Semi-Annual Report 

June 30, 2023

 

Sprott Gold Miners ETF (NYSE Arca: SGDM)

Sprott Junior Gold Miners ETF (NYSE Arca: SGDJ)

Sprott Energy Transition 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)

 

 

 

 

Table of Contents

 

Performance Overview

 

Sprott Gold ETFs
Shareholder Letter	1
Sprott Gold Miners ETF	2
Sprott Junior Gold Miners ETF	4
Sprott Energy Transition ETFs
Shareholder Letter	6
Sprott Energy Transition Materials ETF	7
Sprott Lithium Miners ETF	9
Sprott Uranium Miners ETF	11
Sprott Junior Uranium Miners ETF	13
Sprott Junior Copper Miners ETF	15
Sprott Nickel Miners ETF	17
Disclosure of Fund Expenses	19
Financial Statements
Schedule of Investments
Sprott Gold Miners ETF	20
Sprott Junior Gold Miners ETF	22
Sprott Energy Transition Materials ETF	24
Sprott Lithium Miners ETF	27
Sprott Uranium Miners ETF	29
Sprott Junior Uranium Miners ETF	31
Sprott Junior Copper Miners ETF	33
Sprott Nickel Miners ETF	35
Statements of Assets and Liabilities	36
Statements of Operations	39
Statements of Changes in Net Assets
Sprott Gold Miners ETF	42
Sprott Junior Gold Miners ETF	42
Sprott Energy Transition Materials ETF	43
Sprott Lithium Miners ETF	43
Sprott Uranium Miners ETF	44
Sprott Junior Uranium Miners ETF	45
Sprott Junior Copper Miners ETF	45
Sprott Nickel Miners ETF	45
Financial Highlights	46
Notes to Financial Statements	54
Additional Information	66
Trustees & Officers	67
Board Review and Approval of Investment Advisory and Sub-Advisory Agreements	69

 

Sprott Gold ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Dear Shareholders,

This letter reviews the performance of both the Sprott Gold Miners ETF and the Sprott Junior Gold Miners ETF for the six-month period ended June 30, 2023.

 

The Sprott Gold Miners ETF (the “Gold Fund”, NYSE Arca: SGDM) seeks investment results that correspond (before fees and expenses) to the performance of its underlying index, the Solactive Gold Miners Custom Factors Total Return Index (ticker symbol: SOLGMCFT, the “Underlying Gold Index”). The Sprott Junior Gold Miners ETF (the “Junior Fund”, NYSE Arca: SGDJ) seeks investment results that correspond (before fees and expenses) to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Total Return Index (ticker symbol: SOLJGMFT, the “Junior Underlying Index”).

 

Performance Overview

For the six months ended June 30, 2023, the Gold Fund generated a total return of 4.78%, generally in line with the performance of senior gold mining equities, as measured by the Underlying Gold Index, which gained 5.29%. The Junior Fund generated a total return of -3.47% for the period, generally in line with the performance of junior gold mining equities, as measured by the Junior Underlying Index, which declined 2.90%.

 

Gold Markets Overview

Gold bullion began 2023 at $1,824 per ounce, surging ~$100 in January due to a weakening U.S. dollar that started in late September 2022. Despite losing these gains in February amid rising interest rates, the gold price remained above $1,980 through most of April and May. The banking sector crisis involving Silicon Valley Bank, Signature Bank and the Credit Suisse/UBS merger caused markets to reassess the risk of high interest rates, affecting the economic landscape and gold prices in the first quarter.

 

Gold reached a year-to-date high of $2,050/oz in May but receded to $1,919 by June 30, given the improved market sentiment post-March’s bank failures and postponed U.S. debt ceiling crisis. Markets now foresee easing interest rates amidst potential recession and fiscal restrictions, which could be beneficial for gold considering residual inflationary pressures.

 

Despite ending June on a defensive note at $1,919, the gold bullion price gained $95.33, or 5.23%, year-to-date as of June 30. Gold bullion’s strength occurred against the headwinds of surging equity markets which ended the first half up 16.89%, as measured by the S&P 500 Index. Most of this exuberance was confined to a very narrow roster of technology stocks as investors embraced AI (artificial intelligence) in a “fear of missing out” (FOMO) stampede.

 

Among precious metals equity markets, gold mining stocks largely followed gold trends, rising in January and dipping in February. While gold’s March breakout initially saw hesitant equity investors, the Credit Suisse/UBS merger led to a solid rise in gold mining stocks. However, Q2 erased some of Q1’s gains, indicating weakening investor sentiment toward gold mining stocks despite increased profit margins from better gold prices. Weak sentiment has caused gold mining stocks to underperform gold bullion and remain undervalued relative to broader equities.

 

 

Sprott Gold ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Gold Miners ETF (SGDM)

 

For the six-month period ending June 30, 2023, the largest positive contributors to the Gold Miners performance were Dundee Precious Metals Inc., Torex Gold Resources Inc. and Gold Fields Ltd. The largest performance detractors were Newmont Corp., Novagold Resources Inc. and Agnico Eagle Mines Ltd.

 

Performance^{^} (as of June 30, 2023)

 

		Average Annual Total Returns
	6 Months	1 Year	5 Year	Since Inception^^
Sprott Gold Miners ETF - Net Asset Value (“NAV”)1	4.78%	7.96%	6.87%	1.08%
Sprott Gold Miners ETF - Market Price2	4.44%	7.84%	6.84%	1.07%
Solactive Gold Miners Custom Factors Total Return Index3	5.29%	8.93%	7.93%	1.96%
S&P 500® Total Return Index	16.89%	19.59%	12.31%	11.56%

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Gold Fund’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Gold Fund distributions or the redemption of Gold Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

^

The Sprott Gold Miners ETF was reorganized on or about July 19, 2019 (“Reorganization Date”) from Sprott Gold Miners ETF (“Gold Predecessor Fund”), then a series of ALPS ETF Trust, into a series of Sprott Funds Trust. The Gold Fund is a continuation of the Gold Predecessor Fund and, therefore, the performance information presents the performance of the Gold Predecessor Fund prior to the Reorganization Date. Returns less than one year are not annualized.

^^

The Gold Predecessor Fund’s Commencement date was July 15, 2014.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

From the Gold Fund’s inception to July 19, 2019, the Gold Fund’s objective was to track the Sprott Zacks Gold Miners Total Return Index (“predecessor index”) and since that date the Gold Fund 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.

 

Solactive Gold Miners Custom Factors Total Return Index was created by Solactive AG to provide a means of generally tracking the performance of gold companies whose common stocks or American Depository Receipts (“ADRs”) are traded on the Toronto Stock Exchange, the New York Stock Exchange and Nasdaq.

 

S&P 500^® Total Return Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

 

The indexes are reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Gold Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, Solactive AG nor Zacks Index Services, a division of Zacks Investment Management.

 

 

Sprott Gold ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Gold Miners ETF (SGDM)

 

^

% of Total Investments (excluding investments purchased with collateral from securities loaned).

 

Future holdings are subject to change.

 

 

Sprott Gold ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Gold Miners ETF (SGDJ)

 

For the six-month period ending June 30, 2023, the largest contributors to the Junior Fund’s performance were Sabina Gold & Silver Corp., Equinox Gold Corp. and Torex Gold Resources Inc. The largest performance detractors were Novagold Resources Inc., Perseus Mining Ltd. and West African Resources Ltd.

 

Performance^{^} (as of June 30, 2023)

 

		Average Annual Total Returns
	6 Months	1 Year	5 Year	Since Inception^^
Sprott Junior Gold Miners ETF - Net Asset Value (“NAV”)1	-3.47%	1.01%	0.61%	2.97%
Sprott Junior Gold Miners ETF - Market Price2	-3.01%	2.17%	0.75%	3.04%
Solactive Junior Gold Miners Custom Factors Total Return Index3	-2.90%	0.46%	1.32%	3.77%
S&P 500® Total Return Index	16.89%	19.59%	12.31%	11.69%

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Junior Fund’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Junior Fund distributions or the redemption of Junior Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

^

The Sprott Junior Gold Miners ETF was reorganized on or about July 19, 2019 (“Reorganization Date”) from Sprott Junior Gold Miners ETF (“Junior Predecessor Fund”), then a series of ALPS ETF Trust, into a series of Sprott Funds Trust. The Junior Fund is a continuation of the Junior Predecessor Fund and, therefore, the performance information presents the performance of the Junior Predecessor Fund prior to the Reorganization Date. Returns less than one year are not annualized.

^^

The Junior Predecessor Fund’s Commencement date was March 31, 2015.

1

The return shown is based on the net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

From the Junior Fund’s inception to July 19, 2019, the Junior Fund’s objective was to track the Sprott Zacks Junior Gold Miners Total Return Index (“predecessor index”) and since that date the Junior Fund 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.

 

Solactive Junior Gold Miners Custom Factors Total Return Index was created by Solactive AG to provide a means of generally tracking the performance of “junior” gold companies whose common stock or American Depository Receipts (“ADRs”) or Global Depository Receipts (“GDRs”) are traded on a regulated stock exchange in the form of shares tradeable for foreign investors without any restrictions. Junior companies include early stage mining companies that are in the exploration stage only or that hold properties that might not ultimately produce gold. Most of these companies are in the development and exploration phase and are on the lookout for land with a higher chance for uncovering large mineral deposits.

 

S&P 500^® Total Return Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.

 

The indexes are reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Junior Gold Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, Solactive AG nor Zacks Index Services, a division of Zacks Investment Management.

