# EDGAR Filing Document

**Accession Number:** 0001728683
**File Stem:** 0001049169-25-000950
**Filing Date:** 2025-11
**Character Count:** 99870
**Document Hash:** aabb04b1ba4ce822cb994c39cbab45e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000950.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001049169-25-000950

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23382
- **FILM NUMBER:** 251533776

**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 Silver Miners & Physical Silver ETF (Series ID: S000086726)

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

## Nport-Ex

---

| |
|:---|
| **Sprott Gold Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.84%)** | **COMMON STOCKS (99.84%)** | **COMMON STOCKS (99.84%)** |
| ***Gold Mining (99.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd.<sup>(a)</sup> | 452159 | $76155831 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A<sup>(a)</sup> | 733984 | 25584224 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC<sup>(a)</sup> | 144392 | 10155089 |
| &nbsp;&nbsp;&nbsp;Artemis Gold, Inc.<sup>(b)</sup> | 87258 | 2287881 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp.<sup>(a)</sup> | 454442 | 2246577 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 727027 | 23879000 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1693433 | 18142621 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(b)</sup> | 131498 | 2466902 |
| &nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 662660 | 14689273 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)(b)</sup> | 72636 | 2097608 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC<sup>(a)</sup> | 543710 | 22839180 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(b)</sup> | 192115 | 2152097 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(b)</sup> | 1927931 | 17260919 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 208922 | 46502672 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(b)</sup> | 116366 | 2311935 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd., Sponsored ADR<sup>(a)</sup> | 259655 | 10895124 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd., Sponsored ADR<sup>(a)</sup> | 1405825 | 25515724 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(b)</sup> | 182854 | 2362373 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(b)</sup> | 1378726 | 16663197 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 1484935 | 36853959 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc.<sup>(a)</sup> | 396831 | 25711181 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.<sup>(a)(b)</sup> | 312994 | 2242258 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 604765 | 50987737 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)(b)</sup> | 232618 | 2055904 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 865714 | 18481255 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc.<sup>(a)</sup> | 56711 | 2273004 |
| &nbsp;&nbsp;&nbsp;Orla Mining, Ltd.<sup>(a)(b)</sup> | 1471010 | 15865388 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 55626 | 2155572 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc.<sup>(a)</sup> | 122587 | 24588500 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold, Ltd. | 173097 | 2166666 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 58409 | 1408917 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(b)</sup> | 65771 | 1211260 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(b)</sup> | 91244 | 2227830 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(a)(b)</sup> | 52842 | 2196150 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp.<sup>(a)</sup> | 646829 | 18934981 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(b)</sup> | 1120471 | 17454776 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 458395 | 51297289 |
| **Total Gold Mining** |  | 602320854 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $317,665,728) |  | 602320854 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.41%)** |  |  |  |
| **Money Market Fund (0.13%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $803,958) | 4.06% | 803958 | $803958 |
| **Investments Purchased with Collateral from Securities Loaned (7.28%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $43,937,970) |  | 43937970 | $43937970 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $44,741,928) |  |  | 44741928 |
| **TOTAL INVESTMENTS (107.25%)** |  |  |  |
| (Cost $362,407,656) |  |  | $647062782 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-7.25%)** |  |  | (43757936) |
| **NET ASSETS - 100.00%** |  |  | $603304846 |

---

*<sup>(a)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $43,876,716. The loaned securities were secured with cash collateral of $43,937,970 and non-cash collateral with the value of $1,076,037. 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.*

---

| |
|:---|
| **Sprott Junior Gold Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.80%)** | **COMMON STOCKS (99.80%)** | **COMMON STOCKS (99.80%)** |
| ***Gold Mining (94.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allied Gold Corp.<sup>(a)</sup> | 472705 | $8260534 |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp. | 1055639 | 10346279 |
| &nbsp;&nbsp;&nbsp;Bellevue Gold, Ltd.<sup>(a)(b)</sup> | 17649385 | 13371985 |
| &nbsp;&nbsp;&nbsp;Catalyst Metals, Ltd.<sup>(a)</sup> | 1976360 | 10331276 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1113505 | 11929553 |
| &nbsp;&nbsp;&nbsp;DRDGOLD, Ltd. | 3402151 | 9481501 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)(b)</sup> | 3619539 | 12023137 |
| &nbsp;&nbsp;&nbsp;Firefinch, Ltd.<sup>(a)(b)(c)</sup> | 6635363 | 307343 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(a)</sup> | 1361218 | 12187092 |
| &nbsp;&nbsp;&nbsp;Greatland Resources, Ltd.<sup>(a)(b)</sup> | 2271617 | 10845593 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 1864457 | 8911681 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(a)(b)</sup> | 797705 | 9641013 |
| &nbsp;&nbsp;&nbsp;McEwen, Inc.<sup>(a)(b)</sup> | 743747 | 12718074 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)(b)</sup> | 1645340 | 14478992 |
| &nbsp;&nbsp;&nbsp;Ora Banda Mining, Ltd.<sup>(a)</sup> | 8663397 | 6764427 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC<sup>(b)</sup> | 7634018 | 8993880 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)(b)</sup> | 431212 | 8725250 |
| &nbsp;&nbsp;&nbsp;Regis Resources, Ltd. | 2476025 | 9846691 |
| &nbsp;&nbsp;&nbsp;Resolute Mining, Ltd.<sup>(a)</sup> | 10649731 | 7258329 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 545906 | 13183630 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(a)</sup> | 443439 | 8166517 |
| &nbsp;&nbsp;&nbsp;Turk Altin Isletmeleri AS | 19271959 | 11690018 |
| &nbsp;&nbsp;&nbsp;Vault Minerals, Ltd.<sup>(a)</sup> | 22049714 | 9629588 |
| &nbsp;&nbsp;&nbsp;Victoria Gold Corp./Vancouver<sup>(a)(b)(c)</sup> | 968690 |  |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)(b)</sup> | 566629 | 8826986 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd.<sup>(a)(c)</sup> | 3778806 | 7601320 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 3306398 | 9801532 |
| **Total Gold Mining** |  | 255322221 |
| ***Silver Mining (4.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)(b)</sup> | 1674176 | 13112394 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $184,133,500) |  | 268434615 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (9.03%)** |  |  |  |
| **Money Market Fund (0.23%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $622,340) | 4.06% | 622340 | $622340 |
| **Investments Purchased with Collateral from Securities Loaned (8.80%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $23,658,115) |  | 23658115 | $23658115 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $24,280,455) |  |  | 24280455 |
| **TOTAL INVESTMENTS (108.83%)** |  |  |  |
| (Cost $208,413,955) |  |  | $292715070 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.83%)** |  |  | (23744260) |
| **NET ASSETS - 100.00%** |  |  | $268970810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-income producing security.* 

*(b)* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $32,199,694. The loaned securities were secured with cash collateral of $23,658,115 and non-cash collateral with the value of $9,669,233. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

