The Fund will, under normal circumstances, invest at least 80% of its total assets in securities of the Underlying Copper Miners Index. The Underlying Copper Miners Index is designed to track the performance of: (i) companies that derive at least 50% of their revenue and/or assets from mining, exploration, development, and production of copper (“Copper Mining Companies”); and (ii) publicly traded closed-end trusts that invest 50% or more of their assets in physical copper (“Copper Trusts”). While the Fund will invest at least 80% of the value of its total assets in securities of the Index, it is also has the policy to invest at least 80% of the value of its total assets in Copper Mining Companies. The mix of the Fund’s investments in Copper Mining Companies and Copper Trusts will vary, including each time the Underlying Copper Miners Index is rebalanced, but at all times the Fund will have concurrently significant exposure to securities issued by Copper Mining Companies and exposure to securities issued by Copper Trusts. The Index generally consists of from 30 to 50 constituents. 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 copper. 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:

In seeking to track the performance of the Underlying Copper Miners Index, the Fund may invest in publicly traded closed-ended trusts in the Index.

The Underlying Copper Miners Index consists of securities of both U.S. and foreign issuers, including securities of issuers located in emerging and frontier market countries as defined by reference to the MSCI Country Classification Standards. Emerging markets are countries that are transitioning from the developing phase to the “developed” phase. Frontier markets are countries that are more established than the least developed countries but still less established than the emerging markets.

A significant portion of the Underlying Copper Miners Index consists of securities of Canadian, the United States, Australian and Chilean issuers.

The Underlying Copper 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 Underlying Copper Miners Index is unmanaged and cannot be invested in directly.

Copper Trusts are trusts created to invest and hold substantially all of their assets in physical copper, such as the Sprott Physical Copper Trust, which is managed by Sprott Asset Management LP (“SAM LP” or the “Sponsor”), an affiliate of the Adviser. SAM LP, the Adviser and the Fund have adopted policies and procedures designed to prevent conflicts of interest from influencing decisions related to the Sprott Physical Copper Trust. See “Investments in Affiliated Funds.”

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 Index. The Adviser expects that over time, if the Fund has sufficient assets, the correlation between the Fund’s performance, before fees and expenses, and that of the Underlying Copper Miners 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 assets in investments that are not included in the Underlying Copper Miners Index, but that the Adviser and Sub-Adviser believe will help the Fund track the 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, 2025, the Underlying Copper Miners Index was concentrated in the Metals & Mining Industry. In addition, in replicating the Underlying Copper Miners Index, the Fund may from time to time invest a significant portion of its assets in the securities of companies in one or more sectors. The index provider is Nasdaq, Inc. (the “Index Provider”), which is not affiliated with the Fund, the Adviser or Sub-Adviser. The Index Provider and Sponsor 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 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 Index constituents.

The Fund may engage in securities lending.