# EDGAR Filing Document

**Accession Number:** 0001728683
**File Stem:** 0001829126-26-002100
**Filing Date:** 2026-3
**Character Count:** 486723
**Document Hash:** ad8bf477f5547a0755dc99298325f4f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002100.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001829126-26-002100

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 91

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23382
- **FILM NUMBER:** 26735007

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Sprott Active Metals & Miners ETF (Series ID: S000094818)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263362 | Sprott Active Metals & Miners ETF |  |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**SPROTT FUNDS TRUST**

(Exact name of registrant as specified in charter)

**320 Post Road, Suite 230**

**Darien, Connecticut 06820**

(Address of principal executive offices)

**The Corporation Trust Company**

**Corporation Trust Center**

**1209 Orange Street**

**New Castle County**

**Wilmington, DE 19801**

(Name and address of agent for service)

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

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

Date of reporting period: **December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| ![](tsr-1_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SGDM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SGDM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Gold Miners ETF** | **Sprott Gold Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NYSE Arca, Inc.** | **Principal Listing Exchange: NYSE Arca, Inc.** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdm-sprott-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Gold Miners ETF | $81 | 0.46% |

---

**How Did the Fund Perform Last Year?**

The Sprott Gold Miners ETF returned 152.87% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Newmont Corp., Agnico Eagle Mines Ltd. and Wheaton Precious Metals Corp. The three largest performance detractors were Perpetua Resources Corp., Allied Gold Corp. and Aris Mining Corp.

Gold miners benefited from a strong 2025 backdrop as investor demand for gold accelerated and the metal's role as a strategic reserve asset strengthened. Central bank buying remained a key driver as deglobalization and dedollarization increased the appeal of gold as a neutral, non-liability store of value. The debasement trade gained momentum as fiscal dominance and renewed liquidity support weighed on confidence in fiat currencies and traditional hedges, while tariff and trade uncertainty reinforced safe-haven demand. Easier monetary policy, alongside expectations for additional rate cuts, supported gold's standing. Rising geopolitical tensions added to risk premia, reinforcing the bid for gold. Gold miners benefited from this environment, due to their operating leverage to the increase in the gold spot price and their healthy profitability.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 YR** | **5 YR** | **10 YR\*** |
| Sprott Gold Miners ETF (Net Asset Value) | 152.87% | 19.41% | 19.46% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 14.42% | 14.82% |
| Solactive Gold Miners Custom Factors Index TR^ | 154.65% | 20.34% | 20.48% |

---

\* Fund inception July 14, 2014.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/sgdm-sprott-gold-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

^ From SGDM's inception to July 19, 2019, SGDM's objective was to track the Sprott Zacks Gold Miners Total Return Index ("predecessor index") and since that date SGDM has been seeking to track the Solactive Gold Miners Custom Factors Total Return Index. The index performance presented reflects the performance of the predecessor index through July 19, 2019, and thereafter reflects the performance of the Solactive Gold Miners Custom Factors Total Return Index.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $662178864 |
| Number of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 59% |
| Advisory Fees Paid | $1533839 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-1_002.jpg) | ![](tsr-1_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-1_logo.jpg)<br>**Sprott Gold Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: SGDM**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-1_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdm-sprott-gold-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85210B102–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-2_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SGDJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SGDJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Junior Gold Miners ETF** | **Sprott Junior Gold Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NYSE Arca, Inc.** | **Principal Listing Exchange: NYSE Arca, Inc.** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Gold Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Junior Gold Miners ETF | $94 | 0.50% |

---

**How Did the Fund Perform Last Year?**

The Sprott Junior Gold Miners ETF returned 174.57% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Aris Mining Corp., Resolute Mining Ltd. and K92 Mining Inc. The three largest performance detractors were Catalyst Metals Ltd., Bumi Resources Minerals Tbk PT and Integra Resources Corp.

Junior gold miners benefited from a strong 2025 backdrop as investor demand for gold accelerated and the metal's role as a strategic reserve asset strengthened. Central bank buying remained a key driver as deglobalization and de-dollarization increased the appeal of gold as a neutral, non-liability store of value. The debasement trade gained momentum as fiscal dominance and renewed liquidity support weighed on confidence in fiat currencies and traditional hedges, while tariff and trade uncertainty reinforced safe-haven demand. Easier monetary policy, alongside expectations for additional rate cuts, supported gold's standing. Rising geopolitical tensions added to risk premia, reinforcing the bid for gold. Junior gold miners benefited from this environment, due to their operating leverage to the increase in the gold spot price.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 YR** | **5 YR** | **10 YR\*** |
| Sprott Junior Gold Miners ETF (Net Asset Value) | 174.57% | 16.68% | 19.13% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 14.42% | 14.82% |
| Solactive Junior Gold Miners Custom Factors Index TR^ | 171.34% | 16.62% | 19.84% |

---

\* Fund inception March 30, 2015.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

^ From SGDJ's inception to July 19, 2019, SGDJ's objective was to track the Sprott Zacks Junior Gold Miners Total Return Index ("predecessor index") and since that date SGDJ has been seeking to track the Solactive Junior Gold Miners Custom Factors Total Return Index. The index performance presented reflects the performance of the predecessor index through July 19, 2019 and thereafter reflects the performance of the Solactive Junior Gold Miners Custom Factors Total Return Index.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $350353973 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 76% |
| Advisory Fees Paid | $686392 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-2_002.jpg) | ![](tsr-2_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-2_logo.jpg)<br>**Sprott Junior Gold Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: SGDJ**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-2_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85210B201–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-3_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SETM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SETM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Critical Materials ETF** | **Sprott Critical Materials ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Critical Materials ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Critical Materials ETF | $96 | 0.65% |

---

**How Did the Fund Perform Last Year?**

The Sprott Critical Materials ETF returned 94.50% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were MP Materials Corp., PLS Group Ltd. and Lynas Rare Earths Ltd. The three largest performance detractors were Sociedad Quimica y Minera de Chile SA, Boss Energy Ltd. and Ivanhoe Mines Ltd.

Critical materials miners delivered a strong 2025 as the sector was supported by tightening supply, rising strategic demand and a growing premium for secure supply chains. Copper and uranium were key drivers, with copper benefiting from an abrupt shift into deficit conditions and uranium supported by strengthening fundamentals and increasing nuclear commitments. Lithium also improved as the market tightened through regulatory pressure in China and broadening demand. Rare earths strengthened as supply chain concentration and geopolitical risk pushed governments and industry to accelerate efforts to rebuild domestic capacity. Silver benefited from its dual role as a critical material and precious metal as investors sought exposure to both. Nickel was supported as Indonesia signaled greater supply discipline through quota controls.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Critical Materials ETF (Net Asset Value) | 94.50% | 14.79% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 20.78% |
| Nasdaq Sprott Critical Materials™ Index | 95.05% | 15.69% |

---

\* Fund inception February 1, 2023.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/setm-sprott-critical-materials-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $253309560 |
| Number of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 55% |
| Advisory Fees Paid | $517550 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-3_002.jpg) | ![](tsr-3_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-3_logo.jpg)<br>**Sprott Critical Materials ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: SETM**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-3_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> You can find additional information about the Fund at https://sprottetfs.com/setm-sprott-critical-materials-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P402–A–12312025 |

---

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| | | |
|:---|:---|:---|
| ![](tsr-4_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: LITP** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: LITP** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Lithium Miners ETF** | **Sprott Lithium Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Lithium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/litp-sprott-lithium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Lithium Miners ETF | $95 | 0.65% |

---

**How Did the Fund Perform Last Year?**

The Sprott Lithium Miners ETF returned 93.35% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Ganfeng Lithium Group Co. Ltd., Liontown Ltd. and PLS Group Ltd. The three largest performance detractors were Mineral Resources, Ltd., Piedmont Lithium, Inc. and American Lithium Corp.

Lithium miners navigated a volatile 2025, but ultimately regained momentum in the second half of the year as the sector rebounded from a depressed base after a two-year selloff and began to reprice improving fundamentals. They were supported by stronger demand for electric vehicles, rapid growth in stationary storage, and expanding adoption of batteries in data centers. On the supply side, inventory drawdowns and tighter regulation in China helped tighten conditions, including the temporary shutdown of a major mine and government measures to prevent uneconomic selling. Beyond near-term fundamentals, strategic investments to secure lithium supply and reduce reliance on concentrated supply chains supported sentiment as lithium's role as a critical material gained prominence. Lithium miners benefited from this environment, due to their operating leverage to improving lithium pricing and a stronger market backdrop.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Lithium Miners ETF (Net Asset Value) | 93.35% | -11.30% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 20.78% |
| Nasdaq Sprott Lithium Miners™ Index | 91.61% | -11.88% |

---

\* Fund inception February 1, 2023.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/litp-sprott-lithium-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $41312649 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 40% |
| Advisory Fees Paid | $118936 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-4_002.jpg) | ![](tsr-4_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-4_logo.jpg)<br>**Sprott Lithium Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: LITP**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-4_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/litp-sprott-lithium-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P709–A–12312025 |

---

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| | | |
|:---|:---|:---|
| ![](tsr-5_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNM** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Uranium Miners ETF** | **Sprott Uranium Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NYSE Arca, Inc.** | **Principal Listing Exchange: NYSE Arca, Inc.** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Uranium Miners ETF | $90 | 0.75% |

---

**How Did the Fund Perform Last Year?**

The Sprott Uranium Miners ETF returned 40.41% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Cameco Corp., Energy Fuels Inc. and NAC Kazatomprom JSC. The three largest performance detractors were Encore Energy Corp., Boss Energy Ltd. and Forsys Metals Corp.

Uranium miners navigated a volatile 2025 but ultimately regained momentum in the second half of the year as investors rewarded the strengthening fundamentals. Uranium pricing moved higher as utilities began to accept higher levels in new contracts, and contracting activity improved late in the year even as volumes remained below replacement needs. On the supply side, producer discipline, geopolitical and jurisdictional risks, slow restarts, long lead times and shrinking inventories tightened availability and increased the premium on reliable pounds. Demand continued to broaden as large-scale nuclear commitments, reactor restarts, extensions, new builds and SMR deployment accelerated in 2025 and were increasingly linked to rising electricity demand from artificial intelligence infrastructure. With capital flowing into miners and a persistent supply deficit, the setup supported uranium equities.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 YR** | **5 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Uranium Miners ETF (Net Asset Value) | 40.41% | 24.92% | 31.57% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 14.42% | 15.73% |
| North Shore Global Uranium Mining Index | 41.95% | 25.84% | 32.70% |

---

\* Fund inception December 3, 2019.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/urnm-sprott-uranium-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $1754728933 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 35% |
| Advisory Fees Paid | $11914436 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-5_002.jpg) | ![](tsr-5_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-5_logo.jpg)<br>**Sprott Uranium Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: URNM**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-5_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> You can find additional information about the Fund at https://sprottetfs.com/urnm-sprott-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P303–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-6_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: URNJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Junior Uranium Miners ETF** | **Sprott Junior Uranium Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Uranium Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Junior Uranium Miners ETF | $98 | 0.80% |

---

**How Did the Fund Perform Last Year?**

The Sprott Junior Uranium Miners ETF returned 44.76% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Uranium Energy Corp., Energy Fuels Inc. and Denison Mines Corp. The three largest performance detractors were Encore Energy Corp., Lotus Resources Ltd. and Forsys Metals Corp.

Junior uranium miners navigated a volatile 2025 but ultimately regained momentum in the second half of the year as investors rewarded the strengthening fundamentals. Uranium pricing moved higher as utilities began to accept higher levels in new contracts, and contracting activity improved late in the year even as volumes remained below replacement needs. On the supply side, producer discipline, geopolitical and jurisdictional risks, slow restarts, long lead times and shrinking inventories tightened availability and increased the premium on reliable pounds. Demand continued to broaden as large-scale nuclear commitments, reactor restarts, extensions, new builds and SMR deployment accelerated in 2025 and were increasingly linked to rising electricity demand from artificial intelligence infrastructure. With capital flowing into miners and a persistent supply deficit, the setup supported junior uranium equities.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Junior Uranium Miners ETF (Net Asset Value) | 44.76% | 13.21% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 20.78% |
| Nasdaq Sprott Junior Uranium Miners™ Index | 47.49% | 14.55% |

---

\* Fund inception February 1, 2023.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $342579616 |
| Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 38% |
| Advisory Fees Paid | $2338562 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-6_002.jpg) | ![](tsr-6_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-6_logo.jpg)<br>**Sprott Junior Uranium Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: URNJ**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-6_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/urnj-sprott-junior-uranium-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P808–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-7_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPJ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Junior Copper Miners ETF** | **Sprott Junior Copper Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Junior Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copj-sprott-junior-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Junior Copper Miners ETF | $127 | 0.75% |

---

**How Did the Fund Perform Last Year?**

The Sprott Junior Copper Miners ETF returned 137.40% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Northern Dynasty Minerals, Ltd., Taseko Mines Ltd. and Imperial Metals Corp. The three largest performance detractors were Entree Resources, Ltd., Copper 360, Ltd. and Hillgrove Resources, Ltd.

Junior copper miners benefited from a strong 2025 backdrop as copper prices pushed into record territory. On the supply side, major disruptions pushed the market into deficit sooner than expected, while treatment charges collapsed, signaling scarcity amid years of underinvestment and declining ore grades. On the demand side, copper shifted toward strategic end uses, with electricity infrastructure, AI and data centers, and defense spending driving demand upwards. On the policy front, geopolitical uncertainty and tariffs contributed to a rising critical materials bid and inventory fragmentation, further exacerbating the supply deficit. Junior copper miners benefited from this environment, due to their operating leverage to the copper spot price and the rising likelihood that these projects move from optionality toward construction as policy support and permitting momentum improve confidence.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Junior Copper Miners ETF (Net Asset Value) | 137.40% | 36.54% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 20.78% |
| Nasdaq Sprott Junior Copper Miners™ Index | 132.42% | 37.19% |

---

\* Fund inception February 1, 2023.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/copj-sprott-junior-copper-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $60741758 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 59% |
| Advisory Fees Paid | $151029 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-7_002.jpg) | ![](tsr-7_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-7_logo.jpg)<br>**Sprott Junior Copper Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: COPJ**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-7_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copj-sprott-junior-copper-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P501–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-8_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: NIKL** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: NIKL** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Nickel Miners ETF** | **Sprott Nickel Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Nickel Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/nikl-sprott-nickel-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Nickel Miners ETF | $94 | 0.75% |

---

**How Did the Fund Perform Last Year?**

The Sprott Nickel Miners ETF returned 50.54% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Talon Metals Corp., Pam Mineral Tbk PT and Aneka Tambang Tbk. The three largest performance detractors were Lifezone Metals Ltd., NexMetals Mining Corp. and Global Ferronickel Holdings Inc.

Nickel miners navigated a volatile 2025, but ultimately regained momentum in the second half of the year as the sector rebounded from a depressed base after a two-year selloff and began to reprice improving fundamentals. Nickel prices found support as Indonesia, the world's dominant supplier, moved to tighten supply through lower mining quotas, signaling a shift toward greater supply discipline after years of a market surplus. Demand also improved, led by continued growth in battery end uses, reinforcing nickel's role in the electrification value chain. A rising premium for critical materials bolstered nickel, as deglobalization and geopolitical tensions prompted nations to prioritize resilient supply chains and strategic control of resources. Nickel miners benefited from this environment, due to their operating leverage to improving nickel pricing and a stronger market backdrop.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Nickel Miners ETF (Net Asset Value) | 50.54% | -0.97% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 22.99% |
| Nasdaq Sprott Nickel Miners™ Index | 51.69% | -0.27% |

---

\* Fund inception March 21, 2023.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/nikl-sprott-nickel-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $31731980 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 48% |
| Advisory Fees Paid | $96504 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-8_002.jpg) | ![](tsr-8_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-8_logo.jpg)<br>**Sprott Nickel Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: NIKL**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-8_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/nikl-sprott-nickel-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P600–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-9_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPP** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: COPP** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Copper Miners ETF** | **Sprott Copper Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Copper Miners ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/copp-sprott-copper-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Copper Miners ETF | $89 | 0.65% |

---

**How Did the Fund Perform Last Year?**

The Sprott Copper Miners ETF returned 73.04% for the 12 months ended December 31, 2025. For this period, the three largest contributors to performance were Antofagasta PLC, Freeport-McMoRan Inc. and Lundin Mining Corp. The three largest performance detractors were Ivanhoe Mines Ltd., Amman Mineral Internasional PT and Entree Resources, Ltd.

Copper miners benefited from a strong 2025 backdrop as copper prices pushed into record territory. On the supply side, a cluster of major disruptions pushed the market into a supply deficit sooner than expected, while treatment charges collapsed, signaling increasing scarcity. Copper was further supported by supply constraints stemming from years of underinvestment, long development timelines, and declining ore grades. On the demand side, copper has shifted its growth profile toward strategic end uses, with electricity infrastructure, AI and data centers, and defense spending driving demand upwards. On the policy front, geopolitical uncertainty and tariffs contributed to a rising critical materials bid and inventory fragmentation, further exacerbating the supply deficit. Copper miners benefited from this environment, due to their operating leverage to the increase in the copper spot price and their healthy profitability.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| | **1 YR** | **SINCE<br> INCEPTION\*** |
| Sprott Copper Miners ETF (Net Asset Value) | 73.04% | 40.22% |
| S&P 500<sup>®</sup> Total Return Index | 17.88% | 19.33% |
| Nasdaq Sprott Copper Miners™ Index | 74.59% | 40.95% |

---

\* Fund inception March 5, 2024.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/copp-sprott-copper-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $96868987 |
| Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 29% |
| Advisory Fees Paid | $231732 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-9_002.jpg) | ![](tsr-9_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-9_logo.jpg)<br>**Sprott Copper Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: COPP**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-9_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> Additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, can be found by visiting https://sprottetfs.com/copp-sprott-copper-miners-etf.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P881–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-10_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SLVR** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: SLVR** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Silver Miners & Physical Silver ETF** | **Sprott Silver Miners & Physical Silver ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Silver Miners & Physical Silver ETF (the "Fund") for the period of January 14, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Silver Miners & Physical Silver ETF | $118 | 0.65% |

---

The operating history of the Fund is less than that of the reporting period. Had the Fund operated for the full reporting period, expenses would have been higher.

**How Did the Fund Perform Last Year?**

The Sprott Silver Miners & Physical Silver ETF returned 177.89% for the period ended December 31, 2025. For this period, the three largest contributors to performance were First Majestic Silver Corp., Sprott Physical Silver Trust and Endeavour Silver Corp. The three largest performance detractors were Silver47 Exploration Corp., Cia de Minas Buenaventura SAA and West Coast Silver Ltd.

Silver miners benefited from a strong 2025 backdrop as silver's dual role as a monetary asset and a critical material increased investor sentiment. Industrial demand remained a key driver, supported by structural growth across electrical applications, while limited mine supply kept the market in deficit and heightened the risk of tighter above-ground inventories. Easier monetary policy and the prospect of lower rates supported investor interest in precious metals, reinforcing silver's appeal during periods of macro and geopolitical uncertainty. The broader critical materials premium also provided support as deglobalization increased the focus on secure supply chains for strategic inputs. Silver miners benefited from this environment, due to their operating leverage to improving silver pricing and a stronger market backdrop.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | |
|:---|:---|
| | **SINCE<br> INCEPTION\*** |
| Sprott Silver Miners & Physical Silver ETF (Net Asset Value) | 177.89% |
| Nasdaq Sprott Silver Miners™ Index | 182.07% |
| S&P 500<sup>®</sup> Total Return Index | 18.61% |

---

\* Fund inception January 14, 2025.

**The Fund's past performance is not a good predictor of the Fund's future performance**. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $655349256 |
| Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 49% |
| Advisory Fees Paid | $1181647 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-10_002.jpg) | ![](tsr-10_003.jpg) |

---

---

| | |
|:---|:---|
| ![](tsr-10_logo.jpg) <br> **Sprott Silver Miners & Physical Silver ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: SLVR**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-10_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> You can find additional information about the Fund at https://sprottetfs.com/slvr-sprott-silver-miners-physical-silver-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P873–A–12312025 |

---

---

| | | |
|:---|:---|:---|
| ![](tsr-11_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: GBUG** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: GBUG** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |
| **Sprott Active Gold & Silver Miners ETF** | **Sprott Active Gold & Silver Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Gold & Silver Miners ETF (the "Fund") for the period of February 19, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the reporting period.** |  |  |

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**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Active Gold & Silver Miners ETF | $124 | 0.89% |

---

The operating history of the Fund is less than that of the reporting period. Had the Fund operated for the full reporting period, expenses would have been higher.

**How Did the Fund Perform Last Year?**

The Sprott Active Gold & Silver Miners ETF returned 123.71% for the period ended December 31, 2025. For this period, the three largest contributors to performance were Coeur Mining Inc., OceanaGold Corp. and G Mining Ventures Corp. The three largest performance detractors were Calibre Mining Corp., Metalla Royalty & Streaming Ltd. and First Majestic Silver Corp.

Gold and silver miners benefited from a strong 2025 backdrop, as precious metals demand strengthened amid policy uncertainty, shifting reserve preferences, and resilient industrial demand for silver. Central bank buying remained a key driver as deglobalization and de-dollarization increased the appeal of gold as a neutral, non-liability store of value, while fiscal dominance and policy uncertainty reinforced demand for hard assets. Silver contributed a meaningful tailwind, supported by its persistent supply deficit and rising industrial demand across energy and technology applications. Easier monetary policy and expectations for additional rate cuts further supported precious metals sentiment. Gold and silver miners benefited from this environment, due to their operating leverage to higher realized prices and a supportive market backdrop.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | |
|:---|:---|
| | **SINCE<br> INCEPTION\*** |
| Sprott Active Gold & Silver Miners ETF (Net Asset Value) | 123.71% |
| S&P 500<sup>®</sup> Total Return Index | 12.66% |
| NYSE Arca Gold Miners Index | 110.34% |

---

\* Fund inception February 19, 2025.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

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| | |
|:---|:---|
| Total Net Assets | $152672799 |
| Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 20% |
| Advisory Fees Paid | $520609 |

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**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-11_002.jpg) | ![](tsr-11_003.jpg) |

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| | |
|:---|:---|
| ![](tsr-11_logo.jpg) <br> **Sprott Active Gold & Silver Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: GBUG**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-11_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> You can find additional information about the Fund at https://sprottetfs.com/gbug-sprott-active-gold-silver-miners-etf. You can also request this information by contacting us at 1.888.622.1813.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P865–A–12312025 |

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| | | |
|:---|:---|:---|
| ![](tsr-12_logo.jpg) | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: METL** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
|  | **December 31, 2025**<br> **ANNUAL <br> SHAREHOLDER**<br> **REPORT**<br>**TICKER: METL** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Sprott Active Metals & Miners ETF** | **Sprott Active Metals & Miners ETF** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Principal Listing Exchange: NASDAQ** | **Principal Listing Exchange: NASDAQ** | **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |
| **Fund Overview**<br> This annual shareholder report contains important information about the Sprott Active Metals & Miners ETF (the "Fund") for the period of September 9, 2025 to December 31, 2025.<br>You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**This report describes changes to the Fund that occurred during the report period.** |  |  |

---

**What Were the Fund's Costs for the Last Year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000**<br> **Investment** | **Cost Paid as a Percentage of a**<br> **$10,000 Investment** |
| Sprott Active Metals & Miners ETF | $35 | 0.99% |

---

The operating history of the Fund is less than that of the reporting period. Had the Fund operated for the full reporting period, expenses would have been higher.

**How Did the Fund Perform Last Year?**

The Sprott Active Metals & Miners ETF returned 28.67% for the period ended December 31, 2025. For this period, the three largest contributors to performance were Endeavour Silver Corp., Lundin Mining Corp. and ERO Copper Corp. The three largest performance detractors were MP Materials Corp., Lynas Rare Earths Ltd. and Uranium Energy Corp.

Miners delivered a strong 2025 as the sector was supported by tightening supply, rising strategic demand and a growing premium for secure supply chains. Copper and uranium were key drivers, with copper benefiting from a shift into deficit conditions and uranium supported by strengthening fundamentals and increasing nuclear commitments. Lithium also improved as the market tightened through regulatory pressure in China and broadening demand. Rare earths strengthened as supply chain concentration and geopolitical risk pushed governments and industry to accelerate efforts to rebuild domestic capacity. Silver benefited from its dual role as a critical material and precious metal as investors sought exposure to both.

**How has the Fund performed over the last ten years?**

**Total Return Based on $10,000 Investment**

**Average Annual Total Returns**

---

| | |
|:---|:---|
| | **SINCE<br> INCEPTION\*** |
| Sprott Active Metals & Miners ETF (Net Asset Value) | 28.67% |
| S&P 500<sup>®</sup> Total Return Index | 5.49% |
| MSCI ACWI Select Metal & Mining Producer Ex Gold & Silver IMI | 24.46% |

---

\* Fund inception September 9, 2025.

