ETF Research Center

Sprott Gold Miners ETF

ALTAR
Score™

3.8%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	17.6x	P/Sales ratio	4.6x
P/BV ratio	2.6x	Div. yield	1.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Sprott Gold Miners ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Sprott Zacks Gold Miners Index, which is made up of of large to mid capitalization gold companies whose stocks are listed on major U.S. exchanges.

FUND BASICS
Category	Global Equities
Fund Sponsor	ALPS Advisors
Website	www.alpsetfs.com
Inception date	Jul 14, 2014
Assets (mns)	$421
Currency	USD
Expense ratio	50 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	30
Wgt avg mkt cap (mns)	$25,490
Large cap (>$10bn)	64.3%
Mid cap ($2-10bn)	23.6%
Small cap (<$2bn)	12.2%
Developed mkts	98.8%
Emerging mkts	1.2%

TOP TEN HOLDINGS
Total	65.9 %
NEWMONT MINING CORP	12.6 %
AGNICO-EAGLE MINES LTD	12.0 %
SILVER WHEATON CORP	8.8 %
LUNDIN GOLD INC.	5.9 %
KINROSS GOLD CORP	5.6 %
ENDEAVOUR MINING PLC	4.5 %
OCEANAGOLD CORP	4.4 %
ROYAL GOLD INC	4.1 %
BARRICK MINING CORP.	4.0 %
ALAMOS GOLD INC.	3.9 %

TOP COUNTRY EXPOSURE
	CANADA	68.3 %
	UNITED STATES	17.2 %
	SOUTH AFRICA	1.6 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
54.9%	54.3%	8.7%	10.2%	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.35	4%
MSCI EAFE	0.82	24%
MSCI Emg. Mkts.	0.96	32%

Technical Indicators
Recent close	$46.72
30d moving avg.	$42.61
Annualized volatility	28.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.6%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	44
Turnover	0.5%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$547

FINDING ALTERNATIVE FUNDS

Below is a list of 394 potential alternatives to the Sprott Gold Miners ETF ETF based on the alternatives' overlap in portfolio holdings with SGDM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SGDM

Expense:

50 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SGDM
Ticker	Fund Name	Overlap¹ vs SGDM (%)	Expense ratio (bp)	Savings vs SGDM (bp)	ALTAR Score™ (%)	ALTAR vs SGDM (%)
RING	iShares MSCI Global Gold Miners ETF	47.8	39	11	5.4	+1.6
AUMI	Themes Gold Miners ETF	35.8	35	15	5.3	+1.4
GOAU	U.S. Global GO GOLD and Precious Metal Miners ETF	29.3	60	-10	3.6	-0.2
GOEX	Global X Gold Explorers ETF	25.8	65	-15	4.0	+0.1
AGMI	Themes Silver Miners ETF	23.9	35	15	6.6	+2.7
SLVP	iShares MSCI Global Silver Miners ETF	20.5	39	11	8.1	+4.3
GDX	VanEck Gold Miners ETF	19.6	51	-1	4.2	+0.4
NANR	SPDR S&P North American Natural Resources ETF	18.1	35	15	8.4	+4.5
SGDJ	Sprott Junior Gold Miners ETF	14.3	50	0	4.8	+1.0
FTWO	Strive FAANG 2.0 ETF	13.5	49	1	4.5	+0.7
SILJ	ETFMG Prime Junior Silver Miners ETF	10.8	69	-19	3.0	-0.9
XME	SPDR S&P Metals & Mining ETF	9.9	35	15	8.7	+4.9
GDXJ	VanEck Junior Gold Miners ETF	9.6	52	-2	5.4	+1.6
MXI	iShares Global Materials ETF	9.3	41	9	8.0	+4.2
GNR	SPDR S&P Global Natural Resources ETF	9.2	40	10	11.6	+7.8
IYM	iShares U.S. Basic Materials ETF	7.9	40	10	6.8	+3.0
INFL	Horizon Kinetics Inflation Beneficiaries ETF	7.8	85	-35	3.9	+0.1
FXZ	First Trust Materials AlphaDEX Fund	7.6	61	-11	11.2	+7.4
EWC	iShares MSCI Canada ETF	7.5	50	0	6.4	+2.6
TIME	Clockwise Core Equity & Innovation ETF	7.3	95	-45	2.9	-1.0
EPU	iShares MSCI Peru and Global Exposure ETF	6.5	59	-9	7.4	+3.6