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

---

| |
|:---|
| **Sprott Critical Materials ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.86%)** |  |  |
| ***Coal & Consumable Fuels (24.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 75265 | $194729 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 344447 | 469516 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 53176 | 4459339 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd. | 2625050 | 1062575 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 424479 | 550520 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 899473 | 2473551 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 187068 | 603532 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)(b)</sup> | 108668 | 1668054 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)</sup> | 17169 | 172961 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)</sup> | 945828 | 147076 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> | 63493 | 3384177 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 270568 | 2421583 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)(b)</sup> | 400414 | 2204415 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)</sup> | 69223 | 24964 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 413357 | 5514182 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)(b)</sup> | 57607 | 247710 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 341710 | 611661 |
| **Total Coal & Consumable Fuels** |  | 26210545 |
| ***Copper Mining (14.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 71390 | 2641300 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 15101 | 127339 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | 128011 | 1087224 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 20374 | 41540 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)(b)</sup> | 13707 | 277646 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(a)</sup> | 101849 | 2303806 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 80827 | 3170035 |
| &nbsp;&nbsp;&nbsp;Hindustan Copper, Ltd. | 72619 | 269444 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(b)(d)</sup> | 325600 | 26778 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA | 21431 | 943409 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(b)</sup> | 134532 | 2006815 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 38103 | 359786 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)(b)</sup> | 196505 | 39748 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 15220 | 1847099 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 65076 | 275272 |
| **Total Copper Mining** |  | 15417241 |
| ***Diversified Metals & Mining (41.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(a)</sup> | 97841 | 529383 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.<sup>(a)</sup> | 63707 | 309616 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(a)(b)</sup> | 120537 | 448398 |
| &nbsp;&nbsp;&nbsp;Arafura Rare Earths, Ltd.<sup>(a)(b)</sup> | 9850311 | 1303589 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)(b)</sup> | 3867854 | 268732 |
| &nbsp;&nbsp;&nbsp;Elevra Lithium, Ltd.<sup>(a)(b)</sup> | 138875 | 330817 |
| &nbsp;&nbsp;&nbsp;Eramet SA<sup>(b)</sup> | 10919 | 715327 |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)</sup> | 155888 | 85130 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 53577 | 812227 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 631181 | 2163438 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 1658192 | 181042 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 8756 | 109888 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)(b)</sup> | 81443 | $863763 |
| &nbsp;&nbsp;&nbsp;Jupiter Mines, Ltd. | 1428987 | 241118 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(d)</sup> | 23792 | 3747 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 26089 | 142968 |
| &nbsp;&nbsp;&nbsp;Liontown Resources, Ltd.<sup>(a)(b)</sup> | 2859361 | 1863657 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 148157 | 845976 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)</sup> | 118382 | 395396 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 613194 | 6820660 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 23454000 | 907761 |
| &nbsp;&nbsp;&nbsp;Meteoric Resources NL<sup>(a)(b)</sup> | 10251645 | 983609 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(a)</sup> | 643920 | 558531 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)(b)</sup> | 142851 | 9581016 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 15300 | 285288 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 1733289 | 814311 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 261300 | 36636 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals, Ltd.<sup>(a)(b)</sup> | 3901700 | 6506017 |
| &nbsp;&nbsp;&nbsp;PMET Resources, Inc.<sup>(a)</sup> | 465018 | 138466 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)</sup> | 114583 | 734477 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 11727 | 74826 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)</sup> | 166676 | 561698 |
| &nbsp;&nbsp;&nbsp;Syrah Resources, Ltd.<sup>(a)(b)</sup> | 879304 | 154186 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 61958 | 2719337 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 15246 | 32017 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 3098250 | 818020 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 208647 | 901355 |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 145300 | 576870 |
| &nbsp;&nbsp;&nbsp;Xinjiang Xinxin Mining Industry Co., Ltd. | 50000 | 15934 |
| **Total Diversified Metals & Mining** |  | 44835227 |
| ***Environmental & Facilities Services (0.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sungeel Hitech Co., Ltd.<sup>(a)</sup> | 8620 | 218103 |
| ***Gold Mining (1.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp., Ltd. | 39000 | 695610 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 29952 | 728732 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)</sup> | 66822 | 59028 |
| **Total Gold Mining** |  | 1483370 |
| ***Precious Metals & Minerals Mining (0.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(a)(b)</sup> | 165778 | 870335 |
| ***Silver Mining (9.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)(b)</sup> | 169583 | 1961835 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 237998 | 1865904 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp.<sup>(b)</sup> | 340904 | 4189710 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 265125 | 514362 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(a)(b)</sup> | 66142 | 179245 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(a)</sup> | 1247067 | 177415 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(b)</sup> | 190825 | 1206014 |
| **Total Silver Mining** |  | 10094485 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Specialty Chemicals (8.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 55890 | $4531561 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(c)(e)</sup> | 646200 | 3582273 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(b)</sup> | 234550 | 1354503 |
| **Total Specialty Chemicals** |  | 9468337 |
| ***Steel Mining (0.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;MOIL, Ltd. | 90591 | 377817 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $79,076,830) |  | 108975460 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.01%)** | **SHORT TERM INVESTMENTS (7.01%)** | **SHORT TERM INVESTMENTS (7.01%)** | **SHORT TERM INVESTMENTS (7.01%)** |
| **Money Market Fund (0.17%)** | **Money Market Fund (0.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $181,838) | 4.06% | 181838 | 181838 |
| **Investments Purchased with Collateral from Securities Loaned (6.84%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $7,465,732) |  | 7465732 | $7465732 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $7,647,570) |  |  | 7647570 |
| **TOTAL INVESTMENTS (106.87%)** | **TOTAL INVESTMENTS (106.87%)** | **TOTAL INVESTMENTS (106.87%)** | **TOTAL INVESTMENTS (106.87%)** |
| (Cost $86,724,400) |  |  | $116623030 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.87%)** |  |  | (7497665) |
| **NET ASSETS - 100.00%** |  |  | $109125365 |

---

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

*<sup>(b)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $26,435,565. The loaned securities were secured with cash collateral of $7,465,732 and non-cash collateral with the value of $20,369,752. 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 September 30, 2025, the market value of those securities was $6,966,450, representing 6.38% 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 September 30, 2025, the aggregate market value of those securities was $3,582,273, representing 3.28% of net assets.* 

---

| |
|:---|
| **Sprott Lithium Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.06%)** |  |  |
| ***Diversified Metals & Mining (63.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Lithium, Ltd.<sup>(a)</sup> | 606848 | $76228 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)(b)</sup> | 6450177 | 448148 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.<sup>(a)</sup> | 34336 | 213570 |
| &nbsp;&nbsp;&nbsp;Delta Lithium, Ltd.<sup>(a)(b)</sup> | 409070 | 46016 |
| &nbsp;&nbsp;&nbsp;E3 Lithium, Ltd.<sup>(a)</sup> | 228090 | 245840 |
| &nbsp;&nbsp;&nbsp;Elevra Lithium, Ltd.<sup>(a)(b)</sup> | 231735 | 552020 |
| &nbsp;&nbsp;&nbsp;Galan Lithium, Ltd.<sup>(a)</sup> | 2885346 | 286385 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 299468 | 1026458 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 5551816 | 606150 |
| &nbsp;&nbsp;&nbsp;Kairos Gold, Inc.<sup>(a)(c)</sup> | 4531 | 384 |
| &nbsp;&nbsp;&nbsp;Kodal Minerals PLC<sup>(a)(b)</sup> | 44691569 | 177312 |
| &nbsp;&nbsp;&nbsp;Lake Resources NL<sup>(a)(b)</sup> | 2375154 | 47149 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(c)</sup> | 117442 | 18495 |
| &nbsp;&nbsp;&nbsp;Liontown Resources, Ltd.<sup>(a)(b)</sup> | 3774289 | 2459983 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 229736 | 1311793 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)(b)</sup> | 386900 | 1292246 |
| &nbsp;&nbsp;&nbsp;Lithium Ionic Corp.<sup>(a)(b)</sup> | 394081 | 220869 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals, Ltd.<sup>(a)(b)</sup> | 1927193 | 3213561 |
| &nbsp;&nbsp;&nbsp;PMET Resources, Inc.<sup>(a)(b)</sup> | 447838 | 1283950 |
| &nbsp;&nbsp;&nbsp;Savannah Resources PLC<sup>(a)(b)</sup> | 3303187 | 188804 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)</sup> | 159860 | 1024703 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)(b)</sup> | 389184 | 1311550 |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 299466 | 1188939 |
| **Total Diversified Metals & Mining** |  | 17240553 |
| ***Fertilizers & Agricultural Chemicals (7.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR | 50552 | 2172725 |
| ***Gold (0.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Mining, Ltd.<sup>(a)</sup> | 36338 | 15028 |
| ***Precious Metals & Minerals (0.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Lithium Corp.<sup>(a)</sup> | 11966 | 56958 |
| ***Specialty Chemicals (25.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 27597 | 2237565 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(d)(e)</sup> | 625300 | 3466411 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(b)</sup> | 231100 | 1334580 |
| **Total Specialty Chemicals** |  | 7038556 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $20,635,904) |  | 26523820 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (11.46%)** | **SHORT TERM INVESTMENTS (11.46%)** | **SHORT TERM INVESTMENTS (11.46%)** | **SHORT TERM INVESTMENTS (11.46%)** |
| **Money Market Fund (0.20%)** | **Money Market Fund (0.20%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $56,019) | 4.06% | 56019 | $56019 |
| **Investments Purchased with Collateral from Securities Loaned (11.26%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $3,074,691) |  | 3074691 | $3074691 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $3,130,710) |  |  | 3130710 |
| **TOTAL INVESTMENTS (108.52%)** | **TOTAL INVESTMENTS (108.52%)** | **TOTAL INVESTMENTS (108.52%)** | **TOTAL INVESTMENTS (108.52%)** |
| (Cost $23,766,614) |  |  | $29654530 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.52%)** |  |  | (2327847) |
| **NET ASSETS - 100.00%** |  |  | $27326683 |

