Sprott Rare Earths Ex-China ETF

The Fund will, under normal circumstances, invest at least 80 percent of its total assets in securities of the Index. The Index is designed to track the performance of companies that derive at least 50 percent of their revenue and/or assets from mining, exploration, development, separation, refining, or production of rare earth minerals (Rare Earths Companies). Among other criteria, China A Shares, China B shares, H-Shares, Red chips, S chips, N shares and P chips (Chinese Securities) are not permitted to be included in the Index. While the Fund will invest at least 80 percent of the value of its total assets in securities of the Index, it also has the policy to invest at least 80 percent of the value of its total assets in Rare Earths Companies. These investment policies may be changed without shareholder approval, upon 60 days notice to shareholders.