 

 

Sprott Gold ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Gold Miners ETF (SGDJ)

 

^

% of Total Investments (excluding investments purchased with collateral from securities loaned).

 

Future holdings are subject to change.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Dear Shareholders,

We are pleased to present the first semi-annual report for our suite of Sprott Energy Transition ETFs, covering six funds. In the first quarter of 2023, we launched Sprott Energy Transition Materials ETF (Nasdaq: SETM), Sprott Lithium Miners ETF (Nasdaq: LITP), Sprott Junior Uranium Miners ETF (Nasdaq: URNJ), Sprott Junior Copper Miners ETF (Nasdaq: COPJ) and Sprott Nickel Miners ETF (Nasdaq: NIKL). These funds joined Sprott Uranium Miners ETF (NYSE Arca: URNM) to establish the suite. Depending on the inception date, this letter briefly covers each Fund’s performance for the year-to-date period ending June 30, 2023.

 

Following a very positive January, the first half of 2023 was challenging for many critical minerals and related mining companies. Over the long term, we see positive fundamentals for the sector as the global energy transition gathers momentum. In our view, several macroeconomic and geopolitical factors are providing a positive backdrop for energy transition-related investments, including the points that follow:

 

Governmental Industrial Policy

Nations worldwide support net zero carbon emission goals with legislation strongly supporting the adoption of electric vehicles (EVs). In the U.S., the Inflation Reduction Act of 2022 provides tax incentives for consumers and battery manufacturers while rewarding automakers for building EVs equipped with U.S.-made batteries, which will help reduce U.S. dependence on China. Similarly, the European Commission launched the European Critical Raw Minerals Act in March 2023, which incentivizes manufacturers to maintain secure and sustainable access to critical minerals.

 

Onshoring the Critical Mineral Supply Chain

Nations and industries are onshoring sustainable, secure supplies of critical minerals to achieve energy independence and national security in what some view as a critical minerals “arms race.” Similarly, EV batteries have emerged as the “new oil” in a reference harkening back to U.S. vulnerability to the oil embargos of the 1970s. Resilient supply chains for critical minerals and EV components are global goals for individual countries, and governments and auto manufacturers are investing in critical minerals to secure sustainable supplies.

 

The Dawn of a Manufacturing Supercycle

With the acceleration of EV adoption and massive investment in the energy transition, a manufacturing supercycle is emerging. In the U.S., substantial subsidies for high-tech EV plants and legislation to establish a domestic supply chain for batteries and critical materials are driving massive new investment in heavy industry, which is expected to impact the economic landscape in the coming years significantly. The influx of capital into large-scale projects for manufacturing batteries, solar cells, semiconductors and more implies sustained demand for workers and raw materials.

 

China’s Commodities Dominance is Likely Ending

China has been crucial in determining the shape of metals markets for the past two decades, however, its two-decades-long commodities dominance is likely ending. Since abandoning its Zero-COVID policy in November 2022, China’s economic recovery has been sluggish, negatively impacting metals pricing and demand in the first half. However, we believe China will likely be replaced by the U.S. and the European Union (EU) as the primary drivers of future metals demand.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Energy Transition Materials ETF (Nasdaq: SETM)

 

For the period from SETM’s inception on February 1, 2023, to June 30, 2023, SETM generated a total return of -13.62%. These results are generally in line with the performance of the miners of critical minerals, as measured by the Nasdaq Sprott Energy Transition Materials™ Index (NSETM™), which declined 12.90%.

 

Challenges for the period included rising interest rates and macroeconomic headwinds that have impacted many capital-intensive sectors. These factors contributed to a mini-selloff across most commodities and commodity-related equities toward the end of May. By June 30, markets began to reflect a more optimistic outlook, given the likelihood of the fading probability (or delay) of a U.S. recession and the possibility that China will deliver more stimulus to help boost its faltering economy.

 

During the period, the largest contributors to the SETM’s performance were Cameco Corp., Allkem Limited and Liontown Resources Ltd., while the largest detractors were Lynas Rare Earths Ltd., MP Materials Corp. and Albemarle Corp.

 

Performance^{^} (as of June 30, 2023)

 

	Average Annual Total Returns
	1 Month	3 Months	Since Inception^^
Sprott Energy Transition Materials ETF - Net Asset Value (“NAV”)1	9.46%	2.02%	-13.62%
Sprott Energy Transition Materials ETF - Market Price2	9.21%	2.18%	-13.23%
Nasdaq Sprott Energy Transition Materials Index3	9.78%	2.19%	-12.90%

 

^

Returns less than one year are not annualized.

^^

Inception Date: 2/1/2023.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

The Nasdaq Sprott Energy Transition Materials™ Index (NSETM™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the Index including contributing inputs in connection with the eligibility and process to determine the initial selection and ongoing composition of the Index constituents.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Energy Transition Materials ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Energy Transition Materials ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

The Nasdaq Sprott Energy Transition Materials Index is designed to track the performance of a selection of global securities in the energy transition materials industry. These Materials are critical for the energy transition from fossil fuels to cleaner energy sources and technologies, and include uranium, copper, lithium, nickel, cobalt, graphite, manganese, rare earths and silver.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Energy Transition Materials ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor the Index Provider.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Energy Transition Materials ETF (Nasdaq: SETM)

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Lithium Miners ETF (Nasdaq: LITP)

 

For the period from LITP’s inception on February 1, 2023, to June 30, 2023, LITP generated a total return of -7.62%. These results are generally in line with the performance of lithium miners, as measured by the Nasdaq Sprott Lithium Miners™ Index (NSLITP™), which declined 7.16%.

 

At the start of the year, lithium’s spot price precipitously declined from its all-time high, but as demand for lithium grew and the global competition for secure sources increased, lithium quickly rebounded. Lithium miners were negatively affected by investor uncertainty, fueled by Chile’s plans to nationalize its lithium projects. On a positive note, lithium miners benefitted from mergers and acquisitions, increasing offtake agreements (which allow buyers to purchase lithium at a specific market price) and equity investment by automakers.

 

During the period, the largest contributors to the LITP’s performance were Liontown Resources Ltd., Allkem Limited and Sigma Lithium Corp. while the largest detractors were Albemarle Corp., Sociedad Quimica y Minera de Chile SA and Ganfeng Lithium Group Co. Ltd.

 

Performance^{^} (as of June 30, 2023)

 

	1 Month	3 Months	Since Inception^^
Sprott Lithium Miners ETF - Net Asset Value (“NAV”)1	7.98%	10.34%	-7.62%
Sprott Lithium Miners ETF - Market Price2	9.16%	10.76%	-6.83%
Nasdaq Sprott Lithium Miners Index3	8.25%	10.11%	-7.16%

 

^

Returns less than one year are not annualized.

^^

Inception Date: 2/1/2023.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the Index including contributing inputs in connection with the eligibility and process to determine the initial selection and ongoing composition of the Index constituents.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Lithium Miners ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Lithium Miners ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

The Nasdaq Sprott Lithium Miners Index is designed to track the performance of a selection of global securities in the lithium industry. Lithium is a raw material that is essential to the transition to a less carbon-intensive economy. This index includes major lithium producers, developers, and explorers.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Lithium Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor the Index Provider.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Lithium Miners ETF (Nasdaq: LITP)

 

^

% of Total Investments

 

Future holdings are subject to change.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Uranium Miners ETF (NYSE Arca: URNM)

 

For the period from December 31, 2023, to June 30, 2023, URNM generated a total return of 5.82%. These results are generally in line with the performance of the uranium miners, as measured by the North Shore Global Uranium Mining Index (URNMX), which generated 6.24% for the period.

 

Uranium mining equities posted strong results in June as markets recognized the increasingly positive fundamental picture. 2022 was the highest uranium contracting year in a decade, and contracts in the first half of 2023 were on pace to surpass this. Meanwhile, looming sanctions on Russian uranium are likely to have serious consequences for utilities in terms of security of supplies. Prior to June, uranium miners had been weighed down by rising interest rates and macroeconomic headwinds.

 

For the period, the largest contributors to the URNM’s performance were Cameco Corp., Boss Energy Ltd. and Sprott Physical Uranium Trust while the largest detractors were Uranium Energy Corp., NAC Kazatomprom JSC and Fission Uranium Corp.

 

Performance^{^} (as of June 30, 2023)

 

		Average Annual Total Returns
	6 Months	1 Year	3 Year	Since Inception^^
Sprott Uranium Miners ETF - Net Asset Value (“NAV”)1	5.82%	17.41%	40.67%	35.18%
Sprott Uranium Miners ETF - Market Price2	5.86%	17.71%	39.90%	35.17%
Northshore Global Uranium Mining Index3	6.24%	18.88%	41.73%	36.38%

 

^

The Sprott Uranium Miners ETF was reorganized on April 22, 2022 (“Reorganization Date”) from the North Shore Global Uranium Mining ETF (“Predecessor Fund”), into a series of Sprott Funds Trust. The Sprott Uranium Miners ETF is a continuation of the Predecessor Fund and, therefore, the performance information presents the performance of the Predecessor Fund prior to the Reorganization Date. Returns less than one year are not annualized.

^^

The Predecessor Fund’s Commencement date was December 3, 2019.