VAW	Vanguard Materials ETF	6.4	10	40	6.5	+2.6
FEOE	First Eagle Overseas Equity ETF	6.3	79	-29	8.2	+4.4
FEGE	First Eagle Global Equity ETF	5.8	79	-29	7.1	+3.3
XLB	Materials Select Sector SPDR Fund	5.7	8	42	6.2	+2.4
PYZ	Invesco Dorsey Wright Basic Materials Momentum ETF	5.6	60	-10	6.9	+3.1
RSPM	Invesco S&P 500 Equal Weight Materials ETF	5.0	40	10	7.8	+4.0
CBSE	Clough Select Equity ETF	4.9	85	-35	1.1	-2.7
ICOP	iShares Copper and Metals Mining ETF	4.9	47	3	9.2	+5.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	4.9	46	4	10.3	+6.4
FMAT	Fidelity MSCI Materials Index ETF	4.8	8	42	6.5	+2.6
CVAR	Cultivar ETF	4.8	87	-37	7.1	+3.3
FLCA	Franklin FTSE Canada ETF	4.2	9	41	6.8	+3.0
ABEQ	Absolute Select Value ETF	4.1	85	-35	4.7	+0.9
BBCA	JPMorgan BetaBuilders Canada ETF	3.8	19	31	6.6	+2.8
CCNR	ALPS CoreCommodity Natural Resources ETF	3.5	39	11	11.5	+7.7
HAP	VanEck Natural Resources ETF	3.1	50	0	9.7	+5.9
IGE	iShares North American Natural Resources ETF	3.1	41	9	7.8	+4.0
AVDV	Avantis International Small Cap Value ETF	3.0	36	14	10.2	+6.4
FTIF	First Trust Bloomberg Inflation Sensitive Equity ETF	2.8	60	-10	9.2	+5.4
SCHC	Schwab International Small-Cap Equity ETF	2.7	11	39	7.0	+3.2
IVRA	Invesco Real Assets ESG ETF	2.6	59	-9	6.3	+2.4
SDOG	ALPS Sector Dividend Dogs ETF	2.5	36	14	9.6	+5.8
IMTM	iShares MSCI Intl Momentum Factor ETF	2.5	30	20	5.4	+1.6
SIL	Global X Silver Miners ETF	2.5	65	-15	3.7	-0.2
LST	Leuthold Select Industries ETF	2.5	91	-41	5.7	+1.9
DIVL	Madison Dividend Value ETF	2.4	65	-15	6.2	+2.4
SMRI	Bushido Capital US Equity ETF	2.4	71	-21	9.5	+5.7
MBOX	Freedom Day Dividend ETF	2.4	39	11	7.7	+3.9
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	2.4	80	-30	10.2	+6.3
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.3	80	-30	11.5	+7.7
PEXL	Pacer US Export Leaders ETF	2.3	60	-10	5.0	+1.2
QVAL	Alpha Architect US Quantitative Value ETF	2.2	39	11	9.9	+6.1
FFTY	Innovator IBD 50 ETF	2.1	80	-30	0.6	-3.3
REGL	ProShares S&P MidCap 400 Dividend Aristocrats ETF	2.1	40	10	7.5	+3.6
CGV	Conductor Global Equity Value ETF	2.0	130	-80	8.7	+4.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	2.0	49	1	7.1	+3.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	2.0	7	43	7.0	+3.2
OAIM	OneAscent International Equity ETF	2.0	95	-45	5.8	+2.0
IDMO	Invesco S&P International Developed Momentum ETF	2.0	25	25	5.5	+1.7
FTDS	First Trust Dividend Strength ETF	2.0	70	-20	8.1	+4.2
VFLO	VictoryShares Free Cash Flow ETF	1.9	39	11	10.8	+7.0
MGMT	Ballast Small/Mid Cap ETF	1.9	110	-60	9.7	+5.8
XMHQ	Invesco S&P MidCap Quality ETF	1.6	25	25	7.5	+3.7
AFK	VanEck Africa Index ETF	1.6	98	-48	12.4	+8.5
ECML	Euclidean Fundamental Value ETF	1.6	95	-45	12.7	+8.9
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	1.6	20	30	6.0	+2.2
PWV	Invesco Large Cap Value ETF	1.6	55	-5	7.6	+3.8
GWX	SPDR S&P International Small Cap ETF	1.5	40	10	6.4	+2.6
QLV	FlexShares US Quality Low Volatility Index Fund	1.5	22	28	5.8	+2.0
GVLU	Gotham 1000 Value ETF	1.5	50	0	9.3	+5.5
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	1.4	12	38	6.2	+2.3
VOE	Vanguard Mid-Cap Value ETF	1.4	7	43	8.1	+4.2
BIBL	Inspire 100 ETF	1.4	35	15	5.4	+1.6
DFIS	Dimensional International Small Cap ETF	1.4	39	11	7.5	+3.7
SMAP	Amplify Small-Mid Cap Equity ETF	1.3	60	-10	5.7	+1.9