**The Fund's past performance is not a good predictor of the Fund's future performance**. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1.888.622.1813 or visit https://sprottetfs.com/metl-sprott-active-metals-miners-etf/ for current month-end performance. Both the line graph and performance table above compare the Fund's performance to an appropriate broad-based index and additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**Fund Statistics**

---

| | |
|:---|:---|
| Total Net Assets | $45097748 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 6% |
| Advisory Fees Paid | $82603 |

---

**What Did the Fund Invest In?**

As of December 31, 2025

---

| | |
|:---|:---|
| **Geographic Weightings (% of Net Assets)** | **Asset Weightings (% of Net Assets)** |
| ![](tsr-12_002.jpg) | ![](tsr-12_003.jpg) |

---

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| | |
|:---|:---|
| ![](tsr-12_logo.jpg) <br> **Sprott Active Metals & Miners ETF**<br>**DECEMBER 31, 2025**<br> **ANNUAL SHAREHOLDER REPORT**<br> **TICKER: METL**<br>Phone: 1.888.622.1813<br> *Distributor: ALPS Distributors, Inc.*<br>![](tsr-12_004.jpg) | **Material Fund Changes**<br> This is a summary of certain changes of the ETF during the period ended December 31, 2025. Effective September 11, 2025, Andrew Hicks of ALPS Advisors, Inc., a sub-adviser to the Fund is no longer a portfolio manager.<br>**Availability of Additional Information**<br> You can find additional information about the Fund at https://sprottetfs.com/metl-sprott-active-metals-miners-etf/. You can also request this information by contacting us at 1.888.622.1813.<br>**Householding**<br> If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling 1.888.622.1813.<br>85208P857–A–12312025 |

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| | | |
|:---|:---|:---|
| ![](tsr-13_001.jpg) | **Sprott Gold Equity Fund** <br> Institutional Class \| SGDIX <br> Annual Shareholder Report \| December 31, 2025  | ![](tsr-13_logo.jpg) |

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This annual shareholder report contains important information about the Sprott Gold Equity Fund for the period from January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://sprott.com/investment-strategies/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
|  | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Class Name** | **investment** | **a $10,000 investment** |
| Institutional Class | $185 | 1.06% |

---

---

| |
|:---|
| **HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?** |
| For the annual fiscal period ended December 31, 2025, Sprott Gold Equity Fund (the "Fund") gained 148.33% compared to 152.80% for the Fund's benchmark index, the PHLX Gold/Silver Sector Total Return Index (XXAU). The Fund's performance was helped by the strong performance of gold and silver equities, which outperformed strong annual gains in physical bullion. Gold increased 64.58% in 2025, with the gold price closing the year at $4,319 per ounce as of 12/31/2025. Silver bullion also posted strong results, gaining 147.95% for the twelve-month period, ending the year at $71.66 per ounce. Despite the strong year-over-year improvements in the gold price, the Fund's allocation to gold bullion (10.95% of net assets as of 12/31/2025) acted as a modest drag on performance, largely explaining its slight underperformance relative to the benchmark. We continue to see the Fund's gold bullion allocation as a key differentiator and an important lodestone to the portfolio long term. |
| Throughout the year, we maintained a focus on mid-capitalization gold mining companies offering near-term, company-specific catalysts, while also increasing exposure to large-capitalization generalist names with strong fundamentals to capitalize on early-stage generalist flows into the sector. The Fund had a moderate portfolio turnover of 37%. The top-five equity contributors in 2025 included OceanaGold Corp, Coeur Mining Inc, Equinox Gold Corp, G Mining Ventures Corp, and Lundin Gold Inc. All five positions remained in the Fund's portfolio at year-end. Equity positions that detracted from the Fund's performance in 2025 included Falco Resources Ltd. (sold from the portfolio), NOVAGOLD Resources Inc. (sold from the portfolio), I-Pulse Inc. (a small position in the portfolio), Seabridge Gold Inc. (sold from the portfolio) and Blue Spark Energy Systems Inc. (a small position in the portfolio). Looking ahead, we believe currency debasement, rising global debt, continued central bank gold buying and geopolitical volatility remain supportive catalysts for precious metals and mining equities. |

---

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| |
|:---|
| **HOW DID THE FUND PERFORM SINCE INCEPTION?\*** |
| The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. |
| **CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tsr-13_002.jpg) |

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** |  |  |  |
|  |  |  | **Since Inception** |
|  | **1 Year** | **5 Year** | **(04/08/2019)** |
| **Sprott Gold Equity Fund Institutional Class (without sales charge)** | 148.33 | 18.77 | 22.74 |
| **S&P 500 TR Index** | 17.88 | 14.42 | 15.43 |
| **PHLX Gold/Silver Sector TR Index** | 152.80 | 20.94 | 26.48 |
| Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  |
| \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

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| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of December 31, 2025) | **KEY FUND STATISTICS** (as of December 31, 2025) |
| **Net Assets** | $1809196735 |
| **Number of Holdings** | 52 |
| **Total Advisory Fee** | $10594142 |
| **Portfolio Turnover** | 37% |

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**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
| **Top 10 Issuers** | **(%)** | **Country Allocations** | **(%)** |
| &nbsp;&nbsp;Gold Bullion | 11.0% | &nbsp;&nbsp;Canada | 59.6% |
| &nbsp;&nbsp;Coeur Mining, Inc. | 5.3% | &nbsp;&nbsp;United States | 24.3% |
| &nbsp;&nbsp;G Mining Ventures Corp. | 5.1% | &nbsp;&nbsp;Australia | 11.2% |
| &nbsp;&nbsp;OceanaGold Corporation | 4.8% | &nbsp;&nbsp;South Africa | 2.2% |
| &nbsp;&nbsp;IAMGOLD Corporation | 4.2% | &nbsp;&nbsp;United Kingdom | 2.3% |
| &nbsp;&nbsp;Barrick Mining Corporation | 4.0% | &nbsp;&nbsp;Cash & Other | 0.4% |
| &nbsp;&nbsp;Agnico Eagle Mines Limited | 3.6% |  |  |
| &nbsp;&nbsp;DPM Metals Inc. | 3.6% |  |  |
| &nbsp;&nbsp;i-80 GOLD Corp. | 3.5% |  |  |
| &nbsp;&nbsp;Eldorado Gold Corporation | 3.2% |  |  |

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<br> For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/. <br>

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| |
|:---|
| **HOUSEHOLDING** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary. |

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Sprott Gold Equity Fund PAGE 2 TSR-AR-85208P204

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| | | |
|:---|:---|:---|
| ![](tsr-14_001.jpg) | **Sprott Gold Equity Fund** <br> Investor Class \| SGDLX <br> Annual Shareholder Report \| December 31, 2025  | ![](tsr-14_logo.jpg) |

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This annual shareholder report contains important information about the Sprott Gold Equity Fund for the period from January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://sprott.com/investment-strategies/sprott-gold-equity-fund/. You can also request this information by contacting us at 1.888.622.1813.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment) |
|  | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Class Name** | **investment** | **a $10,000 investment** |
| Investor Class | $231 | 1.33% |

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---

| |
|:---|
| **HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?** |
| For the annual fiscal period ended December 31, 2025, Sprott Gold Equity Fund (the "Fund") gained 147.67% compared to 152.80% for the Fund's benchmark index, the PHLX Gold/Silver Sector Total Return Index (XXAU). The Fund's performance was helped by the strong performance of gold and silver equities, which outperformed strong annual gains in physical bullion. Gold increased 64.58% in 2025, with the gold price closing the year at $4,319 per ounce as of 12/31/2025. Silver bullion also posted strong results, gaining 147.95% for the twelve-month period, ending the year at $71.66 per ounce. Despite the strong year-over-year improvements in the gold price, the Fund's allocation to gold bullion (10.95% of net assets as of 12/31/2025) acted as a modest drag on performance, largely explaining its slight underperformance relative to the benchmark. We continue to see the Fund's gold bullion allocation as a key differentiator and an important lodestone to the portfolio long term. |
| Throughout the year, we maintained a focus on mid-capitalization gold mining companies offering near-term, company-specific catalysts, while also increasing exposure to large-capitalization generalist names with strong fundamentals to capitalize on early-stage generalist flows into the sector. The Fund had a moderate portfolio turnover of 37%. The top-five equity contributors in 2025 included OceanaGold Corp, Coeur Mining Inc, Equinox Gold Corp, G Mining Ventures Corp, and Lundin Gold Inc. All five positions remained in the Fund's portfolio at year-end. Equity positions that detracted from the Fund's performance in 2025 included Falco Resources Ltd. (sold from the portfolio), NOVAGOLD Resources Inc. (sold from the portfolio), I-Pulse Inc. (a small position in the portfolio), Seabridge Gold Inc. (sold from the portfolio) and Blue Spark Energy Systems Inc. (a small position in the portfolio). Looking ahead, we believe currency debasement, rising global debt, continued central bank gold buying and geopolitical volatility remain supportive catalysts for precious metals and mining equities. |

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| |
|:---|
| **HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\*** |
| The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. |
| **CUMULATIVE PERFORMANCE** (Initial Investment of $10,000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](tsr-14_002.jpg) |

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL AVERAGE TOTAL RETURN (%)** |  |  |  |
|  | **1 Year** | **5 Year** | **10 Year** |
| **Sprott Gold Equity Fund Investor Class (without sales charge)** | 147.67 | 18.43 | 18.17 |
| **S&P 500 TR Index** | 17.88 | 14.42 | 14.82 |
| **PHLX Gold/Silver Sector TR Index** | 152.80 | 20.94 | 23.94 |
| Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  | Visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/ for more recent performance information.  |
| \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* | \*&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.* |

---

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of December 31, 2025) | **KEY FUND STATISTICS** (as of December 31, 2025) |
| **Net Assets** | $1809196735 |
| **Number of Holdings** | 52 |
| **Total Advisory Fee** | $10594142 |
| **Portfolio Turnover** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Issuers** | **(%)** | **Country Allocations** | **(%)** |
| &nbsp;&nbsp;Gold Bullion | 11.0% | &nbsp;&nbsp;Canada | 59.6% |
| &nbsp;&nbsp;Coeur Mining, Inc. | 5.3% | &nbsp;&nbsp;United States | 24.3% |
| &nbsp;&nbsp;G Mining Ventures Corp. | 5.1% | &nbsp;&nbsp;Australia | 11.2% |
| &nbsp;&nbsp;OceanaGold Corporation | 4.8% | &nbsp;&nbsp;South Africa | 2.2% |
| &nbsp;&nbsp;IAMGOLD Corporation | 4.2% | &nbsp;&nbsp;United Kingdom | 2.3% |
| &nbsp;&nbsp;Barrick Mining Corporation | 4.0% | &nbsp;&nbsp;Cash & Other | 0.4% |
| &nbsp;&nbsp;Agnico Eagle Mines Limited | 3.6% |  |  |
| &nbsp;&nbsp;DPM Metals Inc. | 3.6% |  |  |
| &nbsp;&nbsp;i-80 GOLD Corp. | 3.5% |  |  |
| &nbsp;&nbsp;Eldorado Gold Corporation | 3.2% |  |  |

---

<br> For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sprott.com/investment-strategies/sprott-gold-equity-fund/. <br>

---

| |
|:---|
| **HOUSEHOLDING** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sprott Asset Management USA, Inc. documents not be householded, please contact Sprott Asset Management USA, Inc. at 1.888.622.1813, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sprott Asset Management USA, Inc. or your financial intermediary. |

---

Sprott Gold Equity Fund PAGE 2 TSR-AR-85208P105

(b) Not applicable.

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

(a) The Registrant
 has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. The Registrant
 has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted
 any waivers from any provisions of the code of ethics during the period covered by this report. The Registrant undertakes to provide a
 copy of the code of ethics to any person upon request, without charge.

(c) During the period
 covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period
 covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not applicable.

(f) See Item 19(a)(1).

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

(a) (1) The registrant's
 board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Michael W.
 Clark is the "audit committee financial expert" and is considered to be "independent" as each term is defined
 in Item 3 of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not Applicable.

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

(a) Audit Fees

---

| | |
|:---|:---|
| Fiscal Year Ended December 31, 2025 | $241500 |
| Fiscal Year Ended December 31, 2024 | $193500 |

---

(b) Audit-Related
 Fees

---

| | |
|:---|:---|
| Fiscal Year Ended December 31, 2025 | $0 |
| Fiscal Year Ended December 31, 2024 | $0 |

---

(c) Tax Fees *(tax services rendered include preparation of tax returns)* 

---

| | |
|:---|:---|
| Fiscal Year Ended December 31, 2025 | $40400 |
| Fiscal Year Ended December 31, 2024 | $31500 |

---

(d) All Other Fees

---

| | |
|:---|:---|
| Fiscal Year Ended December 31, 2025 | $0 |
| Fiscal Year Ended December 31, 2024 | $0 |

---

(e) (1) The audit committee
 has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the
 Registrant, including services provided to any entity affiliated with the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services
 described in paragraphs (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
 of Regulation S-X.

(f) Not Applicable.

(g) The following
 table indicates the non-audit fees billed by the Registrant's accountant for services to the Registrant's investment adviser
 (and any other controlling entity, etc. – not sub-adviser) for the last two fiscal years.

---

| | | |
|:---|:---|:---|
| | Registrant | Investment Adviser |
| Fiscal Year Ended December 31, 2025 | $40400 | $0 |
| Fiscal Year Ended December 31, 2024 | $31500 | $0 |

---

(h) Not Applicable.

(i) Not Applicable.

(j) Not Applicable.

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

(a) The Registrant
 has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange
 Act of 1934. Michael W. Clark, Peyton T. Muldoon, James R. Pierce, Jr., and Leslie Barrett are members of the Registrant's audit
 committee.

(b) Not Applicable

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

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

(b) Not Applicable.

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

![](img_001.jpg)

**Annual Financial Statements and Other Important Information**

December 31, 2025

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

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

**Sprott Critical Materials ETF** (Nasdaq: SETM)

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

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

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

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

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

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

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

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

**Sprott Active Metals & Miners ETF** (Nasdaq: METL)

![](img_002.jpg)

**Table of Contents**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Schedules of Investments](#fin1_001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Gold Miners ETF](#fin1_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Gold Miners ETF](#fin1_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Critical Materials ETF](#fin1_004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Lithium Miners ETF](#fin1_005) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Uranium Miners ETF](#fin1_006) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Uranium Miners ETF](#fin1_007) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Copper Miners ETF](#fin1_008) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Nickel Miners ETF](#fin1_009) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Copper Miners ETF](#fin1_010) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Silver Miners & Physical Silver ETF](#fin1_011) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Gold & Silver Miners ETF](#fin1_012) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Metals & Miners ETF](#fin1_013) | 29 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#fin1_014) | 31 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#fin1_015) | 36 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#fin1_016) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Gold Miners ETF](#fin1_017) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Gold Miners ETF](#fin1_018) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Critical Materials ETF](#fin1_019) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Lithium Miners ETF](#fin1_020) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Uranium Miners ETF](#fin1_021) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Uranium Miners ETF](#fin1_022) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Junior Copper Miners ETF](#fin1_023) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Nickel Miners ETF](#fin1_024) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Copper Miners ETF](#fin1_025) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Silver Miners & Physical Silver ETF](#fin1_026) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Gold & Silver Miners ETF](#fin1_027) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sprott Active Metals & Miners ETF](#fin1_028) | 47 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#fin1_029) | 48 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements and Financial Highlights](#fin1_030) | 60 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#fin1_031) | 80 |
| &nbsp;&nbsp;&nbsp;[Additional Information](#fin1_032) | 82 |
| [**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**](#fin1_033) | **83** |
| [**Proxy Disclosures for Open-End Management Investment Companies**](#fin1_034) | **84** |
| [**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**](#fin1_035) | **85** |
| [**Statement Regarding Basis for Approval of Investment Advisory Contract**](#fin1_036) | **86** |

---

<u>Sprott Gold Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.79%)** |  |  |
| ***Gold Mining (99.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | 395378 | $67049057 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 57452 | 2218466 |
| &nbsp;&nbsp;&nbsp;Allied Gold Corp.<sup>(a)</sup> | 61164 | 1401485 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 487778 | 41597708 |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp.<sup>(a)</sup> | 100005 | 1621880 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 4011993 | 18064272 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 687038 | 29928237 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1222090 | 17593894 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 130676 | 2329953 |
| &nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 635920 | 19653730 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)(b)</sup> | 66630 | 2394709 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC<sup>(b)</sup> | 44781 | 2306015 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)(b)</sup> | 148479 | 2086744 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(a)</sup> | 1754823 | 17196000 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 190118 | 39408744 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(a)</sup> | 739261 | 22346682 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd., Sponsored ADR<sup>(b)</sup> | 209300 | 9138038 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd., Sponsored ADR | 1145343 | 22792326 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(a)(b)</sup> | 135572 | 2237227 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(a)</sup> | 1105902 | 18281969 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 1277383 | 35979474 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 334231 | 27765122 |
| &nbsp;&nbsp;&nbsp;Montage Gold Corp.<sup>(a)</sup> | 179089 | 1289133 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.<sup>(a)</sup> | 2371136 | 20661387 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 512585 | 51181612 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)</sup> | 210779 | 1965663 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 704995 | 19980551 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 543095 | 19238118 |
| &nbsp;&nbsp;&nbsp;Orla Mining, Ltd.<sup>(a)(b)</sup> | 1382286 | 18590944 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 46723 | 2422359 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)</sup> | 60163 | 1456571 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 124105 | 27587300 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 51503 | 1526835 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(a)</sup> | 59722 | 1418482 |
| &nbsp;&nbsp;&nbsp;Southern Cross Gold Consolidated, Ltd.<sup>(a)(b)</sup> | 127434 | 983225 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 99064 | 2171750 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.<sup>(b)</sup> | 47348 | 2260892 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp. | 570862 | 18969812 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 1027596 | 17024905 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 413911 | 48660289 |
| **Total Gold Mining** |  | 660781560 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $358,607,069) |  | 660781560 |

---

1 \| December 31, 2025

<u>Sprott Gold Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.05%)** |  |  |  |
| **Money Market Fund (0.24%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $1,562,788) | 3.72% | 1562788 | $1562788 |
| **Investments Purchased with Collateral from Securities Loaned (2.81%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $18,638,872) |  | 18638872 | 18638872 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $20,201,660) |  |  | $20201660 |
| **TOTAL INVESTMENTS (102.84%)** |  |  |  |
| (Cost $378,808,729) |  |  | $680983220 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.84%)** |  |  | (18804356) |
| **NET ASSETS (100.00%)** |  |  | $662178864 |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $17,647,645. The loaned securities were secured with cash collateral of $18,638,872 and non-cash collateral with the value of $32,661. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

*See Notes to Financial Statements*.

2 \| December 31, 2025

<u>Sprott Junior Gold Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.82%)** |  |  |
| ***Gold Mining (91.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allied Gold Corp.<sup>(a)</sup> | 494820 | $11338085 |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp.<sup>(a)</sup> | 1104944 | 17919969 |
| &nbsp;&nbsp;&nbsp;Bellevue Gold, Ltd.<sup>(a)</sup> | 18472800 | 21018995 |
| &nbsp;&nbsp;&nbsp;Catalyst Metals, Ltd.<sup>(a)</sup> | 2068611 | 10160416 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 1170169 | 16846409 |
| &nbsp;&nbsp;&nbsp;DRDGOLD, Ltd.<sup>(b)</sup> | 3565322 | 11272964 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)(b)</sup> | 3788409 | 15978234 |
| &nbsp;&nbsp;&nbsp;Firefinch, Ltd.<sup>(a)(b),(c)</sup> | 6635363 | 39853 |
| &nbsp;&nbsp;&nbsp;Greatland Resources, Ltd.<sup>(a)(b)</sup> | 2377509 | 16706370 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 1951379 | 13506856 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(a)(b)</sup> | 834946 | 13802721 |
| &nbsp;&nbsp;&nbsp;McEwen, Inc.<sup>(a)(b)</sup> | 778425 | 14408647 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)(b)</sup> | 1722104 | 16050009 |
| &nbsp;&nbsp;&nbsp;Ora Banda Mining, Ltd.<sup>(a)</sup> | 9068226 | 9259096 |
| &nbsp;&nbsp;&nbsp;Pan African Resources PLC | 7995431 | 13040656 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)(b)</sup> | 451348 | 10927321 |
| &nbsp;&nbsp;&nbsp;Regis Resources, Ltd. | 2591519 | 13057384 |
| &nbsp;&nbsp;&nbsp;Resolute Mining, Ltd.<sup>(a)</sup> | 11146536 | 9112360 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.<sup>(a)(b)</sup> | 571337 | 16905862 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(a)</sup> | 464066 | 11022223 |
| &nbsp;&nbsp;&nbsp;Turk Altin Isletmeleri AS<sup>(a)</sup> | 20170728 | 19258106 |
| &nbsp;&nbsp;&nbsp;Vault Minerals, Ltd.<sup>(a)</sup> | 3550487 | 12937055 |
| &nbsp;&nbsp;&nbsp;Victoria Gold Corp./Vancouver<sup>(a)(b),(c)</sup> | 968690 |  |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 593043 | 9825360 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 3460592 | 14872744 |
| **Total Gold Mining** |  | 319267695 |
| ***Silver Mining (8.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)(b)</sup> | 1752221 | 16481129 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.<sup>(a)(b)</sup> | 1424696 | 13960993 |
| **Total Silver Mining** |  | 30442122 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $209,898,043) |  | 349709817 |
|  | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.22%)** |  |  |
| ***Investments Purchased with Collateral from Securities Loaned (7.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |
| (Cost $25,304,632) | 25304632 | 25304632 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $25,304,632) |  | $25304632 |
| **TOTAL INVESTMENTS (107.04%)** |  |  |
| (Cost $235,202,675) |  | $375014449 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-7.04%)** |  | (24660476) |
| **NET ASSETS (100.00%)** |  | $350353973 |

---

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

3 \| December 31, 2025

<u>Sprott Junior Gold Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $36,399,194. The loaned securities were secured with cash collateral of $25,304,632 and non-cash collateral with the value of $13,140,568. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

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

*See Notes to Financial Statements.*

4 \| December 31, 2025

<u>Sprott Critical Materials ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.73%)** |  |  |
| ***Coal & Consumable Fuels (24.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 173615 | $385821 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 842441 | 823630 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 127689 | 11682266 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd. | 7430050 | 2949986 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)(b)</sup> | 738186 | 906439 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(b)</sup> | 1881860 | 5005748 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 392695 | 935567 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)(b)</sup> | 251451 | 3656098 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)</sup> | 40942 | 372566 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)(b)</sup> | 2546233 | 297366 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> | 204463 | 11409034 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)(b)</sup> | 610378 | 5615478 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)(b)</sup> | 1002504 | 6415929 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)(b)</sup> | 682068 | 293591 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)(b)</sup> | 754675 | 8814604 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)(b)</sup> | 126555 | 448005 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 747020 | 1038358 |
| **Total Coal & Consumable Fuels** |  | 61050486 |
| ***Copper Mining (20.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)</sup> | 257729 | 103198 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 159861 | 7065715 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 36059 | 125578 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 35474 | 408835 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | 331347 | 3326627 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 46489 | 117809 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 34859 | 986175 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)</sup> | 55337 | 110065 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(a)</sup> | 257179 | 6895331 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 262993 | 13357415 |
| &nbsp;&nbsp;&nbsp;Hindustan Copper, Ltd. | 159295 | 918593 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 22175 | 161561 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(a)(b),(d)</sup> | 323600 | 26611 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA<sup>(a)</sup> | 49243 | 3851653 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(b)</sup> | 300538 | 6459416 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 83092 | 993693 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)</sup> | 425210 | 158192 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 34398 | 4935081 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 156090 | 883469 |
| **Total Copper Mining** |  | 50885017 |
| ***Diversified Metals & Mining (38.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(a)</sup> | 213465 | 81912 |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(a)</sup> | 148547 | 1155865 |
| &nbsp;&nbsp;&nbsp;Aclara Resources, Inc.<sup>(a)</sup> | 204367 | 321615 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)</sup> | 254444 | 100184 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.<sup>(a)</sup> | 131201 | 438211 |
| &nbsp;&nbsp;&nbsp;American Rare Earths, Ltd.<sup>(a)</sup> | 643590 | 148178 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(a)</sup> | 286263 | 1462804 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd. | 53040 | 175441 |
| &nbsp;&nbsp;&nbsp;Arafura Rare Earths, Ltd.<sup>(a)</sup> | 8673606 | 1562854 |
| &nbsp;&nbsp;&nbsp;Australian Strategic Materials, Ltd.<sup>(a)</sup> | 629769 | 292093 |
| &nbsp;&nbsp;&nbsp;Blackrock Silver Corp.<sup>(a)(b)</sup> | 285675 | 287226 |
| &nbsp;&nbsp;&nbsp;Brazilian Rare Earths, Ltd.<sup>(a)</sup> | 160949 | 425342 |

---

5 \| December 31, 2025

<u>Sprott Critical Materials ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Canada Nickel Co., Inc.<sup>(a)</sup> | 197575 | $201526 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 75674 | 2106007 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)</sup> | 2634302 | 483452 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.<sup>(a)(b)</sup> | 109058 | 756863 |
| &nbsp;&nbsp;&nbsp;Elevra Lithium, Ltd.<sup>(a)(b)</sup> | 358679 | 1924495 |
| &nbsp;&nbsp;&nbsp;Eramet SA<sup>(b)</sup> | 15787 | 1069572 |
| &nbsp;&nbsp;&nbsp;European Lithium, Ltd.<sup>(a)</sup> | 1976084 | 204405 |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)(b)</sup> | 455168 | 238768 |
| &nbsp;&nbsp;&nbsp;Graphite One, Inc.<sup>(a)(b)</sup> | 132449 | 192032 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)(b)</sup> | 56297 | 119119 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 117360 | 2329596 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd.<sup>(a)</sup> | 1207298 | 6606679 |
| &nbsp;&nbsp;&nbsp;Iluka Resources, Ltd. | 986021 | 3809953 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 2648289 | 326958 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 26112 | 417270 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)(b)</sup> | 168049 | 1911220 |
| &nbsp;&nbsp;&nbsp;Jupiter Mines, Ltd. | 2618872 | 480620 |
| &nbsp;&nbsp;&nbsp;Lake Resources NL<sup>(a)</sup> | 2485332 | 199031 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(d)</sup> | 23792 | 159 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 46535 | 198704 |
| &nbsp;&nbsp;&nbsp;Lindian Resources, Ltd.<sup>(a)</sup> | 3500810 | 969553 |
| &nbsp;&nbsp;&nbsp;Liontown, Ltd.<sup>(a)(b)</sup> | 4680486 | 4919561 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 303755 | 1324372 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)</sup> | 151386 | 844734 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 1191337 | 9890309 |
| &nbsp;&nbsp;&nbsp;Magna Mining, Inc.<sup>(a)</sup> | 204267 | 433075 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 39234900 | 1341163 |
| &nbsp;&nbsp;&nbsp;Meteoric Resources NL<sup>(a)(b)</sup> | 7214541 | 818488 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)</sup> | 55037 | 53732 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 264133 | 427504 |
| &nbsp;&nbsp;&nbsp;Mkango Resources, Ltd.<sup>(a)</sup> | 564492 | 353820 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(a)</sup> | 1651920 | 1861480 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)(b)</sup> | 182516 | 9220708 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 36743 | 685309 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 2498506 | 1392264 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments, Ltd.<sup>(a)</sup> | 326053 | 1728081 |
| &nbsp;&nbsp;&nbsp;Northern Minerals, Ltd.<sup>(a)</sup> | 19554710 | 391496 |
| &nbsp;&nbsp;&nbsp;Nouveau Monde Graphite, Inc.<sup>(a)(b)</sup> | 81577 | 202311 |
| &nbsp;&nbsp;&nbsp;Pam Mineral Tbk PT | 5845000 | 425888 |
| &nbsp;&nbsp;&nbsp;Pensana PLC<sup>(a)</sup> | 554089 | 660243 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 570000 | 95916 |
| &nbsp;&nbsp;&nbsp;PLS Group, Ltd.<sup>(a)(b)</sup> | 4256540 | 11987374 |
| &nbsp;&nbsp;&nbsp;PMET Resources, Inc.<sup>(a)</sup> | 602778 | 245382 |
| &nbsp;&nbsp;&nbsp;Rainbow Rare Earths, Ltd.<sup>(a)</sup> | 1065118 | 254840 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)</sup> | 146151 | 1927732 |
| &nbsp;&nbsp;&nbsp;Silver X Mining Corp.<sup>(a)</sup> | 263101 | 207023 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 27433 | 219856 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)</sup> | 257918 | 1152893 |
| &nbsp;&nbsp;&nbsp;Sunrise Energy Metals, Ltd.<sup>(a)</sup> | 206277 | 1086132 |
| &nbsp;&nbsp;&nbsp;Syrah Resources, Ltd.<sup>(a)(b)</sup> | 1668739 | 373068 |
| &nbsp;&nbsp;&nbsp;Talon Metals Corp.<sup>(a)</sup> | 1026132 | 448566 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 151610 | 7260603 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)(b)</sup> | 35713 | 153923 |
| &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 11773800 | 794334 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 4348550 | 1349550 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 349273 | 1910523 |

