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)	$11
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)	$752
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	69.3 %
NICKEL MINES LTD.	17.1 %
MERDEKA BATTERY MATERIALS TBK PT	12.2 %
INTERNATIONAL NICKEL INDONES	6.5 %
INDEPENDENCE GROUP NL	5.6 %
MAGNA MINING, INC.	5.4 %
POWER METALLIC MINES, INC.	5.0 %
LIFEZONE HOLDINGS LTD	4.8 %
TALON METALS CORP.	4.4 %
NICKEL ASIA CORP	4.3 %
ANEKA TAMBANG TBK PT	3.9 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	25.4 %
	INDONESIA	10.4 %
	UNITED STATES	4.9 %
	PHILIPPINES	4.3 %
	CHINA	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.0%	-11.4%	--	--	-15.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	6%
MSCI EAFE	0.20	1%
MSCI Emg. Mkts.	0.43	3%

Technical Indicators
Recent close	$11.77
30d moving avg.	$11.18
Annualized volatility	29.5%
Short interest (ETF)	0.5%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	17
Turnover	1.8%
Bid/Ask (% of price)	0.76%
ADV underlying (mns)	$17

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 84 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™:

11.0%

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	11.3	+0.3
LIMI	Themes Lithium & Battery Metal Miners ETF	8.3	35	40	7.9	-3.1
LITP	Sprott Lithium Miners ETF	4.4	65	10	5.0	-6.0
SETM	Sprott Energy Transition Materials ETF	4.3	65	10	3.6	-7.4
IDX	VanEck Indonesia Index ETF	2.6	57	18	9.6	-1.4
LIT	Global X Lithium & Battery Tech ETF	2.0	75	0	5.4	-5.6
WBAT	WisdomTree Battery Value Chain and Innovation Fund	2.0	45	30	4.5	-6.5
DMAT	Global X Disruptive Materials ETF	1.7	59	16	9.4	-1.6
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	1.7	72	3	-0.8	-11.8
GOEX	Global X Gold Explorers ETF	1.6	65	10	4.3	-6.7
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	1.5	85	-10	9.9	-1.1
COPA	Themes Copper Miners ETF	1.4	35	40	6.3	-4.7
BATT	Amplify Lithium & Battery Technology ETF	1.2	59	16	3.8	-7.2
EIDO	iShares MSCI Indonesia ETF	1.1	59	16	9.9	-1.1
CGV	Conductor Global Equity Value ETF	1.1	130	-55	8.7	-2.3
RING	iShares MSCI Global Gold Miners ETF	0.9	39	36	5.6	-5.4
DRIV	Global X Autonomous & Electric Vehicles ETF	0.9	68	7	5.4	-5.6
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.8	80	-5	14.4	+3.4
DVYA	iShares Asia/Pacific Dividend ETF	0.7	49	26	8.4	-2.6
CARZ	First Trust NASDAQ Global Auto Index Fund	0.5	70	5	5.2	-5.8
XT	iShares Exponential Technologies ETF	0.5	46	29	4.8	-6.2
GMET	VanEck Green Metals ETF	0.4	63	12	9.3	-1.7
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.4	70	5	8.1	-2.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.3	39	36	13.6	+2.6
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	17	8.4	-2.6
DISV	Dimensional International Small Cap Value ETF	0.2	42	33	9.5	-1.5
AVDS	Avantis International Small Cap Equity ETF	0.1	30	45	7.6	-3.4
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.1	70	5	7.8	-3.2
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	26	6.9	-4.1
FLAU	Franklin FTSE Australia ETF	0.1	9	66	6.2	-4.8
DFIS	Dimensional International Small Cap ETF	0.1	39	36	7.4	-3.6
DFEV	Dimensional Emerging Markets Value ETF	0.1	43	32	13.3	+2.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	35	7.0	-4.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.1	38	37	9.4	-1.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	8	67	6.8	-4.2
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.1	33	42	8.6	-2.4
ISCF	iShares International SmallCap Equity Factor ETF	0.1	23	52	8.4	-2.6
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	64	6.8	-4.2
DTH	WisdomTree International High Dividend Fund	0.1	58	17	8.9	-2.1
FNDC	Schwab Fundamental International Small Co. Index ETF	0.1	39	36	5.9	-5.1
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.0	53	22	7.7	-3.3
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	42	9.2	-1.8
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.0	15	60	7.6	-3.4
DXIV	Dimensional International Vector Equity ETF	0.0	34	41	8.0	-3.0
IPAC	iShares Core MSCI Pacific ETF	0.0	9	66	6.7	-4.3
VPL	Vanguard FTSE Pacific ETF	0.0	7	68	7.1	-3.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	45	8.1	-2.9
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.0	44	31	10.9	-0.1
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	40	9.4	-1.6
GWX	SPDR S&P International Small Cap ETF	0.0	40	35	6.3	-4.7
DWM	WisdomTree International Equity Fund	0.0	48	27	7.5	-3.5
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	60	8.2	-2.8
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	68	10.6	-0.4
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	66	10.5	-0.5
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	68	8.0	-3.0
VXUS	Vanguard Total International Stock ETF	0.0	5	70	8.0	-3.0
VSGX	Vanguard ESG International Stock ETF	0.0	10	65	7.9	-3.1
IEFA	iShares Core MSCI EAFE ETF	0.0	7	68	7.2	-3.8
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	72	7.2	-3.8
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	72	7.3	-3.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	36	6.7	-4.3
JHEM	John Hancock Multifactor Emerging Markets ETF	0.0	49	26	10.4	-0.6
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	36	8.2	-2.8
RSSL	Global X Russell 2000 ETF	0.0	8	67	4.5	-6.5
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.0	40	35	7.6	-3.4
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	64	10.1	-0.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	16	11.7	+0.7
FLAX	Franklin FTSE Asia Ex Japan ETF	0.0	19	56	9.5	-1.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	39	9.9	-1.1
AVDE	Avantis International Equity ETF	0.0	23	52	7.6	-3.4
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.0	15	60	10.4	-0.6
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	68	10.6	-0.4
DFAI	Dimensional International Core Equity Market ETF	0.0	18	57	7.3	-3.7
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	52	7.6	-3.4
SCHF	Schwab International Equity ETF	0.0	6	69	7.4	-3.6
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	71	7.2	-3.8
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	71	8.2	-2.8
VT	Vanguard Total World Stock ETF	0.0	6	69	6.0	-5.0
SCHE	Schwab Emerging Markets Equity ETF	0.0	11	64	11.1	+0.1
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	34	8.9	-2.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	66	5.9	-5.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	57	7.6	-3.4
ESGG	FlexShares STOXX Global ESG Select Index Fund	0.0	42	33	5.4	-5.6
AVES	Avantis Emerging Markets Value ETF	0.0	36	39	11.6	+0.6

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	12.0	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	11.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.57

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.