---

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

*<sup>(b)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $6,949,387. The loaned securities were secured with cash collateral of $3,074,691 and non-cash collateral with the value of $4,317,849. 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 September 30, 2025, the aggregate market value of those securities was $3,466,411, representing 12.69% 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 September 30, 2025, the market value of those securities was $3,466,411, representing 12.69% of net assets.*

---

| |
|:---|
| **Sprott Uranium Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (12.50%)** | **CLOSED END FUND (12.50%)** | **CLOSED END FUND (12.50%)** |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>(a)(b)</sup> | 12615973 | $252283199 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $195,679,304) |  | 252283199 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (87.47%)** |  |  |
| ***Coal & Consumable Fuels (86.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy, Ltd.<sup>(a)(b)</sup> | 360856811 | 7640921 |
| &nbsp;&nbsp;&nbsp;Anfield Energy, Inc.<sup>(a)(b)(c)</sup> | 1273479 | 13021202 |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)(b)(c)</sup> | 23233569 | 15692717 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)(c)</sup> | 74719097 | 13349229 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)(b)(c)</sup> | 16705105 | 43220201 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)(b)</sup> | 31792595 | 14024573 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 33744925 | 45997741 |
| &nbsp;&nbsp;&nbsp;Cameco Corp.<sup>(c)</sup> | 3474074 | 291335846 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)(b)(c)</sup> | 15337197 | 12783753 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(c)</sup> | 235615300 | 95373036 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)(b)</sup> | 62883343 | 81555359 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(c)</sup> | 34933376 | 96066784 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium, Ltd.<sup>(a)(b)(c)</sup> | 30105984 | 8864896 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)(b)(c)</sup> | 15227666 | 49128562 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 6512573 | 99967996 |
| &nbsp;&nbsp;&nbsp;F3 Uranium Corp.<sup>(a)(b)(c)</sup> | 42372314 | 6698217 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)(b)(c)</sup> | 17147257 | 7023020 |
| &nbsp;&nbsp;&nbsp;GoviEx Uranium, Inc.<sup>(a)(b)</sup> | 137116376 | 11330303 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)(b)(c)</sup> | 4344378 | 43765308 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)(b)(c)</sup> | 23083873 | 11942508 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)(b)(c)</sup> | 220722155 | 34322159 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)(b)</sup> | 29066112 | 8667411 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(d)</sup> | 5412060 | 288462798 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 10676424 | 95553995 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 16598665 | 91381293 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources, Ltd.<sup>(a)(b)</sup> | 18031724 | 6478309 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)(c)</sup> | 7077212 | 94410008 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 5933411 | 25580560 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)(b)(c)</sup> | 29695880 | 53155625 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium Corp.<sup>(a)(b)(c)</sup> | 6649340 | 5112304 |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC<sup>(a)(c)(d)(e)</sup> | 9617393 | 73790905 |
| **Total Coal & Consumable Fuels** |  | 1745697539 |
| ***Diversified Metals & Mining (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)(b)</sup> | 27701137 | 15127444 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Electronic Equipment & Instruments (0.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)(b)</sup> | 5436284 | $4882773 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $1,254,368,233) |  | 1765707756 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.04%)** | **SHORT TERM INVESTMENTS (2.04%)** | **SHORT TERM INVESTMENTS (2.04%)** | **SHORT TERM INVESTMENTS (2.04%)** |
| **Money Market Fund (0.15%)** | **Money Market Fund (0.15%)** | | |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $2,972,815) | 4.06% | 2972815 | 2972815 |
| **Investments Purchased with Collateral from Securities Loaned (1.89%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $38,168,723) |  | 38168723 | $38168723 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $41,141,538) |  |  | 41141538 |
| **TOTAL INVESTMENTS (102.01%)** | **TOTAL INVESTMENTS (102.01%)** | **TOTAL INVESTMENTS (102.01%)** | **TOTAL INVESTMENTS (102.01%)** |
| (Cost $1,491,189,075) |  |  | $2059132493 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.01%)** |  |  | (40570910) |
| **NET ASSETS - 100.00%** |  |  | $2018561583 |

---

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

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

*<sup>(c)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $93,728,837. The loaned securities were secured with cash collateral of $38,168,723 and non-cash collateral with the value of $60,982,107. 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 September 30, 2025, the market value of those securities was $362,253,703 representing 17.95% 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 September 30, 2025, the aggregate market value of those securities was $73,790,905, representing 3.66% of net assets.*

*Affiliated Investments*

 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares as of January 1, 2025** | **Market Value as of January 1, 2025** | **Purchases (Shares)** | **Purchases (Cost)** | **Sales (Shares)** | **Sales (Proceeds)** | **Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Market Value as of September <br> 30, 2025** | **Share Balance <br> as of <br> September 30, 2025** |
| ***Closed End Fund*** | ***Closed End Fund*** | ***Closed End Fund*** |  |  |  |  |  |  |  |  |
| Sprott Physical Uranium Trust <sup>(a)</sup> | 9968477 | $172399971 | 4749397 | $84129011 | (2101901) | $(34345554) | $20890941 | $9208830 | $252283199 | 12615973 |
| ***Common Stock*** |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** | **Coal & Consumable Fuels** | **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |
| Alligator Energy, Ltd.<sup>(a)</sup> | 238286035 | 5014561 | 176575038 | 3676126 | (54004262) | (891295) | 93653 | (252124) | 7640921 | 360856811 |
| Anfield Energy, Inc.<sup>(a)(b)</sup> | 97560688 | 5769007 | 6186652 | 2343652 | (102473861)<sup>(d)</sup> | (1466550) | 6426114 | (51021) | 13021202 | 1273479 |
| Atha Energy Corp.<sup>(a)(b)</sup> | 17361008 | 6763480 | 8413949 | 4129944 | (2541388) | (1016251) | 5611808 | 203736 | 15692717 | 23233569 |
| Aura Energy, Ltd.<sup>(a)(b)</sup> | 52569654 | 4067247 | 34776867 | 4237324 | (12627424) | (1215891) | 6249381 | 11168 | 13349229 | 74719097 |
| Bannerman Energy, Ltd.<sup>(a)(b)</sup> | 11160477 | 20032546 | 8061850 | 16915478 | (2517222) | (4494787) | 9754118 | 1012846 | 43220201 | 16705105 |
| Berkeley Energia, Ltd.<sup>(a)</sup> | 28128334 | 5458120 | 9577465 | 3322332 | (5913204) | (1916701) | 6566680 | 594142 | 14024573 | 31792595 |
| Boss Energy, Ltd.<sup>(a)</sup> | 26043243 | 39170286 | 16453438 | 26240530 | (8751756) | (16349813) | (88174) | (2975088) | 45997741 | 33744925 |
| CanAlaska Uranium, Ltd.<sup>(a)(b)</sup> | 10206286 | 4828185 | 7622735 | 5288168 | (2491824) | (1561918) | 3497057 | 732261 | 12783753 | 15337197 |
| Deep Yellow, Ltd.<sup>(a)</sup> | 61195181 | 42611336 | 31089250 | 27513151 | (29401088) | (33164977) | 37747304 | 6848545 | 81555359 | 62883343 |
| Encore Energy Corp.<sup>(a)(b)</sup> | 11510995 | 38838447 | 6323526 | 13717373 | (2606855) | (6695650) | 762082 | 2506310 | 49128562 | 15227666 |
| Energy Fuels, Inc.<sup>(a)(c)</sup> | 10382148 | 53260419 | 5507580 | 39942631 | (9377155) | (122973725) | 68288581 | 61450090 | 99967996 | 6512573 |
| F3 Uranium Corp.<sup>(a)(b)</sup> | 29621703 | 4945709 | 19625280 | 3009036 | (6874669) | (1138268) | (204148) | 85888 | 6698217 | 42372314 |
| Forsys Metals Corp.<sup>(a)(b)</sup> | 11900529 | 5464085 | 8033656 | 3717700 | (2786928) | (1078361) | (899373) | (181031) | 7023020 | 17147257 |
| GoviEx Uranium, Inc.<sup>(a)</sup> | 92426022 | 3214930 | 63793544 | 4258087 | (19103190) | (798490) | 4669759 | (13983) | 11330303 | 137116376 |
| IsoEnergy, Ltd.<sup>(a)(b)</sup> | 11149579 | 20089332 | 2698204 | 18517487 | (9503405)<sup>(e)</sup> | (4788995) | 9648795 | 298689 | 43765308 | 4344378 |
| Laramide Resources, Ltd.<sup>(a)(b)</sup> | 15314294 | 6818427 | 11248561 | 5470835 | (3478982) | (1454271) | 1195923 | (88406) | 11942508 | 23083873 |
| Mega Uranium, Ltd.<sup>(a)</sup> | 23413093 | 5375019 | 10840931 | 2552010 | (5187912) | (1062532) | 1861407 | (58493) | 8667411 | 29066112 |
| Peninsula Energy, Ltd.<sup>(a)(c)</sup> | 9624599 | 7506001 | 3651126 | 1783759 | (13275725) | (3051256) | 11821713 | (18060217) |  |  |
| Skyharbour Resources, Ltd.<sup>(a)</sup> | 14889427 | 3832542 | 6048494 | 1897251 | (2906197) | (657659) | 1520497 | (114322) | 6478309 | 18031724 |
| Ur-Energy, Inc.<sup>(a)(b)</sup> | 23220620 | 26703713 | 12053360 | 13580096 | (5578100) | (6132869) | 17429069 | 1575616 | 53155625 | 29695880 |
| Western Uranium & <br> Vanadium Corp.<sup>(a)(b)</sup> | 3782027 | 2578445 | 3462707 | 3111024 | (595394) | (376927) | (108668) | (91570) | 5112304 | 6649340 |
| **Diversified Metals & Mining** | **Diversified Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Global Atomic Corp.<sup>(a)</sup> | 14401623 | 7814718 | 17471735 | 9006852 | (4172221) | (2128949) | 346980 | 87843 | 15127444 | 27701137 |
| **Electronic Equipment & Instruments** | **Electronic Equipment & Instruments** |  |  |  |  |  |  |  |  |  |
| Premier American Uranium, Inc.<sup>(a)</sup> | 2637859 | 2642539 | 3806379 | 3984208 | (1007954) | (832820) | (855733) | (55421) | 4882773 | 5436284 |
|  |  | $495199065 |  | $302344065 |  | $(249594509) | $212225766 | $62674288 | $822848675 |  |
| Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period | Securities that became affiliated during the period |  |  |  |  |
| ***Common Stock*** |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** | **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |
| Elevate Uranium, Ltd.<sup>(a)(b)</sup> | 19033404 | $3121891 | 16349964 | $2777524 | (5277384) | $(920861) | $3751131 | $135211 | $8864896 | 30105984 |
| Lotus Resources, Ltd.<sup>(a)(b)</sup> | 116548235 | 14427501 | 136557793 | 17494487 | (32383873) | (3640933) | 6074024 | (32920) | 34322159 | 220722155 |
|  |  | $17549392 |  | $20272011 |  | $(4561794) | $9825155 | $102291 | $43187055 |  |
|  |  | $512748457 |  | $322616076 |  | $(254156303) | $222050921 | $62776579 | $866035730 |  |
| Securities that became affiliated during the period | 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 as of September 30, 2025 | Securities no longer affiliated as of September 30, 2025 | Securities no longer affiliated as of September 30, 2025 | Securities no longer affiliated as of September 30, 2025 |  |  |  | (47945350) |  | 99967996 |  |
| Securities Affiliated as of as of September 30, 2025 | Securities Affiliated as of as of September 30, 2025 | Securities Affiliated as of as of September 30, 2025 | Securities Affiliated as of as of September 30, 2025 | Securities Affiliated as of as of September 30, 2025 |  |  | $158108049 |  | $766067734 |  |

