ETF Research Center

Alerian MLP ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the price and yield performance of the Alerian MLP Infrastructure Index.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS ETF Trust
Website	www.alerianmlp.com
Inception date	Aug 25, 2010
Assets (mns)	$8,216
Currency	USD
Expense ratio	85 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	C Corporation
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	15
Wgt avg mkt cap (mns)	$23,949
Large cap (>$10bn)	64.9%
Mid cap ($2-10bn)	21.5%
Small cap (<$2bn)	13.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	88.9 %
ENTERPRISE PRODUCTS PARTNERS	12.3 %
ENERGY TRANSFER, L.P.	12.2 %
PLAINS ALL AMER PIPELINE LP	12.1 %
WESTERN GAS EQUITY PARTNERS LP	12.0 %
MPLX LP	12.0 %
SUNOCO LP	6.8 %
ENLINK MIDSTREAM LLC	6.5 %
HESS MIDSTREAM PARTNERS LP	5.6 %
NUSTAR ENERGY LP	5.4 %
CHENIERE ENERGY PARTNERS LP	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
9.5%	28.2%	7.3%	1.7%	4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	24%
MSCI EAFE	0.54	19%
MSCI Emg. Mkts.	0.33	8%

Technical Indicators
Recent close	$46.36
30d moving avg.	$42.64
Annualized volatility	21.2%
Short interest (ETF)	1.8%
Short interest (Underlying)	1.8%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	1,153
Turnover	0.7%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$578

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 59 potential alternatives to the Alerian MLP ETF ETF based on the alternatives' overlap in portfolio holdings with AMLP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AMLP

Expense:

85 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AMLP
Ticker	Fund Name	Overlap¹ vs AMLP (%)	Expense ratio (bp)	Savings vs AMLP (bp)	ALTAR Score™ (%)	ALTAR vs AMLP (%)
MLPA	Global X MLP ETF	96.1	45	40	5.1	+0.4
AMZA	InfraCap MLP ETF	85.6	164	-79	3.4	-1.2
ENFR	Alerian Energy Infrastructure ETF	29.9	35	50	5.0	+0.4
UMI	USCF Midstream Energy Income Fund ETF	29.3	85	0	4.7	+0.0
MLPX	Global X MLP & Energy Infrastructure ETF	27.7	45	40	4.9	+0.2
USAI	Pacer American Energy Independence ETF	25.2	75	10	4.3	-0.4
EINC	VanEck Energy Income ETF	22.8	48	37	4.7	+0.0
EMLP	First Trust North American Energy Infrastructure Fund	22.3	95	-10	5.6	+0.9
TPYP	Tortoise North American Pipeline Fund	18.9	40	45	5.6	+0.9
NDIV	Amplify Natural Resources Dividend Income ETF	11.9	59	26	9.9	+5.2
DFRA	Donoghue Forlines Yield Enhanced Real Asset ETF	10.1	69	16	8.5	+3.8
DIV	Global X SuperDividend US ETF	10.0	45	40	8.1	+3.4
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.8	46	39	5.7	+1.1
ICAP	InfraCap Equity Income Fund ETF	6.4	171	-86	7.1	+2.5
CVY	Invesco Zacks Multi-Asset Income ETF	6.3	106	-21	9.2	+4.5
MBOX	Freedom Day Dividend ETF	5.5	39	46	7.9	+3.2
FCG	First Trust Natural Gas ETF	4.2	60	25	9.6	+4.9
VRAI	Virtus Real Asset Income ETF	3.7	55	30	8.7	+4.1
ECLN	First Trust EIP Carbon Impact ETF	3.3	96	-11	5.5	+0.8
VCLN	Virtus Duff & Phelps Clean Energy ETF	2.7	59	26	3.6	-1.1
FLDZ	RiverNorth Patriot ETF	2.7	75	10	6.0	+1.3
USVT	US Value ETF	2.6	49	36	11.3	+6.7
PXJ	Invesco Oil & Gas Services ETF	2.6	63	22	2.9	-1.7
GVIP	Goldman Sachs Hedge Industry VIP ETF	2.1	45	40	4.7	+0.1
KVLE	KraneShares Value Line Dynamic Dividend Equity Index ETF	1.5	56	29	6.3	+1.7
PWV	Invesco Large Cap Value ETF	1.4	55	30	7.7	+3.1
RFDA	RiverFront Dynamic US Dividend Advantage ETF	1.3	52	33	6.4	+1.8
WBIY	WBI Power Factor High Dividend ETF	1.2	100	-15	11.2	+6.6
BFOR	ALPS Barron's 400 ETF	1.2	65	20	6.7	+2.1
DSTL	Distillate US Fundamental Stability & Value ETF	1.1	39	46	7.9	+3.2
ECML	Euclidean Fundamental Value ETF	1.1	95	-10	8.9	+4.3
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.8	75	10	5.0	+0.4
JOET	Virtus Terranova US Quality Momentum ETF	0.8	29	56	5.3	+0.6
IFRA	iShares U.S. Infrastructure ETF	0.8	30	55	6.4	+1.8
RNEW	VanEck Green Infrastructure ETF	0.7	45	40	-0.4	-5.1
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	0.6	20	65	4.6	-0.0
PFM	Invesco Dividend Achievers ETF	0.5	53	32	5.8	+1.1
RVRB	Reverb ETF	0.4	30	55	5.0	+0.4
FENY	Fidelity MSCI Energy Index ETF	0.3	8	77	7.0	+2.4
VDE	Vanguard Energy ETF	0.3	10	75	7.0	+2.4
DRLL	Strive U.S. Energy ETF	0.3	41	44	6.6	+2.0
IQRA	IQ CBRE Real Assets ETF	0.3	65	20	6.1	+1.4
JHSC	John Hancock Multifactor Small Cap ETF	0.2	42	43	6.3	+1.7
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.2	17	68	5.6	+0.9
GLIF	AGF Global Infrastructure ETF	0.1	45	40	5.5	+0.8
AVUV	Avantis U.S. Small Cap Value ETF	0.1	25	60	10.4	+5.7
DFAS	Dimensional U.S. Small Cap ETF	0.1	26	59	6.2	+1.5
AVLV	Avantis U.S. Large Cap Value ETF	0.1	15	70	7.6	+2.9
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.1	4	81	6.2	+1.6
TXS	Texas Capital Texas Equity Index ETF	0.1	49	36	5.7	+1.1
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	64	3.9	-0.8
AVUS	Avantis U.S. Equity ETF	0.0	15	70	6.1	+1.5
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	68	5.7	+1.1
JHMM	John Hancock Multifactor Mid Cap ETF	0.0	42	43	6.7	+2.1
DFAU	Dimensional US Core Equity Market ETF	0.0	12	73	5.4	+0.8
DFUS	Dimensional U.S. Equity ETF	0.0	9	76	5.2	+0.5
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	74	5.3	+0.6
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	67	5.7	+1.1
DFUV	Dimensional US Marketwide Value ETF	0.0	22	63	7.8	+3.1

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Alerian MLP ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.4	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.