Sprott Active Metals & Miners ETF
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As of January 23, 2026
NAV
$32.06
NAV Daily Change
+$0.76
+2.43%
NAV Since Inception Cumulative Change1
63.76%
Ticker
METL
Market Price2
$32.48
Premium/Discount3
1.31%
Total Net Asset Value
$80.78 Million
Net Total Expense Ratio4
0.89%
Overview
Key Points
- Actively Managed by a Global Leader – Sprott Asset Management has over four decades of specialized leadership in metals and mining investments.
- Value of Active Management in Miners – Given the operational complexities of mining and the cyclical nature of individual commodities, investors may benefit from a specialized, value-oriented perspective focused on business fundamentals and macroeconomic outlook. Active management seeks to mitigate risk, provide strategic flexibility and capitalize on informed engagement in niche markets.
- A Dynamic Portfolio of Metals – METL portfolio managers have the flexibility to invest in equities associated with a wide range of metals that they believe may generate attractive returns from operations and provide exposure to specific metals potentially positioned for outperformance based on market and global supply-demand conditions.
- The Flexibility of an Active ETF – METL combines the daily transparency, liquidity and potential tax efficiency of an ETF with the expertise of active management.
Investment Focus
Sprott Active Metals & Miners ETF (Nasdaq: METL) is an actively managed ETF that aims to provide long-term capital appreciation by investing in companies across the metals and mining industry lifecycle, including miners, recyclers, and royalty and streaming companies associated with commodities that are in high global demand. The Fund’s investment strategy is value-oriented and contrarian.
Key Facts
Ticker
METL
Listing Exchange
Nasdaq
Benchmark Index
M1WDS1PI
ISIN
Show ISIN
ISIN: US85208P8573
Copyright 2026, American Bankers Association. CUISP Database provided by FactSet Research Systems Inc. All rights reserved.
CUSIP
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CUSIP: 85208P857
Copyright 2026, American Bankers Association. CUISP Database provided by FactSet Research Systems Inc. All rights reserved.
Inception Date
September 9, 2025
Adviser
Sprott Asset Management USA, Inc.
Sub-Adviser
ALPS Advisors, Inc.
Distributor
ALPS Distributors, Inc.
Fees & Expenses4
| Management Fee | 0.89% |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 0.89% |
ETF Fund Details
January 23, 2026
Total Net Assets
$80,779,608.79
Shares Outstanding
2,520,000
Number of Holdings
37
Median 30 Day Bid Ask Spread
(As of 1/22/2026)
0.34%
Performance
Month-End Performance
Average Annual Total Returns (%) As of 12/31/2025
| Fund | 1M0* | 3M0* | S.I.1 |
| Sprott Active Metals & Miners ETF (Net Asset Value) |
7.11 | 15.84 | 28.67 |
| Sprott Active Metals & Miners ETF (Market Price)2 |
6.82 | 15.79 | 29.03 |
| MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index)5 |
9.98 | 16.65 | 24.46 |
Quarter-End Performance
Average Annual Total Returns (%) As of 12/31/2025
| Fund | 1M0* | 3M0* | S.I.1 |
| Sprott Active Metals & Miners ETF (Net Asset Value) |
7.11 | 15.84 | 28.67 |
| Sprott Active Metals & Miners ETF (Market Price)2 |
6.82 | 15.79 | 29.03 |
| MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index)5 |
9.98 | 16.65 | 24.46 |
Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than actual data quoted. Call 888.622.1813 or visit www.sprottetfs.com for current month end performance. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
* Returns less than one year are not annualized.
1 Inception Date: 9/9/2025.
2 Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times.
3 The Premium/Discount is the amount (stated in dollars or percent) by which the selling or purchase price of an ETF is greater than (premium) or less than (discount) its face amount/value or net asset value (NAV).
4 Reflects Total Annual Operating Expenses as outlined in the most recent prospectus. For the services the Adviser (Sprott Asset Management USA, Inc.) provides to the Fund, the Adviser is entitled to receive an annual advisory fee from the Fund calculated daily and paid monthly at an annual rate of 0.89% of net assets.
5 The MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index is intended to track the overall performance of companies involved in the
metals and mining industry, excluding those associated with gold and silver mining. One cannot invest directly in an index.
Market Price vs. Net Asset Value Since Inception
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.
Inception date: September 09, 2025.
Historical Premium/Discount: Market Price to Net Asset Value
User Options: Mouse over the graph to view detailed daily values; click and drag your mouse to choose specific time frames. Click on the "Reset Zoom" button to return to the full timeline view.
Inception date: September 09, 2025.