---

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

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

*<sup>(c)</sup>* *Security is no longer an affiliated company at September 30, 2025.*

*<sup>(d)</sup>* *Includes effect of a reverse split (1:75) effective on August 1, 2025.*

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

---

| |
|:---|
| **Sprott Junior Uranium Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (94.54%)** |  |  |
| ***Coal & Consumable Fuels (93.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy, Ltd.<sup>(a)</sup> | 106692667 | $2259152 |
| &nbsp;&nbsp;&nbsp;Anfield Energy, Inc.<sup>(a)</sup> | 302198 | 3089946 |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)</sup> | 8798653 | 5942900 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)</sup> | 15455953 | 2761343 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)(b)</sup> | 4119714 | 10658710 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)</sup> | 9527116 | 3467248 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)</sup> | 4605857 | 6278248 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)</sup> | 4887068 | 4073435 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(b)</sup> | 49553800 | 20058529 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 13595637 | 17632604 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(b)</sup> | 18098526 | 49770946 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium, Ltd.<sup>(a)(b)</sup> | 8242855 | 2427160 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 5038845 | 16256675 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 1197133 | 18375992 |
| &nbsp;&nbsp;&nbsp;F3 Uranium Corp.<sup>(a)</sup> | 14765351 | 2334107 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)</sup> | 4169251 | 1707604 |
| &nbsp;&nbsp;&nbsp;GoviEx Uranium, Inc.<sup>(a)</sup> | 22733190 | 1878506 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)</sup> | 942033 | 9490050 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)</sup> | 6287394 | 3252801 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)</sup> | 51184807 | 7959206 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)</sup> | 10832098 | 3230093 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 4714427 | 42194122 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 7401454 | 40747520 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)</sup> | 4594153 | 1656772 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources, Ltd.<sup>(a)</sup> | 5747993 | 2065098 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 4946645 | 65988244 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 3092436 | 13297475 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 9178190 | 16428960 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium Corp.<sup>(a)</sup> | 1556875 | 1196994 |
| **Total Coal & Consumable Fuels** |  | 376480440 |
| ***Diversified Metals & Mining (1.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)</sup> | 8428812 | 4602930 |
| ***Electronic Equipment & Instruments (0.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)</sup> | 772534 | 693876 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $288,157,561) |  | 381777246 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.74%)** | **SHORT TERM INVESTMENTS (0.74%)** | **SHORT TERM INVESTMENTS (0.74%)** | **SHORT TERM INVESTMENTS (0.74%)** |
| **Money Market Fund (0.01%)** | **Money Market Fund (0.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $43,992) | 4.06% | 43992 | $43992 |
| **Investments Purchased with Collateral from Securities Loaned (0.73%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $2,929,835) |  | 2929835 | $2929835 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $2,973,827) |  |  | 2973827 |
| **TOTAL INVESTMENTS (95.28%)** |  |  |  |
| (Cost $291,131,388) |  |  | $384751073 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (4.72%)** |  |  | 19058041 |
| **NET ASSETS - 100.00%** |  |  | $403809114 |

---

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

*<sup>(b)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $6,035,435. The loaned securities were secured with cash collateral of $2,929,835 and non-cash collateral with the value of $3,535,700. 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.*

