ETF Research Center

ETFMG Prime Junior Silver ETF�tracks a modified market-cap-weighted index of small-cap silver mining and exploration companies.

FUND BASICS
Category	Global Equities
Fund Sponsor	ETF Managers Group
Website	www.etfmgfunds.com
Inception date	Nov 29, 2012
Assets (mns)	$113
Currency	USD
Expense ratio	69 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	US Bank NA
Weighting	Tiered
Index replication	Unknown
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	32
Wgt avg mkt cap (mns)	$1,200
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	18.2%
Small cap (<$2bn)	81.8%
Developed mkts	88.1%
Emerging mkts	11.9%

TOP TEN HOLDINGS
Total	73.5 %
PAN AMERICAN SILVER CORP	12.7 %
COEUR D'ALENE MINES CORP	12.4 %
FIRST MAJESTIC SILVER CORP	12.4 %
HOCHSCHILD MINING PLC	10.6 %
HECLA MINING CO	5.6 %
SILVERCORP METALS INC	4.5 %
SSR MINING INC	4.5 %
YAMANA GOLD INC	4.4 %
MAG SILVER CORP	3.8 %
HUDBAY MINERALS INC	2.6 %

TOP COUNTRY EXPOSURE
	CANADA	60.0 %
	UNITED STATES	21.4 %
	BRITAIN	10.6 %

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.
28.9%	32.5%	6.6%	--	-8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.47	3%
MSCI EAFE	0.89	10%
MSCI Emg. Mkts.	0.91	17%

Technical Indicators
Recent close	$10.36
30d moving avg.	$9.93
Annualized volatility	31.4%
Short interest (ETF)	1.3%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	337
Turnover	3.1%
Bid/Ask (% of price)	0.39%
ADV underlying (mns)	$147

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ETFMG Prime Junior Silver ETF based on the alternatives' overlap in portfolio holdings with SILJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SILJ

Expense:

69 bp

ALTAR Score™:

-0.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SILJ
Ticker	Fund Name	Overlap¹ vs SILJ (%)	Expense ratio (bp)	Savings vs SILJ (bp)	ALTAR Score™ (%)	ALTAR vs SILJ (%)
SLVP	iShares MSCI Global Silver Miners	42.5	39	30	0.6	+1.3
SIL	Global X Silver Miners ETF	38.0	65	4	1.9	+2.6
GDXJ	VanEck Vectors Jr. Gold Miners	20.8	53	16	2.5	+3.2
XME	SPDR Metals & Mining ETF	13.1	35	34	2.7	+3.4
GOEX	Global X Gold Explorers	11.5	65	4	2.4	+3.1
EPU	iShares MSCI All Peru Capped	8.0	59	10	4.5	+5.1
GDX	VanEck Vectors Gold Miners ETF	7.7	52	17	2.5	+3.2
SGDJ	ALPS Sprott Junior Gold Miners	7.5	50	19	2.2	+2.9
ARGT	Global X FTSE Argentina 20	6.5	59	10	6.0	+6.7
AGT	iShares MSCI Argentina & Global Exposure	6.5	59	10	6.0	+6.6
GOAU	U.S. Global GO GOLD and Precious Metal Miners	6.3	60	9	3.7	+4.4
SGDM	Sprott Gold Miners	6.1	50	19	2.8	+3.5
DOGS	Arrow Dogs of the World	5.9	164	-95	8.0	+8.6
RING	iShares MSCI Global Gold Miners	5.4	39	30	3.0	+3.6
COPX	Global X Copper Miners	2.6	65	4	6.3	+7.0
PYZ	Invesco Dynamic Basic Materials Sector	1.9	60	9	5.9	+6.6
AIIQ	AI Powered International Equity	1.2	79	-10	4.4	+5.1
BOON	NYSE Pickens Oil Response	1.2	85	-16	3.5	+4.2
SMMV	iShares Edge MSCI Min Vol USA Small-Cap	0.8	20	49	5.2	+5.8
GRES	Index IQ Global Resources	0.7	77	-8	6.2	+6.8

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:	ETFMG Prime Junior Silver
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	0.0	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	69	bp
Equals: ALTAR Score	-0.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.