ETF Research Center

NIKL tracks an index of nickel related companies around the globe. Securities are selected based on revenue and weighted by market-cap.

FUND BASICS
Category	Global Equities
Fund Sponsor	Sprott
Website	www.sprottetfs.com/nikl-sprott-nickel-miners-etf/
Inception date	Mar 21, 2023
Assets (mns)	$10
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	8
Wgt avg mkt cap (mns)	$794
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	25.5%
Small cap (<$2bn)	74.5%
Developed mkts	66.5%
Emerging mkts	33.5%

TOP TEN HOLDINGS
Total	70.4 %
NICKEL MINES LTD.	15.9 %
MERDEKA BATTERY MATERIALS TBK PT	11.8 %
INTERNATIONAL NICKEL INDONES	7.3 %
TALON METALS CORP.	7.1 %
INDEPENDENCE GROUP NL	6.2 %
POWER METALLIC MINES, INC.	5.0 %
MAGNA MINING, INC.	4.7 %
LIFEZONE HOLDINGS LTD	4.5 %
TRIMEGAH BANGUN PERSADA TBK PT	4.1 %
NICKEL ASIA CORP	3.8 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	24.0 %
	INDONESIA	10.0 %
	UNITED STATES	4.9 %
	PHILIPPINES	4.6 %
	CHINA	3.8 %

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.
8.5%	-6.9%	--	--	-15.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	7%
MSCI EAFE	0.29	2%
MSCI Emg. Mkts.	0.34	2%

Technical Indicators
Recent close	$12.81
30d moving avg.	$12.36
Annualized volatility	29.1%
Short interest (ETF)	0.7%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	15
Turnover	1.9%
Bid/Ask (% of price)	0.76%
ADV underlying (mns)	$17

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 88 potential alternatives to the Sprott Nickel Miners ETF ETF based on the alternatives' overlap in portfolio holdings with NIKL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NIKL

Expense:

75 bp

ALTAR Score™:

10.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NIKL
Ticker	Fund Name	Overlap¹ vs NIKL (%)	Expense ratio (bp)	Savings vs NIKL (bp)	ALTAR Score™ (%)	ALTAR vs NIKL (%)
ION	ProShares S&P Global Core Battery Metals ETF	9.3	58	17	9.7	-0.4
LIMI	Themes Lithium & Battery Metal Miners ETF	8.3	35	40	7.1	-3.1
LITP	Sprott Lithium Miners ETF	4.4	65	10	2.0	-8.2
SETM	Sprott Energy Transition Materials ETF	4.2	65	10	2.8	-7.4
IDX	VanEck Indonesia Index ETF	2.5	57	18	7.2	-2.9
LIT	Global X Lithium & Battery Tech ETF	2.1	75	0	4.8	-5.3
WBAT	WisdomTree Battery Value Chain and Innovation Fund	2.0	45	30	4.0	-6.2
DMAT	Global X Disruptive Materials ETF	1.7	59	16	7.8	-2.3
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	1.7	72	3	-0.9	-11.1
GOEX	Global X Gold Explorers ETF	1.5	65	10	3.3	-6.8
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	1.5	85	-10	8.7	-1.4
BATT	Amplify Lithium & Battery Technology ETF	1.3	59	16	3.6	-6.5
COPA	Themes Copper Miners ETF	1.2	35	40	5.9	-4.3
EIDO	iShares MSCI Indonesia ETF	1.2	59	16	8.1	-2.1
DRIV	Global X Autonomous & Electric Vehicles ETF	1.1	68	7	5.0	-5.1
CGV	Conductor Global Equity Value ETF	1.1	130	-55	8.3	-1.9
RING	iShares MSCI Global Gold Miners ETF	0.9	39	36	4.7	-5.5
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.8	80	-5	13.8	+3.7
DVYA	iShares Asia/Pacific Dividend ETF	0.7	49	26	7.7	-2.5
XT	iShares Exponential Technologies ETF	0.6	46	29	4.9	-5.2
CARZ	First Trust NASDAQ Global Auto Index Fund	0.5	70	5	4.8	-5.3
VIDI	Vident International Equity Strategy ETF	0.5	61	14	10.9	+0.8
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.5	90	-15	7.0	-3.1
GMET	VanEck Green Metals ETF	0.5	63	12	9.1	-1.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.4	70	5	7.6	-2.6
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.3	39	36	12.7	+2.6
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	17	8.1	-2.1
DISV	Dimensional International Small Cap Value ETF	0.2	42	33	9.1	-1.1
CCNR	ALPS CoreCommodity Natural Resources ETF	0.2	39	36	11.0	+0.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	26	6.8	-3.3
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.1	70	5	7.8	-2.4
AVDS	Avantis International Small Cap Equity ETF	0.1	30	45	7.3	-2.8
FLAU	Franklin FTSE Australia ETF	0.1	9	66	6.1	-4.1
DFIS	Dimensional International Small Cap ETF	0.1	39	36	7.3	-2.8
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	35	6.9	-3.3
DFEV	Dimensional Emerging Markets Value ETF	0.1	43	32	13.4	+3.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.1	38	37	9.3	-0.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	67	6.1	-4.0
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.1	33	42	8.8	-1.3
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	52	8.2	-2.0
DTH	WisdomTree International High Dividend Fund	0.1	58	17	8.4	-1.7
FNDC	Schwab Fundamental International Small Co. Index ETF	0.1	39	36	5.8	-4.4
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	64	6.6	-3.5
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.0	53	22	7.9	-2.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.0	15	60	7.8	-2.3
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	42	8.8	-1.4
DXIV	Dimensional International Vector Equity ETF	0.0	34	41	7.8	-2.3
VPL	Vanguard FTSE Pacific ETF	0.0	7	68	6.8	-3.3
IPAC	iShares Core MSCI Pacific ETF	0.0	9	66	6.3	-3.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	45	7.9	-2.3
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.0	44	31	10.7	+0.5
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	40	9.4	-0.7
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	68	10.3	+0.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	60	8.1	-2.1
DWM	WisdomTree International Equity Fund	0.0	48	27	7.4	-2.8
GWX	SPDR S&P International Small Cap ETF	0.0	40	35	6.0	-4.1
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	68	7.9	-2.2
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	51	6.3	-3.8
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	66	10.6	+0.5
VXUS	Vanguard Total International Stock ETF	0.0	5	70	7.9	-2.2
VSGX	Vanguard ESG International Stock ETF	0.0	10	65	7.7	-2.5
IEFA	iShares Core MSCI EAFE ETF	0.0	7	68	7.0	-3.1
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	72	7.2	-2.9
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	72	7.0	-3.1
RSSL	Global X Russell 2000 ETF	0.0	8	67	4.4	-5.8
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.0	40	35	7.4	-2.7
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.0	15	60	10.4	+0.3
AVDE	Avantis International Equity ETF	0.0	23	52	7.4	-2.8
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	64	10.2	+0.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	16	9.0	-1.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	39	10.0	-0.2
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	36	6.7	-3.4
JHEM	John Hancock Multifactor Emerging Markets ETF	0.0	49	26	10.3	+0.2
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	36	7.9	-2.2
FLAX	Franklin FTSE Asia Ex Japan ETF	0.0	19	56	9.4	-0.7
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	71	7.0	-3.2
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	71	8.1	-2.0
DFAI	Dimensional International Core Equity Market ETF	0.0	18	57	7.1	-3.0
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	68	10.7	+0.5
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	52	7.4	-2.7
SCHF	Schwab International Equity ETF	0.0	6	69	7.3	-2.8
SCHE	Schwab Emerging Markets Equity ETF	0.0	11	64	11.1	+1.0
VT	Vanguard Total World Stock ETF	0.0	6	69	5.9	-4.3
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	34	8.7	-1.4
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	33	5.4	-4.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	66	5.7	-4.4
AVES	Avantis Emerging Markets Value ETF	0.0	36	39	11.1	+1.0
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	57	7.9	-2.3

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	10.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.