---

| |
|:---|
| **Sprott Junior Copper Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.27%)** | **COMMON STOCKS (99.27%)** | **COMMON STOCKS (99.27%)** |
| ***Copper Mining (48.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)(b)</sup> | 1430101 | $458954 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(a)</sup> | 295990 | 544467 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 281324 | 618561 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 151927 | 1281127 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(a)</sup> | 3175300 | 226963 |
| &nbsp;&nbsp;&nbsp;Austral Resources Australia, Ltd.<sup>(a)(c)</sup> | 62142 | 2056 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 407487 | 830812 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(a)</sup> | 10094300 | 110257 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)(b)</sup> | 63588 | 1288026 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)(b)</sup> | 445165 | 575769 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(a)</sup> | 4691426 | 121068 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(a)</sup> | 324663 | 197643 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 176345 | 747601 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(b)(c)</sup> | 6259100 | 514758 |
| &nbsp;&nbsp;&nbsp;Koryx Copper, Inc.<sup>(a)</sup> | 162581 | 143691 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(a)</sup> | 117078 | 968289 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 120763 | 1140299 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)</sup> | 4062977 | 821830 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 401975 | 1700354 |
| **Total Copper Mining** |  | 12292525 |
| ***Diversified Metals & Mining (45.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(b)</sup> | 1417755 | 379942 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)</sup> | 1119413 | 288879 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd. | 290777 | 568307 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(a)</sup> | 89009 | 207221 |
| &nbsp;&nbsp;&nbsp;Caravel Minerals, Ltd.<sup>(a)</sup> | 1114577 | 118002 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(a)</sup> | 522864 | 122822 |
| &nbsp;&nbsp;&nbsp;Encounter Resources, Ltd.<sup>(a)</sup> | 957631 | 243961 |
| &nbsp;&nbsp;&nbsp;Entree Resources, Ltd.<sup>(a)</sup> | 296902 | 471476 |
| &nbsp;&nbsp;&nbsp;Fitzroy Minerals, Inc.<sup>(a)</sup> | 239500 | 55930 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)</sup> | 233932 | 455221 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 560437 | 326187 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)(b)</sup> | 121976 | 1530799 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)(b)</sup> | 436382 | 580087 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 785483 | 907184 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 78323 | 1460431 |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(a)</sup> | 1395405 | 441171 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 5123600 | 718360 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(a)</sup> | 1436475 | 171093 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(a)</sup> | 256098 | 421401 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 202100 | 1289537 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 323411 | 679163 |
| **Total Diversified Metals & Mining** |  | 11437174 |
| ***Gold Mining (4.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cygnus Metals, Ltd.<sup>(a)</sup> | 1022921 | 71071 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Gold Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)(b)</sup> | 1277907 | $1128863 |
| **Total Gold Mining** |  | 1199934 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $18,579,785) |  | 24929633 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<br> 7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.43%)<br>**  | **SHORT TERM INVESTMENTS (6.43%)<br>**  | **SHORT TERM INVESTMENTS (6.43%)<br>**  |  |
| **Money Market Fund (0.64%)** | **Money Market Fund (0.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $160,497) | 4.06% | 160497 | 160497 |
| **Investments Purchased with Collateral from Securities Loaned (5.79%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $1,453,452) |  | 1453452 | $1453452 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $1,613,949) |  |  | 1613949 |
| **TOTAL INVESTMENTS (105.70%)** | **TOTAL INVESTMENTS (105.70%)** | **TOTAL INVESTMENTS (105.70%)** | **TOTAL INVESTMENTS (105.70%)** |
| (Cost $20,193,734) |  |  | $26543582 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.70%)** |  |  | (1430428) |
| **NET ASSETS - 100.00%** |  |  | $25113154 |

---

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

*<sup>(b)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $2,121,746. The loaned securities were secured with cash collateral of $1,453,452 and non-cash collateral with the value of $775,051. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

*<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.*

---

| |
|:---|
| **Sprott Nickel Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.18%)** |  |  |
| ***Diversified Metals & Mining (92.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adhi Kartiko Pratama PT<sup>(a)</sup> | 3737100 | $99118 |
| &nbsp;&nbsp;&nbsp;Canada Nickel Co., Inc.<sup>(a)</sup> | 531225 | 389344 |
| &nbsp;&nbsp;&nbsp;Centaurus Metals, Ltd.<sup>(a)</sup> | 1075594 | 284688 |
| &nbsp;&nbsp;&nbsp;Central Omega Resources Tbk PT | 6576100 | 284116 |
| &nbsp;&nbsp;&nbsp;Chalice Mining, Ltd.<sup>(a)</sup> | 210915 | 347510 |
| &nbsp;&nbsp;&nbsp;Chilean Metals, Inc.<sup>(a)(b)</sup> | 29395 |  |
| &nbsp;&nbsp;&nbsp;Estrella Resources, Ltd.<sup>(a)</sup> | 936080 | 20440 |
| &nbsp;&nbsp;&nbsp;Global Ferronickel Holdings, Inc. | 9073000 | 224487 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 171416 | 587546 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 105493 | 578102 |
| &nbsp;&nbsp;&nbsp;Magna Mining, Inc.<sup>(a)</sup> | 380734 | 724973 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 45148750 | 1747431 |
| &nbsp;&nbsp;&nbsp;Metals One PLC<sup>(a)</sup> | 316025 | 15620 |
| &nbsp;&nbsp;&nbsp;NexMetals Mining Corp.<sup>(a)</sup> | 47090 | 257833 |
| &nbsp;&nbsp;&nbsp;Nickel Asia Corp. | 9410415 | 549749 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 3335655 | 1567113 |
| &nbsp;&nbsp;&nbsp;Pam Mineral Tbk PT | 4859400 | 306173 |
| &nbsp;&nbsp;&nbsp;Power Metallic Mines, Inc.<sup>(a)(c)</sup> | 530956 | 553198 |
| &nbsp;&nbsp;&nbsp;Talon Metals Corp.<sup>(a)</sup> | 2404210 | 760115 |
| &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 6808050 | 486143 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 2985500 | 788251 |
| &nbsp;&nbsp;&nbsp;Xinjiang Xinxin Mining Industry Co., Ltd. | 1846700 | 588518 |
| **Total Diversified Metals & Mining** |  | 11160468 |
| ***Gold Mining (5.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 1958695 | 371405 |
| &nbsp;&nbsp;&nbsp;Horizon Minerals, Ltd.<sup>(a)</sup> | 6019005 | 298708 |
| **Total Gold Mining** |  | 670113 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $10,379,361) |  | 11830581 |
| **TOTAL INVESTMENTS (98.18%)** |  |  |
| (Cost $10,379,361) |  | $11830581 |
| **NET LIABILITIES LESS OTHER ASSETS (1.82%)** |  | 219916 |
| **NET ASSETS - 100.00%** |  | $12050497 |

---

*<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 September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $192,333. The loaned securities were secured with cash collateral of $– and non-cash collateral with the value of $211,556. 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.*

---

| |
|:---|
| **Sprott Copper Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (4.46%)** | **CLOSED END FUND (4.46%)** | **CLOSED END FUND (4.46%)** |
| &nbsp;&nbsp;&nbsp;Sprott Physical Copper Trust<sup>(a)(b)</sup> | 203176 | $1898883 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $1,605,230) |  | 1898883 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (94.18%)** |  |  |
| ***Copper Mining (61.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(b)(c)</sup> | 214121 | 68717 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(b)</sup> | 44461 | 81785 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 122353 | 4526839 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(b)</sup> | 42138 | 92651 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 24429 | 205998 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(b)</sup> | 480000 | 34309 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(b)(c)</sup> | 211000 | 1792067 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 60970 | 124310 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(b)</sup> | 2251200 | 24589 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(b)(c)</sup> | 30274 | 612443 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(b)</sup> | 66693 | 86260 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(b)</sup> | 102512 | 2318803 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 198920 | 7801642 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(b)(c)</sup> | 679677 | 17540 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(b)</sup> | 48642 | 29611 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(b)</sup> | 26425 | 112027 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(c)(d)</sup> | 987700 | 81230 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA | 41284 | 1817352 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(c)</sup> | 160340 | 2391793 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(b)</sup> | 17513 | 144841 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(b)</sup> | 123700 | 1168031 |
| &nbsp;&nbsp;&nbsp;Sociedad Minera Cerro Verde SAA | 5181 | 217602 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(b)(c)</sup> | 608395 | 123062 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 16802 | 2039091 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(b)</sup> | 109645 | 463798 |
| **Total Copper Mining** |  | 26376391 |
| ***Diversified Metals & Mining (28.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(c)</sup> | 212268 | 56885 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(b)</sup> | 167446 | 43212 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd. | 43515 | 85048 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(b)</sup> | 13581 | 31618 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(b)</sup> | 75708 | 17784 |
| &nbsp;&nbsp;&nbsp;Encounter Resources, Ltd.<sup>(b)</sup> | 155662 | 39656 |
| &nbsp;&nbsp;&nbsp;Entree Resources, Ltd.<sup>(b)</sup> | 44498 | 70662 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(b)</sup> | 35218 | 68533 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(b)</sup> | 83966 | 48870 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 133816 | 2028650 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(b)</sup> | 28058 | 352128 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(b)(c)</sup> | 195964 | 2078342 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(b)</sup> | 65391 | $86925 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 354220 | 409102 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(b)</sup> | 1457700 | 1264397 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(b)</sup> | 49672 | 926197 |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(b)</sup> | 208946 | 66060 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 766900 | 107524 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(b)</sup> | 217556 | 25912 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(b)</sup> | 38615 | 63540 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(b)</sup> | 37576 | 239761 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 86089 | 3778446 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(b)</sup> | 47450 | 99645 |
| **Total Diversified Metals & Mining** |  | 11988897 |
| ***Gold Mining (4.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp., Ltd. | 88000 | 1569581 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(b)</sup> | 211794 | 187092 |
| **Total Gold Mining** |  | 1756673 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $32,519,982) |  | 40121961 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND (0.80%)** | **EXCHANGE TRADED FUND (0.80%)** | **EXCHANGE TRADED FUND (0.80%)** |
| ***(0.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI India ETF<sup>(c)</sup> | 6504 | 338598 |
| **TOTAL EXCHANGE TRADED FUND** |  |  |
| (Cost $351,822) |  | 338598 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.40%)** | **SHORT TERM INVESTMENTS (0.40%)** | **SHORT TERM INVESTMENTS (0.40%)** | **SHORT TERM INVESTMENTS (0.40%)** |
| **Money Market Fund (0.22%)** | **Money Market Fund (0.22%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $92,378) | 4.06% | 92378 | 92378 |
| **Investments Purchased with Collateral from Securities Loaned (0.18%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $78,563) |  | 78563 | $78563 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $170,941) |  |  | 170941 |
| **TOTAL INVESTMENTS (99.84%)** | **TOTAL INVESTMENTS (99.84%)** | **TOTAL INVESTMENTS (99.84%)** | **TOTAL INVESTMENTS (99.84%)** |
| (Cost $34,647,975) |  |  | $42530383 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.16%)** |  |  | 69192 |
| **NET ASSETS - 100.00%** |  |  | $42599575 |