Portfolio Analytics
Portfolio Characteristics*
As of 12/31/2025
| Number of Companies | 36 |
| Market Cap (millions) | $476,723.87 |
| Largest Market Cap (millions) | $72,930.92 |
| Smallest Market Cap (millions) | $199.99 |
| Weighted Avg. Company Market Cap (millions) | $13,048.51 |
| Market Cap Breakdown | |
| Large (>$10B) | 35.79% |
| Medium ($2 -$10B) | 41.30% |
| Small (<$2B) | 22.92% |
| Industry Weightings††† | |
| Copper Equities | 29.20% |
| Silver Equities | 19.85% |
| Uranium Equities | 18.03% |
| Steel and Iron Ore Equities | 13.88% |
| Lithium Equities | 8.82% |
| Rare Earth Equities | 4.84% |
| Mining Service Providers | 3.60% |
| Platinum Group Metals Equities | 1.07% |
| Other Equities | 0.71% |
††† Reflects equities classified by Sprott Asset Management
Company Domicile Breakdown*
As of 12/31/2025
* Excludes cash
Holdings
As of 1/23/2026
| Security | Market Value | Symbol | SEDOL | Quantity | Weight |
|---|---|---|---|---|---|
| Endeavour Silver Corp. | $3,886,614.72 | EXK | B018TM7 | 275,256.00 | 4.81% |
| Uranium Energy Corp. | $3,354,113.70 | UEC | B0VLLY2 | 180,135.00 | 4.15% |
| Cameco Corp. | $3,164,880.60 | CCJ | 2158684 | 25,515.00 | 3.92% |
| NexGen Energy Ltd. | $3,157,219.64 | NXE CN | B987K72 | 250,538.00 | 3.91% |
| Vizsla Silver Corp. | $3,059,871.52 | VZLA CN | BS84LB7 | 459,031.00 | 3.79% |
| Lithium Argentina AG | $3,001,635.78 | LAR | BS2CSN8 | 349,841.00 | 3.72% |
| Denison Mines Corp. | $2,853,665.10 | DNN | B0122F3 | 731,709.00 | 3.53% |
| Hudbay Minerals Inc. | $2,693,426.67 | HBM CN | B05BDX1 | 107,741.00 | 3.33% |
| Major Drilling Group International Inc. | $2,679,595.05 | MDI CN | 2557515 | 233,616.00 | 3.32% |
| Paladin Energy Ltd. | $2,657,539.87 | PDN AU | 6668468 | 289,580.00 | 3.29% |
| Cia de Minas Buenaventura SAA | $2,648,717.40 | BVN | 2210476 | 71,394.00 | 3.28% |
| Ivanhoe Mines Ltd. | $2,588,150.61 | IVN CN | BD73C40 | 209,013.00 | 3.20% |
| Nucor Corp. | $2,525,843.25 | NUE | 2651086 | 13,905.00 | 3.13% |
| Steel Dynamics Inc. | $2,339,934.60 | STLD | 2849472 | 12,905.00 | 2.90% |
| ATALAYA MINING COPPER SA | $2,326,672.44 | ATYM LN | BYZTVM8 | 173,206.00 | 2.88% |
| Pan American Silver Corp. | $2,314,969.50 | PAAS | 2703396 | 35,891.00 | 2.87% |
| ERO Copper Corp. | $2,308,925.64 | ERO CN | BF02Z72 | 70,276.00 | 2.86% |
| Lynas Rare Earths Ltd. | $2,295,879.26 | LYC AU | 6121176 | 197,496.00 | 2.84% |
| Reliance Inc. | $2,223,384.03 | RS | 2729068 | 6,741.00 | 2.75% |
| Foran Mining Corp. | $2,172,728.22 | FOM CN | 2355731 | 437,629.00 | 2.69% |
| Champion Iron Ltd. | $2,160,629.37 | CIA AU | BLD1SB3 | 506,240.00 | 2.67% |
| Wheaton Precious Metals Corp. | $2,155,465.21 | WPM CN | BF13KN5 | 14,742.00 | 2.67% |
| Lundin Mining Corp. | $2,079,237.06 | LUN CN | 2866857 | 83,563.00 | 2.57% |
| GoGold Resources Inc. | $2,078,723.67 | GGD CN | B60BNP0 | 724,459.00 | 2.57% |
| Sociedad Quimica y Minera de Chile SA | $2,039,043.24 | SQM | 2771122 | 23,868.00 | 2.52% |
| Atex Resources Inc. | $1,820,154.14 | ATX CN | BJLHNG9 | 574,418.00 | 2.25% |
| MP Materials Corp. | $1,801,843.68 | MP | BN15Y35 | 25,896.00 | 2.23% |
| Albemarle Corp. | $1,676,026.44 | ALB | 2046853 | 8,844.00 | 2.07% |
| Freeport-McMoRan Inc. | $1,601,650.33 | FCX | 2352118 | 26,513.00 | 1.98% |
| IGO Ltd. | $1,595,839.52 | IGO AU | 6439567 | 248,603.00 | 1.98% |
| Peninsula Energy Ltd. | $1,145,625.37 | PEN AU | 6486381 | 1,645,084.00 | 1.42% |
| Taseko Mines Ltd. | $875,865.11 | TKO CN | 2873006 | 114,797.00 | 1.08% |
| Aya Gold & Silver Inc. | $863,345.68 | AYA CN | BK94091 | 43,747.00 | 1.07% |
| Valterra Platinum Ltd. | $827,686.66 | VALT LN | BV1D8Q6 | 7,801.00 | 1.02% |
| Sovereign Metals Ltd. | $558,516.42 | SVM AU | B1H34T5 | 1,125,046.00 | 0.69% |
| Antofagasta PLC | $476,696.88 | ANTO LN | 0045614 | 9,753.00 | 0.59% |
| LibertyStream Infrastructure Partners Inc. | $434,588.50 | LIB CN | BVLGVK0 | 399,486.00 | 0.54% |
| Cash Equivalent | $2,334,903.91 | $2,334,903.91 | 2.91% |
37 total, excluding cash and cash equivalents. Subject to change.