1

The return shown is based on the net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

From the Sprott Uranium Miners ETF’s inception to April 22, 2022, the fund’s objective was to track the North Shore Global Uranium Mining Index (“predecessor index”) and since that date the Sprott Uranium Miners ETF has been seeking to track the North Shore Uranium Mining Index. The index performance presented reflects the performance of the predecessor index through April 22, 2022 and thereafter reflects the performance of the North Shore Global Uranium Mining Index.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Uranium Miners ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Uranium Miners ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

North Shore Global Uranium Mining Index is designed to track the performance of companies that devote at least 50% of their assets to the uranium mining industry, which may include mining, exploration, development, and production of uranium, or holding physical uranium, owning uranium royalties, or engaging in other, non-mining activities that support the uranium mining industry. The Index is rebalanced semi-annually.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Uranium Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor North Shore Global Uranium Mining Index Services.

 

The Uranium Fund was reorganized on April 22, 2022 from the North Shore Global Uranium Mining ETF, a series of an unaffiliated trust, into a series of Sprott Funds Trust.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Uranium Miners ETF (NYSE Arca: URNM)

 

^

% of Total Investments

 

Future holdings are subject to change.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Uranium Miners ETF (Nasdaq: URNJ)

 

For the period from URNJ’s inception on February 1, 2023, to June 30, 2023, URNJ generated a total return of -15.70%. These results are generally in line with the performance of the junior uranium miners, as measured by the Nasdaq Sprott Junior Uranium Miners™ Index (NSURJ™), which declined by 15.21%.

 

Difficult market conditions tend to impact junior uranium miners more significantly than senior, or larger-capitalization miners, given their lower levels of liquidity and higher volatility. While challenges occurred early in the period, we believe the strong performance of uranium miners in June reflects the sector’s increasingly bullish fundamentals and the growing reality that future uranium supplies will have to include the junior miners, many of which are restarting mine operations and developing new mines.

 

During the period, the largest contributors to URNJ’s performance were Boss Energy Ltd., Berkeley Energia Ltd. and Peninsula Energy Ltd. while the largest detractors were Uranium Energy Corp., Paladin Energy Ltd. and Energy Fuels Inc.

 

Performance^{^} (as of June 30, 2023)

 

	Average Annual Total Returns
	1 Month	3 Months	Since Inception^^
Sprott Junior Uranium Miners ETF - Net Asset Value (“NAV”)1	18.78%	10.55%	-15.70%
Sprott Junior Uranium Miners ETF - Market Price2	16.36%	10.72%	-15.40%
Nasdaq Sprott Junior Uranium Miners Index3	18.91%	10.63%	-15.21%

 

^

Returns less than one year are not annualized.

^^

Inception Date: 2/1/2023.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the Index including contributing inputs in connection with the eligibility and process to determine the initial selection and ongoing composition of the Index constituents.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Junior Uranium Miners ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Junior Uranium Miners ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

The Nasdaq Sprott Junior Uranium Miners Index is designed to track the performance of mid-and small market capitalization securities whose issuers are in the uranium related business.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Junior Uranium Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor the Index Provider.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Uranium Miners ETF (Nasdaq: URNJ)

 

^

% of Total Investments

 

Future holdings are subject to change.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Copper Miners ETF (Nasdaq: COPJ)

 

For the period from COPJ’s inception on February 1, 2023, to June 30, 2023, COPJ generated a total return of -5.41%. These results are generally in line with the performance of junior copper miners, as measured by the Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™), which declined by 5.58%.

 

Copper prices were hurt by weaker-than-expected economic data from China, which has struggled since its post-COVID reopening. However, the recent weakness in copper prices has tightened the copper market. Inventories are at a historic low as downstream industries restock, and these tightening inventories may be driving opportunities for developing miners.

 

For the period, the largest contributors to the COPJ’s performance were NGEx Minerals Ltd., ERO Copper Corp., and China Gold International Resources Corp., Ltd., while the largest detractors were Central Asia Metals PLC, 29Metals Ltd., and Jinchuan Group International Resources Co., Ltd.

 

Performance^{^} (as of June 30, 2023)

 

	1 Month	3 Months	Since Inception^^
Sprott Junior Copper Miners ETF - Net Asset Value (“NAV”)1	8.95%	-0.26%	-5.41%
Sprott Junior Copper Miners ETF - Market Price2	8.38%	-0.46%	-5.21%
Nasdaq Sprott Junior Copper Miners Index3	8.81%	-0.14%	-5.58%

 

^

Returns less than one year are not annualized.

^^

Inception Date: 2/1/2023.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

The Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the eligibility and process to determine the initial selection and ongoing composition of the Index constituents.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Junior Copper Miners ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Junior Copper Miners ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

The Nasdaq Sprott Junior Copper Miners Index is designed to track the performance of a selection of mid-and small-market capitalization securities in the copper industry. Copper is a raw material that is essential to the transition to a less carbon-intensive economy. Copper is critical for the energy transition from fossil fuels to cleaner energy sources and technologies, and for the purpose of this, the index includes producers, developers, and explorers.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Junior Copper Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor the Index Provider.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Junior Copper Miners ETF (Nasdaq: COPJ)

 

^

% of Total Investments

 

Future holdings are subject to change.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Nickel Miners ETF (Nasdaq: NIKL)

 

For the period from NIKL’s inception on March 21, 2023, to June 30, 2023, NIKL generated a total return of 3.82%. These results are generally in line with the performance of the nickel miners, as measured by the Nasdaq Sprott Nickel Miners™ Index (NSNIKL™), which generated 4.50%.

 

As with copper, nickel inventories on exchanges are historically low. Nickel price volatility and low exchange inventories continue to be affected by the fallout from the nickel scandal last year on the London Metal Exchange. Nickel miners faired better than the nickel spot price due to new electric vehicle tax breaks (China) and improving market sentiment.

 

For the period, the largest contributors to NIKL’s performance were Azure Minerals Ltd., IGO Ltd. and Vale Indonesia Tbk PT while the largest detractors were Premium Nickel Resources Ltd., Panoramic Resources Ltd. and Nickel Industries Ltd.

 

Performance^{^} (as of June 30, 2023)

 

	Average Annual Total Returns
	1 Month	3 Months	Since Inception^^
Sprott Nickel Miners ETF - Net Asset Value (“NAV”)1	7.13%	-1.78%	3.82%
Sprott Nickel Miners ETF - Market Price2	7.91%	-2.53%	4.20%
Nasdaq Sprott Nickel Miners Index3	7.69%	-1.53%	4.50%

 

^

Returns less than one year are not annualized.

^^

Inception Date: 3/21/2023.

1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

2

Market Price means the official closing price of a security or the last reported sale price. In the event there were no sales during the day or closing prices are not available, the price that is the midpoint of the bid-ask spread as of that time will be used. It does not represent the returns an investor would receive if shares were traded at other times.

3

The Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index. The Adviser will provide certain services in connection with the Index including contributing inputs in connection with the eligibility and process to determine the initial selection and ongoing composition of the Index constituents.

 

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any, and include the effect of the Sprott Nickel Miners ETF’s recurring expenses. The table does not reflect the deduction of taxes that a shareholder would pay on Fund’s distributions or the redemption of the Sprott Nickel Miners ETF shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.sprottetfs.com or call 888.622.1813.

 

The Nasdaq Sprott Nickel Miners Index is designed to track the performance of a selection of global securities in the nickel industry. Nickel is critical for the energy transition from fossil fuels to cleaner energy sources and technologies, and for the purpose of this, index include major nickel producers, developers, and explorers.

 

The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

 

ALPS Distributors, Inc., a FINRA member, is the distributor for the Sprott Nickel Miners ETF.

 

ALPS Distributors, Inc. is not affiliated with Sprott, nor the Index Provider.

 

 

Sprott Energy Transition ETFs

Performance Overview

June 30, 2023 (Unaudited)

 

Sprott Nickel Miners ETF (Nasdaq: NIKL)

 

^

% of Total Investments

 

Future holdings are subject to change.

 

 

Sprott ETFs

Disclosure of Fund Expenses

June 30, 2023 (Unaudited)

 

Shareholder Expense Example: As a shareholder of the Fund, you incur two types of costs: (1) transaction costs which may include brokerage charges, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at the beginning of the six month period and held through June 30, 2023.

 

Actual Return: The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

 

Hypothetical 5% Return: The second line of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

The expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect any transaction costs, such as brokerage charges. Therefore, the second line is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

 

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expense Ratio(a)	Expenses Paid During Period 1/1/23 - 6/30/23(b)
Sprott Gold Miners ETF
Actual	$1,000.00	$1,047.80	0.50%	$2.54
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	0.50%	$2.51
Sprott Junior Gold Miners ETF
Actual	$1,000.00	$965.30	0.50%	$2.44
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	0.50%	$2.51
Sprott Energy Transition Materials ETF(c)
Actual	$1,000.00	$863.80	0.65%	$2.47
Hypothetical (5% return before expenses)	$1,000.00	$1,017.76	0.65%	$2.68
Sprott Lithium Miners ETF(c)
Actual	$1,000.00	$923.80	0.65%	$2.55
Hypothetical (5% return before expenses)	$1,000.00	$1,017.76	0.65%	$2.68
Sprott Uranium Miners ETF
Actual	$1,000.00	$1,058.20	0.83%	$4.24
Hypothetical (5% return before expenses)	$1,000.00	$1,020.68	0.83%	$4.16
Sprott Junior Uranium Miners ETF(c)
Actual	$1,000.00	$843.00	0.80%	$3.01
Hypothetical (5% return before expenses)	$1,000.00	$1,017.15	0.80%	$3.29
Sprott Junior Copper Miners ETF(c)
Actual	$1,000.00	$945.90	0.75%	$2.98
Hypothetical (5% return before expenses)	$1,000.00	$1,017.35	0.75%	$3.09
Sprott Nickel Miners ETF(d)
Actual	$1,000.00	$1,038.20	0.75%	$2.11
Hypothetical (5% return before expenses)	$1,000.00	$1,011.76	0.75%	$2.09

 

(a)

Annualized, based on the applicable Fund’s most recent fiscal half year expenses.