---

*<sup>(a)</sup>* *Affiliate of the Fund. See table below (Affiliated Investments).* <br> *<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $4,666,938. The loaned securities were secured with cash collateral of $78,563 and non-cash collateral with the value of $4,910,817. 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>* *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.*

*Affiliated Investments*

 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares as of January 1, 2025** | **Market Value as of January <br> 1, 2025** | **Purchases (Shares)** | **Purchases (Cost)** | **Sales (Shares)** | **Sales (Proceeds)** | **Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Market Value as of September 30, 2025** | **Share Balance as of September 30, 2025** |
| ***Closed End Fund*** |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical Copper Trust<sup>(a)</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 205176 | $1621456 | (2000) | $(15274) | $293653 | $(952) | $1898883 | 203176 |
| Securities Affiliated as of September 30, 2025 |  |  |  | $1621456 |  | $(15274) | $293653 | $(952) | $1898883 | 203176 |

---

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

---

| |
|:---|
| **Sprott Silver Miners & Physical Silver ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (13.96%)** | **CLOSED END FUND (13.96%)** | **CLOSED END FUND (13.96%)** |
| &nbsp;&nbsp;&nbsp;Sprott Physical Silver Trust<sup>(a)(b)</sup> | 3072337 | $48235691 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $38,477,896) |  | 48235691 |
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (85.26%)** |  |  |
| ***Diversified Metals & Mining (13.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(b)(c)</sup> | 2983590 | 16143158 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(b)(c)</sup> | 3511782 | 13063829 |
| &nbsp;&nbsp;&nbsp;Andean Silver, Ltd.<sup>(b)</sup> | 69414 | 93700 |
| &nbsp;&nbsp;&nbsp;Blackrock Silver Corp.<sup>(b)(c)</sup> | 187931 | 117482 |
| &nbsp;&nbsp;&nbsp;Cerro de Pasco Resources, Inc.<sup>(b)</sup> | 159991 | 57480 |
| &nbsp;&nbsp;&nbsp;Eloro Resources, Ltd.<sup>(b)</sup> | 45829 | 53347 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(b)</sup> | 108469 | 63131 |
| &nbsp;&nbsp;&nbsp;Prime Mining Corp.<sup>(b)</sup> | 1495 | 3685 |
| &nbsp;&nbsp;&nbsp;Santacruz Silver Mining, Ltd.<sup>(b)</sup> | 203881 | 404334 |
| &nbsp;&nbsp;&nbsp;Societe Metallurgique D'imiter | 5232 | 1476346 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(b)</sup> | 3211521 | 13873771 |
| **Total Diversified Metals & Mining** |  | 45350263 |
| ***Gold (10.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(b)</sup> | 316128 | 5930561 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 145974 | 697723 |
| &nbsp;&nbsp;&nbsp;Hycroft Mining Holding Corp.<sup>(b)</sup> | 7818 | 48472 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc.<sup>(c)</sup> | 66530 | 2666522 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 153031 | 5926891 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(b)</sup> | 83261 | 2033234 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp.<sup>(c)</sup> | 108620 | 3178221 |
| &nbsp;&nbsp;&nbsp;Unico Silver, Ltd.<sup>(b)</sup> | 8004430 | 3787017 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp.<sup>(c)</sup> | 107016 | 11968669 |
| **Total Gold** |  | 36237310 |
| ***Precious Metals & Minerals (4.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(b)(c)</sup> | 90199 | 473545 |
| &nbsp;&nbsp;&nbsp;Dolly Varden Silver Corp.<sup>(b)(c)</sup> | 31902 | 160232 |
| &nbsp;&nbsp;&nbsp;GR Silver Mining, Ltd.<sup>(b)</sup> | 7369733 | 1800466 |
| &nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd.<sup>(b)(c)</sup> | 9287128 | 3603542 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV<sup>(c)</sup> | 91989 | 4109982 |
| &nbsp;&nbsp;&nbsp;Outcrop Silver & Gold Corp.<sup>(b)</sup> | 5915963 | 1615338 |
| &nbsp;&nbsp;&nbsp;Sierra Madre Gold And Silver, Ltd.<sup>(b)(c)</sup> | 1799928 | 1655463 |
| &nbsp;&nbsp;&nbsp;Southern Silver Exploration Corp.<sup>(b)(c)</sup> | 187964 | 55375 |
| &nbsp;&nbsp;&nbsp;Viscount Mining Corp.<sup>(b)</sup> | 2350416 | 1435549 |
| **Total Precious Metals & Minerals** |  | 14909492 |
| ***Silver (57.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aftermath Silver, Ltd.<sup>(b)(c)</sup> | 4916380 | 3356011 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Silver (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Andean Precious Metals Corp.<sup>(b)</sup> | 948003 | $5653823 |
| &nbsp;&nbsp;&nbsp;Apollo Silver Corp.<sup>(b)</sup> | 33518 | 96095 |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(b)(c)</sup> | 1080962 | 12505201 |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(b)</sup> | 262468 | 973151 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(b)</sup> | 4259408 | 33393759 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp.<sup>(c)</sup> | 6922648 | 85079344 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 127073 | 4033250 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(b)</sup> | 6575372 | 12756704 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 378521 | 4580104 |
| &nbsp;&nbsp;&nbsp;IMPACT Silver Corp.<sup>(b)</sup> | 5703051 | 1208881 |
| &nbsp;&nbsp;&nbsp;Kootenay Silver, Inc.<sup>(b)</sup> | 1326355 | 1877502 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(b)</sup> | 1975561 | 5353770 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(b)</sup> | 38013783 | 5408046 |
| &nbsp;&nbsp;&nbsp;Silver Tiger Metals, Inc.<sup>(b)</sup> | 8761724 | 4784731 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(c)</sup> | 2385523 | 15076505 |
| &nbsp;&nbsp;&nbsp;Sotkamo Silver AB<sup>(b)</sup> | 6089480 | 700639 |
| &nbsp;&nbsp;&nbsp;Sun Silver, Ltd.<sup>(b)(c)</sup> | 1762353 | 1358563 |
| **Total Silver** |  | 198196079 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $201,722,502) |  | 294693144 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS (2.99%)**<br>|  |  |  |
| **Money Market Fund (0.09%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $297,260) | 4.06% | 297260 | 297260 |
| **Investments Purchased with Collateral from Securities Loaned (2.90%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.18% |  |  |  |
| (Cost $10,027,457) |  | 10027457 | $10027457 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $10,324,717) |  |  | 10324717 |
| **TOTAL INVESTMENTS (102.21%)** |  |  |  |
| (Cost $250,525,115) |  |  | $353253552 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.21%)** |  |  | (7629014) |
| **NET ASSETS - 100.00%** |  |  | $345624538 |

---

*<sup>(a)</sup>* *Affiliate of the Fund. See table below (Affiliated Investments).* <br> *<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *As of September 30, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $10,937,238. The loaned securities were secured with cash collateral of $10,027,457 and non-cash collateral with the value of $1,222,793. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

*Affiliated Investments*

 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares as of January 1, 2025<sup>(b)</sup>** | **Market Value as of January <br> 1, 2025** | **Purchases (Shares)** | **Purchases (Cost)** | **Sales (Shares)** | **Sales (Proceeds)** | **Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Market Value as of September 30, 2025** | **Share Balance as of September 30, 2025** |
| ***Closed-End Funds*** |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical <br> Silver Trust<sup>(a)</sup> |  | $– | 3406837 | $42520839 | (334500) | $(3987777) | $9757795 | $(55166) | $48235691 | 3072337 |
| Securities Affiliated as of September 30, 2025 |  |  |  | $42520839 |  | $(3987777) | $9757795 | $(55166) | $48235691 | 3072337 |

