Sprott Funds Trust January 2025 Holdings Disclosure Analysis Report

Now that I have complete information, let me draft a comprehensive analysis report for you:

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According to public information, Sprott Funds Trust’s Form 13G filing submitted in January 2025 shows that Paul R. Ried Financial Group, LLC, as the filer, holds

of Sprott Funds Trust’s ETFs, accounting for of the fund’s outstanding shares[1]. This significant stake reflects institutional investors’ high recognition of Sprott’s series of ETF products.

It should be noted that Form 13G filings typically apply to

(those holding more than 5% of shares without the intent to control the company), indicating that the filer has adopted a long-term investment strategy rather than an aggressive stance of actively intervening in corporate governance.

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As the world’s first uranium ETF, URNM’s holding structure as of early 2025 is as follows[2]:

Rank	Holding Security	Market Value (USD)	Weight
1	Cameco Corp. (CCJ)	$418,252,774	20.58%
2	Uranium Energy Corp. (UEC)	$256,885,695	12.64%
3	Sprott Physical Uranium Trust	$245,154,279	12.06%
4	Paladin Energy Ltd.	$108,822,106	5.35%
5	Denison Mines Corp.	$102,748,076	5.06%

:

• High Concentration
  : The top three holdings account for 45.28% in total, reflecting deep concentration on leading enterprises
• Full Industry Chain Coverage
  : A complete allocation from mining companies (Cameco) to physical trusts (Sprott Physical Uranium Trust)
• Global Layout
  : Covers major global uranium-producing regions such as Canada, Australia, and Kazakhstan

SGDM focuses on large-scale gold mining companies, and its holding structure as of early 2025 is as follows[3]:

Rank	Holding Security	Market Value (USD)	Weight
1	Agnico Eagle Mines Ltd.	$73,724,598	10.49%
2	Newmont Corp. (NEM)	$54,790,211	7.79%
3	Wheaton Precious Metals Corp.	$51,237,592	7.29%
4	AngloGold Ashanti PLC	$44,417,065	6.32%
5	Franco-Nevada Corp. (FNV)	$42,880,274	6.10%

:

• Led by Gold Giants
  : The top five holdings are all global top-tier gold producers and precious metals streaming companies
• Notable Weight of Streaming Companies
  : Wheaton Precious Metals and Franco-Nevada account for 13.39% combined, reflecting a preference for low-risk precious metal exposure
• Driven by Valuation Factors
  : Selected based on the Solactive Gold Miners Custom Factors Index, emphasizing revenue growth, free cash flow yield, and low debt ratios

SGDJ focuses on high-growth small-cap gold mining companies, with the following holding structure[4]:

Rank	Holding Security	Market Value (USD)	Weight
1	Bellevue Gold Ltd.	$20,661,565	5.66%
2	Turk Altin Isletmeleri AS	$20,293,284	5.56%
3	Aris Mining Corp.	$18,963,761	5.20%
4	Greatland Resources Ltd.	$18,145,246	4.97%
5	Centerra Gold Inc.	$18,099,357	4.96%

:

• Highly Diversified
  : The top five holdings each have a weight between 5-6%, avoiding single-project risk
• Layout in Emerging Production Regions
  : Companies in emerging gold mining regions such as Turkey and Australia account for a relatively high proportion
• Balanced Exploration and Development
  : Holdings include mining companies at different development stages, balancing risk and return

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According to Sprott’s 2026 Outlook Report, 2025 is a “year of plenty” for precious metals, but the market is still in the

[5]. Core supporting factors include:

1. Continued Central Bank Gold Purchasing Trend
   : Global central banks continue to increase their gold reserves, forming long-term support for gold prices
2. Geopolitical Risk Premium
   : International trade frictions and regional conflicts boost safe-haven demand
3. Real Interest Rate Environment
   : The downward cycle of U.S. real interest rates is beneficial to the performance of non-interest-bearing assets
4. Eroded Confidence in Fiat Currencies
   : Debt expansion and monetary easing drive demand for value storage

Sprott’s long-term bullish outlook on the uranium market is shared by multiple analysts[6]:

• Tightened Supply Side
  : Kazakhstan’s Kazatomprom announced a downward revision of its 2025 production forecast from 80 million pounds to 69 million pounds
• Accelerated Demand Side
  : The World Nuclear Association predicts that global nuclear power capacity will reach 746 GWe by 2040
• Widening Supply-Demand Gap
  : The uranium market may enter a substantive supply gap in 2026

Based on Sprott Funds Trust’s holdings disclosure and Sprott’s investment outlook, the following strategic framework can be summarized:

Asset Class	Recommended Allocation Ratio	Investment Vehicle
Core Allocation	40-50%	SGDM (Large-Cap Gold Miner ETF)
Growth Allocation	20-30%	SGDJ (Small-Cap Gold Miner ETF)
Alternative Allocation	15-25%	URNM (Uranium ETF)
Physical Allocation	10-15%	CEF (Physical Gold & Silver Trust)

Streaming companies such as Wheaton Precious Metals (WPM) and Franco-Nevada (FNV) offer:

• More stable profit margins (acquiring metals at fixed costs)
• Lower operational risk (no need to bear mining operation risks)
• Higher dividend yields

• Mature North American mining companies (reduce political risk)
• Emerging Australian production regions (capture exploration premiums)
• High-potential regions such as South Africa/Turkey (balance portfolio correlation)

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1. Mining Stock Volatility
   : The stock price volatility of small-cap mining companies (holdings of SGDJ) may exceed that of gold itself
2. Exchange Rate Risk
   : The revenue of Canadian and Australian companies is denominated in USD, but costs are denominated in local currencies
3. Regulatory Risk
   : Changes in mining permits and environmental regulations may affect production
4. Liquidity Risk
   : Small-cap mining companies have relatively low stock trading volumes

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Sprott Funds Trust’s Form 13G disclosure in early 2025 and the holding structure of its series of products clearly demonstrate professional institutions’ long-term bullish stance on precious metals and strategic minerals. Sprott’s investment strategy reflects the following characteristics:

1. Full Industry Chain Coverage
   : A complete allocation from physical assets (Physical Trusts) to mining stocks (ETFs)
2. Factor-Driven Stock Selection
   : Emphasizes quality factors such as free cash flow, revenue growth, and low debt ratios
3. Multi-Asset Class Layout
   : A commodity portfolio hedge formed by gold, silver, uranium, etc.

For investors seeking exposure to physical assets, Sprott’s series of ETFs offer a complete product line ranging from conservative (streaming companies) to aggressive (small-cap mining companies), which can be flexibly allocated based on risk preferences.

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[1] StreetInsider - Form SCHEDULE 13G/A SPROTT FUNDS TRUST (https://www.streetinsider.com/SEC+Filings/Form+SCHEDULE+13GA+SPROTT+FUNDS+TRUST)

[2] Sprott ETFs - URNM Sprott Uranium Miners ETF Holdings (https://sprottetfs.com/urnm-sprott-uranium-miners-etf/)

[3] Sprott ETFs - SGDM Sprott Gold Miners ETF Holdings (https://sprottetfs.com/sgdm-sprott-gold-miners-etf/)

[4] Sprott ETFs - SGDJ Sprott Junior Gold Miners ETF Holdings (https://sprottetfs.com/sgdj-sprott-junior-gold-miners-etf/)

[5] Sprott - Gold & Silver Outlook 2026 (https://sprott.com/insights/gold-silver-outlook-2026/)

[6] Seeking Alpha - Uranium: The Positive Narrative Is About To Change (https://seekingalpha.com/article/4855498-uranium-the-positive-narrative-is-about-to-change)