COWZ	Pacer US Cash Cows 100 ETF	1.3	49	1	9.6	+5.8
IMCV	iShares Morningstar Mid-Cap Value ETF	1.2	6	44	8.5	+4.7
DISV	Dimensional International Small Cap Value ETF	1.2	42	8	9.7	+5.8
WWJD	Inspire International ETF	1.1	80	-30	7.4	+3.5
VFVA	Vanguard U.S. Value Factor ETF	1.1	13	37	11.8	+8.0
UMMA	Wahed Dow Jones Islamic World ETF	1.1	65	-15	5.2	+1.4
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	1.1	39	11	8.3	+4.5
PIZ	Invesco Dorsey Wright Developed Markets Momentum ETF	1.1	80	-30	4.9	+1.1
COPY	Tweedy, Browne Insider + Value ETF	1.1	80	-30	12.3	+8.5
YALL	God Bless America ETF	1.1	65	-15	3.8	0.0
IGRO	iShares International Dividend Growth ETF	1.1	15	35	7.1	+3.3
FTA	First Trust Large Cap Value AlphaDEX Fund	1.1	59	-9	9.4	+5.6
XMLV	Invesco S&P MidCap Low Volatility ETF	1.0	25	25	7.6	+3.8
AVSD	Avantis Responsible International Equity ETF	1.0	23	27	5.7	+1.9
QINT	American Century Quality Diversified International ETF	1.0	39	11	7.4	+3.6
FRDM	Freedom 100 Emerging Markets ETF	1.0	49	1	9.0	+5.2
DVY	iShares Select Dividend ETF	1.0	38	12	9.6	+5.8
IDEV	iShares Core MSCI International Developed Markets ETF	1.0	4	46	7.2	+3.4
IQLT	iShares MSCI Intl Quality Factor ETF	1.0	30	20	6.2	+2.4
NUDV	Nuveen ESG Dividend ETF	1.0	26	24	7.7	+3.9
AVIV	Avantis International Large Cap Value ETF	0.9	25	25	8.9	+5.1
FYLD	Cambria Foreign Shareholder Yield ETF	0.9	59	-9	11.9	+8.1
FPXI	First Trust International Equity Opportunities ETF	0.9	70	-20	3.5	-0.3
BLES	Inspire Global Hope ETF	0.9	61	-11	6.9	+3.1
COWG	Pacer US Large Cap Cash Cows Growth Leaders ETF	0.9	49	1	4.4	+0.6
FUNL	CornerCap Fundametrics Large-Cap ETF	0.9	50	0	7.6	+3.8
STXI	Strive International Developed Markets ETF	0.9	29	21	7.0	+3.2
AVDE	Avantis International Equity ETF	0.8	23	27	7.6	+3.8
DARP	Grizzle Growth ETF	0.8	75	-25	3.3	-0.6
DSTL	Distillate US Fundamental Stability & Value ETF	0.8	39	11	8.6	+4.8
VEA	Vanguard FTSE Developed Markets ETF	0.8	5	45	7.4	+3.6
PAMC	Pacer Lunt MidCap Multi-Factor Alternator ETF	0.8	60	-10	6.6	+2.7
DEHP	Dimensional Emerging Markets High Profitability ETF	0.8	41	9	7.0	+3.2
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.8	30	20	8.2	+4.4
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.8	70	-20	3.2	-0.6
LCTD	BlackRock World ex U.S. Carbon Transition Readiness ETF	0.8	20	30	6.6	+2.8
VO	Vanguard Mid-Cap ETF	0.8	4	46	6.0	+2.2
ISCF	iShares International SmallCap Equity Factor ETF	0.8	23	27	8.4	+4.6
ROAM	Hartford Multifactor Emerging Markets ETF	0.8	44	6	12.2	+8.3
SPDW	SPDR Portfolio Developed World ex-US ETF	0.7	3	47	7.2	+3.4
FNDC	Schwab Fundamental International Small Co. Index ETF	0.7	39	11	6.0	+2.2
DFLV	Dimensional US Large Cap Value ETF	0.7	22	28	8.2	+4.3
ESMV	iShares ESG MSCI USA Min Vol Factor ETF	0.7	18	32	5.8	+2.0
IXUS	iShares Core MSCI Total International Stock ETF	0.7	7	43	8.1	+4.3
BOUT	Innovator IBD Breakout Opportunities ETF	0.7	81	-31	3.5	-0.3
VIGI	Vanguard International Dividend Appreciation ETF	0.7	15	35	6.1	+2.3
KLMN	Invesco MSCI North America Climate ETF	0.7	9	41	5.3	+1.5
ISCG	iShares Morningstar Small-Cap Growth ETF	0.7	6	44	3.1	-0.8
SNPD	Xtrackers S&P ESG Dividend Aristocrats ETF	0.7	15	35	7.7	+3.9
VSGX	Vanguard ESG International Stock ETF	0.6	12	38	8.0	+4.2
