ETF Research Center

URNJ seeks to track an index of small cap uranium miners around the globe, primarily those with revenues tied to the uranium mining and uranium industry. Securities are selected using a fundamental, proprietary methodology and weighted by market cap.

FUND BASICS
Category	Global Equities
Fund Sponsor	Sprott
Website	www.sprottetfs.com/urnj-sprott-junior-uranium-miners-etf/
Inception date	Jan 02, 2023
Assets (mns)	$169
Currency	USD
Expense ratio	80 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$1,942
Large cap (>$10bn)	13.1%
Mid cap ($2-10bn)	14.2%
Small cap (<$2bn)	71.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	75.5 %
PALADIN ENERGY LIMITED	14.1 %
URANIUM ENERGY CORP	11.1 %
DENISON MINES CORP	10.6 %
NEXGEN ENERGY LTD.	10.0 %
CGN MINING CO LTD	6.4 %
BOSS ENERGY LIMITED	5.9 %
DEEP YELLOW LTD	5.9 %
UR-ENERGY INC	4.3 %
ENERGY FUELS INC.	4.1 %
BANNERMAN RESOURCES LTD	3.1 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	34.1 %
	CANADA	31.5 %
	UNITED STATES	13.9 %
	HONG KONG	6.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-22.7%	-43.5%	--	--	-9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.32	1%
MSCI EAFE	0.16	0%
MSCI Emg. Mkts.	-0.34	1%

Technical Indicators
Recent close	$12.54
30d moving avg.	$15.01
Annualized volatility	42.4%
Short interest (ETF)	8.7%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	438
Turnover	3.3%
Bid/Ask (% of price)	0.62%
ADV underlying (mns)	$158

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 77 potential alternatives to the Sprott Junior Uranium Miners ETF ETF based on the alternatives' overlap in portfolio holdings with URNJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

URNJ

Expense:

80 bp

ALTAR Score™:

-4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH URNJ
Ticker	Fund Name	Overlap¹ vs URNJ (%)	Expense ratio (bp)	Savings vs URNJ (bp)	ALTAR Score™ (%)	ALTAR vs URNJ (%)
NLR	VanEck Uranium+Nuclear Energy ETF	17.6	61	19	3.8	+8.6
URA	Global X Uranium ETF	14.9	69	11	3.9	+8.7
URAN	Themes Uranium & Nuclear ETF	14.3	35	45	3.0	+7.8
SETM	Sprott Energy Transition Materials ETF	11.6	65	15	5.5	+10.3
XME	SPDR S&P Metals & Mining ETF	3.0	35	45	12.1	+16.9
AFK	VanEck Africa Index ETF	2.7	98	-18	14.3	+19.1
PYZ	Invesco Dorsey Wright Basic Materials Momentum ETF	1.6	60	20	7.4	+12.2
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	0.7	85	-5	8.0	+12.8
ECNS	iShares MSCI China Small-Cap ETF	0.4	59	21	11.9	+16.6
CCNR	ALPS CoreCommodity Natural Resources ETF	0.3	39	41	12.6	+17.4
FTWO	Strive FAANG 2.0 ETF	0.3	49	31	5.9	+10.7
DWAS	Invesco Dorsey Wright SmallCap Momentum ETF	0.3	60	20	2.4	+7.2
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	0.3	95	-15	0.9	+5.7
IWC	iShares Micro-Cap ETF	0.3	60	20	-1.1	+3.7
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.2	35	45	2.1	+6.9
IGE	iShares North American Natural Resources ETF	0.2	41	39	9.0	+13.8
GWX	SPDR S&P International Small Cap ETF	0.2	40	40	7.3	+12.1
FILL	iShares MSCI Global Energy Producers ETF	0.2	39	41	13.3	+18.1
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	0.2	29	51	8.3	+13.1
IWO	iShares Russell 2000 Growth ETF	0.2	24	56	1.7	+6.5
VTWG	Vanguard Russell 2000 Growth ETF	0.2	15	65	1.7	+6.5
VDE	Vanguard Energy ETF	0.1	10	70	10.5	+15.3
BBSC	JPMorgan BetaBuilders U.S. Small Cap Equity ETF	0.1	9	71	4.5	+9.3
FENY	Fidelity MSCI Energy Index ETF	0.1	8	72	10.5	+15.3
IWM	iShares Russell 2000 ETF	0.1	19	61	4.1	+8.9
VTWO	Vanguard Russell 2000 ETF	0.1	10	70	4.3	+9.1
RSSL	Global X Russell 2000 ETF	0.1	8	72	4.1	+8.9
BKSE	BNY Mellon US Small Cap Core Equity ETF	0.1	4	76	6.7	+11.4
STXK	Strive Small-Cap ETF	0.1	18	62	6.2	+11.0
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	40	8.1	+12.9
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	73	7.6	+12.4
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	69	7.7	+12.5
ISCG	iShares Morningstar Small-Cap Growth ETF	0.1	6	74	3.1	+7.9
IWN	iShares Russell 2000 Value ETF	0.1	24	56	6.5	+11.2
VTWV	Vanguard Russell 2000 Value ETF	0.1	15	65	6.7	+11.5
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	15	8.7	+13.5
DFAS	Dimensional U.S. Small Cap ETF	0.1	26	54	7.8	+12.6
NANR	SPDR S&P North American Natural Resources ETF	0.1	35	45	9.8	+14.6
TXS	Texas Capital Texas Equity Index ETF	0.1	49	31	5.8	+10.6
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.0	70	10	8.4	+13.2
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.0	17	63	6.5	+11.2
ISCB	iShares Morningstar Small-Cap ETF	0.0	4	76	6.4	+11.2
DFIS	Dimensional International Small Cap ETF	0.0	39	41	8.6	+13.4
VPL	Vanguard FTSE Pacific ETF	0.0	8	72	8.4	+13.2
IPAC	iShares Core MSCI Pacific ETF	0.0	9	71	7.9	+12.7
VXF	Vanguard Extended Market ETF	0.0	6	74	5.1	+9.9
FESM	Fidelity Enhanced Small Cap ETF	0.0	28	52	4.4	+9.2
GXC	SPDR S&P China ETF	0.0	59	21	18.1	+22.8
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	62	6.6	+11.3
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	77	8.2	+13.0
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	63	7.0	+11.8
IEFA	iShares Core MSCI EAFE ETF	0.0	7	73	8.1	+12.8
VEA	Vanguard FTSE Developed Markets ETF	0.0	5	75	8.2	+13.0
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	73	9.0	+13.8
VXUS	Vanguard Total International Stock ETF	0.0	7	73	9.0	+13.8
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	41	9.2	+14.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.0	39	41	4.6	+9.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	71	6.6	+11.4
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	66	6.6	+11.4
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	76	8.0	+12.8
VTI	Vanguard Total Stock Market ETF	0.0	3	77	6.0	+10.7
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	71	11.8	+16.6
IWV	iShares Russell 3000 ETF	0.0	20	60	5.8	+10.6
VT	Vanguard Total World Stock ETF	0.0	7	73	7.1	+11.9
VTHR	Vanguard Russell 3000 ETF	0.0	10	70	5.9	+10.7
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.0	3	77	6.0	+10.8
DFAU	Dimensional US Core Equity Market ETF	0.0	12	68	6.4	+11.2
DFUS	Dimensional U.S. Equity ETF	0.0	9	71	6.2	+10.9
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	57	8.7	+13.5
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	45	11.0	+15.8
DFAI	Dimensional International Core Equity Market ETF	0.0	18	62	8.3	+13.1
AVDE	Avantis International Equity ETF	0.0	23	57	8.8	+13.6
TILT	FlexShares Morningstar US Market Factor Tilt Index Fund	0.0	25	55	6.8	+11.6
AVUS	Avantis U.S. Equity ETF	0.0	15	65	7.5	+12.2
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	47	10.5	+15.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	21	14.7	+19.5
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	56	7.2	+12.0

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 Uranium Miners ETF
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	-11.9	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	-4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.24	CATEGORY AVERAGE	1.55

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.