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 29, 2018
Assets (mns)	$137
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	32
Wgt avg mkt cap (mns)	$7,697
Large cap (>$10bn)	6.2%
Mid cap ($2-10bn)	56.3%
Small cap (<$2bn)	37.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	50.6 %
TESLA MOTORS INC	7.4 %
ENPHASE ENERGY INC	6.0 %
CREE INC	5.1 %
NORTHLAND POWER INC	4.7 %
UNIVERSAL DISPLAY CORP	4.7 %
ORMAT TECHNOLOGIES INC	4.7 %
NEXTERA ENERGY PARTNERS LP	4.7 %
ITRON INC	4.6 %
BROOKFIELD RENEWABLE PARTNERS LP	4.3 %
PATTERN ENERGY GROUP INC	4.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	77.7 %
	CANADA	17.6 %
	BERMUDA	4.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
51.7%	51.7%	--	--	23.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	86%
MSCI EAFE	1.16	66%
MSCI Emg. Mkts.	0.86	55%

Technical Indicators
Recent close	$36.53
30d moving avg.	$34.48
Annualized volatility	19.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	88

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$5,523

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ALPS Clean Energy 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™:

0.4%

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	50.0	60	5	1.3	+0.8
GEX	VanEck Vectors Global Alternative Energy	38.6	63	2	3.5	+3.1
ICLN	iShares S&P Global Clean Energy	36.2	46	19	3.4	+2.9
PBW	Invesco WilderHill Clean Energy	33.2	70	-5	-1.2	-1.6
XKCP	SPDR Kensho Clean Power	28.8	45	20	-9.8	-10.2
TAN	Invesco Global Solar Energy	22.4	70	-5	-1.4	-1.8
PBD	Invesco Gbl Clean Energy	22.2	75	-10	-1.9	-2.3
YLCO	Global X YieldCo & Renewable Energy Income	17.8	65	0	4.2	+3.8
FAN	First Trust Global Wind	14.6	60	5	5.1	+4.7
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	11.5	70	-5	4.7	+4.3
PZD	Invesco Cleantech	11.2	68	-3	4.4	+3.9
XSD	SPDR S&P Semiconductors	10.5	35	30	4.1	+3.7
GHII	Invesco S&P High Income Infrastructure	9.0	45	20	5.2	+4.8
XKST	SPDR Kensho Smart Mobility	8.8	45	20	3.8	+3.4
CARZ	First Trust NASDAQ Global Auto	7.4	70	-5	14.1	+13.7
LIT	Global X Lithium & Battery Tech ETF	7.4	75	-10	4.3	+3.8
ARKQ	ARK Industrial Innovation	7.4	75	-10	0.8	+0.4
ARKW	ARK Web x.O	7.4	75	-10	-0.8	-1.2
ARKK	ARK Innovation	7.4	75	-10	-4.1	-4.6
XKII	SPDR Kensho Intelligent Structures	7.2	45	20	6.0	+5.6

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:	ALPS Clean Energy
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	3.0	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	0.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.