ETF Research Center

ACES tracks an index of US- and Canada-listed companies in the clean energy industry.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS
Website	www.alpsfunds.com
Inception date	Jun 27, 2018
Assets (mns)	$225
Currency	USD
Expense ratio	65 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	32
Wgt avg mkt cap (mns)	$14,794
Large cap (>$10bn)	6.1%
Mid cap ($2-10bn)	64.7%
Small cap (<$2bn)	29.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	52.1 %
TESLA MOTORS INC	7.9 %
BALLARD POWER SYSTEMS INC	6.0 %
PLUG POWER INC	5.5 %
FIRST SOLAR INC	5.1 %
CREE INC	4.8 %
NEXTERA ENERGY PARTNERS LP	4.7 %
NORTHLAND POWER INC	4.6 %
ENPHASE ENERGY INC	4.6 %
BROOKFIELD RENEWABLE PARTNERS LP	4.6 %
SUNRUN INC.	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	74.6 %
	CANADA	20.1 %
	BERMUDA	4.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
16.8%	34.3%	--	--	26.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	76%
MSCI EAFE	1.23	69%
MSCI Emg. Mkts.	1.01	68%

Technical Indicators
Recent close	$42.14
30d moving avg.	$39.02
Annualized volatility	27.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	34
Turnover	0.6%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$13,974

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the ALPS Clean Energy ETF ETF based on the alternatives' overlap in portfolio holdings with ACES. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ACES

Expense:

65 bp

ALTAR Score™:

0.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ACES
Ticker	Fund Name	Overlap¹ vs ACES (%)	Expense ratio (bp)	Savings vs ACES (bp)	ALTAR Score™ (%)	ALTAR vs ACES (%)
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	50.9	60	5	0.3	-0.6
GEX	VanEck Vectors Global Alternative Energy ETF	39.7	62	3	4.3	+3.4
ICLN	iShares Global Clean Energy ETF	35.8	46	19	3.1	+2.2
XKCP	SPDR Kensho Clean Power ETF	32.0	45	20	0.3	-0.6
PBW	Invesco WilderHill Clean Energy ETF	31.2	70	-5	-4.0	-4.9
TAN	Invesco Solar ETF	23.7	71	-6	1.6	+0.7
PBD	Invesco Global Clean Energy ETF	22.5	75	-10	1.6	+0.8
YLCO	Global X YieldCo Index ETF	21.7	65	0	4.6	+3.8
PZD	Invesco Cleantech ETF	14.4	68	-3	4.7	+3.8
FAN	First Trust Global Wind Energy ETF	13.7	62	3	6.0	+5.1
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure Inde	11.3	70	-5	4.2	+3.3
DRIV	Global X Autonomous & Electric Vehicles ETF	11.2	68	-3	5.4	+4.5
XSD	SPDR S&P Semiconductor ETF	10.5	35	30	4.0	+3.1
XKST	SPDR Kensho Smart Mobility ETF	10.1	45	20	5.3	+4.4
GMAN	Goldman Sachs Motif Manufacturing Revolution ETF	8.1	50	15	3.9	+3.0
CARZ	First Trust NASDAQ Global Auto Index Fund	7.9	70	-5	14.2	+13.3
FTXR	First Trust Nasdaq Transportation ETF	7.9	60	5	6.3	+5.4
IYK	iShares U.S. Consumer Goods ETF	7.9	42	23	5.1	+4.3
SFYF	SoFi 50 ETF	7.9	29	36	5.1	+4.2
XNTK	SPDR NYSE Technology ETF	7.9	35	30	3.6	+2.7
IQM	Franklin Intelligent Machines ETF	7.9	50	15	2.0	+1.2
FDG	American Century Focused Dynamic Growth ETF	7.9	45	20	1.7	+0.9
ARKQ	Ark Industrial Innovation ETF	7.9	75	-10	0.6	-0.2
ARKW	ARK Web x.0 ETF	7.9	76	-11	-0.8	-1.7
ARKK	ARK Innovation ETF	7.9	75	-10	-2.8	-3.7
LOUP	Innovator Loup Frontier Tech ETF	7.8	70	-5	3.9	+3.0
FXN	First Trust Energy AlphaDEX Fund	7.6	65	0	-0.8	-1.7
IDRV	iShares Self-driving EV & Tech ETF	6.8	47	18	6.9	+6.1
ECLN	First Trust EIP Carbon Impact ETF	6.7	96	-31	3.8	+2.9
LIT	Global X Lithium & Battery Tech ETF	6.6	75	-10	2.8	+2.0
EKAR	Innovation Shares NextGen Vehicles & Technology ETF	6.4	95	-30	8.0	+7.2
SDG	iShares Sustainable MSCI Global Impact ETF	6.3	49	16	5.6	+4.7
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum ETF	6.2	75	-10	2.0	+1.2
KOMP	SPDR Kensho New Economies Composite ETF	6.2	20	45	2.6	+1.7
WOMN	Impact Shares YWCA Women's Empowerment ETF	6.1	75	-10	4.5	+3.6
FDIS	Fidelity MSCI Consumer Discretionary Index ETF	6.0	8	57	3.4	+2.6
SIMS	SPDR S&P Kensho Intelligent Structures ETF	5.7	45	20	6.0	+5.1
ZMLP	Direxion Zacks MLP High Income Shares	5.6	81	-16	4.6	+3.7
PEZ	Invesco DWA Consumer Cyclicals Momentum ETF	5.3	60	5	2.9	+2.0
VXF	Vanguard Extended Market Index Fund	5.3	7	58	3.8	+3.0
QMOM	Alpha Architect U.S. Quantitative Momentum ETF	5.1	49	16	2.2	+1.3
MTUM	iShares Edge MSCI USA Momentum Factor ETF	4.9	15	50	4.1	+3.2
MOTO	SmartETFs Smart Transportation & Technology ETF	4.9	68	-3	7.4	+6.5
PLCY	EventShares U.S. Legislative Opportunities ETF	4.9	75	-10	3.8	+2.9
VCR	Vanguard Consumer Discretionary Index Fund	4.8	10	55	3.9	+3.1
EMLP	First Trust North American Energy Infrastructure Fund	4.7	96	-31	5.9	+5.0
DIV	Global X SuperDividend US ETF	4.7	46	19	7.2	+6.4
UTES	Virtus Reaves Utilities ETF	4.7	49	16	4.7	+3.8
FMK	First Trust Mega Cap AlphaDEX Fund	4.6	70	-5	5.2	+4.3
NUSC	Nuveen ESG Small-Cap ETF	4.4	40	25	5.5	+4.7
SDGA	Impact Shares Sustainable Development Goals Global ETF	4.3	75	-10	5.4	+4.5
FPX	First Trust US IPO Index Fund	4.3	58	7	2.6	+1.8
ETHO	Etho Climate Leadership U.S. ETF	4.2	47	18	4.4	+3.5
AUSF	Global X Adaptive U.S. Factor ETF	3.9	27	38	8.0	+7.1
MORT	VanEck Vectors Mortgage REIT Income ETF	3.9	42	23	19.4	+18.5
REM	iShares Mortgage Real Estate ETF	3.9	48	17	18.5	+17.6
JKE	iShares Morningstar Large-Cap Growth ETF	3.7	25	40	2.8	+2.0
PRN	Invesco DWA Industrials Momentum ETF	3.7	60	5	5.0	+4.1
OSCV	Opus Small Cap Value Plus ETF	3.6	79	-14	5.7	+4.8
ECOZ	TrueMark ESG Active Opportunities ETF	3.6	58	7	4.2	+3.3
GVIP	Goldman Sachs Hedge Industry VIP ETF	3.4	45	20	4.7	+3.8
NACP	Impact Shares NAACP Minority Empowerment ETF	3.3	75	-10	4.5	+3.6
FDM	First Trust Dow Jones Select Microcap Index Fund	3.2	60	5	7.6	+6.8
ENTR	Entrepreneur 30 Fund	3.1	49	16	2.5	+1.6
DTEC	ALPS Disruptive Technologies ETF	3.0	50	15	3.6	+2.7
JHMC	John Hancock Multifactor Consumer Discretionary ETF	3.0	40	25	4.3	+3.5
PHO	Invesco Water Resources ETF	2.8	60	5	3.7	+2.8
FYC	First Trust Small Cap Growth AlphaDEX Fund	2.8	70	-5	2.6	+1.7
QYLD	Global X NASDAQ 100 Covered Call ETF	2.8	60	5	3.5	+2.6
NUSI	Nationwide Risk-Managed Income ETF	2.8	68	-3	3.5	+2.6
NULG	Nuveen ESG Large-Cap Growth ETF	2.7	35	30	3.6	+2.7
JSMD	Janus Henderson Small/Mid Cap Growth Alpha ETF	2.7	30	35	5.8	+4.9
QQQ	Invesco QQQ Trust	2.6	20	45	3.8	+2.9
VFMO	Vanguard U.S. Momentum Factor ETF	2.6	13	52	1.2	+0.3
PSCT	Invesco S&P SmallCap Information Technology ETF	2.6	29	36	5.7	+4.9
FIW	First Trust Water ETF	2.6	55	10	3.9	+3.0
JKJ	iShares Morningstar Small-Cap ETF	2.6	25	40	6.9	+6.0
DWAS	Invesco DWA SmallCap Momentum ETF	2.6	60	5	-1.1	-1.9
ITEQ	BlueStar Israel Technology ETF	2.5	75	-10	1.8	+0.9
QQXT	First Trust Nasdaq-100 Ex-Technology Sector Index Fund	2.5	60	5	3.7	+2.8
HLAL	Wahed FTSE USA Shariah ETF	2.5	50	15	4.6	+3.8
RYJ	Invesco Raymond James SB-1 Equity ETF	2.5	82	-17	3.7	+2.8
XT	iShares Exponential Technologies ETF	2.5	47	18	5.1	+4.2
CLRG	IQ Chaikin U.S. Large Cap ETF	2.4	25	40	6.1	+5.2
MDYV	SPDR S&P 400 Mid Cap Value ETF	2.3	15	50	8.9	+8.0
IJJ	iShares S&P Mid-Cap 400 Value ETF	2.3	25	40	8.8	+7.9
IVOV	Vanguard S&P Mid-Cap 400 Value ETF	2.3	15	50	8.8	+7.9
QVAL	Alpha Architect U.S. Quantitative Value ETF	2.3	49	16	12.6	+11.7
NULC	Nuveen ESG Large-Cap ETF	2.3	20	45	5.0	+4.1
SLT	Salt TruBeta High Exposure ETF	2.3	29	36	9.6	+8.8
PUI	Invesco DWA Utilities Momentum ETF	2.3	60	5	4.8	+3.9
PXSG	Invesco S&P SmallCap Momentum ETF	2.2	39	26	5.1	+4.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	2.2	29	36	5.8	+4.9
FDMO	Fidelity Momentum Factor ETF	2.2	29	36	3.8	+2.9
SNSR	Global X Internet of Things Thematic ETF	2.1	68	-3	4.5	+3.6
FID	First Trust S&P International Dividend Aristocrats ETF	2.1	60	5	9.9	+9.0
JMOM	JPMorgan U.S. Momentum Factor ETF	2.1	12	53	3.9	+3.0
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	2.1	21	44	2.9	+2.0
PSCI	Invesco S&P SmallCap Industrials ETF	2.0	29	36	6.7	+5.8

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ALPS Clean Energy 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	4.5	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	0.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.52

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.