Strategy. The Fund will, under normal circumstances, invest at least 80% of its total assets in securities of the Underlying Nickel Miners Index. The Underlying Nickel Miners Index is designed to track the performance of companies that derive at least 50% of their revenue and/or assets from (i) mining, e xploration, development, o r production of nickel (Nickel Mining Companies); (ii) investments in nickel that represent all or a significant portion of their assets, and/or (iii) supplying nickel (together with Nickel Mining Companies, Nickel Companies). The Underlying Nicke l Miners Index generally consists of from 20 to 35 constituents. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, … Show more… The Fund will, under normal circumstances, invest at least 80% of its total assets in securities of the Underlying Nickel Miners Index. The Underlying Nickel Miners Index is designed to track the performance of companies that derive at least 50% of their revenue and/or assets from (i) mining, e xploration, development, o r production of nickel (Nickel Mining Companies); (ii) investments in nickel that represent all or a significant portion of their assets, and/or (iii) supplying nickel (together with Nickel Mining Companies, Nickel Companies). The Underlying Nicke l Miners Index generally consists of from 20 to 35 constituents. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, in Nickel Mining Companies. This investment policy may be changed without shareholder approval, upon 60 days notice to shareholders. The universe of eligible index components includes exchange-listed equity securities of companies that have or expect to have a significant portion of their business operations related to nickel. Such companies are identified through the use of a proprietary selection methodology that may include a review of industry publications, sell side research, and fundamental research, as well as meetings with management. Companies in this eligible universe are included in the Index subject to the following restrictions: All securities must have a compan y level minimum free float market capitalization of $30 million to become components of the Index and must maintain a minimum free floa t market capitalization of $25 million to remain in the Underlying Nickel Miners Index. New and existing index constituents must have an Average Daily Traded Value of at least USD $20 thousand. As of the semi-annual index selection dates, (i) the weighting of the largest individual company, by free float market capitalization, may not exceed 24% of the value of the Index, (ii) the aggregate weighting of any remaining companies over 5% of the value of the Index is capped at 25%, (iii) the weighting of no other individual company may exceed 4.75% or be less than 0.30% of the value of the Index, and (iv) the aggregate weighting of any security with assets and/or revenues greater than 25% but less than 50% tied to the nickel industry is capped at 15%. At each step, the excess weight is redistributed pro-rata to each Index Component that has not already reached a previous weighting cap. This is a free float adjusted market cap-weighted index. An intensity score is calculated for each company to determine the percentage of revenue that is attributable to nickel. For stocks without revenue, or for which revenue is not an appropriate characteristic, the intensity score is given at 50%. Free float market capitalization is used to weight companies with an intensity score greater than 50%. Companies with an intensity score of 25% - 50% are given an adjusted market capitalization by multiplying the intensity score and its free float market capitalization, and the companys weight in the Index is determined by its adjusted market capitalization. If multiple share classes exist for a company, the following preference order is followed: If the company is already included in the Unde rlying Nickel Miner s Index, the existing share class is retained. In all other cases, the most liquid share class is considered for inclusion in the portfolio. In seeking to track the performance of the Underlying Nickel Miners Index, the Fund may invest in publicly traded closed-ended trusts in the Underlying Nickel Miners Index. The Underlying Nickel Miners Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging market and frontier market countries (as defined by reference to the MSCI Country Classification Standards). A significant portion of the Index consists of securities of Australian, Canadian, Indonesia, and Filipino issuers. The Underlying Nickel Miners Index is reconstituted and rebalanced on a semi-annual basis in June and December. Deletions from the Index may be made at any time due to changes in business, mergers, acquisitions, bankruptcies, suspensions, de-listings and spin-offs. The Index is unmanaged and cannot be invested in directly. The Fund employs a passive management investment strategy in seeking to achieve its investment objective. The Adviser and sub-adviser, ALPS Advisors, Inc. (the Sub-Adviser), generally will use a replication methodology, meaning they will invest in all of the securities comprising the Index in proportion to the weightings in the Index. However, the Adviser and Sub-Adviser may utilize a sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Underlying Nickel Miners Index. The Adviser expects that over time, if the Fund has sufficient assets, the correlation between the Fun ds performance, before fees and expenses, and that of the Index will be 95% or better. A figure of 100% would indicate perfect correlation. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund may invest up to 20% of its asset s in investments that ar e not included in the Index, but that the Adviser and Sub-Adviser believe will help the Fund track the Underlying Nickel Miners Index. The Fund will concentrate its investments (i.e., invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent that the Index concentrates in an industry or group of industries. As of December 31, 2024, the Underlying Nickel Miners Index was concentrated in the Metals & Mining Industry. In addition, in replicating the Index, the Fund may from time to time inves t a significant portion of its assets in the securities of companies in one or more sectors. As of December 31, 2024, a significant portion of the Index consisted of companies in the Materials Sector. The index provider is Nasdaq Inc. (Index Provider), which is not affiliated with the Fund, the Adviser or Sub-Adviser. The Index Provider and Sprott Asset Management LP ("SAM LP" or the "Sponsor"), an affiliate of the Adviser, co-developed the methodology for dete rmining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Underlying Nickel Miners Index. The Sponsor 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 Underlying Nickel Miners Index constituents. The Fund may engage in securities lending. Show less