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $9,545,541) |  |  | $9545541 |
| **TOTAL INVESTMENTS (105.48%)** |  |  |  |
| (Cost $156,188,362) |  |  | $185134486 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.48%)** |  |  | (9612746) |
| **NET ASSETS (100.00%)** |  |  | $175521740 |

---

*<sup>(a)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $23,577,637. The loaned securities were secured with cash collateral of $9,464,778 and non-cash collateral with the value of $15,573,936. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(b)</sup>* *Non-income producing security.* 

*<sup>(c)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.* 

*See Notes to Financial Statements.*

4 \| June 30, 2025

Sprott Critical Materials ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.68%)** |  |  |
| ***Coal & Consumable Fuels (25.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 47780 | $104717 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 218682 | 672133 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 33700 | 2501551 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(b)</sup> | 1669950 | 516943 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 269551 | 296266 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 569409 | 1036324 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 118807 | 339386 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 68796 | 395577 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)</sup> | 10929 | 77849 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)</sup> | 600529 | 77071 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> | 40214 | 1737245 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 171295 | 1188787 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)(b)</sup> | 253408 | 1345919 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)</sup> | 46341 | 18910 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 261699 | 1779553 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 36619 | 91548 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 216973 | 227822 |
| **Total Coal & Consumable Fuels** |  | 12407601 |
| ***Copper Mining (17.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 45173 | 1122008 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 9574 | 59663 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(a)(b)</sup> | 81284 | 499015 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 12583 | 27532 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 8698 | 146909 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(a)(b)</sup> | 64337 | 1142876 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 51231 | 2220865 |
| &nbsp;&nbsp;&nbsp;Hindustan Copper, Ltd. | 45380 | 147792 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(b)</sup> | 287600 | 23448 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA<sup>(a)</sup> | 13640 | 487798 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(b)</sup> | 85069 | 894575 |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd.<sup>(a)</sup> | 9710 | 117394 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 24220 | 178851 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)(b)</sup> | 128085 | 12079 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 9523 | 963442 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 41335 | 130205 |
| **Total Copper Mining** |  | 8174452 |
| ***Diversified Metals & Mining (36.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(a)</sup> | 62088 | 234811 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.<sup>(a)</sup> | 40638 | 65834 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(a)</sup> | 191331 | 154538 |
| &nbsp;&nbsp;&nbsp;Arafura Rare Earths, Ltd.<sup>(a)(b)</sup> | 6233881 | 717995 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)(b)</sup> | 2455820 | 158397 |
| &nbsp;&nbsp;&nbsp;Eramet SA<sup>(b)</sup> | 6944 | 375449 |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)(b)</sup> | 99045 | 45095 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 34020 | 360952 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 399495 | 1096409 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 1052841 | 67214 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 5576 | 50574 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)</sup> | 51710 | 388466 |
| &nbsp;&nbsp;&nbsp;Jupiter Mines, Ltd. | 907298 | 119428 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(d)</sup> | 23792 | 3727 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 16549 | 68182 |

---

5 \| June 30, 2025

Sprott Critical Materials ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Liontown Resources, Ltd.<sup>(a)(b)</sup> | 1809599 | $833692 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 94066 | 252097 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)(b)</sup> | 75153 | 156318 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 387474 | 2195690 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 14894600 | 422021 |
| &nbsp;&nbsp;&nbsp;Meteoric Resources NL<sup>(a)(b)</sup> | 6516571 | 514666 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(a)</sup> | 443920 | 216589 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)(b)</sup> | 90467 | 3009838 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 9735 | 113667 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 1100513 | 503390 |
| &nbsp;&nbsp;&nbsp;Patriot Battery Metals, Inc.<sup>(a)</sup> | 295282 | 51500 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 165900 | 18908 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals, Ltd.<sup>(a)(b)</sup> | 2465686 | 2166428 |
| &nbsp;&nbsp;&nbsp;Sayona Mining, Ltd.<sup>(a)(b)</sup> | 13228114 | 130591 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)(b)</sup> | 72785 | 327533 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 7434 | 34065 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)(b)</sup> | 105814 | 207395 |
| &nbsp;&nbsp;&nbsp;Syrah Resources, Ltd.<sup>(a)(b)</sup> | 559383 | 93880 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 39189 | 1582452 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 9840 | 13284 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 1969350 | 418494 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)(b)</sup> | 132455 | 389418 |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 92273 | 221055 |
| **Total Diversified Metals & Mining** |  | 17780042 |
| ***Environmental & Facilities Services (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sungeel Hitech Co., Ltd.<sup>(a)</sup> | 5240 | 128709 |
| ***Gold Mining (1.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp., Ltd. | 23100 | 208931 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 18890 | 310174 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)</sup> | 42991 | 29426 |
| **Total Gold Mining** |  | 548531 |
| ***Precious Metals & Minerals Mining (0.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(a)(b)</sup> | 105262 | 378943 |
| ***Silver Mining (9.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 107119 | 963619 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 150669 | 741291 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp.<sup>(b)</sup> | 215834 | 1784947 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 168326 | 247220 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(a)(b)</sup> | 42401 | 56817 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(a)</sup> | 791822 | 59931 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(b)</sup> | 121152 | 511261 |
| **Total Silver Mining** |  | 4365086 |
| ***Specialty Chemicals (8.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp.<sup>(b)</sup> | 35360 | 2216011 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(c)(e)</sup> | 407300 | 1182994 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(a)(b)</sup> | 139150 | 513174 |
| **Total Specialty Chemicals** |  | 3912179 |

---

6 \| June 30, 2025

Sprott Critical Materials ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Steel Mining (0.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;MOIL, Ltd. | 56584 | $256033 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $45,287,529) |  | 47951576 |
| **RIGHTS (0.00%)** |  |  |
| ***Diversified Metals & Mining (0.00%)*** |  |  |
| Talga Group, Ltd. (Expiring 9/13/2025), Strike Price AUD $0.55<sup>(b)(d)</sup> | 10905 | – |
| **TOTAL RIGHTS** |  |  |
| (Cost $–) |  | – |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (9.01%)** |  |  |  |
| ***Money Market Fund (0.36%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $174,770) | 4.25% | 174770 | 174770 |
| ***Investments Purchased with Collateral from Securities Loaned (8.65%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $4,158,552) |  | 4158552 | 4158552 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $4,333,322) |  |  | $4333322 |
| **TOTAL INVESTMENTS (108.69%)** |  |  |  |
| (Cost $49,620,851) |  |  | $52284898 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.69%)** |  |  | (4178067) |
| **NET ASSETS (100.00%)** |  |  | $48106831 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $11,390,435. The loaned securities were secured with cash collateral of $4,158,552 and non-cash collateral with the value of $7,731,638. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2025, the market value of those securities was $2,920,239, representing 6.07% of net assets.* 

*<sup>(d)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.* 

*<sup>(e)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate market value of those securities was $1,182,994, representing 2.46% of net assets.* 

*See Notes to Financial Statements.*

7 \| June 30, 2025

Sprott Lithium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.74%)** |  |  |
| ***Diversified Metals & Mining (64.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Lithium Corp.<sup>(a)(b)</sup> | 91650 | $22210 |
| &nbsp;&nbsp;&nbsp;Atlantic Lithium, Ltd.<sup>(a)</sup> | 471448 | 46205 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)(b)</sup> | 6005343 | 387337 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.<sup>(a)(b)</sup> | 39674 | 142033 |
| &nbsp;&nbsp;&nbsp;Delta Lithium, Ltd.<sup>(a)(b)</sup> | 317780 | 32418 |
| &nbsp;&nbsp;&nbsp;E3 Lithium, Ltd.<sup>(a)</sup> | 177202 | 113211 |
| &nbsp;&nbsp;&nbsp;Galan Lithium, Ltd.<sup>(a)</sup> | 2241528 | 177031 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 232420 | 637874 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 4313022 | 275346 |
| &nbsp;&nbsp;&nbsp;Kairos Gold, Inc.<sup>(a)(c)</sup> | 4531 | 392 |
| &nbsp;&nbsp;&nbsp;Kodal Minerals PLC<sup>(a)</sup> | 34589997 | 130570 |
| &nbsp;&nbsp;&nbsp;Lake Resources NL<sup>(a)(b)</sup> | 1845180 | 31575 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(c)</sup> | 117442 | 18396 |
| &nbsp;&nbsp;&nbsp;Liontown Resources, Ltd.<sup>(a)(b)</sup> | 2878823 | 1326288 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 218112 | 584540 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)(b)</sup> | 306454 | 637424 |
| &nbsp;&nbsp;&nbsp;Lithium Ionic Corp.<sup>(a)(b)</sup> | 306191 | 130414 |
| &nbsp;&nbsp;&nbsp;Patriot Battery Metals, Inc.<sup>(a)</sup> | 379236 | 679520 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals, Ltd.<sup>(a)</sup> | 1468603 | 1290359 |
| &nbsp;&nbsp;&nbsp;Savannah Resources PLC<sup>(a)(b)</sup> | 2556101 | 124556 |
| &nbsp;&nbsp;&nbsp;Sayona Mining, Ltd.<sup>(a)(b)</sup> | 26976631 | 266320 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)(b)</sup> | 123682 | 556569 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)(b)</sup> | 342738 | 671766 |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 232418 | 556796 |
| **Total Diversified Metals & Mining** |  | 8839150 |
| ***Fertilizers & Agricultural Chemicals (9.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR | 38514 | 1358389 |
| ***Precious Metals & Minerals (0.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Lithium Corp.<sup>(a)(b)</sup> | 9314 | 35207 |
| ***Specialty Chemicals (24.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 21056 | 1319580 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(d)(e)</sup> | 479100 | 1391535 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(a)</sup> | 180700 | 666407 |
| **Total Specialty Chemicals** |  | 3377522 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $16,269,034) |  | 13610268 |

---

8 \| June 30, 2025

Sprott Lithium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.59%)** |  |  |
| ***Investments Purchased with Collateral from Securities Loaned (7.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $1,035,316) | 1035316 | 1035316 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $1,035,316) |  | $1035316 |
| **TOTAL INVESTMENTS (107.33%)** |  |  |
| (Cost $17,304,350) |  | $14645584 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-7.33%)** |  | (1000490) |
| **NET ASSETS (100.00%)** |  | $13645094 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $3,643,706. The loaned securities were secured with cash collateral of $1,035,316 and non-cash collateral with the value of $2,825,873. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(c)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.* 

*<sup>(d)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate market value of those securities was $1,391,535, representing 10.20% of net assets.* 

*<sup>(e)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2025, the market value of those securities was $1,391,535, representing 10.20% of net assets.* 

*See Notes to Financial Statements.*

9 \| June 30, 2025

Sprott Uranium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (11.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>(a)(b)</sup> | 11182638 | $209405008 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $156,920,284) |  | 209405008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (87.98%)** |  |  |
| ***Coal & Consumable Fuels (87.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy, Ltd.<sup>(a)(b)</sup> | 280529735 | 5354290 |
| &nbsp;&nbsp;&nbsp;Anfield Energy, Inc.<sup>(a)(b)</sup> | 90165976 | 8607730 |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)(b)(c)</sup> | 20275288 | 9082376 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)(c)</sup> | 72038639 | 8297143 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)(b)</sup> | 14110601 | 30925360 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)(b)(c)</sup> | 31878799 | 12602391 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 33035363 | 101536219 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 4271987 | 317109597 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)(b)(c)</sup> | 14332626 | 9367385 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(c)</sup> | 275020300 | 85134215 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)(b)</sup> | 73959168 | 81289323 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(c)</sup> | 40035174 | 72864017 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium, Ltd.<sup>(a)(b)(c)</sup> | 30434694 | 6409792 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)(b)(c)</sup> | 14714185 | 42032810 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)(b)</sup> | 13330220 | 76648765 |
| &nbsp;&nbsp;&nbsp;F3 Uranium Corp.<sup>(a)(b)(c)</sup> | 37657533 | 6360369 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)(b)(c)</sup> | 15678786 | 7138496 |
| &nbsp;&nbsp;&nbsp;GoviEx Uranium, Inc.<sup>(a)(b)</sup> | 103779228 | 5334713 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)(b)(c)</sup> | 3711974 | 26441085 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)(b)</sup> | 19702240 | 9259727 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)(b)(c)</sup> | 186472284 | 23931720 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)(b)(c)</sup> | 29383575 | 6041785 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(d)</sup> | 5062110 | 218683153 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 12019740 | 83416996 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 14373261 | 76340301 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)(c)</sup> | 12958073 | 5287582 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources, Ltd.<sup>(a)(b)</sup> | 16151588 | 3795490 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)(c)</sup> | 10476514 | 71240295 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 5594835 | 14010198 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)(b)</sup> | 28629977 | 30061476 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium Corp.<sup>(a)(b)(c)</sup> | 5227219 | 3070883 |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC<sup>(a)(c)(d)(e)</sup> | 9052761 | 65424129 |
| **Total Coal & Consumable Fuels** |  | 1523099811 |
| ***Diversified Metals & Mining (0.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)(b)</sup> | 24318213 | 11071997 |
| ***Electronic Equipment & Instruments (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)(b)(c)</sup> | 5500303 | 4725797 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $1,255,244,365) |  | 1538897605 |

---

10 \| June 30, 2025

Sprott Uranium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.52%)** |  |  |  |
| ***Money Market Fund (0.03%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $607,605) | 4.25% | 607605 | $607605 |
| ***Investments Purchased with Collateral from Securities Loaned (3.49%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |  |
| (Cost $60,995,965) |  | 60995965 | 60995965 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $61,603,570) |  |  | $61603570 |
| **TOTAL INVESTMENTS (103.47%)** |  |  |  |
| (Cost $1,473,768,219) |  |  | $1809906183 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.47%)** |  |  | (60618178) |
| **NET ASSETS (100.00%)** |  |  | $1749288005 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Affiliate of the Fund. See table below (Affiliated Investments).* 

*<sup>(c)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $134,875,755. The loaned securities were secured with cash collateral of $60,995,965 and non-cash collateral with the value of $82,342,087. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(d)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2025, the market value of those securities was $284,107,282, representing 16.24% of net assets.* 

*<sup>(e)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate market value of those securities was $65,424,129, representing 3.74% of net assets.*

11 \| June 30, 2025

Sprott Uranium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares as on** <br> **January 1, 2025**  | **Market Value as** <br> **of January** <br> **1, 2025**  | **Purchases** <br> **(Shares)**  | **Purchases** <br> **(Shares)**  | **Purchases** <br> **(Cost)**  | **Sales** <br> **(Shares)**  | **Sales** <br> **(Proceeds)**  | **Change in** <br> **Unrealized** <br> **Gain (Loss)**  | **Realized** <br> **Gain/(Loss)**  | **Market <br> Value as** <br> **of June 30, 2025\***  | **Share Balance** <br> **as of June** <br> **30, 2025**  |
| ***Closed End Fund*** | | | | | | | | | | | |
| Sprott Physical |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uranium Trust <sup>(a)</sup> | 9968477 | $172399971 |  | 2035057 | $30356870 | (820896) | $(13258877) | $16771770 | $3135274 | $209405008 | 11182638 |
| ***Common Stock*** |  |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| Alligator Energy, Ltd. <sup>(a)</sup> | 238286035 | 5014561 |  | 61495508 | 1324640 | (19251808) | (392699) | (576501) | (15711) | 5354290 | 280529735 |
| Anfield Energy, Inc. <sup>(a)</sup> | 97560688 | 5769007 |  | 5978695 | 352100 | (13373407) | (693720) | 3372290 | (191947) | 8607730 | 90165976 |
| Atha Energy Corp. <sup>(a)(b)</sup> | 17361008 | 6763480 |  | 3800307 | 1310893 | (886027) | (298127) | 1290356 | 15774 | 9082376 | 20275288 |
| Aura Energy, Ltd. <sup>(a)(b)</sup> | 52569654 | 4067247 |  | 23907516 | 2338422 | (4438531) | (376536) | 2280641 | (12631) | 8297143 | 72038639 |
| Bannerman Energy, Ltd. <sup>(a)</sup> | 11160477 | 20032546 |  | 3838404 | 6255885 | (888280) | (1637124) | 5806201 | 467852 | 30925360 | 14110601 |
| Berkeley Energia, Ltd. <sup>(a)(b)</sup> | 28128334 | 5458120 |  | 5871176 | 1897040 | (2120711) | (630778) | 5705790 | 172219 | 12602391 | 31878799 |
| Boss Energy, Ltd. <sup>(a)</sup> | 26043243 | 39170286 |  | 11178291 | 19076935 | (4186171) | (7938796) | 53692738 | (2464944) | 101536219 | 33035363 |
| CanAlaska Uranium, Ltd. <sup>(a)(b)</sup> | 10206286 | 4828185 |  | 4988923 | 3147627 | (862583) | (492956) | 1656697 | 227832 | 9367385 | 14332626 |
| Deep Yellow, Ltd. <sup>(a)</sup> | 61195181 | 42611336 |  | 20392900 | 14138387 | (7628913) | (7171110) | 30060141 | 1650569 | 81289323 | 73959168 |
| Encore Energy Corp. <sup>(a)(b)</sup> | 11510995 | 38838447 |  | 4122399 | 6896638 | (919209) | (2176451) | (1971302) | 445478 | 42032810 | 14714185 |
| Energy Fuels, Inc. <sup>(a)</sup> | 10382148 | 53260419 |  | 3970022 | 15906146 | (1021950) | (5056413) | 12601288 | (62675) | 76648765 | 13330220 |
| F3 Uranium Corp. <sup>(a)(b)</sup> | 29621703 | 4945709 |  | 10477010 | 1626676 | (2441180) | (401053) | 166595 | 22442 | 6360369 | 37657533 |
| Forsys Metals Corp.<sup>(a)(b)</sup> | 11900529 | 5464085 |  | 4766394 | 2354514 | (988137) | (390371) | (275953) | (13779) | 7138496 | 15678786 |
| GoviEx Uranium, Inc. <sup>(a)</sup> | 92426022 | 3214930 |  | 18324712 | 790195 | (6971506) | (305672) | 1593489 | 41771 | 5334713 | 103779228 |
| IsoEnergy, Ltd.<sup>(a)(b)</sup> | 11149579 | 20089332 |  | 1634063 | 7852422 | (9071668)<sup>(c)</sup> | (1718493) | 114145 | 103679 | 26441085 | 3711974 |
| Laramide Resources, Ltd. <sup>(a)</sup> | 15314294 | 6818427 |  | 5627310 | 2682203 | (1239364) | (563909) | 307004 | 16002 | 9259727 | 19702240 |
| Mega Uranium, Ltd. <sup>(a)(b)</sup> | 23413093 | 5375019 |  | 7818312 | 1651654 | (1847830) | (389550) | (606120) | 10782 | 6041785 | 29383575 |
| Peninsula Energy, Ltd. <sup>(a)(b)</sup> | 9624599 | 7506001 |  | 3651126 | 1783759 | (317652) | (217076) | (3767608) | (17494) | 5287582 | 12958073 |
| Skyharbour Resources, Ltd. <sup>(a)</sup> | 14889427 | 3832542 |  | 2332371 | 596959 | (1070210) | (257344) | (364570) | (12097) | 3795490 | 16151588 |
| Ur-Energy, Inc. <sup>(a)</sup> | 23220620 | 26703713 |  | 7616344 | 5787051 | (2206987) | (2000220) | (260690) | (168378) | 30061476 | 28629977 |
| Western Uranium & Vanadium Corp. <sup>(a)(b)</sup> | 3782027 | 2578445 |  | 1651129 | 1397850 | (205937) | (146850) | (747366) | (11196) | 3070883 | 5227219 |
| **Diversified Metals & Mining** |  |  |  |  |  |  |  |  |  |  |  |
| Global Atomic Corp. <sup>(a)</sup> | 14401623 | 7814718 |  | 11323994 | 5711274 | (1407404) | (871133) | (1810240) | 227378 | 11071997 | 24318213 |
| **Electronic Equipment &** |  |  |  |  |  |  |  |  |  |  |  |
| **Instruments** |  |  |  |  |  |  |  |  |  |  |  |
| Premier American |  |  |  |  |  |  |  |  |  |  |  |
| Uranium, Inc. <sup>(a)(b)</sup> | 2637859 | 2642539 |  | 3196393 | 3436400 | (333949) | (316881) | (1113336) | 77075 | 4725797 | 5500303 |
|  |  | $495199065 |  |  | $138672540 |  | $(47702139) | $123925459 | $3643275 | $713738200 |  |
| Securities that became affiliated during the period |  |  |  |  |  |  |  |  |  |  |  |
| ***Common Stock*** |  |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| Elevate Uranium, Ltd. <sup>(a)(b)</sup> | 19033404 | $3121891 |  | 13219154 | $1980370 | (1817864) | $(334244) | $1585847 | $55928 | $6409792 | 30434694 |
| Lotus Resources, Ltd. <sup>(a)(b)</sup> | 116548235 | 14427501 |  | 80861144 | 9050729 | (10937095) | (1332225) | 1733567 | $52148 | 23931720 | 186472284 |
|  |  | $17549392 |  |  | $11031099 |  | $(1666469) | $3319414 | $108076 | $30341512 |  |
|  |  | $512748457 |  |  | $149703639 |  | $(49368608) | $127244873 | $3751351 | $744079712 |  |
| Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period |  |  |  |  |  | $(15997522) |  |  |  |
| Securities no longer affiliated at June 30, 2025 | Securities no longer affiliated at June 30, 2025 | Securities no longer affiliated at June 30, 2025 | Securities no longer affiliated at June 30, 2025 |  |  |  |  |  |  |  |  |
| Securities affiliated at June 30, 2025 | Securities affiliated at June 30, 2025 | Securities affiliated at June 30, 2025 |  |  |  |  |  | $111247351 | $3751351 | $744079712 |  |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan.* 

*<sup>(c)</sup>* *Includes effect of a reverse split (1:4) effective on March 20, 2025.* 