(b)

Expenses are equal to the applicable Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), divided by 365.

(c)

The Fund commenced operations on February 1, 2023. Actual expenses on this Fund are equal to the Fund’s annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the Fund launched (149) divided by 365. Actual returns for the Fund represent the period from February 1, 2023 to June 30, 2023.

(d)

The Fund commenced operations on March 21, 2023. Actual expenses on this Fund are equal to the Fund’s annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the Fund launched (101) divided by 365. Actual returns for the Fund represent the period from March 21, 2023 to June 30, 2023.

 

 

Sprott Gold Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
COMMON STOCKS (99.98%)
Gold Mining (98.76%)
Agnico Eagle Mines, Ltd.			481,154			$	24,025,920
Alamos Gold, Inc., Class A			740,407				8,819,492
AngloGold Ashanti, Ltd., Sponsored ADR			343,351				7,241,273
B2Gold Corp.			2,425,707				8,642,640
Barrick Gold Corp.			1,651,519				27,937,755
Centerra Gold, Inc.			615,535				3,689,260
Coeur Mining, Inc.(a)			1,010,086				2,868,644
Dundee Precious Metals, Inc.			1,314,812				8,684,359
Eldorado Gold Corp.(a)(b)			891,424				9,023,586
Endeavour Mining PLC(b)			412,128				9,877,384
Equinox Gold Corp.(a)			671,460				3,076,627
Franco-Nevada Corp.			182,071				25,949,670
Gold Fields, Ltd., Sponsored ADR(b)			617,636				8,541,906
Harmony Gold Mining Co., Ltd., Sponsored ADR(b)			671,515				2,820,363
IAMGOLD Corp.(a)(b)			1,186,410				3,143,460
K92 Mining, Inc.(a)			569,577				2,472,216
Kinross Gold Corp.			634,461				3,026,830
Lundin Gold, Inc.			743,214				8,892,200
New Gold, Inc.(a)			1,674,514				1,820,193
Newmont Corp.			475,113				20,268,321
Novagold Resources, Inc.(a)(b)			609,760				2,416,486
OceanaGold Corp.			4,442,411				8,752,363
Osisko Gold Royalties, Ltd.			584,654				8,985,511
Osisko Mining, Inc.(a)			852,757				2,072,751
Royal Gold, Inc.			25,840				2,965,915
Seabridge Gold, Inc.(a)(b)			236,415				2,850,008
SSR Mining, Inc.(b)			594,302				8,429,466
Torex Gold Resources, Inc.(a)			638,721				9,073,960
Wesdome Gold Mines, Ltd.(b)			1,502,033				7,823,384
Total Gold Mining							244,191,943
Silver Mining (1.22%)
Pan American Silver Corp.(b)			206,764				3,012,301
TOTAL COMMON STOCKS
(Cost $229,678,659)							247,204,244

Sprott Gold Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

		7 Day Yield				Shares				Value
SHORT TERM INVESTMENTS (5.60%)
Money Market Fund (0.15%)
State Street Institutional Treasury Plus Money Market Fund, Premier Class
(Cost $365,183)			5.01	%			365,183				365,183
Investments Purchased with Collateral from Securities Loaned (5.45%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $13,468,354)							13,468,354				13,468,354
TOTAL SHORT TERM INVESTMENTS
(Cost $13,833,537)											13,833,537
TOTAL INVESTMENTS (105.58%)
(Cost $243,512,196)										$	261,037,781
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.58%)											(13,800,155	)
NET ASSETS (100.00%)										$	247,237,626

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $15,804,791. The loaned securities were secured with cash collateral of $13,468,354 and non-cash collateral with the value of $2,838,388. 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 Financial Statements.

 

Sprott Junior Gold Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description			Shares				Value
COMMON STOCKS (100.12%)
Copper Mining (0.37%)
SolGold PLC(a)(b)			1,729,361			$	349,211
Diversified Metals & Mining (0.74%)
Bumi Resources Minerals Tbk PT(a)			38,376,100				348,117
Mincor Resources NL(a)(b)			378,606				353,093
Total Diversified Metals & Mining							701,210
Gold Mining (95.60%)
Argonaut Gold, Inc.(a)			729,148				291,714
Bellevue Gold, Ltd.(a)			5,021,510				4,248,260
Capricorn Metals, Ltd.(a)			126,487				339,566
Centamin PLC			4,099,965				4,746,149
Centerra Gold, Inc.(b)			66,890				400,911
Coeur Mining, Inc.(a)			109,696				311,537
De Grey Mining, Ltd.(a)			5,546,282				4,969,323
Dundee Precious Metals, Inc.(b)			49,333				325,845
Eldorado Gold Corp.(a)(b)			102,719				1,039,790
Emerald Resources NL(a)(b)			3,005,600				4,104,479
Equinox Gold Corp.(a)			72,684				333,038
Firefinch, Ltd.(a)(b)			6,635,363				884,031
Gold Road Resources, Ltd.(b)			4,011,279				3,968,098
Greatland Gold PLC(a)(b)			3,833,794				350,563
Hochschild Mining PLC			355,239				320,771
K92 Mining, Inc.(a)			977,953				4,244,748
Karora Resources, Inc.(a)			987,205				3,018,064
McEwen Mining, Inc.(a)			45,049				323,902
New Gold, Inc.(a)			267,752				291,046
Novagold Resources, Inc.(a)(b)			1,070,970				4,273,170
OceanaGold Corp.(b)			2,462,453				4,851,483
Orla Mining, Ltd.(a)			1,135,562				4,765,974
Osisko Mining, Inc.(a)(b)			1,677,504				4,077,421
Pan African Resources PLC			15,838,348				2,518,366
Perseus Mining, Ltd.			4,327,579				4,756,658
Ramelius Resources, Ltd.(b)			4,443,791				3,729,900
Red 5, Ltd.(a)			3,419,352				432,783
Regis Resources, Ltd.			3,171,055				3,865,698
Resolute Mining, Ltd.(a)(b)			12,004,500				3,118,758
Seabridge Gold, Inc.(a)(b)			328,510				3,958,545
Silver Lake Resources, Ltd.(a)			5,166,177				3,321,006
Skeena Resources, Ltd.(a)			66,564				321,075
St Barbara, Ltd.(a)(b)			883,319				282,444
Tietto Minerals, Ltd.(a)			8,890,327				2,753,872
Torex Gold Resources, Inc.(a)(b)			326,062				4,632,185
Victoria Gold Corp.(a)			55,190				321,621
Wesdome Gold Mines, Ltd.(b)			56,266				293,063
West African Resources, Ltd.(a)			569,862				328,366
Westgold Resources, Ltd.(a)			3,309,276				3,174,450
Total Gold Mining							90,288,673

Sprott Junior Gold Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
Silver Mining (3.41%)
Endeavour Silver Corp.(a)(b)			1,107,403			$	3,218,344
TOTAL COMMON STOCKS
(Cost $98,906,122)							94,557,438
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 (6.86%)
Money Market Fund (0.13%)
State Street Institutional Treasury Plus Money Market Fund, Premier Class
(Cost $123,404)			5.01	%			123,404				123,404
Investments Purchased with Collateral from Securities Loaned (6.73%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $6,353,686)							6,353,686				6,353,686
TOTAL SHORT TERM INVESTMENTS
(Cost $6,477,090)											6,477,090
TOTAL INVESTMENTS (106.98%)
(Cost $105,383,212)										$	101,034,528
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.98%)											(6,590,849	)
NET ASSETS (100.00%)										$	94,443,679

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $9,089,886. The loaned securities were secured with cash collateral of $6,353,686 and non-cash collateral with the value of $3,081,090. 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 Financial Statements.

 