AVES	Avantis Emerging Markets Value ETF	0.6	36	14	11.8	+8.0
VIDI	Vident International Equity Strategy ETF	0.6	61	-11	11.5	+7.7
ACWX	iShares MSCI ACWI ex U.S. ETF	0.6	34	16	7.9	+4.1
EQAL	Invesco Russell 1000 Equal Weight ETF	0.6	20	30	7.2	+3.4
VXUS	Vanguard Total International Stock ETF	0.6	7	43	8.1	+4.3
IMCB	iShares Morningstar Mid-Cap ETF	0.6	4	46	6.3	+2.4
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	-20	8.1	+4.3
SCHF	Schwab International Equity ETF	0.6	6	44	7.5	+3.6
CWI	SPDR MSCI ACWI ex-US ETF	0.6	30	20	7.9	+4.1
TPIF	Timothy Plan International ETF	0.6	62	-12	6.3	+2.5
BFOR	ALPS Barron's 400 ETF	0.6	65	-15	6.4	+2.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	0.6	29	21	9.1	+5.3
MIDE	Xtrackers S&P MidCap 400 ESG ETF	0.5	15	35	8.5	+4.7
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.5	37	13	6.3	+2.5
FAB	First Trust Multi Cap Value AlphaDEX Fund	0.5	67	-17	10.6	+6.8
GLBL	Pacer MSCI World Industry Advantage ETF	0.5	65	-15	4.4	+0.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.5	20	30	5.9	+2.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.5	12	38	5.4	+1.6
DFUV	Dimensional US Marketwide Value ETF	0.5	22	28	7.9	+4.1
CGGR	Capital Group Growth ETF	0.5	39	11	3.4	-0.5
FEX	First Trust Large Cap Core AlphaDEX Fund	0.5	59	-9	6.2	+2.4
RSPE	Invesco ESG S&P 500 Equal Weight ETF	0.5	20	30	6.6	+2.8
HSMV	First Trust Horizon Managed Volatility Small/Mid ETF	0.5	80	-30	8.3	+4.4
IJJ	iShares S&P Mid-Cap 400 Value ETF	0.5	18	32	9.4	+5.5
UIVM	VictoryShares International Value Momentum ETF	0.5	35	15	9.2	+5.3
VLUE	iShares MSCI USA Value Factor ETF	0.5	15	35	10.2	+6.4
MDYV	SPDR S&P 400 Mid Cap Value ETF	0.5	15	35	9.4	+5.6
BRNY	Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation	0.5	79	-29	4.7	+0.9
IVOV	Vanguard S&P Mid-Cap 400 Value ETF	0.5	15	35	9.4	+5.6
XJH	iShares ESG Screened S&P Mid-Cap ETF	0.5	12	38	7.6	+3.8
VBK	Vanguard Small-Cap Growth ETF	0.5	7	43	2.0	-1.8
BUZZ	VanEck Social Sentiment ETF	0.5	75	-25	0.1	-3.7
FYC	First Trust Small Cap Growth AlphaDEX Fund	0.5	71	-21	0.6	-3.3
RJMG	FT Raymond James Multicap Growth Equity ETF	0.5	85	-35	2.3	-1.5
IWN	iShares Russell 2000 Value ETF	0.5	24	26	8.3	+4.5
VTWV	Vanguard Russell 2000 Value ETF	0.5	15	35	8.4	+4.5
KLMT	Invesco MSCI Global Climate 500 ETF	0.5	10	40	6.0	+2.2
SDY	SPDR S&P Dividend ETF	0.4	35	15	6.8	+3.0
STXV	Strive 1000 Value ETF	0.4	18	32	8.3	+4.5
BKIE	BNY Mellon International Equity ETF	0.4	4	46	7.1	+3.3
PTL	Inspire 500 ETF	0.4	9	41	5.6	+1.7
MDY	SPDR S&P Midcap 400 ETF Trust	0.4	24	26	7.6	+3.8
IJH	iShares Core S&P Mid-Cap ETF	0.4	5	45	7.8	+4.0
DFIC	Dimensional International Core Equity 2 ETF	0.4	23	27	7.6	+3.8
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.4	45	5	9.0	+5.2
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.4	17	33	6.2	+2.4
VEU	Vanguard FTSE All-World ex-US Index Fund	0.4	8	42	8.3	+4.4
IVOO	Vanguard S&P Mid-Cap 400 ETF	0.4	10	40	7.7	+3.9
SPMD	SPDR Portfolio S&P 400 Mid Cap ETF	0.4	3	47	7.9	+4.1
QVMM	Invesco S&P MidCap 400 QVM Multi-factor ETF	0.4	15	35	7.9	+4.0
AVEM	Avantis Emerging Markets Equity ETF	0.4	33	17	9.4	+5.6
ADME	Aptus Drawdown Managed Equity ETF	0.4	79	-29	4.3	+0.5
IWX	iShares Russell Top 200 Value ETF	0.4	20	30	6.4	+2.6
JPUS	JPMorgan Diversified Return U.S. Equity ETF	0.4	18	32	8.0	+4.1
