| Sprott Gold Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (99.97%) |
| Gold Mining (95.95%) | | | | | | | | |
| Agnico Eagle Mines, Ltd.(a) | | | 485,012 | | | $ | 22,039,345 | |
| Alamos Gold, Inc., Class A | | | 778,531 | | | | 8,781,222 | |
| Anglogold Ashanti PLC | | | 84,261 | | | | 1,331,324 | |
| B2Gold Corp. | | | 2,906,447 | | | | 8,345,403 | |
| Barrick Gold Corp. | | | 1,657,494 | | | | 24,076,832 | |
| Centerra Gold, Inc.(a) | | | 1,569,840 | | | | 7,674,388 | |
| Coeur Mining, Inc.(b) | | | 431,469 | | | | 957,861 | |
| Dundee Precious Metals, Inc. | | | 1,458,733 | | | | 9,021,430 | |
| Eldorado Gold Corp.(b) | | | 158,328 | | | | 1,412,800 | |
| Endeavour Mining PLC(a) | | | 432,540 | | | | 8,477,243 | |
| Equinox Gold Corp.(a)(b) | | | 313,161 | | | | 1,316,510 | |
| Franco-Nevada Corp. | | | 182,381 | | | | 24,348,350 | |
| Gold Fields, Ltd., Sponsored ADR | | | 518,088 | | | | 5,626,436 | |
| Harmony Gold Mining Co., Ltd., Sponsored ADR | | | 391,896 | | | | 1,473,529 | |
| IAMGOLD Corp.(b) | | | 639,059 | | | | 1,378,570 | |
| K92 Mining, Inc.(b) | | | 2,163,119 | | | | 9,189,175 | |
| Kinross Gold Corp.(a) | | | 296,798 | | | | 1,352,608 | |
| Lundin Gold, Inc. | | | 758,616 | | | | 8,517,500 | |
| New Gold, Inc.(b) | | | 838,107 | | | | 771,311 | |
| Newmont Corp. | | | 483,995 | | | | 17,883,615 | |
| Novagold Resources, Inc.(a)(b) | | | 337,367 | | | | 1,291,594 | |
| OceanaGold Corp. | | | 4,410,167 | | | | 8,636,881 | |
| Osisko Gold Royalties, Ltd.(a) | | | 104,628 | | | | 1,228,652 | |
| Osisko Mining, Inc.(b) | | | 461,272 | | | | 835,435 | |
| Royal Gold, Inc. | | | 12,957 | | | | 1,377,718 | |
| Seabridge Gold, Inc.(a)(b) | | | 123,462 | | | | 1,298,021 | |
| SSR Mining, Inc.(a) | | | 604,075 | | | | 8,023,201 | |
| Torex Gold Resources, Inc.(b) | | | 819,505 | | | | 8,525,386 | |
| Wesdome Gold Mines, Ltd.(a)(b) | | | 1,717,307 | | | | 8,964,260 | |
| Total Gold Mining | | | | | | | 204,156,600 | |
| | | | | | | | | |
| Silver Mining (4.02%) | | | | | | | | |
| Pan American Silver Corp.(a) | | | 591,260 | | | | 8,558,198 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS |
| (Cost $224,187,349) | | | | | | | 212,714,798 | |
| | | 7 Day Yield | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (7.54%) |
| Money Market Fund (0.09%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $189,876) | | | 5.29 | % | | | 189,876 | | | $ | 189,876 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (7.45%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $15,863,177) | | | | | | | 15,863,177 | | | | 15,863,177 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $16,053,053) | | | | | | | | | | | 16,053,053 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (107.51%) |
| (Cost $240,240,402) | | | | | | | | | | $ | 228,767,851 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-7.51%) | | | | | | | | | | | (15,988,743 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 212,779,108 | |
| (a) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $16,524,205. The loaned securities were secured with cash collateral of $15,863,177 and non-cash collateral with the value of $1,506,087. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (b) | Non-income producing security. |
See Notes to Quarterly Schedule of Investments.
| Sprott Junior Gold Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (99.99%) |
| Copper Mining (0.30%) | | | | | | | | |
| SolGold PLC(a)(b) | | | 1,729,361 | | | $ | 263,751 | |
| | | | | | | | | |
| Diversified Metals & Mining (0.60%) | | | | | | | | |
| Bumi Resources Minerals Tbk PT(a) | | | 38,376,100 | | | | 526,414 | |
| | | | | | | | | |
| Gold Mining (96.00%) | | | | | | | | |
| Argonaut Gold, Inc.(a)(b) | | | 729,148 | | | | 300,624 | |
| Bellevue Gold, Ltd.(a) | | | 5,040,810 | | | | 4,488,772 | |
| Capricorn Metals, Ltd.(a)(b) | | | 126,487 | | | | 335,058 | |
| Centamin PLC | | | 4,116,065 | | | | 4,195,915 | |
| Centerra Gold, Inc.(b) | | | 66,890 | | | | 327,001 | |
| Coeur Mining, Inc.(a) | | | 109,696 | | | | 243,525 | |
| De Grey Mining, Ltd.(a) | | | 5,562,582 | | | | 3,987,758 | |
| Dundee Precious Metals, Inc.(b) | | | 50,533 | | | | 312,518 | |
| Eldorado Gold Corp.(a)(b) | | | 102,719 | | | | 916,587 | |
| Emerald Resources NL(a) | | | 3,017,800 | | | | 5,238,798 | |
| Equinox Gold Corp.(a) | | | 72,684 | | | | 305,559 | |
| Firefinch, Ltd.(a)(b) | | | 6,635,363 | | | | 853,242 | |
| Genesis Minerals, Ltd.(a) | | | 221,421 | | | | 197,172 | |
| Gold Road Resources, Ltd.(b) | | | 4,025,879 | | | | 4,193,273 | |
| Greatland Gold PLC(a)(b) | | | 3,833,794 | | | | 299,369 | |
| Hochschild Mining PLC(a) | | | 355,239 | | | | 360,614 | |
| K92 Mining, Inc.(a) | | | 982,353 | | | | 4,173,147 | |
| Karora Resources, Inc.(a) | | | 991,005 | | | | 2,794,441 | |
| McEwen Mining, Inc.(a)(b) | | | 45,049 | | | | 292,818 | |
| New Gold, Inc.(a)(b) | | | 267,752 | | | | 246,413 | |
| Novagold Resources, Inc.(a)(b) | | | 1,075,570 | | | | 4,130,189 | |
| OceanaGold Corp.(b) | | | 2,472,353 | | | | 4,841,862 | |
| Orla Mining, Ltd.(a) | | | 1,140,162 | | | | 4,029,286 | |
| Osisko Mining, Inc.(a)(b) | | | 1,684,304 | | | | 3,050,534 | |
| Pan African Resources PLC | | | 15,915,048 | | | | 2,792,318 | |
| Perseus Mining, Ltd. | | | 4,340,879 | | | | 4,591,145 | |
| Ramelius Resources, Ltd.(b) | | | 4,460,291 | | | | 4,115,215 | |
| Red 5, Ltd.(a) | | | 3,419,352 | | | | 582,596 | |
| Regis Resources, Ltd. | | | 3,182,855 | | | | 3,049,163 | |
| Resolute Mining, Ltd.(a)(b) | | | 12,040,400 | | | | 2,670,776 | |