*See Notes to Financial Statements.*

12 \| June 30, 2025

Sprott Junior Uranium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.72%)** |  |  |
| ***Coal & Consumable Fuels (98.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy, Ltd.<sup>(a)</sup> | 111979567 | $2137282 |
| &nbsp;&nbsp;&nbsp;Anfield Energy, Inc.<sup>(a)</sup> | 23854364 | 2277266 |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)</sup> | 9062627 | 4059631 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)</sup> | 16306978 | 1878177 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 4508668 | 9881378 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)</sup> | 10027393 | 3893723 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)</sup> | 4859442 | 14935794 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)</sup> | 5143947 | 3361933 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(b)</sup> | 47973800 | 14850583 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 12891680 | 14169385 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 19402291 | 35312170 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium, Ltd.<sup>(a)(b)</sup> | 8675617 | 1827155 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 5308431 | 15164161 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 2530842 | 14552342 |
| &nbsp;&nbsp;&nbsp;F3 Uranium Corp.<sup>(a)</sup> | 15540687 | 2624827 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)</sup> | 4389699 | 1998615 |
| &nbsp;&nbsp;&nbsp;GoviEx Uranium, Inc.<sup>(a)</sup> | 23926687 | 1229938 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)(b)</sup> | 993617 | 7077720 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)</sup> | 6617531 | 3110130 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)</sup> | 56020061 | 7189575 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)</sup> | 11400784 | 2344204 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 5068284 | 35173891 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 8301363 | 44090797 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)</sup> | 4783452 | 1951903 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources, Ltd.<sup>(a)</sup> | 6058066 | 1423595 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 5280874 | 35909943 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 3268598 | 8171495 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 9729054 | 10215507 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium Corp.<sup>(a)</sup> | 1597851 | 938704 |
| **Total Coal & Consumable Fuels** |  | 301751824 |
| ***Diversified Metals & Mining (1.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)</sup>  | 8892685 | 4048808 |
| ***Electronic Equipment & Instruments (0.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)</sup>  | 813112 | 698617 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $309,284,247) |  | 306499249 |

---

13 \| June 30, 2025

Sprott Junior Uranium Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.38%)** |  |  |  |
| ***Money Market Fund (0.01%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class<br> (Cost $42,282) | 4.25% | 42282 | 42282 |
| ***Investments Purchased with Collateral from Securities Loaned (0.37%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |  |
| (Cost $1,127,443) |  | 1127443 | 1127443 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,169,725) |  |  | $1169725 |
| **TOTAL INVESTMENTS (100.10%)** |  |  |  |
| (Cost $310,453,972) |  |  | $307668974 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.10%)** |  |  | (314928) |
| **NET ASSETS (100.00%)** |  |  | $307354046 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $16,415,458. The loaned securities were secured with cash collateral of $1,127,443 and non-cash collateral with the value of $16,155,906. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*See Notes to Financial Statements.*

14 \| June 30, 2025

Sprott Junior Copper Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.50%)** |  |  |
| ***Copper Mining (50.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)(b)</sup> | 989851 | $114007 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(a)</sup> | 204708 | 350262 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 193927 | 323271 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 104882 | 653605 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(a)</sup> | 2244000 | 177273 |
| &nbsp;&nbsp;&nbsp;Austral Resources Australia, Ltd.<sup>(a)(c)</sup> | 62142 | 6544 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 281072 | 614985 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(a)</sup> | 7026000 | 45647 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 43860 | 740797 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)</sup> | 308109 | 205896 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(a)</sup> | 3247393 | 74805 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(a)</sup> | 224750 | 88752 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 121629 | 436766 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(b)</sup> | 5770100 | 470432 |
| &nbsp;&nbsp;&nbsp;Koryx Copper, Inc.<sup>(a)</sup> | 112266 | 90687 |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd.<sup>(a)</sup> | 50865 | 614958 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(a)(b)</sup> | 80709 | 426734 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 83411 | 615944 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)(b)</sup> | 2804421 | 264459 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 277456 | 873985 |
| **Total Copper Mining** |  | 7189809 |
| ***Diversified Metals & Mining (44.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(b)</sup> | 981324 | 190528 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)(b)</sup> | 779010 | 151248 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd.<sup>(b)</sup> | 200492 | 319492 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(a)</sup> | 62375 | 150241 |
| &nbsp;&nbsp;&nbsp;Caravel Minerals, Ltd.<sup>(a)</sup> | 799715 | 86845 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(a)</sup> | 361943 | 91712 |
| &nbsp;&nbsp;&nbsp;Encounter Resources, Ltd.<sup>(a)</sup> | 662846 | 98157 |
| &nbsp;&nbsp;&nbsp;Entree Resources, Ltd.<sup>(a)</sup> | 204890 | 308445 |
| &nbsp;&nbsp;&nbsp;Fitzroy Minerals, Inc.<sup>(a)</sup> | 165800 | 40788 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)</sup> | 161635 | 285995 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 388000 | 183778 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)(b)</sup> | 84124 | 763004 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)</sup> | 302021 | 117548 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 544300 | 611521 |
| &nbsp;&nbsp;&nbsp;New World Resources, Ltd.<sup>(a)(b)</sup> | 5052473 | 216144 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 54010 | 630629 |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(a)</sup> | 961900 | 303739 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 3550500 | 404655 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(a)</sup> | 1005600 | 112512 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(a)</sup> | 177841 | 312128 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)(b)</sup> | 139368 | 638631 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 222639 | 300563 |
| **Total Diversified Metals & Mining** |  | 6318303 |
| ***Gold Mining (4.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cygnus Metals, Ltd.<sup>(a)</sup> | 708100 | 39147 |

---

15 \| June 30, 2025

Sprott Junior Copper Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Gold Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)(b)</sup> | 882284 | $603902 |
| **Total Gold Mining** |  | 643049 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $12,847,795) |  | 14151161 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.87%)** |  |  |
| ***Investments Purchased with Collateral from Securities Loaned (0.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $123,524) | 123524 | 123524 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $123,524) |  | $123524 |
| **TOTAL INVESTMENTS (100.37%)** |  |  |
| (Cost $12,971,319) |  | $14274685 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.37%)** |  | (52773) |
| **NET ASSETS (100.00%)** |  | $14221912 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $1,563,364. The loaned securities were secured with cash collateral of $123,524 and non-cash collateral with the value of $1,554,043. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

*<sup>(c)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.* 

*See Notes to Financial Statements.*

16 \| June 30, 2025

Sprott Nickel Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.69%)** |  |  |
| ***<br> Diversified Metals & Mining (93.73%)***  |  |  |
| &nbsp;&nbsp;&nbsp;Adhi Kartiko Pratama PT<sup>(a)</sup> | 4427100 | $95441 |
| &nbsp;&nbsp;&nbsp;Canada Nickel Co., Inc.<sup>(a)</sup> | 630225 | 398012 |
| &nbsp;&nbsp;&nbsp;Centaurus Metals, Ltd.<sup>(a)</sup> | 1275469 | 310597 |
| &nbsp;&nbsp;&nbsp;Central Omega Resources Tbk PT | 7791100 | 217872 |
| &nbsp;&nbsp;&nbsp;Chalice Mining, Ltd.<sup>(a)</sup> | 250200 | 277468 |
| &nbsp;&nbsp;&nbsp;Chilean Metals, Inc.<sup>(a)(b)</sup> | 29395 |  |
| &nbsp;&nbsp;&nbsp;Estrella Resources, Ltd.<sup>(a)</sup> | 1109900 | 37985 |
| &nbsp;&nbsp;&nbsp;Global Ferronickel Holdings, Inc. | 10753000 | 253888 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 226061 | 620421 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 124423 | 512623 |
| &nbsp;&nbsp;&nbsp;Magna Mining, Inc.<sup>(a)</sup> | 449734 | 568050 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 53366250 | 1512071 |
| &nbsp;&nbsp;&nbsp;Metals One PLC<sup>(a)</sup> | 374300 | 97618 |
| &nbsp;&nbsp;&nbsp;NexMetals Mining Corp.<sup>(a)(c)</sup> | 53150 | 491790 |
| &nbsp;&nbsp;&nbsp;Nickel Asia Corp. | 11150415 | 457260 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 3943335 | 1803738 |
| &nbsp;&nbsp;&nbsp;Pam Mineral Tbk PT | 5762400 | 372684 |
| &nbsp;&nbsp;&nbsp;Power Metallic Mines, Inc.<sup>(a)(c)</sup> | 627266 | 538940 |
| &nbsp;&nbsp;&nbsp;Talon Metals Corp.<sup>(a)</sup> | 2854210 | 534477 |
| &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 8065050 | 327868 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 3528300 | 749777 |
| &nbsp;&nbsp;&nbsp;Xinjiang Xinxin Mining Industry Co., Ltd. | 2751700 | 364559 |
| **Total Diversified Metals & Mining** |  | 10543139 |
| ***Gold Mining (5.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 2323195 | 435018 |
| &nbsp;&nbsp;&nbsp;Horizon Minerals, Ltd.<sup>(a)</sup> | 7136700 | 234851 |
| **Total Gold Mining** |  | 669869 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $11,978,444) |  | 11213008 |

---

17 \| June 30, 2025

Sprott Nickel Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.06%)** |  |  |  |
| ***Money Market Fund (0.04%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $3,895) | 4.25% | 3895 | 3895 |
| ***Investments Purchased with Collateral from Securities Loaned (0.02%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |  |
| (Cost $2,600) |  | 2600 | 2600 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $6,495) |  |  | $6495 |
| **TOTAL INVESTMENTS (99.75%)** |  |  |  |
| (Cost $11,984,939) |  |  | $11219503 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.25%)** |  |  | 27706 |
| **NET ASSETS (100.00%)** |  |  | $11247209 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.* 

*<sup>(c)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $41,671. The loaned securities were secured with cash collateral of $2,600 and non-cash collateral with the value of $41,203. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

*See Notes to Financial Statements.*

18 \| June 30, 2025

Sprott Copper Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (4.45%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Copper Trust<sup>(a)(b)</sup> | 167464 | $1281100 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $1,319,557) |  | 1281100 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (94.39%)** |  |  |
| ***Copper Mining (64.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)(c)</sup> | 177460 | 20439 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(a)</sup> | 36844 | 63041 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 100036 | 2484697 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 34929 | 58226 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 20255 | 126225 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(a)</sup> | 402000 | 31758 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(a)(c)</sup> | 172422 | 1058526 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 50526 | 110551 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(a)</sup> | 1887200 | 12261 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)(c)</sup> | 25052 | 422126 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)(c)</sup> | 55276 | 36939 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(a)</sup> | 83789 | 1488420 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 162507 | 7044678 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(a)(c)</sup> | 559402 | 12886 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(a)</sup> | 40315 | 15920 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 21905 | 78660 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(c)</sup> | 987700 | 80526 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA<sup>(a)</sup> | 33813 | 1209232 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(c)</sup> | 131127 | 1378916 |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd.<sup>(a)</sup> | 20459 | 247349 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(a)(c)</sup> | 14512 | 76730 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 101152 | 746951 |
| &nbsp;&nbsp;&nbsp;Sociedad Minera Cerro Verde SAA | 4297 | 171880 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)(c)</sup> | 504236 | 47550 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 13592 | 1375103 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 90707 | 285727 |
| **Total Copper Mining** |  | 18685317 |
| ***Diversified Metals & Mining (26.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(c)</sup> | 175930 | 34158 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)(c)</sup> | 138748 | 26939 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd.<sup>(c)</sup> | 36054 | 57453 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(a)</sup> | 11256 | 27112 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(a)</sup> | 62304 | 15787 |
| &nbsp;&nbsp;&nbsp;Encounter Resources, Ltd.<sup>(a)(c)</sup> | 131112 | 19416 |
| &nbsp;&nbsp;&nbsp;Entree Resources, Ltd.<sup>(a)</sup> | 36873 | 55509 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)</sup> | 29216 | 51694 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 69600 | 32966 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 119184 | 1264542 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)(c)</sup> | 23208 | 210497 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)(c)</sup> | 160245 | 1203823 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)</sup> | 54201 | 21095 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 293592 | 329851 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(a)</sup> | 1202400 | 586652 |
| &nbsp;&nbsp;&nbsp;New World Resources, Ltd.<sup>(a)(c)</sup> | 963988 | 41239 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 40578 | 473795 |

---

19 \| June 30, 2025

Sprott Copper Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(a)</sup> | 173180 | $54685 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 635800 | 72463 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(a)</sup> | 180308 | 20174 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(a)</sup> | 32012 | 56184 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)(c)</sup> | 31077 | 142405 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 70367 | 2841419 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 39157 | 52862 |
| **Total Diversified Metals & Mining** |  | 7692720 |
| ***Gold Mining (2.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp., Ltd. | 71900 | 650310 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)</sup> | 175534 | 120149 |
| **Total Gold Mining** |  | 770459 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $26,543,110) |  | 27148496 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND (1.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI India ETF | 5239 | $291708 |
| **TOTAL EXCHANGE TRADED FUND** |  |  |
| (Cost $283,577) |  | 291708 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (4.71%)** |  |  |
| ***Investments Purchased with Collateral from Securities Loaned (4.71%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |
| (Cost $1,353,801) | 1353801 | 1353801 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $1,353,801) |  | $1353801 |
| **TOTAL INVESTMENTS (104.56%)** |  |  |
| (Cost $29,500,045) |  | $30075105 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.56%)** |  | (1311370) |
| **NET ASSETS (100.00%)** |  | $28763735 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Affiliate of the Fund. See table below (Affiliated Investments).* 

*<sup>(c)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $3,108,121. The loaned securities were secured with cash collateral of $1,353,801 and non-cash collateral with the value of $1,911,790. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

20 \| June 30, 2025

Sprott Copper Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares** <br> **as of** <br> **January 1, 2025**  | **Market Value**<br> **as of** <br> **January 1, 2025**  | **Purchases** <br> **(Shares)**  | **Purchases** <br> **(Cost)**  | **Sales** <br> **(Shares)**  | **Sales** <br> **(Proceeds)**  | **Change in** <br> **Unrealized** <br> **Gain/(Loss)**  | **Realized** <br> **Gain/(Loss)**  | **Market Value**<br>**as of** <br> **June** **30, 2025**  | **Share Balance** <br> **as of** <br> **June 30, 2025**  | **Dividends** |
| ***Closed - End Funds*** |  |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical Copper Trust<sup>(a)</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp; – | 169464 | $1335783 | (2000) | $(15274) | $(38457) | $(952) | $1281100 | 167464 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  | $– |  | $1335783 |  | $(15274) | $(38457) | $(952) | $1281100 |  | $– |
| Securities Affiliated as of June 30, 2025 | Securities Affiliated as of June 30, 2025 | Securities Affiliated as of June 30, 2025 |  | $1335783 |  | $(15274) | $(38457) | $(952) | $1281100 |  | $– |

---

*<sup>(a)</sup> Non-income producing security.*

 

*See Notes to Financial Statements.* 

21 \| June 30, 2025

Sprott Silver Miners & Physical Silver ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (15.95%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Silver Trust<sup>(a)(b)</sup> | 1395549 | $17081520 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $15,714,865) |  | 17081520 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (83.19%)** |  |  |
| ***Diversified Metals & Mining (13.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(a)(c)</sup> | 1372552 | 5190852 |
| &nbsp;&nbsp;&nbsp;Adriatic Metals PLC<sup>(a)</sup> | 95326 | 353292 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(a)(c)</sup> | 4045345 | 3267425 |
| &nbsp;&nbsp;&nbsp;Andean Silver, Ltd.<sup>(a)</sup> | 31945 | 21445 |
| &nbsp;&nbsp;&nbsp;Blackrock Silver Corp.<sup>(a)</sup> | 86269 | 31359 |
| &nbsp;&nbsp;&nbsp;Cerro de Pasco Resources, Inc.<sup>(a)</sup> | 73485 | 23474 |
| &nbsp;&nbsp;&nbsp;Eloro Resources, Ltd.<sup>(a)</sup> | 20990 | 19576 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 49835 | 23605 |
| &nbsp;&nbsp;&nbsp;Prime Mining Corp.<sup>(a)</sup> | 22981 | 36115 |
| &nbsp;&nbsp;&nbsp;Santacruz Silver Mining, Ltd.<sup>(a)</sup> | 93584 | 70785 |
| &nbsp;&nbsp;&nbsp;Societe Metallurgique D'imiter | 2320 | 621338 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 1479294 | 4349124 |
| **Total Diversified Metals & Mining** |  | 14008390 |
| ***Gold (8.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 145843 | 1292169 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 67046 | 235230 |
| &nbsp;&nbsp;&nbsp;Hycroft Mining Holding Corp.<sup>(a)</sup> | 3608 | 11293 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc.<sup>(c)</sup> | 30745 | 790454 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 38214 | 486846 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp. | 50101 | 1186893 |
| &nbsp;&nbsp;&nbsp;Unico Silver, Ltd.<sup>(a)</sup> | 3675140 | 640980 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 49248 | 4422470 |
| **Total Gold** |  | 9066335 |
| ***Precious Metals & Minerals (4.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(a)(c)</sup> | 41363 | 148907 |
| &nbsp;&nbsp;&nbsp;Dolly Varden Silver Corp.<sup>(a)(c)</sup> | 14641 | 49027 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 58370 | 1153747 |
| &nbsp;&nbsp;&nbsp;GR Silver Mining, Ltd.<sup>(a)</sup> | 3409928 | 425693 |
| &nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd.<sup>(a)(c)</sup> | 4239390 | 809430 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV | 42311 | 1182981 |
| &nbsp;&nbsp;&nbsp;Outcrop Silver & Gold Corp.<sup>(a)</sup> | 2716221 | 468744 |
| &nbsp;&nbsp;&nbsp;Sierra Madre Gold And Silver, Ltd.<sup>(a)</sup> | 826695 | 455312 |
| &nbsp;&nbsp;&nbsp;Southern Silver Exploration Corp.<sup>(a)</sup> | 86302 | 14260 |
| &nbsp;&nbsp;&nbsp;Viscount Mining Corp.<sup>(a)</sup> | 1079141 | 626048 |
| **Total Precious Metals & Minerals** |  | 5334149 |
| ***Silver (56.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aftermath Silver, Ltd.<sup>(a)</sup> | 2244451 | 1120783 |
| &nbsp;&nbsp;&nbsp;Andean Precious Metals Corp.<sup>(a)(c)</sup> | 432711 | 911974 |
| &nbsp;&nbsp;&nbsp;Apollo Silver Corp.<sup>(a)</sup> | 76981 | 18655 |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 498190 | 4481606 |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(a)</sup> | 120498 | 263693 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 1934797 | 9519202 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp.<sup>(c)</sup> | 3235997 | 26761696 |

---

22 \| June 30, 2025

Sprott Silver Miners & Physical Silver ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Silver (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 3029984 | $4450133 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 172777 | 1034934 |
| &nbsp;&nbsp;&nbsp;IMPACT Silver Corp.<sup>(a)</sup> | 2618496 | 499952 |
| &nbsp;&nbsp;&nbsp;Kootenay Silver, Inc.<sup>(a)</sup> | 608978 | 514283 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(a)(c)</sup> | 908677 | 1217627 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 70652 | 2006517 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(a)</sup> | 17555801 | 1328751 |
| &nbsp;&nbsp;&nbsp;Silver Tiger Metals, Inc.<sup>(a)</sup> | 4043151 | 1276706 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(c)</sup> | 1099011 | 4637826 |
| &nbsp;&nbsp;&nbsp;Sotkamo Silver AB<sup>(a)</sup> | 2800287 | 281701 |
| &nbsp;&nbsp;&nbsp;Sun Silver, Ltd.<sup>(a)(c)</sup> | 809157 | 386096 |
| **Total Silver** |  | 60712135 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $76,832,034) |  | 89121009 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.55%)** |  |  |  |
| ***Money Market Fund (0.25%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $264,646) | 4.25% | 264646 | 264646 |
| ***Investments Purchased with Collateral from Securities Loaned (1.30%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.35% |  |  |  |
| (Cost $1,391,101) |  | 1391101 | 1391101 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,655,747) |  |  | $1655747 |
| **TOTAL INVESTMENTS (100.69%)** |  |  |  |
| (Cost $94,202,646) |  |  | $107858276 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.69%)** |  |  | (736347) |
| **NET ASSETS (100.00%)** |  |  | $107121929 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Affiliate of the Fund. See table below (Affiliated Investments).* 

*<sup>(c)</sup>* *As of June 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $5,030,109. The loaned securities were secured with cash collateral of $1,391,101 and non-cash collateral with the value of $3,726,278. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

23 \| June 30, 2025

Sprott Silver Miners & Physical Silver ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Security Name** | **Shares as of January**<br>**1, 2025 <sup>(b)</sup>** | **Market Value as of January**<br>**1, 2025** | **Purchases**<br>**(Shares)** | **Purchases**<br>**(Cost)** | **Sales**<br>**(Shares)** | **Sales**<br>**(Proceeds)** | **Change in Unrealized**<br>**Gain/(Loss)** | **Realized**<br>**Gain/(Loss)** | **Market Value as of June**<br>**30, 2025** | **Share Balance as of June**<br>**30, 2025** |<br>**Dividends** |
| ***Closed End Fund*** |  |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical Silver Trust<sup>(a)</sup> |  | $– | 1730049 | $19757808 | (334500) | $(3987777) | $1366655 | $(55166) | $17081520 | 1395549 | $– |
|  |  | $– |  | $19757808 |  | $(3987777) | $1366655 | $(55166) | $17081520 |  | – |
| Securities Affiliated as of June 30, 2025 | Securities Affiliated as of June 30, 2025 | Securities Affiliated as of June 30, 2025 | Securities Affiliated as of June 30, 2025 | $19757808 |  | $(3987777) | $1366655 | $(55166) | $17081520 |  | $– |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Fund inception date was January 14, 2025.* 

*See Notes to Financial Statements.*

24 \| June 30, 2025

Sprott Active Gold & Silver Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.53%)** |  |  |
| ***Diversified Metals & Mining (2.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 327964 | $968177 |
| ***Gold (90.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | 17871 | 2129165 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 68213 | 1811737 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 28768 | 1310958 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 267953 | 2374064 |
| &nbsp;&nbsp;&nbsp;Dundee Precious Metals, Inc. | 94822 | 1523558 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)</sup> | 68966 | 1402768 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)</sup> | 354536 | 914685 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)</sup> | 238619 | 1377305 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | 232596 | 1192517 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 5422 | 888774 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(a)</sup> | 117208 | 1530353 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.<sup>(a)</sup> | 326160 | 923048 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.<sup>(a)</sup> | 1334668 | 823294 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(a)</sup> | 228592 | 1680151 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 96642 | 1510514 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 27037 | 1427546 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 26754 | 1558688 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | 90835 | 1108976 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 133893 | 1889791 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 92092 | 2366970 |
| &nbsp;&nbsp;&nbsp;Ora Banda Mining, Ltd.<sup>(a)</sup> | 753066 | 379157 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)</sup> | 109746 | 1332316 |
| &nbsp;&nbsp;&nbsp;Perseus Mining, Ltd. | 108841 | 243555 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold, Ltd. | 140504 | 1320738 |
| &nbsp;&nbsp;&nbsp;Spartan Resources, Ltd.<sup>(a)</sup> | 980753 | 1281283 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 76070 | 969132 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(a)</sup> | 67704 | 2208491 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 143780 | 2002942 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 105341 | 198978 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 21112 | 1895858 |
| **Total Gold** |  | 41577312 |
| ***Silver (6.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 87724 | 789146 |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(a)</sup> | 381158 | 834111 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 51688 | 1467939 |
| **Total Silver** |  | 3091196 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $39,611,300) |  | 45636685 |

