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)	$8,594
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	14
Wgt avg mkt cap (mns)	$24,159
Large cap (>$10bn)	64.0%
Mid cap ($2-10bn)	21.4%
Small cap (<$2bn)	8.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	91.4 %
MPLX LP	12.6 %
ENERGY TRANSFER, L.P.	12.5 %
ENTERPRISE PRODUCTS PARTNERS	12.3 %
PLAINS ALL AMER PIPELINE LP	11.4 %
WESTERN GAS EQUITY PARTNERS LP	11.4 %
SUNOCO LP	10.6 %
ENLINK MIDSTREAM LLC	7.6 %
HESS MIDSTREAM LP - CLASS A	6.0 %
CHENIERE ENERGY PARTNERS LP	4.0 %
USA COMPRESSION PARTNERS LP	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
11.7%	13.2%	10.3%	1.1%	4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	27%
MSCI EAFE	0.49	19%
MSCI Emg. Mkts.	0.25	5%

Technical Indicators
Recent close	$48.49
30d moving avg.	$47.17
Annualized volatility	19.9%
Short interest (ETF)	2.5%
Short interest (Underlying)	1.8%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	1,626
Turnover	0.9%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$565

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 69 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™:

5.0%

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	93.4	45	40	5.1	+0.1
AMZA	InfraCap MLP ETF	91.3	164	-79	4.2	-0.8
ENFR	Alerian Energy Infrastructure ETF	29.6	35	50	4.0	-0.9
UMI	USCF Midstream Energy Income Fund ETF	29.4	85	0	3.7	-1.3
MLPX	Global X MLP & Energy Infrastructure ETF	25.1	45	40	3.8	-1.2
EIPI	FT Energy Income Partners Enhanced Income ETF	24.6	110	-25	5.1	+0.2
NDIV	Amplify Natural Resources Dividend Income ETF	24.5	59	26	8.5	+3.6
EINC	VanEck Energy Income ETF	23.8	48	37	3.6	-1.4
USAI	Pacer American Energy Independence ETF	22.8	75	10	3.0	-2.0
EMLP	First Trust North American Energy Infrastructure Fund	22.2	95	-10	4.5	-0.4
EIPX	FT Energy Income Partners Strategy ETF	19.4	95	-10	6.0	+1.1
TPYP	Tortoise North American Pipeline Fund	17.4	40	45	4.2	-0.7
TBG	TBG Dividend Focus ETF	7.9	59	26	6.8	+1.8
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.8	46	39	4.9	-0.1
DIV	Global X SuperDividend US ETF	7.7	45	40	7.9	+2.9
DFRA	Donoghue Forlines Yield Enhanced Real Asset ETF	7.6	69	16	8.1	+3.2
CVY	Invesco Zacks Multi-Asset Income ETF	7.1	106	-21	9.8	+4.8
MBOX	Freedom Day Dividend ETF	6.0	39	46	7.4	+2.5
FCG	First Trust Natural Gas ETF	4.3	60	25	11.8	+6.9
ICAP	InfraCap Equity Income Fund ETF	3.6	171	-86	6.0	+1.1
VRAI	Virtus Real Asset Income ETF	3.3	55	30	8.0	+3.0
PXJ	Invesco Oil & Gas Services ETF	3.0	63	22	0.9	-4.0
ECLN	First Trust EIP Carbon Impact ETF	3.0	96	-11	4.3	-0.6
FLDZ	RiverNorth Patriot ETF	2.6	75	10	5.2	+0.2
DSTL	Distillate US Fundamental Stability & Value ETF	2.3	39	46	7.6	+2.6
KVLE	KraneShares Value Line Dynamic Dividend Equity Index ETF	2.2	56	29	5.9	+1.0
BLCV	iShares Large Cap Value Active ETF	2.2	53	32	8.1	+3.2
GVIP	Goldman Sachs Hedge Industry VIP ETF	2.1	45	40	4.8	-0.2
ECML	Euclidean Fundamental Value ETF	1.5	95	-10	12.2	+7.3
PWV	Invesco Large Cap Value ETF	1.5	55	30	6.9	+1.9
BFOR	ALPS Barron's 400 ETF	1.4	65	20	5.6	+0.7
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.3	59	26	3.9	-1.1
WBIY	WBI Power Factor High Dividend ETF	1.0	100	-15	11.2	+6.2
ABCS	Alpha Blue Capital US Small-Mid Cap Dynamic ETF	1.0	27	58	0.0	-5.0
CZA	Invesco Zacks Mid-Cap ETF	0.9	72	13	5.6	+0.7
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.9	75	10	5.4	+0.5
SCAP	InfraCap Small Cap Income ETF	0.9	135	-50	8.5	+3.5
JOET	Virtus Terranova US Quality Momentum ETF	0.8	29	56	4.7	-0.3
IFRA	iShares U.S. Infrastructure ETF	0.7	30	55	5.9	+1.0
SMCF	Themes US Small Cap Cash Flow Champions ETF	0.7	29	56	10.2	+5.2
RNEW	VanEck Green Infrastructure ETF	0.6	45	40	-1.5	-6.4
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	0.5	20	65	4.0	-1.0
PFM	Invesco Dividend Achievers ETF	0.5	53	32	5.3	+0.3
VDE	Vanguard Energy ETF	0.4	10	75	6.4	+1.4
FENY	Fidelity MSCI Energy Index ETF	0.4	8	77	6.4	+1.5
RVRB	Reverb ETF	0.4	30	55	4.7	-0.3
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.3	17	68	4.7	-0.3
JHSC	John Hancock Multifactor Small Cap ETF	0.2	42	43	6.6	+1.6
THRO	iShares U.S. Thematic Rotation Active ETF	0.2	90	-5	3.9	-1.1
DFAS	Dimensional U.S. Small Cap ETF	0.2	26	59	5.5	+0.5
AVLV	Avantis U.S. Large Cap Value ETF	0.1	15	70	7.1	+2.2
AVUV	Avantis U.S. Small Cap Value ETF	0.1	25	60	8.8	+3.9
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.1	4	81	5.6	+0.7
QGRO	American Century U.S. Quality Growth ETF	0.1	29	56	4.4	-0.5
STXM	Strive Mid-Cap ETF	0.1	18	67	6.1	+1.1
PTL	Inspire 500 ETF	0.1	9	76	5.6	+0.6
TXS	Texas Capital Texas Equity Index ETF	0.1	49	36	4.7	-0.3
AVUS	Avantis U.S. Equity ETF	0.1	15	70	5.6	+0.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.0	47	38	5.5	+0.5
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	64	3.8	-1.2
DFAC	Dimensional U.S. Core Equity 2 ETF	0.0	17	68	5.3	+0.4
JHMM	John Hancock Multifactor Mid Cap ETF	0.0	42	43	6.1	+1.1
DCOR	Dimensional US Core Equity 1 ETF	0.0	14	71	5.3	+0.3
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	74	4.9	-0.1
STXV	Strive 1000 Value ETF	0.0	18	67	7.5	+2.6
DFAU	Dimensional US Core Equity Market ETF	0.0	12	73	5.0	+0.1
DFUS	Dimensional U.S. Equity ETF	0.0	9	76	4.9	-0.1
DFSU	Dimensional US Sustainability Core 1 ETF	0.0	18	67	5.4	+0.5
DFUV	Dimensional US Marketwide Value ETF	0.0	22	63	7.2	+2.2

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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.2	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.57

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.