FNX	First Trust Mid Cap Core AlphaDEX Fund	0.4	60	-10	8.1	+4.2
DFAI	Dimensional International Core Equity Market ETF	0.4	18	32	7.3	+3.5
CIL	VictoryShares International Volatility Wtd ETF	0.4	45	5	6.7	+2.9
ISCB	iShares Morningstar Small-Cap ETF	0.4	4	46	6.5	+2.7
FYX	First Trust Small Cap Core AlphaDEX Fund	0.4	61	-11	6.8	+3.0
IJK	iShares S&P Mid-Cap 400 Growth ETF	0.4	17	33	6.3	+2.5
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.4	64	-14	2.5	-1.3
DFSI	Dimensional International Sustainability Core 1 ETF	0.4	24	26	6.5	+2.7
IVOG	Vanguard S&P Mid-Cap 400 Growth ETF	0.4	15	35	6.2	+2.4
AADR	AdvisorShares Dorsey Wright ADR ETF	0.4	110	-60	5.2	+1.3
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.4	70	-20	14.7	+10.9
CCMG	CCM Global Equity ETF	0.4	34	16	8.8	+5.0
RAFE	PIMCO RAFI ESG U.S. ETF	0.4	29	21	7.5	+3.7
SNPV	Xtrackers S&P 500 Value ESG ETF	0.4	15	35	7.0	+3.2
MDYG	SPDR S&P 400 Mid Cap Growth ETF	0.4	15	35	6.3	+2.5
DON	WisdomTree U.S. MidCap Dividend Fund	0.4	38	12	9.2	+5.4
STXM	Strive Mid-Cap ETF	0.4	18	32	6.7	+2.9
ARGT	Global X MSCI Argentina ETF	0.4	59	-9	4.2	+0.3
TOK	iShares MSCI Kokusai ETF	0.4	26	24	5.3	+1.5
AFMC	First Trust Active Factor Mid Cap ETF	0.4	65	-15	9.3	+5.5
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.4	39	11	6.8	+3.0
VYM	Vanguard High Dividend Yield Index ETF	0.3	6	44	7.4	+3.6
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	0.3	24	26	8.5	+4.7
URTH	iShares MSCI World ETF	0.3	24	26	5.4	+1.6
AFLG	First Trust Active Factor Large Cap ETF	0.3	55	-5	6.4	+2.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.3	38	12	9.7	+5.9
EVUS	iShares ESG Aware MSCI USA Value ETF	0.3	18	32	7.0	+3.1
USXF	iShares ESG Advanced MSCI USA ETF	0.3	10	40	4.8	+1.0
SCHV	Schwab U.S. Large-Cap Value ETF	0.3	4	46	7.0	+3.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	41	6.1	+2.3
VONV	Vanguard Russell 1000 Value ETF	0.3	8	42	6.8	+3.0
DIHP	Dimensional International High Profitability ETF	0.3	29	21	7.2	+3.4
IWD	iShares Russell 1000 Value ETF	0.3	19	31	6.7	+2.9
FCFY	First Trust S&P 500 Diversified Free Cash Flow ETF	0.3	60	-10	10.4	+6.6
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.3	4	46	6.5	+2.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.3	41	9	7.8	+3.9
SFYX	SoFi Next 500 ETF	0.3	0	50	6.2	+2.4
VT	Vanguard Total World Stock ETF	0.3	7	43	6.2	+2.3
VTV	Vanguard Value ETF	0.3	4	46	7.1	+3.3
RVRB	Reverb ETF	0.3	30	20	4.8	+1.0
VB	Vanguard Small-Cap ETF	0.3	5	45	6.5	+2.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.3	18	32	7.9	+4.1
ACWI	iShares MSCI ACWI ETF	0.3	32	18	5.8	+2.0
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	15	9.7	+5.9
SHUS	Syntax Stratified U.S. Total Market Hedged ETF	0.3	65	-15	6.6	+2.8
SSPY	Syntax Stratified LargeCap ETF	0.3	30	20	6.9	+3.1
HLAL	Wahed FTSE USA Shariah ETF	0.3	50	0	5.1	+1.3
SFY	SoFi Select 500 ETF	0.3	0	50	4.7	+0.9
IUSV	iShares Core S&P US Value ETF	0.3	4	46	6.7	+2.9
WOMN	Impact Shares YWCA Women's Empowerment ETF	0.3	75	-25	5.4	+1.6
STXK	Strive Small-Cap ETF	0.3	18	32	6.5	+2.7
SCHM	Schwab U.S. Mid-Cap ETF	0.3	4	46	7.1	+3.3
SUSA	iShares MSCI USA ESG Select ETF	0.3	25	25	5.0	+1.2
GSIE	Goldman Sachs ActiveBeta International Equity ETF	0.3	25	25	7.2	+3.4
VOOV	Vanguard S&P 500 Value ETF	0.3	10	40	6.5	+2.7
GSPY	Gotham Enhanced 500 ETF	0.3	50	0	5.6	+1.8