---

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

*<sup>(b)</sup>* *The fund commenced operations January 14, 2025.*

---

| |
|:---|
| **Sprott Active Gold & Silver Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.83%)** |  |  |
| ***Diversified Metals & Mining (2.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 526184 | $2272304 |
| ***Gold (90.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | 27146 | 4572122 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 95716 | 3336660 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 46148 | 3245589 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 29410 | 965963 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 53383 | 1298808 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 324653 | 6090490 |
| &nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 179626 | 3981794 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)</sup> | 125908 | 3637482 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)</sup> | 898108 | 2983274 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)</sup> | 382829 | 4288499 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | 373176 | 2674256 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(a)</sup> | 247251 | 4912330 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.<sup>(a)</sup> | 776062 | 3024632 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.<sup>(a)</sup> | 2141298 | 2046365 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(a)</sup> | 366752 | 4742103 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 129027 | 3206321 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 32237 | 2088676 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.<sup>(a)</sup> | 154700 | 1110746 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 42924 | 3618922 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | 145725 | 2288193 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 214853 | 4586680 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 60636 | 2430320 |
| &nbsp;&nbsp;&nbsp;Ora Banda Mining, Ltd.<sup>(a)</sup> | 2877436 | 2246718 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 28458 | 1102178 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)</sup> | 91376 | 1848537 |
| &nbsp;&nbsp;&nbsp;Ramelius Resources, Ltd. | 1312316 | 3369232 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 122050 | 2980461 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(a)</sup> | 108624 | 4514487 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 230680 | 3593549 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd.<sup>(a)(b)</sup> | 914231 | 1839037 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 609345 | 1806351 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 33872 | 3788245 |
| **Total Gold** |  | 98219020 |
| ***Precious Metals & Minerals (1.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 16460 | 1173264 |
| ***Silver (5.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 117751 | 1362212 |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(a)</sup> | 758833 | 2813522 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 221075 | 1731492 |
| **Total Silver** |  | 5907226 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $75,668,193) |  | 107571814 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.07%)** | **SHORT TERM INVESTMENTS (2.07%)** | **SHORT TERM INVESTMENTS (2.07%)** | **SHORT TERM INVESTMENTS (2.07%)** |
| **Money Market Fund (2.07%)** | **Money Market Fund (2.07%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $2,260,223) | 4.06% | 2260223 | $2260223 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $2,260,223) |  |  | 2260223 |
| **TOTAL INVESTMENTS (100.90%)** |  |  |  |
| (Cost $77,928,416) |  |  | $109832037 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.90%)** |  |  | (981237) |
| **NET ASSETS - 100.00%** |  |  | $108850800 |

---

*<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.*

---

| |
|:---|
| **Sprott Active Metals & Miners ETF** |
| **Schedule of Investments** |
| **As of September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.12%)** |  |  |
| ***Coal & Consumable Fuels (21.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 130080 | $336549 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)</sup> | 140160 | 191052 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 9984 | 837258 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 282336 | 776424 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 96672 | 865512 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 107328 | 590877 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 73056 | 974567 |
| **Total Coal & Consumable Fuels** |  | 4572239 |
| ***Copper (11.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 3756 | 138965 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 77376 | 652475 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 37728 | 764211 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 7789 | 305484 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 41088 | 612910 |
| **Total Copper** |  | 2474045 |
| ***Diversified Metals & Mining (28.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Foran Mining Corp.<sup>(a)</sup> | 168864 | 471999 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 43776 | 663072 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 59424 | 203682 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)</sup> | 86784 | 920408 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)</sup> | 116352 | 388616 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 76224 | 847852 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International, Inc.<sup>(a)</sup> | 90127 | 753811 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)</sup> | 9984 | 669627 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp<sup>(a)</sup> | 30816 | 194856 |
| &nbsp;&nbsp;&nbsp;Sovereign Metals Ltd<sup>(a)</sup> | 434112 | 205385 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 180384 | 778981 |
| **Total Diversified Metals & Mining** |  | 6098289 |
| ***Gold (11.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atex Resources Inc<sup>(a)</sup> | 231264 | 422081 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 28800 | 700704 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 16128 | 624638 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 6336 | 709038 |
| **Total Gold** |  | 2456461 |
| ***Precious Metals & Minerals (0.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 1252 | 89242 |
| ***Silver (9.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 46677 | 539987 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 127776 | 1001764 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 279543 | 542334 |
| **Total Silver** |  | 2084085 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Specialty Chemicals (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR | 8448 | $363095 |
| ***Steel (13.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Champion Iron, Ltd. | 195360 | 603689 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 5376 | 728072 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc.<sup>(a)</sup> | 2592 | 727911 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 4992 | 696035 |
| **Total Steel** |  | 2755707 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $19,713,191) |  | 20893163 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.68%)** | **SHORT TERM INVESTMENTS (1.68%)** | **SHORT TERM INVESTMENTS (1.68%)** | **SHORT TERM INVESTMENTS (1.68%)** |
| **Money Market Fund (1.68%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund |  |  |  |
| (Cost $353,084) | 4.06% | 353084 | $353084 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |
| (Cost $353,084) |  |  | 353084 |
| **TOTAL INVESTMENTS (100.80%)** | **TOTAL INVESTMENTS (100.80%)** | **TOTAL INVESTMENTS (100.80%)** | **TOTAL INVESTMENTS (100.80%)** |
| (Cost $20,066,275) |  |  | $21246247 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.80%)** |  |  | (167576) |
| **NET ASSETS - 100.00%** |  |  | $21078671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-income producing security.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPROTT FUNDS TRUST

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

- **c. CIK number of Registrant:** 0001728683

- **d. LEI of Registrant:** 254900ESM83A3F9BO555

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 320 POST ROAD SUITE 230

  - **City:** DARIEN

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06820

  - **Telephone number:** 2036562400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sprott Silver Miners & Physical Silver ETF