---

25 \| June 30, 2025

Sprott Active Gold & Silver Miners ETF

Schedule of Investments *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.57%)** |  |  |  |
| ***Money Market Fund*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 4.25% | 260474 | $260474 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $260,474) |  |  | $260474 |
| **TOTAL INVESTMENTS (100.10%)** |  |  |  |
| (Cost $39,871,774) |  |  | $45897159 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.10%)** |  |  | (47825) |
| **NET ASSETS (100.00%)** |  |  | $45849334 |

---

*<sup>(a)</sup>* *Non-income producing security.*

26 \| June 30, 2025

Sprott ETFs

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Gold**<br>**Miners ETF** | **Sprott Junior**<br>**Gold Miners ETF** | **Sprott Critical**<br>**Materials ETF** |
| &nbsp;&nbsp;**ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $418697800 | $185134486 | $52284898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 226 | 175 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 60325 | 6790 | 34088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 5484 | 4080 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 418763835 | 185145531 | 52322360 |
| &nbsp;&nbsp;**LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for foreign capital gains tax |  | 12122 | 13286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 227229 | 92796 | 43691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 8756240 | 9464778 | 4158552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | 19317 | 9457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | 22212 | 16089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees payable | 2963 | 2963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 27293 | 25586 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 9055254 | 9623791 | 4215529 |
| &nbsp;&nbsp;**NET ASSETS** | $409708581 | $175521740 | $48106831 |
| &nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $325294207 | $181222480 | $48010494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 84414374 | (5700740) | 96337 |
| &nbsp;&nbsp;**NET ASSETS** | $409708581 | $175521740 | $48106831 |
| &nbsp;&nbsp;**UNAFFILIATED INVESTMENTS, AT COST** | $274326873 | $156188362 | $49620851 |
| &nbsp;&nbsp;**FOREIGN CURRENCY, AT COST** | $255 | $174 | $3243 |
| &nbsp;&nbsp;**PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $409708581 | $175521740 | $48106831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 9090000 | 3550000 | 2780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $45.07 | $49.44 | $17.30 |

---

*See Notes to Financial Statements.*

27 \| June 30, 2025

Sprott ETFs

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Sprott Lithium**<br>**Miners ETF** |<br>**Sprott Uranium**<br>**Miners ETF** | **Sprott Junior**<br>**Uranium Miners**<br>**ETF** |
| &nbsp;&nbsp;**ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $14645584 | $1065826471 | $307668974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments, at value |  | 744079712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 194 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 162268 | 7722679 | 4310960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 42886 | 404751 | 102473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 14850738 | 1818033807 | 312086370 |
| &nbsp;&nbsp;**LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 111162 | 5853757 | 3255208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 13698 | 1896080 | 349673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian for overdraft | 45468 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 1035316 | 60995965 | 1127443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1205644 | 68745802 | 4732324 |
| &nbsp;&nbsp;**NET ASSETS** | $13645094 | $1749288005 | $307354046 |
| &nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $20671241 | $1614604924 | $339131284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | (7026147) | 134683081 | (31777238) |
| &nbsp;&nbsp;**NET ASSETS** | $13645094 | $1749288005 | $307354046 |
| &nbsp;&nbsp;**UNAFFILIATED INVESTMENTS, AT COST** | $17304350 | $720610129 | $310453972 |
| &nbsp;&nbsp;**AFFILIATED INVESTMENTS, AT COST** | $– | $753158090 | $– |
| &nbsp;&nbsp;**FOREIGN CURRENCY, AT COST** | $– | $192 | $24 |
| &nbsp;&nbsp;**PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $13645094 | $1749288005 | $307354046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 2370000 | 36565000 | 14590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $5.76 | $47.84 | $21.07 |

---

*See Notes to Financial Statements.*

28 \| June 30, 2025

Sprott ETFs

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Junior**<br>**Copper Miners**<br>**ETF** |<br>**Sprott Nickel**<br>**Miners ETF** |<br>**Sprott Copper**<br>**Miners ETF** |
| &nbsp;&nbsp;**ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $14274685 | $11219503 | $28794005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments, at value |  |  | 1281100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 24453 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 58568 | 7202 | 202991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 78749 | 35935 | 40922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 14412002 | 11287093 | 30323621 |
| &nbsp;&nbsp;**LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian for foreign currency overdraft | 117 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 23353 | 19083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 16145 | 13931 | 27442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian for overdraft | 50304 |  | 159560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 123524 | 2600 | 1353801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 190090 | 39884 | 1559886 |
| &nbsp;&nbsp;**NET ASSETS** | $14221912 | $11247209 | $28763735 |
| &nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $12620361 | $13438073 | $29903634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 1601551 | (2190864) | (1139899) |
| &nbsp;&nbsp;**NET ASSETS** | $14221912 | $11247209 | $28763735 |
| &nbsp;&nbsp;**UNAFFILIATED INVESTMENTS, AT COST** | $12971319 | $11984939 | $28180488 |
| &nbsp;&nbsp;**AFFILIATED INVESTMENTS, AT COST** | $– | $– | $1319557 |
| &nbsp;&nbsp;**FOREIGN CURRENCY, AT COST** | $– | $24378 | $4603 |
| &nbsp;&nbsp;**FOREIGN CURRENCY OVERDRAFT, AT COST** | $117 | $– | $– |
| &nbsp;&nbsp;**PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $14221912 | $11247209 | $28763735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 580000 | 960000 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $24.52 | $11.72 | $23.01 |

---

*See Notes to Financial Statements.*

29 \| June 30, 2025

Sprott ETFs

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Sprott Silver**<br>**Miners & Physical**<br>**Silver ETF** | **Sprott Active**<br>**Gold & Silver**<br>**Miners ETF** |
| &nbsp;&nbsp;**ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $90776756 | $45897159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments, at value | 17081520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 380271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 1483682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 22426 | 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 109744655 | 45909496 |
| &nbsp;&nbsp;**LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 1119229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 80488 | 60162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 1391101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian for foreign currency overdraft | 31908 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2622726 | 60162 |
| &nbsp;&nbsp;**NET ASSETS** | $107121929 | $45849334 |
| &nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $91350542 | $39532543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 15771387 | 6316791 |
| &nbsp;&nbsp;**NET ASSETS** | $107121929 | $45849334 |
| &nbsp;&nbsp;**UNAFFILIATED INVESTMENTS, AT COST** | $78487781 | $39871774 |
| &nbsp;&nbsp;**AFFILIATED INVESTMENTS, AT COST** | $15714865 | $– |
| &nbsp;&nbsp;**FOREIGN CURRENCY OVERDRAFT, AT COST** | $31908 | $– |
| &nbsp;&nbsp;**PRICING OF SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $107121929 | $45849334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3610000 | 1820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $29.67 | $25.19 |

---

*See Notes to Financial Statements.*

30 \| June 30, 2025

Sprott ETFs

Statements of Operations *For the Period Ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Gold**<br>**Miners ETF** | **Sprott Junior**<br>**Gold Miners ETF** | **Sprott Critical**<br>**Materials ETF** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $2319813 | $194032 | $144071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 9615 | 24611 | 76549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (269579) | (16984) | (11091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2059849 | 201659 | 209529 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 576093 | 251666 | 114796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 102259 | 44701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 28826 | 12886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 10867 | 4932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 10216 | 10061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 5911 | 2709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 4463 | 4463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other fees and expenses | 56029 | 42218 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before recoupment/(waiver)/(reimbursement) | 794664 | 373636 | 114796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense recoupment/(waiver)/(reimbursement) by investment adviser (See Note 6) | 5138 | (14448) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expense | 799802 | 359188 | 114796 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 1260047 | (157529) | 94733 |
| &nbsp;&nbsp;&nbsp;**REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 32977944 <sup>(a)</sup> | 31301319 <sup>(a)</sup> | (659174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | 6463 | (19545) | (7655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 32984407 | 31281774 | (666829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 117230668 | 23193406 | 6285653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on foreign capital gains tax |  |  | (5561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (29) | 28 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 117230639 | 23193434 | 6280192 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 150215046 | 54475208 | 5613363 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $151475093 | $54317679 | $5708096 |

---

*<sup>(a)</sup>*&nbsp;&nbsp;&nbsp;&nbsp;*Includes realized gain or loss as a result of in-kind transactions (See Note 8).*

*See Notes to Financial Statements.*

31 \| June 30, 2025

Sprott ETFs

Statements of Operations *For the Period Ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Sprott Lithium**<br>**Miners ETF** |<br>**Sprott Uranium**<br>**Miners ETF** | **Sprott Junior**<br>**Uranium Miners**<br>**ETF** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $37020 | $297617 | $53969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 117407 | 816921 | 191731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (999) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 153428 | 1114538 | 245700 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 33967 | 5224379 | 953271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 33967 | 5224379 | 953271 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 119461 | (4109841) | (707571) |
| &nbsp;&nbsp;&nbsp;**REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | (2239807) | (12955413) <sup>(a)</sup> | (549478) <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investments |  | 3751351 <sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (1075) | 12391 | 40418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (2240882) | (9191671) | (509060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 515463 | 179966447 | 41723829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments |  | 111247351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 4 | 427 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 515467 | 291214225 | 41724028 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (1725415) | 282022554 | 41214968 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1605954) | $277912713 | $40507397 |

---

*<sup>(a)</sup>*&nbsp;&nbsp;&nbsp;&nbsp;*Includes realized gain or loss as a result of in-kind transactions (See Note 8).*

*See Notes to Financial Statements.*

32 \| June 30, 2025

Sprott ETFs

Statements of Operations *For the Period Ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Junior**<br>**Copper Miners**<br>**ETF** |<br>**Sprott Nickel**<br>**Miners ETF** |<br>**Sprott Copper**<br>**Miners ETF** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $118815 | $139953 | $151664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 33398 | 2584 | 13787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (5507) | (18287) | (5131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 146706 | 124250 | 160320 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 48217 | 37660 | 77471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 48217 | 37660 | 77471 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 98489 | 86590 | 82849 |
| &nbsp;&nbsp;&nbsp;**REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 1479066 <sup>(a)</sup> | 112239 <sup>(a)</sup> | (631163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investments |  |  | (952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | 5269 | (2521) | (10147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 1484335 | 109718 | (642262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 2144697 | 1552246 | 3470391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments |  |  | (38457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 405 | 301 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 2145102 | 1552547 | 3432220 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 3629437 | 1662265 | 2789958 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3727926 | $1748855 | $2872807 |

---

*<sup>(a)</sup>*&nbsp;&nbsp;&nbsp;&nbsp;*Includes realized gain or loss as a result of in-kind transactions (See Note 8).*

*See Notes to Financial Statements.*

33 \| June 30, 2025

Sprott ETFs

Statements of Operations *For the Period Ended June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Sprott Silver Miners & Physical Silver ETF<sup>(a)</sup>** | **Sprott Active Gold & Silver Miners ETF<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $259380 | $132651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 13790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (30329) | (15078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 242841 | 117573 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 134626 | 93444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 134626 | 93444 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 108215 | 24129 |
| &nbsp;&nbsp;&nbsp;**REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 2059640 <sup>(c)</sup> | 263926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investment | (55166) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | 3068 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2007542 | 267277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 12288975 | 6025385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments | 1366655 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 13655630 | 6025385 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 15663172 | 6292662 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15771387 | $6316791 |

---

*<sup>(a)</sup>* *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.* 

*<sup>(b)</sup>* *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.* 

*<sup>(c)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 8).* 

*See Notes to Financial Statements.*

34 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Gold Miners ETF** | **Sprott Gold Miners ETF** | **Sprott Junior Gold Miners ETF** | **Sprott Junior Gold Miners ETF** |
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $1260047 | $2378788 | $(157529) | $(106828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 32984407 | 9073491 | 31281774 | 22125131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 117230639 | 16280039 | 23193434 | (1047496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 151475093 | 27732318 | 54317679 | 20970807 |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | – | (2414214) | – | (6186913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | (89219) | – | (1318307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (2503433) | – | (7505220) |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 27890226 | 6612987 | 12553603 | 8911389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11568011) | (22252799) | (3557019) | (17038966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 16322215 | (15639812) | 8996584 | (8127577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 167797308 | 9589073 | 63314263 | 5338010 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 241911273 | 232322200 | 112207477 | 106869467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $409708581 | $241911273 | $175521740 | $112207477 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 8700000 | 9280000 | 3370000 | 3630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 700000 | 240000 | 270000 | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (310000) | (820000) | (90000) | (520000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 9090000 | 8700000 | 3550000 | 3370000 |

---

*See Notes to Financial Statements.*

35 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Critical Materials ETF** | **Sprott Critical Materials ETF** | **Sprott Lithium Miners ETF** | **Sprott Lithium Miners ETF** |
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**December 31, 2024** | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $94733 | $135711 | $119461 | $115462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (666829) | (940429) | (2240882) | (1447606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 6280192 | (3610010) | 515467 | (1660720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 5708096 | (4414728) | (1605954) | (2992864) |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (607102) |  | (380877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | (16178) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (623280) | – | (380877) |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 11689284 | 23292479 | 8993670 | 4960120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | – | (974194) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 11689284 | 22318285 | 8993670 | 4960120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 17397380 | 17280277 | 7387716 | 1586379 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 30709451 | 13429174 | 6257378 | 4670999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $48106831 | $30709451 | $13645094 | $6257378 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 2040000 | 760000 | 930000 | 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 740000 | 1340000 | 1440000 | 560000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | – | (60000) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2780000 | 2040000 | 2370000 | 930000 |

---

*See Notes to Financial Statements.*

36 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Uranium Miners ETF** | **Sprott Uranium Miners ETF** | **Sprott Junior Uranium Miners ETF** | **Sprott Junior Uranium Miners ETF** |
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**December 31, 2024** | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(4109841) | $5518821 | $(707571) | $(2225155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (9191671) | 58388813 | (509060) | 2972386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 291214225 | (302609083) | 41724028 | (75289334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 277912713 | (238701449) | 40507397 | (74542103) |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | – | (45317872) | – | (10634050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (45317872) | – | (10634050) |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 117000848 | 326508795 | 48661275 | 175609388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (101036287) | (264976877) | (22573049) | (47679316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 15964561 | 61531918 | 26088226 | 127930072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 293877274 | (222487403) | 66595623 | 42753919 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1455410731 | 1677898134 | 240758423 | 198004504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1749288005 | $1455410731 | $307354046 | $240758423 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 36055000 | 34905000 | 12990000 | 8470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2990000 | 6670000 | 2950000 | 6770000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2480000) | (5520000) | (1350000) | (2250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 36565000 | 36055000 | 14590000 | 12990000 |

---

*See Notes to Financial Statements.*

37 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Junior Copper Miners ETF** | **Sprott Junior Copper Miners ETF** | **Sprott Nickel Miners ETF** | **Sprott Nickel Miners ETF** |
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**December 31, 2024** | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $98489 | $100264 | $86590 | $152941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 1484335 | 1137686 | 109718 | (1144225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 2145102 | (798176) | 1552547 | (2021626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 3727926 | 439774 | 1748855 | (3012910) |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | – | (1073985) | – | (286194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (1073985) | – | (286194) |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3629472 | 14492122 | 5100772 | 16017679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5526697) | (6254045) | (4175775) | (5684881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (1897225) | 8238077 | 924997 | 10332798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 1830701 | 7603866 | 2673852 | 7033694 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 12391211 | 4787345 | 8573357 | 1539663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $14221912 | $12391211 | $11247209 | $8573357 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 670000 | 260000 | 800000 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 170000 | 690000 | 580000 | 1130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (260000) | (280000) | (420000) | (440000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 580000 | 670000 | 960000 | 800000 |

---

*See Notes to Financial Statements.*

38 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Sprott Copper Miners ETF** | **Sprott Copper Miners ETF** |
| | **For the Six**<br>**Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Period**<br>**Ended**<br>**December 31,**<br>**2024\*** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $82849 | $119500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (642262) | (359319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 3432220 | (2856904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 2872807 | (3096723) |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | – | (594530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (594530) |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2263950 | 28835926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | – | (1517695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 2263950 | 27318231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 5136757 | 23626978 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 23626978 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $28763735 | $23626978 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares | 1150000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 100000 | 1210001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | – | (60001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1250000 | 1150000 |

---

*<sup>(a)</sup> The Sprott Copper Miners ETF commenced operations on March 5, 2024.*

*See Notes to Financial Statements.*

39 \| June 30, 2025

Sprott ETFs

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Sprott Silver**<br>**Miners &**<br>**Physical Silver**<br>**ETF** |<br>**Sprott Active**<br>**Gold & Silver**<br>**Miners ETF** |
| | **For the Period**<br>**Ended June 30,**<br>**2025<sup>(a)</sup>** | **For the Period**<br>**Ended June 30,**<br>**2025<sup>(b)</sup>** |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $108215 | $24129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2007542 | 267277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 13655630 | 6025385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 15771387 | 6316791 |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 110983767 | 39532543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19633225) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 91350542 | 39532543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 107121929 | 45849334 |
| &nbsp;&nbsp;**NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $107121929 | $45849334 |
| &nbsp;&nbsp;**OTHER INFORMATION:** |  |  |
| &nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4280000 | 1820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (670000) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3610000 | 1820000 |

---

*<sup>(a)</sup>* *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.* 

*<sup>(b)</sup>* *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.* 

*See Notes to Financial Statements.*

40 \| June 30, 2025

Sprott Gold Miners ETF

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the Six Months Ended June 30, 2025 (Unaudited)** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2021** | **For the Period Ended December 31, 2020<sup>(a)</sup>** | **For the Year Ended November 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $27.81 | $25.03 | $24.70 | $27.28 | $30.50 | $29.57 | $23.37 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.14 | 0.26 | 0.34 | 0.37 | 0.33 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 17.12 | 2.81 | 0.34 | (2.60) | (3.19) | 0.99 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 17.26 | 3.07 | 0.68 | (2.23) | (2.86) | 1.02 | 6.26 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.28) | (0.35) | (0.35) | (0.36) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.29) | (0.35) | (0.35) | (0.36) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 17.26 | 2.78 | 0.33 | (2.58) | (3.22) | 0.93 | 6.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $45.07 | $27.81 | $25.03 | $24.70 | $27.28 | $30.50 | $29.57 |
| **TOTAL RETURN<sup>(c)</sup>** | 62.06% | 12.25% | 2.72% | (8.18)% | (9.33)% | 3.46% | 26.85% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $409709 | $241911 | $232322 | $233432 | $231914 | $259234 | $251376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses including |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waiver/reimbursement/recoupment to average net assets | 0.49%<sup>(d)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%<sup>(d)</sup> | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses excluding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waiver/reimbursement/recoupment to average |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net assets | 0.48%<sup>(d)</sup> | 0.47% | 0.49% | 0.51% | 0.49% | 0.58%<sup>(d)</sup> | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.77%<sup>(d)</sup> | 0.96% | 1.30% | 1.43% | 1.18% | 1.28%<sup>(d)</sup> | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 29% | 81% | 58% | 73% | 66% | 0% | 95% |

---

*<sup>(a)</sup>* *With the approval of the Board effective December 31, 2020, the Fund's fiscal year end was changed from November 30 to December 31.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

41 \| June 30, 2025

Sprott Junior Gold Miners ETF

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the <br> Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **For the <br> Year Ended December 31, 2024** | **For the <br> Year Ended December 31, 2023** | **For the <br> Year Ended December 31, 2022** | **For the <br> Year Ended December 31, 2021** | **For the <br> Period Ended December 31, 2020<sup>(a)</sup>** | **For the <br> Year Ended November 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.30 | $29.44 | $28.84 | $40.70 | $49.30 | $45.27 | $30.28 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.05) | (0.03) | (0.01) | 0.19 | 0.42 | (0.00)<sup>(c)</sup> | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 16.19 | 6.07 | 1.95 | (11.34) | (8.12) | 5.00 | 15.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 16.14 | 6.04 | 1.94 | (11.15) | (7.70) | 5.00 | 15.21 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (1.80) | (1.34) | (0.71) | (0.90) | (0.97) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.38) | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (2.18) | (1.34) | (0.71) | (0.90) | (0.97) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 16.14 | 3.86 | 0.60 | (11.86) | (8.60) | 4.03 | 14.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $49.44 | $33.30 | $29.44 | $28.84 | $40.70 | $49.30 | $45.27 |
| **TOTAL RETURN<sup>(d)</sup>** | 48.47% | 20.45% | 6.69% | (27.40)% | (15.56)% | 11.11% | 50.56% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $175522 | $112207 | $106869 | $102370 | $124127 | $123258 | $106383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses including |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waiver/reimbursement/recoupment to average net assets | 0.50%<sup>(e)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%<sup>(e)</sup> | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses excluding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waiver/reimbursement/recoupment to average net assets | 0.52%<sup>(e)</sup> | 0.50% | 0.53% | 0.67% | 0.61% | 0.75%<sup>(e)</sup> | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.22)%<sup>(e)</sup> | (0.09)% | (0.02)% | 0.59% | 0.96% | (0.07)%<sup>(e)</sup> | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 59% | 63% | 70% | 100% | 66% | 0% | 157% |

---

*<sup>(a)</sup>* *With the approval of the Board effective December 31, 2020, the Fund's fiscal year end was changed from November 30 to December 31.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Less than $0.005 per share.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

42 \| June 30, 2025

Sprott Critical Materials ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br>**December 31,<br> 2024** | **For the**<br>**Period Ended**<br>**December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $15.05 | $17.67 | $20.49 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.04 | 0.12 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.21 | (2.43) | (2.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.25 | (2.31) | (2.38) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.30) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.31) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 2.25 | (2.62) | (2.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $17.30 | $15.05 | $17.67 |
| **TOTAL RETURN<sup>(c)</sup>** | 14.95% | (13.09)% | (11.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $48107 | $30709 | $13429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65%<sup>(d)</sup> | 0.65% | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.54%<sup>(d)</sup> | 0.68% | 1.22%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 22% | 37% | 33% |

---

*<sup>(a)</sup>* *The Sprott Critical Materials ETF commenced operations on February 1, 2023.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

43 \| June 30, 2025

Sprott Lithium Miners ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br>**December 31,<br> 2024** | **For the**<br>**Period Ended**<br>**December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $6.73 | $12.62 | $20.21 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.07 | 0.17 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.04) | (5.62) | (7.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.97) | (5.45) | (7.24) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.97) | (5.89) | (7.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $5.76 | $6.73 | $12.62 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.41)% | (43.21)% | (35.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $13645 | $6257 | $4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65%<sup>(d)</sup> | 0.65% | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.29%<sup>(d)</sup> | 1.93% | 2.00%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 24% | 49% | 59% |

---

*<sup>(a)</sup>* *The Sprott Lithium Miners ETF commenced operations on February 1, 2023.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

