What is the difference between SGDJ and SGDM?

SGDJ (Sprott Junior Gold Miners ETF) focuses on junior gold miners, offering higher leverage to gold prices but with increased operational risks. It has a 7.36% dividend yield and a 0.50% expense ratio. SGDM (Sprott Gold Miners ETF) targets major producers like Barrick and Newmont, providing more stability with a 0.91% yield and a lower 0.46% expense ratio. SGDM also has larger assets at $713 million versus SGDJ's $366 million.

How do the expense ratios compare between the two funds?

SGDM has a lower expense ratio of 0.46% compared to SGDJ's 0.50%, representing a 0.04 percentage point difference. While this seems small, cost efficiency is important for long-term holding. Over time, lower fees can result in slightly better net returns, assuming other factors remain equal. However, higher fees might be justified if the fund's strategy, such as targeting junior miners, delivers outsized gains during bullish cycles.

What are the asset bases of SGDJ and SGDM?

SGDJ holds $366 million in net assets, which is established and liquid for most retail investors without significant slippage. SGDM is larger, with $713 million in assets, enhancing its liquidity and potentially offering tighter trading spreads. Larger asset bases often indicate greater market acceptance and stability. Investors should consider that while both are sufficiently liquid, SGDM's scale provides an edge in trading efficiency for active participants.

Which fund offers higher income through dividends?

SGDJ provides a substantially higher income option with a 7.36% dividend yield, contrasting sharply with SGDM's 0.91% yield. This high yield from SGDJ stems from its focus on junior miners and potential special distributions. For investors prioritising regular cash flow, SGDJ is more attractive. However, high yields can sometimes indicate higher risk or volatility. SGDM's lower yield reflects the reinvestment strategies of major miners, which typically retain earnings to fund operations and growth.

How do the top holdings of SGDJ and SGDM differ?

The top holdings show no overlap among the listed top ten positions for each fund. SGDJ lists HYMC at 3.58%, focusing on a different set of juniors. SGDM includes majors like NEM (7.42%), CDE (3.57%), and AU (1.74%). This divergence means the funds track different parts of the mining sector. Investors choosing between them are effectively selecting between the high-growth potential of juniors versus the stability of established producers, resulting in completely different portfolio compositions.

What operational risks are associated with each fund?

SGDJ carries higher operational risks because junior miners often have less financial stability, immature projects, and higher sensitivity to cost inflation. Their equity performance is more volatile than majors. SGDM holds established companies like Newmont and Barrick, which have proven production records and stronger balance sheets, mitigating some operational risks. However, both funds are tied to gold prices. If gold declines, SGDJ's high-beta juniors may fall more sharply than SGDM's stable majors, highlighting the different risk profiles.

How does leverage to gold prices differ between them?

SGDJ offers high leverage to gold price movements. Junior miners, with high production costs relative to gold prices, see outsized profit increases when gold rises, leading to potentially greater stock gains. Conversely, SGDM provides indirect exposure through major producers. These companies have lower costs and diversified operations, resulting in less dramatic swings in stock price relative to gold movements. This makes SGDM a more stable, lower-volatility way to track gold miner performance, whereas SGDJ is more aggressive and cyclical.

Why do the inception dates matter?

SGDM was launched on July 15, 2014, and SGDJ on March 31, 2015. These dates indicate that both funds have been active through multiple gold price cycles, allowing for some historical comparison. An earlier inception can sometimes provide a longer track record for evaluating performance during different market phases. However, since the funds target different segments of the industry, their performance since inception is driven by the distinct behaviours of major versus junior miners, rather than just the age of the fund.

What is the sector concentration risk?

Both SGDJ and SGDM are heavily concentrated in the Gold Miners sector. They do not offer broad commodity exposure, so performance is tightly linked to gold prices and mining company fundamentals. SGDJ has extreme price fluctuation risk if gold declines due to its junior focus. SGDM also faces commodity risk but is somewhat buffered by the stability of major producers. Sector weight data is not available, but the lack of diversification outside mining means a downturn in gold could significantly impact both funds.

How does liquidity affect trading costs?

SGDM, with $713 million in assets, benefits from greater scale, which enhances liquidity and trading tightness. This typically results in lower bid-ask spreads compared to smaller funds. SGDJ has $366 million in assets, which is sufficient for most retail investors and indicates established liquidity. While slippage risks are present in both, SGDM's larger size offers a slight advantage in trading efficiency. Investors should monitor volume, as even liquid ETFs can experience wider spreads during low-volume periods or market stress.

