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)	$115
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	36
Wgt avg mkt cap (mns)	$1,215
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	100.0%
Developed mkts	94.7%
Emerging mkts	5.3%

TOP TEN HOLDINGS
Total	52.0 %
OSISKO MINING INC	6.9 %
WESTGOLD RESOURCES LTD	6.5 %
SEABRIDGE GOLD INC	5.4 %
WESDOME GOLD MINES LTD	5.1 %
NEW GOLD INC	5.0 %
ARTEMIS GOLD INC	4.9 %
CENTAMIN EGYPT LTD	4.6 %
CALIBRE MINING CORP.	4.6 %
EMERALD RESOURCES NL	4.5 %
GOLD ROAD RESOURCES LIMITED	4.5 %

TOP COUNTRY EXPOSURE
	CANADA	51.7 %
	AUSTRALIA	30.2 %
	BRITAIN	5.8 %
	INDONESIA	4.3 %
	SOUTH AFRICA	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.5%	5.3%	-0.8%	--	5.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	31%
MSCI EAFE	1.40	49%
MSCI Emg. Mkts.	1.35	44%

Technical Indicators
Recent close	$32.42
30d moving avg.	$34.35
Annualized volatility	35.1%
Short interest (ETF)	0.9%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.6%
Bid/Ask (% of price)	0.56%
ADV underlying (mns)	$107

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 80 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™:

5.4%

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	46.8	65	-15	4.7	-0.7
GDXJ	VanEck Junior Gold Miners ETF	22.8	52	-2	4.6	-0.8
SGDM	Sprott Gold Miners ETF	20.4	50	0	5.2	-0.2
RING	iShares MSCI Global Gold Miners ETF	10.7	39	11	5.5	+0.1
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	10.0	60	-10	8.0	+2.6
GDX	VanEck Gold Miners ETF	8.0	51	-1	4.6	-0.8
SILJ	ETFMG Prime Junior Silver Miners ETF	8.0	69	-19	1.6	-3.8
SLVP	iShares MSCI Global Silver Miners ETF	4.4	39	11	3.5	-1.9
CGV	Conductor Global Equity Value ETF	3.6	130	-80	11.3	+5.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	3.6	80	-30	10.2	+4.8
AZTD	Aztlan Global Stock Selection DM SMID ETF	3.5	75	-25	4.7	-0.7
ARGT	Global X MSCI Argentina ETF	3.4	59	-9	5.6	+0.2
AVDV	Avantis International Small Cap Value ETF	2.8	36	14	8.3	+2.9
DISV	Dimensional International Small Cap Value ETF	2.6	42	8	9.3	+3.9
GWX	SPDR S&P International Small Cap ETF	2.2	40	10	6.7	+1.3
DFIS	Dimensional International Small Cap ETF	1.4	39	11	6.8	+1.4
AFK	VanEck Africa Index ETF	1.3	98	-48	9.2	+3.8
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	1.1	49	1	7.0	+1.6
SCHC	Schwab International Small-Cap Equity ETF	0.9	11	39	6.6	+1.2
EWUS	iShares MSCI United Kingdom Small Cap ETF	0.8	59	-9	5.8	+0.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.8	39	11	7.5	+2.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.8	7	43	6.7	+1.3
SCZ	iShares MSCI EAFE Small-Cap ETF	0.7	40	10	6.4	+1.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.7	70	-20	10.1	+4.7
FNDC	Schwab Fundamental International Small Co. Index ETF	0.7	39	11	7.3	+1.9
IDX	VanEck Indonesia Index ETF	0.6	57	-7	7.7	+2.3
EPU	iShares MSCI Peru and Global Exposure ETF	0.6	59	-9	6.5	+1.1
SIL	Global X Silver Miners ETF	0.6	65	-15	2.7	-2.7
ISCF	iShares International SmallCap Equity Factor ETF	0.6	23	27	9.1	+3.8
AVDE	Avantis International Equity ETF	0.4	23	27	8.1	+2.7
EIDO	iShares MSCI Indonesia ETF	0.4	59	-9	6.9	+1.5
DFIC	Dimensional International Core Equity 2 ETF	0.4	23	27	7.7	+2.3
IEUS	iShares MSCI Europe Small-Cap ETF	0.3	42	8	6.1	+0.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.3	30	20	8.1	+2.7
DFE	WisdomTree Europe SmallCap Dividend Fund	0.3	58	-8	11.1	+5.7
DFSI	Dimensional International Sustainability Core 1 ETF	0.2	24	26	6.3	+0.9
IPAC	iShares Core MSCI Pacific ETF	0.2	9	41	7.1	+1.7
DFAI	Dimensional International Core Equity Market ETF	0.2	18	32	7.2	+1.8
VPL	Vanguard FTSE Pacific ETF	0.2	8	42	7.5	+2.2
DLS	WisdomTree International SmallCap Dividend Fund	0.2	58	-8	8.9	+3.6
IDEV	iShares Core MSCI International Developed Markets ETF	0.1	4	46	7.0	+1.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	0.1	29	21	7.2	+1.8
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	43	7.2	+1.8
VEA	Vanguard FTSE Developed Markets ETF	0.1	5	45	7.2	+1.8
IEFA	iShares Core MSCI EAFE ETF	0.1	7	43	7.0	+1.6
VSGX	Vanguard ESG International Stock ETF	0.1	12	38	6.8	+1.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	41	5.8	+0.4
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	-15	7.2	+1.9
VTWV	Vanguard Russell 2000 Value ETF	0.1	15	35	5.4	-0.0
IWN	iShares Russell 2000 Value ETF	0.1	24	26	5.3	-0.1
VXUS	Vanguard Total International Stock ETF	0.1	7	43	7.2	+1.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.1	39	11	14.0	+8.6
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.0	70	-20	7.6	+2.2
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	47	7.1	+1.7
IGE	iShares North American Natural Resources ETF	0.0	41	9	7.2	+1.8
IWM	iShares Russell 2000 ETF	0.0	19	31	3.1	-2.3
VTWO	Vanguard Russell 2000 ETF	0.0	10	40	3.2	-2.2
RSSL	Global X Russell 2000 ETF	0.0	8	42	2.9	-2.5
VFVA	Vanguard U.S. Value Factor ETF	0.0	13	37	10.7	+5.4
VT	Vanguard Total World Stock ETF	0.0	7	43	5.8	+0.4
IEUR	iShares Core MSCI Europe ETF	0.0	11	39	6.8	+1.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	11	7.6	+2.2
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.0	20	30	5.0	-0.4
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.0	40	10	7.9	+2.5
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0	45	5	8.9	+3.5
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	7	11.7	+6.4
SPEU	SPDR Portfolio Europe ETF	0.0	7	43	6.8	+1.4
VGK	Vanguard FTSE Europe ETF	0.0	11	39	6.9	+1.5
VWO	Vanguard FTSE Emerging Markets ETF	0.0	8	42	7.3	+1.9
DWM	WisdomTree International Equity Fund	0.0	48	2	7.9	+2.5
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	29	4.2	-1.2
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	43	7.7	+2.3
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	41	7.8	+2.4
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	15	7.7	+2.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	12	8.2	+2.8
IWV	iShares Russell 3000 ETF	0.0	20	30	5.0	-0.4
VTHR	Vanguard Russell 3000 ETF	0.0	10	40	5.1	-0.3
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	17	9.3	+3.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	-9	11.8	+6.4
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.0	85	-35	10.0	+4.6

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.36	CATEGORY AVERAGE	1.53

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.