44 \| June 30, 2025

Sprott Uranium Miners ETF

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the**<br> **Six Months Ended**<br> **June 30, 2025 (Unaudited)** | **For the**<br> **Year Ended December 31, 2024** | **For the**<br> **Year Ended December 31, 2023** | **For the <br> Period**<br> **Ended December 31, 2022 <sup>(a)</sup>** | **For the**<br> **Year Ended August 31,<br> 2022 <sup>(b)</sup>** | **For the**<br> **Year Ended August 31,<br> 2021 <sup>(b)(c)</sup>** | **For the<br> Period**<br> **Ended <br> August 31,<br> 2020 <sup>(b)(c)(d)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $40.37 | $48.07 | $31.82 | $38.94 | $31.07 | $16.69 | $12.50 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(e)</sup> | (0.11) | 0.16 | 0.01 | (0.07) | 0.15 | 0.23 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 7.58 | (6.58) | 17.99 | (7.05) | 10.12 | 14.71 | 4.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.47 | (6.42) | 18.00 | (7.12) | 10.27 | 14.94 | 4.19 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – | (1.28) | (1.75) | – | (2.42) | (0.56) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (1.28) | (1.75) | – | (2.42) | (0.56) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions fees | – | – | – | – | 0.02 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 7.47 | (7.70) | 16.25 | (7.12) | 7.87 | 14.38 | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $47.84 | $40.37 | $48.07 | $31.82 | $38.94 | $31.07 | $16.69 |
| **TOTAL RETURN<sup>(f)</sup>** | 18.50% | (13.38)% | 56.59% | (18.28)% | 33.42% | 91.13% | 33.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $1749288 | $1455411 | $1677898 | $826468 | $1037584 | $355776 | $14184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75%<sup>(g)</sup> | 0.76%<sup>(h)</sup> | 0.81% | 0.83%<sup>(g)</sup> | 0.83% | 0.85% | 0.85%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.59)%<sup>(g)</sup> | 0.33% | 0.03% | (0.58)%<sup>(g)</sup> | 0.40% | 0.81% | 0.74%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(i)</sup> | 9% | 18% | 10% | 17% | 19% | 26% | 28% |

---

*<sup>(a)</sup>* *With the approval of the Board effective September 6, 2022, the Fund's fiscal year end was changed from August 31 to December 31.* 

*<sup>(b)</sup>* *On December 21, 2022, the Sprott Uranium Miners ETF underwent a two for one stock split. The capital share activity presented here has been retroactively adjusted to reflect this stock split (See Note 1).* 

*<sup>(c)</sup>* *These financials have been audited by the Predecessor Fund's independent registered public accounting firm.* 

*<sup>(d)</sup>* *The Sprott Uranium Miners ETF commenced operations on December 3, 2019.* 

*<sup>(e)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(f)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(g)</sup>* *Annualized.* 

*<sup>(h)</sup>* *Effective April 1, 2024 the fund reduced the advisory fee to 0.75%. Prior to this date, the fee was 0.85% of net assets up to $500 million, 0.80% of net assets up to $1 billion, and 0.70% on net assets greater than $1 billion.* 

*<sup>(i)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

45 \| June 30, 2025

Sprott Junior Uranium Miners ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the Year Ended**<br>**December 31, 2024** |<br>**For the**<br>**Period Ended**<br>**December 31, 2023** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.53 | $23.38 | $20.26 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.05) | (0.17) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.59 | (3.87) | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.54 | (4.04) | 4.07 |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – | (0.81) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.81) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 2.54 | (4.85) | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $21.07 | $18.53 | $23.38 |
| **TOTAL RETURN<sup>(c)</sup>** | 13.71% | (17.40)% | 20.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $307354 | $240758 | $198005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.80%<sup>(d)</sup> | 0.80% | 0.80%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.59)%<sup>(d)</sup> | (0.72)% | (0.68)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 18% | 31% | 62% |

---

*<sup>(a)</sup>* *The Sprott Junior Uranium Miners ETF commenced operations on February 1, 2023.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

 

46 \| June 30, 2025

Sprott Junior Copper Miners ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the Year Ended**<br>**December 31, 2024** |<br>**For the**<br>**Period Ended**<br>**December 31, 2023** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.49 | $18.41 | $20.33 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.15 | 0.22 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.88 | 2.01 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.03 | 2.23 | (1.46) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – | (2.15) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (2.15) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 6.03 | 0.08 | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $24.52 | $18.49 | $18.41 |
| **TOTAL RETURN<sup>(c)</sup>** | 32.61% | 12.42% | (7.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $14222 | $12391 | $4787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75%<sup>(d)</sup> | 0.75% | 0.75%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.53%<sup>(d)</sup> | 1.02% | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 20% | 70% | 36% |

---

*<sup>(a)</sup>* *The Sprott Junior Copper Miners ETF commenced operations on February 1, 2023.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

47 \| June 30, 2025

Sprott Nickel Miners ETF

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the Year Ended**<br>**December 31, 2024** |<br>**For the**<br>**Period Ended**<br>**December 31, 2023** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.72 | $14.00 | $20.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.08 | 0.23 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.92 | (3.14) | (4.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.00 | (2.91) | (3.93) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.37) | (2.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | – | – | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.37) | (2.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 1.00 | (3.28) | (6.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $11.72 | $10.72 | $14.00 |
| **TOTAL RETURN<sup>(c)</sup>** | 9.33% | (20.73)% | (18.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $11247 | $8573 | $1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75%<sup>(d)</sup> | 0.75% | 0.75%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.72%<sup>(d)</sup> | 1.77% | 2.55%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 26% | 47% | 55% |

---

*<sup>(a)</sup>* *The Sprott Nickel Miners ETF commenced operations on March 21, 2023.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

48 \| June 30, 2025

Sprott Copper Miners ETF

Financial Highlights

---

| | | |
|:---|:---|:---|
| <br>**For a Share Outstanding Throughout the Periods Presented** | **For the**<br>**Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Period Ended**<br>**December 31, 2024** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.55 | $19.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.07 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.39 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.46 | 1.39 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | – | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | – | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 2.46 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $23.01 | $20.55 |
| **TOTAL RETURN<sup>(c)</sup>** | 11.97% | 7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $28764 | $23627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65%<sup>(d)</sup> | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.70%<sup>(d)</sup> | 0.61%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 20% | 40% |

---

*<sup>(a)</sup>* *The Sprott Copper Miners ETF commenced operations on March 5, 2024.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

49 \| June 30, 2025

Sprott Silver Miners & Physical Silver ETF

Financial Highlights

---

| | |
|:---|:---|
| <br>**For a Share Outstanding Throughout the Period Presented** | **For the Period**<br>**Ended June 30, 2025** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.78 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 8.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $29.67 |
| **TOTAL RETURN<sup>(c)</sup>** | 42.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $107122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.52 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 53% |

---

*<sup>(a)</sup>* *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

50 \| June 30, 2025

Sprott Active Gold & Silver Miners ETF

Financial Highlights

---

| | |
|:---|:---|
| <br>**For a Share Outstanding Throughout the Period Presented** | **For the Period**<br>**Ended June 30, 2025** **<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.79 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $25.19 |
| **TOTAL RETURN<sup>(c)</sup>** | 27.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $45849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.23 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 19% |

---

*<sup>(a)</sup>* *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.* 

*<sup>(b)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions in-kind. Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

51 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**1. ORGANIZATION**

The Sprott Funds Trust (the "Trust") was organized as a Delaware statutory trust on January 3, 2018. As of June 30, 2025, the Trust consisted of twelve separate portfolios that each represent a separate series of the Trust. The financial statements of eleven series are presented in this report. The "Sprott Precious Metals ETFs" are comprised of Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Silver Miners & Physical Silver ETF, and Sprott Active Gold & Silver Miners ETF. Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF were reorganized effective as of the close of business on July 19, 2019, from each Fund's respective predecessor funds. Each of these predecessor funds were a separate series of another investment company. The "Sprott Critical Materials ETFs" are comprised of Sprott Critical Materials ETF, Sprott Lithium Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, and Sprott Copper Miners ETF. Sprott Uranium Miners ETF was reorganized effective as of the close of business on April 22, 2022 from its predecessor fund. This report pertains to the above listed funds (each a "Fund" and collectively, the "Funds"). Each Fund is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Prior to October 1, 2024 the name of Sprott Critical Materials ETF was Sprott Energy Transition Materials ETF.

The Board previously authorized a two-for-one forward share split of Sprott Uranium Miners ETF that was effective prior to the market open on December 21, 2022. The impact of the forward share split was to increase the number of shares outstanding by a factor of two, while decreasing the NAV per share outstanding by a factor of one-half, resulting in no effect to the net assets of the Fund. The financial statements of the Fund were adjusted to reflect the forward share split.

On July 1, 2023, Sprott Asset Management USA, Inc. (the "Adviser") commenced acting as investment adviser to each Fund then in operation. On the same date, Sprott Asset Management LP, which previously had served as investment adviser to those Funds, became the sponsor of each such Fund. Currently, the Adviser serves as investment adviser to, and Sprott Asset Management LP is sponsor of each Fund. ALPS Advisors, Inc. serves as sub-adviser to each Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.

**A. Portfolio Valuation and Methodologies**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of a Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Securities for which no sales are reported are valued at the mean of the closing bid and ask price. If no current day price quotation is available, the previous day's closing sale price is used. Investments in open-end mutual funds such as money market funds are valued at the closing NAV.

The Funds' investments are generally valued at market value. In the absence of market value, if events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of a Fund's investment, in the event that it is determined that valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued in accordance with the Adviser's policies and procedures as reflecting fair value ("Fair Value Policies and Procedures"). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5 und the 1940 Act, the Board has approved the designation of the Adviser of the Funds as the valuation designee for the Funds. The Adviser has formed a committee (the "Valuation Committee") that has developed pricing policies and procedures and to oversee the pricing function for all financial instruments.

52 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for fair valued investments, the Valuation Committee seeks to determine the price that a Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Fund's underlying index, which in turn could result in a difference between the Fund's performance and the performance of the Fund's underlying index.

**B. Fair Value Hierarchy**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a Level 1 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, subject to valuation procedures approved by the Board and are categorized in Level 2 or Level 3, when appropriate.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices in markets which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

53 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments at June 30, 2025:

**Sprott Gold Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>\*</sup> | $409700205 | $– | $– | $409700205 |
| Short Term Investments | 8997595 | – | – | 8997595 |
| Total | $418697800 | $– | $– | $418697800 |

---

**Sprott Junior Gold Miners ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Common Stocks<sup>\*</sup> | $175283250 | $– | $305695 | \*\* | $175588945 |
| Short Term Investments | 9545541 | – | – |  | 9545541 |
| Total | $184828791 | $– | $305695 |  | $185134486 |

---

**Sprott Critical Materials ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Common Stocks<sup>\*</sup> | $47905491 | $42358 | $3727 |  | $47951576 |
| Rights and Warrants<sup>\*</sup> |  |  |  | \*\* | $– |
| Short Term Investments | 4333322 | – | – |  | 4333322 |
| Total | $52238813 | $42358 | $3727 |  | $52284898 |

---

**Sprott Lithium Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>\*</sup> | $13591480 | $– | $18788 | $13610268 |
| Short Term Investments | 1035316 | – | – | 1035316 |
| Total | $14626796 | $– | $18788 | $14645584 |

---

**Sprott Uranium Miners ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Common Stocks<sup>\*</sup> | $1533610023 | $5287582 | $– | \*\*\* | $1538897605 |
| Closed End Fund<sup>\*</sup> | 209405008 |  |  |  | $209405008 |
| Short Term Investments | 61603570 | – | – |  | 61603570 |
| Total | $1804618601 | $5287582 | $– |  | $1809906183 |

---

**Sprott Junior Uranium Miners ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Common Stocks<sup>\*</sup> | $304547346 | $1951903 | $– | \*\*\* | $306499249 |
| Short Term Investments | 1169725 | – | – |  | 1169725 |
| Total | $305717071 | $1951903 | $– |  | $307668974 |

---

**Sprott Junior Copper Miners ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>\*</sup> | $13674185 | $470432 | $6544 | $14151161 |
| Short Term Investments | 123524 | – | – | 123524 |
| Total | $13797709 | $470432 | $6544 | $14274685 |

---

54 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sprott Nickel Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | |<br>**Total** |
| Common Stocks<sup>\*</sup> | $11213008 | $– | $– | \*\* | $11213008 |
| Short Term Investments | 6495 | – | – |  | 6495 |
| Total | $11219503 | $– | $– |  | $11219503 |
| **Sprott Copper Miners ETF** |  |  |  |  |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks<sup>\*</sup> | $27067970 | $80526 | $– |  | $27148496 |
| Closed End Fund<sup>\*</sup> | 1281100 |  |  |  | $1281100 |
| Exchange Traded Fund<sup>\*</sup> | 291708 |  |  |  | 291708 |
| Short Term Investments | 1353801 | – | – |  | 1353801 |
| Total | $29994579 | $80526 | $– |  | $30075105 |
| **Sprott Silver Miners & Physical Silver ETF** |  |  |  |  |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks<sup>\*</sup> | $89121009 | $– | $– |  | $89121009 |
| Closed End Fund<sup>\*</sup> | 17081520 |  |  |  | 17081520 |
| Short Term Investments | 1655747 | – | – |  | 1655747 |
| Total | $107858276 | $– | $– |  | $107858276 |
| **Sprott Active Gold & Silver Miners ETF** |  |  |  |  |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks<sup>\*</sup> | $45636685 | $– | $– |  | $45636685 |
| Short Term Investments | 260474 | – | – |  | 260474 |
| Total | $45897159 | $– | $– |  | $45897159 |

---

*\** *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

*\*\** *Includes a position(s) valued at zero.*

*\*\*\** *Level 3 security included in prior cycle transferred to Level 1 during the reporting cycle.*

Below is a reconciliation that details the activity of securities in Level 3 during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Sprott Junior Gold Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $410703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | _ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (105008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | _ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | _ |
| Balance as of June 30, 2025 | $305695 |

---

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(105,008).

55 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Sprott Critical Materials ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $6856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (8884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 5755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | _ |
| Balance as of June 30, 2025 | $3727 |

---

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(2,311).

---

| | |
|:---|:---|
| **Sprott Lithium Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $30174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (11386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | _ |
| Balance as of June 30, 2025 | $18788 |

---

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(11,386).

---

| | |
|:---|:---|
| **Sprott Junior Copper Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | _ |
| Balance as of June 30, 2025 | $6544 |

---

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $727.

---

| | |
|:---|:---|
| **Sprott Nickel Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (34717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 33315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (1807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | _ |
| Balance as of June 30, 2025 | $_ |

---

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $0.

\* *The Fund has adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the quarter.* 

56 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within level 3 as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair Value at June<br> 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br> (Weighted<br> Average)** | **Impact to Valuation from an Increase in Input** |
| **Sprott Junior Gold Miners ETF** |  |  |  |  |  |
| Gold Mining | $305695 | Asset Approach | Estimated Recoverable Proceeds | $0-0.05 | Increase |
| **Sprott Critical Materials ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $3727 | Asset Approach | Estimated Recoverable Proceeds | $0-0.16 | Increase |
| **Sprott Lithium Miners ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $18788 | Asset Approach | Estimated Recoverable Proceeds | $0.09-0.16 | Increase |
| **Sprott Junior Copper Miners ETF** |  |  |  |  |  |
| Copper Mining | $6544 | Asset Approach | Estimated Recoverable Proceeds | $0.11 | Increase |
| **Sprott Nickel Miners ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $0 | Asset Approach | Estimated Recoverable Proceeds | $0.00 | Increase |

---

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded with a specific identification cost method. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income for each Fund, if any, are declared and paid annually or as the Board may determine from time to time. Net realized capital gains earned by the Funds, if any, are distributed at least annually.

**E. Foreign Currency Translation**

The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments in the Statement of Operations, when applicable.

**3. PRINCIPAL RISKS**

**A. Authorized Participant Concentration Risk**

Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.

**B. Commodity Exposure Risk**

Each Fund invests in companies primarily engaged in the mining or processing of a commodity, the stock price of which may be subject to the risks associated with that commodity. A particular commodity is subject to the special risks including: (1) the price of the commodity may be subject to wide fluctuation; (2) the market for the commodity is relatively limited; (3) the sources of the commodity are concentrated in countries that have the potential for instability; and (4) the market for the commodity is unregulated. The price of the commodity can be significantly affected by central bank operations, events relating to international political developments, the success of exploration projects, adverse environmental developments and tax and government regulations.

57 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**C. Currency Risk**

Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of the Fund's investments in that foreign currency and investments denominated in that foreign currency.

**D. Cybersecurity and Disaster Recovery Risks**

Information and technology systems relied upon by a Fund, the Adviser or Sub-Adviser, a Fund's other service providers (including, but not limited to, a Fund Accountant, Custodian, Transfer Agent, Administrator, Distributor and index providers), market makers, Authorized Participants, financial intermediaries and/or the issuers of securities in which a Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, security breaches, usage errors, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although the Adviser and a Fund's other service providers have implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans could cause significant interruptions in the operations of a Fund's, the Adviser, the Sub-Adviser, a Fund's other service providers, market makers, Authorized Participants, financial intermediaries and/or issuers of securities in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, impact a Fund's ability to calculate its net asset value or impede trading. Such a failure could also harm the reputation of a Fund, the Adviser, a Fund's other service providers, market makers, Authorized Participants, financial intermediaries and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

**E. Depositary Receipt Risk**

A Fund may hold the securities of non-U.S. companies in the form of ADRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Issuers of unsponsored depositary receipts are not contractually obligated to disclose material information in the U.S. and, therefore, such information may not correlate to the market value of the unsponsored depositary receipt. The underlying securities of the ADRs in a Fund's portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of a Fund's portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of a Fund.

**F. Early Close/Trading Halt Risk**

An exchange or market may close early or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may disrupt a Fund's creation and redemption process, potentially affect the price at which a Fund's shares trade in the secondary market, and/or result in a Fund being unable to trade certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, and/or may incur substantial trading losses.

**G. Emerging Markets Securities Risk**

Emerging markets are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Investments in debt securities of foreign governments present special risks, including the fact that issuers may be unable or unwilling to repay principal and/or interest when due in accordance with the terms of such debt, or may be unable to make such repayments when due in the currency required under the terms of the debt. Political, economic and social events also may have a greater impact on the price of debt securities issued by foreign governments than on the price of U.S. securities. In addition, brokerage and other transaction costs on foreign securities exchanges are often higher than in the United States and there is generally less government supervision and regulation of exchanges, brokers and issuers in foreign countries. Differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards could impede the Adviser's ability to evaluate local companies and impact a Fund's performance. Investments in securities of issuers in emerging markets may also be exposed to risks related to a lack of liquidity, greater potential for market manipulation, issuers' limited reliable access to capital, and foreign investment structures. Additionally, a Fund may have limited rights and remedies available to it to pursue claims against issuers in emerging markets.

58 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**H. Critical Materials Risk**

Production and cost estimates of companies mining critical materials are dependent on many factors including but not limited to, mine commissioning, the accuracy of mineral resources, mine planning and scheduling, the accuracy of ore grades, ground conditions and mine stability, ore characteristics, the accuracy of the estimated rates and costs of mining, ore haulage, barging and shipping. Other factors that may affect production and costs include: industrial accidents; natural phenomena such as weather conditions, floods, rock slides and earthquakes; changes in fuel and power costs and potential fuel and power shortages; shortages of and cost of supplies, labor costs, shortages or strikes, civil unrest and restrictions or regulations imposed by government agencies or other changes in the regulatory environment.

**I. Equity Securities Risk**

The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. A stock or stocks selected for the Fund's portfolio may fail to perform as expected. A value stock may decrease in price or may not increase in price as anticipated by the portfolio managers if other investors fail to recognize the company's value or the factors that the portfolio managers believe will cause the stock price to increase do not occur.

**J. Exchange Traded Funds**

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Funds will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which the Funds invest is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

**K. Fluctuation of Net Asset Value**

The NAV of a Fund's shares will generally fluctuate with changes in the market value of a Fund's holdings. The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for shares on the NYSE Arca. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but not identical to, the same forces influencing the prices of the stocks of each Fund's respective Underlying Index trading individually or in the aggregate at any point in time.

**L. Foreign Securities Risk**

A foreign government may expropriate a Fund's assets. Political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund's investments to decline. These risks associated with non-U.S. securities are more likely in the securities of companies located in emerging markets.

**M. Frontier Markets Risk**

Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting and reporting requirements, unreliable securities valuations and greater risk associated with custody of securities. Economic, political, illiquidity and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.

**N. Geographic Concentration Risk**

To the extent a Fund's Underlying Index and that Fund are significantly comprised of securities of issuers from a single country, a Fund would be more likely to be impacted by events or conditions affecting that country.

**O. Index Performance Risk**

There can be no guarantee or assurance that the methodology used to create the Index will result in a Fund achieving positive returns. Further, there can be no guarantee that the methodology underlying the Index, or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index used by a Fund may underperform other asset classes and may underperform other similar indices. Each of these factors could have a negative impact on the performance of a Fund.

59 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**P. Index Tracking Risk**

A Fund's return may not match or achieve a high degree of correlation with the return of the Index for a number of reasons, including operating expenses incurred by a Fund not applicable to the Index, costs in buying and selling securities, asset valuation differences and differences between a Fund's portfolio and the Index resulting from legal restrictions, cash flows or operational inefficiencies. To the extent a Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if a Fund sought to replicate the Index.

**Q. Industry Concentration Risk**

If a Fund's assets are concentrated in an industry or group of industries, a Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries.

**R. Liquidity Risk**

Foreign stock exchanges generally have less volume than U.S. stock exchanges. Therefore, it may be more difficult to buy or sell shares of foreign securities, which increases the volatility of share prices on such markets. Additionally, trading on foreign stock markets may involve longer settlement periods and higher transaction costs.

**S. Market and Geopolitical Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

**T. Micro-Capitalization Company Risk**

Micro-cap stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources and may lack management depth. In addition, there may be less public information available about these companies. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Also, it may take a long time before a Fund realizes a gain, if any, on an investment in a micro-cap company.

**U. Mining Industry Risk**

Companies in the mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which a Fund has exposure.

**V. Non-Diversified Fund Risk**

Each Fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

**W. Operational Risk**

An investor's ability to transact in shares of a Fund or the valuation of an investor's investment may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. Although a Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A Fund and its shareholders could be negatively impacted as a result.

**X. Passive Investment Risk**

The Funds are not actively managed, and the Sub-Adviser generally does not attempt to take defensive positions under any market conditions, including declining markets. As each Fund will not fully replicate the Underlying Index, it is subject to the risk that the Sub-Adviser's investment strategy may not produce the intended results.