IVE	iShares S&P 500 Value ETF	0.3	18	32	6.4	+2.6
SPYV	SPDR Portfolio S&P 500 Value ETF	0.3	4	46	6.6	+2.8
INRO	iShares U.S. Industry Rotation Active ETF	0.3	42	8	4.9	+1.0
NULV	Nuveen ESG Large-Cap Value ETF	0.3	26	24	6.5	+2.7
WLDR	Affinity World Leaders Equity ETF	0.3	67	-17	8.1	+4.3
ILCV	iShares Morningstar Value ETF	0.3	4	46	6.9	+3.0
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	0.3	7	43	6.5	+2.7
SDVY	First Trust SMID Cap Rising Dividend Achievers ETF	0.3	60	-10	8.7	+4.9
FNDA	Schwab Fundamental US Small Co. Index ETF	0.3	25	25	8.5	+4.6
SHE	SPDR MSCI USA Gender Diversity ETF	0.3	20	30	5.2	+1.4
FNDF	Schwab Fundamental International Large Co. Index ETF	0.3	25	25	9.7	+5.9
VXF	Vanguard Extended Market ETF	0.3	6	44	5.1	+1.3
RSP	Invesco S&P 500 Equal Weight ETF	0.3	20	30	6.7	+2.8
DFAS	Dimensional U.S. Small Cap ETF	0.3	26	24	7.0	+3.2
DIVB	iShares Core Dividend ETF	0.3	5	45	7.9	+4.1
NUSC	Nuveen ESG Small-Cap ETF	0.3	31	19	5.8	+1.9
FVAL	Fidelity Value Factor ETF	0.2	15	35	7.3	+3.5
SUSL	iShares ESG MSCI USA Leaders ETF	0.2	10	40	5.1	+1.3
QLC	FlexShares US Quality Large Cap Index Fund	0.2	25	25	5.7	+1.9
QLVD	FlexShares Developed Markets ex-US Quality Low Volatility In	0.2	32	18	5.9	+2.1
FSMD	Fidelity Small-Mid Multifactor ETF	0.2	15	35	7.5	+3.7
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	0.2	9	41	4.8	+1.0
GVUS	Marketbeta Russell 1000 Value Equity ETF	0.2	12	38	6.8	+3.0
PRF	Invesco FTSE RAFI US 1000 ETF	0.2	39	11	7.1	+3.3
DFVX	Dimensional US Large Cap Vector ETF	0.2	22	28	6.4	+2.6
DSI	iShares MSCI KLD 400 Social ETF	0.2	25	25	5.1	+1.3
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.2	39	11	7.0	+3.2
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.2	83	-33	9.7	+5.9
VTWO	Vanguard Russell 2000 ETF	0.2	10	40	4.9	+1.0
IWM	iShares Russell 2000 ETF	0.2	19	31	4.9	+1.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.2	41	9	9.1	+5.3
SMDX	Intech S&P Small-Mid Cap Divers Alp ETF	0.2	35	15	7.7	+3.9
RSSL	Global X Russell 2000 ETF	0.2	8	42	4.8	+1.0
DFAC	Dimensional U.S. Core Equity 2 ETF	0.2	17	33	5.9	+2.0
FDEV	Fidelity International Multifactor ETF	0.2	18	32	7.4	+3.6
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	0.2	20	30	7.9	+4.1
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.2	24	26	7.6	+3.8
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	0.2	9	41	6.3	+2.4
NULC	Nuveen ESG Large-Cap ETF	0.2	21	29	5.0	+1.2
ISMD	Inspire Small/Mid Cap ETF	0.2	54	-4	6.5	+2.7
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	0.2	45	5	4.7	+0.9
EUSA	iShares MSCI USA Equal Weighted ETF	0.2	9	41	6.3	+2.5
SIZE	iShares MSCI USA Size Factor ETF	0.2	15	35	6.0	+2.2
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.2	15	35	6.7	+2.8
IQSU	IQ Candriam U.S. Large Cap Equity ETF	0.2	9	41	5.1	+1.3
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	0.2	10	40	5.2	+1.4
SMMD	iShares Russell 2500 ETF	0.2	15	35	6.7	+2.9
NACP	Impact Shares NAACP Minority Empowerment ETF	0.2	49	1	5.0	+1.2
DCOR	Dimensional US Core Equity 1 ETF	0.2	14	36	5.7	+1.9
APIE	ActivePassive International Equity ETF	0.2	45	5	7.6	+3.8
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	0.2	29	21	6.7	+2.8
KOKU	Xtrackers MSCI Kokusai Equity ETF	0.2	9	41	5.4	+1.6
DFIV	Dimensional International Value ETF	0.2	27	23	10.1	+6.3
