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)	$54
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	49
Wgt avg mkt cap (mns)	$929
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	1.2%
Small cap (<$2bn)	98.8%
Developed mkts	84.9%
Emerging mkts	15.2%

TOP TEN HOLDINGS
Total	48.7 %
KOZA ALTIN ISLETMELERI AS	6.8 %
CENTAMIN EGYPT LTD	5.4 %
WESDOME GOLD MINES LTD	5.1 %
LUNDIN GOLD INC.	5.0 %
ANEKA TAMBANG TBK PT	4.8 %
REGIS RESOURCES LTD	4.6 %
PERSEUS MINING LTD	4.6 %
SARACEN MINERAL HOLDINGS LTD	4.6 %
HOCHSCHILD MINING PLC	3.9 %
HIGHLAND GOLD MINING LTD	3.7 %

TOP COUNTRY EXPOSURE
	CANADA	34.3 %
	AUSTRALIA	28.9 %
	BRITAIN	18.2 %
	TURKEY	6.4 %
	INDONESIA	4.3 %
	UNITED STATES	2.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.4%	40.5%	--	--	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.15	1%
MSCI EAFE	0.28	1%
MSCI Emg. Mkts.	0.44	5%

Technical Indicators
Recent close	$30.97
30d moving avg.	$30.85
Annualized volatility	26.4%
Short interest (ETF)	0.7%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	17
Turnover	1.0%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$213

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ALPS Sprott Junior Gold Miners 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™:

2.1%

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 (%)
GOEX	Global X Gold Explorers	46.2	65	-15	2.3	+0.2
GDXJ	VanEck Vectors Jr. Gold Miners	21.4	53	-3	2.4	+0.3
GOAU	U.S. Global GO GOLD and Precious Metal Miners	17.9	60	-10	3.6	+1.5
SLVP	iShares MSCI Global Silver Miners	9.2	39	11	0.5	-1.6
RING	iShares MSCI Global Gold Miners	9.0	39	11	2.9	+0.8
SGDM	Sprott Gold Miners	7.2	50	0	2.8	+0.7
GDX	VanEck Vectors Gold Miners ETF	6.9	52	-2	2.5	+0.4
SILJ	ETFMG Prime Junior Silver	6.8	69	-19	-0.8	-2.8
RSXJ	VanEck Vectors Russia Small	6.2	76	-26	9.1	+7.0
SIL	Global X Silver Miners ETF	4.3	65	-15	1.7	-0.4
EGPT	VanEck Vectors Egypt Index	4.2	98	-48	7.8	+5.7
EPU	iShares MSCI All Peru Capped	3.5	59	-9	4.3	+2.2
AVDV	Avantis International Small Cap Value	2.0	36	14	7.0	+5.0
ISCF	iShares FactorSelect MSCI Intl Small-Cap	2.0	40	10	6.9	+4.8
XME	SPDR Metals & Mining ETF	2.0	35	15	2.2	+0.1
TUR	iShares MSCI Turkey Investable	1.9	59	-9	16.4	+14.3
FDTS	First Trust Dev Mkts ex-US Small Cap Alpha	1.8	80	-30	9.1	+7.1
GWX	SPDR International SmallCap	1.5	40	10	4.6	+2.6
ISDS	Invesco Strategic Developed ex-US Small Company	1.4	35	15	5.1	+3.0
BATT	Amplify Advanced Battery Metals & Materials	1.4	72	-22	1.3	-0.8

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ALPS Sprott Junior Gold Miners
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	3.1	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	2.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.31	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.