Sprott Energy Transition Materials ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
COMMON STOCKS (99.60%)
Coal & Consumable Fuels (26.04%)
Bannerman Energy, Ltd.(a)			14,120			$	15,520
Boss Energy, Ltd.(a)(b)			35,638				73,595
Cameco Corp.			11,830				370,635
CGN Mining Co., Ltd.(a)(b)			505,000				52,201
Deep Yellow, Ltd.(a)			75,656				38,051
Denison Mines Corp.(a)			89,955				112,443
Encore Energy Corp.(a)(b)			15,443				37,303
Energy Fuels, Inc.(a)			16,982				105,968
Fission Uranium Corp.(a)			67,703				31,175
NAC Kazatomprom JSC, GDR(b)(c)			12,842				344,808
NexGen Energy, Ltd.(a)			47,140				222,029
Paladin Energy, Ltd.(a)			557,891				271,297
Uranium Energy Corp.(a)			75,926				258,148
Uranium Royalty Corp.(a)			9,170				18,340
Ur-Energy, Inc.(a)			28,455				29,878
Total Coal & Consumable Fuels							1,981,391
Copper Mining (19.92%)
Aeris Resources, Ltd.(a)			6,177				1,975
Antofagasta PLC			10,972				203,583
Atalaya Mining PLC			2,925				11,887
Capstone Copper Corp.(a)(b)			14,227				64,544
Central Asia Metals PLC			3,164				7,241
ERO Copper Corp.(a)(b)			2,233				45,174
First Quantum Minerals, Ltd.			15,381				363,873
Freeport-McMoRan, Inc.			9,587				383,479
Jinchuan Group International Resources Co., Ltd.(b)			72,000				3,675
KGHM Polska Miedz SA			3,198				88,406
Lundin Mining Corp.			17,319				135,702
Sandfire Resources, Ltd.(a)			6,197				24,356
SolGold PLC(a)(b)			28,923				5,840
Southern Copper Corp.			2,274				163,137
Taseko Mines, Ltd.(a)			9,047				12,937
Total Copper Mining							1,515,809
Diversified Metals & Mining (35.05%)
29Metals, Ltd.			3,281				1,847
American Lithium Corp.(a)			4,399				8,833
Anson Resources, Ltd.(a)			22,423				2,315
Arafura Rare Earths, Ltd.(a)			561,702				114,124
Argosy Minerals, Ltd.(a)			28,600				7,430
Atlantic Lithium, Ltd.(a)			8,206				2,605
Australian Strategic Materials, Ltd.(a)			39,359				28,841
Boliden AB			4,995				144,288
Centaurus Metals, Ltd.(a)			16,708				9,906
Core Lithium, Ltd.(a)			37,898				22,721
Critical Elements Lithium Corp.(a)			4,476				5,845
Delta Lithium, Ltd.(a)			8,101				4,614
Eramet SA			1,045				95,387
Essential Metals, Ltd.(a)			4,340				1,200
Filo Corp.(a)			1,451				28,270
Foran Mining Corp.(a)			3,227				8,574
Frontier Lithium, Inc.(a)			4,020				5,675
Galan Lithium, Ltd.(a)			6,224				3,607

 

Sprott Energy Transition Materials ETF

Schedule of Investments

June 30, 2023 (Unaudited)

  

Security Description		Shares				Value
Diversified Metals & Mining (continued)
Global Atomic Corp.(a)			19,713			$	44,344
Global Lithium Resources, Ltd.(a)			3,785				3,933
Hastings Technology Metals, Ltd.(a)			31,689				28,287
Horizonte Minerals PLC(a)			7,334				13,412
Hudbay Minerals, Inc.			4,916				23,597
IGO, Ltd.			22,481				227,631
ioneer, Ltd.(a)			34,656				7,849
Ivanhoe Electric, Inc. / US(a)			710				9,258
Ivanhoe Mines, Ltd.(a)(b)			10,116				92,398
Jervois Global, Ltd.(a)(b)			171,846				7,555
Kodal Minerals PLC(a)			298,124				1,776
Lake Resources NL(a)(b)			28,973				5,790
Latin Resources, Ltd.(a)			46,462				9,904
Leo Lithium, Ltd.(a)			16,491				11,754
Liontown Resources, Ltd.(a)			38,133				71,889
Lithium Americas Corp.(a)			2,631				53,173
Lithium Ionic Corp.(a)			2,141				3,992
Lithium Power International, Ltd.(a)			9,200				1,808
Lynas Rare Earths, Ltd.(a)			67,737				309,093
MMG, Ltd.			53,270				15,432
MP Materials Corp.(a)(b)			15,887				363,495
Neometals, Ltd.(a)(b)			29,329				9,671
NGEx Minerals, Ltd.(a)			1,143				6,247
Nickel Asia Corp.			384,000				41,600
Nickel Industries, Ltd.			226,155				133,328
Northern Dynasty Minerals, Ltd.(a)			8,933				2,144
Panoramic Resources, Ltd.(a)			84,755				5,194
Patriot Battery Metals, Inc.(a)			6,196				7,120
Piedmont Lithium, Inc.(a)			342				19,737
Pilbara Minerals, Ltd.(b)			114,795				373,944
Renascor Resources, Ltd.(a)(b)			141,710				17,936
Sayona Mining, Ltd.(a)			161,259				18,799
Sigma Lithium Corp.(a)			1,087				43,806
Solaris Resources, Inc.(a)			1,499				6,699
South Manganese Investment, Ltd.			31,000				1,958
Standard Lithium, Ltd.(a)			3,220				14,490
Syrah Resources, Ltd.(a)			56,366				33,981
Talga Group, Ltd.(a)			20,080				19,864
Vale Indonesia Tbk PT			232,800				97,825
Vulcan Energy Resources, Ltd.(a)			2,742				7,653
Winsome Resources, Ltd.(a)			2,785				3,024
Total Diversified Metals & Mining							2,667,472
Environmental & Facilities Services (0.98%)
Li-Cycle Holdings Corp.(a)(b)			13,423				74,498
Fertilizers & Agricultural Chemicals (4.02%)
Sociedad Quimica y Minera de Chile SA, ADR			4,209				305,658
Gold Mining (0.80%)
China Gold International Resources Corp., Ltd.			5,700				21,677
Cia de Minas Buenaventura SAA, ADR			5,364				39,425
Total Gold Mining							61,102

 

 

Sprott Energy Transition Materials ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
Precious Metals & Minerals Mining (0.73%)
Atlas Lithium Corp.(a)			127			$	2,720
SilverCrest Metals, Inc.(a)(b)			8,964				52,529
Total Precious Metals & Minerals Mining							55,249
Silver Mining (3.32%)
Aya Gold & Silver, Inc.(a)			11,990				76,841
Endeavour Silver Corp.(a)			14,288				41,293
Gatos Silver, Inc.(a)			3,100				11,718
GoGold Resources, Inc.(a)			18,208				20,892
MAG Silver Corp.(a)			5,459				60,813
Silver Mines, Ltd.(a)			78,416				9,403
Silvercorp Metals, Inc.			11,181				31,530
Total Silver Mining							252,490
Specialty Chemicals (8.74%)
Albemarle Corp.			1,706				380,592
Ganfeng Lithium Group Co., Ltd.(b)(c)(d)			11,800				76,950
Livent Corp.(a)(b)			6,219				170,587
Tianqi Lithium Corp.			5,400				37,592
Total Specialty Chemicals							665,721
TOTAL COMMON STOCKS
(Cost $7,903,611)							7,579,390
EXCHANGE TRADED FUND (0.30%)
iShares MSCI India ETF			525			$	22,943
TOTAL EXCHANGE TRADED FUND
(Cost $21,257)							22,943

 

		Shares				Value
SHORT TERM INVESTMENTS (4.73%)
Investments Purchased with Collateral from Securities Loaned (4.73%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $360,042)			360,042				360,042
TOTAL SHORT TERM INVESTMENTS
(Cost $360,042)							360,042
TOTAL INVESTMENTS (104.63%)
(Cost $8,284,910)						$	7,962,375
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.63%)							(352,284	)
NET ASSETS (100.00%)						$	7,610,091

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $1,110,665. The loaned securities were secured with cash collateral of $360,042 and non-cash collateral with the value of $799,904. 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 June 30, 2023, the market value of those securities was $421,758 representing 5.54% 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 June 30, 2023, the aggregate market value of those securities was $76,950, representing 1.01% of net assets.

 

See Notes to Financial Statements.

 

 

Sprott Lithium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description			Shares				Value
COMMON STOCKS (99.88%)
Diversified Metals & Mining (63.85%)
American Lithium Corp.(a)			19,704			$	39,564
Anson Resources, Ltd.(a)			95,877				9,900
Argosy Minerals, Ltd.(a)			129,314				33,596
Arizona Lithium, Ltd.(a)			381,508				8,133
Atlantic Lithium, Ltd.(a)			27,510				8,734
Cleantech Lithium PLC(a)			19,926				10,629
Core Lithium, Ltd.(a)			171,733				102,960
Critical Elements Lithium Corp.(a)			20,046				26,178
Delta Lithium, Ltd.(a)			25,858				14,728
E3 Lithium, Ltd.(a)			6,582				11,477
Essential Metals, Ltd.(a)			38,135				10,543
European Lithium, Ltd.(a)			167,826				11,180
Frontier Lithium, Inc.(a)			18,231				25,735
Galan Lithium, Ltd.(a)			17,194				9,965
Global Lithium Resources, Ltd.(a)			11,448				11,897
Green Technology Metals, Ltd.(a)			23,980				11,661
IGO, Ltd.			38,362				388,435
ioneer, Ltd.(a)			156,527				35,452
Kodal Minerals PLC(a)			1,308,266				7,792
Lake Resources NL(a)(b)			131,054				26,191
Latin Resources, Ltd.(a)			218,449				46,566
Leo Lithium, Ltd.(a)			74,562				53,146
Lepidico, Ltd.(a)			1,526,064				11,182
Li-FT Power, Ltd.(a)			3,598				24,715
Liontown Resources, Ltd.(a)			96,653				182,211
Lithium Americas Corp.(a)			8,548				172,755
Lithium Chile, Inc.(a)			18,014				10,878
Lithium Ionic Corp.(a)			5,924				11,045
Lithium Power International, Ltd.(a)			54,113				10,634
Mineral Resources, Ltd.			3,768				179,294
Patriot Battery Metals, Inc.(a)			8,533				96,940
Piedmont Lithium, Inc.(a)			1,555				89,739
Pilbara Minerals, Ltd.(b)			124,110				404,286
Rock Tech Lithium, Inc.(a)			6,564				10,058
Savannah Resources PLC(a)			199,258				11,894
Sayona Mining, Ltd.(a)			731,284				85,251
Sigma Lithium Corp.(a)(b)			4,587				184,856
Standard Lithium, Ltd.(a)			14,676				66,042
Vulcan Energy Resources, Ltd.(a)			12,577				35,105
Winsome Resources, Ltd.(a)			10,458				11,356
Total Diversified Metals & Mining							2,502,703
Fertilizers & Agricultural Chemicals (10.22%)
Sociedad Quimica y Minera de Chile SA, ADR			5,518				400,717
Gold Mining (0.56%)
Arbor Metals Corp.(a)			4,974				11,827
Brunswick Exploration, Inc.(a)			17,574				10,347
Total Gold Mining							22,174
Precious Metals & Minerals (0.28%)
Atlas Lithium Corp.(a)			508				10,881

