ETF Research Center

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 15, 2014
Assets (mns)	$179
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$9,992
Large cap (>$10bn)	40.5%
Mid cap ($2-10bn)	28.4%
Small cap (<$2bn)	31.1%
Developed mkts	96.7%
Emerging mkts	3.4%

TOP TEN HOLDINGS
Total	70.3 %
NEWMONT MINING CORP	13.9 %
BARRICK GOLD CORP	13.0 %
FRANCO-NEVADA CORP	9.5 %
KIRKLAND LAKE GOLD LTD.	6.1 %
ROYAL GOLD INC	5.0 %
AGNICO-EAGLE MINES LTD	4.7 %
B2GOLD CORP	4.6 %
SANDSTORM GOLD LTD	4.6 %
SSR MINING INC	4.5 %
CENTERRA GOLD INC	4.4 %

TOP COUNTRY EXPOSURE
	CANADA	76.1 %
	UNITED STATES	20.1 %
	SOUTH AFRICA	3.2 %
	BRITAIN	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
38.1%	55.9%	8.6%	--	0.3%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.16	1%
MSCI EAFE	0.47	4%
MSCI Emg. Mkts.	0.63	11%

Technical Indicators
Recent close	$23.53
30d moving avg.	$23.15
Annualized volatility	27.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	2.6%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.3%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$1,079

Distributions

FINDING ALTERNATIVE FUNDS

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

2.7%

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 (%)
GDX	VanEck Vectors Gold Miners ETF	59.4	52	-2	2.4	-0.3
RING	iShares MSCI Global Gold Miners	50.8	39	11	2.9	+0.1
GOAU	U.S. Global GO GOLD and Precious Metal Miners	36.8	60	-10	3.7	+0.9
GOEX	Global X Gold Explorers	27.5	65	-15	2.4	-0.3
GDXJ	VanEck Vectors Jr. Gold Miners	24.3	53	-3	2.5	-0.3
NANR	SPDR S&P N. American Nat. Resources	22.5	35	15	4.2	+1.4
XME	SPDR Metals & Mining ETF	10.1	35	15	2.7	-0.1
SGDJ	ALPS Sprott Junior Gold Miners	7.3	50	0	2.2	-0.5
GUNR	Flexshares Global Upstream Natural Resources	7.2	46	4	5.7	+3.0
SILJ	ETFMG Prime Junior Silver	6.1	69	-19	-0.7	-3.4
IYM	iShares DJ US Basic Material	6.1	42	8	8.8	+6.0
SLVP	iShares MSCI Global Silver Miners	6.0	39	11	0.6	-2.1
PYZ	Invesco Dynamic Basic Materials Sector	5.9	60	-10	6.0	+3.3
SIL	Global X Silver Miners ETF	5.7	65	-15	1.9	-0.8
MXI	iShares S&P Global Materials	5.6	46	4	6.9	+4.2
GRES	Index IQ Global Resources	5.2	77	-27	6.2	+3.4
EWC	iShares MSCI Canada	5.0	47	3	7.2	+4.4
BBCA	JPMorgan BetaBuilders Canada	5.0	19	31	7.3	+4.5
QCAN	SPDR MSCI Canada Quality Mix	4.8	14	36	7.3	+4.6
URA	Global X Uranium	4.7	69	-19	1.6	-1.2

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:	Sprott 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	5.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	2.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.54

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.