How do ETF distributions work in this context?

ETFs distribute capital gains and dividends received from their underlying holdings. SGDJ's high yield suggests that the companies or its structure distributes significant income, perhaps from special dividends or return of capital. SGDM's low yield implies that major miners reinvest most earnings for growth rather than paying them out. Distributions are not guaranteed and vary with market conditions and corporate policies. Investors should understand that high yields can be volatile and may not reflect sustainable income, requiring careful review of historical distributions.

Are these funds suitable for buy-and-hold investors?

Both funds are suitable for buy-and-hold strategies but require a specific investment thesis. SGDJ is better for investors who believe gold will enter a bull market, as its high leverage could maximise returns over a cycle, though it requires tolerance for volatility. SGDM suits those seeking long-term exposure to established miners with lower turnover risk and a cheaper expense ratio. Neither is ideal for short-term trading unless one understands the price cycles of gold and mining stocks, as both are influenced by commodity cycles.

SGDJ vs SGDM

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares SGDJ and SGDM by fees, holdings, dividends and how each fund tracks its market. SGDJ has a 0.50% expense ratio, $366 million in net assets and a 7.36% dividend yield. SGDM has a 0.46% expense ratio, $713 million in net assets and a 0.91% dividend yield. Top holding details and sector weights are not available. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SGDJ

Metric

SGDM

0.50%

Expense Ratio

0.46%

7.36%

Dividend Yield

0.91%

$366.09M

Net Assets

$712.86M

Holdings

Mar 31, 2015

Inception Date

Jul 15, 2014

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Index Tracked

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Equity Precious Metals

Fund Category

Equity Precious Metals

SGDM costs about $4.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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RING vs SGDM

Compare RING and SGDM on fees, holdings, dividends, and tracking. RING: 0.39% expense ratio, SGDM: 0.46%. Note data gaps for index and sectors.

Investment Analysis

SGDJ

Pros

Junior miners offer high leverage to gold price movements, potentially delivering outsized returns during bullish cycles.
The 7.36% dividend yield provides substantial income, contrasting sharply with the non-dividend paying nature of physical gold.
A $366 million asset base indicates established liquidity, sufficient for most retail investors without significant slippage risks.

Considerations

The 0.50% expense ratio is higher than many broad market ETFs, reducing net returns over long holding periods.
Junior gold miners typically face higher operational risks and financial volatility compared to established major producers.
The heavy dependence on a single sector exposes investors to extreme price fluctuations if gold prices decline.

SGDM

Pros

A lower 0.46% expense ratio improves cost efficiency, making it a cheaper vehicle for gaining gold miner exposure.
Major holdings such as Barrick and Newmont provide access to financially stable companies with established production track records.
With $713 million in assets, the fund benefits from greater scale, enhancing liquidity and trading tightness.

Considerations

A low 0.91% dividend yield limits income potential, which may not suit investors seeking regular cash distributions.
Investing solely in gold mining equities creates concentrated risk tied directly to commodity price movements and mining operational challenges.
The expense ratio remains above zero, necessitating careful consideration of cost drag relative to physical gold alternatives.

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About SGDJ and SGDM

SGDJ (SGDJ)

The Sprott Junior Gold Miners ETF provides investors with exposure to a basket of junior gold mining companies. Rather than tracking a single broad index, it actively selects and holds a concentrated group of approximately 37 equities. These companies are typically early-stage or small-cap miners focused on gold exploration and development. By investing in this ETF, you gain diversified access to the precious metals sector, specifically targeting firms that may offer high growth potential as they advance projects or achieve production milestones. It is important to note that junior miners are inherently more volatile than major producers, and their share prices can fluctuate significantly based on gold prices, exploration results, and market sentiment. While the fund currently offers a substantial dividend yield of 7.36%, distributions are not guaranteed and can vary. With an expense ratio of 0.50% and net assets of USD 366 million since its inception in March 2015, this fund is a specialised vehicle for those interested in the potential upside of the small-cap gold mining sector, balanced against its higher risk profile.

SGDM (SGDM)

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SGDJ vs SGDM

Fund Snapshot