Distributions
Ex-Date |
Record Date |
Payable Date |
Short-Term Capital Gains |
Long-Term Capital Gains |
Ordinary Income |
Total Distributions |
12/18/2025 |
12/18/2025 |
12/22/2025 |
- |
- |
$0.25 |
$0.25 |
Investment Team
Literature
Fact Sheet
Investor Presentation
Year-End Distributions
Regulatory Documents
News and Press Release
List of Sprott ETF Holdings
Commentary
Top 10 Themes for 2026
What are the 10 most important themes impacting global markets in 2026? We explore issues from deglobalization and fiscal dominance to the surge in gold, silver and critical materials, and provide our view of where opportunities and risks may be emerging.
Metals & Mining: Year in Review, Future in Focus
BY WHITNEY GEORGE, JUSTIN TOLMAN AND ED COYNE · 12/17/2025
Host Ed Coyne speaks to Sprott CEO Whitney George and Portfolio Manager Justin Tolman about the firm's strong performance in 2025, highlighting significant gains across gold, silver, copper and related strategies, driven by resource nationalization and supply disruptions. Looking ahead to 2026, they anticipate continued opportunities, increased investor interest and ongoing M&A activity as the mining and metals space gains broader recognition.
National Security, Mining Investment and the Future of Materials: A Critical Crossroads
BY Steven Schoffstall · 11/27/2025
In this episode of Metals in Motion, Steven Schoffstall, Director, ETF Product Management at Sprott Asset Management, explains how government action and massive private-sector investment are reshaping the critical materials landscape, including rare earth metals. New U.S. equity stakes, global agreements and major nuclear initiatives are accelerating efforts to rebuild secure domestic supply chains amid rising geopolitical tensions.
Nasdaq Just for Funds: Sprott’s Steve Schoffstall on METL
BY Steve Schoffstall · 11/10/2025
Sprott’s Steve Schoffstall joins Nasdaq’s Just For Funds to discuss the Sprott Active Metals & Miners ETF (METL) — the only actively managed ETF providing diversified exposure to both critical and traditional metals miners driving the global energy transition.
Rare Earths and Critical Minerals: The Hidden Engine of Electrification
BY Steve Schoffstall · 11/3/2025
Sprott’s Steve Schoffstall joins James Connor to discuss the global race for critical materials, from rare earths and uranium to lithium and copper. Schoffstall discusses how investors can gain exposure through Sprott’s suite of innovative ETFs.
Going Beneath the Surface: Active Management in Metals & Mining ETFs
BY JUSTIN TOLMAN, SHREE KARGUTKAR, STEVE SCHOFFSTALL & ED COYNE · 10/21/2025
Join Sprott’s expert team for an exclusive webcast replay exploring the powerful forces reshaping the metals and mining landscape, from surging energy demand and AI growth to tightening supply chains. Discover how Sprott’s active, research-driven ETF approach helps investors navigate volatility, and learn more about GBUG and METL.
How to Purchase
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Contact Us
Investment Adviser
Sprott Asset Management USA, Inc.
320 Post Road, Suite 230
Darien, CT 06820
Telephone: 888.622.1813
Distributor and Sub-Adviser
ALPS
1290 Broadway, Suite 1100
Denver, CO 80203
Client Services
Financial Advisors and Investors
Telephone: 888.622.1813
Email: bullion@sprott.com
Standard Mail
Sprott ETFs
P.O. Box 1107
Denver, CO 80201
Overnight Mail
Sprott ETFs
1290 Broadway
Suite 1100
Denver, CO 80203