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)	$360
Currency	USD
Expense ratio	50 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	29
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	42.3 %
ARIS MINING CORP	4.9 %
CENTERRA GOLD INC	4.9 %
ALLIED GOLD CORP.	4.5 %
WESDOME GOLD MINES LTD	4.2 %
FORTUNA MINING CORP.	4.2 %
MIDAS GOLD CORP	4.2 %
VAULT MINERALS LTD	4.0 %
SEABRIDGE GOLD INC	3.9 %
KOZA ALTIN ISLETMELERI AS	3.8 %
KINGSGATE CONSOLIDATED LTD	3.7 %

TOP COUNTRY EXPOSURE
	CANADA	36.6 %
	AUSTRALIA	34.5 %
	TURKEY	6.4 %
	UNITED STATES	5.3 %
	SOUTH AFRICA	2.9 %
	HONG KONG	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.3%	119.7%	21.3%	14.7%	15.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	6%
MSCI EAFE	1.40	23%
MSCI Emg. Mkts.	1.27	25%

Technical Indicators
Recent close	$93.92
30d moving avg.	$94.03
Annualized volatility	35.4%
Short interest (ETF)	0.6%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	78
Turnover	2.0%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$82

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 87 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™:

1.8%

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 (%)
GDXJ	VanEck Junior Gold Miners ETF	7.1	52	-2	2.3	+0.5
AUMI	Themes Gold Miners ETF	6.9	35	15	2.6	+0.8
SGDM	Sprott Gold Miners ETF	6.6	50	0	2.3	+0.5
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	5.5	60	-10	1.8	-0.0
RING	iShares MSCI Global Gold Miners ETF	5.3	39	11	2.9	+1.0
SLVP	iShares MSCI Global Silver Miners ETF	5.2	39	11	3.5	+1.6
SILJ	ETFMG Prime Junior Silver Miners ETF	4.0	69	-19	0.3	-1.5
AGMI	Themes Silver Miners ETF	3.7	35	15	3.6	+1.7
AUAU	Global X Gold Miners ETF	3.7	35	15	2.1	+0.3
COLO	Global X MSCI Colombia ETF	2.9	62	-12	15.5	+13.6
IMOM	Alpha Architect International Quantitative Momentum ETF	2.3	49	1	4.1	+2.3
IVAL	Alpha Architect International Quantitative Value ETF	2.3	49	1	7.5	+5.7
GWX	SPDR S&P International Small Cap ETF	2.2	40	10	5.9	+4.0
COPA	Themes Copper Miners ETF	1.9	35	15	3.2	+1.3
AVDV	Avantis International Small Cap Value ETF	1.7	36	14	7.7	+5.8
TUR	iShares MSCI Turkey ETF	1.7	58	-8	11.7	+9.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.3	80	-30	8.9	+7.1
AVDS	Avantis International Small Cap Equity ETF	1.3	30	20	6.0	+4.2
CCNR	ALPS CoreCommodity Natural Resources ETF	1.3	39	11	7.9	+6.1
SIL	Global X Silver Miners ETF	1.2	65	-15	1.4	-0.4
FYLD	Cambria Foreign Shareholder Yield ETF	1.2	59	-9	10.1	+8.3
HYP	Golden Eagle Dynamic Hypergrowth ETF	1.1	85	-35	-0.8	-2.6
DFIS	Dimensional International Small Cap ETF	0.9	39	11	6.1	+4.3
GDX	VanEck Gold Miners ETF	0.8	51	-1	2.4	+0.5
DISV	Dimensional International Small Cap Value ETF	0.7	42	8	8.1	+6.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.7	8	42	6.3	+4.5
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.7	80	-30	11.3	+9.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.6	39	11	7.0	+5.1
NANR	SPDR S&P North American Natural Resources ETF	0.6	35	15	6.0	+4.2
ISCF	iShares International SmallCap Equity Factor ETF	0.6	23	27	7.2	+5.3
COPX	Global X Copper Miners ETF	0.5	65	-15	4.1	+2.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.5	40	10	6.1	+4.3
ECNS	iShares MSCI China Small-Cap ETF	0.5	59	-9	8.1	+6.3
VIDI	Vident International Equity Strategy ETF	0.5	61	-11	8.4	+6.6
SCHC	Schwab International Small-Cap Equity ETF	0.5	11	39	6.5	+4.7
DXIV	Dimensional International Vector Equity ETF	0.5	34	16	6.5	+4.7
WSML	iShares MSCI World Small-Cap ETF	0.4	15	35	5.5	+3.7
AVDE	Avantis International Equity ETF	0.3	23	27	6.1	+4.3
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.3	49	1	6.0	+4.2
ICOP	iShares Copper and Metals Mining ETF	0.3	47	3	5.4	+3.6
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	-15	6.6	+4.8
DFIC	Dimensional International Core Equity 2 ETF	0.3	23	27	6.2	+4.4
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.2	42	8	7.6	+5.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.2	70	-20	6.5	+4.6
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.2	58	-8	8.4	+6.5
DFSI	Dimensional International Sustainability Core 1 ETF	0.2	24	26	5.6	+3.8
IPAC	iShares Core MSCI Pacific ETF	0.2	9	41	5.5	+3.7
FNDC	Schwab Fundamental International Small Co. Index ETF	0.2	39	11	6.7	+4.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	20	6.4	+4.6
AVSD	Avantis Responsible International Equity ETF	0.1	23	27	6.0	+4.1
VPL	Vanguard FTSE Pacific ETF	0.1	7	43	5.5	+3.7
IDEV	iShares Core MSCI International Developed Markets ETF	0.1	4	46	6.0	+4.2
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.1	39	11	6.1	+4.3
DFAI	Dimensional International Core Equity Market ETF	0.1	18	32	6.0	+4.2
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.1	39	11	8.0	+6.1
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.1	33	17	6.6	+4.7
VEA	Vanguard FTSE Developed Markets ETF	0.1	3	47	6.0	+4.2
VSGX	Vanguard ESG International Stock ETF	0.1	10	40	6.8	+5.0
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	43	6.7	+4.8
IEFA	iShares Core MSCI EAFE ETF	0.1	7	43	6.0	+4.2
IGE	iShares North American Natural Resources ETF	0.1	41	9	5.5	+3.6
VXUS	Vanguard Total International Stock ETF	0.1	5	45	6.7	+4.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	41	5.1	+3.2
WRND	IQ Global Equity R&D Leaders ETF	0.1	18	32	4.2	+2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	47	5.9	+4.1
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	41	8.5	+6.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.0	32	18	7.8	+6.0
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	15	7.3	+5.5
VT	Vanguard Total World Stock ETF	0.0	6	44	5.2	+3.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	9	7.1	+5.3
SCHE	Schwab Emerging Markets Equity ETF	0.0	11	39	9.5	+7.7
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.0	15	35	5.2	+3.4
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	43	9.2	+7.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	35	9.3	+7.5
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	-9	8.8	+7.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.0	15	35	5.9	+4.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	12	7.3	+5.5
VEXC	Vanguard Emerging Markets Ex-China ETF	0.0	7	43	5.9	+4.1
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	39	8.3	+6.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	14	8.0	+6.2
AVES	Avantis Emerging Markets Value ETF	0.0	36	14	9.0	+7.2
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	43	9.6	+7.8
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	46	6.8	+5.0
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	17	7.4	+5.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	32	6.5	+4.7
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.0	53	-3	5.5	+3.7
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.0	85	-35	5.9	+4.0

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	5.1	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	1.8	%

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.