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)	$473
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)	$1,766
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	78.3 %
PALADIN ENERGY LIMITED	14.1 %
DENISON MINES CORP	13.3 %
ENERGY FUELS INC.	13.0 %
NEXGEN ENERGY LTD.	12.1 %
CGN MINING CO LTD	5.8 %
DEEP YELLOW LTD	5.7 %
UR-ENERGY INC	4.0 %
URANIUM ROYALTY CORP.	3.6 %
ENCORE ENERGY CORP.	3.5 %
BOSS ENERGY LIMITED	3.3 %

TOP COUNTRY EXPOSURE
	CANADA	44.0 %
	AUSTRALIA	34.4 %
	HONG KONG	5.6 %
	UNITED STATES	5.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
38.2%	136.6%	--	--	24.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	12%
MSCI EAFE	1.19	10%
MSCI Emg. Mkts.	1.52	20%

Technical Indicators
Recent close	$34.82
30d moving avg.	$34.22
Annualized volatility	43.6%
Short interest (ETF)	5.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	716
Turnover	5.3%
Bid/Ask (% of price)	0.40%
ADV underlying (mns)	$158

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 53 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™:

-3.2%

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 (%)
URAN	Themes Uranium & Nuclear ETF	20.3	35	45	0.7	+3.9
SETM	Sprott Energy Transition Materials ETF	12.0	65	15	1.3	+4.5
URA	Global X Uranium ETF	9.2	69	11	0.6	+3.8
AFK	VanEck Africa Index ETF	2.2	98	-18	9.1	+12.3
ECNS	iShares MSCI China Small-Cap ETF	1.0	59	21	7.6	+10.8
IWC	iShares Micro-Cap ETF	1.0	60	20	-1.4	+1.8
XME	State Street SPDR S&P Metals & Mining ETF	0.6	35	45	4.8	+8.0
DARP	Grizzle Growth ETF	0.6	75	5	1.8	+5.0
GWX	SPDR S&P International Small Cap ETF	0.4	40	40	5.5	+8.7
SRVR	Pacer Data & Infrastructure Real Estate ETF	0.3	55	25	3.7	+6.9
VTWV	Vanguard Russell 2000 Value ETF	0.2	10	70	5.2	+8.4
IGE	iShares North American Natural Resources ETF	0.2	41	39	5.3	+8.5
IWN	iShares Russell 2000 Value ETF	0.2	24	56	5.0	+8.2
CCNR	ALPS CoreCommodity Natural Resources ETF	0.2	39	41	7.9	+11.1
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	72	6.0	+9.2
SCHC	Schwab International Small-Cap Equity ETF	0.2	11	69	6.2	+9.4
IWM	iShares Russell 2000 ETF	0.2	19	61	2.8	+6.0
RSSL	Global X Russell 2000 ETF	0.2	8	72	2.9	+6.1
SCZ	iShares MSCI EAFE Small-Cap ETF	0.2	40	40	5.9	+9.1
VTWO	Vanguard Russell 2000 ETF	0.1	7	73	2.9	+6.1
AVDS	Avantis International Small Cap Equity ETF	0.1	30	50	5.7	+8.9
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.1	70	10	6.2	+9.4
IWO	iShares Russell 2000 Growth ETF	0.1	24	56	0.5	+3.7
DFIS	Dimensional International Small Cap ETF	0.1	39	41	5.8	+9.0
VPL	Vanguard FTSE Pacific ETF	0.1	7	73	5.2	+8.4
VTWG	Vanguard Russell 2000 Growth ETF	0.1	10	70	0.7	+3.9
WSML	iShares MSCI World Small-Cap ETF	0.1	15	65	5.3	+8.5
IPAC	iShares Core MSCI Pacific ETF	0.1	9	71	5.3	+8.5
GXC	SPDR S & P China ETF	0.1	59	21	16.7	+19.9
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	77	5.8	+9.0
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	73	6.4	+9.6
IEFA	iShares Core MSCI EAFE ETF	0.0	7	73	5.8	+9.0
AVSE	Avantis Responsible Emerging Markets Equity ETF	0.0	33	47	6.7	+9.9
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	41	6.6	+9.8
VXUS	Vanguard Total International Stock ETF	0.0	5	75	6.5	+9.7
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	77	5.7	+8.9
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	71	8.2	+11.4
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	76	5.8	+9.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	71	4.9	+8.1
AVSD	Avantis Responsible International Equity ETF	0.0	23	57	5.7	+8.9
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.0	59	21	8.3	+11.5
VTI	Vanguard Total Stock Market ETF	0.0	3	77	4.3	+7.5
VTHR	Vanguard Russell 3000 ETF	0.0	7	73	4.3	+7.5
IWV	iShares Russell 3000 ETF	0.0	20	60	4.1	+7.3
VXF	Vanguard Extended Market ETF	0.0	5	75	3.9	+7.1
VT	Vanguard Total World Stock ETF	0.0	6	74	5.1	+8.3
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	57	5.9	+9.1
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	50	6.2	+9.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	0.0	3	77	4.3	+7.5
DFAI	Dimensional International Core Equity Market ETF	0.0	18	62	5.8	+9.0
DXIV	Dimensional International Vector Equity ETF	0.0	34	46	6.3	+9.5
AVDE	Avantis International Equity ETF	0.0	23	57	5.9	+9.1
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	56	5.3	+8.5

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	-13.0	%
Divided by: Fwd. P/BV	5.4	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	-3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.58

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.