| Seabridge Gold, Inc.(a)(b) | | | 330,210 | | | | 3,483,715 | |
| Silver Lake Resources, Ltd.(a)(b) | | | 5,186,877 | | | | 2,817,994 | |
| Skeena Resources, Ltd.(a) | | | 66,564 | | | | 304,335 | |
| St Barbara, Ltd.(a) | | | 883,319 | | | | 99,388 | |
| Tietto Minerals, Ltd.(a)(b) | | | 8,926,527 | | | | 1,922,670 | |
| Torex Gold Resources, Inc.(a)(b) | | | 327,162 | | | | 3,403,496 | |
| Victoria Gold Corp.(a) | | | 55,190 | | | | 237,298 | |
| Wesdome Gold Mines, Ltd.(a)(b) | | | 56,266 | | | | 293,706 | |
| West African Resources, Ltd.(a) | | | 569,862 | | | | 282,123 | |
| Westgold Resources, Ltd.(a) | | | 3,323,476 | | | | 3,621,927 | |
| Total Gold Mining | | | | | | | 84,382,340 | |
| Security Description | | Shares | | | Value | |
| Silver Mining (3.09%) | | | | | | | | |
| Endeavour Silver Corp.(a)(b) | | | 1,112,803 | | | $ | 2,720,049 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS |
| (Cost $98,882,023) | | | | | | | 87,892,554 | |
| | | | | | | | | |
| RIGHTS (0.00%) |
| Kinross Gold Corp. - CVR (Expiring 12/31/2049), Strike Price CAD $0.01(c) | | | 233,341 | | | | – | |
| | | | | | | | | |
| TOTAL RIGHTS |
| (Cost $–) | | | | | | | – | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (5.22%) |
| Money Market Fund (0.07%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $63,420) | | | 5.29 | % | | | 63,420 | | | | 63,420 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (5.15%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $4,524,255) | | | | | | | 4,524,255 | | | | 4,524,255 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $4,587,675) | | | | | | | | | | | 4,587,675 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (105.21%) |
| (Cost $103,469,698) | | | | | | | | | | $ | 92,480,229 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-5.21%) | | | | | | | | | | | (4,580,453 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 87,899,776 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $6,489,674. The loaned securities were secured with cash collateral of $4,524,255 and non-cash collateral with the value of $2,438,713. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at 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 the fair value, these investments have been classified as Level 3 assets. |
See Notes to Quarterly Schedule of Investments.
| Sprott Energy Transition Materials ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (99.35%) | | | | | | | | |
| Coal & Consumable Fuels (36.89%) | | | | | | | | |
| Bannerman Energy, Ltd.(a) | | | 21,687 | | | $ | 39,321 | |
| Boss Energy, Ltd.(a) | | | 54,778 | | | | 170,815 | |
| Cameco Corp. | | | 18,230 | | | | 722,637 | |
| CGN Mining Co., Ltd.(a)(b) | | | 790,000 | | | | 154,349 | |
| Deep Yellow, Ltd.(a) | | | 116,249 | | | | 98,286 | |
| Denison Mines Corp.(a) | | | 138,225 | | | | 228,071 | |
| Encore Energy Corp.(a) | | | 23,725 | | | | 78,079 | |
| Energy Fuels, Inc.(a) | | | 26,215 | | | | 215,487 | |
| Fission Uranium Corp.(a) | | | 103,867 | | | | 70,354 | |
| NAC Kazatomprom JSC, GDR(c) | | | 19,797 | | | | 874,038 | |
| NexGen Energy, Ltd.(a) | | | 72,719 | | | | 434,132 | |
| Paladin Energy, Ltd.(a) | | | 860,165 | | | | 608,348 | |
| Uranium Energy Corp.(a) | | | 117,145 | | | | 603,297 | |
| Uranium Royalty Corp.(a) | | | 14,064 | | | | 40,364 | |
| Ur-Energy, Inc.(a) | | | 43,747 | | | | 67,370 | |
| Total Coal & Consumable Fuels | | | | | | | 4,404,948 | |
| | | | | | | | | |
| Copper Mining (18.79%) | | | | | | | | |
| Aeris Resources, Ltd.(a)(b) | | | 9,507 | | | | 1,100 | |
| Antofagasta PLC | | | 16,862 | | | | 293,995 | |
| Atalaya Mining PLC | | | 4,502 | | | | 18,676 | |
| Capstone Copper Corp.(a) | | | 21,842 | | | | 92,626 | |
| Central Asia Metals PLC | | | 4,866 | | | | 11,162 | |
| ERO Copper Corp.(a)(b) | | | 3,429 | | | | 59,125 | |
| First Quantum Minerals, Ltd.(b) | | | 23,715 | | | | 560,290 | |
| Freeport-McMoRan, Inc. | | | 14,774 | | | | 550,922 | |
| Jinchuan Group International Resources Co., Ltd.(b) | | | 118,000 | | | | 6,479 | |
| KGHM Polska Miedz SA | | | 4,918 | | | | 126,028 | |
| Lundin Mining Corp. | | | 26,613 | | | | 198,483 | |
| Sandfire Resources, Ltd.(a) | | | 9,516 | | | | 37,689 | |
| SolGold PLC(a)(b) | | | 44,468 | | | | 6,782 | |
| Southern Copper Corp. | | | 3,503 | | | | 263,741 | |
| Taseko Mines, Ltd.(a) | | | 13,895 | | | | 17,647 | |
| Total Copper Mining | | | | | | | 2,244,745 | |
| | | | | | | | | |
| Diversified Metals & Mining (29.24%) | | | | | | | | |
| 29Metals, Ltd. | | | 5,036 | | | | 2,250 | |
| American Lithium Corp.(a) | | | 6,745 | | | | 9,733 | |
| Anson Resources, Ltd.(a) | | | 34,461 | | | | 3,102 | |
| Arafura Rare Earths, Ltd.(a)(b) | | | 863,219 | | | | 144,302 | |
| Argosy Minerals, Ltd.(a)(b) | | | 43,956 | | | | 5,511 | |
| Atlantic Lithium, Ltd.(a)(b) | | | 12,606 | | | | 3,876 | |
| Australian Strategic Materials, Ltd.(a) | | | 60,500 | | | | 56,792 | |
| Boliden AB | | | 7,681 | | | | 221,068 | |
| Centaurus Metals, Ltd.(a) | | | 25,663 | | | | 11,138 | |
| Core Lithium, Ltd.(a)(b) | | | 58,217 | | | | 15,159 | |
| Critical Elements Lithium Corp.(a) | | | 6,859 | | | | 8,989 | |
| Delta Lithium, Ltd.(a)(b) | | | 12,466 | | | | 6,011 | |
| Eramet SA(b) | | | 1,597 | | | | 121,989 | |
| Essential Metals, Ltd.(a) | | | 6,681 | | | | 2,083 | |
| Security Description | | Shares | | | Value | |
| Diversified Metals & Mining (continued) | | | | | | | | |
| Filo Corp.(a) | | | 2,233 | | | $ | 33,357 | |
| Foran Mining Corp.(a) | | | 4,947 | | | | 13,512 | |
| Frontier Lithium, Inc.(a) | | | 6,182 | | | | 5,189 | |
| Galan Lithium, Ltd.(a) | | | 9,536 | | | | 4,016 | |
| Global Atomic Corp.(a) | | | 30,295 | | | | 50,854 | |
| Global Lithium Resources, Ltd.(a) | | | 5,793 | | | | 5,103 | |
| Hastings Technology Metals, Ltd.(a) | | | 48,696 | | | | 22,699 | |
| Horizonte Minerals PLC(a) | | | 11,198 | | | | 17,147 | |
| Hudbay Minerals, Inc. | | | 7,538 | | | | 36,710 | |
| IGO, Ltd. | | | 34,709 | | | | 282,523 | |
| ioneer, Ltd.(a)(b) | | | 53,244 | | | | 7,702 | |
| Ivanhoe Electric, Inc. / US(a) | | | 1,101 | | | | 13,102 | |
| Ivanhoe Mines, Ltd.(a) | | | 15,539 | | | | 133,167 | |
| Jervois Global, Ltd.(a)(b) | | | 264,067 | | | | 5,942 | |
| Kodal Minerals PLC(a) | | | 458,160 | | | | 3,047 | |
| Lake Resources NL(a)(b) | | | 44,525 | | | | 5,153 | |
| Latin Resources, Ltd.(a) | | | 72,297 | | | | 11,388 | |
| Leo Lithium, Ltd.(a) | | | 23,407 | | | | 7,600 | |
| Liontown Resources, Ltd.(a)(b) | | | 58,584 | | | | 110,740 | |
| Lithium Americas Corp.(a)(b) | | | 4,041 | | | | 68,737 | |
| Lithium Ionic Corp.(a) | | | 3,286 | | | | 4,839 | |
| Lithium Power International, Ltd.(a) | | | 14,152 | | | | 3,276 | |
| Lynas Rare Earths, Ltd.(a) | | | 104,508 | | | | 456,244 | |
| MMG, Ltd.(a) | | | 93,270 | | | | 28,585 | |
| MP Materials Corp.(a)(b) | | | 24,522 | | | | 468,370 | |
| Neometals, Ltd.(a)(b) | | | 45,065 | | | | 10,721 | |
| NGEx Minerals, Ltd.(a)(b) | | | 1,764 | | | | 7,299 | |
| Nickel Asia Corp. | | | 590,500 | | | | 63,876 | |
| Nickel Industries, Ltd. | | | 348,780 | | | | 168,186 | |
| Northern Dynasty Minerals, Ltd.(a) | | | 13,747 | | | | 4,470 | |
| Panoramic Resources, Ltd.(a)(b) | | | 130,220 | | | | 3,098 | |
| Patriot Battery Metals, Inc.(a) | | | 9,515 | | | | 7,616 | |
| Piedmont Lithium, Inc.(a) | | | 526 | | | | 20,882 | |
| Pilbara Minerals, Ltd.(b) | | | 177,021 | | | | 489,408 | |
| Renascor Resources, Ltd.(a) | | | 217,794 | | | | 17,504 | |
| Sayona Mining, Ltd.(a)(b) | | | 247,804 | | | | 14,817 | |
| Sigma Lithium Corp.(a) | | | 1,689 | | | | 54,791 | |
| Solaris Resources, Inc.(a) | | | 2,304 | | | | 8,923 | |
| South Manganese Investment, Ltd.(a)(b) | | | 31,000 | | | | 1,960 | |
| Standard Lithium, Ltd.(a) | | | 4,963 | | | | 14,045 | |
| Syrah Resources, Ltd.(a) | | | 86,631 | | | | 28,407 | |
| Talga Group, Ltd.(a)(b) | | | 30,887 | | | | 23,731 | |
| Vale Indonesia Tbk PT | | | 357,000 | | | | 130,511 | |
| Vulcan Energy Resources, Ltd.(a) | | | 4,237 | | | | 7,873 | |
| Winsome Resources, Ltd.(a) | | | 4,298 | | | | 4,076 | |
| Total Diversified Metals & Mining | | | | | | | 3,493,199 | |
| | | | | | | | | |
| Environmental & Facilities Services (0.61%) | | | | | | | | |
| Li-Cycle Holdings Corp.(a)(b) | | | 20,624 | | | | 73,215 | |
| Security Description | | Shares | | | Value | |
| Fertilizers & Agricultural Chemicals (3.24%) | | | | | | | | |
| Sociedad Quimica y Minera de Chile SA, ADR | | | 6,488 | | | $ | 387,139 | |
| | | | | | | | | |
| Gold Mining (0.92%) | | | | | | | | |
| China Gold International Resources Corp., Ltd.(a) | | | 9,100 | | | | 39,975 | |
| Cia de Minas Buenaventura SAA, ADR | | | 8,223 | | | | 70,060 | |
| Total Gold Mining | | | | | | | 110,035 | |
| | | | | | | | | |
| Precious Metals & Minerals Mining (0.56%) | | | | | | | | |
| Atlas Lithium Corp.(a)(b) | | | 196 | | | | 6,005 | |
| SilverCrest Metals, Inc.(a)(b) | | | 13,789 | | | | 60,810 | |
| Total Precious Metals & Minerals Mining | | | | | | | 66,815 | |
| | | | | | | | | |
| Silver Mining (2.86%) | | | | | | | | |
| Aya Gold & Silver, Inc.(a) | | | 18,402 | | | | 98,767 | |
| Endeavour Silver Corp.(a) | | | 21,949 | | | | 53,336 | |
| Gatos Silver, Inc.(a) | | | 4,733 | | | | 24,517 | |
| GoGold Resources, Inc.(a) | | | 27,985 | | | | 24,931 | |
| MAG Silver Corp.(a) | | | 8,387 | | | | 86,973 | |
| Silver Mines, Ltd.(a)(b) | | | 120,492 | | | | 13,170 | |
| Silvercorp Metals, Inc.(b) | | | 17,168 | | | | 40,345 | |
| Total Silver Mining | | | | | | | 342,039 | |
| | | | | | | | | |
| Specialty Chemicals (6.24%) | | | | | | | | |
| Albemarle Corp. | | | 2,631 | | | | 447,375 | |
| Ganfeng Lithium Group Co., Ltd.(b)(c)(d) | | | 19,000 | | | | 78,005 | |
| Livent Corp.(a) | | | 9,611 | | | | 176,938 | |
| Tianqi Lithium Corp. | | | 7,600 | | | | 42,557 | |
| Total Specialty Chemicals | | | | | | | 744,875 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $12,008,485) | | | | | | | 11,867,010 | |
| Security Description | | Shares | | | Value | |
| EXCHANGE TRADED FUND (0.38%) |
| (0.38%) | | | | | | | | |
| iShares MSCI India ETF | | | 1,035 | | | | 45,768 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUND | | | | | | | | |
| (Cost $43,800) | | | | | | | 45,768 | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (9.26%) |
| Money Market Fund (0.25%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $29,976) | | | 5.29 | % | | | 29,976 | | | $ | 29,976 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (9.01%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $1,076,602) | | | | | | | 1,076,602 | | | | 1,076,602 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $1,106,578) | | | | | | | | | | | 1,106,578 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (108.99%) |
| (Cost $13,158,863) | | | | | | | | | | $ | 13,019,356 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-8.99%) | | | | | | | | | | | (1,073,954 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 11,945,402 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $2,067,387. The loaned securities were secured with cash collateral of $1,076,602 and non-cash collateral with the value of $1,109,658. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of September 30, 2023, the market value of those securities was $952,043, representing 7.97% of net assets. |
| (d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate market value of those securities was $78,005, representing 0.65% of net assets. |
See Notes to Quarterly Schedule of Investments.
| Sprott Lithium Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (96.42%) | | | | | | | | |
| Diversified Metals & Mining (62.07%) | | | | | | | | |
| American Lithium Corp.(a) | | | 31,062 | | | $ | 44,824 | |
| Anson Resources, Ltd.(a) | | | 151,075 | | | | 13,599 | |
| Argosy Minerals, Ltd.(a)(b) | | | 203,744 | | | | 25,544 | |
| Arizona Lithium, Ltd.(a) | | | 601,046 | | | | 5,797 | |
| Atlantic Lithium, Ltd.(a)(b) | | | 43,322 | | | | 13,320 | |
| Cleantech Lithium PLC(a) | | | 31,392 | | | | 18,576 | |
| Core Lithium, Ltd.(a)(b) | | | 270,231 | | | | 70,367 | |
| Critical Elements Lithium Corp.(a) | | | 31,590 | | | | 41,399 | |
| Delta Lithium, Ltd.(a)(b) | | | 40,720 | | | | 19,636 | |
| E3 Lithium, Ltd.(a) | | | 10,380 | | | | 23,920 | |
| Essential Metals, Ltd.(a) | | | 60,089 | | | | 18,738 | |
| European Lithium, Ltd.(a) | | | 264,424 | | | | 12,921 | |
| Frontier Lithium, Inc.(a) | | | 28,725 | | | | 24,109 | |
| Galan Lithium, Ltd.(a) | | | 27,102 | | | | 11,414 | |
| Global Lithium Resources, Ltd.(a) | | | 18,064 | | | | 15,912 | |
| Green Technology Metals, Ltd.(a) | | | 37,778 | | | | 10,202 | |
| IGO, Ltd. | | | 61,536 | | | | 500,887 | |
| ioneer, Ltd.(a)(b) | | | 246,611 | | | | 35,676 | |
| Kodal Minerals PLC(a) | | | 2,061,084 | | | | 13,705 | |
| Lake Resources NL(a)(b) | | | 206,444 | | | | 23,892 | |
| Latin Resources, Ltd.(a) | | | 343,683 | | | | 54,138 | |
| Leo Lithium, Ltd.(a) | | | 117,442 | | | | 38,132 | |
| Lepidico, Ltd.(a) | | | 2,404,238 | | | | 16,231 | |
| Li-FT Power, Ltd.(a) | | | 5,678 | | | | 29,890 | |
| Liontown Resources, Ltd.(a)(b) | | | 117,367 | | | | 221,855 | |
| Lithium Americas Corp.(a)(b) | | | 13,252 | | | | 225,417 | |
| Lithium Chile, Inc.(a) | | | 28,376 | | | | 15,042 | |
| Lithium Ionic Corp.(a) | | | 9,338 | | | | 13,750 | |
| Lithium Power International, Ltd.(a) | | | 85,273 | | | | 19,737 | |
| Mineral Resources, Ltd. | | | 5,242 | | | | 227,936 | |
| Patriot Battery Metals, Inc.(a) | | | 13,453 | | | | 108,951 | |
| Piedmont Lithium, Inc.(a) | | | 2,455 | | | | 97,464 | |
| Pilbara Minerals, Ltd.(b) | | | 195,800 | | | | 541,325 | |
| Rock Tech Lithium, Inc.(a) | | | 10,326 | | | | 11,100 | |
| Savannah Resources PLC(a) | | | 313,892 | | | | 13,213 | |
| Sayona Mining, Ltd.(a)(b) | | | 1,150,822 | | | | 68,813 | |
| Sigma Lithium Corp.(a) | | | 7,019 | | | | 227,695 | |
| Standard Lithium, Ltd.(a) | | | 23,102 | | | | 65,379 | |
| Vulcan Energy Resources, Ltd.(a) | | | 19,825 | | | | 36,837 | |
| Winsome Resources, Ltd.(a) | | | 16,480 | | | | 15,629 | |
| Total Diversified Metals & Mining | | | | | | | 2,992,972 | |
| | | | | | | | | |
| Fertilizers & Agricultural Chemicals (10.77%) | | | | | | | | |
| Sociedad Quimica y Minera de Chile SA, ADR | | | 8,705 | | | | 519,428 | |
| Security Description | | Shares | | | Value | |
| Gold Mining (0.62%) | | | | | | | | |
| Arbor Metals Corp.(a) | | | 7,834 | | | $ | 12,689 | |
| Brunswick Exploration, Inc.(a) | | | 27,688 | | | | 17,531 | |
| Total Gold Mining | | | | | | | 30,220 | |
| | | | | | | | | |
| Precious Metals & Minerals (0.51%) | | | | | | | | |
| Atlas Lithium Corp.(a)(b) | | | 798 | | | | 24,451 | |
| | | | | | | | | |
| Specialty Chemicals (22.45%) | | | | | | | | |
| Albemarle Corp. | | | 2,886 | | | | 490,735 | |
| Ganfeng Lithium Group Co., Ltd.(c)(d) | | | 43,600 | | | | 179,000 | |
| Livent Corp.(a) | | | 17,676 | | | | 325,415 | |
| Tianqi Lithium Corp. | | | 15,600 | | | | 87,353 | |
| Total Specialty Chemicals | | | | | | | 1,082,503 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $5,984,029) | | | | | | | 4,649,574 | |
| Security Description | | Shares | | | Value | |
| EXCHANGE TRADED FUNDS (2.52%) | | | | | | | | |
| Global X Lithium & Battery Tech ETF | | | 2,200 | | | $ | 121,374 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUNDS | | | | | | | | |
| (Cost $121,391) | | | | | | | 121,374 | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (14.98%) |
| Money Market Fund (0.96%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $46,393) | | | 5.29 | % | | | 46,393 | | | | 46,393 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (14.02%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $676,164) | | | | | | | 676,164 | | | | 676,164 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $722,557) | | | | | | | | | | | 722,557 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (113.92%) |
| (Cost $6,827,977) | | | | | | | | | | $ | 5,493,505 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-13.92%) | | | | | | | | | | | (671,267 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 4,822,238 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $1,084,190. The loaned securities were secured with cash collateral of $676,164 and non-cash collateral with the value of $503,444. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate market value of those securities was $179,000, representing 3.71% of net assets. |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of September 30, 2023, the market value of those securities was $179,000, representing 3.71% of net assets. |
See Notes to Quarterly Schedule of Investments.
| Sprott Uranium Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| CLOSED END FUND (12.29%) |
| Sprott Physical Uranium Trust(a) | | | 9,740,783 | | | $ | 166,236,959 | |
| | | | | | | | | |
| TOTAL CLOSED END FUND | | | | | | | | |
| (Cost $118,247,212) | | | | | | | 166,236,959 | |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (87.95%) | | | | | | | | |
| Coal & Consumable Fuels (80.92%) | | | | | | | | |
| Alligator Energy, Ltd.(a) | | | 192,342,563 | | | | 6,678,003 | |
| Appia Rare Earths & Uranium Corp.(a)(b) | | | 7,768,816 | | | | 543,374 | |
| Aura Energy, Ltd.(a)(b) | | | 34,281,971 | | | | 7,494,146 | |
| Bannerman Energy, Ltd.(a)(b) | | | 8,355,618 | | | | 15,149,738 | |
| Baselode Energy Corp.(a) | | | 10,122,230 | | | | 3,241,796 | |
| Berkeley Energia, Ltd.(a)(b) | | | 23,370,080 | | | | 5,702,801 | |
| Boss Energy, Ltd.(a)(b) | | | 19,593,162 | | | | 61,097,539 | |
| Cameco Corp. | | | 4,726,160 | | | | 187,344,982 | |
| CanAlaska Uranium, Ltd.(a) | | | 11,981,828 | | | | 4,675,405 | |
| CGN Mining Co., Ltd.(a)(b) | | | 388,060,300 | | | | 75,818,676 | |
| Deep Yellow, Ltd.(a) | | | 42,097,047 | | | | 35,592,200 | |
| Denison Mines Corp.(a)(b) | | | 36,168,693 | | | | 59,678,343 | |
| Elevate Uranium, Ltd.(a)(b) | | | 15,535,105 | | | | 5,493,566 | |
| Encore Energy Corp.(a)(b) | | | 7,992,087 | | | | 26,301,954 | |
| Energy Fuels, Inc.(a)(b) | | | 7,087,703 | | | | 58,260,919 | |
| F3 Uranium Corp.(a) | | | 20,699,166 | | | | 6,857,813 | |
| Fission Uranium Corp.(a)(b) | | | 40,035,670 | | | | 27,117,848 | |
| Forsys Metals Corp.(a)(b) | | | 11,131,103 | | | | 5,572,722 | |
| GoviEx Uranium, Inc.(a) | | | 36,972,457 | | | | 5,035,822 | |
| IsoEnergy, Ltd.(a)(b) | | | 6,188,969 | | | | 20,276,762 | |
| Laramide Resources, Ltd.(a)(b) | | | 12,168,380 | | | | 5,912,852 | |
| Mega Uranium, Ltd.(a)(b) | | | 21,019,223 | | | | 5,416,328 | |
| NAC Kazatomprom JSC, GDR(c) | | | 5,232,482 | | | | 231,014,080 | |
| NexGen Energy, Ltd.(a)(b) | | | 9,579,228 | | | | 57,187,991 | |
| Paladin Energy, Ltd.(a) | | | 95,625,979 | | | | 67,631,035 | |
| Peninsula Energy, Ltd.(a)(b) | | | 72,055,249 | | | | 6,717,553 | |
| Skyharbour Resources, Ltd.(a) | | | 10,733,872 | | | | 4,662,606 | |
| Toro Energy, Ltd.(a)(b) | | | 400,166,049 | | | | 3,344,730 | |
| Uranium Energy Corp.(a) | | | 11,092,654 | | | | 57,127,168 | |
| Uranium Royalty Corp.(a)(b) | | | 3,867,109 | | | | 10,904,493 | |
| Ur-Energy, Inc.(a)(b) | | | 14,822,413 | | | | 22,826,516 | |
| Western Uranium & Vanadium Corp.(a)(b) | | | 3,724,863 | | | | 4,003,902 | |
| Total Coal & Consumable Fuels | | | | | | | 1,094,683,663 | |
| | | | | | | | | |
| Diversified Metals & Mining (3.03%) | | | | | | | | |
| Consolidated Uranium, Inc.(a) | | | 5,589,251 | | | | 8,970,784 | |
| Global Atomic Corp.(a) | | | 11,195,444 | | | | 18,793,015 | |
| Lotus Resources, Ltd.(a) | | | 74,611,245 | | | | 13,192,115 | |
| Total Diversified Metals & Mining | | | | | | | 40,955,914 | |
| Security Description | | Shares | | | Value | |
| Trading Companies & Distributors (4.00%) | | | | | | | | |
| Yellow Cake PLC(a)(c)(d) | | | 7,912,325 | | | $ | 54,061,762 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $968,487,506) | | | | | | | 1,189,701,339 | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (6.63%) |
| Money Market Fund (0.06%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $830,879) | | | 5.29 | % | | | 830,879 | | | | 830,879 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (6.57%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $88,877,606) | | | | | | | 88,877,606 | | | | 88,877,606 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $89,708,485) | | | | | | | | | | | 89,708,485 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (106.87%) |
| (Cost $1,176,443,203) | | | | | | | | | | $ | 1,445,646,783 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-6.87%) | | | | | | | | | | | (92,929,814 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 1,352,716,969 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position is currently on loan. As of September 30, 2023, the total market value of securities on loan was $100,146,718. The loaned securities were secured with cash collateral of $88,877,606 and non-cash collateral with the value of $20,307,173. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
| (c) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of September 30, 2023, the market value of those securities was $285,075,842, representing 21.07% of net assets. |
| (d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2023, the aggregate market value of those securities was $54,061,762, representing 4.00% of net assets. |
See Notes to Quarterly Schedule of Investments.
| Sprott Junior Uranium Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (99.65%) | | | | | | | | |
| Coal & Consumable Fuels (94.24%) | | | | | | | | |
| Alligator Energy, Ltd.(a) | | | 47,538,695 | | | $ | 1,650,511 | |
| Aura Energy, Ltd.(a) | | | 6,234,766 | | | | 1,362,939 | |
| Bannerman Energy, Ltd.(a) | | | 1,884,226 | | | | 3,416,328 | |
| Berkeley Energia, Ltd.(a) | | | 5,388,092 | | | | 1,316,425 | |
| Boss Energy, Ltd.(a) | | | 2,514,642 | | | | 7,841,432 | |
| CanAlaska Uranium, Ltd.(a) | | | 1,735,724 | | | | 677,293 | |
| CGN Mining Co., Ltd.(a)(b) | | | 35,630,000 | | | | 6,961,339 | |
| Deep Yellow, Ltd.(a) | | | 9,318,283 | | | | 7,878,420 | |
| Denison Mines Corp.(a)(b) | | | 4,124,626 | | | | 6,805,633 | |
| Elevate Uranium, Ltd.(a) | | | 3,969,904 | | | | 1,403,848 | |
| Encore Energy Corp.(a)(b) | | | 2,061,331 | | | | 6,783,839 | |
| Energy Fuels, Inc.(a) | | | 1,802,255 | | | | 14,814,536 | |
| F3 Uranium Corp.(a) | | | 5,182,825 | | | | 1,717,115 | |
| Fission Uranium Corp.(a) | | | 9,007,884 | | | | 6,101,420 | |
| Forsys Metals Corp.(a)(b) | | | 1,791,470 | | | | 896,889 | |
| GoviEx Uranium, Inc.(a) | | | 9,463,477 | | | | 1,288,970 | |
| IsoEnergy, Ltd.(a)(b) | | | 796,105 | | | | 2,608,259 | |
| Laramide Resources, Ltd.(a) | | | 2,985,747 | | | | 1,450,832 | |
| Mega Uranium, Ltd.(a) | | | 5,178,039 | | | | 1,334,301 | |
| NexGen Energy, Ltd.(a) | | | 2,917,205 | | | | 17,415,714 | |
| Paladin Energy, Ltd.(a) | | | 29,593,618 | | | | 20,929,950 | |
| Peninsula Energy, Ltd.(a) | | | 18,114,139 | | | | 1,688,741 | |
| Skyharbour Resources, Ltd.(a) | | | 2,239,855 | | | | 972,954 | |
| Uranium Energy Corp.(a) | | | 4,024,622 | | | | 20,726,803 | |
| Uranium Royalty Corp.(a)(b) | | | 1,218,515 | | | | 3,497,138 | |
| Ur-Energy, Inc.(a)(b) | | | 3,804,873 | | | | 5,859,504 | |
| Total Coal & Consumable Fuels | | | | | | | 147,401,133 | |
| | | | | | | | | |
| Diversified Metals & Mining (5.41%) | | | | | | | | |
| Consolidated Uranium, Inc.(a) | | | 1,231,049 | | | | 1,975,842 | |
| Global Atomic Corp.(a) | | | 2,220,003 | | | | 3,726,565 | |
| Lotus Resources, Ltd.(a) | | | 15,687,080 | | | | 2,773,654 | |
| Total Diversified Metals & Mining | | | | | | | 8,476,061 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $134,260,170) | | | | | | | 155,877,194 | |
| Security Description | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (2.37%) | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (2.37%) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | |
| (Cost $3,699,953) | | | 3,699,953 | | | $ | 3,699,953 | |
| TOTAL SHORT TERM INVESTMENTS | | | | | | | | |
| (Cost $3,699,953) | | | | | | | 3,699,953 | |
| | | | | | | | | |
| TOTAL INVESTMENTS (102.02%) | | | | | | | | |
| (Cost $137,960,123) | | | | | | $ | 159,577,147 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-2.02%) | | | | | | | (3,165,459 | ) |
| NET ASSETS - 100.00% | | | | | | $ | 156,411,688 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $5,862,866. The loaned securities were secured with cash collateral of $3,699,953 and non-cash collateral with the value of $2,676,845. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
See Notes to Quarterly Schedule of Investments.
| Sprott Junior Copper Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (94.71%) | | | | | | | | |
| Copper Mining (39.56%) | | | | | | | | |
| Aeris Resources, Ltd.(a)(b) | | | 164,171 | | | $ | 19,000 | |
| Arizona Sonoran Copper Co., Inc.(a) | | | 32,965 | | | | 38,104 | |
| Atalaya Mining PLC | | | 38,600 | | | | 160,127 | |
| Austral Resources Australia, Ltd.(a) | | | 62,142 | | | | 6,393 | |
| Capstone Copper Corp.(a) | | | 41,816 | | | | 177,331 | |
| Central Asia Metals PLC | | | 71,782 | | | | 164,654 | |
| ERO Copper Corp.(a)(b) | | | 9,987 | | | | 172,203 | |
| Faraday Copper Corp.(a) | | | 78,576 | | | | 40,495 | |
| Greenex Metals, Ltd.(a) | | | 99,576 | | | | 62,422 | |
| Hot Chili, Ltd.(a)(b) | | | 48,722 | | | | 37,591 | |
| Jinchuan Group International Resources Co., Ltd.(b) | | | 1,233,000 | | | | 67,704 | |
| Sandfire Resources, Ltd.(a) | | | 44,978 | | | | 178,139 | |
| SolGold PLC(a)(b) | | | 761,473 | | | | 116,135 | |
| Taseko Mines, Ltd.(a) | | | 128,410 | | | | 163,081 | |
| Total Copper Mining | | | | | | | 1,403,379 | |
| | | | | | | | | |
| Diversified Metals & Mining (49.95%) | | | | | | | | |
| 29Metals, Ltd. | | | 60,486 | | | | 27,028 | |
| AIC Mines, Ltd.(a) | | | 144,991 | | | | 29,831 | |
| Amerigo Resources, Ltd. | | | 53,395 | | | | 49,926 | |
| Arc Minerals, Ltd.(a) | | | 516,419 | | | | 16,540 | |
| Caravel Minerals, Ltd.(a) | | | 180,428 | | | | 18,561 | |
| Copperstone Resources AB(a) | | | 633,384 | | | | 70,727 | |
| Encounter Resources, Ltd.(a) | | | 152,475 | | | | 28,920 | |
| Entree Resources, Ltd.(a)(b) | | | 44,814 | | | | 42,232 | |
| Filo Corp.(a) | | | 10,635 | | | | 158,869 | |
| Foran Mining Corp.(a) | | | 67,808 | | | | 185,214 | |
| Hillgrove Resources, Ltd.(a) | | | 611,728 | | | | 23,598 | |
| Hudbay Minerals, Inc. | | | 38,578 | | | | 187,875 | |
| Ivanhoe Electric, Inc. / US(a) | | | 13,223 | | | | 157,354 | |
| Los Andes Copper, Ltd.(a) | | | 6,182 | | | | 53,707 | |
| MMG, Ltd.(a) | | | 556,000 | | | | 170,401 | |
| New World Resources, Ltd.(a) | | | 477,209 | | | | 9,205 | |
| NGEx Minerals, Ltd.(a)(b) | | | 30,751 | | | | 127,238 | |
| Northern Dynasty Minerals, Ltd.(a)(b) | | | 237,419 | | | | 77,209 | |
| PolyMet Mining Corp.(a) | | | 15,689 | | | | 32,633 | |
| Rex Minerals, Ltd.(a) | | | 244,453 | | | | 26,719 | |
| Solaris Resources, Inc.(a) | | | 39,271 | | | | 152,082 | |
| Trilogy Metals, Inc.(a) | | | 61,089 | | | | 29,933 | |
| Western Copper & Gold Corp.(a)(b) | | | 59,638 | | | | 81,406 | |
| Xanadu Mines, Ltd.(a) | | | 324,462 | | | | 15,020 | |
| Total Diversified Metals & Mining | | | | | | | 1,772,228 | |
| Security Description | | Shares | | | Value | |
| Gold Mining (5.20%) | | | | | | | | |
| China Gold International Resources Corp., Ltd.(a) | | | 42,000 | | | $ | 184,499 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $3,809,989) | | | | | | | 3,360,106 | |
| Security Description | | Shares | | | Value | |
| EXCHANGE TRADED FUND (4.85%) |
| iShares MSCI India ETF | | | 3,889 | | | | 171,972 | |
| | | | | | | | | |
| TOTAL EXCHANGE TRADED FUND | | | | | | | | |
| (Cost $164,249) | | | | | | | 171,972 | |
| | | | | | | | | |
| RIGHTS (0.00%) | | | | | | | | |
| Copper Mining (0.00%) | | | | | | | | |
| Cyprium Metals, Ltd. (Expiring 12/31/2024), Strike Price AUD $0.06(c) | | | 16,941 | | | | – | |
| | | | | | | | | |
| TOTAL RIGHTS | | | | | | | | |
| (Cost $–) | | | | | | | – | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (13.07%) |
| Money Market Fund (0.22%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $7,682) | | | 5.29 | % | | | 7,682 | | | | 7,682 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (12.85%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $456,026) | | | | | | | 456,026 | | | | 456,026 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $463,708) | | | | | | | | | | | 463,708 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (112.63%) |
| (Cost $4,437,946) | | | | | | | | | | $ | 3,995,786 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-12.63%) | | | | | | | | | | | (448,033 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 3,547,753 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $449,817. The loaned securities were secured with cash collateral of $456,026 and non-cash collateral with the value of $156,866. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at 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 the fair value, the investment has been classified as Level 3 assets. |
See Notes to Quarterly Schedule of Investments.
| Sprott Nickel Miners ETF |
| Schedule of Investments |
| |
| As of September 30, 2023 (Unaudited) |
| |
| Security Description | | Shares | | | Value | |
| COMMON STOCKS (99.42%) | | | | | | | | |
| Diversified Metals & Mining (96.59%) | | | | | | | | |
| Ardea Resources, Ltd.(a)(b) | | | 80,803 | | | $ | 31,171 | |
| Aston Minerals, Ltd.(a) | | | 467,307 | | | | 9,014 | |
| Azure Minerals, Ltd.(a)(b) | | | 108,202 | | | | 187,835 | |
| Canada Nickel Co., Inc.(a) | | | 63,225 | | | | 57,255 | |
| Centaurus Metals, Ltd.(a) | | | 153,075 | | | | 66,433 | |
| Eramet SA(b) | | | 390 | | | | 29,791 | |
| FPX Nickel Corp.(a) | | | 90,700 | | | | 30,717 | |
| Galileo Mining, Ltd.(a) | | | 65,682 | | | | 12,458 | |
| Global Ferronickel Holdings, Inc. | | | 1,614,830 | | | | 79,349 | |
| Horizonte Minerals PLC(a) | | | 45,289 | | | | 69,348 | |
| IGO, Ltd. | | | 18,868 | | | | 153,581 | |
| Legend Mining, Ltd.(a) | | | 741,638 | | | | 11,444 | |
| Lunnon Metals, Ltd.(a) | | | 32,000 | | | | 16,460 | |
| Magna Mining, Inc.(a) | | | 54,700 | | | | 20,942 | |
| Nickel 28 Capital Corp.(a) | | | 33,440 | | | | 22,650 | |
| Nickel Asia Corp. | | | 709,265 | | | | 76,723 | |
| Nickel Industries, Ltd. | | | 394,104 | | | | 190,042 | |
| Panoramic Resources, Ltd.(a)(b) | | | 387,885 | | | | 9,227 | |
| Poseidon Nickel, Ltd.(a) | | | 1,550,613 | | | | 18,942 | |
| Premium Nickel Resources, Ltd.(a) | | | 45,570 | | | | 47,977 | |
| Sherritt International Corp.(a) | | | 203,995 | | | | 62,329 | |
| Sunrise Energy Metals, Ltd.(a) | | | 34,611 | | | | 17,135 | |
| Talon Metals Corp.(a) | | | 292,810 | | | | 56,051 | |
| Vale Indonesia Tbk PT | | | 405,900 | | | | 148,388 | |
| Widgie Nickel, Ltd.(a)(b) | | | 152,313 | | | | 19,341 | |
| Xinjiang Xinxin Mining Industry Co., Ltd. | | | 389,000 | | | | 43,714 | |
| Total Diversified Metals & Mining | | | | | | | 1,488,317 | |
| | | | | | | | | |
| Gold Mining (2.83%) | | | | | | | | |
| Alliance Nickel, Ltd.(a) | | | 284,683 | | | | 12,080 | |
| Aneka Tambang Tbk | | | 268,395 | | | | 31,520 | |
| Total Gold Mining | | | | | | | 43,600 | |
| | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $1,671,585) | | | | | | | 1,531,917 | |
| | | 7 Day Yield | | | Shares | | | Value | |
| SHORT TERM INVESTMENTS (2.32%) |
| Money Market Fund (0.51%) | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund | | | | | | | | | | | | |
| (Cost $7,788) | | | 5.29 | % | | | 7,788 | | | $ | 7,788 | |
| | | | | | | | | | | | | |
| Investments Purchased with Collateral from Securities Loaned (1.81%) | | | | | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36% | | | | | | | | | | | | |
| (Cost $27,922) | | | | | | | 27,922 | | | | 27,922 | |
| TOTAL SHORT TERM INVESTMENTS |
| (Cost $35,710) | | | | | | | | | | | 35,710 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS (101.74%) |
| (Cost $1,707,295) | | | | | | | | | | $ | 1,567,627 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS (-1.74%) | | | | | | | | | | | (26,708 | ) |
| NET ASSETS - 100.00% | | | | | | | | | | $ | 1,540,919 | |
| (a) | Non-income producing security. |
| (b) | As of September 30, 2023, the security, or a portion of the security position was on loan. As of September 30, 2023, the total market value of securities on loan was $221,063. The loaned securities were secured with cash collateral of $27,922 and non-cash collateral with the value of $203,782. The non-cash collateral received consists of common stocks and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices. |
See Notes to Quarterly Schedule of Investments.
Sprott Funds Trust
Notes to Quarterly Schedules of Investments
September 30, 2023 (Unaudited)
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 Sprott Asset Management USA, Inc. (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 prices or 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.
The following is a summary of the inputs used to value the Funds’ investments at September 30, 2023:
| Sprott Gold Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 212,714,798 | | | $ | – | | | $ | – | | | $ | 212,714,798 | |
| Short Term Investments | | | 16,053,053 | | | | – | | | | – | | | | 16,053,053 | |
| Total | | $ | 228,767,851 | | | $ | – | | | $ | – | | | $ | 228,767,851 | |
| Sprott Junior Gold Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 83,051,554 | | | $ | 4,841,000 | | | $ | – | | | $ | 87,892,554 | |
| Rights* | | | – | | | | – | | | | – | | | | – | |
| Short Term Investments | | | 4,587,675 | | | | – | | | | – | | | | 4,587,675 | |
| Total | | $ | 87,639,229 | | | $ | 4,841,000 | | | $ | – | | | $ | 92,480,229 | |
| Sprott Energy Transition Materials ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 11,857,450 | | | $ | 9,560 | | | $ | – | | | $ | 11,867,010 | |
| Exchange Traded Fund* | | | 45,768 | | | | – | | | | – | | | | 45,768 | |
| Short Term Investments | | | 1,106,578 | | | | – | | | | – | | | | 1,106,578 | |
| Total | | $ | 13,009,796 | | | $ | 9,560 | | | $ | – | | | $ | 13,019,356 | |
| Sprott Lithium Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 4,611,442 | | | $ | 38,132 | | | $ | – | | | $ | 4,649,574 | |
| Exchange Traded Funds* | | | 121,374 | | | | – | | | | – | | | | 121,374 | |
| Short Term Investments | | | 722,557 | | | | – | | | | – | | | | 722,557 | |
| Total | | $ | 5,455,373 | | | $ | 38,132 | | | $ | – | | | $ | 5,493,505 | |
| Sprott Uranium Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 1,189,701,339 | | | $ | – | | | $ | – | | | $ | 1,189,701,339 | |
| Closed End Fund* | | | 166,236,959 | | | | – | | | | – | | | | 166,236,959 | |
| Short Term Investments | | | 89,708,485 | | | | – | | | | – | | | | 89,708,485 | |
| Total | | $ | 1,445,646,783 | | | $ | – | | | $ | – | | | $ | 1,445,646,783 | |
| Sprott Junior Uranium Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 155,877,194 | | | $ | – | | | $ | – | | | $ | 155,877,194 | |
| Short Term Investments | | | 3,699,953 | | | | – | | | | – | | | | 3,699,953 | |
| Total | | $ | 159,577,147 | | | $ | – | | | $ | – | | | $ | 159,577,147 | |
| Sprott Junior Copper Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 3,353,713 | | | $ | 6,393 | | | $ | – | | | $ | 3,360,106 | |
| Exchange Traded Fund* | | | 171,972 | | | | – | | | | – | | | | 171,972 | |
| Rights* | | | – | | | | – | | | | – | | | | – | |
| Short Term Investments | | | 463,708 | | | | – | | | | – | | | | 463,708 | |
| Total | | $ | 3,989,393 | | | $ | 6,393 | | | $ | – | | | $ | 3,995,786 | |
| Sprott Nickel Miners ETF |
| Investments in Securities at Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks* | | $ | 1,531,917 | | | $ | – | | | $ | – | | | $ | 1,531,917 | |
| Short Term Investments | | | 35,710 | | | | – | | | | – | | | | 35,710 | |
| Total | | $ | 1,567,627 | | | $ | – | | | $ | – | | | $ | 1,567,627 | |
| * | For a detailed sector or country breakdown, see the accompanying Schedule of Investments. |
There were no transfers out of or into level 3 during the period ended September 30, 2023.
Affiliated Companies
As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund.
For the period ended September 30, 2023, the Sprott Uranium Miners ETF held shares in the following affiliate, as defined by the Investment Company Act of 1940:
| Security Name | | Market Value as of January 1, 2023 | | Purchases | | Purchases In-Kind | | Sales | | Sales In-Kind | | Change in Unrealized Gain (Loss) | | Realized Gain/Loss | | Market Value as of September 30, 2023 | | Share Balance as of September 30, 2023 |
| Sprott Physical Uranium Trust | | $ | 115,816,653 | | | $ | 4,102,329 | | | $ | 18,638,266 | | | $ | (15,300,895 | ) | | $ | (6,376,157 | ) | | $ | 52,504,295 | | | $ | (3,147,532 | ) | | $ | 166,236,959 | | | | 9,740,783 | |
| Total | | $ | 115,816,653 | | | $ | 4,102,329 | | | $ | 18,638,266 | | | $ | (15,300,895 | ) | | $ | (6,376,157 | ) | | $ | 52,504,295 | | | $ | (3,147,532 | ) | | $ | 166,236,959 | | | | 9,740,783 | |
| (a) | The Fund was reorganized on April 22, 2022 and the security became an affiliate. |