USCL	iShares Climate Conscious & Transition MSCI USA ETF	0.2	8	42	5.2	+1.4
EBI	Longview Advantage ETF	0.2	35	15	7.0	+3.2
DFAU	Dimensional US Core Equity Market ETF	0.2	12	38	5.3	+1.5
IUS	Invesco RAFI Strategic US ETF	0.2	19	31	6.9	+3.1
ESGV	Vanguard ESG U.S. Stock ETF	0.2	9	41	5.0	+1.2
XMAG	Defiance Large Cap ex-Mag 7 ETF	0.2	35	15	5.3	+1.5
USMV	iShares MSCI USA Min Vol Factor ETF	0.2	15	35	5.7	+1.8
FNDB	Schwab Fundamental US Broad Market Index ETF	0.2	25	25	7.5	+3.7
DFSU	Dimensional US Sustainability Core 1 ETF	0.2	18	32	5.7	+1.9
VLU	SPDR S&P 1500 Value Tilt ETF	0.2	12	38	7.8	+4.0
ESGU	iShares ESG Aware MSCI USA ETF	0.2	15	35	5.1	+1.3
AVSU	Avantis Responsible U.S. Equity ETF	0.2	15	35	6.4	+2.6
FSST	Fidelity Sustainable U.S. Equity ETF	0.2	59	-9	4.5	+0.7
FQAL	Fidelity Quality Factor ETF	0.2	15	35	5.9	+2.0
VBR	Vanguard Small Cap Value ETF	0.2	7	43	9.7	+5.9
FNDX	Schwab Fundamental US Large Co. Index ETF	0.2	25	25	7.4	+3.6
SCHA	Schwab U.S. Small-Cap ETF	0.2	4	46	6.6	+2.8
MMTM	SPDR S&P 1500 Momentum Tilt ETF	0.2	12	38	4.8	+0.9
DSPY	Tema S&P 500 Historical Weight ETF	0.2	18	32	5.4	+1.6
ESG	FlexShares Trust FlexShares STOXX US ESG Select Index Fund	0.2	32	18	5.2	+1.3
DFAT	Dimensional U.S. Targeted Value ETF	0.2	28	22	10.1	+6.3
IWL	iShares Russell Top 200 ETF	0.2	15	35	4.9	+1.1
APUE	ActivePassive U.S. Equity ETF	0.2	45	5	4.9	+1.1
SNPE	Xtrackers S&P 500 ESG ETF	0.2	10	40	5.4	+1.5
SPXT	ProShares S&P 500 Ex-Technology ETF	0.2	9	41	5.8	+1.9
EZM	WisdomTree U.S. MidCap Fund	0.2	38	12	9.7	+5.9
DFUS	Dimensional U.S. Equity ETF	0.1	9	41	5.1	+1.3
IWV	iShares Russell 3000 ETF	0.1	20	30	5.0	+1.2
VTHR	Vanguard Russell 3000 ETF	0.1	10	40	5.1	+1.3
SCHB	Schwab U.S. Broad Market ETF	0.1	3	47	5.3	+1.5
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.1	3	47	5.2	+1.4
VTI	Vanguard Total Stock Market ETF	0.1	3	47	5.2	+1.3
SPTM	SPDR Portfolio S&P 1500 Composite Stock Market ETF	0.1	3	47	5.4	+1.6
SCHX	Schwab U.S. Large-Cap ETF	0.1	3	47	5.2	+1.4
QVML	Invesco S&P 500 QVM Multi-factor ETF	0.1	11	39	5.3	+1.5
IWB	iShares Russell 1000 ETF	0.1	15	35	5.1	+1.3
IYY	iShares Dow Jones U.S. ETF	0.1	20	30	5.0	+1.2
VONE	Vanguard Russell 1000 ETF	0.1	8	42	5.2	+1.4
XVV	iShares ESG Screened S&P 500 ETF	0.1	8	42	5.1	+1.3
QUS	SPDR MSCI USA StrategicFactors ETF	0.1	15	35	5.9	+2.0
SCHK	Schwab 1000 Index ETF	0.1	5	45	5.3	+1.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	0.1	20	30	5.3	+1.5
USCA	Xtrackers MSCI USA Climate Action Equity ETF	0.1	7	43	5.3	+1.4
CATH	Global X S&P 500 Catholic Values Custom ETF	0.1	29	21	5.0	+1.2
DEUS	Xtrackers Russell US Multifactor ETF	0.1	17	33	7.2	+3.4
JHMM	John Hancock Multifactor Mid Cap ETF	0.1	42	8	6.8	+3.0
IWS	iShares Russell Mid-Cap Value ETF	0.1	23	27	7.1	+3.3
ONEO	SPDR Russell 1000 Momentum Focus ETF	0.1	20	30	7.3	+3.5
RWL	Invesco S&P 500 Revenue ETF	0.1	39	11	7.0	+3.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.1	20	30	5.0	+1.1
LGDX	Intech S&P Large Cap Diversified Alpha ETF	0.1	25	25	5.6	+1.7
IVV	iShares Core S&P 500 ETF	0.1	3	47	5.2	+1.4
SPLG	SPDR Portfolio S&P 500 ETF	0.1	2	48	5.2	+1.4
VOO	Vanguard S&P 500 ETF	0.1	3	47	5.2	+1.4
SPY	SPDR S&P 500 ETF Trust	0.1	9	41	5.2	+1.3
VV	Vanguard Large-Cap ETF	0.1	4	46	5.1	+1.3
STRV	Strive 500 ETF	0.1	5	45	5.1	+1.3