---

6 \| December 31, 2025

<u>Sprott Critical Materials ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 218635 | $643448 |
| &nbsp;&nbsp;&nbsp;Xinjiang Xinxin Mining Industry Co., Ltd. | 915000 | 335070 |
| **Total Diversified Metals & Mining** |  | 98418478 |
| ***Electrical Components & Equipment (0.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Westwater Resources, Inc.<sup>(a)</sup> | 119180 | 89385 |
| ***Environmental & Facilities Services (0.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sungeel Hitech Co., Ltd.<sup>(a)</sup> | 12294 | 349050 |
| ***Gold Mining (0.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 8261400 | 1560624 |
| &nbsp;&nbsp;&nbsp;Atex Resources, Inc.<sup>(a)</sup> | 70220 | 169340 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)</sup> | 175753 | 245134 |
| &nbsp;&nbsp;&nbsp;Unico Silver, Ltd.<sup>(a)</sup> | 551371 | 320124 |
| **Total Gold Mining** |  | 2295222 |
| ***Precious Metals & Minerals Mining (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(a)</sup> | 246270 | 1529337 |
| &nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd.<sup>(a)</sup> | 745651 | 363984 |
| **Total Precious Metals & Minerals Mining** |  | 1893321 |
| ***Silver Mining (7.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aftermath Silver, Ltd.<sup>(a)</sup> | 245121 | 191089 |
| &nbsp;&nbsp;&nbsp;Andean Precious Metals Corp.<sup>(a)</sup> | 50642 | 360108 |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 266508 | 3813498 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)(b)</sup> | 321140 | 3018716 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 551565 | 9189073 |
| &nbsp;&nbsp;&nbsp;Kootenay Silver, Inc.<sup>(a)</sup> | 87333 | 136801 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(a)(b)</sup> | 113187 | 397286 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(a)(b)</sup> | 2163353 | 317618 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(b)</sup> | 281680 | 2349211 |
| **Total Silver Mining** |  | 19773400 |
| ***Specialty Chemicals (6.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 86970 | 12301036 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(c)(e)</sup> | 516600 | 3448337 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(a)(b)</sup> | 247150 | 1621161 |
| **Total Specialty Chemicals** |  | 17370534 |
| ***Steel Mining (0.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;MOIL, Ltd. | 124208 | 509314 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $198,094,285) |  | 252634207 |

---

7 \| December 31, 2025

<u>Sprott Critical Materials ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.62%)** |  |  |  |
| ***Money Market Fund (0.34%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $869,269) | 3.72% | 869269 | $869269 |
| ***Investments Purchased with Collateral from Securities Loaned (6.28%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $15,902,452) |  | 15902452 | 15902452 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $16,771,721) |  |  | $16771721 |
| **TOTAL INVESTMENTS (106.35%)** |  |  |  |
| (Cost $214,866,006) |  |  | $269405928 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.35%)** |  |  | (16096368) |
| **NET ASSETS (100.00%)** |  |  | $253309560 |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $37,976,735. The loaned securities were secured with cash collateral of $15,902,452 and non-cash collateral with the value of $23,822,287. 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 December 31, 2025, the market value of those securities was $14,857,371, representing 5.87% 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 December 31, 2025, the aggregate market value of those securities was $3,448,337, representing 1.36% of net assets.*

*See Notes to Financial Statements.*

8 \| December 31, 2025

<u>Sprott Lithium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.36%)** |  |  |
| ***Diversified Metals & Mining (65.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Lithium Corp.<sup>(a)</sup> | 598644 | $283500 |
| &nbsp;&nbsp;&nbsp;Anson Resources, Ltd.<sup>(a)</sup> | 2415056 | 104760 |
| &nbsp;&nbsp;&nbsp;Argosy Minerals, Ltd.<sup>(a)</sup> | 2150052 | 165007 |
| &nbsp;&nbsp;&nbsp;Atlantic Lithium, Ltd.<sup>(a)</sup> | 821285 | 112642 |
| &nbsp;&nbsp;&nbsp;Core Lithium, Ltd.<sup>(a)(b)</sup> | 5366787 | 984923 |
| &nbsp;&nbsp;&nbsp;Delta Lithium, Ltd.<sup>(a)(b)</sup> | 801366 | 117654 |
| &nbsp;&nbsp;&nbsp;E3 Lithium, Ltd.<sup>(a)(b)</sup> | 169840 | 115079 |
| &nbsp;&nbsp;&nbsp;Elevra Lithium, Ltd.<sup>(a)(b)</sup> | 365360 | 1960342 |
| &nbsp;&nbsp;&nbsp;European Lithium, Ltd.<sup>(a)</sup> | 4025814 | 416428 |
| &nbsp;&nbsp;&nbsp;European Metals Holdings, Ltd.<sup>(a)</sup> | 411562 | 97084 |
| &nbsp;&nbsp;&nbsp;Galan Lithium, Ltd.<sup>(a)</sup> | 2209549 | 471855 |
| &nbsp;&nbsp;&nbsp;Global Lithium Resources, Ltd.<sup>(a)</sup> | 288982 | 119569 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd.<sup>(a)</sup> | 373369 | 2043182 |
| &nbsp;&nbsp;&nbsp;ioneer, Ltd.<sup>(a)(b)</sup> | 5395279 | 666102 |
| &nbsp;&nbsp;&nbsp;Kairos Gold, Inc.<sup>(a),(c)</sup> | 4531 | 389 |
| &nbsp;&nbsp;&nbsp;Kodal Minerals PLC<sup>(a)(b)</sup> | 24580083 | 109338 |
| &nbsp;&nbsp;&nbsp;Lake Resources NL<sup>(a)(b)</sup> | 2448604 | 196090 |
| &nbsp;&nbsp;&nbsp;Leo Lithium, Ltd.<sup>(c)</sup> | 117442 | 784 |
| &nbsp;&nbsp;&nbsp;LibertyStream Infrastructure Partners, Inc.<sup>(a)(b)</sup> | 203782 | 155893 |
| &nbsp;&nbsp;&nbsp;Liontown, Ltd.<sup>(a)(b)</sup> | 3992875 | 4196827 |
| &nbsp;&nbsp;&nbsp;Lithium Americas Corp.<sup>(a)</sup> | 325127 | 1417554 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)</sup> | 308543 | 1721670 |
| &nbsp;&nbsp;&nbsp;Lithium Ionic Corp.<sup>(a)</sup> | 409350 | 310170 |
| &nbsp;&nbsp;&nbsp;PLS Group, Ltd.<sup>(a)(b)</sup> | 1414748 | 3984247 |
| &nbsp;&nbsp;&nbsp;PMET Resources, Inc.<sup>(a)(b)</sup> | 380574 | 1497286 |
| &nbsp;&nbsp;&nbsp;Power Metals Corp.<sup>(a)</sup> | 209570 | 125203 |
| &nbsp;&nbsp;&nbsp;Savannah Resources PLC<sup>(a)(b)</sup> | 2296324 | 116074 |
| &nbsp;&nbsp;&nbsp;Sigma Lithium Corp.<sup>(a)</sup> | 148925 | 1964321 |
| &nbsp;&nbsp;&nbsp;Snow Lake Resources, Ltd.<sup>(a)(b)</sup> | 35054 | 105162 |
| &nbsp;&nbsp;&nbsp;Standard Lithium, Ltd.<sup>(a)</sup> | 436875 | 1952831 |
| &nbsp;&nbsp;&nbsp;Surge Battery Metals, Inc.<sup>(a)</sup> | 277688 | 147690 |
| &nbsp;&nbsp;&nbsp;Vulcan Energy Resources, Ltd.<sup>(a)(b)</sup> | 445413 | 1310860 |
| &nbsp;&nbsp;&nbsp;Winsome Resources, Ltd.<sup>(a)</sup> | 518514 | 159174 |
| **Total Diversified Metals & Mining** |  | 27129690 |
| ***Fertilizers & Agricultural Chemicals (9.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)</sup> | 58418 | 4019158 |
| ***Precious Metals & Minerals (0.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Lithium Corp.<sup>(a)(b)</sup> | 23413 | 99037 |
| ***Specialty Chemicals (23.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 28899 | 4087475 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co., Ltd.<sup>(b)(d)(e)</sup> | 598100 | 3992354 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp.<sup>(a)(b)</sup> | 262300 | 1720536 |
| **Total Specialty Chemicals** |  | 9800365 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $24,953,532) |  | 41048250 |

---

9 \| December 31, 2025

<u>Sprott Lithium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.52%)** |  |  |  |
| ***Money Market Fund (0.06%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $23,103) | 3.72% | 23103 | $23103 |
| ***Investments Purchased with Collateral from Securities Loaned (1.46%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $606,161) |  | 606161 | 606161 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $629,264) |  |  | $629264 |
| **TOTAL INVESTMENTS (100.88%)** |  |  |  |
| (Cost $25,582,796) |  |  | $41677514 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.88%)** |  |  | (364865) |
| **NET ASSETS (100.00%)** |  |  | $41312649 |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $7,905,807. The loaned securities were secured with cash collateral of $606,161 and non-cash collateral with the value of $7,869,882. 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 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 December 31, 2025, the market value of those securities was $3,992,354, representing 9.66% 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 December 31, 2025, the aggregate market value of those securities was $3,992,354, representing 9.66% of net assets.*

*See Notes to Financial Statements.*

10 \| December 31, 2025

<u>Sprott Uranium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (13.66%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>(a)(b)</sup> | 12259363 | $239640603 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $196,865,270) |  | 239640603 |
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (84.75%)** |  |  |
| ***Coal & Consumable Fuels (83.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)(b)(c)</sup> | 25256401 | 11224658 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)(c)</sup> | 56182282 | 6561336 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)(b)</sup> | 16724012 | 37165463 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)(b)(c)</sup> | 25789716 | 8656017 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)(b)</sup> | 35273552 | 34485908 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 3808966 | 348482300 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)(b)(c)</sup> | 17359027 | 7461896 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(c)</sup> | 192675300 | 76498731 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)(b)</sup> | 73307512 | 90016299 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(c)</sup> | 30607439 | 81415788 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)(b)(c)</sup> | 16013776 | 38151650 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 5395737 | 78454016 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)(c)</sup> | 6018755 | 1271676 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)(b)(c)</sup> | 3059051 | 27836907 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)(b)(c)</sup> | 18390817 | 7637438 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)(b)(c)</sup> | 209696105 | 24489688 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)(b)</sup> | 29736652 | 10507651 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(d)</sup> | 1364390 | 76132962 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 8942843 | 82274156 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 13521118 | 86533856 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)</sup> | 10062087 | 4331144 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)(c)</sup> | 16626983 | 194203162 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 4443382 | 15668623 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)(b)(c)</sup> | 31966693 | 44433703 |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC<sup>(a)(c)(d)(e)</sup> | 9509305 | 75882682 |
| **Total Coal & Consumable Fuels** |  | 1469777710 |
| ***Diversified Metals & Mining (0.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)(b)</sup> | 33071987 | 17348607 |
| ***Electronic Equipment & Instruments (–%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)</sup> | 112447 | 57348 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $1,127,533,732) |  | 1487183665 |
|  | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.18%)** |  |  |
| ***Investments Purchased with Collateral from Securities Loaned (3.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |
| (Cost $55,762,264) | 55762264 | 55762264 |

---

11 \| December 31, 2025

<u>Sprott Uranium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares<br> (continued)** | **Value<br> (continued)** |
| **SHORT TERM INVESTMENTS (3.18%) (continued)** |  |  |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $55,762,264) |  | $55762264 |
| **TOTAL INVESTMENTS (101.59%)** |  |  |
| (Cost $1,380,161,266) |  | $1782586532 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.59%)** |  | (27857599) |
| **NET ASSETS (100.00%)** |  | $1754728933 |

---

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

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

*<sup>(c)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $125,721,121 ($101,149,955 Unaffiliated and $24,571,166 Affiliated). The loaned securities were secured with cash collateral of $55,762,264 and non-cash collateral with the value of $76,373,727. 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 December 31, 2025, the market value of those securities was $152,015,644, representing 8.66% 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 December 31, 2025, the aggregate market value of those securities was $75,882,682, representing 4.32% of net assets.*

*See Notes to Financial Statements.*

12 \| December 31, 2025

<u>Sprott Uranium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares<br> as on<br> January 1,<br> 2025** | **Market Value<br> as of<br> January 1,<br> 2025** | **Purchases<br> (Shares)** | **Purchases<br> (Cost)** | **Sales<br> (Shares)** | **Sales<br> (Proceed)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Realized<br> Gain/Loss** | **Market Value<br> as of<br> December 31,<br> 2025** | **Share Balance<br> as of<br> December 31,<br> 2025** |
| **Closed End Fund** | | | | | | | | | | |
| Sprott Physical Uranium Trust<sup>(a)</sup> | 9968477 | 172399971 | 5625210 | 100722749 | (3334324) | (57000567) | 7062379 | 16456071 | 239640603 | 12259363 |
| **Common Stock** |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Atha Energy Corp.<sup>(a)(b)</sup> | 17361008 | 6763480 | 12232955 | 6121080 | (4337562) | (1874946) | (132848) | 347892 | 11224658 | 25256401 |
| Aura Energy, Ltd.<sup>(a)(b)</sup> | 52569654 | 4067247 | 36331748 | 4438842 | (32719120) | (3575672) | 2602197 | (971278) | 6561336 | 56182282 |
| Bannerman Energy, Ltd.<sup>(a)</sup> | 11160477 | 20032546 | 9648812 | 20419056 | (4085277) | (8002263) | 2759831 | 1956293 | 37165463 | 16724012 |
| Berkeley Energia, Ltd.<sup>(a)(b)</sup> | 28128334 | 5458120 | 10171812 | 3530471 | (12510430) | (4205922) | 3315194 | 558154 | 8656017 | 25789716 |
| Boss Energy, Ltd.<sup>(a)</sup> | 26043243 | 39170286 | 21153331 | 30459355 | (11923022) | (20089631) | (11681600) | (3372502) | 34485908 | 35273552 |
| CanAlaska Uranium, Ltd.<sup>(a)(b)</sup> | 10206286 | 4828185 | 11093143 | 7046550 | (3940402) | (2427704) | (3038680) | 1053545 | 7461896 | 17359027 |
| Deep Yellow, Ltd.<sup>(a)</sup> | 61195181 | 42611336 | 47449169 | 46943187 | (35336838) | (40326171) | 30618855 | 10169092 | 90016299 | 73307512 |
| Encore Energy Corp.<sup>(a)(b)</sup> | 11510995 | 38838447 | 8541819 | 20032272 | (4039038) | (10911897) | (14231731) | 4424559 | 38151650 | 16013776 |
| IsoEnergy, Ltd.<sup>(a)(b)(c)</sup> | 2787395 | 20089332 | 2312467 | 19326515 | (2040811) | (16599401) | 11122013 | (6101552) | 27836907 | 3059051 |
| Laramide Resources, Ltd.<sup>(a)</sup> | 15314294 | 6818427 | 11735372 | 5682568 | (8658849) | (3589722) | (257922) | (1015913) | 7637438 | 18390817 |
| Mega Uranium, Ltd.<sup>(a)(b)</sup> | 23413093 | 5375019 | 14382337 | 3794867 | (8058778) | (1891855) | 3086502 | 143118 | 10507651 | 29736652 |
| Ur-Energy, Inc.<sup>(a)</sup> | 23220620 | 26703713 | 17525170 | 21667862 | (8779097) | (10919287) | 3752792 | 3228623 | 44433703 | 31966693 |
| **Diversified Metals & Mining** |  |  |  |  |  |  |  |  |  |  |
| Global Atomic Corp.<sup>(a)</sup> | 14401623 | 7814718 | 25464132 | 13242106 | (6793768) | (3199316) | (391900) | (117001) | 17348607 | 33071987 |
|  |  | $400970827 |  | $303427480 |  | $(184614354) | $34585082 | $26759101 | $581128136 |  |
| Securities that became affiliated during the period |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Lotus Resources, Ltd.<sup>(a)(b)</sup> | 116548235 | 14427501 | 146202566 | 18676840 | (53054696) | (6262959) | (2690185) | 338491 | 24489688 | 209696105 |
|  |  | $415398328 |  | $322104320 |  | $(190877313) | $31894897 | $27097592 | $605617824 |  |
| Securities no longer held at December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Alligator Energy, Ltd. | 238286035 | 5014561 | 182927229 | 3785910 | (421213264) | (6573766) | 9875325 | (12102030) |  |  |
| Anfield Energy, Inc. | 97560688 | 5769007 | 6209072 | 2514882 | (103769760) | (7606284) | 1173799 | (1851404) |  |  |
| F3 Uranium Corp | 29621703 | 4945709 | 20371161 | 3087282 | (49992864) | (5107076) | 3526949 | (6452864) |  |  |
| GoviEX Uranium, Inc. | 92426022 | 3214930 | 71675580 | 4755016 | (164101602) | (4200076) | 10029430 | (13799300) |  |  |
| Skyharbour Resources, Ltd. | 14889427 | 3832542 | 6365910 | 1982273 | (21255337) | (4820174) | 2701540 | (3696181) |  |  |
| Western Uranium & Vanadium Corp. | 3782027 | 2578445 | 4298103 | 3644731 | (8080130) | (3043733) | 2349014 | (5528457) | – | – |
|  |  | $25355194 |  | $19770094 |  | $(31351109) | $29656057 | (43430236) | – | – |
| Securities no longer affiliated as of December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
| **Coal & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |
| Energy Fuels Inc/Canada<sup>(a)</sup> | 10382148 | 53260419 | 5645815 | 42238993 | (10632226) | (143570054) | 56966053 | 69558605 | 78454016 | 5395737 |
| Forsys Metals Corp<sup>(a)</sup> | 11900529 | 5464085 | 8335506 | 3795588 | (14217280) | (3740285) | 779124 | (5026836) | 1271676 | 6018755 |
| Peninsula Energy Ltd<sup>(a)</sup> | 9624599 | 7506001 | 13713213 | 6142062 | (13275725) | (3032083) | 11775001 | (18059837) | 4331144 | 10062087 |
| **Electronic Equipment & Instruments** |  |  |  |  |  |  |  |  |  |  |
| Premier American Uranium Inc.<sup>(a)</sup> | 2637859 | 2642539 | 3905563 | 4046469 | (6430975) | (3569272) | 1915348 | (4977736) | 57348 | 112447 |
|  |  | $68873044 |  | $56223112 |  | $(153911694) | $71435526 | $41494196 | $84114184 |  |
|  |  |  |  |  |  |  | $132986480 | $25161552 | $689732008 |  |
| Securies that became affiliated during the year ended December 31, 2025 |  |  |  |  |  |  | $(10618721) |  |  |  |
| Transfer out of securities no longer affiliated |  |  |  |  |  |  | $(34871483) | $8108514 | $84114184 |  |
|  |  |  |  |  |  |  | $87496276 | $17053038 | $605617824 |  |
| Securities no longer affiliated as of December 31, 2025 |  |  |  |  |  |  | $66220100 |  |  |  |
| Securies that became affiliated during the year ended December 31, 2025 |  |  |  |  |  |  | $10618721 |  |  |  |
| Change in unrealized on securities affiliated as of as of December 31, 2025 |  |  |  |  |  |  | $31894897 |  |  |  |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position is currently on loan*

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

*See Notes to Financial Statements.*

13 \| December 31, 2025

<u>Sprott Junior Uranium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.80%)** |  |  |
| ***Coal & Consumable Fuels (96.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alligator Energy, Ltd.<sup>(a)</sup> | 133300338 | $2223956 |
| &nbsp;&nbsp;&nbsp;Anfield Energy, Inc.<sup>(a)(b)</sup> | 369853 | 1897028 |
| &nbsp;&nbsp;&nbsp;Atha Energy Corp.<sup>(a)(b)</sup> | 10552788 | 4689957 |
| &nbsp;&nbsp;&nbsp;Atomic Eagle, Ltd.<sup>(a)</sup> | 4492787 | 1169325 |
| &nbsp;&nbsp;&nbsp;Aura Energy, Ltd.<sup>(a)(b)</sup> | 18268037 | 2133461 |
| &nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)(b)</sup> | 5137095 | 11416071 |
| &nbsp;&nbsp;&nbsp;Berkeley Energia, Ltd.<sup>(a)</sup> | 11131227 | 3751364 |
| &nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)</sup> | 12570712 | 12290013 |
| &nbsp;&nbsp;&nbsp;CanAlaska Uranium, Ltd.<sup>(a)(b)</sup> | 6363631 | 2735450 |
| &nbsp;&nbsp;&nbsp;CGN Mining Co., Ltd.<sup>(b)</sup> | 40317500 | 16007436 |
| &nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 13498176 | 16574779 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)(b)</sup> | 15377663 | 40904584 |
| &nbsp;&nbsp;&nbsp;Elevate Uranium, Ltd.<sup>(a)(b)</sup> | 12959392 | 2637785 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)(b)</sup> | 5687456 | 13549948 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 2733838 | 39750005 |
| &nbsp;&nbsp;&nbsp;F3 Uranium Corp.<sup>(a)(b)</sup> | 21098330 | 2305745 |
| &nbsp;&nbsp;&nbsp;Forsys Metals Corp.<sup>(a)(b)</sup> | 6195702 | 1309062 |
| &nbsp;&nbsp;&nbsp;Future Fuels, Inc.<sup>(a)</sup> | 524623 | 267558 |
| &nbsp;&nbsp;&nbsp;IsoEnergy, Ltd.<sup>(a)(b)</sup> | 1218873 | 11091562 |
| &nbsp;&nbsp;&nbsp;Kirkstone Metals Corp.<sup>(a)(b)</sup> | 884000 | 4914152 |
| &nbsp;&nbsp;&nbsp;Laramide Resources, Ltd.<sup>(a)(b)</sup> | 6846644 | 2843311 |
| &nbsp;&nbsp;&nbsp;Lotus Resources, Ltd.<sup>(a)(b)</sup> | 75990320 | 8874649 |
| &nbsp;&nbsp;&nbsp;Mega Uranium, Ltd.<sup>(a)</sup> | 12569756 | 4441610 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 4398816 | 40469107 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 7399456 | 47355807 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)</sup> | 7112729 | 3061617 |
| &nbsp;&nbsp;&nbsp;Skyharbour Resources, Ltd.<sup>(a)(b)</sup> | 6901573 | 2061597 |
| &nbsp;&nbsp;&nbsp;Stallion Uranium Corp.<sup>(a)(b)</sup> | 902647 | 213734 |
| &nbsp;&nbsp;&nbsp;Uranium Royalty Corp.<sup>(a)</sup> | 3766125 | 13332083 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)(b)</sup> | 11115309 | 15450280 |
| &nbsp;&nbsp;&nbsp;Western Uranium & Vanadium Corp.<sup>(a)(b)</sup> | 2255735 | 764210 |
| **Total Coal & Consumable Fuels** |  | 330487246 |
| ***Diversified Metals & Mining (2.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Atomic Corp.<sup>(a)</sup> | 13211066 | 6930143 |
| ***Electronic Equipment & Instruments (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier American Uranium, Inc.<sup>(a)(b)</sup> | 2149996 | 1096497 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $314,514,495) |  | 338513886 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (8.44%)** |  |  |  |
| ***Money Market Fund (0.90%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $3,087,913) | 3.72% | 3087913 | 3087913 |
| ***Investments Purchased with Collateral from Securities Loaned (7.54%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $25,842,386) |  | 25842386 | 25842386 |

---

14 \| December 31, 2025

<u>Sprott Junior Uranium Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (8.44%) (continued)** |  |  |  |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $28,930,299) |  |  | $28930299 |
| **TOTAL INVESTMENTS (107.26%)** |  |  |  |
| (Cost $343,444,794) |  |  | $367444185 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-7.26%)** |  |  | (24864569) |
| **NET ASSETS (100.00%)** |  |  | $342579616 |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $41,152,831. The loaned securities were secured with cash collateral of $25,842,386 and non-cash collateral with the value of $16,987,063. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

*See Notes to Financial Statements.*

15 \| December 31, 2025

<u>Sprott Junior Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.91%)** |  |  |
| ***Copper Mining (47.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)</sup> | 3105749 | $1243576 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(a)</sup> | 493980 | 1320831 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 574019 | 1999061 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 253638 | 2923160 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(a)</sup> | 5182800 | 531208 |
| &nbsp;&nbsp;&nbsp;Austral Resources Australia, Ltd.<sup>(a)</sup> | 5119770 | 194751 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 669113 | 1695624 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(a)</sup> | 24187300 | 320106 |
| &nbsp;&nbsp;&nbsp;Cyprium Metals, Ltd.<sup>(a)</sup> | 1407257 | 507133 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)(b)</sup> | 94530 | 2674292 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)(b)</sup> | 880175 | 1750667 |
| &nbsp;&nbsp;&nbsp;Gladiator Metals Corp.<sup>(a)</sup> | 384094 | 316219 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(a)</sup> | 10713023 | 328870 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(a)</sup> | 656033 | 608548 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 313518 | 2284202 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(a)(b),(c)</sup> | 6259100 | 514709 |
| &nbsp;&nbsp;&nbsp;Koryx Copper, Inc.<sup>(a)</sup> | 400080 | 696653 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(a)(b)</sup> | 242586 | 1967129 |
| &nbsp;&nbsp;&nbsp;Sociedad Punta del Cobre SA | 138039 | 1921090 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)</sup> | 6101923 | 2270116 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 452450 | 2560867 |
| **Total Copper Mining** |  | 28628812 |
| ***Diversified Metals & Mining (43.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(a)</sup> | 2354460 | 903471 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)</sup> | 2645119 | 1041483 |
| &nbsp;&nbsp;&nbsp;Amarc Resources, Ltd.<sup>(a)</sup> | 570964 | 561583 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd. | 476121 | 1574871 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(a)(b)</sup> | 269872 | 943780 |
| &nbsp;&nbsp;&nbsp;Caravel Minerals, Ltd.<sup>(a)</sup> | 1898995 | 373853 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(a)</sup> | 983142 | 295246 |
| &nbsp;&nbsp;&nbsp;Fitzroy Minerals, Inc.<sup>(a)</sup> | 735143 | 257090 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)(b)</sup> | 895466 | 1894713 |
| &nbsp;&nbsp;&nbsp;Gunnison Copper Corp.<sup>(a)</sup> | 1037004 | 317323 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 1045930 | 563905 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 166961 | 2668037 |
| &nbsp;&nbsp;&nbsp;KGL Resources, Ltd.<sup>(a)</sup> | 1277796 | 174812 |
| &nbsp;&nbsp;&nbsp;King Copper Discovery Corp.<sup>(a)</sup> | 1154684 | 799206 |
| &nbsp;&nbsp;&nbsp;Kodiak Copper Corp.<sup>(a)</sup> | 372716 | 285128 |
| &nbsp;&nbsp;&nbsp;Los Andes Copper, Ltd.<sup>(a)(b)</sup> | 44194 | 296226 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)(b)</sup> | 874745 | 854000 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 1820755 | 2946924 |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(a)</sup> | 2332215 | 1291380 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 8505500 | 1431257 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(a)</sup> | 2390391 | 406784 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(a)</sup> | 431861 | 1161027 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 308638 | 2473511 |
| &nbsp;&nbsp;&nbsp;Sterling Metals Corp.<sup>(a)</sup> | 141766 | 192113 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)(b)</sup> | 558259 | 2406096 |
| &nbsp;&nbsp;&nbsp;True North Copper, Ltd.<sup>(a)</sup> | 380838 | 120723 |
| **Total Diversified Metals & Mining** |  | 26234542 |

