ETF Research Center

COPJ seeks to track an index of small copper miners around the globe, primarily those with revenues tied to the mining, development and production of copper. Securities are selected using a fundamental, proprietary methodology and weighted by market cap.

FUND BASICS
Category	Global Equities
Fund Sponsor	Sprott
Website	www.sprottetfs.com/copj-sprott-junior-copper-miners-etf/
Inception date	Jan 02, 2023
Assets (mns)	$7
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	19
Wgt avg mkt cap (mns)	$483
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	7.5%
Small cap (<$2bn)	92.5%
Developed mkts	91.7%
Emerging mkts	8.3%

TOP TEN HOLDINGS
Total	48.3 %
NORTHERN DYNASTY MINERALS	6.8 %
TASEKO MINES LTD	5.3 %
SOLARIS RESOURCES INC	5.0 %
ATALAYA MINING PLC	4.9 %
NGEX MINERALS LTD.	4.9 %
SANDFIRE RESOURCES NL	4.8 %
CENTRAL ASIA METALS PLC	4.5 %
JINCHUAN GROUP INTERNATIONAL RESOU	4.2 %
FIREFLY METALS, LTD.	4.1 %
ERO COPPER CORP.	3.9 %

TOP COUNTRY EXPOSURE
	CANADA	38.4 %
	AUSTRALIA	8.5 %
	BRITAIN	7.2 %
	CYPRUS	4.7 %
	HONG KONG	4.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.6%	6.1%	--	--	-1.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	28%
MSCI EAFE	1.33	55%
MSCI Emg. Mkts.	1.43	52%

Technical Indicators
Recent close	$19.80
30d moving avg.	$19.89
Annualized volatility	24.9%
Short interest (ETF)	0.5%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	20
Turnover	6.1%
Bid/Ask (% of price)	0.73%
ADV underlying (mns)	$19

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 79 potential alternatives to the Sprott Junior Copper Miners ETF ETF based on the alternatives' overlap in portfolio holdings with COPJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

COPJ

Expense:

75 bp

ALTAR Score™:

4.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH COPJ
Ticker	Fund Name	Overlap¹ vs COPJ (%)	Expense ratio (bp)	Savings vs COPJ (bp)	ALTAR Score™ (%)	ALTAR vs COPJ (%)
COPA	Themes Copper Miners ETF	12.4	35	40	9.0	+5.0
COPX	Global X Copper Miners ETF	10.2	65	10	8.9	+4.8
ICOP	iShares Copper and Metals Mining ETF	4.8	47	28	10.0	+5.9
BRAZ	Global X Brazil Active ETF	3.9	75	0	13.1	+9.0
ION	ProShares S&P Global Core Battery Metals ETF	3.4	58	17	11.2	+7.1
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	3.0	85	-10	8.0	+3.9
LIVR	Intelligent Livermore ETF	2.1	69	6	8.2	+4.1
SETM	Sprott Energy Transition Materials ETF	1.6	65	10	4.7	+0.6
BATT	Amplify Lithium & Battery Technology ETF	1.6	59	16	3.8	-0.3
IFRA	iShares U.S. Infrastructure ETF	0.7	30	45	6.8	+2.8
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.7	39	36	14.1	+10.1
DISV	Dimensional International Small Cap Value ETF	0.4	42	33	9.7	+5.6
XME	SPDR S&P Metals & Mining ETF	0.4	35	40	10.3	+6.2
AVDV	Avantis International Small Cap Value ETF	0.3	36	39	10.9	+6.9
ISCF	iShares International SmallCap Equity Factor ETF	0.3	23	52	8.6	+4.5
DFIS	Dimensional International Small Cap ETF	0.2	39	36	7.9	+3.8
CCNR	ALPS CoreCommodity Natural Resources ETF	0.2	39	36	11.0	+6.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.2	80	-5	11.8	+7.7
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.2	35	40	1.9	-2.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.2	49	26	7.3	+3.3
ECNS	iShares MSCI China Small-Cap ETF	0.2	59	16	10.8	+6.8
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	64	7.1	+3.0
IWC	iShares Micro-Cap ETF	0.1	60	15	-1.1	-5.1
GWX	SPDR S&P International Small Cap ETF	0.1	40	35	6.7	+2.7
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.1	59	16	7.4	+3.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	35	7.4	+3.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	68	7.0	+3.0
AVDE	Avantis International Equity ETF	0.1	23	52	8.0	+3.9
FNDC	Schwab Fundamental International Small Co. Index ETF	0.1	39	36	6.3	+2.2
NANR	SPDR S&P North American Natural Resources ETF	0.1	35	40	8.4	+4.3
DFIC	Dimensional International Core Equity 2 ETF	0.1	23	52	7.9	+3.9
DFSI	Dimensional International Sustainability Core 1 ETF	0.1	24	51	6.6	+2.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	45	8.6	+4.6
IPAC	iShares Core MSCI Pacific ETF	0.0	9	66	7.1	+3.0
VPL	Vanguard FTSE Pacific ETF	0.0	8	67	7.7	+3.6
IWO	iShares Russell 2000 Growth ETF	0.0	24	51	1.5	-2.6
IEUS	iShares MSCI Europe Small-Cap ETF	0.0	42	33	7.2	+3.1
VTWG	Vanguard Russell 2000 Growth ETF	0.0	15	60	1.5	-2.5
SILJ	ETFMG Prime Junior Silver Miners ETF	0.0	69	6	2.7	-1.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	36	8.3	+4.3
VAW	Vanguard Materials ETF	0.0	10	65	6.4	+2.4
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	71	7.4	+3.3
DFAI	Dimensional International Core Equity Market ETF	0.0	18	57	7.6	+3.5
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	0.0	9	66	4.0	-0.1
FMAT	Fidelity MSCI Materials Index ETF	0.0	8	67	6.5	+2.4
AVSD	Avantis Responsible International Equity ETF	0.0	23	52	6.8	+2.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.0	70	5	7.8	+3.7
IWM	iShares Russell 2000 ETF	0.0	19	56	3.6	-0.4
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	68	8.3	+4.2
VTWO	Vanguard Russell 2000 ETF	0.0	10	65	3.8	-0.3
IEFA	iShares Core MSCI EAFE ETF	0.0	7	68	7.4	+3.3
RSSL	Global X Russell 2000 ETF	0.0	8	67	3.6	-0.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	36	7.0	+2.9
VSGX	Vanguard ESG International Stock ETF	0.0	12	63	8.2	+4.1
VEA	Vanguard FTSE Developed Markets ETF	0.0	5	70	7.6	+3.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	34	9.4	+5.3
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	72	7.5	+3.4
ISCG	iShares Morningstar Small-Cap Growth ETF	0.0	6	69	2.7	-1.3
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	42	9.7	+5.6
ISCB	iShares Morningstar Small-Cap ETF	0.0	4	71	5.6	+1.6
VXUS	Vanguard Total International Stock ETF	0.0	7	68	8.3	+4.2
ISCV	iShares Morningstar Small Cap Value ETF	0.0	6	69	8.4	+4.3
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	32	14.5	+10.4
VXF	Vanguard Extended Market ETF	0.0	6	69	4.5	+0.5
DFAS	Dimensional U.S. Small Cap ETF	0.0	26	49	6.9	+2.9
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	66	10.9	+6.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	37	9.9	+5.9
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	40	10.2	+6.1
VT	Vanguard Total World Stock ETF	0.0	7	68	6.4	+2.3
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	61	5.9	+1.8
DFUS	Dimensional U.S. Equity ETF	0.0	9	66	5.5	+1.4
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	58	6.2	+2.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	66	6.0	+1.9
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.0	3	72	5.3	+1.3
IWV	iShares Russell 3000 ETF	0.0	20	55	5.2	+1.1
VTI	Vanguard Total Stock Market ETF	0.0	3	72	5.3	+1.2
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	57	5.8	+1.8
VTHR	Vanguard Russell 3000 ETF	0.0	10	65	5.3	+1.2
AVES	Avantis Emerging Markets Value ETF	0.0	36	39	12.2	+8.1

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 Copper Miners ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.30	CATEGORY AVERAGE	1.55

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.