PBUS	Invesco MSCI USA ETF	0.1	4	46	5.1	+1.3
ILCB	iShares Morningstar U.S. Equity ETF	0.1	3	47	5.1	+1.3
ISCV	iShares Morningstar Small Cap Value ETF	0.1	6	44	10.0	+6.2
TOV	JLens 500 Jewish Advocacy U.S. ETF	0.1	18	32	4.9	+1.1
SPXN	ProShares S&P 500 Ex-Financials ETF	0.1	9	41	5.2	+1.4
FELV	Fidelity Enhanced Large Cap Value ETF	0.1	18	32	7.0	+3.2
BKSE	BNY Mellon US Small Cap Core Equity ETF	0.1	4	46	6.5	+2.7
VFMO	Vanguard U.S. Momentum Factor ETF	0.1	13	37	3.3	-0.5
AVUS	Avantis U.S. Equity ETF	0.1	15	35	6.1	+2.3
JHML	John Hancock Multifactor Large Cap ETF	0.1	29	21	5.6	+1.8
SPXE	ProShares S&P 500 Ex-Energy ETF	0.1	9	41	5.1	+1.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	0.1	9	41	4.9	+1.1
IVLU	iShares MSCI Intl Value Factor ETF	0.1	30	20	10.7	+6.8
FLQL	Franklin LibertyQ U.S. Equity ETF	0.1	15	35	5.7	+1.8
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.1	11	39	5.2	+1.3
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.1	25	25	6.1	+2.3
IWR	iShares Russell Midcap ETF	0.1	19	31	6.1	+2.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	0.1	2	48	5.2	+1.4
BKLC	BNY Mellon US Large Cap Core Equity ETF	0.1	0	50	5.2	+1.3
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	0.1	7	43	5.1	+1.3
VOTE	TCW Transform 500 ETF	0.1	5	45	5.1	+1.3
FELC	Fidelity Enhanced Large Cap Core ETF	0.1	18	32	5.5	+1.7
QWLD	SPDR MSCI World StrategicFactors ETF	0.1	30	20	6.2	+2.4
LQPE	PEO AlphaQuest Thematic PE ETF	0.1	125	-75	5.5	+1.7
OMFS	Invesco Russell 2000 Dynamic Multifactor ETF	0.1	39	11	6.4	+2.5
ACVF	American Conservative Values ETF	0.1	75	-25	4.5	+0.7
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	0.1	15	35	4.9	+1.1
FESM	Fidelity Enhanced Small Cap ETF	0.1	28	22	8.3	+4.5
STXD	Strive 1000 Dividend Growth ETF	0.1	35	15	5.0	+1.2
JMEE	JPMorgan Market Expansion Enhanced Equity ETF	0.1	24	26	8.3	+4.5
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.1	20	30	6.3	+2.5
DGRW	WisdomTree US Quality Dividend Growth Fund	0.1	28	22	5.7	+1.9
LCTU	BlackRock U.S. Carbon Transition Readiness ETF	0.1	14	36	5.2	+1.4
VIG	Vanguard Dividend Appreciation ETF	0.1	6	44	5.7	+1.9
RODE	Hartford Multifactor Diversified International ETF	0.1	29	21	11.0	+7.2
EES	WisdomTree U.S. SmallCap Fund	0.1	38	12	9.7	+5.9
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	30	5.9	+2.1
YOKE	Yoke Core ETF	0.1	42	8	4.5	+0.7
PFM	Invesco Dividend Achievers ETF	0.1	53	-3	5.4	+1.6
ONEQ	Fidelity Nasdaq Composite Index ETF	0.1	21	29	4.0	+0.2
IMFL	Invesco International Developed Dynamic Multifactor ETF	0.0	34	16	6.0	+2.2
FMDE	Fidelity Enhanced Mid Cap ETF	0.0	23	27	6.0	+2.2
RWK	Invesco S&P MidCap 400 Revenue ETF	0.0	39	11	10.2	+6.4
DGRO	iShares Core Dividend Growth ETF	0.0	8	42	6.6	+2.8
STXG	Strive 1000 Growth ETF	0.0	18	32	4.1	+0.3
DTD	WisdomTree U.S. Total Dividend Fund	0.0	28	22	6.6	+2.7
DFSV	Dimensional US Small Cap Value ETF	0.0	31	19	11.1	+7.3
IUSG	iShares Core S&P U.S. Growth ETF	0.0	4	46	4.4	+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%.

	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		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	Sprott Gold Miners ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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Revision activity*

*Six months ago = 100