---

16 \| December 31, 2025

<u>Sprott Junior Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Gold Mining (9.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atex Resources, Inc.<sup>(a)</sup> | 1113588 | $2685495 |
| &nbsp;&nbsp;&nbsp;Cygnus Metals, Ltd.<sup>(a)</sup> | 3521913 | 423064 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)(b)</sup> | 1943496 | 2710721 |
| **Total Gold Mining** |  | 5819280 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $42,978,531) |  | 60682634 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.98%)** |  |  |  |
| ***Money Market Fund (1.98%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $1,203,912) | 3.72% | 1203912 | 1203912 |
| ***Investments Purchased with Collateral from Securities Loaned (6.00%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $3,645,379) |  | 3645379 | 3645379 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $4,849,291) |  |  | $4849291 |
| **TOTAL INVESTMENTS (107.89%)** |  |  |  |
| (Cost $47,827,822) |  |  | $65531925 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-7.89%)** |  |  | (4790167) |
| **NET ASSETS (100.00%)** |  |  | $60741758 |

---

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

*<sup>(b)</sup>* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $4,502,191. The loaned securities were secured with cash collateral of $3,645,379 and non-cash collateral with the value of $1,172,195. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.*

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

*See Notes to Financial Statements.*

17 \| December 31, 2025

<u>Sprott Nickel Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.63%)** |  |  |
| ***Diversified Metals & Mining (85.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ardea Resources, Ltd.<sup>(a)</sup> | 963193 | $385673 |
| &nbsp;&nbsp;&nbsp;Canada Nickel Co., Inc.<sup>(a)(b)</sup> | 1105825 | 1127941 |
| &nbsp;&nbsp;&nbsp;Centaurus Metals, Ltd.<sup>(a)</sup> | 2511009 | 980300 |
| &nbsp;&nbsp;&nbsp;Central Omega Resources Tbk PT | 12099800 | 526078 |
| &nbsp;&nbsp;&nbsp;Chalice Mining, Ltd.<sup>(a)(b)</sup> | 483408 | 706501 |
| &nbsp;&nbsp;&nbsp;Chilean Metals, Inc.<sup>(a),(c)</sup> | 29395 |  |
| &nbsp;&nbsp;&nbsp;Estrella Resources, Ltd.<sup>(a)</sup> | 4138604 | 85619 |
| &nbsp;&nbsp;&nbsp;FPX Nickel Corp.<sup>(a)</sup> | 1085750 | 411344 |
| &nbsp;&nbsp;&nbsp;Global Ferronickel Holdings, Inc.<sup>(a)</sup> | 15683000 | 359870 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd.<sup>(a)</sup> | 500554 | 2739174 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.<sup>(a)</sup> | 260245 | 1111246 |
| &nbsp;&nbsp;&nbsp;Magna Mining, Inc.<sup>(a)</sup> | 663214 | 1406107 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials Tbk PT<sup>(a)</sup> | 94053850 | 3215034 |
| &nbsp;&nbsp;&nbsp;Metals One PLC<sup>(a)</sup> | 1868980 | 51267 |
| &nbsp;&nbsp;&nbsp;NexMetals Mining Corp.<sup>(a)</sup> | 21945 | 85858 |
| &nbsp;&nbsp;&nbsp;Nickel Asia Corp. | 19382415 | 1281564 |
| &nbsp;&nbsp;&nbsp;Nickel Industries, Ltd. | 5824200 | 3245470 |
| &nbsp;&nbsp;&nbsp;Pam Mineral Tbk PT | 16817600 | 1225390 |
| &nbsp;&nbsp;&nbsp;Power Metallic Mines, Inc.<sup>(a)(b)</sup> | 1309581 | 1192653 |
| &nbsp;&nbsp;&nbsp;Sherritt International Corp.<sup>(a)</sup> | 2195500 | 343909 |
| &nbsp;&nbsp;&nbsp;Talon Metals Corp.<sup>(a)</sup> | 3527210 | 1541894 |
| &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk PT | 28220150 | 1903908 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT | 4947300 | 1535369 |
| &nbsp;&nbsp;&nbsp;Xinjiang Xinxin Mining Industry Co., Ltd. | 4265700 | 1562086 |
| **Total Diversified Metals & Mining** |  | 27024255 |
| ***Gold Mining (12.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 19797095 | 3739782 |
| &nbsp;&nbsp;&nbsp;Horizon Minerals, Ltd.<sup>(a)(b)</sup> | 263956 | 214024 |
| **Total Gold Mining** |  | 3953806 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $29,559,037) |  | 30978061 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.30%)** |  |  |  |
| ***Money Market Fund (1.05%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $334,297) | 3.72% | 334297 | 334297 |
| ***Investments Purchased with Collateral from Securities Loaned (2.25%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $715,000) |  | 715000 | 715000 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,049,297) |  |  | $1049297 |
| **TOTAL INVESTMENTS (100.93%)** |  |  |  |
| (Cost $30,608,334) |  |  | $32027358 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.93%)** |  |  | (295378) |
| **NET ASSETS (100.00%)** |  |  | $31731980 |

---

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

18 \| December 31, 2025

<u>Sprott Nickel Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

*(b)* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $1,161,999. The loaned securities were secured with cash collateral of $715,000 and non-cash collateral with the value of $527,839. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

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

*See Notes to Financial Statements.*

19 \| December 31, 2025

<u>Sprott Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (4.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Copper Trust<sup>(a)(b)</sup> | 397714 | $4498145 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $3,652,703) |  | 4498145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (94.12%)** |  |  |
| ***Copper Mining (65.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aeris Resources, Ltd.<sup>(a)</sup> | 440173 | 176250 |
| &nbsp;&nbsp;&nbsp;Aldebaran Resources, Inc.<sup>(a)(c)</sup> | 69994 | 187154 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 201499 | 8906079 |
| &nbsp;&nbsp;&nbsp;Arizona Sonoran Copper Co., Inc.<sup>(a)</sup> | 81319 | 283199 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 40017 | 461193 |
| &nbsp;&nbsp;&nbsp;Atlas Consolidated Mining & Development Corp.<sup>(a)</sup> | 727000 | 74513 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp.<sup>(a)(c)</sup> | 389813 | 3913608 |
| &nbsp;&nbsp;&nbsp;Central Asia Metals PLC | 94883 | 240446 |
| &nbsp;&nbsp;&nbsp;China Daye Non-Ferrous Metals Mining, Ltd.<sup>(a)</sup> | 3411200 | 45145 |
| &nbsp;&nbsp;&nbsp;Cyprium Metals, Ltd.<sup>(a)</sup> | 136436 | 49167 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 45666 | 1291891 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.<sup>(a)</sup> | 124783 | 248193 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd.<sup>(a)</sup> | 171821 | 4606764 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 463457 | 23538982 |
| &nbsp;&nbsp;&nbsp;Gladiator Metals Corp.<sup>(a)</sup> | 31755 | 26143 |
| &nbsp;&nbsp;&nbsp;Hillgrove Resources, Ltd.<sup>(a)(c)</sup> | 1479153 | 45407 |
| &nbsp;&nbsp;&nbsp;Hot Chili, Ltd.<sup>(a)</sup> | 91585 | 84956 |
| &nbsp;&nbsp;&nbsp;Imperial Metals Corp.<sup>(a)</sup> | 44380 | 323340 |
| &nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co., Ltd.<sup>(a)(c),(d)</sup> | 987700 | 81222 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA<sup>(a)</sup> | 66178 | 5176264 |
| &nbsp;&nbsp;&nbsp;Koryx Copper, Inc.<sup>(a)</sup> | 56413 | 98231 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.<sup>(c)</sup> | 209536 | 4503524 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.<sup>(a)</sup> | 34397 | 278925 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.<sup>(a)</sup> | 187177 | 2238439 |
| &nbsp;&nbsp;&nbsp;Sociedad Minera Cerro Verde SAA | 7736 | 379064 |
| &nbsp;&nbsp;&nbsp;Sociedad Punta del Cobre SA | 18073 | 251522 |
| &nbsp;&nbsp;&nbsp;SolGold PLC<sup>(a)</sup> | 958467 | 356581 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 29123 | 4178277 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 188301 | 1065784 |
| **Total Copper Mining** |  | 63110263 |
| ***Diversified Metals & Mining (27.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;29Metals, Ltd.<sup>(a)</sup> | 334537 | 128371 |
| &nbsp;&nbsp;&nbsp;AIC Mines, Ltd.<sup>(a)</sup> | 374990 | 147648 |
| &nbsp;&nbsp;&nbsp;Amarc Resources, Ltd.<sup>(a)</sup> | 81385 | 80048 |
| &nbsp;&nbsp;&nbsp;Amerigo Resources, Ltd. | 67533 | 223380 |
| &nbsp;&nbsp;&nbsp;Blue Moon Metals, Inc.<sup>(a)</sup> | 38458 | 134493 |
| &nbsp;&nbsp;&nbsp;Caravel Minerals, Ltd.<sup>(a)</sup> | 269148 | 52987 |
| &nbsp;&nbsp;&nbsp;Carnaby Resources, Ltd.<sup>(a)</sup> | 137791 | 41380 |
| &nbsp;&nbsp;&nbsp;Fitzroy Minerals, Inc.<sup>(a)</sup> | 90802 | 31755 |
| &nbsp;&nbsp;&nbsp;Gruvaktiebolaget Viscaria<sup>(a)(c)</sup> | 126805 | 268306 |
| &nbsp;&nbsp;&nbsp;Gunnison Copper Corp.<sup>(a)</sup> | 147001 | 44982 |
| &nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 149302 | 80495 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 229906 | 4563634 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. / US<sup>(a)(c)</sup> | 58799 | 939608 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)</sup> | 378995 | 4310307 |

---

20 \| December 31, 2025

<u>Sprott Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Metals & Mining (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;King Copper Discovery Corp.<sup>(a)</sup> | 164738 | $114022 |
| &nbsp;&nbsp;&nbsp;Los Andes Copper, Ltd.<sup>(a)</sup> | 6216 | 41665 |
| &nbsp;&nbsp;&nbsp;Midnight Sun Mining Corp.<sup>(a)</sup> | 123996 | 121055 |
| &nbsp;&nbsp;&nbsp;Minsur SA | 529411 | 856861 |
| &nbsp;&nbsp;&nbsp;MMG, Ltd.<sup>(a)</sup> | 2309700 | 2602705 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.<sup>(a)</sup> | 82881 | 1545848 |
| &nbsp;&nbsp;&nbsp;Osisko Metals, Inc.<sup>(a)</sup> | 330525 | 183016 |
| &nbsp;&nbsp;&nbsp;Philex Mining Corp. | 1145600 | 192775 |
| &nbsp;&nbsp;&nbsp;Prospect Resources, Ltd.<sup>(a)</sup> | 347592 | 59151 |
| &nbsp;&nbsp;&nbsp;Regulus Resources, Inc.<sup>(a)</sup> | 61201 | 164534 |
| &nbsp;&nbsp;&nbsp;Solaris Resources, Inc.<sup>(a)</sup> | 61991 | 496813 |
| &nbsp;&nbsp;&nbsp;Sterling Metals Corp.<sup>(a)</sup> | 20324 | 27542 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 193520 | 9267674 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 80424 | 346627 |
| **Total Diversified Metals & Mining** |  | 27067682 |
| ***Gold Mining (1.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atex Resources, Inc.<sup>(a)</sup> | 158935 | 383283 |
| &nbsp;&nbsp;&nbsp;Cygnus Metals, Ltd.<sup>(a)</sup> | 373509 | 44867 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.<sup>(a)</sup> | 396173 | 552568 |
| **Total Gold Mining** |  | 980718 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $72,015,293) |  | 91158663 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND (0.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI India ETF<sup>(a)(c)</sup> | 14596 | $788914 |
| **TOTAL EXCHANGE TRADED FUND** |  |  |
| (Cost $782,581) |  | 788914 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.03%)** |  |  |  |
| ***Money Market Fund (0.63%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $609,024) | 3.72% | 609024 | 609024 |
| ***Investments Purchased with Collateral from Securities Loaned (2.40%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $2,328,733) |  | 2328733 | 2328733 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $2,937,757) |  |  | $2937757 |
| **TOTAL INVESTMENTS (102.60%)** |  |  |  |
| (Cost $79,388,334) |  |  | $99383479 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.60%)** |  |  | (2514492) |
| **NET ASSETS (100.00%)** |  |  | $96868987 |

---

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

21 \| December 31, 2025

<u>Sprott Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

*(c)* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $8,671,405. The loaned securities were secured with cash collateral of $2,328,733 and non-cash collateral with the value of $6,845,330. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

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

22 \| December 31, 2025

<u>Sprott Copper Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares <br> as of<br> January 1, <br> 2025<sup>(a)</sup>** | **Market Value <br> as of<br> January 1,<br> 2025** | **Purchases<br> (Shares)** | **Purchases<br> (cost)** | **Sales<br> (Shares)** | **Sales<br> (cost)** | **Change in<br> Unrealized<br> Gain/(Loss)** | **Realized<br> Gain/Loss** | **Market Value<br> as of<br> December 31,<br> 2025** | **Share Balance <br> as of<br> December 31,<br> 2025** |
| ***EXCHANGE TRADED FUNDS*** |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical Copper Trust |  | $– | 399714 | $3668930 | (2000) | $(15274) | $845442 | $(953) | $4498145 | 397714 |
| Securities Affiliated as of December 31, 2025 |  |  |  | $3668930 |  | $(15274) | $845442 | $(953) | $4498145 |  |

---

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

*See Notes to Financial Statements.*

23 \| December 31, 2025

<u>Sprott Silver Miners & Physical Silver ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CLOSED END FUND (19.44%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Silver Trust<sup>(a)(b)</sup> | 5387630 | $127417450 |
| **TOTAL CLOSED END FUND** |  |  |
| (Cost $87,764,117) |  | 127417450 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (80.41%)** |  |  |
| ***Diversified Metals & Mining (17.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbraSilver Resource Corp.<sup>(b)(c)</sup> | 3629335 | 28240354 |
| &nbsp;&nbsp;&nbsp;Alaska Silver Corp.<sup>(b)</sup> | 48729 | 44023 |
| &nbsp;&nbsp;&nbsp;Americas Gold & Silver Corp.<sup>(b)(c)</sup> | 5586284 | 28545911 |
| &nbsp;&nbsp;&nbsp;Andean Silver, Ltd.<sup>(b)</sup> | 156377 | 253590 |
| &nbsp;&nbsp;&nbsp;Black Bear Minerals, Ltd.<sup>(b)</sup> | 116862 | 78768 |
| &nbsp;&nbsp;&nbsp;Blackrock Silver Corp.<sup>(b)(c)</sup> | 6188665 | 6222256 |
| &nbsp;&nbsp;&nbsp;Boab Metals, Ltd.<sup>(b)</sup> | 244469 | 75863 |
| &nbsp;&nbsp;&nbsp;Cerro de Pasco Resources, Inc.<sup>(b)</sup> | 414930 | 148130 |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 155179 | 4318632 |
| &nbsp;&nbsp;&nbsp;Eloro Resources, Ltd.<sup>(b)(c)</sup> | 97274 | 199148 |
| &nbsp;&nbsp;&nbsp;Investigator Silver, Ltd.<sup>(b)</sup> | 40581800 | 3926939 |
| &nbsp;&nbsp;&nbsp;Kingsmen Resources, Ltd.<sup>(b)</sup> | 123090 | 203573 |
| &nbsp;&nbsp;&nbsp;Minera Frisco SAB de CV<sup>(b)</sup> | 46519 | 22888 |
| &nbsp;&nbsp;&nbsp;Santacruz Silver Mining, Ltd.<sup>(b)(c)</sup> | 90434 | 871693 |
| &nbsp;&nbsp;&nbsp;Silver X Mining Corp.<sup>(b)</sup> | 4458677 | 3508339 |
| &nbsp;&nbsp;&nbsp;Silver47 Exploration Corp.<sup>(b)(c)</sup> | 3602784 | 2729879 |
| &nbsp;&nbsp;&nbsp;Societe Metallurgique D'imiter | 5794 | 2605902 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(b)</sup> | 5383818 | 29449484 |
| &nbsp;&nbsp;&nbsp;West Coast Silver, Ltd.<sup>(b)</sup> | 4749420 | 713145 |
| **Total Diversified Metals & Mining** |  | 112158517 |
| ***Gold (10.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(b)</sup> | 391713 | 6984243 |
| &nbsp;&nbsp;&nbsp;Gold Resource Corp.<sup>(b)</sup> | 126738 | 104939 |
| &nbsp;&nbsp;&nbsp;Hochschild Mining PLC | 244012 | 1688977 |
| &nbsp;&nbsp;&nbsp;Hycroft Mining Holding Corp.<sup>(b)</sup> | 32950 | 783222 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc.<sup>(c)</sup> | 90643 | 3207856 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 262060 | 13577329 |
| &nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp. | 132148 | 4389957 |
| &nbsp;&nbsp;&nbsp;Unico Silver, Ltd.<sup>(b)</sup> | 13472037 | 7821812 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp.<sup>(c)</sup> | 262939 | 30900591 |
| **Total Gold** |  | 69458926 |
| ***Precious Metals & Minerals (4.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Astra Exploration, Inc.<sup>(b)</sup> | 71640 | 30273 |
| &nbsp;&nbsp;&nbsp;Avino Silver & Gold Mines, Ltd.<sup>(b)</sup> | 145523 | 903698 |
| &nbsp;&nbsp;&nbsp;Capitan Silver Corp.<sup>(b)</sup> | 87237 | 139828 |
| &nbsp;&nbsp;&nbsp;Chesapeake Gold Corp.<sup>(b)</sup> | 27087 | 81899 |
| &nbsp;&nbsp;&nbsp;Dolly Varden Silver Corp.<sup>(b)(c)</sup> | 66966 | 292737 |
| &nbsp;&nbsp;&nbsp;GR Silver Mining, Ltd.<sup>(b)</sup> | 10793766 | 3145610 |
| &nbsp;&nbsp;&nbsp;Guanajuato Silver Co., Ltd.<sup>(b)(c)</sup> | 15028074 | 7335842 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV<sup>(b)</sup> | 139018 | 7302971 |
| &nbsp;&nbsp;&nbsp;Outcrop Silver & Gold Corp.<sup>(b)(c)</sup> | 9238789 | 3230934 |
| &nbsp;&nbsp;&nbsp;Sierra Madre Gold And Silver, Ltd.<sup>(b)</sup> | 130102 | 162088 |
| &nbsp;&nbsp;&nbsp;Silver Viper Minerals Corp.<sup>(b)</sup> | 49585 | 79839 |
| &nbsp;&nbsp;&nbsp;Southern Silver Exploration Corp.<sup>(b)</sup> | 3801746 | 1966587 |

---

24 \| December 31, 2025

<u>Sprott Silver Miners & Physical Silver ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Precious Metals & Minerals (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Viscount Mining Corp.<sup>(b)(c)</sup> | 3105090 | $2217033 |
| **Total Precious Metals & Minerals** |  | 26889339 |
| ***Silver (48.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aftermath Silver, Ltd.<sup>(b)(c)</sup> | 5985387 | 4666033 |
| &nbsp;&nbsp;&nbsp;Andean Precious Metals Corp.<sup>(b)(c)</sup> | 1142226 | 8122200 |
| &nbsp;&nbsp;&nbsp;Apollo Silver Corp.<sup>(b)(c)</sup> | 61142 | 236541 |
| &nbsp;&nbsp;&nbsp;Argenta Silver Corp.<sup>(b)(c)</sup> | 2985994 | 1609876 |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(b)(c)</sup> | 1971385 | 28208809 |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(b)</sup> | 335110 | 2045989 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(b)(c)</sup> | 3825696 | 35961542 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp.<sup>(c)</sup> | 9070155 | 151108783 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 174717 | 7851867 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(b)</sup> | 413259 | 876167 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 484857 | 9304406 |
| &nbsp;&nbsp;&nbsp;IMPACT Silver Corp.<sup>(b)</sup> | 8066851 | 2409682 |
| &nbsp;&nbsp;&nbsp;Kootenay Silver, Inc.<sup>(b)(c)</sup> | 2157314 | 3379276 |
| &nbsp;&nbsp;&nbsp;Kuya Silver Corp.<sup>(b)(c)</sup> | 2757564 | 2147315 |
| &nbsp;&nbsp;&nbsp;New Pacific Metals Corp.<sup>(b)(c)</sup> | 2765356 | 9706400 |
| &nbsp;&nbsp;&nbsp;Silver Mines, Ltd.<sup>(b)</sup> | 52861359 | 7760967 |
| &nbsp;&nbsp;&nbsp;Silver Mountain Resources, Inc.<sup>(b)</sup> | 600803 | 1768419 |
| &nbsp;&nbsp;&nbsp;Silver One Resources, Inc.<sup>(b)</sup> | 1534513 | 693161 |
| &nbsp;&nbsp;&nbsp;Silver Storm Mining, Ltd.<sup>(b)(c)</sup> | 9075025 | 3768726 |
| &nbsp;&nbsp;&nbsp;Silver Tiger Metals, Inc.<sup>(b)</sup> | 515630 | 341862 |
| &nbsp;&nbsp;&nbsp;Silverco Mining, Ltd.<sup>(b)(c)</sup> | 302620 | 2094561 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc.<sup>(c)</sup> | 3485438 | 29068553 |
| &nbsp;&nbsp;&nbsp;Sotkamo Silver AB<sup>(b)(c)</sup> | 8025353 | 1816485 |
| &nbsp;&nbsp;&nbsp;Sun Silver, Ltd.<sup>(b)(c)</sup> | 2674714 | 3489627 |
| **Total Silver** |  | 318437247 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $375,586,629)** |  | 526944029 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.49%)** |  |  |  |
| ***Money Market Fund (0.06%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class |  |  |  |
| (Cost $370,304) | 3.72% | 370304 | 370304 |
| ***Investments Purchased with Collateral from Securities Loaned (3.43%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 3.83% |  |  |  |
| (Cost $22,509,928) |  | 22509928 | 22509928 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $22,880,232) |  |  | $22880232 |
| **TOTAL INVESTMENTS (103.34%)** |  |  |  |
| (Cost $486,230,978) |  |  | $677241711 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.34%)** |  |  | (21892455) |
| **NET ASSETS (100.00%)** |  |  | $655349256 |

---

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

25 \| December 31, 2025

<u>Sprott Silver Miners & Physical Silver ETF</u>   <br> Schedule of Investments *December 31, 2025*

*(c)* *As of December 31, 2025, the security, or a portion of the security position was on loan. The total market value of securities on loan was $24,049,491. The loaned securities were secured with cash collateral of $22,509,928 and non-cash collateral with the value of $3,361,899. The non-cash collateral received consists of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and is held for the benefit of the Fund at or in an account in the name of the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.* 

**AFFILIATED INVESTMENTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares <br> as of<br> January 1, <br> 2025<sup>(b)</sup>** | **Market Value <br> as of<br> January 1, <br> 2025** | **Purchases<br> (Shares)** | **Purchases<br> (Cost)** | **Sales<br> (Shares)** | **Sales<br> (Cost)** | **Change in<br> Unrealized<br> Gain/(Loss)** | **Realized<br> Gain/(Loss)** | **Market Value<br> as of <br> December 31,<br> 2025** | **Share Balance <br> as of<br> December 31,<br> 2025** |
| ***Closed End Fund*** |  |  |  |  |  |  |  |  |  |  |
| Sprott Physical Silver Trust<sup>(a)</sup> |  | $– | 6049174 | $97004013 | (661544) | $(10133313) | $39653333 | $893417 | $127417450 | 5387630 |
| Securities Affiliated as of December 31, 2025 |  |  |  | $97004013 |  | $(10133313) | $39653333 | $893417 | $127417450 | 5387630 |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *Fund inception date was January 14, 2025.*

*See Notes to Financial Statements.*

26 \| December 31, 2025

<u>Sprott Active Gold & Silver Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (96.74%)** |  |  |
| ***Diversified Metals & Mining (3.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 56820 | $1581301 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 619664 | 3395048 |
| **Total Diversified Metals & Mining** |  | 4976349 |
| ***Gold (84.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | 27562 | 4674024 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 95744 | 3693804 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 45277 | 3861223 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 133778 | 5827538 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 332744 | 5932826 |
| &nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 208589 | 6446647 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)</sup> | 136036 | 4886413 |
| &nbsp;&nbsp;&nbsp;Emerald Resources NL<sup>(a)</sup> | 1057682 | 4460947 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)</sup> | 422585 | 5939066 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | 394762 | 3340484 |
| &nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(a)</sup> | 231361 | 6993673 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.<sup>(a)</sup> | 913949 | 4421960 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.<sup>(a)</sup> | 2428552 | 3574132 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(a)</sup> | 356027 | 5870885 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 151955 | 4279053 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 36188 | 3006197 |
| &nbsp;&nbsp;&nbsp;Montage Gold Corp.<sup>(a)</sup> | 443728 | 3194079 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 45158 | 4509026 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | 171610 | 3061233 |
| &nbsp;&nbsp;&nbsp;OceanaGold Corp. | 238960 | 6772462 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 41541 | 1471512 |
| &nbsp;&nbsp;&nbsp;Ora Banda Mining, Ltd.<sup>(a)</sup> | 3388640 | 3459965 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.<sup>(a)</sup> | 107610 | 2605238 |
| &nbsp;&nbsp;&nbsp;Ramelius Resources, Ltd. | 1681685 | 4668666 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 143737 | 3150715 |
| &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc. | 120424 | 5750311 |
| &nbsp;&nbsp;&nbsp;Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 250909 | 4156986 |
| &nbsp;&nbsp;&nbsp;West African Resources, Ltd.<sup>(a)</sup> | 1032464 | 2067050 |
| &nbsp;&nbsp;&nbsp;Westgold Resources, Ltd. | 717610 | 3084105 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 36721 | 4315452 |
| **Total Gold** |  | 129475672 |
| ***Precious Metals & Minerals (3.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Metalla Royalty & Streaming, Ltd.<sup>(a)</sup> | 284691 | 2214896 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 37198 | 3118762 |
| **Total Precious Metals & Minerals** |  | 5333658 |
| ***Silver (5.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Silver Corp.<sup>(a)</sup> | 893659 | 5456167 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 260348 | 2448794 |
| **Total Silver** |  | 7904961 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $96,255,917) |  | 147690640 |

---

27 \| December 31, 2025

<u>Sprott Active Gold & Silver Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.35%)** |  |  |  |
| ***Money Market Fund*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.72% | 5113951 | $5113951 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,113,951) |  |  | $5113951 |
| **TOTAL INVESTMENTS (100.09%)** |  |  |  |
| (Cost $101,369,868) |  |  | $152804591 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.09%)** |  |  | (131792) |
| **NET ASSETS (100.00%)** |  |  | $152672799 |