 

Sprott Lithium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

  

Security Description		Shares				Value
Specialty Chemicals (24.97%)
Albemarle Corp.			1,830			$	408,255
Ganfeng Lithium Group Co., Ltd.(b)(c)(d)			27,000				176,072
Livent Corp.(a)(b)			11,836				324,661
Tianqi Lithium Corp.			10,000				69,615
Total Specialty Chemicals							978,603
TOTAL COMMON STOCKS
(Cost $4,012,055)							3,915,078

 

		7 Day Yield				Shares				Value
SHORT TERM INVESTMENTS (5.03%)
Money Market Fund (0.13%)
State Street Institutional Treasury Plus Money Market Fund, Premier Class
(Cost $5,046)			5.01	%			5,046				5,046
Investments Purchased with Collateral from Securities Loaned (4.90%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $192,008)							192,008				192,008
TOTAL SHORT TERM INVESTMENTS
(Cost $197,054)											197,054
TOTAL INVESTMENTS (104.91%)
(Cost $4,209,109)										$	4,112,132
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.91%)											(192,445	)
NET ASSETS (100.00%)										$	3,919,687

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $823,716. The loaned securities were secured with cash collateral of $192,008 and non-cash collateral with the value of $659,566. 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 June 30, 2023, the aggregate market value of those securities was $176,072, representing 4.49% 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 June 30, 2023, the market value of those securities was $176,072 representing 4.49% of net assets.

 

See Notes to Financial Statements.

 

 

Sprott Uranium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

  

Security Description		Shares				Value
CLOSED END FUND (12.51%)
Sprott Physical Uranium Trust(a)(b)			9,056,057			$	114,298,753
TOTAL CLOSED END FUND
(Cost $107,498,517)							114,298,753
COMMON STOCKS (87.40%)
Coal & Consumable Fuels (79.06%)
Alligator Energy, Ltd.(a)			183,324,592				4,152,146
Appia Rare Earths & Uranium Corp.(a)			13,037,721				1,525,455
Aura Energy, Ltd.(a)			30,200,788				4,124,252
Bannerman Energy, Ltd.(a)(c)			8,343,708				9,170,987
Baselode Energy Corp.(a)(c)			9,656,275				2,915,652
Berkeley Energia, Ltd.(a)			22,277,286				9,902,273
Boss Energy, Ltd.(a)(c)			19,559,801				40,392,352
Cameco Corp.(c)			4,826,413				151,211,519
CanAlaska Uranium, Ltd.(a)			8,889,012				2,147,185
CGN Mining Co., Ltd.(a)(c)			333,090,300				34,431,233
Deep Yellow, Ltd.(a)			41,828,930				21,037,626
Denison Mines Corp.(a)(c)			35,425,476				44,281,845
Elevate Uranium, Ltd.(a)(c)			14,783,304				3,052,855
Encore Energy Corp.(a)(c)			6,041,306				14,593,077
Energy Fuels, Inc.(a)(c)			6,962,685				43,447,154
F3 Uranium Corp.(a)(c)			18,287,083				4,693,420
Fission Uranium Corp.(a)(c)			38,103,879				17,545,474
Forsys Metals Corp.(a)(c)			10,598,225				3,600,076
GoviEx Uranium, Inc.(a)(c)			35,223,226				3,456,516
IsoEnergy, Ltd.(a)(c)			5,882,225				11,589,060
Laramide Resources, Ltd.(a)(c)			11,599,365				3,633,694
Mega Uranium, Ltd.(a)(c)			20,036,363				2,949,304
NAC Kazatomprom JSC, GDR(d)			4,458,907				119,721,653
NexGen Energy, Ltd.(a)(c)			10,179,901				47,947,334
Paladin Energy, Ltd.(a)(c)			91,142,575				44,321,778
Peninsula Energy, Ltd.(a)(c)			68,624,828				7,771,471
Skyharbour Resources, Ltd.(a)			8,567,756				2,295,945
Toro Energy, Ltd.(a)(c)			336,535,419				2,241,836
Uranium Energy Corp.(a)(c)			11,395,759				38,745,581
Uranium Royalty Corp.(a)(c)			3,685,596				7,344,762
Ur-Energy, Inc.(a)			13,995,786				14,695,575
Western Uranium & Vanadium Corp.(a)(c)			3,807,329				3,017,698
Total Coal & Consumable Fuels							721,956,788
Diversified Metals & Mining (4.09%)
Consolidated Uranium, Inc.(a)(c)			5,325,298				5,708,189
Global Atomic Corp.(a)			10,003,116				22,501,820
Lotus Resources, Ltd.(a)			74,528,598				9,184,758
Total Diversified Metals & Mining							37,394,767
Trading Companies & Distributors (4.25%)
Yellow Cake PLC(a)(d)(e)			7,482,881				38,849,400
TOTAL COMMON STOCKS
(Cost $916,780,099)							798,200,955

 

Sprott Uranium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

  

		7 Day Yield				Shares				Value
SHORT TERM INVESTMENTS (6.03%)
Money Market Fund (0.06%)
State Street Institutional Treasury Plus Money Market Fund, Premier Class
(Cost $514,835)			5.01	%			514,835			$	514,835
Investments Purchased with Collateral from Securities Loaned (5.97%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $54,573,368)							54,573,368				54,573,368
TOTAL SHORT TERM INVESTMENTS
(Cost $55,088,203)											55,088,203
TOTAL INVESTMENTS (105.94%)
(Cost $1,079,366,819)										$	967,587,911
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.94%)											(54,263,156	)
NET ASSETS (100.00%)										$	913,324,755

 

(a)

Non-income producing security.

(b)

Affiliate of the Fund. See table below (Affiliated Investments).

(c)

As of June 30, 2023, the security, or a portion of the security position is currently on loan. As of June 30, 2023, the total market value of securities on loan was $67,347,770. The loaned securities were secured with cash collateral of $54,573,368 and non-cash collateral with the value of $14,448,165. 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.

(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 June 30, 2023, the market value of those securities was $158,571,053 representing 17.36% of net assets.

(e)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the aggregate market value of those securities was $38,849,400, representing 4.25% of net assets.

 

AFFILIATED INVESTMENTS

 

Security Name		Market Value as of January 1, 2023				Purchases				Purchases In-Kind				Proceeds from Sales				Sales In-Kind				Change in Unrealized Gain/(Loss)				Realized Gain/(Loss)				Market Value as of June 30, 2023				Share Balance as of June 30, 2023
Sprott Physical Uranium Trust		$	115,816,653			$	—			$	11,034,687			$	(15,043,162	)		$	(5,421,178	)		$	11,314,785			$	(3,403,032	)		$	114,298,753				9,056,057
TOTAL		$	115,816,653			$	—			$	11,034,687			$	(15,043,162	)		$	(5,421,178	)		$	11,314,785			$	(3,403,032	)		$	114,298,753				9,056,057

 

See Notes to Financial Statements.

 

Sprott Junior Uranium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
COMMON STOCKS (100.08%)
Coal & Consumable Fuels (92.72%)
Alligator Energy, Ltd.(a)			15,017,966			$	340,144
Aura Energy, Ltd.(a)			1,965,184				268,368
Bannerman Energy, Ltd.(a)			595,646				654,704
Berkeley Energia, Ltd.(a)			1,702,855				720,318
Boss Energy, Ltd.(a)(b)			795,653				1,643,079
CanAlaska Uranium, Ltd.(a)			551,045				133,108
CGN Mining Co., Ltd.(a)(b)			11,080,000				1,145,329
Deep Yellow, Ltd.(a)			3,201,619				1,610,236
Denison Mines Corp.(a)			1,307,047				1,633,809
Elevate Uranium, Ltd.(a)			1,258,689				259,928
Encore Energy Corp.(a)			653,524				1,578,620
Energy Fuels, Inc.(a)			570,899				3,562,410
F3 Uranium Corp.(a)			1,645,005				422,194
Fission Uranium Corp.(a)			2,860,931				1,317,356
Forsys Metals Corp.(a)			570,592				193,823
GoviEx Uranium, Inc.(a)			3,003,544				294,743
IsoEnergy, Ltd.(a)(b)			252,731				497,926
Laramide Resources, Ltd.(a)			947,634				296,862
Mega Uranium, Ltd.(a)			1,643,398				241,904
NexGen Energy, Ltd.(a)			923,981				4,351,951
Paladin Energy, Ltd.(a)			9,367,569				4,555,360
Peninsula Energy, Ltd.(a)			5,743,220				650,395
Skyharbour Resources, Ltd.(a)			711,108				190,559
Uranium Energy Corp.(a)			1,275,160				4,335,544
Uranium Royalty Corp.(a)			386,287				772,574
Ur-Energy, Inc.(a)			1,206,420				1,266,741
Total Coal & Consumable Fuels							32,937,985
Diversified Metals & Mining (7.36%)
Consolidated Uranium, Inc.(a)			390,743				418,838
Global Atomic Corp.(a)			703,086				1,581,579
Lotus Resources, Ltd.(a)			4,973,698				612,949
Total Diversified Metals & Mining							2,613,366
TOTAL COMMON STOCKS (Cost $34,885,212)							35,551,351

 

 

Sprott Junior Uranium Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

		Shares				Value
SHORT TERM INVESTMENTS (4.35%)
Investments Purchased with Collateral from Securities Loaned (4.35%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $1,543,446)			1,543,446				1,543,446
TOTAL SHORT TERM INVESTMENTS (Cost $1,543,446)							1,543,446
TOTAL INVESTMENTS (104.43%) (Cost $36,428,658)						$	37,094,797
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.43%)							(1,573,188	)
NET ASSETS (100.00%)						$	35,521,609

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $2,011,978. The loaned securities were secured with cash collateral of $1,543,446 and non-cash collateral with the value of $604,770. 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 Financial Statements.

