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)	$279
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	24
Wgt avg mkt cap (mns)	$1,269
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	51.4 %
RAMELIUS RESOURCES LTD	8.1 %
RESOLUTE MINING LTD	6.3 %
OCEANAGOLD CORP.	6.0 %
REGIS RESOURCES LTD	5.0 %
MCEWEN, INC.	4.8 %
K92 MINING, INC.	4.5 %
WESTGOLD RESOURCES LTD	4.3 %
SEABRIDGE GOLD INC	4.2 %
DRDGOLD LTD	4.2 %
CENTERRA GOLD INC	4.1 %

TOP COUNTRY EXPOSURE
	CANADA	36.6 %
	AUSTRALIA	32.7 %
	SOUTH AFRICA	6.9 %
	TURKEY	4.2 %
	BRITAIN	3.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
115.8%	94.2%	12.6%	15.4%	12.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	8%
MSCI EAFE	0.81	12%
MSCI Emg. Mkts.	0.96	19%

Technical Indicators
Recent close	$75.38
30d moving avg.	$67.76
Annualized volatility	35.6%
Short interest (ETF)	1.1%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	78
Turnover	2.1%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$82

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 84 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™:

3.3%

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 ETF	30.2	65	-15	2.5	-0.8
AUMI	Themes Gold Miners ETF	20.4	35	15	3.7	+0.4
GDXJ	VanEck Junior Gold Miners ETF	11.1	52	-2	3.7	+0.4
SGDM	Sprott Gold Miners ETF	7.1	50	0	2.9	-0.4
RING	iShares MSCI Global Gold Miners ETF	6.8	39	11	3.8	+0.5
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	6.0	60	-10	3.3	0.0
SILJ	ETFMG Prime Junior Silver Miners ETF	6.0	69	-19	1.8	-1.5
SLVP	iShares MSCI Global Silver Miners ETF	4.5	39	11	5.4	+2.2
GDX	VanEck Gold Miners ETF	4.0	51	-1	2.9	-0.4
COLO	Global X MSCI Colombia ETF	3.4	62	-12	16.8	+13.5
CCNR	ALPS CoreCommodity Natural Resources ETF	3.2	39	11	10.5	+7.2
EPU	iShares MSCI Peru and Global Exposure ETF	3.2	59	-9	5.9	+2.6
AVDV	Avantis International Small Cap Value ETF	3.2	36	14	9.4	+6.1
AGMI	Themes Silver Miners ETF	2.9	35	15	4.3	+1.1
IMOM	Alpha Architect International Quantitative Momentum ETF	2.6	49	1	3.2	-0.1
IVAL	Alpha Architect International Quantitative Value ETF	2.3	49	1	10.1	+6.8
GWX	SPDR S&P International Small Cap ETF	2.1	40	10	6.1	+2.8
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	1.9	80	-30	10.8	+7.5
AVDS	Avantis International Small Cap Equity ETF	1.5	30	20	7.3	+4.1
SIL	Global X Silver Miners ETF	1.4	65	-15	2.5	-0.8
DISV	Dimensional International Small Cap Value ETF	1.1	42	8	9.1	+5.8
DFIS	Dimensional International Small Cap ETF	1.1	39	11	7.4	+4.1
FYLD	Cambria Foreign Shareholder Yield ETF	1.1	59	-9	12.0	+8.7
VIDI	Vident International Equity Strategy ETF	1.1	61	-11	11.1	+7.8
COPA	Themes Copper Miners ETF	1.0	35	15	4.9	+1.6
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.8	59	-9	7.6	+4.4
SCHC	Schwab International Small-Cap Equity ETF	0.7	11	39	6.7	+3.4
SCZ	iShares MSCI EAFE Small-Cap ETF	0.7	40	10	7.0	+3.7
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.7	8	42	6.2	+2.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.6	49	1	7.0	+3.7
DXIV	Dimensional International Vector Equity ETF	0.5	34	16	8.0	+4.7
AVDE	Avantis International Equity ETF	0.5	23	27	7.4	+4.1
DLS	WisdomTree International SmallCap Dividend Fund	0.4	58	-8	8.3	+5.0
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.4	39	11	8.0	+4.7
