Sprott Silver Miners & Physical Silver

The Fund will, under normal circumstances, invest at least 80% of the value of its total assets in securities of the Index. The Index is designed to track the performance of: (i) companies that derive at least 50% of their revenue and/or assets from mining, production, development, or exploration of silver (Silver Mining Companies); and (ii) publicly traded closed-end trusts that invest 50% or more of their assets in physical silver (Silver Trusts). To seeks to provide investment results that, before fees and expenses, that track the total return performance of the Nasdaq Sprott Silver Miners Index (the Index).