 

 

Sprott Junior Copper Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
COMMON STOCKS (96.55%)
Copper Mining (41.18%)
Aeris Resources, Ltd.(a)			114,925			$	36,748
Arizona Sonoran Copper Co., Inc.(a)			23,077				29,091
Atalaya Mining PLC			27,400				111,354
Austral Resources Australia, Ltd.(a)			48,312				6,437
Capstone Copper Corp.(a)(b)			29,709				134,781
Central Asia Metals PLC			50,768				116,185
Cyprium Metals, Ltd.(a)			197,874				14,500
ERO Copper Corp.(a)(b)			7,089				143,411
Faraday Copper Corp.(a)			55,000				31,553
Greenex Metals, Ltd.(a)			69,700				52,002
Hot Chili, Ltd.(a)			34,108				25,448
Jinchuan Group International Resources Co., Ltd.(b)			863,000				44,053
Sandfire Resources, Ltd.(a)			31,574				124,095
SolGold PLC(a)(b)			540,097				109,062
Taseko Mines, Ltd.(a)			91,098				130,270
Total Copper Mining							1,108,990
Diversified Metals & Mining (51.19%)
29Metals, Ltd.			42,336				23,831
AIC Mines, Ltd.(a)			101,479				27,716
Amerigo Resources, Ltd.			37,377				43,450
Arc Minerals, Ltd.(a)			361,477				13,313
Caravel Minerals, Ltd.(a)			126,300				19,351
Copperstone Resources AB(a)			443,356				48,835
Encounter Resources, Ltd.(a)			106,733				32,351
Entree Resources, Ltd.(a)			31,358				27,222
Filo Corp.(a)			7,543				146,959
Foran Mining Corp.(a)			48,084				127,764
Hillgrove Resources, Ltd.			428,200				16,544
Hudbay Minerals, Inc.			27,384				131,443
Ivanhoe Electric, Inc. / US(a)			9,389				122,433
Los Andes Copper, Ltd.(a)			4,328				55,866
MMG, Ltd.			392,000				113,558
New World Resources, Ltd.(a)			334,031				8,011
NGEx Minerals, Ltd.(a)			21,804				119,163
Northern Dynasty Minerals, Ltd.(a)			166,179				39,883
PolyMet Mining Corp.(a)			10,983				8,677
Rex Minerals, Ltd.(a)			171,115				26,217
Solaris Resources, Inc.(a)			27,768				124,089
Trilogy Metals, Inc.(a)			42,767				25,382
Western Copper & Gold Corp.(a)			41,794				63,945
Xanadu Mines, Ltd.(a)			227,100				12,254
Total Diversified Metals & Mining							1,378,257
Gold Mining (4.18%)
China Gold International Resources Corp., Ltd.			29,600				112,568
TOTAL COMMON STOCKS (Cost $2,747,738)							2,599,815

 

 

Sprott Junior Copper Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
EXCHANGE TRADED FUND (3.51%)
iShares MSCI India ETF			2,163			$	94,523
TOTAL EXCHANGE TRADED FUND (Cost $87,941)							94,523

 

		Shares				Value
SHORT TERM INVESTMENTS (13.27%)
Investments Purchased with Collateral from Securities Loaned (13.27%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $357,435)			357,435				357,435
TOTAL SHORT TERM INVESTMENTS (Cost $357,435)							357,435
TOTAL INVESTMENTS (113.33%) (Cost $3,193,114)						$	3,051,773
LIABILITIES IN EXCESS OF OTHER ASSETS (-13.33%)							(358,920	)
NET ASSETS (100.00%)						$	2,692,853

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $302,855. The loaned securities were secured with cash collateral of $357,435 and non-cash collateral with the value of $5,922. 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 Financial Statements.

 

 

Sprott Nickel Miners ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Security Description		Shares				Value
COMMON STOCKS (99.65%)
Diversified Metals & Mining (96.60%)
Ardea Resources, Ltd.(a)			80,203			$	18,967
Aston Minerals, Ltd.(a)			467,307				24,281
Azure Minerals, Ltd.(a)			107,327				107,602
Canada Nickel Co., Inc.(a)			62,750				59,209
Centaurus Metals, Ltd.(a)			152,375				90,339
Eramet SA			390				35,599
FPX Nickel Corp.(a)			90,700				31,837
Galileo Mining, Ltd.(a)			65,682				24,502
Global Ferronickel Holdings, Inc.			1,608,000				70,496
Horizonte Minerals PLC(a)			45,059				82,404
IGO, Ltd.			18,448				186,796
Legend Mining, Ltd.(a)			741,638				20,256
Lunnon Metals, Ltd.(a)			32,000				20,251
Magna Mining, Inc.(a)			54,700				24,774
Nickel 28 Capital Corp.(a)			33,175				29,300
Nickel Asia Corp.			706,200				76,506
Nickel Industries, Ltd.			391,199				230,630
Panoramic Resources, Ltd.(a)			387,885				23,772
Poseidon Nickel, Ltd.(a)			1,543,813				38,051
Premium Nickel Resources, Ltd.(a)			45,225				47,111
Sherritt International Corp.(a)			202,450				73,354
Sunrise Energy Metals, Ltd.(a)			34,411				24,298
Talon Metals Corp.(a)			290,600				77,325
Vale Indonesia Tbk PT			404,100				169,807
Widgie Nickel, Ltd.(a)(b)			151,113				22,146
Xinjiang Xinxin Mining Industry Co., Ltd.			389,000				50,139
Total Diversified Metals & Mining							1,659,752
Gold Mining (3.05%)
Alliance Nickel, Ltd.(a)			282,283				17,676
Aneka Tambang Tbk			267,200				34,753
Total Gold Mining							52,429
TOTAL COMMON STOCKS (Cost $1,660,023)							1,712,181
TOTAL INVESTMENTS (99.65%) (Cost $1,660,023)						$	1,712,181
OTHER ASSETS IN EXCESS OF LIABILITIES (0.35%)							6,060
NET ASSETS (100.00%)						$	1,718,241

 

(a)

Non-income producing security.

(b)

As of June 30, 2023, the security, or a portion of the security position was on loan. As of June 30, 2023, the total market value of securities on loan was $12,800. The loaned securities were secured with cash collateral of $– and non-cash collateral with the value of $13,676. 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 Financial Statements.

 

 

Sprott ETFs

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)

 

		Sprott Gold Miners ETF				Sprott Junior Gold Miners ETF				Sprott Energy Transition Materials ETF
ASSETS:
Unaffiliated investments, at value		$	261,037,781			$	101,034,528			$	7,962,375
Foreign currency, at value			—				152				17,057
Dividends and reclaim receivable			75,648				16,785				1,009
Prepaid expenses and other assets			4,847				4,847				—
Total assets			261,118,276				101,056,312				7,980,441
LIABILITIES:
Payable to Adviser			209,632				87,948				7,082
Payable to custodian for overdraft			12,624				—				3,226
Payable for collateral upon return of securities loaned			13,468,354				6,353,686				360,042
Administration fees payable			78,019				60,601				—
Professional fees payable			28,677				18,234				—
Transfer agent fees payable			21,940				21,940				—
Trustees’ fees and expenses payable			11,821				5,166				—
Accrued expenses and other liabilities			49,583				65,058				—
Total liabilities			13,880,650				6,612,633				370,350
NET ASSETS		$	247,237,626			$	94,443,679			$	7,610,091
NET ASSETS CONSIST OF:
Paid-in capital		$	317,355,155			$	168,993,678			$	7,843,265
Total distributable earnings			(70,117,529	)			(74,549,999	)			(233,174	)
NET ASSETS		$	247,237,626			$	94,443,679			$	7,610,091
UNAFFILIATED INVESTMENTS, AT COST		$	243,512,196			$	105,383,212			$	8,284,910
FOREIGN CURRENCY, AT COST		$	—			$	152			$	17,069
PRICING OF SHARES
Net Assets		$	247,237,626			$	94,443,679			$	7,610,091
Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share)			9,550,000				3,390,000				430,000
Net Asset Value, offering and redemption price per share		$	25.89			$	27.86			$	17.70

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)

 