---

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

*See Notes to Financial Statements.*

28 \| December 31, 2025

<u>Sprott Active Metals & Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (96.05%)** |  |  |
| ***Coal & Consumable Fuels (17.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 18160 | $1661459 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 520102 | 1383471 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 178083 | 1638693 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 197717 | 1265370 |
| &nbsp;&nbsp;&nbsp;Peninsula Energy, Ltd.<sup>(a)</sup> | 846419 | 364334 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 128066 | 1495811 |
| **Total Coal & Consumable Fuels** |  | 7809138 |
| ***Copper (12.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | 6915 | 305637 |
| &nbsp;&nbsp;&nbsp;ATALAYA MINING COPPER SA | 123108 | 1418811 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 49963 | 1413474 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 18866 | 958204 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 59390 | 1276460 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd.<sup>(a)</sup> | 81590 | 461881 |
| **Total Copper** |  | 5834467 |
| ***Diversified Metals & Mining (30.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 53048 | 1476326 |
| &nbsp;&nbsp;&nbsp;Foran Mining Corp.<sup>(a)</sup> | 311070 | 1142248 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 76578 | 1520346 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd.<sup>(a)</sup> | 143844 | 787155 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd.<sup>(a)</sup> | 148576 | 1689754 |
| &nbsp;&nbsp;&nbsp;Lithium Argentina AG<sup>(a)</sup> | 227040 | 1266883 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 140408 | 1165647 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International, Inc.<sup>(a)</sup> | 166043 | 1560566 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)</sup> | 18395 | 929315 |
| &nbsp;&nbsp;&nbsp;Sovereign Metals, Ltd.<sup>(a)</sup> | 799692 | 309532 |
| &nbsp;&nbsp;&nbsp;Vizsla Silver Corp.<sup>(a)</sup> | 326285 | 1787667 |
| **Total Diversified Metals & Mining** |  | 13635439 |
| ***Gold (8.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atex Resources, Inc.<sup>(a)</sup> | 408319 | 984690 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 28083 | 1454980 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 11669 | 1371833 |
| **Total Gold** |  | 3811503 |
| ***Precious Metals & Minerals (1.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 5547 | 465073 |
| ***Silver (8.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc.<sup>(a)</sup> | 70265 | 1005431 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.<sup>(a)</sup> | 200673 | 1886325 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 514960 | 1091788 |
| **Total Silver** |  | 3983544 |
| ***Specialty Chemicals (3.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 4910 | 694470 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)</sup> | 15563 | 1070734 |
| **Total Specialty Chemicals** |  | 1765204 |
| ***Steel (13.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Champion Iron, Ltd. | 359870 | 1457771 |

---

29 \| December 31, 2025

<u>Sprott Active Metals & Miners ETF</u>   <br> Schedule of Investments *December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Steel (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 9899 | $1614627 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 4779 | 1380510 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 9191 | 1557415 |
| **Total Steel** |  | 6010323 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $37,093,551) |  | 43314691 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.44%)** |  |  |  |
| ***Money Market Fund*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund, Premier Class | 3.72% | 1552442 | 1552442 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,552,442) |  |  | $1552442 |
| **TOTAL INVESTMENTS (99.49%)** |  |  |  |
| (Cost $38,645,993) |  |  | $44867133 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (0.51%)** |  |  | 230615 |
| **NET ASSETS (100.00%)** |  |  | $45097748 |

---

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

*See Notes to Financial Statements.*

30 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Assets and Liabilities *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Gold<br> Miners ETF** | **Sprott<br> Junior Gold<br> Miners ETF** | **Sprott<br> Critical<br> Materials ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value\* | $680983220 | $375014449 | $269405928 |
| &nbsp;&nbsp;&nbsp;Cash |  | 808884 | 83077 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 1 | 80 |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold |  | 13540250 |  |
| &nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 94918 | 14858 | 104896 |
| &nbsp;&nbsp;&nbsp;Total assets | 681078139 | 389378521 | 269593901 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian for foreign currency overdraft |  |  | 378 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 13540094 | 198810 |
| &nbsp;&nbsp;&nbsp;Payable for Non U.S. taxes |  |  | 65812 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 194774 | 111313 | 116889 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 18638872 | 25304632 | 15902452 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 13884 | 8582 |  |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 19359 | 30506 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 2250 | 2250 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 30136 | 27171 | – |
| &nbsp;&nbsp;&nbsp;Total liabilities | 18899275 | 39024548 | 16284341 |
| Commitments and contingencies (Note 6) |  |  |  |
| **NET ASSETS** | $662178864 | $350353973 | $253309560 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $368828767 | $241033570 | $205029779 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 293350097 | 109320403 | 48279781 |
| **NET ASSETS** | $662178864 | $350353973 | $253309560 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $378808729 | $235202675 | $214866006 |
| **FOREIGN CURRENCY, AT COST** | $1 | $80 | $– |
| **FOREIGN CURRENCY OVERDRAFT, AT COST** | $– | $– | $380 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $662178864 | $350353973 | $253309560 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 9510000 | 4140000 | 8790000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $69.63 | $84.63 | $28.82 |
| *\* Includes Securities on Loan, at Value* | 17647645 | 36399194 | 37976735 |

---

*See Notes to Financial Statements.*

31 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Assets and Liabilities *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Lithium<br> Miners ETF** | **Sprott Uranium<br> Miners ETF** | **Sprott<br> Junior Uranium<br> Miners ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value\* | $41677514 | $1176968708 | $367444185 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value |  | 605617824 \* |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 1 | 30146 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 209684 | 29397180 | 1524436 |
| &nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 52013 | 94707 | 28223 |
| &nbsp;&nbsp;&nbsp;Total assets | 41939212 | 1812108565 | 368996844 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian for foreign currency overdraft |  |  | 307181 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 91826 | 34632 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 20402 | 1122333 | 233029 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft |  | 403209 |  |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 606161 | 55762264 | 25842386 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 626563 | 57379632 | 26417228 |
| **NET ASSETS** | $41312649 | $1754728933 | $342579616 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $31555027 | $1634575460 | $361787115 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 9757622 | 120153473 | (19207499) |
| **NET ASSETS** | $41312649 | $1754728933 | $342579616 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $25582796 | $741713990 | $343444794 |
| **AFFILIATED INVESTMENTS, AT COST** | $– | $638447276 | $– |
| **FOREIGN CURRENCY, AT COST** | $1 | $30140 | $– |
| **FOREIGN CURRENCY OVERDRAFT, AT COST** | $– | $– | $307183 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $41312649 | $1754728933 | $342579616 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 3410000 | 31935000 | 13600000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $12.12 | $54.95 | $25.19 |
| *\* Includes Securities on Loan, at Value* | 7905807 | 125721121 | 41152831 |

---

*See Notes to Financial Statements.*

32 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Assets and Liabilities *December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott<br> Junior Copper<br> Miners ETF** | **Sprott<br> Nickel<br> Miners ETF** | **Sprott Copper<br> Miners ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value\* | $65531925 | $32027358 | $94885334 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value |  |  | 4498145 |
| &nbsp;&nbsp;&nbsp;Cash | 7908 | 699055 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 19344 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 40282 |  |
| &nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 128318 | 7599 | 53600 |
| &nbsp;&nbsp;&nbsp;Total assets | 65668151 | 32793638 | 99437079 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian for foreign currency overdraft | 8171 |  | 459 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1242078 | 333933 | 196815 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 30765 | 12725 | 40855 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft |  |  | 1230 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 3645379 | 715000 | 2328733 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4926393 | 1061658 | 2568092 |
| **NET ASSETS** | $60741758 | $31731980 | $96868987 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $49480677 | $33442110 | $80208217 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 11261081 | (1710130) | 16660770 |
| **NET ASSETS** | $60741758 | $31731980 | $96868987 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $47827822 | $30608334 | $75735631 |
| **AFFILIATED INVESTMENTS, AT COST** | $– | $– | $3652703 |
| **FOREIGN CURRENCY, AT COST** | $– | $19344 | $– |
| **FOREIGN CURRENCY OVERDRAFT, AT COST** | $8176 | $– | $459 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $60741758 | $31731980 | $96868987 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 1550000 | 2020000 | 2790000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $39.19 | $15.71 | $34.72 |
| *\* Includes Securities on Loan, at Value* | 4502191 | 1161999 | 8671405 |

---

*See Notes to Financial Statements.*

33 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Assets and Liabilities *December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Sprott Silver<br> Miners & Physical<br> Silver ETF** | **Sprott Active<br> Gold & Silver<br> Miners ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $549824261 \* | $152804591 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value | 127417450 |  |
| &nbsp;&nbsp;&nbsp;Cash | 80239 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 208349 | 4 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 4466145 |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 238 |  |
| &nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 42541 | 35041 |
| &nbsp;&nbsp;&nbsp;Total assets | 682039223 | 152839636 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3869708 |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 310331 | 108327 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft |  | 58510 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 22509928 | – |
| &nbsp;&nbsp;&nbsp;Total liabilities | 26689967 | 166837 |
| **NET ASSETS** | $655349256 | $152672799 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $487711345 | $103276161 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 167637911 | 49396638 |
| **NET ASSETS** | $655349256 | $152672799 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $398466861 | $101369868 |
| **AFFILIATED INVESTMENTS, AT COST** | $87764117 | $– |
| **FOREIGN CURRENCY, AT COST** | $208349 | $4 |
| **PRICING OF SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $655349256 | $152672799 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 11760000 | 3500000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $55.73 | $43.62 |
| *\* Includes Investments in Securities on Loan, at Value* | 24049491 |  |

---

*See Notes to Financial Statements.*

34 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Assets and Liabilities *December 31, 2025*

---

| | |
|:---|:---|
| | **Sprott<br> Active Metals &<br> Miners ETF** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $44867133 |
| &nbsp;&nbsp;&nbsp;Cash | 26240 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 2 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 221012 |
| &nbsp;&nbsp;&nbsp;Dividends and reclaim receivable | 13917 |
| &nbsp;&nbsp;&nbsp;Total assets | 45128304 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 30556 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 30556 |
| **NET ASSETS** | $45097748 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $39339458 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 5758290 |
| **NET ASSETS** | $45097748 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $38645993 |
| **FOREIGN CURRENCY, AT COST** | $2 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $45097748 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share) | 1790000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $25.19 |

---

*See Notes to Financial Statements.*

35 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Operations *For the Year Ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Gold<br> Miners ETF** | **Sprott<br> Junior Gold<br> Miners ETF** | **Sprott<br> Critical<br> Materials ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $5573668 | $1227136 | $434362 |
| &nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 42824 | 61387 | 380619 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (605902) | (87724) | (19801) |
| &nbsp;&nbsp;&nbsp;Total investment income | 5010590 | 1200799 | 795180 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 1533839 | 686392 | 517550 |
| &nbsp;&nbsp;&nbsp;Administration fees | 216945 | 97566 |  |
| &nbsp;&nbsp;&nbsp;Legal fees | 55098 | 33693 |  |
| &nbsp;&nbsp;&nbsp;Trustee fees | 33592 | 14552 |  |
| &nbsp;&nbsp;&nbsp;Audit fees | 20600 | 20600 |  |
| &nbsp;&nbsp;&nbsp;Compliance fees | 11119 | 4881 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9000 | 9000 |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | 721 | 6223 | 751 |
| &nbsp;&nbsp;&nbsp;Other fees and expenses | 116772 | 75143 | – |
| &nbsp;&nbsp;&nbsp;Total expenses | 1997686 | 948050 | 518301 |
| &nbsp;&nbsp;&nbsp;Adviser recoupment | 5138 | 54104 |  |
| &nbsp;&nbsp;&nbsp;Expense Waiver by Adviser (See Note 6) | – | (14447) | – |
| &nbsp;&nbsp;&nbsp;Net expense | 2002824 | 987707 | 518301 |
| **NET INVESTMENT INCOME/(LOSS)** | 3007766 | 213092 | 276879 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 110277609 <sup>(a)</sup> | 73366624 <sup>(b)</sup> | (1129364) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on deferred non U.S tax |  |  | (1512) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (643) | (299109) | 14406 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 110276966 | 73067515 | (1116470) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 275034232 | 134059056 | 58161528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on deferred non U.S tax |  |  | (58087) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (27) | 143 | 82 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 275034205 | 134059199 | 58103523 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 385311171 | 207126714 | 56987053 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $388318937 | $207339806 | $57263932 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions $21,109,283 (See Note 8).*

*<sup>(b)</sup>* *Includes realized gain or loss as a result of in-kind transactions $15,360,710 (See Note 8).*

*See Notes to Financial Statements.*

36 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Operations *For the Year Ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott Lithium<br> Miners ETF** | **Sprott Uranium<br> Miners ETF** | **Sprott<br> Junior Uranium<br> Miners ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $78187 | $12205314 | $62191 |
| &nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 350703 | 1512046 | 324841 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | – | (54079) | – |
| &nbsp;&nbsp;&nbsp;Total investment income | 428890 | 13663281 | 387032 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 118936 | 11914436 | 2338562 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 112 | 8835 | 4689 |
| &nbsp;&nbsp;&nbsp;Total expenses | 119048 | 11923271 | 2343251 |
| **NET INVESTMENT INCOME/(LOSS)** | 309842 | 1740010 | (1956219) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | (835530)<sup>(a)</sup> | 185955652 <sup>(b)</sup> | 63175592 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investments |  | 17053038 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (5693) | (130149) | (33449) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (841223) | 202878541 | 63142143 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 19268947 | 270004824 | 68508218 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments |  | 87496276 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (728) | (27260) | (4872) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 19268219 | 357473840 | 68503346 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 18426996 | 560352381 | 131645489 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18736838 | $562092391 | $129689270 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions $1,105,913 (See Note 8).*

*<sup>(b)</sup>* *Includes realized gain or loss as a result of in-kind transactions $272,362,944 (See Note 8).*

*<sup>(c)</sup>* *Includes realized gain or loss as a result of in-kind transactions $59,838,022 (See Note 8).*

*See Notes to Financial Statements.*

37 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Operations *For the Year Ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Sprott<br> Junior Copper<br> Miners ETF** | **Sprott Nickel<br> Miners ETF** | **Sprott Copper<br> Miners ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $288848 | $209405 | $357442 |
| &nbsp;&nbsp;&nbsp;Interest income |  | 281 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 89072 | 19362 | 29515 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (16766) | (29554) | (11850) |
| &nbsp;&nbsp;&nbsp;Total investment income | 361154 | 199494 | 375107 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 151029 | 96504 | 231732 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 857 | – | 1010 |
| &nbsp;&nbsp;&nbsp;Total expenses | 151886 | 96504 | 232742 |
| **NET INVESTMENT INCOME/(LOSS)** | 209268 | 102990 | 142365 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 3204143 <sup>(a)</sup> | 1468659 <sup>(b)</sup> | 2293374 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investments |  |  | (953) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | 6475 | 5056 | (3966) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 3210618 | 1473715 | 2288455 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 18545434 | 3736706 | 22006577 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments |  |  | 845442 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (10386) | (49) | (1301) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 18535048 | 3736657 | 22850718 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 21745666 | 5210372 | 25139173 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $21954934 | $5313362 | $25281538 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions $3,252,209 (See Note 8).*

*<sup>(b)</sup>* *Includes realized gain or loss as a result of in-kind transactions $3,083,936 (See Note 8).*

*<sup>(c)</sup>* *Includes realized gain or loss as a result of in-kind transactions $2,795,281 (See Note 8).*

*See Notes to Financial Statements.*

38 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Operations *For the Year Ended December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Sprott Silver<br> Miners & Physical<br> Silver ETF<sup>(a)</sup>** | **Sprott Active<br> Gold & Silver<br> Miners ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $490276 | $583652 |
| &nbsp;&nbsp;&nbsp;Securities lending income - net of fees (See Note 5) | 92493 | 7459 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (55531) | (43409) |
| &nbsp;&nbsp;&nbsp;Total investment income | 527238 | 547702 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 1181647 | 520609 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1752 | – |
| &nbsp;&nbsp;&nbsp;Total expenses | 1183399 | 520609 |
| **NET INVESTMENT INCOME/(LOSS)** | (656161) | 27093 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | 36908413 <sup>(c)</sup> | 6018741 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on affiliated investment | 893417 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (3651) | (34009) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 37798179 | 5984732 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 151357400 | 51434723 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on affiliated investments | 39653333 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 2584 | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 191013317 | 51434723 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 228811496 | 57419455 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $228155335 | $57446548 |

---

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

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

*<sup>(c)</sup>* *Includes realized gain or loss as a result of in-kind transactions $38,958,765 (See Note 8).*

*<sup>(d)</sup>* *Includes realized gain or loss as a result of in-kind transactions $5,807,006 (See Note 8).*

*See Notes to Financial Statements.*

39 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Operations *For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| | **Sprott Active** **<br> Metals &<br> Miners ETF<sup>(a)</sup>** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $67891 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax | (1669) |
| &nbsp;&nbsp;&nbsp;Total investment income | 66222 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees (See Note 6) | 82603 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 9000 |
| &nbsp;&nbsp;&nbsp;Total expenses | 91603 |
| **NET INVESTMENT INCOME/(LOSS)** | (25381) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on unaffiliated investments | (25829) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (80) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (25909) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 6221140 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (51) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 6221089 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | 6195180 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6169799 |

---

*<sup>(a)</sup>* *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

*See Notes to Financial Statements.*

40 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Gold Miners ETF** | **Sprott Gold Miners ETF** | **Sprott Junior Gold Miners ETF** | **Sprott Junior Gold Miners ETF** |
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $3007766 | $2378788 | $213092 | $(106828) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 110276966 | 9073491 | 73067515 | 22125131 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 275034205 | 16280039 | 134059199 | (1047496) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 388318937 | 27732318 | 207339806 | 20970807 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6833424) | (2414214) | (24031959) | (6186913) |
| &nbsp;&nbsp;&nbsp;Return of capital | – | (89219) | (1185561) | (1318307) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6833424) | (2503433) | (25217520) | (7505220) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 75676691 | 6612987 | 86402838 <sup>(a)</sup> | 8911389 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (36894613) | (22252799) | (30378628) | (17038966) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 38782078 | (15639812) | 56024210 | (8127577) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 420267591 | 9589073 | 238146496 | 5338010 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 241911273 | 232322200 | 112207477 | 106869467 |
| &nbsp;&nbsp;&nbsp;End of year | $662178864 | $241911273 | $350353973 | $112207477 |
| **OTHER INFORMATION:** |  |  |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 8700000 | 9280000 | 3370000 | 3630000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1550000 | 240000 | 1200000 | 260000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (740000) | (820000) | (430000) | (520000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 9510000 | 8700000 | 4140000 | 3370000 |

---

*<sup>(a)</sup>* *Includes ETF transaction fees $1,112 (See Note 9)*

*See Notes to Financial Statements.*

41 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Critical Materials ETF** | **Sprott Critical Materials ETF** | **Sprott Lithium Miners ETF** | **Sprott Lithium Miners ETF** |
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $276879 | $135711 | $309842 | $115462 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (1116470) | (940429) | (841223) | (1447606) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 58103523 | (3610010) | 19268219 | (1660720) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 57263932 | (4414728) | 18736838 | (2992864) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (3372392) | (607102) | (2678220) | (380877) |
| &nbsp;&nbsp;&nbsp;Return of capital | – | (16178) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (3372392) | (623280) | (2678220) | (380877) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 168708569 <sup>(a)</sup> | 23292479 | 21022695 <sup>(b)</sup> | 4960120 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | – | (974194) | (2026042) | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 168708569 | 22318285 | 18996653 | 4960120 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 222600109 | 17280277 | 35055271 | 1586379 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 30709451 | 13429174 | 6257378 | 4670999 |
| &nbsp;&nbsp;&nbsp;End of year | $253309560 | $30709451 | $41312649 | $6257378 |
| **OTHER INFORMATION:** |  |  |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2040000 | 760000 | 930000 | 370000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 6750000 | 1340000 | 2670000 | 560000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | – | (60000) | (190000) | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 8790000 | 2040000 | 3410000 | 930000 |

---

*<sup>(a)</sup>* *Includes ETF transaction fees $4,769 (See Note 9)*

*<sup>(b)</sup>* *Includes ETF transaction fees $1,354 (See Note 9)*

*See Notes to Financial Statements.*

42 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Uranium Miners ETF** | **Sprott Uranium Miners ETF** | **Sprott Junior Uranium Miners ETF** | **Sprott Junior Uranium Miners ETF** |
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $1740010 | $5518821 | $(1956219) | $(2225155) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 202878541 | 58388813 | 63142143 | 2972386 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 357473840 | (302609083) | 68503346 | (75289334) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 562092391 | (238701449) | 129689270 | (74542103) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (53924964) | (45317872) | (21317764) | (10634050) |
| &nbsp;&nbsp;&nbsp;Total distributions | (53924964) | (45317872) | (21317764) | (10634050) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 437971129 <sup>(a)</sup> | 326508795 | 137269913 <sup>(b)</sup> | 175609388 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (646820354) | (264976877) | (143820226) | (47679316) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (208849225) | 61531918 | (6550313) | 127930072 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 299318202 | (222487403) | 101821193 | 42753919 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1455410731 | 1677898134 | 240758423 | 198004504 |
| &nbsp;&nbsp;&nbsp;End of year | $1754728933 | $1455410731 | $342579616 | $240758423 |
| **OTHER INFORMATION:** |  |  |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 36055000 | 34905000 | 12990000 | 8470000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 8460000 | 6670000 | 6590000 | 6770000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12580000) | (5520000) | (5980000) | (2250000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 31935000 | 36055000 | 13600000 | 12990000 |

---

*<sup>(a)</sup>* *Includes ETF transaction fees $11,339 (See Note 9)*

*<sup>(b)</sup>* *Includes ETF transaction fees $3,567 (See Note 9)*

*See Notes to Financial Statements.*

43 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sprott Junior Copper Miners ETF** | **Sprott Junior Copper Miners ETF** | **Sprott Nickel Miners ETF** | **Sprott Nickel Miners ETF** |
|  | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $209268 | $100264 | $102990 | $152941 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 3210618 | 1137686 | 1473715 | (1144225) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 18535048 | (798176) | 3736657 | (2021626) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 21954934 | 439774 | 5313362 | (3012910) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6002396) | (1073985) | (520738) | (286194) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6002396) | (1073985) | (520738) | (286194) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 42321557 <sup>(a)</sup> | 14492122 | 34595582 <sup>(b)</sup> | 16017679 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9923548) | (6254045) | (16229583) | (5684881) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 32398009 | 8238077 | 18365999 | 10332798 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 48350547 | 7603866 | 23158623 | 7033694 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 12391211 | 4787345 | 8573357 | 1539663 |
| &nbsp;&nbsp;&nbsp;End of year | $60741758 | $12391211 | $31731980 | $8573357 |
| **OTHER INFORMATION:** |  |  |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 670000 | 260000 | 800000 | 110000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1260000 | 690000 | 2520000 | 1130000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (380000) | (280000) | (1300000) | (440000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1550000 | 670000 | 2020000 | 800000 |

---

*<sup>(a)</sup>* *Includes ETF transaction fees $2,891 (See Note 9)*

*<sup>(b)</sup>* *Includes ETF transaction fees $7,844 (See Note 9)*

*See Notes to Financial Statements.*

44 \| December 31, 2025

<u>Sprott ETFs</u> <br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Sprott Copper Miners ETF** | **Sprott Copper Miners ETF** |
| | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Period Ended<br> December 31,<br> 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $142365 | $119500 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 2288455 | (359319) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 22850718 | (2856904) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 25281538 | (3096723) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1894418) | (594530) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1894418) | (594530) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 55823925 <sup>(b)</sup> | 28835926 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5969036) | (1517695) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 49854889 | 27318231 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 73242009 | 23626978 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 23626978 | – |
| &nbsp;&nbsp;&nbsp;End of year | $96868987 | $23626978 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1150000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1820000 | 1210001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (180000) | (60001) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2790000 | 1150000 |

---

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

*<sup>(b)</sup>* *Includes ETF transaction fees $10,471 (See Note 9)*

*See Notes to Financial Statements.*

45 \| December 31, 2025

<u>Sprott ETFs</u> <br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Sprott Silver<br> Miners & Physical<br> Silver ETF** | **Sprott Active<br> Gold & Silver<br> Miners ETF** |
| | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(656161) | $27093 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 37798179 | 5984732 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 191013317 | 51434723 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 228155335 | 57446548 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (21862327) | (2257168) |
| &nbsp;&nbsp;&nbsp;Total distributions | (21862327) | (2257168) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 551469858 <sup>(c)</sup> | 113837783 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (102413610) | (16354364) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 449056248 | 97483419 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 655349256 | 152672799 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | – | – |
| &nbsp;&nbsp;&nbsp;End of year | $655349256 | $152672799 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14060000 | 3990000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2300000) | (490000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 11760000 | 3500000 |

---

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

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

*<sup>(c)</sup>* *Includes ETF transaction fees $9,586 (See Note 9)*

*<sup>(d)</sup>* *Includes ETF transaction fees $1,027 (See Note 9)*

*See Notes to Financial Statements.*

46 \| December 31, 2025

<u>Sprott ETFs</u> <br> Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **Sprott Active<br> Metals & Miners<br> ETF** |
| | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(25381) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (25909) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 6221089 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 6169799 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (411509) |
| &nbsp;&nbsp;&nbsp;Total distributions | (411509) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 39339458 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 39339458 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 45097748 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $45097748 |
| **OTHER INFORMATION:** |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1790000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1790000 |

---

*<sup>(a)</sup>* *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

*<sup>(b)</sup>* *Includes ETF transaction fees $73 (See Note 9)*

*See Notes to Financial Statements.*

47 \| December 31, 2025

<u>Sprott Gold Miners ETF</u> <br> Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $27.81 | $25.03 | $24.70 | $27.28 | $30.50 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.33 | 0.26 | 0.34 | 0.37 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 42.22 | 2.81 | 0.34 | (2.60) | (3.19) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 42.55 | 3.07 | 0.68 | (2.23) | (2.86) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.73) | (0.28) | (0.35) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.29) | (0.35) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 41.82 | 2.78 | 0.33 | (2.58) | (3.22) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $69.63 | $27.81 | $25.03 | $24.70 | $27.28 |
| **TOTAL RETURN<sup>(b)</sup>** | 152.87% | 12.25% | 2.72% | (8.18)% | (9.33)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $662179 | $241911 | $232322 | $233432 | $231914 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement/recoupment to average net assets | 0.46 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver to average net assets | 0.46% | 0.47% | 0.49% | 0.51% | 0.49% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.69% | 0.96% | 1.30% | 1.43% | 1.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 59% | 81% | 58% | 73% | 66% |

---

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

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

*<sup>(c)</sup>* *Includes interest expense of $721 or 0.00% of average net assets.*

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

*See Notes to Financial Statements.*

48 \| December 31, 2025

<u>Sprott Junior Gold Miners ETF</u> <br> Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Year Ended<br> December 31,<br> 2022** | **For the<br> Year Ended<br> December 31,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.30 | $29.44 | $28.84 | $40.70 | $49.30 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.06 | (0.03) | (0.01) | 0.19 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 58.31 | 6.07 | 1.95 | (11.34) | (8.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 58.37 | 6.04 | 1.94 | (11.15) | (7.70) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (6.71) | (1.80) | (1.34) | (0.71) | (0.90) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.33) | (0.38) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (7.04) | (2.18) | (1.34) | (0.71) | (0.90) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 51.33 | 3.86 | 0.60 | (11.86) | (8.60) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $84.63 | $33.30 | $29.44 | $28.84 | $40.70 |
| **TOTAL RETURN<sup>(b)</sup>** | 174.57% | 20.45% | 6.69% | (27.40)% | (15.56)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $350354 | $112207 | $106869 | $102370 | $124127 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement/recoupment to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver to average net assets | 0.48% | 0.50% | 0.53% | 0.67% | 0.61% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.11% | (0.09)% | (0.02)% | 0.59% | 0.96% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 76% | 63% | 70% | 100% | 66% |