NANR	SPDR S&P North American Natural Resources ETF	0.4	35	15	7.8	+4.5
ISCF	iShares International SmallCap Equity Factor ETF	0.4	23	27	8.3	+5.0
FNDC	Schwab Fundamental International Small Co. Index ETF	0.4	39	11	5.9	+2.6
DFIC	Dimensional International Core Equity 2 ETF	0.3	23	27	7.5	+4.2
IPAC	iShares Core MSCI Pacific ETF	0.3	9	41	6.5	+3.2
DFE	WisdomTree Europe SmallCap Dividend Fund	0.3	58	-8	8.3	+5.0
IEUS	iShares MSCI Europe Small-Cap ETF	0.2	42	8	7.4	+4.1
DFSI	Dimensional International Sustainability Core 1 ETF	0.2	24	26	6.4	+3.1
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	20	8.0	+4.7
VPL	Vanguard FTSE Pacific ETF	0.2	7	43	7.0	+3.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.2	58	-8	10.2	+6.9
INTF	iShares International Equity Factor ETF	0.2	15	35	7.7	+4.4
AVSD	Avantis Responsible International Equity ETF	0.2	23	27	5.7	+2.4
DFAI	Dimensional International Core Equity Market ETF	0.2	18	32	7.2	+3.9
IDEV	iShares Core MSCI International Developed Markets ETF	0.1	4	46	7.0	+3.7
VTWG	Vanguard Russell 2000 Growth ETF	0.1	10	40	1.4	-1.9
IWO	iShares Russell 2000 Growth ETF	0.1	24	26	1.3	-2.0
IEFA	iShares Core MSCI EAFE ETF	0.1	7	43	7.1	+3.8
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.1	42	8	10.0	+6.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	-15	8.0	+4.7
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	43	7.9	+4.6
VEA	Vanguard FTSE Developed Markets ETF	0.1	3	47	7.3	+4.0
IGE	iShares North American Natural Resources ETF	0.1	41	9	7.6	+4.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	41	5.7	+2.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.1	40	10	7.5	+4.2
VSGX	Vanguard ESG International Stock ETF	0.1	10	40	7.7	+4.4
VXUS	Vanguard Total International Stock ETF	0.1	5	45	7.9	+4.7
VTWO	Vanguard Russell 2000 ETF	0.1	7	43	4.4	+1.1
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.1	70	-20	7.9	+4.6
IWM	iShares Russell 2000 ETF	0.1	19	31	4.3	+1.0
DWM	WisdomTree International Equity Fund	0.1	48	2	7.5	+4.2
AVXC	Avantis Emerging Markets Ex-China Equity ETF	0.1	33	17	8.7	+5.4
RSSL	Global X Russell 2000 ETF	0.1	8	42	4.4	+1.1
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	47	7.0	+3.7
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	11	6.8	+3.6
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.0	85	-35	8.8	+5.5
IEUR	iShares Core MSCI Europe ETF	0.0	11	39	7.4	+4.1
VT	Vanguard Total World Stock ETF	0.0	6	44	5.9	+2.6
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	41	10.5	+7.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	-9	9.0	+5.7
VGK	Vanguard FTSE Europe ETF	0.0	6	44	7.6	+4.3
IWN	iShares Russell 2000 Value ETF	0.0	24	26	7.4	+4.2
VTWV	Vanguard Russell 2000 Value ETF	0.0	10	40	7.5	+4.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	12	9.3	+6.1
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	43	10.3	+7.0
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	15	9.4	+6.1
SPEU	SPDR Portfolio Europe ETF	0.0	7	43	7.5	+4.2
VTHR	Vanguard Russell 3000 ETF	0.0	7	43	4.9	+1.6
IWV	iShares Russell 3000 ETF	0.0	20	30	4.8	+1.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	9	8.8	+5.5

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	12.4	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.