ETF Research Center

The Sprott Junior Gold Miners ETF tracks an index of US- and Canada-listed small-cap gold and silver miner stocks. The index selects firms by market cap and weights them by revenue growth and relative price momentum.

FUND BASICS
Category	Global Equities
Fund Sponsor	ALPS
Website	www.sprottetfs.com
Inception date	Mar 31, 2015
Assets (mns)	$285
Currency	USD
Expense ratio	50 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	27
Wgt avg mkt cap (mns)	$2,980
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	4.8%
Small cap (<$2bn)	95.2%
Developed mkts	89.2%
Emerging mkts	10.8%

TOP TEN HOLDINGS
Total	45.8 %
VAULT MINERALS LTD	5.4 %
CENTERRA GOLD INC	5.3 %
KOZA ALTIN ISLETMELERI AS	5.1 %
WESDOME GOLD MINES LTD	5.1 %
FORTUNA MINING CORP.	4.6 %
ARIS MINING CORP	4.6 %
SEABRIDGE GOLD, INC.	4.3 %
ALLIED GOLD CORP.	3.9 %
ENDEAVOUR SILVER CORP	3.8 %
KINGSGATE CONSOLIDATED LTD	3.7 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	35.7 %
	CANADA	31.3 %
	TURKEY	7.7 %
	UNITED STATES	5.4 %
	SOUTH AFRICA	2.5 %
	HONG KONG	2.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-13.2%	66.8%	15.5%	7.5%	13.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.88	21%
MSCI EAFE	2.03	36%
MSCI Emg. Mkts.	1.26	34%

Technical Indicators
Recent close	$79.24
30d moving avg.	$76.11
Annualized volatility	35.4%
Short interest (ETF)	0.6%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	45
Turnover	1.3%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$82

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 85 potential alternatives to the Sprott Junior Gold Miners ETF ETF based on the alternatives' overlap in portfolio holdings with SGDJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SGDJ

Expense:

50 bp

ALTAR Score™:

2.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SGDJ
Ticker	Fund Name	Overlap¹ vs SGDJ (%)	Expense ratio (bp)	Savings vs SGDJ (bp)	ALTAR Score™ (%)	ALTAR vs SGDJ (%)
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	15.9	60	-10	2.5	+0.0
AUMI	Themes Gold Miners ETF	8.0	35	15	3.7	+1.2
GDXJ	VanEck Junior Gold Miners ETF	7.2	52	-2	3.3	+0.9
SGDM	Sprott Gold Miners ETF	6.1	50	0	3.3	+0.8
SLVP	iShares MSCI Global Silver Miners ETF	5.5	39	11	4.6	+2.1
RING	iShares MSCI Global Gold Miners ETF	5.5	39	11	4.0	+1.5
SILJ	ETFMG Prime Junior Silver Miners ETF	4.5	69	-19	0.6	-1.9
AGMI	Themes Silver Miners ETF	4.0	35	15	4.3	+1.8
AUAU	Global X Gold Miners ETF	3.6	35	15	2.9	+0.5
COPA	Themes Copper Miners ETF	1.9	35	15	3.0	+0.5
AVDV	Avantis International Small Cap Value ETF	1.8	36	14	7.7	+5.3
GWX	SPDR S&P International Small Cap ETF	1.8	40	10	5.9	+3.4
COLO	Global X MSCI Colombia ETF	1.7	62	-12	14.2	+11.7
TUR	iShares MSCI Turkey ETF	1.7	58	-8	13.4	+11.0
AVDS	Avantis International Small Cap Equity ETF	1.2	30	20	5.9	+3.5
SIL	Global X Silver Miners ETF	1.2	65	-15	2.0	-0.4
CCNR	ALPS CoreCommodity Natural Resources ETF	1.1	39	11	8.3	+5.9
FYLD	Cambria Foreign Shareholder Yield ETF	1.0	59	-9	9.9	+7.5
GDX	VanEck Gold Miners ETF	1.0	51	-1	3.3	+0.9
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.8	8	42	6.3	+3.9
DFIS	Dimensional International Small Cap ETF	0.7	39	11	6.0	+3.6
DISV	Dimensional International Small Cap Value ETF	0.6	42	8	7.9	+5.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.6	39	11	6.8	+4.3
ISCF	iShares International SmallCap Equity Factor ETF	0.5	23	27	7.1	+4.7
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.5	80	-30	9.2	+6.7
NANR	SPDR S&P North American Natural Resources ETF	0.4	35	15	6.4	+4.0
DXIV	Dimensional International Vector Equity ETF	0.4	34	16	6.5	+4.0
SCZ	iShares MSCI EAFE Small-Cap ETF	0.4	40	10	6.0	+3.6
SCHC	Schwab International Small-Cap Equity ETF	0.4	11	39	6.6	+4.1
VIDI	Vident International Equity Strategy ETF	0.4	61	-11	8.2	+5.7
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.4	80	-30	12.4	+9.9
COPX	Global X Copper Miners ETF	0.4	65	-15	4.2	+1.7
ECNS	iShares MSCI China Small-Cap ETF	0.3	59	-9	9.7	+7.2
AVDE	Avantis International Equity ETF	0.3	23	27	6.0	+3.6
WSML	iShares MSCI World Small-Cap ETF	0.3	15	35	5.2	+2.7
ICOP	iShares Copper and Metals Mining ETF	0.3	47	3	5.5	+3.0
DFIC	Dimensional International Core Equity 2 ETF	0.2	23	27	6.1	+3.6
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.2	49	1	5.9	+3.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	-15	6.7	+4.3
FNDC	Schwab Fundamental International Small Co. Index ETF	0.2	39	11	6.6	+4.2
DFSI	Dimensional International Sustainability Core 1 ETF	0.2	24	26	5.5	+3.0
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.2	70	-20	9.2	+6.8
IPAC	iShares Core MSCI Pacific ETF	0.2	9	41	5.3	+2.8
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.2	58	-8	8.5	+6.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.2	70	-20	6.6	+4.1
AVSD	Avantis Responsible International Equity ETF	0.2	23	27	5.7	+3.3
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.2	42	8	7.8	+5.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	20	6.3	+3.8
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.1	39	11	6.1	+3.6
IDEV	iShares Core MSCI International Developed Markets ETF	0.1	4	46	5.8	+3.4
DFAI	Dimensional International Core Equity Market ETF	0.1	18	32	5.9	+3.4
VPL	Vanguard FTSE Pacific ETF	0.1	7	43	5.1	+2.7
VEA	Vanguard FTSE Developed Markets ETF	0.1	3	47	5.8	+3.3
VSGX	Vanguard ESG International Stock ETF	0.1	10	40	6.4	+4.0
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	43	6.4	+4.0
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.1	39	11	8.1	+5.6
VXUS	Vanguard Total International Stock ETF	0.1	5	45	6.5	+4.0
IEFA	iShares Core MSCI EAFE ETF	0.1	7	43	5.9	+3.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	41	4.7	+2.3
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.1	33	17	6.1	+3.6
WRND	IQ Global Equity R&D Leaders ETF	0.0	18	32	3.9	+1.5
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	47	5.7	+3.2
VT	Vanguard Total World Stock ETF	0.0	6	44	4.9	+2.4
EMGF	iShares Emerging Markets Equity Factor ETF	0.0	25	25	8.9	+6.4
VEXC	Vanguard Emerging Markets Ex-China ETF	0.0	7	43	5.6	+3.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	41	8.2	+5.7
RNEM	First Trust Emerging Markets Equity Select ETF	0.0	75	-25	7.7	+5.3
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	43	9.0	+6.6
SCHE	Schwab Emerging Markets Equity ETF	0.0	11	39	9.3	+6.8
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	15	7.0	+4.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.0	29	21	6.8	+4.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.0	32	18	7.5	+5.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.0	15	35	5.6	+3.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	9	6.9	+4.4
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	14	7.5	+5.1
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	-9	8.5	+6.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	12	7.0	+4.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	35	8.8	+6.3
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	39	24.0	+21.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	46	6.5	+4.1
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	43	9.4	+6.9
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	17	7.0	+4.6
AVES	Avantis Emerging Markets Value ETF	0.0	36	14	9.0	+6.5
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.0	53	-3	5.1	+2.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	32	6.2	+3.7

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Sprott Junior Gold Miners ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.9	%
Divided by: Fwd. P/BV	4.0	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	2.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.