---

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

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

*<sup>(c)</sup>* *Includes interest expense of $6,223 or 0.00% of average net assets.*

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

*See Notes to Financial Statements.*

49 \| December 31, 2025

<u>Sprott Critical Materials ETF</u> <br> Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended <br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $15.05 | $17.67 | $20.49 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.08 | 0.12 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 14.14 | (2.43) | (2.57) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 14.22 | (2.31) | (2.38) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.45) | (0.30) | (0.43) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.31) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 13.77 | (2.62) | (2.82) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $28.82 | $15.05 | $17.67 |
| **TOTAL RETURN<sup>(c)</sup>** | 94.50% | (13.09)% | (11.60)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $253310 | $30709 | $13429 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 %<sup>(d)</sup> | 0.65% | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.35% | 0.68% | 1.22 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 55% | 37% | 33% |

---

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

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

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

*<sup>(d)</sup>* *Includes interest expense of $751 or 0.00% of average net assets.*

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

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

*See Notes to Financial Statements.*

50 \| December 31, 2025

<u>Sprott Lithium Miners ETF</u> <br> Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $6.73 | $12.62 | $20.21 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.13 | 0.17 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 6.15 | (5.62) | (7.52) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 6.28 | (5.45) | (7.24) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.89) | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.89) | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 5.39 | (5.89) | (7.59) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $12.12 | $6.73 | $12.62 |
| **TOTAL RETURN<sup>(c)</sup>** | 93.35% | (43.21)% | (35.77)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $41313 | $6257 | $4671 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 %<sup>(d)</sup> | 0.65% | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.69% | 1.93% | 2.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 40% | 49% | 59% |

---

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

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

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

*<sup>(d)</sup>* *Includes interest expense of $112 or 0.00% of average net assets.*

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

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

*See Notes to Financial Statements.*

51 \| December 31, 2025

<u>Sprott Uranium Miners ETF</u> <br> Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2023** | **For the<br> Period Ended<br> December 31,<br> 2022<sup>(a)</sup>** | **For the<br> Year Ended<br> August 31,<br> 2022<sup>(b)</sup>** | **For the<br> Year Ended<br> August 31,<br> 2021<sup>(b)(c)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $40.37 | $48.07 | $31.82 | $38.94 | $31.07 | $16.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(d)</sup> | 0.05 | 0.16 | 0.01 | (0.07) | 0.15 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 16.27 | (6.58) | 17.99 | (7.05) | 10.12 | 14.71 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 16.32 | (6.42) | 18.00 | (7.12) | 10.27 | 14.94 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.74) | (1.28) | (1.75) | – | (2.42) | (0.56) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.74) | (1.28) | (1.75) | – | (2.42) | (0.56) |
| &nbsp;&nbsp;&nbsp;Redemptions fees | – | – | – | – | 0.02 | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 14.58 | (7.70) | 16.25 | (7.12) | 7.87 | 14.38 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $54.95 | $40.37 | $48.07 | $31.82 | $38.94 | $31.07 |
| **TOTAL RETURN<sup>(e)</sup>** | 40.41% | (13.38)% | 56.59% | (18.28)% | 33.42% | 91.13% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $1754729 | $1455411 | $1677898 | $826468 | $1037584 | $355776 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75 %<sup>(f)</sup> | 0.76 %<sup>(g)</sup> | 0.81% | 0.83 %<sup>(h)</sup> | 0.83% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.11% | 0.33% | 0.03% | (0.58)%<sup>(h)</sup> | 0.40% | 0.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(i)</sup> | 35% | 18% | 10% | 17% | 19% | 26% |

---

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

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

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

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

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

*<sup>(f)</sup>* *Includes interest expense of $8,835 or 0.00% of average net assets.*

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

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

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

*See Notes to Financial Statements.*

52 \| December 31, 2025

<u>Sprott Junior Uranium Miners ETF</u> <br> Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.53 | $23.38 | $20.26 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.14) | (0.17) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 8.46 | (3.87) | 4.20 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.32 | (4.04) | 4.07 |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.66) | (0.81) | (0.95) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.66) | (0.81) | (0.95) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 6.66 | (4.85) | 3.12 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $25.19 | $18.53 | $23.38 |
| **TOTAL RETURN<sup>(c)</sup>** | 44.76% | (17.40)% | 20.05% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $342580 | $240758 | $198005 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.80 %<sup>(d)</sup> | 0.80% | 0.80 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.67)% | (0.72)% | (0.68)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 38% | 31% | 62% |

---

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

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

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

*<sup>(d)</sup>* *Includes interest expense of $4,689 or 0.00% of average net assets.*

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

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

*See Notes to Financial Statements.*

53 \| December 31, 2025

<u>Sprott Junior Copper Miners ETF</u> <br> Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.49 | $18.41 | $20.33 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.28 | 0.22 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 24.97 | 2.01 | (1.57) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 25.25 | 2.23 | (1.46) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (4.55) | (2.15) | (0.46) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.55) | (2.15) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 20.70 | 0.08 | (1.92) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $39.19 | $18.49 | $18.41 |
| **TOTAL RETURN<sup>(c)</sup>** | 137.40% | 12.42% | (7.18)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $60742 | $12391 | $4787 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.04% | 1.02% | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 59% | 70% | 36% |

---

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

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

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

*<sup>(d)</sup>* *Includes interest expense of $857 or 0.00% of average net assets.*

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

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

*See Notes to Financial Statements.*

54 \| December 31, 2025

<u>Sprott Nickel Miners ETF</u> <br> Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,**<br> **2024**  | **For the<br> Period Ended<br> December 31,**<br> **2023<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.72 | $14.00 | $20.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.09 | 0.23 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.30 | (3.14) | (4.32) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.39 | (2.91) | (3.93) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.40) | (0.37) | (2.68) |
| &nbsp;&nbsp;&nbsp;From net realized gains | – | – | (0.08) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.37) | (2.76) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 4.99 | (3.28) | (6.69) |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $15.71 | $10.72 | $14.00 |
| **TOTAL RETURN<sup>(c)</sup>** | 50.54% | (20.73)% | (18.43)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $31732 | $8573 | $1540 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.80% | 1.77% | 2.55 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 48% | 47% | 55% |

---

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

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

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

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

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

*See Notes to Financial Statements.*

55 \| December 31, 2025

<u>Sprott Copper Miners ETF</u> <br> Financial Highlights

---

| | | |
|:---|:---|:---|
| **For a Share Outstanding Throughout the Periods Presented** | **For the<br> Year Ended<br> December 31,<br> 2025<sup>(a)</sup>** | **For the<br> Period Ended<br> December 31,<br> 2024<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.55 | $19.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 14.89 | 1.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 14.99 | 1.39 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.82) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.82) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 14.17 | 0.86 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $34.72 | $20.55 |
| **TOTAL RETURN<sup>(c)</sup>** | 73.04% | 7.08% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $96869 | $23627 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 %<sup>(d)</sup> | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.40% | 0.61 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 29% | 40% |

---

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

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

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

*<sup>(d)</sup>* *Includes interest expense of $1,010 or 0.00% of average net assets.*

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

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

*See Notes to Financial Statements.*

56 \| December 31, 2025

<u>Sprott Silver Miners & Physical Silver ETF</u> <br> Financial Highlights

---

| | |
|:---|:---|
| **For a Share Outstanding Throughout the Period Presented** | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.78 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 37.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 37.00 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.05 |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.05 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 34.95 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $55.73 |
| **TOTAL RETURN<sup>(c)</sup>** | 177.89 |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $655349 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.36) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 49 |

---

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

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

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

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

*<sup>(e)</sup>* *Includes interest expense of $1,752 or 0.00% of average net assets.*

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

*See Notes to Financial Statements.*

57 \| December 31, 2025

<u>Sprott Active Gold & Silver Miners ETF</u> <br> Financial Highlights

---

| | |
|:---|:---|
| **For a Share Outstanding Throughout the Period Presented** | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(a)(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.79 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 24.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 24.51 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.68) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.68) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 23.83 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $43.62 |
| **TOTAL RETURN<sup>(c)</sup>** | 123.71% |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $152673 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.05 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 20% |

---

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

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

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

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

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

*See Notes to Financial Statements.*

58 \| December 31, 2025

<u>Sprott Active Metals & Miners ETF</u> <br> Financial Highlights

---

| | |
|:---|:---|
| **For a Share Outstanding Throughout the Period Presented** | **For the<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.77 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.67 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.25 |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 5.42 |
| &nbsp;&nbsp;&nbsp;NET ASSET VALUE, END OF PERIOD | $25.19 |
| **TOTAL RETURN<sup>(c)</sup>** | 28.67 |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $45098 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.99 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.27) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 6 |

---

*<sup>(a)</sup>* *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

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

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

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

*<sup>(e)</sup>* *Includes interest expense of $9,000 or 0.10% of average net assets.*

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

*See Notes to Financial Statements.*

59 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

1. ORGANIZATION

The Sprott Funds Trust (the "Trust") was organized as a Delaware statutory trust on January 3, 2018. As of December 31, 2025, the Trust consisted of thirteen separate portfolios that each represent a separate series of the Trust. The financial statements of twelve series are presented in this report. The "Sprott Precious Metals ETFs" are comprised of Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Silver Miners & Physical Silver ETF, and Sprott Active Gold & Silver Miners ETF. Sprott Gold Miners ETF and Sprott Junior Gold Miners ETF were reorganized effective as of the close of business on July 19, 2019, from each Fund's respective predecessor funds. Each of these predecessor funds were a separate series of another investment company. The "Sprott Critical Materials ETFs" are comprised of Sprott Critical Materials ETF, Sprott Lithium Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, and Sprott Copper Miners ETF. Sprott Uranium Miners ETF was reorganized effective as of the close of business on April 22, 2022 from its predecessor fund. The "Sprott Diversified Metals & Mining ETFs" includes the Sprott Active Metals & Miners ETF. This report pertains to the above listed funds (each a "Fund" and collectively, the "Funds"). Each Fund is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The financial Statements of the Gold Equity Fund, a separate series of the Trust with two classes of shares, are presented in a separate report.

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation and Methodologies

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

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

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

60 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

The Adviser has formed a committee (the "Valuation Committee") that has developed pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

B. Fair Value Hierarchy

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

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

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

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

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

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

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices in markets which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

61 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

The following is a summary of the inputs used to value the Funds' investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Gold Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | $660781560 | $– | $– | $660781560 |
| Short Term Investments | 20201660 | – | – | 20201660 |
| Total | $680983220 | $– | $– | $680983220 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sprott Junior Gold Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | |<br>**Total** |
| Common Stocks\* | 349669964 |  | 39853 | \*\* | 349709817 |
| Short Term Investments | 25304632 | – | – |  | 25304632 |
| Total | $374974596 | $– | $39853 |  | $375014449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Critical Materials ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | 242720140 | 9887297 | 26770 | 252634207 |
| Short Term Investments | 16771721 | – | – | 16771721 |
| Total | $259491861 | $9887297 | $26770 | $269405928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Lithium Miners ETF<br> Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | 41047077 |  | 1173 | 41048250 |
| Short Term Investments | 629264 | – | – | 629264 |
| Total | $41676341 | $– | $1173 | $41677514 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Uranium Miners ETF<br> Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $1487183665 | $– | $– | $1487183665 |
| Closed End Fund\* | 239640603 |  |  | 239640603 |
| Short Term Investments | 55762264 | – | – | 55762264 |
| Total | $1782586532 | $– | $– | $1782586532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Junior Uranium Miners ETF<br> Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $338513886 | $– | $– | $338513886 |
| Short Term Investments | 28930299 | – | – | 28930299 |
| Total | $367444185 | $– | $– | $367444185 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sprott Junior Copper Miners ETF<br> Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
| Common Stocks\* | 54389657 | 5778268 | 514709 | \*\*\* | 60682634 |
| Short Term Investments | 4849291 | – | – |  | 4849291 |
| Total | $59238948 | $5778268 | $514709 |  | $65531925 |

---

62 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sprott Nickel Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | |<br>**Total** |
| Common Stocks\* | 17191066 | 13786995 |  | \*\* | 30978061 |
| Short Term Investments | 1049297 | – | – |  | 1049297 |
| Total | $18240363 | $13786995 | $– |  | $32027358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Copper Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | 85114061 | 5963380 | 81222 | 91158663 |
| Closed End Fund\* | $4498145 | $– | $– | $4498145 |
| Exchange Traded Fund\* | 788914 |  |  | 788914 |
| Short Term Investments | 2937757 | – | – | 2937757 |
| Total | $93338877 | $5963380 | $81222 | $99383479 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Silver Miners & Physical Silver ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | 525127544 | 1816485 |  | 526944029 |
| Closed End Fund\* | $127417450 | $– | $– | $127417450 |
| Short Term Investments | 22880232 | – | – | 22880232 |
| Total | $675425226 | $1816485 | $– | $677241711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Active Gold & Silver Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | $147690640 | $– | $– | $147690640 |
| Short Term Investments | 5113951 | – | – | 5113951 |
| Total | $152804591 | $– | $– | $152804591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sprott Active Metals & Miners ETF**<br>**Investments in Securities at Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks\* | $43314691 | $– | $– | $43314691 |
| Short Term Investments | 1552442 | – | – | 1552442 |
| Total | $44867133 | $– | $– | $44867133 |

---

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

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

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

Below is a reconciliation that details the activity of securities in Level 3 during the period ended December 31, 2025:

---

| | |
|:---|:---|
| **Sprott Junior Gold Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $410703 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (370850) |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | – |
| Balance as of December 31, 2025 | $39853 |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(370,850).

63 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

---

| | |
|:---|:---|
| **Sprott Critical Materials ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $6856 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (8884) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 2187 |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | 26611 |
| Balance as of December 31, 2025 | $26770 |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(2,128).

---

| | |
|:---|:---|
| **Sprott Lithium Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $30174 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (29001) |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | – |
| Balance as of December 31, 2025 | $1173 |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $(29,001).

---

| | |
|:---|:---|
| **Sprott Junior Copper Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $6497 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (334) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (3761) |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales | (346) |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | 512653 |
| Balance as of December 31, 2025 | $514709 |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $82,257.

---

| | |
|:---|:---|
| **Sprott Nickel Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $3209 |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (34658) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 33316 |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales | (1867) |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | – |
| Balance as of December 31, 2025 | $– |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $–.

64 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

---

| | |
|:---|:---|
| **Sprott Copper Miners ETF** | **Common Stock** |
| Balance as of December 31, 2024 | $– |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) |  |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfers into/(out of) Level 3\* | 81222 |
| Balance as of December 31, 2025 | $81222 |

---

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $14,662.

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

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within level 3 as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair Value at**<br> **December 31,<br> 2025** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br> (Weighted<br> Average)** | **Impact to Valuation from<br> an Increase in Input** |
| **Sprott Junior Gold Miners ETF** |  |  |  |  |  |
| Gold Mining | $39853 | Asset Approach | Estimated Recoverable Proceeds | $0-0.01 | Increase |
| **Sprott Critical Materials ETF** |  |  |  |  |  |
| Copper Mining | $26611 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase |
| Diversified Metals & Mining | $159 | Asset Approach | Estimated Recoverable Proceeds | $0.01 | Increase |
| **Sprott Lithium Miners ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $1173 | Asset Approach | Estimated Recoverable Proceeds | $0.01-0.09 | Increase |
| **Sprott Junior Copper Miners ETF** |  |  |  |  |  |
| Copper Mining | $514709 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase |
| **Sprott Nickel Miners ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $0 | Asset Approach | Estimated Recoverable Proceeds | $0.00 | Increase |
| **Sprott Copper Miners ETF** |  |  |  |  |  |
| Diversified Metals & Mining | $81222 | Asset Approach | Estimated Recoverable Proceeds | $0.08 | Increase |

---

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

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

The Sprott Junior Gold ETF had a return of capital in the amount of $1,185,561.

65 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

E. Foreign Currency Translation

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

F. Overdrafts

The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. All, if any, overdrafts are presented in the statement of assets and liabilities and associated expenses are presented in the Statements of Operations.

3. PRINCIPAL RISKS

A. Authorized Participant Concentration Risk

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

B. Commodity Exposure Risk

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

C. Currency Risk

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

D. Critical Materials Risk

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

E. Cybersecurity and Disaster Recovery Risks

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

66 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

intermediaries and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

F. Depositary Receipt Risk

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

G. Early Close/Trading Halt Risk

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

H. Emerging Markets Securities Risk

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

I. Equity Securities Risk

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

J. Exchange Traded Funds

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

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

67 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

K. Fluctuation of Net Asset Value

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

L. Foreign Securities Risk

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

M. Frontier Markets Risk

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

N. Geographic Concentration Risk

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

O. Index Performance Risk

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

P. Index Tracking Risk

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

Q. Industry Concentration Risk

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

R. Liquidity Risk

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

S. Market and Geopolitical Risk

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

68 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

T. Micro-Capitalization Company Risk

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

U. Mining Industry Risk

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

V. Non-Diversified Fund Risk

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

W. Operational Risk

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

X. Passive Investment Risk

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

Y. Rare Earth and Critical Materials Companies Risk

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

Z. Restricted Securities Risk

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

**AA. Securities Lending Risk**

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

69 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

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

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

CC. Tax Risk

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

DD. Trading Risk

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

**EE. Valuation Risk**

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

4. TAXES

A. Federal Tax and Tax Basis Information

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

For the fiscal year ended December 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

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| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable Earnings** |
| Sprott Gold Miners ETF | $21074697 | $(21074697) |
| Sprott Junior Gold Miners ETF | 13969025 | (13969025) |
| Sprott Critical Materials ETF |  |  |
| Sprott Lithium Miners ETF | 880803 | (880803) |
| Sprott Uranium Miners ETF | 244784322 | (244784322) |
| Sprott Junior Uranium Miners ETF | 55294370 | (55294370) |
| Sprott Junior Copper Miners ETF | 2565082 | (2565082) |
| Sprott Nickel Miners ETF | 2563035 | (2563035) |
| Sprott Copper Miners ETF | 2713644 | (2713644) |
| Sprott Silver Miners & Physical Silver ETF\* | 38655097 | (38655097) |
| Sprott Active Gold & Silver Miners ETF\* | 5792742 | (5792742) |
| Sprott Active Metals & Miners ETF\* |  |  |

---

*\** *Represents the period from inception to December 31, 2025*

70 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

The tax character of the distributions paid during the fiscal years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Return of Capital** |
| **December 31, 2025** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Gold Miners ETF | $6833424 | $– |
| &nbsp;&nbsp;&nbsp;Sprott Junior Gold Miners ETF | 24031959 | 1185561 |
| &nbsp;&nbsp;&nbsp;Sprott Critical Materials ETF | 3372392 |  |
| &nbsp;&nbsp;&nbsp;Sprott Lithium Miners ETF | 2678220 |  |
| &nbsp;&nbsp;&nbsp;Sprott Uranium Miners ETF | 53924964 |  |
| &nbsp;&nbsp;&nbsp;Sprott Junior Uranium Miners ETF | 21317764 |  |
| &nbsp;&nbsp;&nbsp;Sprott Junior Copper Miners ETF | 6002396 |  |
| &nbsp;&nbsp;&nbsp;Sprott Nickel Miners ETF | 520738 |  |
| &nbsp;&nbsp;&nbsp;Sprott Copper Miners ETF | 1894418 |  |
| &nbsp;&nbsp;&nbsp;Sprott Silver Miners & Physical Silver ETF\* | 21862327 |  |
| &nbsp;&nbsp;&nbsp;Sprott Active Gold & Silver Miners ETF\* | 2257168 |  |
| &nbsp;&nbsp;&nbsp;Sprott Active Metals & Miners ETF\* | 411509 |  |

---

*\** *Represents the period from inception to December 31, 2025*

---

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

---

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the period ended December 31, 2025, the following amounts are available as carry forwards to the next tax year:

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| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Sprott Gold Miners ETF | $6338558 | $– |
| Sprott Junior Gold Miners ETF | 7962903 | 1459423 |
| Sprott Critical Materials ETF |  |  |
| Sprott Lithium Miners ETF | 635651 | 1875705 |
| Sprott Uranium Miners ETF | 70847267 | 74535079 |
| Sprott Junior Uranium Miners ETF | 1912703 |  |
| Sprott Junior Copper Miners ETF | 457147 | 151074 |
| Sprott Nickel Miners ETF | 1075039 | 1174701 |
| Sprott Copper Miners ETF | 1138399 | 42527 |
| Sprott Silver Miners & Physical Silver ETF\* |  |  |
| Sprott Active Gold & Silver Miners ETF\*\* |  |  |
| Sprott Active Metals & Miners ETF\*\*\* |  |  |

---

*\** *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.*

\*\* *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.*

\*\*\* *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

71 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

Capital loss carryovers used during the period ended December 31, 2025 were as follows:

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| | |
|:---|:---|
| Sprott Gold Miners ETF | $87677084 |
| Sprott Junior Gold Miners ETF | $49188244 |
| Sprott Critical Materials ETF | $1317836 |
| Sprott Junior Uranium ETF | $11141540 |
| Sprott Junior Copper Miners ETF | $71947 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis for the Funds were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Accumulated net<br> investment income** | **Accumulated net<br> realized loss on<br> investments** | **Other accumulated differences** | **Net unrealized<br> appreciation/ (depreciation)<br> on investments** | **Total** |
| Sprott Gold Miners ETF | $244055 | $(6338558) | $– | $299444600 | $293350097 |
| Sprott Junior Gold Miners ETF |  | (9422326) |  | 118742729 | 109320403 |
| Sprott Critical Materials ETF | 2512175 |  | (65812) | 45833418 | 48279781 |
| Sprott Lithium Miners ETF | 2212877 | (2511356) |  | 10056101 | 9757622 |
| Sprott Uranium Miners ETF |  | (145382346) | (18623842) | 284159661 | 120153473 |
| Sprott Junior Uranium Miners ETF |  | (1912703) | (6917540) | (10377256) | (19207499) |
| Sprott Junior Copper Miners ETF | 3176079 | (608221) |  | 8693223 | 11261081 |
| Sprott Nickel Miners ETF |  | (2249740) | (39024) | 578634 | (1710130) |
| Sprott Copper Miners ETF | 1159456 | (1180926) |  | 16682240 | 16660770 |
| Sprott Silver Miners & Physical Silver ETF<sup>(a)</sup> | 57500547 |  |  | 110137364 | 167637911 |
| Sprott Active Gold & Silver Miners ETF<sup>(b)</sup> | 2689903 |  |  | 46706735 | 49396638 |
| Sprott Active Metals & Miners ETF<sup>(c)</sup> | 1062099 |  |  | 4696191 | 5758290 |

---

*\** *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.*

*\*\** *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.*

*\*\*\** *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

As of December 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross appreciation<br> (excess of value over tax cost)** | **Gross depreciation<br> (excess of tax cost<br> over value)** | **Net appreciation<br> (depreciation) of<br> foreign currency** | **Net unrealized<br> appreciation<br> (depreciation)** | **Cost of investments<br> for income tax<br> purposes** |
| Sprott Gold Miners ETF | $301481526 | $(2036899) | $(27) | $299444600 | $381538593 |
| Sprott Junior Gold Miners ETF | 127502633 | (8760020) | 116 | 118742729 | 256271836 |
| Sprott Critical Materials ETF | 51729423 | (5896000) | (5) | 45833418 | 223572505 |
| Sprott Lithium Miners ETF | 10706743 | (649914) | (728) | 10056101 | 31620685 |
| Sprott Uranium Miners ETF | 408506370 | (124319024) | (27685) | 284159661 | 1498399186 |
| Sprott Junior Uranium Miners ETF | 28300086 | (38672273) | (5069) | (10377256) | 377816372 |
| Sprott Junior Copper Miners ETF | 8966009 | (262489) | (10297) | 8693223 | 56828405 |
| Sprott Nickel Miners ETF | 1460744 | (882109) | (1) | 578634 | 31448723 |
| Sprott Copper Miners ETF | 16942625 | (259054) | (1331) | 16682240 | 82699908 |
| Sprott Silver Miners & Physical Silver ETF\* | 112815905 | (2681125) | 2584 | 110137364 | 567106931 |
| Sprott Active Gold & Silver Miners ETF\*\* | 47078049 | (371314) |  | 46706735 | 106097856 |
| Sprott Active Metals & Miners ETF\*\*\* | 5745038 | (1048796) | (51) | 4696191 | 40170891 |

---

*\** *The Sprott Silver Miners & Physical Silver ETF commenced operations on January 14, 2025.*

*\*\** *The Sprott Active Gold & Silver Miners ETF commenced operations on February 19, 2025.*

\*\*\* *The Sprott Active Metals & Miners ETF commenced operations on September 9, 2025.*

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

Capital losses incurred after October 31 and ordinary losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. For the fiscal year ended December 31, 2025 the Sprott Uranium Miners ETF had Post October losses of 18,623,842.

72 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

For the fiscal year ended December 31, 2025 the Sprott Junior Uranium ETF had late year losses of 6,917,540.

The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Funds' financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The amount of foreign withholding taxes paid during the year ended December 31, 2025 is not significant and accordingly, a disclosure of income taxes paid for the year ended December 31, 2025, is not presented.

B. Income Taxes

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

As of and during the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years for the Funds have incorporated no uncertain tax positions that require a provision for income taxes.

5. LENDING OF PORTFOLIO SECURITIES

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

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

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

73 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of Securities on Loan** | **Cash Collateral Received** | **Non-Cash Collateral Received** | **Total Collateral Received** |
| **Sprott Gold Miners ETF** | $17647645 | $18638872 | $32661 | $18671533 |
| **Sprott Junior Gold Miners ETF** | 36399194 | 25304632 | 13140568 | 38445200 |
| **Sprott Critical Materials ETF** | 37976735 | 15902452 | 23822287 | 39724739 |
| **Sprott Lithium Miners ETF** | 7905807 | 606161 | 7869882 | 8476043 |
| **Sprott Uranium Miners ETF\*\*** | 125721121 | 55762264 | 76373727 | 132135991 |
| **Sprott Junior Uranium Miners ETF** | 41152831 | 25842386 | 16987063 | 42829449 |
| **Sprott Junior Copper Miners ETF** | 4502191 | 3645379 | 1172195 | 4817574 |
| **Sprott Nickel Miners ETF** | 1161999 | 715000 | 527839 | 1242839 |
| **Sprott Copper Miners ETF** | 8671405 | 2328733 | 6845330 | 9174063 |
| **Sprott Silver Miners & Physical Silver ETF\*** | 24049491 | 22509928 | 3361899 | 25871827 |
| **Sprott Active Gold & Silver Miners ETF\*** |  |  |  |  |
| **Sprott Active Metals & Miners ETF\*** |  |  |  |  |

---

*\** *Represents the activities since inception through December 31, 2025*

*\*\** *The Affiliated Investments at value presented in the Statement of Assets and Liabilities may include the market value of securities that are on loan. For the year ended December 31, 2025, the Sprott Uranium Miners ETF Affiliated investments at value included $24,571,166 of market value for securities on loan.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Gold Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $18638872 | $– | $– | $– | $18638872 |
| **Total Borrowings** |  |  |  |  | **18638872** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 18638872 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Junior Gold Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $25304632 | $– | $– | $– | $25304632 |
| **Total Borrowings** |  |  |  |  | **25304632** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 25304632 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Critical Materials ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $15902452 | $– | $– | $– | $15092452 |
| **Total Borrowings** |  |  |  |  | **15092452** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 15092452 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Lithium Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $606161 | $– | $– | $– | $606161 |
| **Total Borrowings** |  |  |  |  | **606161** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 606161 |

---

74 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Uranium Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $55762264 | $– | $– | $– | $55762264 |
| **Total Borrowings** |  |  |  |  | **55762264** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 55762264 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Junior Uranium Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $25842386 | $– | $– | $– | $25842386 |
| **Total Borrowings** |  |  |  |  | **25842386** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 25842386 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Junior Copper Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90**<br> **Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $3645379 | $– | $– | $– | $3645379 |
| **Total Borrowings** |  |  |  |  | **3645379** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 3645379 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Nickel Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $715000 | $– | $– | $– | $715000 |
| **Total Borrowings** |  |  |  |  | **715000** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 715000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Copper Miners ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $2328733 | $– | $– | $– | $2328733 |
| **Total Borrowings** |  |  |  |  | **2328733** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 2328733 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | |
| **Sprott Silver Miners & Physical Silver ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90<br> Days** | **Greater than<br> 90 Days** |<br>**Total** |
| Common Stocks | $22509928 | $– | $– | $– | $22509928 |
| **Total Borrowings** |  |  |  |  | **22509928** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | 22509928 |

---

---

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

---

---

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

---

75 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

6. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

A. Advisory and Sub-Advisory Fees

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

---

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

---

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

---

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

---

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

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

B. Fee Waiver Arrangement

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

For the period ended December 31, 2025, the fees waived and recoupment of previously waived fees were as follows:

---

| | | |
|:---|:---|:---|
| | **Fees waived by<br> Advisor** | **Expense<br> Recoupment of<br> Previously Waived<br> Fees** |
| **Sprott Gold Miners ETF** | $– | $5138 |
| **Sprott Junior Gold Miners ETF** | 14447 | 54104 |

---

76 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

As of December 31, 2025, the balance of recoupable expenses for the Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Expires<br> December 31,<br> 2026** | **Expires<br> December 31,<br> 2027** | **Expires<br> December 31,<br> 2028** |
| **Sprott Junior Gold Miners ETF** | $85803 | $30073 | $14447 |

---

C. Unitary Fee Arrangement

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

7. TRUSTEES OF THE TRUST

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

8. PURCHASES AND SALES OF SECURITIES

For the twelve months ended December 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Sprott Gold Miners ETF | $257875108 | $255909942 |
| Sprott Junior Gold Miners ETF | 152180878 | 149746027 |
| Sprott Critical Materials ETF | 49765934 | 46532500 |
| Sprott Lithium Miners ETF | 8193651 | 7673138 |
| Sprott Uranium Miners ETF | 578711225 | 562147290 |
| Sprott Junior Uranium Miners ETF | 109702428 | 114981178 |
| Sprott Junior Copper Miners ETF | 16154804 | 12644941 |
| Sprott Nickel Miners ETF | 7203022 | 6686941 |
| Sprott Copper Miners ETF | 12327165 | 10882949 |
| Sprott Silver Miners & Physical Silver ETF\* | 103043980 | 105939195 |
| Sprott Active Gold & Silver Miners ETF\* | 26111175 | 13694713 |
| Sprott Active Metals & Miners ETF\* | 1950292 | 3131789 |

---

For the twelve months ended December 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Sprott Gold Miners ETF | $68371731 | $36900208 |
| Sprott Junior Gold Miners ETF | 59978304 | 30274611 |
| Sprott Critical Materials ETF | 161700900 |  |
| Sprott Lithium Miners ETF | 17909399 | 2020519 |
| Sprott Uranium Miners ETF | 368295555 | 625977561 |
| Sprott Junior Uranium Miners ETF | 116890399 | 142383767 |
| Sprott Junior Copper Miners ETF | 33772721 | 10671933 |
| Sprott Nickel Miners ETF | 32260401 | 15558480 |
| Sprott Copper Miners ETF | 51979264 | 5646075 |
| Sprott Silver Miners & Physical Silver ETF\* | 527235290 | 98789137 |
| Sprott Active Gold & Silver Miners ETF\* | 93605026 | 15579073 |
| Sprott Active Metals & Miners ETF\* | 38300878 |  |

---

77 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

For the twelve months ended December 31, 2025, the net realized gains/(losses) on in-kind transactions were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| Sprott Gold Miners ETF | $21109283 |
| Sprott Junior Gold Miners ETF | 15360710 |
| Sprott Critical Materials ETF |  |
| Sprott Lithium Miners ETF | 1105913 |
| Sprott Uranium Miners ETF | 272362944 |
| Sprott Junior Uranium Miners ETF | 59838022 |
| Sprott Junior Copper Miners ETF | 3252209 |
| Sprott Nickel Miners ETF | 3083936 |
| Sprott Copper Miners ETF | 2795281 |
| Sprott Silver Miners & Physical Silver ETF\* | 38958765 |
| Sprott Active Gold & Silver Miners ETF\* | 5807006 |
| Sprott Active Metals & Miners ETF\* |  |

---

*\** *Represents the period from inception through period end.*

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

9. CAPITAL SHARE TRANSACTIONS

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

A fixed creation transaction fee of $500 for Sprott Critiecal Materials ETF per transaction. A fixed redemption transaction of $400 for Sprott Nickel Miners ETF per transaction. A fixed redemption fee of $300 for Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Copper Minters ETF, Sprott Junior Copper Miners ETF, Sprott Lithium Miners ETF, Sprott Silver Miners & Physical Silver ETF, Sprott Active Gold & Silver Miners ETF, and Sprott Active Metals & Miners ETF per transaction (the "Creation Transaction Fee") is applicable to each transaction regardless of the number of Creation Units purchased in the transaction. The price for each Creation Unit will equal the daily NAV per Share times the number of shares in a Creation Unit plus the fee sescribed above and, if applicable, any transfer taxes. An additional variable charge for cash creations or partial cash creations may also be imposed to compensate a Fund for the costs associated with buying the applicable securities. A Fund may adjust these fees from time to time based on actual experience. These fees are included the Capital Share Transactions section of the Statement of Changes in Net Assets.

78 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Notes to Financial Statements and Financial Highlights *December 31, 2025*

10. RELATED PARTY TRANSACTIONS

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

Transactions related to cross trades during the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss)<br> on Sales** |
| Sprott Gold Miners ETF | $8435178 | $499954 | $315955 |
| Sprott Junior Gold Miners ETF |  | 4227810 | 914826 |
| Sprott Critical Materials ETF | 4106669 | 186842 | (24227) |
| Sprott Lithium Miners ETF | 58692 | 51974 | 4442 |
| Sprott Uranium Miners ETF | 3901394 | 12820519 | (9327554) |
| Sprott Junior Uranium Miners ETF | 9192229 | 3916327 | (4653635) |
| Sprott Junior Copper Miners ETF | 155765 | 51698 | 3868 |
| Sprott Nickel Miners ETF | 17990 | 425708 | 71694 |
| Sprott Copper Miners ETF | 78756 |  |  |
| Sprott Silver Miners & Physical Silver ETF |  | 182823 | (35194) |
| Sprott Active Gold & Silver Miners ETF |  |  |  |
| Sprott Active Metals & Miners ETF | 124395 |  |  |

---

11. SEGMENT REPORTING

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

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

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

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

12. SUBSEQUENT EVENTS

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between December 31, 2025 and the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

79 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Report of Independent Registered Public Accounting Firm *December 31, 2025*

**To the Shareholders and Board of Trustees of Sprott Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF, Sprott Critical Materials ETF, Sprott Lithium Miners ETF, Sprott Uranium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Junior Copper Miners ETF, Sprott Nickel Miners ETF, Sprott Copper Miners ETF, Sprott Silver Miners & Physical Silver ETF, Sprott Active Gold & Silver Miners ETF, and Sprott Active Metals & Miners ETF (the "Funds"), each a series of Sprott Funds Trust (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting <br> Sprott Funds Trust** | **Statements of <br> operations** | **Statements of <br> changes in net assets** | **Financial highlights** |
| Sprott Gold Miners ETF, Sprott Junior Gold Miners ETF | For the year ended December 31, 2025. | For each of the two years in the period ended December 31, 2025. | For each of the five years in the period ended December 31, 2025. |
| Sprott Critical Materials, Sprott Lithium Miners ETF, Sprott Junior Uranium Miners ETF, Sprott Junior Copper Miners ETF | For the year ended December 31, 2025. | For each of the two years in the period ended December 31, 2025. | For each of the two years in the period ended December 31, 2025 and for the period February 1, 2023 (commencement of operations) through December 31, 2023. |
| Sprott Uranium Miners ETF | For the year ended December 31, 2025. | For each of the two years in the period ended December 31, 2025. | For each of the three years in the period ended December 31, 2025, the period September 1, 2022 through December 31, 2022 and for the year ended August 31, 2022. |
| Sprott Nickel Miners ETF | For the year ended December 31, 2025. | For each of the two years the year in the period ended December 31, 2025. | For each of the two years in the period ended December 31, 2025 and for the period March 21, 2023 (commencement of operations) through December 31, 2023. |
| Sprott Copper Miners ETF | For the year ended December 31, 2025. | For the year ended December 31, 2025 and for the period March 5, 2025 (commencement of operations) through December 31, 2025. | For the year ended December 31, 2025 and for the period March 5, 2025 (commencement of operations) through December 31, 2025. |
| Sprott Silver Miners & Physical Silver ETF | For the period January 14, 2025 (commencement of operations) through December 31, 2025. | For the period January 14, 2025 (commencement of operations) through December 31, 2025. | For the period January 14, 2025 (commencement of operations) through December 31, 2025. |
| Sprott Active Gold & Silver Miners ETF | For the period February 19, 2025 (commencement of operations) through December 31, 2025. | For the period February 19, 2025 (commencement of operations) through December 31, 2025. | For the period February 19, 2025 (commencement of operations) through December 31, 2025. |
| Sprott Active Metals & Miners ETF | For the period September 9, 2025 (commencement of operations) through December 31, 2025. | For the period September 9, 2025 (commencement of operations) through December 31, 2025. | For the period September 9, 2025 (commencement of operations) through December 31, 2025. |

---

With respect to Sprott Uranium Miners ETF, the financial highlights for the year ended August 31, 2021, have been audited by other auditors, whose report dated October 29, 2021 expressed unqualified opinions on such financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2019.

80 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Report of Independent Registered Public Accounting Firm *December 31, 2025*

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | ![](img_003.jpg) |
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **March 2, 2026** |  |

---

81 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Additional Information (Unaudited) *December 31, 2025*

**TAX INFORMATION**

Pursuant to Section 853(c) of the Internal Revenue Code, the Funds designated the following for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Foreign Taxes Paid** | **Foreign Source Income** |
| Sprott Gold Miners ETF | $595852 | $4607403 |
| Sprott Junior Gold Miners ETF | $61918 | $1223734 |
| Sprott Uranium Miners ETF | $54079 | $12148459 |
| Sprott Critical Materials ETF | $273915 | $273915 |
| Sprott Junior Uranium Miners ETF | $0 | $51020 |
| Sprott Lithium Miners ETF | $1017 | $41967 |
| Sprott Junior Copper Miners ETF | $14215 | $268915 |
| Sprott Nickel Miners ETF | $28657 | $208418 |
| Sprott Copper Miners ETF | $11432 | $195059 |
| Sprott Silver Miners & Physical Silver ETF | $48157 | $465676 |
| Sprott Active Gold & Silver Miners ETF | $41780 | $448177 |
| Sprott Active Metals & Miners ETF | $1708 | $40170 |

---

The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **QDI** | **DRD** |
| Sprott Gold Miners ETF | 55.00% | 13.22% |
| Sprott Junior Gold Miners ETF | 3.71% | 0.00% |
| Sprott Uranium Miners ETF | 21.91% | 0.00% |
| Sprott Critical Materials ETF | 10.01% | 3.83% |
| Sprott Junior Uranium Miners ETF | 0.00% | 0.00% |
| Sprott Lithium Miners ETF | 2.42% | 1.10% |
| Sprott Junior Copper Miners ETF | 1.49% | 0.00% |
| Sprott Nickel Miners ETF | 29.03% | 0.00% |
| Sprott Copper Miners ETF | 10.82% | 7.40% |
| Sprott Silver Miners & Physical Silver ETF | 1.59% | 0.00% |
| Sprott Active Gold & Silver Miners ETF | 16.21% | 1.19% |
| Sprott Active Metals & Miners ETF | 12.99% | 5.44% |

---

In early 2026, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

82 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Changes in and Disagreements with Accountants for Open-End Management Investment Companies *December 31, 2025 (Unaudited)*

Nothing to report.

83 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Proxy Disclosures for Open-End Management Investment Companies *December 31, 2025 (Unaudited)*

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

84 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *December 31, 2025 (Unaudited)*

Included in the Financial Statements - see Statements of Operations.

85 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statement Regarding Basis for Approval of Investment Advisory Contract *December 31, 2025 (Unaudited)*

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

The Board of Trustees (the "Board") of Sprott Funds Trust (the "Trust") on behalf of its series Sprott Active Metals & Miners ETF (the "Fund") at a regular meeting held in Darien, Connecticut, on September 2, 2025, considered whether it would be in the best interests of the Fund and its shareholders for the Board of Trustees of the Trust (the "Board") to approve the Amended and Restated Investment Advisory Agreement between the Trust on behalf of the Fund and Sprott Asset Management USA, Inc. ("SAM USA" or the "Adviser") (the "Advisory Agreement"), and the Amended Sub-Advisory Agreement between SAM USA and ALPS Advisors, Inc. ("ALPS" or the "Sub-Adviser") (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"). SAM USA together with ALPS are referred to each as an "Adviser" and, collectively, as the "Advisers." In connection with the Board's review of the Agreements, the Trustees who are not "interested persons" of the Fund within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (collectively, the "Independent Trustees") requested, and the Advisers provided the Board with, information about a variety of matters, including, without limitation, the following information:

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

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

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

● Economies of scale.

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

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

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

*Sprott Asset Management USA, Inc.*

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

*ALPS Advisors, Inc.*

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

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

86 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statement Regarding Basis for Approval of Investment Advisory Contract *December 31, 2025 (Unaudited)*

Investment Performance

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

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

**Fees and Expenses**

*Sprott Asset Management USA, Inc.*

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

*ALPS Advisors, Inc.*

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

**Profitability**

*Sprott Asset Management USA, Inc.*

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

*ALPS Advisors, Inc.*

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

**Economies of Scale**

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

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

87 \| December 31, 2025

<u>Sprott ETFs</u>   <br> Statement Regarding Basis for Approval of Investment Advisory Contract *December 31, 2025 (Unaudited)*

**Conclusion**

Having requested and received such information from the Adviser as the Board believed it to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Board concluded that the approval of the advisory agreements was in the best interests of the Fund and its shareholders.

88 \| December 31, 2025

This material must be preceded or accompanied by the Prospectus.

![](img_004.jpg)

**www.sprott.com**

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

![](img_005.jpg)

**SPROTT GOLD EQUITY FUND**

Financial Statements and Other Important Information

For the Fiscal Year Ended December 31, 2025

(Form N-CSR Items 7-11)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#fin2_001) | 1 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#fin2_002) | 2 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#fin2_003) | 6 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#fin2_004) | 7 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#fin2_005) | 8 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#fin2_006) | 9 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#fin2_007) | 11 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#fin2_008) | 24 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fin2_009) | 25 |
| [Item 9 – Proxy Disclosures for Open-End Management Investment Companies](#fin2_010) | 26 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fin2_011) | 27 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#fin2_012) | 28 |

---

**SPROTT GOLD EQUITY FUND**

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

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 84.3%** |  |  |
| **Gold Related Securities — 72.9%<sup>(a)</sup>** |  |  |
| **Australia — 11.2%** |  |  |
| Emerald Resources NL<sup>(b)</sup> | 9090200 | $38339404 |
| Evolution Mining, Ltd. | 360581 | 3051244 |
| Genesis Minerals, Ltd.<sup>(b)</sup> | 6459700 | 31253971 |
| Ora Banda Mining, Ltd.<sup>(b)</sup> | 22111174 | 22576576 |
| Ramelius Resources, Ltd. | 20120645 | 55858604 |
| West African Resources Ltd.<sup>(b)</sup> | 6469000 | 12951297 |
| Westgold Resources, Ltd. | 9021200 | 38770823 |
|  |  | 202801919 |
| **Canada — 55.8%** |  |  |
| Agnico Eagle Mines, Ltd. | 387150 | 65653735 |
| Alamos Gold, Inc. - Class A | 852700 | 32897166 |
| Barrick Mining Corp. | 1646833 | 71738112 |
| Discovery Silver Corp.<sup>(b)</sup> | 6012700 | 36710084 |
| DPM Metals, Inc. | 2122800 | 65607210 |
| Eldorado Gold Corp.<sup>(b)</sup> | 1609000 | 57795280 |
| Equinox Gold Corp.<sup>(b)</sup> | 3923445 | 55140617 |
| G Mining Ventures Corp.<sup>(b)</sup> | 3056200 | 92384057 |
| i-80 Gold Corp.<sup>(b)</sup> | 32476937 | 47796738 |
| IAMGOLD Corp.<sup>(b)(c)</sup> | 4609300 | 76007357 |
| International Tower Hill Mines, Ltd.<sup>(b)(d)(e)</sup> | 19627315 | 36178724 |
| Kinross Gold Corp. | 1548200 | 43597312 |
| Lundin Gold, Inc. | 316100 | 26258950 |
| Minera Alamos, Inc.<sup>(b)(d)</sup> | 25352113 | 9789530 |
| Montage Gold Corp.<sup>(b)</sup> | 1547300 | 11137900 |
| New Found Gold Corp.<sup>(b)(c)(d)</sup> | 3325000 | 9835343 |
| OceanaGold Corp. | 3038400 | 86112535 |
| OR Royalties, Inc. | 1250224 | 44286832 |
| Osisko Development Corp.<sup>(b)</sup> | 2580000 | 9004200 |
| Southern Cross Gold Consolidated, Ltd.<sup>(b)</sup> | 1158680 | 8946470 |
| Torex Gold Resources, Inc. | 1085200 | 51818883 |
| Wesdome Gold Mines, Ltd.<sup>(b)</sup> | 2147600 | 35580798 |
| Wheaton Precious Metals Corp. | 299000 | 35138480 |
|  |  | 1009416313 |
| **United Kingdom — 2.2%** |  |  |
| Anglogold Ashanti PLC | 467600 | 39876928 |
| **United States — 3.7%** |  |  |
| Perpetua Resources Corp.<sup>(b)(c)</sup> | 1836150 | 44453191 |
| SSR Mining, Inc.<sup>(b)</sup> | 1065700 | 23360144 |
|  |  | 67813335 |
| **Total Gold Related Securities** |  | 1319908495 |

---

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

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — (Continued)** |  |  |
| **Other Precious Metals Related Securities — 11.0%** |  |  |
| **Canada — 2.9%** |  |  |
| Endeavour Silver Corp.<sup>(b)(c)</sup> | 1077200 | $10125680 |
| Vizsla Royalties Corp.<sup>(b)(d)</sup> | 286457 | 918299 |
| Vizsla Silver Corp.<sup>(b)(d)</sup> | 7563950 | 41441772 |
|  |  | 52485751 |
| **South Africa — 2.3%** |  |  |
| Valterra Platinum Ltd. | 484000 | 40579616 |
| **United States — 5.8%** |  |  |
| Coeur Mining, Inc.<sup>(b)(c)</sup> | 5350864 | 95405905 |
| Sunshine Silver Mining and Refining<sup>(b)(f)</sup> (Originally Acquired 03/15/11, Cost $4,525,333) | 243691 | 9747640 |
|  |  | 105153545 |
| **Total Other Precious Metals Related Securities** |  | 198218912 |
| **Other Securities — 0.4%** |  |  |
| **United States — 0.4%** |  |  |
| Blue Spark Energy Systems, Inc.<sup>(b)(f)</sup> (Originally Acquired 05/31/24, Cost $745) | 3727 | 671 |
| Gold Bullion International LLC<sup>(b)(e)(f)</sup> (Originally Acquired 05/12/10, Cost $5,000,000) | 5000000 | 7150000 |
| I-Pulse, Inc.<sup>(b)(f)</sup> (Originally Acquired 10/09/07, Cost $125,352) | 74532 | 186330 |
| **Total Other Securities** |  | 7337001 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $674,165,764) |  | 1525464408 |
| **GOLD BULLION — 11.0%** |  |  |
| **United States — 11.0%** |  |  |
| Gold Bullion<sup>(b)</sup> | 45913 | 198316790 |
| **TOTAL GOLD BULLION** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,415,966) |  | 198316790 |
| **PRIVATE FUND — 1.7%** |  |  |
| Tocqueville Bullion Reserve LP<sup>(b)(e)</sup> | 7619 | 30369028 |
| **TOTAL PRIVATE FUND** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,795,735) |  | 30369028 |

---

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

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS — 0.8%** |  |  |
| **Gold Related Securities — 0.8%** |  |  |
| **Canada — 0.6%** |  |  |
| Dundee Precious Metals, Inc., Expires 12/10/2026, Exercise Price $5.00<sup>(b)</sup> | 1662500 | $400160 |
| i-80 Gold Corp., Expires 11/16/2027, Exercise Price $0.70<sup>(b)</sup> | 11300000 | 10620870 |
| Osisko Development Corp., Expires 03/02/2027, Exercise Price $14.75<sup>(b)</sup> | 499999 | 49179 |
| **United States — 0.2%** |  |  |
| Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00<sup>(b)(d)</sup> | 100000 | 134460 |
| Minera Alamos, Inc., Expires 09/17/2028, Exercise Price $0.71<sup>(b)(d)</sup> | 25352113 | 1779847 |
| Osisko Development Corp., Expires 08/15/2027, Exercise Price $2.56<sup>(b)</sup> | 1290000 | 1633785 |
| **Total Gold Related Securities** |  | 14618301 |
| **TOTAL WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $860,154) |  | 14618301 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | |
| **CONVERTIBLE BONDS — 0.3%** |  |  |
| **Gold Related Securities — 0.3%** |  |  |
| **Canada — 0.3%** |  |  |
| I-80 Gold Corp., 8.00%, 02/22/2027<sup>(d)(f)</sup> (Acquired 2/17/2023, Cost $5,662,132) | $5662132 | 5526117 |
| **TOTAL CONVERTIBLE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,662,132) |  | 5526117 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | |
| **SHORT-TERM INVESTMENTS — 3.0%** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.84%<sup>(g)</sup> | 53865970 | 53865970 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,865,970) |  | 53865970 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 1.5%** |  |  |
| Invesco Treasury Portfolio - Institutional Class, 3.56%<sup>(g)</sup> | 27592623 | 27592623 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,592,623) |  | 27592623 |
| **TOTAL INVESTMENTS — 102.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $794,358,344) |  | 1855753237 |
| Liabilities in Excess of Other Assets — (2.6)% |  | (46556502) |
| **TOTAL NET ASSETS — 100.0%** |  | $1809196735 |

---

Percentages are stated as a percent of net assets.

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

**SPROTT GOLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

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

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

<sup>(c)</sup> All or a portion of this security is on loan as of December 31, 2025. The total market value of these securities was $51,592,302 which represented 2.9% of net assets. The loaned securities were secured with cash collateral of $53,865,970. Shares of the Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.

<sup>(d)</sup> Denotes a security that is either fully or partially restricted for sale. The total market value of these securities was $73,611,939 which represented 4.1% of net assets as of December 31, 2025.

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

<sup>(f)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $22,610,758 or 1.2% of net assets as of December 31, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

**SPROTT GOLD EQUITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

December 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at Cost | $739303531 |
| &nbsp;&nbsp;&nbsp;Investments in Affiliates, at Cost (Note 9) | 55054813 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at Cost | 80387 |
| **Total cost of investments** | 794438731 |
| Investments, at Market Value (including securities on loan) (Note 13)<sup>(a)</sup> | 1782055485 |
| Investments in Affiliates, at Market Value (Note 9) | 73697752 |
| Foreign currency, at Market Value | 80638 |
| Receivable for investments sold | 10624817 |
| Receivable for Fund shares sold | 417069 |
| Securities lending income receivable | 11795 |
| Dividends, interest and other receivables | 195978 |
| Other assets | 31807 |
| &nbsp;&nbsp;&nbsp;**Total assets** | 1867115341 |
| **LIABILITIES:** |  |
| Payable for Fund shares redeemed | 1857636 |
| Payable to Adviser (see Note 5) | 1180221 |
| Payable for collateral upon return of securities loaned (see Note 13) | 53865970 |
| Payable to Administrator | 252378 |
| Accrued distribution fee | 354109 |
| Payable to custodian | 29502 |
| Accrued expenses and other liabilities | 378790 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 57918606 |
| **NET ASSETS** | $1809196735 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $704710698 |
| Total distributable earnings | 1104486037 |
| &nbsp;&nbsp;&nbsp;**Net assets** | $1809196735 |
| **Investor Class** |  |
| Net assets | $1239592020 |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 9784859 |
| Net asset value, offering and redemption price per share | $126.68 |
| **Institutional Class** |  |
| Net assets | $569604715 |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 4428867 |
| Net asset value, offering and redemption price per share | $128.61 |

---

<sup>(a)</sup> Market value of securities on loan $51,592,302.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**STATEMENT OF OPERATIONS**

For the Year ended December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $7626475 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 721566 |
| Interest |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 803073 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 439244 |
| Income from securities lending - net of fees (See Note 13) | 139185 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 9729543 |
| **EXPENSES:** |  |
| Investment Adviser's fee (See Note 5) | 10594142 |
| Distribution (12b-1) fees - Investor Class Only (See Note 5) | 2124428 |
| Administration fees (See Note 5) | 1721365 |
| Transfer agent and shareholder services fees - Investor Class | 267125 |
| Legal fees | 230424 |
| Fund accounting fees | 217948 |
| Custody Fees | 184766 |
| Miscellaneous expense | 116156 |
| Trustee fees and expenses | 101807 |
| Printing and mailing expense | 68817 |
| Blue Sky fees | 67814 |
| Audit fees | 50001 |
| Interest expense (Note 10) | 16611 |
| Insurance expense | 11967 |
| Transfer agent and shareholder services fees - Institutional Class | 38037 |
| Registration fees | 4344 |
| Other expenses | 144571 |
| &nbsp;&nbsp;&nbsp;Net expenses | 15960323 |
| **Net investment income/(loss)** | (6230780) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments and foreign currency |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers | 322020372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers | (9696885) |
|  | 312323487 |
| Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments and foreign currency |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers | 820974640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers | 51114659 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | (10163) |
|  | 872079136 |
| **Net unrealized and realized gain/(loss) on investments and foreign currency** | 1184402623 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1178171483 |

---

<sup>(1)</sup> Net of foreign taxes withheld of $925,989.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(6230780) | $(2952685) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on sale of investments and foreign currency | 312323487 | 19695543 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 872079136 | 143864085 |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets resulting from operations** | 1178171843 | 160606943 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions to shareholders - Investor Class | (8267734) |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions to shareholders - Institutional Class | (3768002) |  |
| **Total dividends and distributions** | (12035736) |  |
| **FUND SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 114327166 | 54128855 |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 44766061 | 45777546 |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions - Investor Class | 7927466 |  |
| &nbsp;&nbsp;&nbsp;Shares issued as reinvestment of distributions - Institutional Class | 3468486 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class<sup>(1)</sup> | (216556631) | (132808562) |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class<sup>(2)</sup> | (173060268) | (55069882) |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease)** | (219127720) | (87972043) |
| **Net increase/(decrease) in net assets** | 947008387 | 72634900 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 862188348 | 789553448 |
| &nbsp;&nbsp;&nbsp;End of year | $1809196735 | $862188348 |

---

<sup>(1)</sup> Net of Redemption Fees of $123,023 and $48,782, respectively.

