ETF Research Center

Barron's 400 ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Barron's 400 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS Advisors Inc
Website	www.alpsetfs.com
Inception date	Jun 04, 2013
Assets (mns)	$140
Currency	USD
Expense ratio	66 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	395
Wgt avg mkt cap (mns)	$48,529
Large cap (>$10bn)	53.1%
Mid cap ($2-10bn)	30.7%
Small cap (<$2bn)	16.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	3.8 %
BB&T CORP	0.5 %
BRISTOL-MYERS SQUIBB CO	0.5 %
NVIDIA CORP	0.4 %
PAYLOCITY HOLDING CORP	0.4 %
LIVENT CORPORATION	0.4 %
FORTINET INC	0.4 %
AMEDISYS INC	0.4 %
APPLE INC	0.3 %
PAYCOM SOFTWARE INC	0.3 %
LAM RESEARCH CORP	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	BERMUDA	1.1 %
	PUERTO RICO	0.9 %
	CHINA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.2%	5.9%	7.0%	--	8.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	86%
MSCI EAFE	1.16	63%
MSCI Emg. Mkts.	0.74	45%

Technical Indicators
Recent close	$43.13
30d moving avg.	$42.80
Annualized volatility	16.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.6%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$85,861

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Barron's 400 ETF based on the alternatives' overlap in portfolio holdings with BFOR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BFOR

Expense:

66 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BFOR
Ticker	Fund Name	Overlap¹ vs BFOR (%)	Expense ratio (bp)	Savings vs BFOR (bp)	ALTAR Score™ (%)	ALTAR vs BFOR (%)
CFA	Compass EMP US 500 Volatility Weighted	41.1	35	31	5.9	+0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	41.1	35	31	5.9	+0.3
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	39.2	9	57	5.8	+0.2
RSP	Invesco S&P 500 Equal Weight	37.2	20	46	6.4	+0.8
FEX	First Trust Large Cap Core Alphadex	34.0	61	5	5.8	+0.2
JHML	John Hancock Multifactor Large Cap	33.9	34	32	5.6	+0.0
ONEO	SPDR Russell 1000 Momentum Focus	33.8	20	46	6.6	+1.0
DEUS	Xtrackers Russell 1000 Comprehensive Factor	33.7	17	49	6.5	+0.9
EUSA	iShares MSCI USA Equal Weight	33.3	15	51	5.9	+0.3
JPUS	JPMorgan Diversified Return U.S. Equity	33.0	19	47	6.1	+0.5
USEQ	Invesco Russell 1000 Enhanced Equal Weight	32.7	29	37	6.5	+0.9
SIZE	iShares MSCI USA Size Factor	32.7	15	51	5.9	+0.3
RNLC	Large Cap US Equity Select	32.5	60	6	6.0	+0.4
SSPY	Syntax Stratified LargeCap	32.4	30	36	5.7	+0.1
AVUS	Avantis U.S. Equity	32.4	15	51	5.9	+0.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	31.6	9	57	5.7	+0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	30.4	19	47	5.8	+0.2
SCIU	Global X Scientific Beta US	30.4	19	47	5.6	-0.0
VFMF	Vanguard U.S. Multifactor	30.1	18	48	7.4	+1.8
FAD	First Trust Multi Cap Growth	30.0	69	-3	2.8	-2.8

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%.

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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

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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:	Barron's 400
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	14.9	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.56

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.