- **b. EDGAR series identifier (if any):** S000086726

- **c. LEI of Series:** 254900ZUOVNIY50FJ915

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $343729162.28

**Total Liabilities:** $314080.79

**Net Assets:** $343415081.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252337 | 1.11%                | 16.70%               | 26.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1685.54                | $-3542166.79                               |
| Month 2  | $119728.94               | $28944570.22                               |
| Month 3  | $32673.48                | $63670926.70                               |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wheaton Precious Metals Corp                               | Wheaton Precious Metals Corp.                              | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    106331 | NS      | $11892059.04  | 3.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Andean Silver Ltd                                          | Andean Silver, Ltd.                                        | CUSIP: N/A<br>LEI: 25490044GUNE4S2E6K11       | Long             | EC               | CORP              | AU        |     68969 | NS      | $93098.98     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerro De Pasco Resources Inc                               | Cerro de Pasco Resources, Inc.                             | CUSIP: 156828105<br>LEI: 529900WKB2I6AJYVHK72 | Long             | EC               | CORP              | CA        |    158961 | NS      | $57110.37     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Avino Silver & Gold Mines Ltd                              | Avino Silver & Gold Mines, Ltd.                            | CUSIP: 053906103<br>LEI: 549300DZZNDMPML1VJ37 | Long             | EC               | CORP              | CA        |     89619 | NS      | $470499.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Aftermath Silver Ltd                                       | Aftermath Silver, Ltd.                                     | CUSIP: 00831V205<br>LEI: 529900FSCUB83APG5666 | Long             | EC               | CORP              | CA        |   4884950 | NS      | $3334556.66   | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Endeavour Silver Corp                                      | Endeavour Silver Corp.                                     | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | CA        |   4232188 | NS      | $33180353.92  | 9.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Corp                           | Triple Flag Precious Metals Corp.                          | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |    107925 | NS      | $3157885.50   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Hercules Metals Corp                                       | Hercules Metals Corp.                                      | CUSIP: 427086103<br>LEI: 894500C6CSRIL3D6RX81 | Long             | EC               | CORP              | CA        |    107774 | NS      | $62726.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eloro Resources Ltd                                        | Eloro Resources, Ltd.                                      | CUSIP: 289900300<br>LEI: 529900IQ2C3D5C7VQU46 | Long             | EC               | CORP              | CA        |     45534 | NS      | $53003.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                                           | Coeur Mining, Inc.                                         | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    314103 | NS      | $5892572.28   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Viscount Mining Corp                                       | Viscount Mining Corp.                                      | CUSIP: 92834X106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2335301 | NS      | $1426317.35   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hochschild Mining Plc                                      | Hochschild Mining PLC                                      | CUSIP: N/A<br>LEI: 549300JK10TVQ3CCJQ89       | Long             | EC               | CORP              | GB        |    145034 | NS      | $693229.56    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercorp Metals Inc                                      | Silvercorp Metals, Inc.                                    | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | CA        |   2370278 | NS      | $14980156.96  | 4.36%             |  |  |  | No            |                  1 | On Loan: —       |
| First Majestic Silver Corp                                 | First Majestic Silver Corp.                                | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |   6877123 | NS      | $84519841.67  | 24.61%            |  |  |  | No            |                  1 | On Loan: —       |
| Guanajuato Silver Co Ltd                                   | Guanajuato Silver Co., Ltd.                                | CUSIP: 40066W106<br>LEI: 549300C1VGZKX7N1GH74 | Long             | EC               | CORP              | CA        |   9227758 | NS      | $3580505.37   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Blackrock Silver Corp                                      | Blackrock Silver Corp.                                     | CUSIP: 09261Q107<br>LEI: 529900EI75MCI5GL7914 | Long             | EC               | CORP              | CA        |    186721 | NS      | $116725.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Apollo Silver Corp                                         | Apollo Silver Corp.                                        | CUSIP: 03770A307<br>LEI: 984500BAD875B61ECA56 | Long             | EC               | CORP              | CA        |     33303 | NS      | $95479.03     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unico Silver Ltd                                           | Unico Silver, Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   7952960 | NS      | $3762665.85   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Andean Precious Metals Corp                                | Andean Precious Metals Corp.                               | CUSIP: 03349X101<br>LEI: 254900ZH5MOB7VSCSG15 | Long             | EC               | CORP              | CA        |    941943 | NS      | $5617681.18   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Silver Ltd                                             | Sun Silver, Ltd.                                           | CUSIP: N/A<br>LEI: 254900IZEBASSNUS9150       | Long             | EC               | CORP              | AU        |   1751023 | NS      | $1349828.49   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Vizsla Silver Corp                                         | Vizsla Silver Corp.                                        | CUSIP: 92859G608<br>LEI: 549300ADJF7HWIEDL366 | Long             | EC               | CORP              | CA        |   3191001 | NS      | $13785124.32  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Tiger Metals Inc                                    | Silver Tiger Metals, Inc.                                  | CUSIP: 82831T109<br>LEI: 2549009QDIU00MWT6U57 | Long             | EC               | CORP              | CA        |   8705629 | NS      | $4754097.89   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Americas Gold & Silver Corp                                | Americas Gold & Silver Corp.                               | CUSIP: 03062D803<br>LEI: 5493005AKGOT669Z4P51 | Long             | EC               | CORP              | CA        |   3489317 | NS      | $12980259.24  | 3.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Dolly Varden Silver Corp                                   | Dolly Varden Silver Corp.                                  | CUSIP: 256827783<br>LEI: 2549007A2MNBXFD0FU11 | Long             | EC               | CORP              | CA        |     31697 | NS      | $159202.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Discovery Silver Corp                                      | Discovery Silver Corp.                                     | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    260783 | NS      | $966903.99    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Mines Ltd                                           | Silver Mines, Ltd.                                         | CUSIP: N/A<br>LEI: 529900TQJSJASG5XNA13       | Long             | EC               | CORP              | AU        |  37770573 | NS      | $5373445.47   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Silver Trust                               | Sprott Physical Silver Trust                               | CUSIP: 85207K107<br>LEI: 5493007M22KSTRPCA127 | Long             | EC               | RF                | US        |   3052702 | NS      | $47927421.40  | 13.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Gr Silver Mining Ltd                                       | GR Silver Mining, Ltd.                                     | CUSIP: 36258E102<br>LEI: 254900K448VPXRKTBM08 | Long             | EC               | CORP              | CA        |   7322658 | NS      | $1788965.81   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresnillo Plc                                              | Fresnillo PLC                                              | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |    126258 | NS      | $4007381.88   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                                            | Hecla Mining Co.                                           | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    376101 | NS      | $4550822.10   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc                                      | Aya Gold & Silver, Inc.                                    | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |   1074052 | NS      | $12425262.05  | 3.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Kootenay Silver Inc                                        | Kootenay Silver, Inc.                                      | CUSIP: 500583836<br>LEI: 529900HM3U0AXDDZPG82 | Long             | EC               | CORP              | CA        |   1317825 | NS      | $1865427.36   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                                   | Pan American Silver Corp.                                  | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    152051 | NS      | $5888935.23   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotkamo Silver Ab                                          | Sotkamo Silver AB                                          | CUSIP: N/A<br>LEI: 213800R2TQW1OZGYDX93       | Long             | EC               | CORP              | SE        |   6050375 | NS      | $696139.42    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Metallurgique D'imiter                             | Societe Metallurgique D'imiter                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MA        |      5106 | NS      | $1440792.12   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrias Penoles Sab De Cv                               | Industrias Penoles SAB de CV                               | CUSIP: 244820908<br>LEI: 549300WA2HB7776CB324 | Long             | EC               | CORP              | MX        |     91399 | NS      | $4083621.58   | 1.19%             |  |  |  | No            |                  1 | On Loan: —       |
| State Street Institutional Treasury Plus Money Market Fund | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492862<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |    297260 | NS      | $297259.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Prime Mining Corp                                          | Prime Mining Corp.                                         | CUSIP: 74167M105<br>LEI: 5493006KEVX2PYRAXX06 | Long             | EC               | CORP              | CA        |      1170 | NS      | $2883.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Silver Exploration Corp                           | Southern Silver Exploration Corp.                          | CUSIP: 843814203<br>LEI: 529900VY7ZZW0FTRGM33 | Long             | EC               | CORP              | CA        |    186754 | NS      | $55018.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Ssr Mining Inc                                             | SSR Mining, Inc.                                           | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |     82726 | NS      | $2020168.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrasilver Resource Corp                                   | AbraSilver Resource Corp.                                  | CUSIP: 00379L304<br>LEI: 254900WR30BQ8MPSYU80 | Long             | EC               | CORP              | CA        |   2964510 | NS      | $16039922.61  | 4.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Hycroft Mining Holding Corp                                | Hycroft Mining Holding Corp.                               | CUSIP: 44862P208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7768 | NS      | $48161.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Impact Silver Corp                                         | IMPACT Silver Corp.                                        | CUSIP: 45257A102<br>LEI: 5299003BDKNMGPIVOP50 | Long             | EC               | CORP              | CA        |   5666381 | NS      | $1201108.28   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| New Pacific Metals Corp                                    | New Pacific Metals Corp.                                   | CUSIP: 64782A107<br>LEI: 549300TC0CSHP59S8103 | Long             | EC               | CORP              | CA        |   1962876 | NS      | $5319393.96   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Outcrop Silver & Gold Corp                                 | Outcrop Silver & Gold Corp.                                | CUSIP: 69002Q105<br>LEI: 529900TS47D23PWDP884 | Long             | EC               | CORP              | CA        |   5877923 | NS      | $1604951.31   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Madre Gold And Silver Ltd                           | Sierra Madre Gold And Silver, Ltd.                         | CUSIP: 8263XP104<br>LEI: 984500C0001D39FB0424 | Long             | EC               | CORP              | CA        |   1788358 | NS      | $1644821.61   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Gogold Resources Inc                                       | GoGold Resources, Inc.                                     | CUSIP: 38045Y102<br>LEI: 549300PNCGJ26Y676N19 | Long             | EC               | CORP              | CA        |   6533337 | NS      | $12675152.62  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | SECURITIES LENDING - GENERAL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Or Royalties Inc                                           | OR Royalties, Inc.                                         | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     66105 | NS      | $2649488.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Santacruz Silver Mining Ltd                                | Santacruz Silver Mining, Ltd.                              | CUSIP: 80280U106<br>LEI: 549300KR50UPLTF0XY61 | Long             | EC               | CORP              | CA        |    202571 | NS      | $401735.98    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** SPROTT FUNDS TRUST

**Signature:** Thomas W. Ulrich

**Name of Signer:** Thomas W. Ulrich

**Title:** Chief Compliance Officer