		Sprott Lithium Miners ETF				Sprott Uranium Miners ETF				Sprott Junior Uranium Miners ETF
ASSETS:
Unaffiliated investments, at value		$	4,112,132			$	853,289,158			$	37,094,797
Affiliated investments, at value			—				114,298,753				—
Foreign currency, at value			1,514				—				—
Receivable for investments sold			—				1,483,788				6,512
Dividends and reclaim receivable			2,280				50,411				1,953
Total assets			4,115,926				969,122,110				37,103,262
LIABILITIES:
Payable to Adviser			4,231				1,223,987				34,858
Payable to custodian for overdraft			—				—				3,349
Payable for collateral upon return of securities loaned			192,008				54,573,368				1,543,446
Total liabilities			196,239				55,797,355				1,581,653
NET ASSETS		$	3,919,687			$	913,324,755			$	35,521,609
NET ASSETS CONSIST OF:
Paid-in capital		$	3,598,502			$	1,095,907,873			$	35,042,971
Total distributable earnings			321,185				(182,583,118	)			478,638
NET ASSETS		$	3,919,687			$	913,324,755			$	35,521,609
UNAFFILIATED INVESTMENTS, AT COST		$	4,209,109			$	971,868,302			$	36,428,658
AFFILIATED INVESTMENTS, AT COST		$	—			$	107,498,517			$	—
FOREIGN CURRENCY, AT COST		$	1,513			$	—			$	—
PRICING OF SHARES
Net Assets		$	3,919,687			$	913,324,755			$	35,521,609
Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share)			210,000				27,175,000				2,080,000
Net Asset Value, offering and redemption price per share		$	18.67			$	33.61			$	17.08

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)

 

		Sprott Junior Copper Miners ETF				Sprott Nickel Miners ETF
ASSETS:
Unaffiliated investments, at value		$	3,051,773			$	1,712,181
Foreign currency, at value			601				1,803
Dividends and reclaim receivable			1,088				8,060
Total assets			3,053,462				1,722,044
LIABILITIES:
Payable to Adviser			3,174				1,991
Payable to custodian for overdraft			—				1,812
Payable for collateral upon return of securities loaned			357,435				—
Total liabilities			360,609				3,803
NET ASSETS		$	2,692,853			$	1,718,241
NET ASSETS CONSIST OF:
Paid-in capital		$	2,821,079			$	1,647,232
Total distributable earnings			(128,226	)			71,009
NET ASSETS		$	2,692,853			$	1,718,241
UNAFFILIATED INVESTMENTS, AT COST		$	3,193,114			$	1,660,023
FOREIGN CURRENCY, AT COST		$	724			$	1,976
PRICING OF SHARES
Net Assets		$	2,692,853			$	1,718,241
Shares of beneficial interest outstanding (unlimited number of shares authorized, par value $0.01 per share)			140,000				80,000
Net Asset Value, offering and redemption price per share		$	19.23			$	21.48

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Operations

For the Period Ended June 30, 2023 (Unaudited)

 

		Sprott Gold Miners ETF				Sprott Junior Gold Miners ETF				Sprott Energy Transition Materials ETF(a)
INVESTMENT INCOME:
Dividends		$	2,500,630			$	175,896			$	52,920
Securities lending income - net of fees			30,516				18,234				1,422
Foreign withholding tax			(295,919	)			—				(7,790	)
Total investment income			2,235,227				194,130				46,552
EXPENSES:
Investment Adviser fees (See Note 6)			448,902				184,974				15,047
Administration fees			78,166				49,178				—
Trustee fees			11,821				5,166				—
Compliance fees			5,321				2,300				—
Legal fees			19,627				8,651				—
Audit fees			9,941				9,941				—
Transfer agent fees			4,690				4,690				—
Other fees and expenses			55,760				46,349				—
Total expenses before recoupment/(waiver)/(reimbursement)			634,228				311,249				15,047
Less fee recoupment/(waiver)/(reimbursement) by investment adviser (See Note 6)			7,636				(46,854	)			—
Net expense			641,864				264,395				15,047
NET INVESTMENT INCOME/(LOSS)			1,593,363				(70,265	)			31,505
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on unaffiliated investments			1,302,624	(b)			(6,308,519	)(b)			57,258	(b)
Net realized gain/(loss) on foreign currency transactions			(9,684	)			(26,261	)			610
Net realized gain/(loss)			1,292,940				(6,334,780	)			57,868
Net change in unrealized appreciation/(depreciation) on unaffiliated investments			8,291,051				3,605,016				(322,535	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies			1,128				(493	)			(12	)
Net change in unrealized appreciation/(depreciation)			8,292,179				3,604,523				(322,547	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS			9,585,119				(2,730,257	)			(264,679	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	11,178,482			$	(2,800,522	)		$	(233,174	)

 

(a)

The Sprott Energy Transition Materials ETF commenced operations on February 1, 2023.

(b)

Includes realized gain or loss as a result of in-kind transactions (See Note 8).

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Operations

For the Period Ended June 30, 2023 (Unaudited)

 

		Sprott Lithium Miners ETF(a)				Sprott Uranium Miners ETF				Sprott Junior Uranium Miners ETF(b)
INVESTMENT INCOME:
Dividends		$	27,445			$	16,946			$	254
Securities lending income - net of fees			4,169				410,834				2,890
Foreign withholding tax			(6,388	)			(94,187	)			—
Total investment income			25,226				333,593				3,144
EXPENSES:
Investment Adviser fees (See Note 6)			9,861				3,589,284				60,494
NET INVESTMENT INCOME/(LOSS)			15,365				(3,255,691	)			(57,350	)
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on unaffiliated investments			402,155	(c)			(7,269,848	)(c)			(127,529	)
Net realized gain/(loss) on affiliated investments			—				(3,403,032	)(c)			—
Net realized gain/(loss) on foreign currency transactions			641				(31,102	)			(2,622	)
Net realized gain/(loss)			402,796				(10,703,982	)			(130,151	)
Net change in unrealized appreciation/(depreciation) on unaffiliated investments			(96,976	)			46,515,438				666,139
Net change in unrealized appreciation/(depreciation) on affiliated investments			—				11,314,785				—
Net change in unrealized appreciation/(depreciation)			(96,976	)			57,830,223				666,139
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS			305,820				47,126,241				535,988
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	321,185			$	43,870,550			$	478,638

 

(a)

The Sprott Lithium Miners ETF commenced operations on February 1, 2023.

(b)

The Sprott Junior Uranium Miners ETF commenced operations on February 1, 2023.

(c)

Includes realized gain or loss as a result of in-kind transactions (See Note 8).

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Operations

For the Period Ended June 30, 2023 (Unaudited)

 

		Sprott Junior Copper Miners ETF(a)				Sprott Nickel Miners ETF(b)
INVESTMENT INCOME:
Dividends		$	18,899			$	16,374
Securities lending income - net of fees			519				401
Foreign withholding tax			(3,188	)			(2,591	)
Total investment income			16,230				14,184
EXPENSES:
Investment Adviser fees (See Note 6)			6,769				3,239
Total expenses			6,769				3,239
NET INVESTMENT INCOME			9,461				10,945
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on unaffiliated investments			2,636				8,611
Net realized gain/(loss) on foreign currency transactions			1,141				(532	)
Net realized gain/(loss)			3,777				8,079
Net change in unrealized appreciation/(depreciation) on unaffiliated investments			(141,341	)			52,158
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies			(123	)			(173	)
Net change in unrealized appreciation/(depreciation)			(141,464	)			51,985
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS			(137,687	)			60,064
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(128,226	)		$	71,009

 

(a)

The Sprott Junior Copper Miners ETF commenced operations on February 1, 2023.

(b)

The Sprott Nickel Miners ETF commenced operations on March 21, 2023.

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Changes in Net Assets

 

		Sprott Gold Miners ETF								Sprott Junior Gold Miners ETF
		For the Six Months Ended June 30, 2023 (Unaudited)				For the Year Ended December 31, 2022				For the Six Months Ended June 30, 2023 (Unaudited)				For the Year Ended December 31, 2022
OPERATIONS:
Net investment income/(loss)		$	1,593,363			$	3,322,817			$	(70,265	)		$	622,963
Net realized gain/(loss)			1,292,940				(8,525,252	)			(6,334,780	)			(34,052,406	)
Net change in unrealized appreciation/(depreciation)			8,292,179				(16,624,411	)			3,604,523				268,060
Net increase/(decrease) in net assets resulting from operations			11,178,482				(21,826,846	)			(2,800,522	)			(33,161,383	)
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings			—				(3,155,580	)			—				(2,518,228	)
Total distributions			—				(3,155,580	)			—				(2,518,228	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares			22,083,737				35,456,531				1,676,673				13,922,116
Cost of shares redeemed			(19,456,351	)			(8,956,306	)			(6,802,463	)			—
Net increase/(decrease) from capital share transactions			2,627,386				26,500,225				(5,125,790	)			13,922,116
Net increase/(decrease) in net assets			13,805,868				1,517,799				(7,926,312	)			(21,757,495	)
NET ASSETS:
Beginning of period			233,431,758				231,913,959				102,369,991				124,127,486
End of period		$	247,237,626			$	233,431,758			$	94,443,679			$	102,369,991
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares			9,450,000				8,500,000				3,550,000				3,050,000
Shares sold			810,000				1,300,000				50,000				500,000
Shares redeemed			(710,000	)			(350,000	)			(210,000	)			—
Shares outstanding, end of period			9,550,000				9,450,000				3,390,000				3,550,000

 

See Notes to Financial Statements.

 

 

Sprott ETFs

Statements of Changes in Net Assets

 

		Sprott Energy Transition Materials ETF(a)				Sprott Lithium Miners ETF(b)
		For the Period February 1, 2023 to June 30, 2023 (Unaudited)				For the Period February 1, 2023 to June 30, 2023 (Unaudited)
OPERATIONS: