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)	$9,955
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	13
Wgt avg mkt cap (mns)	$25,494
Large cap (>$10bn)	64.8%
Mid cap ($2-10bn)	15.6%
Small cap (<$2bn)	10.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	93.2 %
ENTERPRISE PRODUCTS PARTNERS	12.3 %
WESTERN GAS EQUITY PARTNERS LP	12.3 %
MPLX LP	12.2 %
PLAINS ALL AMER PIPELINE LP	12.1 %
ENERGY TRANSFER, L.P.	11.7 %
SUNOCO LP	11.0 %
HESS MIDSTREAM LP - CLASS A	10.4 %
CHENIERE ENERGY PARTNERS LP	4.3 %
GENESIS ENERGY L.P.	3.6 %
USA COMPRESSION PARTNERS LP	3.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	100.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.3%	5.6%	28.4%	5.6%	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	25%
MSCI EAFE	0.40	15%
MSCI Emg. Mkts.	0.09	1%

Technical Indicators
Recent close	$45.31
30d moving avg.	$47.21
Annualized volatility	15.8%
Short interest (ETF)	1.3%
Short interest (Underlying)	1.8%
Relative strength (RSI)	32

Liquidity measures
Avg. volume (thou.)	1,797
Turnover	0.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$445

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 60 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™:

9.7%

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	89.9	45	40	10.0	+0.4
AMZA	InfraCap MLP ETF	88.5	164	-79	9.0	-0.7
UMI	USCF Midstream Energy Income Fund ETF	28.2	85	0	5.0	-4.7
ENFR	Alerian Energy Infrastructure ETF	28.0	35	50	5.4	-4.3
MLPX	Global X MLP & Energy Infrastructure ETF	24.9	45	40	5.7	-4.0
EIPI	FT Energy Income Partners Enhanced Income ETF	23.2	110	-25	6.5	-3.2
EMLP	First Trust North American Energy Infrastructure Fund	23.2	95	-10	5.3	-4.4
USAI	Pacer American Energy Independence ETF	23.0	75	10	4.7	-4.9
EINC	VanEck Energy Income ETF	22.0	48	37	5.4	-4.2
EIPX	FT Energy Income Partners Strategy ETF	21.9	95	-10	7.8	-1.9
NBCT	Neuberger Berman Carbon Transition Infrastructure ETF	21.5	55	30	6.0	-3.6
USNG	Amplify Samsung U.S. Natural Gas Infrastructure ETF	16.0	59	26	4.2	-5.5
TPYP	Tortoise North American Pipeline Fund	15.6	40	45	5.8	-3.8
ABLD	Abacus FCF Real Assets Leaders ETF	13.6	69	16	7.0	-2.6
NDIV	Amplify Natural Resources Dividend Income ETF	11.9	59	26	14.8	+5.1
DIV	Global X SuperDividend US ETF	9.2	45	40	12.4	+2.7
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	7.5	46	39	5.7	-4.0
TBG	TBG Dividend Focus ETF	7.0	59	26	8.1	-1.6
CVY	Invesco Zacks Multi-Asset Income ETF	7.0	106	-21	12.8	+3.1
VRAI	Virtus Real Asset Income ETF	6.8	55	30	10.5	+0.8
MBOX	Freedom Day Dividend ETF	4.7	39	46	7.4	-2.2
FCG	First Trust Natural Gas ETF	4.5	60	25	21.4	+11.8
DIVZ	TrueShares Low Volatility Equity Income ETF	4.4	65	20	6.7	-3.0
ECML	Euclidean Fundamental Value ETF	2.9	95	-10	11.6	+1.9
PXJ	Invesco Oil & Gas Services ETF	2.7	63	22	5.1	-4.6
KVLE	KraneShares Value Line Dynamic Dividend Equity Index ETF	2.2	56	29	6.2	-3.5
ICAP	InfraCap Equity Income Fund ETF	2.2	171	-86	6.3	-3.3
FLDZ	RiverNorth Patriot ETF	2.1	75	10	6.2	-3.5
DSTL	Distillate US Fundamental Stability & Value ETF	2.1	39	46	8.3	-1.4
GVIP	Goldman Sachs Hedge Industry VIP ETF	2.0	45	40	3.1	-6.5
VOLT	Tema Electrification ETF	1.9	75	10	2.6	-7.1
BLCV	iShares Large Cap Value Active ETF	1.8	53	32	7.4	-2.2
SMCF	Themes US Small Cap Cash Flow Champions ETF	1.5	29	56	12.3	+2.6
PWV	Invesco Large Cap Value ETF	1.4	55	30	7.1	-2.6
CGV	Conductor Global Equity Value ETF	1.1	130	-45	8.4	-1.3
FDLS	Inspire Fidelis Multi Factor ETF	1.0	76	9	5.1	-4.5
BFOR	ALPS Barron's 400 ETF	1.0	65	20	6.1	-3.6
GOP	Unusual Whales Subversive Republican Trading ETF	0.9	50	35	5.5	-4.2
SMMV	iShares MSCI USA Small-Cap Min Vol Factor ETF	0.8	20	65	6.3	-3.3
PFM	Invesco Dividend Achievers ETF	0.5	53	32	5.2	-4.4
FENY	Fidelity MSCI Energy Index ETF	0.3	8	77	9.3	-0.3
VDE	Vanguard Energy ETF	0.3	9	76	9.2	-0.5
RVRB	Reverb ETF	0.3	30	55	4.5	-5.2
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	0.2	17	68	5.6	-4.0
STXM	Strive Mid-Cap ETF	0.1	18	67	6.1	-3.5
AVMV	Avantis U.S. Mid Cap Value ETF	0.1	20	65	8.9	-0.8
BKMC	BNY Mellon US Mid Cap Core Equity ETF	0.1	4	81	6.2	-3.5
SFYX	SoFi Next 500 ETF	0.1	0	85	5.8	-3.9
AVLV	Avantis U.S. Large Cap Value ETF	0.1	15	70	7.9	-1.8
TXS	Texas Capital Texas Equity Index ETF	0.1	49	36	5.6	-4.1
PTL	Inspire 500 ETF	0.1	9	76	5.2	-4.5
AVMC	Avantis U.S. Mid Cap Equity ETF	0.1	18	67	7.0	-2.7
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.1	47	38	5.8	-3.9
THRO	iShares U.S. Thematic Rotation Active ETF	0.1	90	-5	4.0	-5.6
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	64	3.7	-6.0
AVIE	Avantis� Inflation Focused Equity ETF	0.0	25	60	7.3	-2.4
AVUS	Avantis U.S. Equity ETF	0.0	15	70	5.7	-3.9
GUSA	Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.0	11	74	4.9	-4.8
STXG	Strive 1000 Growth ETF	0.0	18	67	3.9	-5.8
STXV	Strive 1000 Value ETF	0.0	18	67	8.0	-1.7

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	23.6	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.59

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.