60 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**Y. Rare Earth and Critical Materials Companies Risk**

A Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of Rare Earth and Critical Materials Companies. Rare Earth and Critical Materials are industrial metals that are typically mined as by-products or secondary metals in operations focused on precious metals and base metals. Compared to base metals, they have more specialized uses. Rare Earth metals (or rare earth elements) are a collection of chemical elements that are crucial to many of the world's most advanced technologies. Consequently, the demand for Rare Earth and Critical Materials has strained supply, which has the potential to result in a shortage of such materials which could adversely affect the companies in a Fund's portfolio. Companies involved in the various activities that are related to the mining, production, recycling, mineral sands, processing and/or refining of rare earth and critical materials tend to be small-, medium- and micro-capitalization companies with volatile share prices, are highly dependent on the price of Rare Earth and Critical Materials, which may fluctuate substantially over short periods of time.

**Z. Restricted Securities Risk**

A Fund may invest in restricted securities. Restricted securities have contractual or legal restrictions on their resale. They may include private placement securities that the Fund buys directly from the issuer. Private placement and other restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. A Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. The Fund may get only limited information about the issuer, so it may be less able to predict a loss.

**AA. Securities Lending Risk**

Although a Fund will receive collateral in connection with all loans of its securities holdings, a Fund would be exposed to a risk of loss should a borrower default on its obligation to return the borrowed securities (e.g., the loaned securities may have appreciated beyond the value of the collateral held by a Fund). In addition, each Fund will bear the risk of loss of any cash collateral that it invests.

**BB. Small- and Mid-Capitalization Company Risk**

Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund's portfolio.

**CC. Tax Risk**

A Fund is subject to the risk that it could fail to qualify as a regulated investment company under the Internal Revenue Code, as amended (the "Code") if it derives more than 10% its gross income from investment in gold bullion or other precious metals. Failure to qualify as a regulated investment company would result in consequences to a Fund and its shareholders. In order to ensure that it qualifies as a regulated investment company, the Fund may be required to make investment decisions that are less than optimal or forego the opportunity to realize gains.

**DD. Trading Risk**

Although Fund shares are listed for trading on the NYSE Arca, Inc. or The Nasdaq Stock Market, LLC., there can be no assurance that an active trading market for such shares will develop or be maintained. Secondary market trading in a Fund's shares may be halted by the exchange because of market conditions or for other reasons. In addition, trading in a Fund's shares is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules. There can be no assurance that the requirements necessary to maintain the listing of a Fund's shares will continue to be met or will remain unchanged.

**EE. Valuation Risk**

The risk that a Fund has valued certain securities at a higher price than the price at which they can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid.

**4. TAXES**

**A. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of June 30, 2025.

61 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

For the period ended December 31, 2024, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Paid-in Capital** | **Total Distributable**<br>**Earnings** |
| Sprott Gold Miners ETF | $5378863 | $(5378863) |
| Sprott Junior Gold Miners ETF | 4594554 | (4594554) |
| Sprott Critical Materials ETF | 93333 | (93333) |
| Sprott Lithium Miners ETF | (1199) | 1199 |
| Sprott Uranium Miners ETF | 74100311 | (74100311) |
| Sprott Junior Uranium Miners ETF | 5617638 | (5617638) |
| Sprott Junior Copper Miners ETF | 1255909 | (1255909) |
| Sprott Nickel Miners ETF | 101657 | (101657) |
| Sprott Copper Miners ETF<sup>\*</sup> | 321453 | (321453) |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; *Represents the period from inception to December 31, 2024*

The tax character of the distributions paid during the period ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Return of Capital** |
| **December 31, 2024** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Gold Miners ETF | $2414214 | $89219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Junior Gold Miners ETF | 6186913 | 1318307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Critical Materials ETF | 607102 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Lithium Miners ETF | 380877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Uranium Miners ETF | 45317872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Junior Uranium Miners ETF | 10634050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Junior Copper Miners ETF | 1073985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Nickel Miners ETF | 286194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Copper Miners ETF<sup>\*</sup> | 594530 |  |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; *Represents the period from inception to December 31, 2024*

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the period ended December 31, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund** | **Short-Term** | **Long-Term** |
| Sprott Gold Miners ETF | Sprott Gold Miners ETF | $68543825 | $25471817 |
| Sprott Junior Gold Miners ETF | Sprott Junior Gold Miners ETF | 37090482 | 21520088 |
| Sprott Critical Materials ETF | Sprott Critical Materials ETF | 565072 | 758255 |
| Sprott Lithium Miners ETF | Sprott Lithium Miners ETF | 587941 | 798660 |
| Sprott Uranium Miners ETF | Sprott Uranium Miners ETF | 34323106 | 45361417 |
| Sprott Junior Uranium Miners ETF | Sprott Junior Uranium Miners ETF | 12178153 | 875575 |
| Sprott Junior Copper Miners ETF | Sprott Junior Copper Miners ETF | 610845 | 69323 |
| Sprott Nickel Miners ETF | Sprott Nickel Miners ETF | 1085277 | 275477 |
| Sprott Copper Miners ETF<sup>\*</sup> | Sprott Copper Miners ETF<sup>\*</sup> | 937685 |  |
| *\** | &nbsp;&nbsp;*Represents the period from inception to December 31, 2024* |  |  |
| Capital loss carryovers used during the period ended December 31, 2024 were as follows: | Capital loss carryovers used during the period ended December 31, 2024 were as follows: |  |  |
| Sprott Gold Miners ETF | Sprott Gold Miners ETF |  | $3199635 |
| Sprott Junior Gold Miners ETF | Sprott Junior Gold Miners ETF |  | $16221717 |

---

62 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

As of the period ended December 31, 2024, the components of distributable earnings on a tax basis for the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Accumulated net<br> investment income** | **Accumulated net<br> realized loss on<br> investments** | **Other accumulated<br> differences** | **Other accumulated<br> differences** | **Net unrealized<br> appreciation/(depreciation)<br> on investments** | **Total** |
| Sprott Gold Miners ETF | $– | $(94015642) | $– |  | $26954923 | $(67060719) |
| Sprott Junior Gold Miners ETF |  | (58610570) |  |  | (1407849) | (60018419) |
| Sprott Critical Materials ETF |  | (1323327) | (316249) | \*\* | (3972183) | (5611759) |
| Sprott Lithium Miners ETF |  | (1386601) | (204563) | \*\* | (3829029) | (5420193) |
| Sprott Uranium Miners ETF |  | (79684523) | (42502390) | \*\* | (21042719) | (143229632) |
| Sprott Junior Uranium Miners ETF |  | (13053728) | (8731936) | \*\* | (50498971) | (72284635) |
| Sprott Junior Copper Miners ETF | 312544 | (680168) |  |  | (1758751) | (2126375) |
| Sprott Nickel Miners ETF | 119236 | (1360754) |  |  | (2698201) | (3939719) |
| Sprott Copper Miners ETF<sup>\*</sup> | 67270 | (937685) |  |  | (3142291) | (4012706) |

---

\* *The Sprott Copper Miners ETF commenced operations on March 5, 2024.* 

\*\* *The Fund elected to defer net late-year specific losses. Net late-year specific losses incurred after October 31 and within the taxable year, are deemed to arise on the first day of the Fund's next taxable year.* 

As of June 30, 2025 the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<br>Gross appreciation<br> (excess of value over<br> tax cost)** | **Gross depreciation<br> (excess of tax cost<br> over value)** | **Net unrealized<br> appreciation<br> (depreciation)** | **Cost of investments<br> for income tax<br> purposes** |
| Sprott Gold Miners ETF | $145192855 | $(993737) | $144199118 | $274498682 |
| Sprott Junior Gold Miners ETF | 39375336 | (10645110) | 28730226 | 156404260 |
| Sprott Critical Materials ETF | 7529092 | (4941921) | 2587171 | 49697727 |
| Sprott Lithium Miners ETF | 717196 | (4374293) | (3657097) | 18302681 |
| Sprott Uranium Miners ETF | 462337699 | (166682267) | 295655432 | 1514250751 |
| Sprott Junior Uranium Miners ETF | 30891078 | (41066583) | (10175505) | 317844479 |
| Sprott Junior Copper Miners ETF | 2225475 | (935889) | 1289586 | 12985099 |
| Sprott Nickel Miners ETF | 1075392 | (1990813) | (915421) | 12134924 |
| Sprott Copper Miners ETF | 2150352 | (1758274) | 392078 | 29683027 |
| Sprott Silver Miners & Physical Silver ETF<sup>\*</sup> | 13778755 | (260683) | 13518072 | 94340204 |
| Sprott Active Gold & Silver Miners ETF<sup>\*</sup> | 6849686 | (825552) | 6024134 | 39873025 |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; *Represents the period from inception to period end.*

The differences between book-basis and tax-basis are primarily due to Passive Foreign Investment Company adjustments and the deferral of losses from wash sales.

**B. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years for the Funds have incorporated no uncertain tax positions that require a provision for income taxes.

63 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**5. LENDING OF PORTFOLIO SECURITIES**

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Funds' lending agent. The Funds may lend their portfolio securities only to borrowers that are approved by SSB. Each Fund limits such lending to not more than 33 1/3% of the value of its total assets. Each Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund, the Adviser, or the Sub-Adviser specifically identifies in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash (U.S. Dollars only) and/or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S. equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in each Fund's Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in a Fund's Statements of Assets and Liabilities as it is held by the lending agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Income, less associated fees and expenses, earned by each Fund from securities lending activity is disclosed in the Statement of Operations.

Pursuant to the current securities lending agreement, each Fund retains 80% of securities lending income (which excludes collateral investment expenses). Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. SSB bears all operational costs directly related to securities lending.

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| **Sprott Gold Miners ETF** | $11899662 | $8756240 | $3194691 | $11950931 |
| **Sprott Junior Gold Miners ETF** | 23577637 | 9464778 | 15573936 | 25038714 |
| **Sprott Critical Materials ETF** | 11390435 | 4158552 | 7731638 | 11890190 |
| **Sprott Lithium Miners ETF** | 3643706 | 1035316 | 2825873 | 3861189 |
| **Sprott Uranium Miners ETF** | 134875755 | 60995965 | 82342087 | 143338052 |
| **Sprott Junior Uranium Miners ETF** | 16415458 | 1127443 | 16155906 | 17283349 |
| **Sprott Junior Copper Miners ETF** | 1563364 | 123524 | 1554043 | 1677567 |
| **Sprott Nickel Miners ETF** | 41671 | 2600 | 41203 | 43803 |
| **Sprott Copper Miners ETF** | 3108121 | 1353801 | 1911790 | 3265591 |
| **Sprott Silver Miners & Physical Silver ETF<sup>\*</sup>** | 5030109 | 1391101 | 3726278 | 5117379 |
| **Sprott Active Gold & Silver Miners ETF<sup>\*</sup>** |  |  |  |  |

---

*\** *Represents the activities since inception through June 30, 2025*

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Gold Miners ETF**<br>**Securities Lending Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | <br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8756240 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $8756240 |
| **Total Borrowings** |  |  |  |  | **8756240** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 8756240 |

---

64 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | | |
| **Sprott Junior Gold Miners ETF**<br>**Securities Lending Transactions** | <br>**Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | <br>**Greater than 90 Days** | <br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;9464778 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $9464778 |
| **Total Borrowings** |  |  |  |  | **9464778** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 9464778 |
| **Sprott Critical Materials ETF** |  | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;4158552 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $4158552 |
| **Total Borrowings** |  |  |  |  | **4158552** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 4158552 |
| **Sprott Lithium Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $1035316 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1035316 |
| **Total Borrowings** |  |  |  |  | **1035316** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 1035316 |
| **Sprott Uranium Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $60995965 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $60995965 |
| **Total Borrowings** |  |  |  |  | **60995965** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 60995965 |
| **Sprott Junior Uranium Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $1127443 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1127443 |
| **Total Borrowings** |  |  |  |  | **1127443** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 1127443 |
| **Sprott Junior Copper Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $123524 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp; 123524 |
| **Total Borrowings** |  |  |  |  | **123524** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 123524 |
| **Sprott Nickel Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $2600 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 |
| **Total Borrowings** |  |  |  |  | **2600** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 2600 |
| **Sprott Copper Miners ETF** |  | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| Common Stocks | $1353801 | $&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1353801 |
| **Total Borrowings** |  |  |  |  | **1353801** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 1353801 |

---

65 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sprott Silver Miners & Physical Silver ETF** | **Sprott Silver Miners & Physical Silver ETF** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | <br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;1391101 | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $1391101 |
| **Total Borrowings** |  |  |  |  | **1391101** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 1393101 |
| **Sprott Active Gold & Silver Miners ETF** | **Sprott Active Gold & Silver Miners ETF** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** | &nbsp;&nbsp;**Remaining contractual maturity of the agreements** |  |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-90 Days** | &nbsp;&nbsp;&nbsp;&nbsp;**Greater than 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $– |
| **Total Borrowings** |  |  |  |  | **–** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | – |

---

**6. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

**A. Advisory and Sub-Advisory Fees**

The Adviser serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Sprott Gold Miners ETF | 0.35% |
| Sprott Junior Gold Miners ETF | 0.35% |
| Sprott Critical Materials ETF | 0.65% |
| Sprott Lithium Miners ETF | 0.65% |
| Sprott Uranium Miners ETF | 0.75% |
| Sprott Junior Uranium Miners ETF | 0.80% |
| Sprott Junior Copper Miners ETF | 0.75% |
| Sprott Nickel Miners ETF | 0.75% |
| Sprott Copper Miners ETF | 0.65% |
| Sprott Silver Miners & Physical Silver ETF | 0.65% |
| Sprott Active Gold & Silver Miners ETF | 0.89% |

---

The Sub-Adviser serves as each Fund's sub-adviser pursuant to a sub-advisory agreement with the Adviser and the Trust (the ''Sub-Advisory Agreement''). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of the relevant Fund's average daily net assets as set out below:

---

| | |
|:---|:---|
| **Average Assets\*** | **Sub-Advisory Fee\*\*** |
| Up to $250 million | 0.04% |
| $250 million-$500 million | 0.03% |
| Above $500 million | 0.02% |

---

\* *Subject to the following annual minimums per fund sub-advised by the Sub-Adviser for Sprott: (i) first two funds: $40,000 per fund; (ii) additional funds: $30,000 per fund.* 

\*\* *Annual rate stated as a percentage of the average daily net assets of the Funds.* 

**B. Fee Waiver Arrangement**

For the Sprott Gold Miners ETF and the Sprott Junior Gold Miners ETF, the Adviser is paid a monthly management fee at an annual rate (stated as a percentage of the average daily net assets of each Fund) of 0.35%. The Adviser has contractually agreed to waive the management fee, and/or reimburse expenses so that total annual operating expenses of these funds after fee waiver/expense reimbursements (not including distribution (12b-1) fees, shareholder service fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses) do not exceed a maximum of 0.50% of the Funds' average daily net assets through April 30, 2035. The Adviser will be permitted to recover expenses it has borne to the extent that the Funds expenses in later periods fall below the annual rates set forth in the expense agreement. These Funds' fee waiver/expense reimbursement arrangements with the Adviser permit the Adviser to recapture only if any such recapture payments do not cause the Funds' expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of

66 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

the recapture. The Funds will not be obligated to pay any such deferred fees and expenses more than three years after the particular date on which the fees and expenses was deferred. This expense agreement may only be terminated by the Board of Trustees of Sprott Funds Trust.

For the period ended June 30, 2025, the fees waived and recoupment of previously waived fees were as follows:

---

| | | |
|:---|:---|:---|
| | **Fees waived by<br> Advisor** | **Expense**<br> **Recoupment of**<br> **Previously Waived**<br> **Fees** |
| **Sprott Gold Miners ETF** | $– | $5138 |
| **Sprott Junior Gold Miners ETF** | 14448 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| As of June 30, 2025, the balance of recoupable expenses for the Funds were as follows: | As of June 30, 2025, the balance of recoupable expenses for the Funds were as follows: | As of June 30, 2025, the balance of recoupable expenses for the Funds were as follows: | As of June 30, 2025, the balance of recoupable expenses for the Funds were as follows: | As of June 30, 2025, the balance of recoupable expenses for the Funds were as follows: |
|  | **Expires<br> December 31, 2025** | **Expires<br> December 31, 2026** | **Expires<br> December 31, 2027** | **Expires<br> December 31, 2028** |
| **Sprott Junior Gold Miners ETF** | $124498 | $114455 | $30073 | $14448 |

---

**C. Unitary Fee Arrangement**

Under the Investment Advisory Agreement for all of the Sprott ETFs excluding Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF, the Adviser has agreed to pay all expenses incurred by each such Fund except for the fee paid to the Adviser, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

**7. TRUSTEES OF THE TRUST**

The Board consists of five Trustees, four of whom are not "interested persons" (as defined in the 1940 Act) of the Trust ("Independent Trustees"), and one of whom is an interested person. For the period ended June 30, 2025, each Independent Trustee was paid an annual retainer of $65,000 for services as a Board member to the Trust and another trust in the fund complex, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings. Effective July 1, 2025, the annual retainer for each Independent Trustee increased to $105,000.

67 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**8. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Sprott Gold Miners ETF | $95417876 | $94278425 |
| Sprott Junior Gold Miners ETF | 84912727 | 84180768 |
| Sprott Critical Materials ETF | 7932789 | 7725305 |
| Sprott Lithium Miners ETF | 2828414 | 2638923 |
| Sprott Uranium Miners ETF | 173040178 | 128283188 |
| Sprott Junior Uranium Miners ETF | 46399616 | 42741971 |
| Sprott Junior Copper Miners ETF | 2914994 | 2564305 |
| Sprott Nickel Miners ETF | 2610009 | 2541132 |
| Sprott Copper Miners ETF | 4902837 | 4707511 |
| Sprott Silver Miners & Physical Silver ETF<sup>\*</sup> | 27114144 | 26721212 |
| Sprott Active Gold & Silver Miners ETF<sup>\*</sup> | 7725001 | 5707046 |

---

For the six months ended June 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Sprott Gold Miners ETF | $27894230 | $11575190 |
| Sprott Junior Gold Miners ETF | 12553755 | 3556868 |
| Sprott Critical Materials ETF | 11448050 |  |
| Sprott Lithium Miners ETF | 8938192 |  |
| Sprott Uranium Miners ETF | 111943275 | 97839214 |
| Sprott Junior Uranium Miners ETF | 46522414 | 22457350 |
| Sprott Junior Copper Miners ETF | 3447045 | 5627377 |
| Sprott Nickel Miners ETF | 4808187 | 3883768 |
| Sprott Copper Miners ETF | 2197066 |  |
| Sprott Silver Miners & Physical Silver ETF<sup>\*</sup> | 108914170 | 18762654 |
| Sprott Active Gold & Silver Miners ETF<sup>\*</sup> | 35381457 |  |

---

For the period ended June 30, 2025, the net realized gains/(losses) on in-kind transactions were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| Sprott Gold Miners ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026411 |
| Sprott Junior Gold Miners ETF | 1160529 |
| Sprott Critical Materials ETF |  |
| Sprott Lithium Miners ETF |  |
| Sprott Uranium Miners ETF | 30338116 |
| Sprott Junior Uranium Miners ETF | 4631882 |
| Sprott Junior Copper Miners ETF | 1810352 |
| Sprott Nickel Miners ETF | 824602 |
| Sprott Copper Miners ETF |  |
| Sprott Silver Miners & Physical Silver ETF <sup>\*</sup> | 3236033 |
| Sprott Active Gold & Silver Miners ETF <sup>\*</sup> |  |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; *Represents the period from inception through period end.*

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

68 \| June 30, 2025

Sprott ETFs

Notes to Financial Statements and Financial Highlights *June 30, 2025 (Unaudited)*

**9. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 10,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted for the equivalent value of certain securities, generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**10. RELATED PARTY TRANSACTIONS**

Each Fund may engage in cross trades with other funds in the Trust pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board has adopted procedures that apply to transactions between the funds of the Trust pursuant to Rule 17a-7. It has been reported to the Board that these transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss) on<br> Sales** |
| Sprott Gold Miners ETF | $4207368 | $– | $– |
| Sprott Junior Gold Miners ETF |  |  |  |
| Sprott Critical Materials ETF |  |  |  |
| Sprott Lithium Miners ETF |  |  |  |
| Sprott Uranium Miners ETF | 3589541 | 4135358 | (3908622) |
| Sprott Junior Uranium Miners ETF | 4135358 | 3589541 | (4309812) |
| Sprott Junior Copper Miners ETF | 155765 | 51698 | 3868 |
| Sprott Nickel Miners ETF |  |  |  |
| Sprott Copper Miners ETF | 78756 |  |  |
| Sprott Silver Miners & Physical Silver ETF |  | 182823 | (35194) |
| Sprott Active Gold & Silver Miners ETF |  |  |  |

---

**11. RECENT ACCOUNTING STANDARDS**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

The Adviser is deemed to be the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**12. SUBSEQUENT EVENTS**

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between June 30, 2025 and the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

69 \| June 30, 2025

Sprott ETFs

Additional Information (Unaudited) *June 30, 2025*

**TAX INFORMATION**

Pursuant to Section 853(c) of the Internal Revenue Code, the Funds designated the following for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Foreign Taxes Paid** | **Foreign Source Income** |
| Sprott Gold Miners ETF | $454668 | $3236884 |
| Sprott Junior Gold Miners ETF | $22883 | $425252 |
| Sprott Uranium Miners ETF | $90791 | $17341104 |
| Sprott Critical Materials ETF | $6595 | $171667 |
| Sprott Junior Uranium Miners ETF | $0 | $19251 |
| Sprott Lithium Miners ETF | $2150 | $69417 |
| Sprott Junior Copper Miners ETF | $6805 | $148596 |
| Sprott Nickel Miners ETF | $17064 | $228974 |
| Sprott Copper Miners ETF | $10893 | $172003 |

---

The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **QDI** | **DRD** |
| Sprott Gold Miners ETF | 100.00% | 34.10% |
| Sprott Junior Gold Miners ETF | 3.56% | 0.00% |
| Sprott Uranium Miners ETF | 34.94% | 0.00% |
| Sprott Critical Materials ETF | 26.46% | 5.26% |
| Sprott Junior Uranium Miners ETF | 0.00% | 0.00% |
| Sprott Lithium Miners ETF | 16.35% | 2.11% |
| Sprott Junior Copper Miners ETF | 5.90% | 0.00% |
| Sprott Nickel Miners ETF | 65.85% | 0.00% |
| Sprott Copper Miners ETF | 21.68% | 10.74% |

---

In early 2025, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

70 \| June 30, 2025

Sprott ETFs

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *June 30, 2025 (Unaudited)*

Nothing to report.

71 \| June 30, 2025

Sprott ETFs

Proxy Disclosures for Open-End Management Investment Companies *June 30, 2025 (Unaudited)*

No matters were submitted to the shareholders of the Funds for their vote during this reporting period.

72 \| June 30, 2025

Sprott ETFs

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *June 30, 2025 (Unaudited)*

Included in the Financial Statements - see Statement of Operations.

73 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

**Board Approval of Investment Advisory and Sub-Advisory Agreements for Sprott Funds Trust (Sprott ETFs)**

The Board of Trustees (the "Board") of Sprott Funds Trust (the "Trust") on behalf of its series, Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Lithium Miners ETF, Sprott Copper Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, and Sprott Critical Materials ETF (each a "Fund" and, collectively, the "Funds") met in person at a regularly scheduled meeting on June 6, 2025, in Watch Hill, Rhode Island, for purposes of, among other things, considering whether it would be in the best interests of each Fund and its shareholders for the Board to approve the Amended and Restated Investment Advisory Agreement (the "Advisory Agreement") by and between the Funds and Sprott Asset Management USA, Inc. ("SAM USA" or the "Adviser") and the Amended Sub-Advisory Agreement (the "Sub- Advisory Agreement" and, together with the Advisory Agreement, the "Agreements") by and among the Funds, SAM USA, Inc. and ALPS Advisors, Inc. ("ALPS" or the "Sub-Adviser"). SAM USA together with ALPS are collectively referred to as the "Advisers."

In connection with the Board's review of the Agreements, the Trustees who are not "interested persons" of the Funds within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (collectively, the "Independent Trustees") requested, and the Advisers provided the Board with, information about a variety of matters, including, without limitation, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;• nature,
extent and quality of services to be provided by the Advisers, including background information on the qualifications and experience
of key professionals of the Advisers' personnel that provide services to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• investment
performance of the Funds, including the extent to which the Funds tracked their respective benchmark indexes;

&nbsp;&nbsp;&nbsp;&nbsp;• fees
charged to and expenses of the Funds, including comparative fee and expense information for registered investment companies similar
to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• costs
of the services provided, and profits realized by the Advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;• any
economies of scale.

To reach this determination, the Board considered its duties under the 1940 Act as well as under the general principles of state law in reviewing and approving advisory contracts; the fiduciary duty of investment advisers with respect to advisory agreements and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of each of the Agreements, the Independent Trustees received materials in advance of the Board meeting from the Advisers. The Board reviewed statistical information prepared by Broadridge, an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the Peer Group). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine each Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to each Fund in all instances. The Board applied its business judgment to determine whether the arrangements by and among each Fund, SAM USA and ALPS are reasonable business arrangements from each Fund's perspective as well as from the perspective of its respective shareholders.

**Nature, Extent and Quality of Services Provided**

*Sprott Asset Management USA, Inc.*

The Board reviewed materials provided by the Adviser related to the proposed approval of the Advisory Agreement. The Board noted that the Adviser provides investment management services on a discretionary basis to its clients, which include individuals and institutions with separately managed accounts. The Board further noted that the Adviser was founded in 2005 and owned by Sprott U.S. Holdings, Inc., a wholly-owned subsidiary of Sprott, Inc., a publicly traded company. The Board reviewed the credentials of the key investment personnel that would be responsible for servicing the Fund, noting that each had considerable experience in the asset management industry. The Board discussed the services that would be provided to the Fund which included portfolio management, research, compliance, and analysis and administrative. The Board discussed the Adviser's oversight of the Sub-Adviser, which included oversight of the Sub Adviser's adherence to each Fund's investment strategies and restrictions, trading, and compliance monitoring. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the Funds would be satisfactory.

*ALPS Advisors, Inc.*

The Board reviewed materials provided by the Sub-Adviser, which included the background information of key investment personnel responsible for the servicing the Funds, considering their education and financial industry experience. The Board discussed the responsibilities of the Sub-Adviser with respect to the Funds noting that the Sub-Adviser was responsible for monitoring and taking action on any events which would require trading in order to keep each Fund in line with its respective benchmark index and/or model portfolios. The Board further noted the Sub-Adviser reported no material compliance or litigation issues that have an adverse effect on the Sub-Adviser's ability to provide investment management services to the Funds since the Sub-Advisory agreement was last renewed.

74 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

**Investment Performance**

*Sprott Gold Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its benchmark index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Junior Gold Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Uranium Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Junior Uranium Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions,

75 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Lithium Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Copper Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Junior Copper Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

76 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Nickel Miners ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of its benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

*Sprott Critical Materials ETF*

The Board considered the performance of the Fund with respect to its benchmark index. The Board evaluated the correlation and tracking error between the Fund and its benchmark index. The Board noted that since inception, the Fund's performance generally conformed to the performance of the benchmark index, but that the performance of the Fund did not precisely track its index during all periods. The Board considered the various factors that contributed to the slight tracking error, such as certain fees and expenses borne by the Fund, cash holdings and currency conversions, and concluded that the tracking error for the Fund appeared reasonable. The Board agreed that the Adviser and Sub-Adviser had the potential to continue to manage the Fund to perform in line with its benchmark index.

The Board also considered the performance of the Fund as compared to a broad-based securities market index, noting the differences between the Fund's benchmark index and broad-based securities market index in terms of methodology and what each index seeks to measure.

The Board further considered detailed investment reports on, and the Adviser's and Sub-Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

**Fees and Expenses**

*Sprott Gold Miners ETF*

The Board noted the advisory fee for the Fund was 0.35% and is below the averages and medians of its peer group and Broadridge category. The Board further noted that the Fund's net expense ratio of 0.50% was also slightly below the Broadridge category average and median, slightly higher than the peer group. The Board noted, with respect to the advisory fee, that the peers presented in the Broadridge report, unlike the Fund, paid unitary fees and thus a portion of the advisory fee was used to pay non-adviser, service provider expenses. The Board discussed the expertise required to manage a gold miners fund and the sophistication of the index that the Fund would track. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.

77 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the advisory fee and net expense ratio of the Fund were not unreasonable.

*Sprott Junior Gold Miners ETF*

The Board noted the advisory fee for the Fund was 0.35% and is below the averages and medians of its peer group and Broadridge category. The Board further noted that the Fund's net expense ratio of 0.50% was also on par with the peer group and slightly below the Broadridge category average and median. The Board noted, with respect to the advisory fee, that the peers presented in the Broadridge report, unlike the Fund, paid unitary fees and thus a portion of the advisory fee was used to pay non-adviser, service provider expenses. The Board discussed the expertise required to manage a gold miners fund and the sophistication of the index that the Fund would track. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the advisory fee and net expense ratio of the Fund were not unreasonable.

*Sprott Uranium Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.75% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee and expense ratio were higher than of both the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a uranium miners fund and the sophistication of the index that the Fund would track. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Junior Uranium Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.80% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee and expense ratio were higher than of both the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a uranium miners fund and the sophistication of the index that the Fund would track. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

78 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Critical Materials ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.65% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee and expense ratio was above the peer group and Broadridge category average and median. The Board discussed the expertise required to manage an energy transition materials fund, the sophistication of the index that the Fund would track and the Adviser's role in creating such index. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.

With respect to the Sub-Adviser, the Board considered that the Sub-Advisory fee was paid by the Adviser and not the Fund. The Board noted that the Sub-Advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Copper Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.65% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee was on par with the peer group and Broadridge category averages and medians. The Fund's expense ratio is above the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a copper fund, the sophistication of the index that the Fund would track and the Adviser's role in creating such index. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Junior Copper Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.75% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee and expense ratio were above the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a copper fund, the sophistication of the index that the Fund would track and the Adviser's role in creating such index. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the

79 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Nickel Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.75% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee and expense ratio were above the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a nickel fund, the sophistication of the index that the Fund would track and the Adviser's role in creating such index. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*Sprott Lithium Miners ETF*

The Board noted that the advisory fee for the Fund was a unitary fee, and as such, the expense ratio for the Fund is also 0.65% and the Adviser agrees to pay the operating costs of the Fund. The Board noted that the Fund's advisory fee was above the peer group, but on par with the Broadridge category average and median. The Fund's expense was above both the peer group and Broadridge category averages and medians. The Board discussed the expertise required to manage a lithium fund, the sophistication of the index that the Fund would track and the Adviser's role in creating such index. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund.

With respect to the Sub-Adviser, the Board considered that the sub-advisory fee was paid by the Adviser and not the Fund. The Board noted that the sub-advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds.

The Board considered the fee and expense comparison information provided by the Adviser and Sub-Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

80 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

**Profitability**

*Sprott Asset Management USA, Inc.*

The Board reviewed the pro forma profitability analysis provided by the Adviser and noted that the Adviser did not earn a profit on Sprott Lithium ETF, Sprott Copper Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF and Sprott Critical Materials ETF. The Board noted that the Adviser earned a profit on Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Uranium Miners ETF and Sprott Junior Uranium Miners ETF with respect to its management of the Funds. The Board discussed the Adviser's contractual fee waiver arrangement with respect Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF ("Gold Funds"), which effectively results in the Gold Funds only being charged for their respective investment advisory fees. The Board after reviewing pro forma profitability information about the Adviser and concluded that the advisory fee paid by each Fund to the Adviser was not unreasonable.

*ALPS Advisors, Inc.*

The Board reviewed the profitability analysis provided by the Sub-Adviser with respect to its management of the Funds. The Board noted that the Sub-Adviser earned a modest profit from the management of the Sprott ETFs in aggregate. The Board concluded that excessive profitability was not an issue at this time.

**Economies of Scale**

The Board considered the existence of any economies of scale in the provisions of the services by the Advisers and whether those economies were shared with the Funds through breakpoints in its management fees or other means, such as expense caps or fee waivers. The Board also considered the extent to which each Fund benefits from such economies of scale and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate. The Board concluded that the current fee structure for each Fund was reasonable and that no changes were necessary.

**Conclusion**

Having requested and received such information from the Advisers as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement and Sub-Advisory Agreement, the Board concluded that renewal of the Advisory Agreement and Sub-Advisory Agreement were in the best interests of each Fund and its shareholders.

**Board Approval of Investment Advisory and Sub-Advisory Agreements for the Sprott Active Gold & Silver Miners ETF**

The Board of Trustees (the "Board") of Sprott Funds Trust (the "Trust") on behalf of its series Sprott Active Gold & Silver Miners ETF (the "Fund") met at a special meeting held virtually via videoconference on February 11, 2025, for purposes of, considering whether it would be in the best interests of the Fund and its shareholders for the Board to approve the Amended and Restated Investment Advisory Agreement between the Trust on behalf of the Fund and Sprott Asset Management USA, Inc. ("SAM USA" or the "Adviser") (the "Advisory Agreement"), and the Amended Sub-Advisory Agreement between SAM USA and ALPS Advisors, Inc. ("ALPS" or the "Sub-Adviser") (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"). SAM USA together with ALPS are collectively referred to as the "Advisers."

In connection with the Board's review of the Agreements, the Trustees who are not "interested persons" of the Fund within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (collectively, the "Independent Trustees") requested, and the Advisers provided the Board with, information about a variety of matters, including, without limitation, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;• Nature,
extent and quality of services to be provided by the Advisers, including background information on the qualifications and experience
of key professionals of the Advisers' personnel that provide services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Fees
charged to and expenses of the Fund, including comparative fee and expense information for registered investment companies similar
to the Fund provided by a third-party data provider;

&nbsp;&nbsp;&nbsp;&nbsp;• Costs
of the services provided, and expected profits to be realized by each Adviser, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;• Economies
of scale.

At the meeting, the Board, including the Independent Trustees determined that the approvals of the Agreements were in the best interests of the Fund in light of the services, personnel, expenses and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment and approved them.

To reach this determination, the Board considered its duties under the 1940 Act as well as under the general principles of state law in reviewing and approving advisory contracts; the fiduciary duty of investment advisers with respect to advisory agreements and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of each of the Agreements, the Independent Trustees

81 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

received materials in advance of the Board meeting from the Advisers. The Board applied its business judgment to determine whether the arrangements by and among the Fund, SAM USA and ALPS are reasonable business arrangements from the Fund's perspective as well as from the perspective of its respective shareholders.

**Nature, Extent and Quality of Services Provided**

*Sprott Asset Management USA, Inc.*

The Board noted that the Adviser provides investment management services on a discretionary basis to its clients, which include registered investment companies, private funds, individuals and institutions with separately managed accounts. The Board further noted that the Adviser is a wholly-owned subsidiary of Sprott, Inc., a publicly traded company. The Board reviewed the credentials of the key investment personnel that would be responsible for servicing the Fund, noting that each had considerable experience in the asset management industry. The Board discussed the responsibilities of the Adviser with respect to the Fund, including making investment decisions for the Fund, compliance, analysis and certain administrative services. The Board reviewed the Adviser's research capabilities and the quality of its compliance infrastructure. The Board discussed the Adviser's oversight of the Sub-Adviser, which included oversight of the Sub Adviser's adherence to each Fund's investment strategies and restrictions, trading, and compliance monitoring. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by the Adviser to the Fund would be satisfactory.

*ALPS Advisors, Inc.*

The Board reviewed materials provided by the Sub-Adviser, which included a description of any material changes to its business operations since the Board last reviewed the Sub-Advisory Agreement. The Board reviewed the background information of key investment personnel responsible for servicing the Fund, considering their education and financial industry experience. The Board discussed the responsibilities of the Sub-Adviser with respect to the Fund noting that the Sub-Adviser was responsible for implementing trades for the Fund provided by the Adviser. The Board further noted the Sub-Adviser reported no material compliance or litigation issues since the sub-advisory agreement was last renewed.

The Board concluded that the Sub-Adviser is expected to provide a high level of quality service to the Fund and its shareholders.

**Investment Performance**

*Sprott Asset Management USA, Inc. and ALPS Advisors, Inc.*

The Board noted that the Fund is a new investment company with no performance history.

**Fees and Expenses**

*Sprott Asset Management USA, Inc.*

The Board noted that the advisory fee for the Fund will be 0.89% of the average daily net assets of the Fund. The Board further noted that the fee is a unitary fee, and as such, the expense ratio for the Fund is also 0.89% and the Adviser agrees to pay the operating costs of the Fund with certain limited exceptions. The Board noted that the Fund's advisory fee and expense ratio ranked towards the high end but was within the range of peers in both categories. The Board discussed the expertise required to actively manage the Fund. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, the Adviser will be responsible for compensating the Fund's other service providers, including the Sub-Adviser and paying the Fund's other expenses out of its own fee and resources. The Board further determined that the fees reflected a reasonable allocation of the advisory fee between the Adviser and Sub-Adviser, given the work to be performed by each. The Board considered information provided about the costs and expenses to be incurred by the Adviser in providing advisory services, evaluated the compensation and benefits to be received by the Adviser from its relationship with the Fund, and reviewed a profitability analysis from the Adviser with respect to the Fund. The Board considered the risks borne by the Adviser associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund. The Board considered the fee and expense comparison information provided by the Adviser and the services to be provided to the Fund and concluded that the fees and expenses of the Fund were reasonable.

*ALPS Advisors, Inc.*

The Board considered the fee and expense comparison information provided by the Sub-Adviser and the services to be provided to the Fund. The Board considered the fact that the Sub-Advisory fee to be paid by the Adviser and not the Fund. The Board noted that the Sub-Advisory fee charged by the Sub-Adviser was lower than the fees it charged to certain other funds. The Board concluded that the sub-advisory fee to be paid to the Sub- Adviser by the Adviser is reasonable for the services to be provided by the Sub-Adviser. The Board noted the high quality of trading advisory services currently provided by the Sub-Adviser to certain other funds advised by the Adviser.

82 \| June 30, 2025

Sprott ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025 (Unaudited)*

**Profitability**

*Sprott Asset Management USA, Inc.*

The Board reviewed the pro forma profitability analysis provided by the Adviser and noted that the Adviser is not expected to earn a profit on the Fund in the first year of the Fund's operations, given its expected asset size after it is launched. The Board after reviewing pro forma profitability information about the Adviser concluded that the advisory fee paid by the Fund to the Adviser was not unreasonable.

*ALPS Advisors, Inc.*

The Board reviewed the profitability analysis provided by the Sub-Adviser with respect to its management of the Fund. The Board noted that the Sub-Adviser is expected to earn a modest profit from the management of the Fund. The Board concluded that excessive profitability was not an issue at this time.

**Economies of Scale**

*Sprott Asset Management USA, Inc. and ALPS Advisors, Inc.*

The Board considered the existence of any economies of scale in the provisions of the services by the Advisers and whether those economies would be shared with the Fund through breakpoints in its management fees or other means, such as expense caps or fee waivers. The Board also considered the extent to which the Fund would benefit from such economies of scale and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund's anticipated asset level and whether the proposed fee schedule was appropriate. The Board concluded that the fee structure without breakpoints proposed for the Fund was reasonable.

**Conclusion** 

Having requested and received such information from the Advisers as the Board believed to be reasonably necessary to evaluate the terms of the Agreements, the Board concluded that the approval of the Agreements was in the best interests of the Fund and its shareholders.

83 \| June 30, 2025

This material must be preceded or accompanied by the Prospectus.

![](sprottncsrs003.jpg)

**www.sprott.com**

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott ETFs.

06252080 06/25_SAM_C_SETFs

![](sprottncsrs004.jpg)

**SPROTT GOLD EQUITY FUND**

Financial Statements and Other Important Information

For the Six-Month Period Ended June 30, 2025

(Form N-CSR Items 7-11)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies](#sprottncsrsb001) | 1 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#sprottncsrsb002) | 2 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#sprottncsrsb003) | 5 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#sprottncsrsb004) | 6 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#sprottncsrsb005) | 7 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#sprottncsrsb006) | 8 |
| [Notes to Financial Statements](#sprottncsrsb007) | 10 |
| [Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#sprottncsrsb008) | 22 |
| [Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#sprottncsrsb009) | 23 |
| [Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#sprottncsrsb010) | 24 |
| [Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#sprottncsrsb011) | 25 |

---

**SPROTT GOLD EQUITY FUND**

ITEM 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 81.0%** |  |  |
| **Gold Related Securities — 70.7%<sup>(a)</sup>** |  |  |
| **Australia — 8.1%** |  |  |
| Emerald Resources NL<sup>(b)</sup> | 6573700 | $16959809 |
| Evolution Mining, Ltd. | 3729021 | 19118654 |
| Genesis Minerals, Ltd.<sup>(b)</sup> | 4091100 | 11578001 |
| Ora Banda Mining, Ltd.<sup>(b)</sup> | 7968374 | 4011956 |
| Ramelius Resources, Ltd. | 6529200 | 10828929 |
| Spartan Resources, Ltd.<sup>(b)</sup> | 16639849 | 21738767 |
| Westgold Resources, Ltd. | 5673100 | 10715868 |
|  |  | 94951984 |
| **Canada — 57.3%** |  |  |
| Agnico Eagle Mines, Ltd. | 538350 | 64139456 |
| Alamos Gold, Inc. - Class A | 1393400 | 37008704 |
| Discovery Silver Corp.<sup>(b)</sup> | 6012700 | 13157956 |
| Dundee Precious Metals, Inc. | 2003600 | 32192963 |
| Eldorado Gold Corp.<sup>(b)</sup> | 1763300 | 35865522 |
| Equinox Gold Corp.<sup>(b)</sup> | 4286645 | 24742449 |
| Franco-Nevada Corp. | 66700 | 10933464 |
| G Mining Ventures Corp.<sup>(b)</sup> | 2360800 | 30824325 |
| i-80 Gold Corp.<sup>(b)(c)(d)</sup> | 39946637 | 24641215 |
| IAMGOLD Corp.<sup>(b)</sup> | 4941600 | 36320760 |
| International Tower Hill Mines, Ltd.<sup>(b)(d)(e)</sup> | 19627315 | 16863564 |
| Jaguar Mining, Inc.<sup>(b)</sup> | 3073758 | 7674520 |
| Kinross Gold Corp. | 1717400 | 26842962 |
| Lundin Gold, Inc. | 757400 | 39990497 |
| OceanaGold Corp. | 3550000 | 50105379 |
| OR Royalties, Inc. | 1837060 | 47216523 |
| Pan American Silver Corp.<sup>(c)</sup> | 1079745 | 30664758 |
| Sandstorm Gold, Ltd. | 2400000 | 22560000 |
| Southern Cross Gold Consolidated, Ltd.<sup>(b)</sup> | 1372549 | 6486006 |
| Torex Gold Resources, Inc.<sup>(b)</sup> | 1189000 | 38784931 |
| Wesdome Gold Mines, Ltd.<sup>(b)</sup> | 2839500 | 39555950 |
| Wheaton Precious Metals Corp.<sup>(c)</sup> | 406800 | 36530640 |
|  |  | 673102544 |
| **United Kingdom — 2.2%** |  |  |
| Anglogold Ashanti PLC<sup>(c)</sup> | 579600 | 26412372 |
| **United States — 3.1%** |  |  |
| Electrum, Ltd.<sup>(b)(f)</sup> (Originally Acquired 12/21/07, Cost $13,065,361) | 2127287 |  |
| Perpetua Resources Corp.<sup>(b)</sup> | 1836150 | 22290861 |
| SSR Mining, Inc.<sup>(b)(c)</sup> | 1065700 | 13577018 |
|  |  | 35867879 |
| **Total Gold Related Securities** |  | 830334779 |

---

*The accompanying notes are an integral part of these financial statements.*

 

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** |  |  |
| **Other Precious Metals Related Securities — 9.6%** |  |  |
| **Canada — 4.9%** |  |  |
| Aya Gold & Silver, Inc.<sup>(b)</sup> | 2527800 | $22739526 |
| GoGold Resources, Inc.<sup>(b)</sup> | 8563000 | 12576464 |
| Vizsla Royalties Corp.<sup>(b)(e)</sup> | 286457 | 490138 |
| Vizsla Silver Corp.<sup>(b)(e)</sup> | 7563950 | 22329414 |
|  |  | 58135542 |
| **United States — 4.7%** |  |  |
| Coeur Mining, Inc.<sup>(b)</sup> | 5778764 | 51199849 |
| Sunshine Silver Mining and Refining<sup>(b)(f)</sup> (Originally Acquired 03/15/11, Cost $4,525,333) | 243691 | 3655365 |
|  |  | 54855214 |
| **Total Other Precious Metals Related Securities** |  | 112990756 |
| **Other Securities— 0.7%** |  |  |
| **United States — 0.7%** |  |  |
| Blue Spark Energy Systems, Inc.<sup>(b)(f)</sup> (Originally Acquired 05/31/24, Cost $745) | 74532 | 745 |
| Gold Bullion International LLC<sup>(b)(d)(f)</sup> (Originally Acquired 05/12/10, Cost $5,000,000) | 5000000 | 7150000 |
| I-Pulse, Inc.<sup>(b)(f)</sup> (Originally Acquired 10/09/07, Cost $125,352) | 74532 | 756500 |
| **Total Other Securities** |  | 7907245 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $633,124,730) |  | 951232780 |
|  | **Shares** |  |
| **GOLD BULLION — 15.1%** |  |  |
| **United States — 15.1%** |  |  |
| Gold Bullion<sup>(b)</sup> | 53591 | 177019435 |
| **TOTAL GOLD BULLION** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,629,429) |  | 177019435 |
|  | **Shares** |  |
| **PRIVATE FUND — 2.0%** |  |  |
| Tocqueville Bullion Reserve LP<sup>(b)(d)</sup> | 7619 | 23025735 |
| **TOTAL PRIVATE FUND** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,795,735) |  | 23025735 |
|  | **Par** |  |
| **CONVERTIBLE BONDS — 0.4%** |  |  |
| **Gold Related Securities— 0.4%** |  |  |
| **Canada — 0.4%** |  |  |
| I-80 Gold Corp., 8.00%, 02/22/2027<sup>(d)(e)(f)</sup> (Originally Acquired 2/17/2023, Cost $5,437,525) | $5437525 | 5153773 |
| **TOTAL CONVERTIBLE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,437,525) |  | 5153773 |

---

*The accompanying notes are an integral part of these financial statements.*

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS — 0.2%** | | |
| **Gold Related Securities *—* 0.2%** |  |  |
| **Canada — 0.2%** |  |  |
| Falco Resources, Ltd., Expires 07/31/2025, Exercise Price $0.55<sup>(b)(e)</sup> | 3750000 | $— |
| i-80 Gold Corp., Expires 11/16/2027, Exercise Price $0.70<sup>(b)(d)</sup> | 11300000 | 2034000 |
| Osisko Development Corp., Expires 03/02/2027, Exercise Price $14.75<sup>(b)</sup> | 499999 | 35799 |
| **United States — 0.0%<sup>(g)</sup>** |  |  |
| Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00<sup>(b)(e)</sup> | 100000 | 62730 |
| **Total Gold Related Securities** |  | 2132529 |
| **TOTAL WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $860,154) |  | 2132529 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS — 4.8%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending — 3.5%** |  |  |
| **United States — 3.5%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.46%<sup>(h)</sup> | 41253227 | 41253227 |
|  | **Shares** |  |
| **Money Market Funds — 1.3%** |  |  |
| Invesco Treasury Portfolio - Class Institutional, 4.22%<sup>(h)</sup> | 15672708 | 15672708 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,925,935) |  | 56925935 |
| **TOTAL INVESTMENTS — 103.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $731,773,508) |  | $1215490187 |
| Liabilities in Excess of Other Assets — (3.5)% |  | (40560509) |
| **TOTAL NET ASSETS — 100.0%** |  | $1174929678 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The total market value of these securities was $40,376,948 which represented 3.4% of net assets. The loaned securities were secured with cash collateral of $41,253,227. Shares of the Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices. See Note 14.

<sup>(d)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(e)</sup> Denotes a security that is either fully or partially restricted for sale. The total market value of these securities was $27,448,043 which represented 2.3% of net assets as of June 30, 2025.

<sup>(f)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $16,716,383 or 1.4% of net assets as of June 30, 2025.

<sup>(g)</sup> Represents less than 0.05% of net assets.

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

*The accompanying notes are an integral part of these financial statements.*

 

**SPROTT GOLD EQUITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES** 

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $630,023,487) | $1136621900 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (cost $101,750,021) | 78868287 |
| Receivable for investments sold | 3047533 |
| Receivable for Fund shares sold | 277205 |
| Securities lending income receivable | 12024 |
| Dividends, interest and other receivables | 198717 |
| Other assets | 91362 |
| &nbsp;&nbsp;&nbsp;**Total assets** | 1219117028 |
| **LIABILITIES:** |  |
| Payable for Fund shares redeemed | 1097210 |
| Payable to Adviser (see Note 5) | 836402 |
| Payable for collateral upon return of securities loaned (see Note 13) | 41253227 |
| Payable to Administrator | 171448 |
| Accrued distribution fee | 401993 |
| Payable to custodian | 54350 |
| Due to broker | 27895 |
| Accrued interest expense (Note 10) | 13058 |
| Accrued expenses and other liabilities | 331767 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 44187350 |
| **NET ASSETS** | $1174929678 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $858236481 |
| Total distributable earnings | 316693197 |
| &nbsp;&nbsp;&nbsp;**Net assets** | $1174929678 |
| **Investor Class** |  |
| Net assets | $774471424 |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 10301859 |
| Net asset value, offering and redemption price per share | $75.18 |
| **Institutional Class** |  |
| Net assets | $400458254 |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 5254664 |
| Net asset value, offering and redemption price per share | $76.21 |

---

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**STATEMENT OF OPERATIONS**

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $3380329 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 266180 |
| Interest |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 266512 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 263489 |
| Income from securities lending (See Note 13) | 79849 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 4256359 |
| **EXPENSES:** |  |
| Investment Adviser's fee (See Note 5) | 4506190 |
| Distribution (12b-1) fees - Investor Class Only (See Note 5) | 859311 |
| Administration fees (See Note 5) | 716096 |
| Transfer agent and shareholder services fees - Investor Class | 109973 |
| Legal fees | 103744 |
| Fund accounting fees | 97449 |
| Custody Fees | 86157 |
| Miscellaneous expense | 53985 |
| Trustee fees and expenses (See Note 15) | 36699 |
| Printing and mailing expense | 36305 |
| Blue Sky fees | 31305 |
| Audit fees | 25673 |
| Interest expense (Note 10) | 16422 |
| Insurance expense | 4536 |
| Transfer agent and shareholder services fees - Institutional Class | 3258 |
| Registration fees | 905 |
| Other expenses | 87856 |
| &nbsp;&nbsp;&nbsp;Net expenses | 6775864 |
| **Net investment income/(loss)** | (2519505) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers | 107989607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers | (15531317) |
|  | 92458290 |
| Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers | 284821102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers | 9589984 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | (7645) |
|  | 294403441 |
| **Net unrealized and realized gain/(loss) on investments and foreign currency** | 386861731 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $384342226 |

---

<sup>(1)</sup> Net of foreign taxes withheld of $519,000.

*See Notes to Financial Statements.*

 

**SPROTT GOLD EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **For the** | |
|  | **Period Ended** | |
|  | **June 30, 2025** | **Year Ended** |
|  | **(Unaudited)** | **December 31, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(2519505) | $(2952685) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on sale of investments and foreign currency | 92458290 | 19695543 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 294403441 | 143864085 |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets resulting from operations** | 384342226 | 160606943 |
| **FUND SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 43859957 | 54128855 |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 23217499 | 45777546 |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class<sup>(1)</sup> | (85471217) | (132808562) |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class<sup>(2)</sup> | (53207135) | (55069882) |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease)** | (71600896) | (87972043) |
| **Net increase (decrease) in net assets** | 312741330 | 72634900 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 862188348 | 789553448 |
| &nbsp;&nbsp;&nbsp;End of period | $1174929678 | $862188348 |

---

<sup>(1)</sup> Net of Redemption Fees of $50,579 and $48,782, respectively.

<sup>(2)</sup> Net of Redemption Fees of $24,189 and $26,538, respectively.

*See Notes to Financial Statements.*

 

**SPROTT GOLD EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**INVESTOR CLASS**

(For a share outstanding throughout the period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Period** | |
|  | **For the** | | | | | **November 1,** | |
|  | **Period Ended** | | | | | **2020 to** | **Year Ended** |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** | **October 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(a)</sup>** | **2020** |
| **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $51.50 | $42.71 | $41.91 | $48.34 | $54.81 | $53.75 | $38.74 |
| **OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(b)</sup> | (0.19) | (0.21) | (0.23) | (0.20) | (0.09) | (0.05) | (0.42) |
| Net realized and unrealized gain/(loss) | 23.87 | 9.00 | 1.03 | (6.18) | (6.38) | 1.11 | 15.43 |
| **Total from investment operations\*** | 23.68 | 8.79 | 0.80 | (6.38) | (6.47) | 1.06 | 15.01 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |  |
| Dividends from net investment income |  |  |  | (0.05) |  |  |  |
| Distributions from net realized gain |  |  |  |  |  |  |  |
| **Total distributions** |  |  |  | (0.05) |  |  |  |
| Change in net asset value for the period | 23.68 | 8.79 | 0.80 | (6.43) | (6.47) | 1.06 | 15.01 |
| **Net asset value, end of period** | $75.18 | $51.50 | $42.71 | $41.91 | $48.34 | $54.81 | $53.75 |
| \*Includes redemption fees per share of | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.01 | 0.01 | 0.00 <sup>(c)</sup> | 0.01 |
| Total return | 45.98 %<sup>(e)</sup> | 20.58% | 1.91% | (13.21)% | (11.80)%<sup>(d)</sup> | 2.04 %<sup>(e)</sup> | 38.71% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | $774471 | $564317 | $536956 | $598641 | $748684 | $964071 | $965963 |
| Ratio to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expense | 1.39 %<sup>(f)</sup> | 1.46% | 1.49% | 1.44% | 1.40% | 1.37 %<sup>(f)</sup> | 1.39% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.58)%<sup>(f)</sup> | (0.44)% | (0.55)% | (0.45)% | (0.18)% | (0.57)%<sup>(f)</sup> | (0.93)% |
| Portfolio turnover rate | 22 %<sup>(e)</sup> | 26% | 12% | 24% | 15% | 1 %<sup>(e)</sup> | 34% |

---

<sup>(a)</sup> With the approval of the Board effective October 31, 2020, the Fund's fiscal year end was changed from October 31 to December 31.

<sup>(b)</sup> Net investment income/(loss) per share is calculated using the average shares outstanding method.

<sup>(c)</sup> Represents less than $0.01.

<sup>(d)</sup> Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

*See Notes to Financial Statements.*

 

**SPROTT GOLD EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**INSTITUTIONAL CLASS**

(For a share outstanding throughout the period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **For the Period** | |
|  | **For the** | | | | | **November 1,** | |
|  | **Period Ended** | | | | | **2020 to** | **Year Ended** |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** | **October 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020<sup>(a)</sup>** | **2020** |
| **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $52.14 | $43.12 | $42.18 | $48.71 | $55.08 | $53.98 | $38.81 |
| **OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(b)</sup> | (0.10) | (0.07) | (0.11) | (0.06) | 0.06 | (0.03) | (0.30) |
| Net realized and unrealized gain/(loss) | 24.17 | 9.09 | 1.05 | (6.25) | (6.43) | 1.13 | 15.47 |
| **Total from investment operations\*** | 24.07 | 9.02 | 0.94 | (6.31) | (6.37) | 1.10 | 15.17 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |  |
| Dividends from net investment income |  |  |  | (0.22) |  |  |  |
| Distributions from net realized gain |  |  |  |  |  |  |  |
| **Total distributions** |  |  |  | (0.22) |  |  |  |
| Change in net asset value for the period | 24.07 | 9.02 | 0.94 | (6.53) | (6.37) | 1.10 | 15.17 |
| **Net asset value, end of period** | $76.21 | $52.14 | $43.12 | $42.18 | $48.71 | $55.08 | $53.98 |
| \*Includes redemption fees per share of | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.02 |
| Total return | 46.16 %<sup>(e)</sup> | 20.92% | 2.23% | (12.97)% | (11.57)%<sup>(d)</sup> | 1.97 %<sup>(e)</sup> | 39.05% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | $400458 | $297871 | $252598 | $239068 | $271212 | $262378 | $248686 |
| Ratio to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expense | 1.11 %<sup>(f)</sup> | 1.17% | 1.20% | 1.15% | 1.11% | 1.09 %<sup>(f)</sup> | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.30)%<sup>(f)</sup> | (0.15)% | (0.27)% | (0.15)% | 0.13% | (0.29)%<sup>(f)</sup> | (0.63)% |
| Portfolio turnover rate | 22 %<sup>(e)</sup> | 26% | 12% | 24% | 15% | 1 %<sup>(e)</sup> | 34% |

---

<sup>(a)</sup> With the approval of the Board effective October 31, 2020, the Fund's fiscal year end was changed from October 31 to December 31.

<sup>(b)</sup> Net investment income (loss) per share is calculated using the average shares outstanding method.

<sup>(c)</sup> Represents less than $0.01.

<sup>(d)</sup> Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited)

**1. ORGANIZATION**

The Sprott Funds Trust (the "Trust") was organized as a Delaware statutory trust on January 3, 2018. As of June 30, 2025, the Trust consisted of twelve separate portfolios that each represent a separate series of the Trust. This report pertains to the Sprott Gold Equity Fund (the "Fund"). The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers two classes of shares, Investor Class and Institutional Class. The two classes represent interests in the same portfolio of investments. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. On July 1, 2023, Sprott Asset Management USA, Inc. commenced acting as investment adviser (the "Adviser") to the Fund and continues to serve in such capacity for the Fund. Prior to July 1, 2023, Sprott Asset Management LP and Sprott Asset Management USA, Inc. served as the investment adviser and sub-adviser, respectively, to the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Portfolio Valuation and Methodologies.* The Fund's net asset value ("NAV")
 is determined daily, as of the close of regular trading on the New York Stock Exchange
 ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for
 trading. The NAV is computed by dividing the value of all assets of the Fund (including
 accrued interest and dividends), less all liabilities (including accrued expenses and
 dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Securities for which no sales are reported are valued at the mean of the closing bid and ask price. If no current day price quotation is available, the previous business day's closing sale price is used. Investments in open-end mutual funds such as money market funds are valued at the closing NAV.

The Fund's investments are generally valued at market value. In the absence of market value, if events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of the Fund's investment, in the event that it is determined that valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued in accordance with the Adviser's policies and procedures ("Fair Value Policies and Procedures") reflecting fair value ("Fair Valued Investments"). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has approved the designation of the Adviser of the Fund as the valuation designee for the Fund. The Adviser has formed a committee (the "Valuation Committee") that has developed pricing policies and procedures and to oversee the pricing function for all financial instruments.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Fair Value Hierarchy.* The Fund has adopted authoritative fair valuation accounting standards
 which establish an authoritative definition of fair value and set out a hierarchy for
 measuring fair value. These standards require additional disclosures about the various
 inputs and valuation techniques used to develop the measurements of fair value and a
 discussion in changes in valuation techniques and related inputs during the period. These
 inputs are summarized in the three broad levels listed below.

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end funds and real estate investment trusts, which are traded on an exchange, the security is valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation. When the market is considered active for such security, the security will be classified as a Level 1 security. When using the mean between the latest bid and ask price, the security will be classified as Level 2. Gold bullion is valued using the latest available price on the valuation day and is classified as Level 1.

Investment in mutual funds, including money market funds, are generally priced at the ending NAV provided by the service agent of the funds and will be classified as Level 1 securities.

Debt securities, such as corporate bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Warrants and rights for which the underlying security is registered and equities which are subject to a required holding period, but have a comparable public issue, are valued in good faith pursuant to the Fair Value Policies and Procedures. These securities will generally be classified as Level 2 securities. If the warrant or right is exchange traded and the official closing price of the exchange is used, these instruments are classified as Level 1 securities.

Investments classified within Level 3 have significant unobservable inputs used by the Adviser in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by private companies and convertible bonds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

For securities traded principally on foreign exchanges, the Fund may use fair value pricing if an event occurs after the close of trading of the principal foreign exchange on which a security is traded, but before calculation of the Fund's NAV, which the Fund believes affects the value of the security since its last market quotation. Such events may involve situations relating to a single issuer (such as news related to the issuer announced after the close of the principal foreign exchange), or situations relating to sectors of the market or the markets in general (such as significant fluctuations in the U.S. or foreign markets or significant changes in exchange rates, natural disasters, armed conflicts, or governmental actions).

In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Fund may engage a third party fair value service provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of close of the relevant foreign market and the close of the NYSE. Fair value pricing may also be used to value restricted securities held by the Fund or securities with little or no trading activity for extended periods of time. Fair value pricing involves judgments that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price. As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

The following is a summary of the inputs used to value the Fund's investments at June 30, 2025.

**Sprott Gold Equity Fund<sup>(a)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments** | | | | |
|  | **Measured** | | | | |
| **Investments in** | **at Net Asset** | | | | |
| **Securities at Value** | **Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |  |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gold Related | $— | $830334779 | $— | $— | $830334779 |
| &nbsp;&nbsp;&nbsp;Other Precious Metals Related |  | 109335391 |  | 3655365 | 112990756 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  | 7907245 | 7907245 |
| Total Common Stocks |  | 939670170 |  | 11562610 | 951232780 |
| Gold Bullion |  | 177019435 |  |  | 177019435 |
| Private Fund<sup>(b)(c)</sup> | 23025735 |  |  |  | 23025735 |
| Convertible Bond |  |  |  | 5153773 | 5153773 |
| Warrants |  | 2034000 | 98529 |  | 2132529 |
| Money Market Fund |  | 15672708 |  |  | 15672708 |
| Investments Purchased with Proceeds from Security Lending<sup>(b)</sup> | 41253227 |  |  |  | 41253227 |
| **Total Assets** | $64278962 | $1134396313 | $98529 | $16716383 | $1215490187 |

---

<sup>(a)</sup> For a detailed sector breakdown, please see the accompanying Schedule of Investments.

<sup>(b)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the Schedule of Investments.

<sup>(c)</sup> As of June 30, 2025, the Fund invests in a private fund that primarily invests in physical gold and is subject to redemption restrictions. This private fund investment can only be disposed of with notice given 24 hours in advance of redemption. Due to the elapsed time, the investment of the Fund is not subject to any redemption fees going forward.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:

---

| | |
|:---|:---|
|  | **Sprott Gold Equity Fund** |
| Balance as of December 31, 2024 | $16520639 |
| &nbsp;&nbsp;&nbsp;Purchases | 212285 |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (16541) |
| &nbsp;&nbsp;&nbsp;Transfer in/(out) of Level 3<sup>(a)</sup> |  |
| Balance as of June 30, 2025 | $16716383 |

---

<sup>(a)</sup> The Fund has adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the quarter.

As of June 30, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(16,541).

The following table summarizes quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement as of June 30, 2025. The Adviser monitors fair valued positions for factors that could lead to a change in valuation of the securities, such as new financing, corporate actions, recent non-arm's length transactions and interest rates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  |  |  | **Impact to** |
|  |  | |  |  |  | **Valuation from** |
|  |  | **Fair Value at** | **Valuation** | **Unobservable** |  | **an Increase** |
| **Type** | **Industry** | **6/30/2025** | **Techniques** | **Inputs** | **Range** | **in Input** |
| Common Stock | Gold Related | $— | Asset Approach | Estimated recoverable proceeds | $0.00 | Increase |
| Common Stock | Other Precious Metals Related | $3655365 | Professional analysis of latest company valuation or financing, with appropriate discount applied (if required) | Financing prices | $15.00 | Increase |
| Common Stock | Other | $7907245 | Professional analysis of latest company valuation or financing, with appropriate discount applied (if required) | Financing prices | $0.01 - $10.15 | Increase |
| Convertible Bond | Gold Related | $5153773 | Discounted Cash Flow Method | Discount Rate | 11.96% | Decrease |
|  |  |  | Black-Scholes Model | Volatility | 40% | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Securities Transactions and Investment Income*. Securities transactions are recorded as of the
 trade date. Realized gains and losses from securities transactions are recorded with
 a specific identification cost method. Dividend income and capital gains distributions,
 if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on
 the accrual basis.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Dividends and Distributions to Shareholders*. Dividends from net investment income for the Fund,
 if any, are declared and paid annually or as the Board may determine from time to time.
 Distributions of net realized capital gains earned by the Fund, if any, are distributed
 at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Use of Estimates*. The preparation of financial statements in conformity with U.S. GAAP
 requires management to make estimates and assumptions that affect the reported amounts
 of assets and liabilities and disclosure of contingent assets and liabilities at the
 date of the financial statements and the reported amounts of revenues and expenses during
 the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Foreign Currency Translation.* The books and records of the Fund are maintained in U.S. dollars.
 Investment valuations and other assets and liabilities initially expressed in foreign
 currencies are converted each business day into U.S. dollars based upon current exchange
 rates. The portion of realized and unrealized gains or losses on investments due to fluctuations
 in foreign currency exchange rates is not separately disclosed and is included in realized
 and unrealized gains or losses on investments, when applicable.

**3. RISKS**

*Gold Risk.* Gold is subject to the special risks associated with investing in gold and other precious metals, including: (1) the price of gold or other precious metals may be subject to wide fluctuation; (2) the market for gold or other precious metals is relatively limited; (3) the sources of gold or other precious metals are concentrated in countries that have the potential for instability; and (4) the market for gold and other precious metals is unregulated.

*Gold Mining Industry Risk*. The Fund is sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the gold mining industry. In times of stable economic growth, traditional equity and debt investments could offer greater appreciation potential and the value of gold, silver and other precious metals may be adversely affected, which could in turn affect the Fund's returns. The gold and precious metals industry can be significantly affected by competitive pressures, central bank operations, events relating to international political developments, the success of exploration projects, commodity prices, adverse environmental developments and tax and government regulations.

*Commodity Risk*. The Fund may invest in companies that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations and the possibility of tariffs. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, regulatory developments, other catastrophic events, or other factors that the Fund cannot control could have an adverse impact on those companies.

*Credit (or default) Risk.* The issuer of a debt security may be unable to make timely payments of principal or interest or may default on the debt. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

*Currency Risk.* Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of the Fund's investments in that foreign currency and investments denominated in that foreign currency.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

*Equity Securities Risk.* The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. A stock or stocks selected for the Fund's portfolio may fail to perform as expected. A value stock may decrease in price or may not increase in price as anticipated by the portfolio managers if other investors fail to recognize the company's value or the factors that the portfolio managers believe will cause the stock price to increase do not occur.

*Expropriation Risk.* Foreign governments may expropriate the Fund's investments either directly by restricting the Fund's ability to sell a security or imposing exchange controls that restrict the sale of a currency, or indirectly by taxing the Fund's investments at such high levels as to constitute confiscation of the security. There may be limitations on the ability of the Fund to pursue and collect a legal judgment against a foreign government.

*Foreign Securities Risk.* The value of foreign currencies may decline relative to the U.S. dollar. A foreign government may expropriate the Fund's assets. Political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund's investments to decline. These risks associated with non-U.S. securities are more likely in the securities of companies located in emerging markets. The laws and regulations of foreign countries may provide investors with less protection or may be less favorable to investors than the U.S. legal system. For example, there may be less publicly available information about a foreign company than there would be about a U.S. company. The auditing and reporting requirements that apply to foreign companies may be less stringent than U.S. requirements. Additionally, government oversight of foreign stock exchanges and brokerage industries may be less stringent than in the U.S.

*<u>Australia</u>*. Investments in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners.

*<u>Canada</u>*. Investments in Canadian issuers may subject the Fund to economic risk specific to Canada. Among other things, the Canadian economy is heavily dependent on relationships with certain key trading partners, including the United States and China. The Canadian economy is sensitive to fluctuations in certain commodity markets.

*Inflation Risk.* Inflation will erode the purchasing power of the cash flows generated by debt securities held by the Fund. Fixed-rate debt securities are more susceptible to this risk than floating rate debt securities.

*Information Risk.* Key information about an issuer, security or market may be inaccurate or unavailable. Securities issued in initial public offerings, or IPOs, involve greater information risk than other equity securities due to the lack of public information.

*Interest Rate Risk*. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund's share price to drop below a dollar. A low interest rate environment may prevent the Fund from providing a positive yield or paying fund expenses out of fund assets and could impair the Fund's ability to maintain a stable net asset value.

*Liquidity Risk.* Foreign stock exchanges generally have less volume than U.S. stock exchanges. Therefore, it may be more difficult to buy or sell shares of foreign securities, which increases the volatility of share prices on such markets. Additionally, trading on foreign stock markets may involve longer settlement periods and higher transaction costs.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

*Manager Risk.* The Fund's portfolio managers may use an investment strategy that does not achieve the Fund's objective or may fail to execute the Fund's investment strategy effectively. In addition, a portfolio manager's strategy may produce returns that are different from other mutual funds that invest in similar securities.

*Market and Geopolitical Risk.* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The COVID-19 global pandemic and the aggressive responses taken by many governments had negative impacts, and in many cases severe negative impacts, on markets worldwide.

*Non-Diversification Risk*. A non-diversified mutual fund and therefore, compared to a diversified mutual fund, the Gold Fund is able to invest a greater portion of its assets in any one particular issuer. The risk of investing in a non-diversified mutual fund is that the fund may be more sensitive to changes in the market value of a single issuer. The impact of a simple economic, political or regulatory occurrence may have a greater adverse impact on the Gold Fund's net asset value. Investors should consider this greater risk versus the safety that comes with a more diversified portfolio.

*Political Risk.* Political or social instability or revolution in certain countries in which the Fund invests, in particular, emerging market countries, may result in the loss of some or all of the Fund's investment in these countries.

*Restricted Securities Risk.* The Fund may invest in restricted securities. Restricted securities have contractual or legal restrictions on their resale. They may include private placement securities that the Fund buys directly from the issuer. Private placement and other restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. The Fund may get only limited information about the issuer, so it may be less able to predict a loss.

*Securities Lending Risk*. Although the Fund will receive collateral in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower default on its obligation to return the borrowed securities (e.g., the loaned securities may have appreciated beyond the value of the collateral held by the Fund). In addition, the Fund will bear the risk of loss of any cash collateral that it invests.

*Small- and Mid-Capitalization Company Risk.* Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund's portfolio.

*Tax Risk.* The Fund is subject to the risk that it could fail to qualify as a regulated investment company under the Internal Revenue Code, as amended (the "Code") if it derives more than 10% its gross income from investment in gold bullion or other precious metals. Failure to qualify as a regulated investment company would result in consequences to the Fund and its shareholders. In order to ensure that it qualifies as a regulated investment company, the Fund may be required to make investment decisions that are less than optimal or forego the opportunity to realize gains.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

*Valuation Risk.* The risk that the Fund has valued certain securities at a higher price than the price at which they can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid, or which may become illiquid.

*Value Stock Risk.* Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth, or the expected value was misgauged. They also may decline in price even though they are already undervalued.

**4. TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Federal Tax and Tax Basis Information.* 

There were no distributions paid during the year ended December 31, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended December 31, 2024, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences:

---

| | | |
|:---|:---|:---|
|  | **Distributable** | **Paid in** |
|  | **Earnings** | **Capital** |
| Sprott Gold Equity Fund | $2745087 | $(2745087) |

---

The permanent differences primarily relate to net operating losses.

As of December 31, 2024, the components of accumulated losses for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $693326936 |
| Unrealized appreciation | 316873973 |
| Unrealized depreciation | (137648805) |
| Net unrealized appreciation/(depreciation) | 179225168 |
| Undistributed operating income |  |
| Undistributed long-term gains |  |
| Distributable earnings |  |
| Other accumulated gain/(loss) | (246874197) |
| Total accumulated gain/(loss) | $(67649029) |

---

For the fiscal year ended December 31, 2024 the Sprott Gold Equity Fund had late year losses of $26,403.

At December 31, 2024 the Fund had tax basis capital losses which may be carried forward to offset future capital gains as shown below:

---

| | | |
|:---|:---|:---|
|  | **Capital Losses Expiring** | **Capital Losses Expiring** |
|  | **Indefinite Short-Term** | **Indefinite Long-Term** |
| Sprott Gold Equity Fund | $(51266931) | $(195580733) |

---

To the extent that the Fund may realize future net capital gains, those gains will be offset by any of their unused respective capital loss carryforwards.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

**5. INVESTMENT ADVISORY AND OTHER AGREEMENTS**

The Adviser served as the Fund's investment adviser through the date of this report pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser received fees from the Fund, calculated daily and payable monthly, at an annual fee rate of 1.00% on the first $500 million of the average daily net assets of the Fund, 0.75% of the average daily net assets in excess of $500 million but not exceeding $1 billion, and 0.65% of the average daily net assets in excess of $1 billion. For the period ended June 30, 2025, the advisory fees incurred by the Fund are disclosed in the Statement of Operations.

The Adviser also served as the Fund's administrator through the date of this report pursuant to an Administrative Services Agreement with the Trust on behalf of the Fund. Pursuant to an Administrative Services Agreement, the Fund pays the Adviser a fee computed daily and paid monthly at an annual rate of 0.15% on the first $400 million of the average daily net assets of the Fund; 0.13% on the next $600 million of the average daily net assets of the Fund; and 0.12% on all the average daily net assets of the Fund over $1 billion. For the period ended June 30, 2025, the administration fees and compliance fees incurred by the Fund are disclosed in the Statement of Operations.

The Adviser has entered into a sub-administration servicing agreement with U.S. Bank Global Fund Services (the "Sub-Administrator"), under which the Adviser pays the Sub-Administrator a fee based on the assets of the Fund. The fee payable to the Sub-Administrator by the Adviser is calculated daily and payable monthly, at an annual rate of: (i) 0.05% on the first $400 million of the average daily net assets; (ii) 0.03% on the next $600 million of the average daily net assets; and (iii) 0.02% of the average daily net assets in excess of $1 billion, subject to a minimum annual fee for the Fund of $60,000. For the period ended June 30, 2025, the Adviser has incurred fees of $202,167 for services provided by the Sub-Administrator under a sub-administration servicing agreement for the Fund.

Sprott Global Resource Investments Ltd. (the "Distributor"), an affiliate of the Adviser, acts as distributor for shares of the Fund. The Investor Class adopted a distribution and services plan pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the plan, the Investor Class pays to the Distributor distribution and service fees of 0.25% per annum of its average daily net assets.

**6. CAPITAL SHARE TRANSACTIONS**

Transactions in capital shares for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Period Ended** | **For the Year Ended** |
| **Sprott Gold Equity Fund (Investor Class)** | **June 30, 2025** | **December 31, 2024** |
| Shares sold | 657468 | 1091422 |
| Shares redeemed | (1312909) | (2705139) |
| Net increase/(decrease) | (655441) | (1613717) |

---

---

| | | |
|:---|:---|:---|
|  | **For the Period Ended** | **For the Year Ended** |
| **Sprott Gold Equity Fund (Institutional Class)** | **June 30, 2025** | **December 31, 2024** |
| Shares sold | 353477 | 950974 |
| Shares redeemed | (812165) | (1096065) |
| Net increase/(decrease) | (458688) | (145091) |

---

**7. FUND SHARE TRANSACTIONS**

The Fund currently offers two classes of shares of beneficial interest. A redemption fee of 2.00% is imposed on redemptions of shares held 90 days or less for the Fund. This fee is retained by the Fund and is credited to paid in capital. For a more detailed description of when the redemption fee does not apply, please see the Fund's Prospectus.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

**8. INVESTMENT TRANSACTIONS**

Purchases and sales of investment securities (excluding short-term instruments) for the period ended June 30, 2025 are summarized below.

---

| | |
|:---|:---|
|  | **Sprott Gold Equity Fund** |
| Purchases | $224555087 |
| Sales | $316838515 |

---

**9. TRANSACTIONS WITH AFFILIATES\***

The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through June 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January 1, 2025** | **January 1, 2025** | **Additions** | **Additions** | **Reductions** | **Reductions** | | | | | **June 30, 2025** | **June 30, 2025** |
|  | | | | | | | | | | **$ Change** | | |
|  | | | | | | | | | | **in Gross** | | |
|  | **Share/** | | **Share/** | | **Share/** | | | | **$ Realized** | **Unrealized** | | **Share/** |
|  | **Principal** | | **Principal** | | **Principal** | **$ Sale** | **$ Interest** | **$ Dividend** | **Gain/** | **Appreciation/** | | **Principal** |
| **Issuer Name** | **Balance** | **$ Value** | **Balance** | **$ Value** | **Balance** | **Proceeds** | **Income** | **Income** | **(Loss)** | **(Depreciation)** | **$ Value** | **Balance** |
| **Sprott Gold Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stock - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Falco Resources Ltd.<sup>(a)(e)</sup> | 16722300 | 3431826 |  |  | (16722300) | (2213211) |  |  | (7476919) | 6258304 |  |  |
| International Tower Hill Mines Ltd.<sup>(a)</sup> | 3582120 | 1631297 |  |  | (3582120) | (2331088) |  |  | (10355429) | 11055220 |  |  |
| International Tower Hill Mines Ltd.<sup>(a)(b)</sup> | 19627315 | 9011811 |  |  |  |  |  |  |  | 7851753 | 16863564 | 19627315 |
| Jaguar Mining, Inc.<sup>(a)(e)</sup> | 5626358 | 8924203 |  |  | (2552600) | (4970454) |  |  | 3351268 | 369503 | 7674520 | 3073758 |
| **Common Stock - Other Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold Bullion International<sup>(a)</sup> | 5000000 | 7150000 |  |  |  |  |  | 266180 |  |  | 7150000 | 5000000 |
| **Private Funds** |  |  |  |  |  |  |  |  |  |  |  |  |
| Tocqueville Bullion Reserve LP - Class G<sup>(a)(c)</sup> | 7619 | 18376692 |  |  |  |  |  |  |  | 4649043 | 23025735 | 7619 |
| **Warrants - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Falco Resources Ltd.<sup>(a)(b)(e)</sup> | 3750000 | 2870 |  |  |  |  |  |  |  | (2870) |  | 3750000 |
| I-80 Gold Corp.<sup>(a)</sup> |  |  | 11300000 | 860154 |  |  |  |  |  | 1173846 | 2034000 | 11300000 |
|  |  | $48528699 |  | $860154 |  | $(9514753) |  | $266180 | $(14481080) | $31354799 | $56747819 |  |
| **Securities that Became Affiliated During the Period** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stock - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp.<sup>(a)(d)</sup> | 16340264 | 7843600 | 28029325 | 14310751 | (4422952) | (3653929) |  |  | (1050237) | 7191030 | 24641215 | 39946637 |
| **Convertible Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp.<sup>(b)</sup> | 5225240 | 4958029 | 212285 | 212285 |  |  | 263489 |  |  | (16541) | 5153773 | 5437525 |
|  |  | $12801629 |  | $14523036 |  | $(3653929) | $263489 | $— | $(1050237) | $7174489 | $29794988 |  |
|  |  | $61330328 |  | $15383190 |  | $(13168682) | $263489 | $266180 | $(15531317) | $38529288 | $86542807 |  |
| Securities that became affiliated during the period |  |  |  |  |  |  |  |  |  | $(23214556) |  |  |
| Securities no longer affiliated at June 30, 2025 |  |  |  |  |  |  |  |  |  | $(5724748) | $7674520 |  |
| Securities affiliated at June 30, 2025 |  |  |  |  |  |  |  |  |  | $9589984 | $78868287 |  |

---

\* All affiliates listed are neither majority-owned subsidiaries or other controlled companies.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security that is either fully or partially restricted for sale.

<sup>(c)</sup> Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner.

<sup>(d)</sup> All or a portion of this security is on loan as of June 30, 2025.

<sup>(e)</sup> Security is no longer an affiliated company at June 30, 2025.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

**10. LINE OF CREDIT**

The Fund has a $20,000,000 line of credit (the "Line"), which is uncommitted, with U.S. Bank N.A. The Line is for temporary emergency or extraordinary purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Line is secured by the Fund's assets. The Line has a one-year term. The interest rate as of June 30, 2025 was 7.00%.

During the period ended June 30, 2025, the Fund's maximum borrowing was $9,117,000 and average borrowing was $461,155. This borrowing resulted in interest expenses of $16,422. As of June 30, 2025, the Fund did not have any Line balances outstanding.

**11. PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.888.622.1813 and on the SEC's website (http://www.sec.gov). The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. Once filed, the information is available without charge, upon request, by calling 1.888.622.1813 and on the SEC's website (http://www.sec.gov).

**12. AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS SCHEDULES**

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Once filed, the Fund's Part F on Form N-PORT is available without charge on the SEC's website (http://www.sec.gov) and is available upon request by calling 1.888.622.1813. You may also obtain copies of Form N-PORT, Part F by sending your request electronically to publicinfo@sec.gov. Quarterly portfolio holdings are also available on the website for Sprott Gold Equity Fund, https://sprott.com/investment-strategies/sprott-gold-equity-fund/.

**13. SECURITIES LENDING**

The Fund may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short term securities. The Fund may return a portion of the interest earned to a third party that is unaffiliated with the Fund and acting as a "placing broker." When the Fund engages in securities lending, the Fund will retain a portion of the securities lending income and remit the remaining portion to the securities lending agent as compensation for its services. Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of securities. The securities lending agent bears all operational costs directly related to securities lending. The Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Fund's policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. U.S. Bank N.A., the custodian, acts as the securities lending agent for the Fund. The value of the securities on loan and the cash collateral at June 30, 2025 are shown on the Statement of Assets and Liabilities. Shares of the

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited) (Continued)

Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The following table is a summary of the Fund's securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Value of Securities** | **Value of Cash** |
| **Fund** | **on Loan** | **Collateral Received** |
| Sprott Gold Equity Fund | $40376948 | $41253227 |

---

Securities loaned are not subject to any master netting agreements.

**14. RESTRICTED SECURITIES**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies.

As of June 30, 2025, the Fund invested in the following restricted securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Initial** | | | **Fair Value** |
|  | **Acquisition** | | | **as a % of** |
| **Restricted Security** | **Date** | **Cost** | **Fair Value** | **Net Assets** |
| Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00 | 5/9/2023 | $— | $62730 | 0.0% |
| Falco Resources, Ltd., Expires 07/31/2025, Exercise Price $0.55 | 9/7/2021 |  |  | 0.0% |
| International Tower Hill Mines, Ltd. | 11/10/2010 | 36259078 | 16863564 | 1.5% |
| I-80 Gold Corp., 8.00%, 02/22/2027 | 2/17/2023 | 5437525 | 5153773 | 0.4% |
| Vizsla Royalties Corp. | 11/8/2024 | 369144 | 294082 | 0.0% |
| Vizsla Silver Corp. | 11/8/2024 | 2418923 | 5073894 | 0.4% |
|  |  | $44484670 | $27448043 | 2.3% |

---

**15. TRUSTEES OF THE TRUST**

The Board consists of five Trustees, four of whom are not "interested persons" (as defined in the 1940 Act) of the Trust ("Independent Trustees"), and one of whom is an interested person. During the period covered by this report, each Independent Trustee was paid an annual retainer of $65,000 for his or her services as a Board member to the Trust and another trust in the fund complex, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings. Effective July 1, 2025 the annual retainer for each Independent Trustee will increase to $105,000.

**16. SUBSEQUENT EVENTS**

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between June 30, 2025 and the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosure and/or adjustments.

**SPROTT GOLD EQUITY FUND**

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies *June 30, 2025*

Not applicable for this reporting period.

**SPROTT GOLD EQUITY FUND**

Item 9 – Proxy Disclosures for Open-End Management Investment Companies *June 30, 2025*

No matters were submitted to the shareholders of the Fund for their vote during this reporting period.

**SPROTT GOLD EQUITY FUND**

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *June 30, 2025*

Included under Item 7 in the Statement of Operations.

**SPROTT GOLD EQUITY FUND**

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract *June 30, 2025*

**Board Approval of Investment Advisory Agreement for the Sprott Gold Equity Fund**

The Board on behalf of the Fund met in person at a regularly scheduled meeting on June 6, 2025, in Watch Hill, Rhode Island, for purposes of, among other things, considering whether it would be in the best interests of the Fund and its shareholders for the Board to renew the Advisory Agreement.

In connection with the Board's review of the Advisory Agreement, the Independent Trustees requested, and the Adviser provided the Board with, information about a variety of matters, including, without limitation, the following information:

● Nature, extent and quality of services to be provided by the Adviser, including background information on the qualifications and experience of key professionals of the Adviser who provide services to the Fund;

● Investment performance of the Fund, including comparative performance information for registered investment companies similar to the Fund;

● Fees charged to and expenses of the Fund, including comparative fee and expense information for registered investment companies similar to the Fund;

● Costs of the services provided, and profits realized by the Adviser; and

● Economies of scale.

At the meeting, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement was in the best interests of the Fund in light of the services, personnel, expenses and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment and approved them.

To reach this determination, the Board considered its duties under the 1940 Act as well as under the general principles of state law in reviewing and approving advisory contracts; the fiduciary duty of investment advisers with respect to advisory agreements and the receipt of investment advisory compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees received materials in advance of the Board meeting from the Adviser. The Board applied its business judgment to determine whether the arrangements by and between the Fund and the Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of its shareholders.

**Nature, Extent and Quality of Services Provided**

The Board reviewed materials provided by the Adviser related to the proposed approval of the Advisory Agreement. The Board noted that the Adviser provides investment management services on a discretionary basis to its clients, which include individuals and institutions with separately managed accounts. The Board further noted that the Adviser was founded in 2005 and owned by Sprott U.S. Holdings, Inc., a wholly owned subsidiary of Sprott, Inc. The Board reviewed the credentials of the key investment personnel that would be responsible for servicing the Fund, noting that each had considerable experience in the asset management industry. The Board expressed satisfaction with the experience and credentials of the personnel at the Adviser who will be servicing the Fund. The Board discussed the services that would be provided to the Fund which included portfolio management, research, compliance, and analysis and administrative. Additionally, the Board received satisfactory responses from the representatives of the Adviser with respect to whether the Adviser was involved in any lawsuits or pending regulatory actions. The Board concluded that based on the responses in this questionnaire and their experience with the Adviser, they could expect the Adviser to provide high quality service to the Fund and its shareholders.

**Investment Performance**

The Board observed that the Fund outperformed benchmark index and broad-based index for the 1-year and since inception periods. The Board further noted that the Fund underperformed the benchmark index and broad-based index for the 3-year and 5-year periods. The Board considered the Adviser's explanations noting the Adviser reduced its physical gold position taking profits from the sale of gold as prices improved. The Board further noted the Fund continues to emphasize mid-capitalization gold mining companies with near-term organic catalysts which the Adviser believes may offer better value creation opportunities and upside than large-capitalization companies.

The Board further considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the June meeting. The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by Broadridge, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the Adviser's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered the Adviser's view that, in evaluating such comparisons, in some cases there may be differences in the funds' objectives, indexes they seek to track and investment management techniques.

In summary, the Board concluded that the Adviser had the potential to continue providing reasonable returns for the Fund.

**Fees and Expenses**

The Board noted that the Adviser earned a 0.89% fee for managing the Fund and the Fund had a net expense ratio of 1.46% for the Investor Class shares of the Fund and that the Adviser earned 0.89% fee and had a net expense ratio of 1.17% for the Institutional Class shares of the Fund. The Board considered that the advisory fee was above the peer group and Broadridge category averages and medians. The Board noted that the Fund's expense ratio was above both the peer group average and median, in line with the Broadridge category median and below the Broadridge average. The Board agreed that the fee structure for the affiliated Advisers, including the advisory fee charged and expense ratio of the Fund, was not unreasonable.

**Profitability**

The Board reviewed the profitability analysis provided by the Adviser and noted that the Adviser realized a profit in managing the Fund. The Board acknowledged the effort required to maintain and manage the Fund's complex investment program and determined the Adviser's profitability was not excessive.

**Economies of Scale**

The Board considered that the advisory fee already contained breakpoints based on the average daily net assets of the Fund as follows: the Adviser receives 1.00% on the first $500 million of the average daily net assets of the Fund, 0.75% of the average daily net assets in excess of $500 million but not exceeding $1 billion and 0.65% of the average daily net assets in excess of $1 billion. The Board reviewed the breakpoints in place and agreed that they appeared to account for economies of scale.

**Conclusion**

Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, the Board concluded that approval of the Advisory Agreement was in the best interests of the shareholders of the Fund.

**Investment Adviser and Administrator**

Sprott Asset Management USA, Inc.

320 Post Road, Suite 230

Darien, CT 06820

(203) 656-2400

www.sprott.com

**Distributor**

Sprott Global Resource Investments Ltd.

1910 Palomar Point Way, Suite 200

Carlsbad, CA 92008

**Shareholders' Servicing and Transfer Agent**

U.S. Bank Global Fund Services, LLC

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

**Custodian**

U.S. Bank, N.A.

1555 N. River Center Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm**

Tait, Weller & Baker LLP

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

**Legal Counsel**

Thompson Hine LLP

1919 M Street, N.W., Suite 700

Washington, D.C. 20036

This material must be preceded or accompanied by the Prospectus.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

No matters were submitted during the Registrant's fiscal half-year period ended June 30, 2025 to shareholders for their vote.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End Management Investment Companies.</u>**

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The information is included as part of the material filed under Item 7 of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholder may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90
days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in
ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made
known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 19. Exhibits.</u>**

(a) (1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certification pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes – Oxley Act of 2002. Filed herewith.](ex99-cert.htm)

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **SPROTT FUNDS TRUST** | **SPROTT FUNDS TRUST** |
| By: | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich, President (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich, President (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Varinder Bhathal |
|  | Varinder Bhathal, Treasurer (Principal Financial Officer) |
| Date: | September 5, 2025 |

---

## Ex-99.Cert

[Sprott Funds Trust N-CSRS](sprott-ncsrs_063025.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Thomas W. Ulrich, certify that:

1. I have reviewed this report on Form N-CSR of Sprott Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich |
|  | President<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Varinder Bhathal, certify that:

1. I have reviewed this report on Form N-CSR of Sprott Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Varinder Bhathal |
|  | Varinder Bhathal |
|  | Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

[Sprott Funds Trust N-CSRS](sprott-ncsrs_063025.htm)

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) and Section 906 of the Sarbanes-Oxley Act**

Pursuant to Rule 30a-2(b) and Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Sprott Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Sprott Funds Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Sprott Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Thomas W. Ulrich | /s/ Varinder Bhathal |
| President, Sprott Funds Trust | Treasurer, Sprott Funds Trust |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Sprott Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.