<sup>(2)</sup> Net of Redemption Fees of $44,273 and $26,538, respectively.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**INVESTOR CLASS**

(For a Share Outstanding Throughout the Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |
| Net asset value, beginning of period | $51.50 | $42.71 | $41.91 | $48.34 | $54.81 |
| **OPERATIONS:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | (0.48) | (0.21) | (0.23) | (0.20) | (0.09) |
| Net realized and unrealized gain/(loss) | 76.51 | 9.00 | 1.03 | (6.18) | (6.38) |
| **Total from investment operations\*** | 76.03 | 8.79 | 0.80 | (6.38) | (6.47) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| Dividends from net investment income |  |  |  | (0.05) |  |
| Distributions from net realized gain | (0.85) |  |  |  |  |
| **Total distributions** | (0.85) |  |  | (0.05) |  |
| Change in net asset value for the period | 75.18 | 8.79 | 0.80 | (6.43) | (6.47) |
| **Net asset value, end of period** | $126.68 | $51.50 | $42.71 | $41.91 | $48.34 |
| \*Includes redemption fees per share of | 0.01 | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 | 0.01 |
| Total return | 147.67% | 20.58% | 1.91% | (13.21)% | (11.80)%<sup>(c)</sup> |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of period (000) | $1239592 | $564317 | $536956 | $598641 | $748684 |
| Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expense | 1.33 %<sup>(d)</sup> | 1.46% | 1.49% | 1.44% | 1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.58)% | (0.44)% | (0.55)% | (0.45)% | (0.18)% |
| Portfolio turnover rate | 37% | 26% | 12% | 24% | 15% |

---

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

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

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

<sup>(d)</sup> Includes interest expense of $10,950 or 0.00% of average net assets.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**INSTITUTIONAL CLASS**

(For a Share Outstanding Throughout the Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |
| Net asset value, beginning of period | $52.14 | $43.12 | $42.18 | $48.71 | $55.08 |
| **OPERATIONS:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | (0.25) | (0.07) | (0.11) | (0.06) | 0.06 |
| Net realized and unrealized gain/(loss) | 77.57 | 9.09 | 1.05 | (6.25) | (6.43) |
| **Total from investment operations\*** | 77.32 | 9.02 | 0.94 | (6.31) | (6.37) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| Dividends from net investment income |  |  |  | (0.22) |  |
| Distributions from net realized gain | (0.85) |  |  |  |  |
| **Total distributions** | (0.85) |  |  | (0.22) |  |
| Change in net asset value for the period | 76.47 | 9.02 | 0.94 | (6.53) | (6.37) |
| **Net asset value, end of period** | $128.61 | $52.14 | $43.12 | $42.18 | $48.71 |
| \*Includes redemption fees per share of | 0.01 | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Total return | 148.33% | 20.92% | 2.23% | (12.97)% | (11.57)%<sup>(c)</sup> |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of period (000) | $569605 | $297871 | $252598 | $239068 | $271212 |
| Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expense | 1.06 <sup>(d)</sup> | 1.17% | 1.20% | 1.15% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.30)% | (0.15)% | (0.27)% | (0.15)% | 0.13% |
| Portfolio turnover rate | 37% | 26% | 12% | 24% | 15% |

---

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

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

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

<sup>(d)</sup> Includes interest expense of $5,661 or 0.00% of average net assets.

*See Notes to Financial Statements.*

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025

**1. ORGANIZATION**

The Sprott Funds Trust (the "Trust") was organized as a Delaware statutory trust on January 3, 2018. As of December 31, 2025, the Trust consisted of thirteen separate portfolios that each represent a separate series of the Trust. This report pertains to the Sprott Gold Equity Fund (the "Fund"). The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers two classes of shares, Investor Class and Institutional Class. The two classes represent interests in the same portfolio of investments. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. On July 1, 2023, Sprott Asset Management USA, Inc. commenced acting as investment adviser (the "Adviser") to the Fund and continues to serve in such capacity for the Fund. Prior to July 1, 2023, Sprott Asset Management LP and Sprott Asset Management USA, Inc. served as the investment adviser and sub-adviser, respectively, to the Fund. The financial statements of the other 12 series of the Trust are presented in a separate report.

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services-Investment Companies" and Accounting Standards Update 2013-08.

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

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

The Fund's investments are generally valued at market value. In the absence of market value, if events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of the Fund's investment, in the event that it is determined that valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued in accordance with the Adviser's policies and procedures ("Fair Value Policies and Procedures") reflecting fair value ("Fair Valued Investments"). U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has approved the designation of the Adviser of the Fund as the valuation designee for the Fund. The Adviser has formed a committee (the "Valuation Committee") that has developed pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

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

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

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

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

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

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

Investments classified within Level 3 have significant unobservable inputs used by the Adviser in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by private companies and convertible bonds that may not have a

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

The following is a summary of the inputs used to value the Fund's investments at December 31, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br> Securities at Value** | **Investments<br> Measured at <br> Net Asset<br> Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |  |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gold Related | $— | $1319908495 | $— | $— | $1319908495 |
| &nbsp;&nbsp;&nbsp;Other Precious Metals Related |  | 188471272 |  | 9747640 | 198218912 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  | 7337001 | 7337001 |
| Total Common Stocks |  | 1508379767 |  | 17084641 | 1525464408 |
| Gold Bullion |  | 198316790 |  |  | 198316790 |
| Private Fund<sup>(b)(c)</sup> | 30369028 |  |  |  | 30369028 |
| Convertible Bond |  |  |  | 5526117 | 5526117 |
| Warrants |  |  | 14618301 |  | 14618301 |
| Money Market Fund |  | 27592623 |  |  | 27592623 |
| Investments Purchased with Proceeds from Security Lending<sup>(b)</sup> | 53865970 |  |  |  | 53865970 |
| **Total Assets** | $84234998 | $1734289180 | $14618301 | $22610758 | $1855753237 |

---

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

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

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

<sup>(c)</sup> As of December 31, 2025, the Fund invests in a private fund that primarily invests in physical gold and is subject to redemption restrictions. This private fund investment can only be disposed of with notice given 24 hours in advance of redemption. Due to the elapsed time, the investment of the Fund is not subject to any redemption fees going forward.

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

---

| | |
|:---|:---|
|  | **Sprott<br> Gold Equity<br> Fund** |
| Balance as of December 31, 2024 | $16520639 |
| &nbsp;&nbsp;&nbsp;Purchases | 10499693 |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (13065361) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 18555433 |
| &nbsp;&nbsp;&nbsp;Transfer in/(out) of Level 3<sup>(a)</sup> | (9899646) |
| Balance as of December 31, 2025 | $22610758 |

---

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

As of December 31, 2025 the change in unrealized appreciation/(depreciation) on positions still held for securities that were considered Level 3 was $5,653,227.

The following table summarizes quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement as of December 31, 2025. The Adviser monitors fair valued positions for factors that could lead to a change in valuation of the securities, such as new financing, corporate actions, recent non-arm's length transactions and interest rates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Industry** | **Fair Value at**<br> **12/31/2025** | **Valuation**<br> **Techniques** | **Unobservable**<br> **Inputs** | **Range** | **Impact to<br> Valuation from<br> an Increase<br> in Input** |
| Common Stock | Other Precious Metals Related | $9747640 | Professional analysis of latest company valuation or financing, with appropriate discount applied (if required) | Financing prices | $40.00 | Increase |
| Common Stock | Other | $7337001 | Professional analysis of latest company valuation or financing, with appropriate<br> discount applied (if required) | Financing prices | $0.18-$2.50 | Increase |
| Convertible Bond | Gold Related | $5526117 | Discounted Cash Flow Method | Discount Rate | 11.03% | Decrease |
|  |  |  | Black-Scholes Model | Volatility | 40% | Increase |

---

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

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Policy for withholding tax.* Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same
 time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in
 which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when
 the net proceeds are received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Fund is subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred
 on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December
 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures,
 which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure
 of income taxes paid disaggregated by jurisdiction when material to the Fund's financial statements. The amendments under this ASU
 are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The amount of foreign withholding taxes paid during the year ended December 31, 2025 is not significant and accordingly, a disclosure of income taxes paid for the year ended December 31, 2025, is not presented.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment. The Chief
 Compliance Officer and Chief Financial Officer of the Adviser are deemed to be the Chief Operating Decision Maker ("CODM").
 The CODM is responsible for assessing the Fund's financial performance and allocating resources. In making these assessments, the
 CODM evaluates the Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not
 allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. The Fund
 primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolios. Expenses incurred,
 including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated
 to specific segments or business lines. Management has determined that the Fund does not meet the criteria for disaggregated segment reporting
 under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

**3. RISKS**

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

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

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

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

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

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

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

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

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

markets. The laws and regulations of foreign countries may provide investors with less protection or may be less favorable to investors than the U.S. legal system. For example, there may be less publicly available information about a foreign company than there would be about a U.S. company. The auditing and reporting requirements that apply to foreign companies may be less stringent than U.S. requirements. Additionally, government oversight of foreign stock exchanges and brokerage industries may be less stringent than in the U.S.

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

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

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

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

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

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

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

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

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

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

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

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

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

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

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

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

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

**4.** **TAXES** 

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

There was one distribution paid during the year ended December 31, 2025.

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

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

For the year ended December 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences:

---

| | | |
|:---|:---|:---|
|  | **Distributable<br> Earnings** | **Paid in<br> Capital** |
| Sprott Gold Equity Fund | $5998959 | $(5998959) |

---

The permanent differences primarily relate to net operating losses.

As of December 31, 2025, the components of accumulated losses for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $802559027 |
| Unrealized appreciation | 1085858581 |
| Unrealized depreciation | (32664371) |
| Net unrealized appreciation/(depreciation) | 1053194210 |
| Undistributed operating income |  |
| Undistributed long-term gains | 51494257 |
| Distributable earnings | 51494257 |
| Other accumulated gain/(loss) | (202430) |
| Total accumulated gain/(loss) | $1104486037 |

---

For the fiscal year ended December 31, 2025 the Sprott Gold Equity Fund had late year losses of $192,137.

Capital loss carryforwards used during the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Utilized Capital<br> Losses Short-Term** | **Utilized Capital<br> Losses Long-Term** |
| Sprott Gold Equity Fund | $51266931 | $195580733 |

---

As of December 31, 2025, the Fund did not have any capital loss carryfowards.

**5. INVESTMENT ADVISORY AND OTHER AGREEMENTS**

The Adviser served as the Fund's investment adviser through the date of this report pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser received fees from the Fund, calculated daily and payable monthly, at an annual fee rate of 1.00% on the first $500 million of the average daily net assets of the Fund, 0.75% of the average daily net assets in excess of $500 million but not exceeding $1 billion, and 0.65% of the average daily net assets in excess of $1 billion. For the year ended December 31, 2025, the advisory fees incurred by the Fund are disclosed in the Statement of Operations.

The Adviser also served as the Fund's administrator through the date of this report pursuant to an Administrative Services Agreement with the Trust on behalf of the Fund. Pursuant to an Administrative Services Agreement, the Fund pays the Adviser a fee computed daily and paid monthly at an annual rate of 0.15% on the first $400 million of the average daily net assets of the Fund; 0.13% on the next $600 million of the average daily net assets of the Fund; and 0.12% on all the average daily net assets of the Fund over $1 billion. For the year ended December 31, 2025, the administration fees and compliance fees incurred by the Fund are disclosed in the Statement of Operations.

The Adviser has entered into a sub-administration servicing agreement with U.S. Bank Global Fund Services (the "Sub-Administrator"), under which the Adviser pays the Sub-Administrator a fee based

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

on the assets of the Fund. The fee payable to the Sub-Administrator by the Adviser is calculated daily and payable monthly, at an annual rate of: (i) 0.05% on the first $400 million of the average daily net assets; (ii) 0.03% on the next $600 million of the average daily net assets; and (iii) 0.02% of the average daily net assets in excess of $1 billion, subject to a minimum annual fee for the Fund of $60,000. For the year ended December 31, 2025, the Adviser has incurred fees of $450,902 for services provided by the Sub-Administrator under a sub-administration servicing agreement for the Fund.

Sprott Global Resource Investments Ltd. (the "Distributor"), an affiliate of the Adviser, acts as distributor for shares of the Fund. The Investor Class adopted a distribution and services plan pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the plan, the Investor Class pays to the Distributor distribution and service fees of 0.25% per annum of its average daily net assets. For the year ended December 31, 2025, the fees paid to the Distributor are disclosed on the Statement of Operations.

**6. CAPITAL SHARE TRANSACTIONS**

Transactions in capital shares for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** |
| **Sprott Gold Equity Fund (Investor Class)** | **2025** | **2024** |
| Shares sold | 1345869 | 1091422 |
| Shares reinvested from distributions | 64488 |  |
| Shares redeemed | (2582798) | (2705139) |
| Net increase/(decrease) | (1172441) | (1613717) |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** |
| **Sprott Gold Equity Fund (Institutional Class)** | **2025** | **2024** |
| Shares sold | 565483 | 950974 |
| Shares reinvested from distributions | 27794 |  |
| Shares redeemed | (1877762) | (1096065) |
| Net increase/(decrease) | (1284485) | (145091) |

---

**7. FUND SHARE TRANSACTIONS**

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

**8. INVESTMENT TRANSACTIONS**

Purchases and sales of investment securities (excluding short-term instruments) for the year ended December 31, 2025 are summarized below.

---

| | |
|:---|:---|
|  | **Sprott<br> Gold Equity<br> Fund** |
| Purchases | $461975740 |
| Sales | $733971062 |

---

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

**9. TRANSACTIONS WITH AFFILIATES\***

The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through December 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940, such issuers are:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January 1, 2025** | **January 1, 2025** | **Additions** | **Additions** | **Reductions** | **Reductions** | | | | | **December 31, 2025** | **December 31, 2025** |
| **Issuer Name** | **Share/<br> Principal<br> Balance** | **$ Value** | **<br>Share/<br> Principal<br> Balance** | **<br>$ Value** | **<br>Share/<br> Principal<br> Balance** | **<br>$ Sale<br> Proceeds** | **<br>$ Interest<br> Income** | **<br>$ Dividend<br> Income** | **<br>$ Realized<br> Gain/<br> (Loss)** | **$ Change<br> in Gross<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **<br>$ Value** | **<br>Share/<br> Principal<br> Balance** |
| **Sprott Gold Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stocks - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Falco Resources Ltd.<sup>(a)(d)</sup> | 16722300 | 3431826 |  |  | (16722300) | (2213211) |  |  | (7476919) | 6258304 |  |  |
| International Tower Hill Mines Ltd.<sup>(a)</sup> | 3582120 | 1631297 |  |  | (3582120) | (2331088) |  |  | (10355430) | 11055221 |  |  |
| International Tower Hill Mines Ltd.<sup>(a)(b)</sup> | 19627315 | 9011811 |  |  |  |  |  |  |  | 27166913 | 36178724 | 19627315 |
| Jaguar Mining, Inc.<sup>(a)(d)</sup> | 5626358 | 8924203 |  |  | (5626358) | (17661167) |  |  | 14092209 | (5355245) |  |  |
| **Common Stocks - Other Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold Bullion International<sup>(a)</sup> | 5000000 | 7150000 |  |  |  |  |  | 721566 |  |  | 7150000 | 5000000 |
| **Private Funds** |  |  |  |  |  |  |  |  |  |  |  |  |
| Tocqueville Bullion Reserve LP - Class G<sup>(a)(c)</sup> | 7619 | 18376692 |  |  |  |  |  |  |  | 11992336 | 30369028 | 7619 |
| **Warrants - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Falco Resources Ltd.<sup>(a)(d)</sup> | 3750000 | 2870 |  |  | (3750000) |  |  |  |  | (2870) |  |  |
|  |  | $48528699 |  | $— |  | $(22205465) | $— | $721566 | $(3740140) | $51114659 | $73697752 |  |
| **Securities that Became Affiliated During the Period** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stocks - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp.<sup>(a)(d)</sup> | 16340264 | 7843600 | 28029325 | 14310751 | (11892652) | (11345925) |  |  | (5956745) | 42945057 | 47796738 | 32476937 |
| **Convertible Bonds** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp.<sup>(b)(d)</sup> | 5225240 | 4958029 | 436891 | 436891 |  |  | 439244 |  |  | 131197 | 5526117 | 5662132 |
| **Warrants - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp.<sup>(a)(d)</sup> |  |  | 11300000 | 860154 |  |  |  |  |  | 9760716 | 10620870 | 11300000 |
|  |  | $12801629 |  | $15607796 |  | $(11345925) | $439244 | $— | $(5956745) | $52836970 | $63943725 |  |
|  |  | $61330328 | $15607796 |  |  | $(33551390) | $439244 | $721566 | $(9696885) | $103951629 | $137641477 |  |
| Securities that became affiliated during the period |  |  |  |  |  |  |  |  |  | $(23214556) |  |  |
| Securities no longer affiliated at December 31, 2025 |  |  |  |  |  |  |  |  |  | $64792380 | $63943725 |  |
| Securities affiliated at December 31, 2025 |  |  |  |  |  |  |  |  |  | $39159249 | $73697752 |  |

---

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

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

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

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

<sup>(d)</sup> Security is no longer an affiliated company at December 31, 2025.

**10. LINE OF CREDIT**

The Fund has a $20,000,000 line of credit (the "Line"), which is uncommitted, with U.S. Bank N.A. The Line is for temporary emergency or extraordinary purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Line is secured by the Fund's assets. The Line has a one-year term. The interest rate as of December 31, 2025 was 6.25%.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

During the year ended December 31, 2025, the Fund's maximum borrowing was $9,117,000 and average borrowing was $237,074. This borrowing resulted in interest expenses of $16,611. As of December 31, 2025, the Fund did not have any Line balances outstanding.

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

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

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

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

**13. SECURITIES LENDING**

The Fund may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short term securities. The Fund may return a portion of the interest earned to a third party that is unaffiliated with the Fund and acting as a "placing broker." When the Fund engages in securities lending, the Fund will retain a portion of the securities lending income and remit the remaining portion to the securities lending agent as compensation for its services. Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of securities. The securities lending agent bears all operational costs directly related to securities lending. The Fund also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Fund's policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Fund. U.S. Bank N.A., the custodian, acts as the securities lending agent for the Fund. The value of the securities on loan and the cash collateral at December 31, 2025 are shown on the Statement of Assets and Liabilities. Shares of the Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The following table is a summary of the Fund's securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of<br> Securities<br> on Loan** | **Value of<br> Cash Collateral Received** |
| Sprott Gold Equity Fund | $51592302 | $53865970 |

---

Securities loaned are not subject to any master netting agreements.

**SPROTT GOLD EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2025 (Continued)

**14. RESTRICTED SECURITIES**

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

As of December 31, 2025, the Fund invested in the following restricted securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial<br> Acquisition<br> Date** | **Cost** | **Fair Value** | **Fair Value<br> as a % of<br> Net Assets** |
| Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00 | 5/9/2023 | $— | $134460 | 0.0% |
| International Tower Hill Mines, Ltd. | 11/10/2010 | 36259078 | 36178724 | 2.0% |
| I-80 Gold Corp., 8.00%, 02/22/2027 | 2/17/2023 | 5662132 | 5526117 | 0.3% |
| Minera Alamos, Inc. | 9/4/2025 | 6509710 | 9789530 | 0.5% |
| Minera Alamos, Inc., Expires 09/17/2028, Exercise Price $0.71 | 9/4/2025 |  | 1779847 | 0.1% |
| New Found Gold Corp. | 12/10/2025 | 9688327 | 9835343 | 0.6% |
| Dundee Precious Metals, Inc., Expires 12/10/2026, Exercise Price $5.00 | 12/10/2025 |  | 400160 | 0.0% |
| Vizsla Royalties Corp. | 11/8/2024 | 369144 | 550979 | 0.0% |
| Vizsla Silver Corp. | 11/8/2024 | 2418923 | 9416779 | 0.6% |
|  |  | $60907314 | $73611939 | 4.1% |

---

**15. TRUSTEES OF THE TRUST**

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

**16. SUBSEQUENT EVENTS**

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events that occurred between December 31, 2025 and the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosure and/or adjustments.

**SPROTT GOLD EQUITY FUND**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

December 31, 2025

**To the Shareholders and Board of Trustees**

**of Sprott Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Sprott Gold Equity Fund (the "Fund"), a series of Sprott Funds Trust (the "Trust"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2019.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with custodians. We believe that our audits provide a reasonable basis for our opinion.

![](img_003.jpg)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 27, 2026**

**SPROTT GOLD EQUITY FUND**

Item 8 – Changes in and Disagreements with Accountants *December 31, 2025* <br> <u>for Open-End Management Investment Companies</u>  

None to report for the reporting period.

**SPROTT GOLD EQUITY FUND**

Item 9 – Proxy Disclosures *December 31, 2025* <br> <u>for Open-End Management Investment Companies</u>  

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

**SPROTT GOLD EQUITY FUND**

Item 10 – Remuneration Paid to Directors, Officers, and Others *December 31, 2025* <br> <u>of Open-End Management Investment Companies</u>  

Included under Item 7 in the Statement of Operations.

**SPROTT GOLD EQUITY FUND**

Item 11 – Statement Regarding Basis *December 31, 2025* <br> <u>for Approval of Investment Advisory Contract</u>  

The most recent statement regarding the basis for approval of investment advisory contract for Sprott Gold Equity Fund is included in the fund's N-CSR filed 9.05.25.

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

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

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

No matters were submitted during the Registrant's fiscal year ended December 31, 2025 to shareholders for their vote.

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

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract</u>.**

The information is included as part of the material filed under Item 7 of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>.**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed</u>**-**<u>End Management Investment Company and Affiliated Purchasers</u>.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders</u>.**

There have been no material changes to the procedures by which shareholder may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures</u>.**

(a) The Registrant's
 President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
 is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's
 service provider.

(b) There were no
 changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during
 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal
 control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>.**

(a) Not applicable
 to open-end investment companies.

(b) Not applicable
 to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>.**

(a) Not applicable.

(b) Not applicable.

**<u>Item 19. Exhibits</u>.**

(a) (1) [Code of Ethics. Filed herewith.](sprottfunds_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certification pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes – Oxley Act of 2002. Filed herewith.](sprottfunds_ex99cert.htm)

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](sprottfunds_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **SPROTT FUNDS TRUST** | **SPROTT FUNDS TRUST** |
| By: | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich, President<br> (Principal Executive Officer) |
| Date: | March 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich, President<br> (Principal Executive Officer) |
| Date: | March 9, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Varinder Bhathal |
|  | Varinder Bhathal, Treasurer<br> (Principal Financial Officer) |
| Date: | March 9, 2026 |

---

## Ex-99.Code

**EX-99.CODE ETH**

**SPROTT FUNDS TRUST**

**SOX Code of Ethics**

Adopted: September 5, 2018

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered Officers/Purpose of the Code</u>

This code of ethics for Principal Executive and Principal Financial Officers (the "Code") has been adopted by the Sprott Funds Trust (the "Trust"). This Code applies to the Trust's principal executive officer, principal financial officer, principal accounting officer or controller and other persons serving similar functions (the "Covered Officers"). A list of positions currently within the ambit of Covered Officers is set forth in Exhibit A).

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u>

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. For the purposes of this Code, members of the Covered Person's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions of the Investment Company Act of 1940 (the "1940 Act") and the Investment Advisers Act of 1940 ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

● Each Covered Officer must not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust.

● Each Covered Officer must not cause the Trust to take action, or to fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Trust.

● Each Covered Officer must not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

● Each Covered Officer must report at least annually any ownership interest in the Trust or its adviser.

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his/her family, that should always be discussed with the Trust's Chief Compliance Officer ("Compliance Officer"), if material. Examples of these include:

● service as a director on the board of any public or private company;

● the receipt of any gifts other than gifts of de minimis value;

● the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is

● business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disclosure and Compliance</u>

● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting and Accountability</u>

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Compliance Officer that he or she has received, read, and understands the Code (see Exhibit B);

● annually thereafter affirm to the Compliance Officer that he or she has complied with the requirements of the Code (see Exhibit C);

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations that are made in good faith; and

● notify the Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>1</sup> However, any approvals or waivers<sup>2</sup> sought by a Covered Officer will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● The Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

● if, after such investigation, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

<sup>1</sup> The Compliance Officer is authorized to consult, as appropriate, with the Board and counsel to the Trust, and is encouraged to do so.

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

● any matter that the Compliance Officer believes is a violation will be reported to the Board;

● if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: (i) review of, and appropriate modifications to,

● applicable policies and procedures; (ii) notification to appropriate personnel of the investment adviser or its board; or (iii) a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Policies and Procedures</u>

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser or other service providers that govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Trust's and its investment adviser's codes of ethics under Rule 17j-1 under the 1940 Act contain separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments</u>

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality</u>

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust and its adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Internal Use</u>

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**<u>Exhibit A</u>**

<u>Positions Covered by this Code of Ethics</u>:

Principal Executive Officer

Principal Financial and Accounting Officer

**<u>Exhibit B</u>**

**Sprott Funds Trust**

**Initial Covered Officer Affirmation**

I understand that I am a Covered Officer, as defined in the Code of Ethics for Principal Executive and Principal Financial Officers of Sprott Funds Trust (the "Code"). I have read and I understand the Code and will comply with it in all respects.

---

| |
|:---|
| Signature |
| Printed Name |
| Acknowledgement: |
| Date: |

---

**<u>Exhibit C</u>**

**Sprott Funds Trust**

**Annual Covered Officer Affirmation**

**FOR YEAR ENDING [Date]**

By my signature below, I represent, warrant and affirm that:

(1) I
am a Principal Executive Officer, Principal Financial Officer or other Covered Officer of Sprott Funds Trust; and

(2) For
the annual period ended [Date], I have complied with the Code of Ethics for Principal Executive and Principal Financial Officers.

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| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

---

Acknowledgement:

---

| |
|:---|
| Name: |
| Title: |
| Date: |

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## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Thomas W. Ulrich, certify that:

1. I have reviewed this report on Form N-CSR of Sprott Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2026</u> | /s/ Thomas W. Ulrich |
|  | Thomas W. Ulrich |
|  | President<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Varinder Bhathal, certify that:

1. I have reviewed this report on Form N-CSR of Sprott Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2026</u> | /s/ Varinder Bhathal |
|  | Varinder Bhathal |
|  | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification Pursuant to Rule 30a-2(b) and Section 906 of the Sarbanes-Oxley Act**

Pursuant to Rule 30a-2(b) and Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Sprott Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Sprott Funds Trust for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Sprott Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Thomas W. Ulrich | /s/ Varinder Bhathal |
| President, Sprott Funds Trust | Treasurer and Chief Financial Officer, Sprott Funds Trust |
| Date: March 9, 2026 | Date: March 9, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Sprott Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.