ETF Research Center

DTEC tracks an index of 100 global companies that are involved in disruptive technologies across ten themes.

FUND BASICS
Category	Global Equities
Fund Sponsor	ALPS
Website	www.alpsfunds.com
Inception date	Dec 29, 2017
Assets (mns)	$73
Currency	USD
Expense ratio	50 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$31,531
Large cap (>$10bn)	56.4%
Mid cap ($2-10bn)	36.2%
Small cap (<$2bn)	7.4%
Developed mkts	98.2%
Emerging mkts	1.8%

TOP TEN HOLDINGS
Total	12.4 %
ALIGN TECHNOLOGY INC	1.4 %
DEXCOM INC	1.3 %
ADT, INC.	1.3 %
QORVO INC	1.3 %
FORTINET INC	1.2 %
INSULET CORP	1.2 %
AVAST PLC	1.2 %
XERO LIMITED	1.2 %
BROOKFIELD RENEWABLE PARTNERS LP	1.2 %
SKYWORKS SOLUTIONS INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	59.3 %
	BRITAIN	6.0 %
	JAPAN	5.0 %
	SWITZERLAND	4.9 %
	DENMARK	3.0 %
	GERMANY	2.9 %
	ISRAEL	2.1 %
	FRANCE	2.1 %
	CANADA	2.0 %
	NETHERLANDS	1.9 %

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.
25.0%	16.6%	--	--	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	83%
MSCI EAFE	1.26	67%
MSCI Emg. Mkts.	0.98	60%

Technical Indicators
Recent close	$31.09
30d moving avg.	$29.84
Annualized volatility	20.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.3%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$18,637

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the ALPS Disruptive Technologies ETF based on the alternatives' overlap in portfolio holdings with DTEC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DTEC

Expense:

50 bp

ALTAR Score™:

3.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DTEC
Ticker	Fund Name	Overlap¹ vs DTEC (%)	Expense ratio (bp)	Savings vs DTEC (bp)	ALTAR Score™ (%)	ALTAR vs DTEC (%)
GFIN	Goldman Sachs Motif Finance Reimagined	18.3	50	0	5.5	+2.0
ROBO	Robo Global Robotics & Automation	18.1	95	-45	3.7	+0.2
XSW	SPDR S&P Software & Services	17.6	35	15	4.2	+0.6
IRBO	iShares Robotics and Artificial Intelligence	17.2	47	3	2.5	-1.1
CHGX	Change Finance Diversified Impact US Large Cap Fossil Fuel	17.2	49	1	6.1	+2.6
GMAN	Goldman Sachs Motif Manufacturing Revolution	17.0	50	0	4.7	+1.2
SPHB	Invesco S&P 500 High Beta	16.4	25	25	6.3	+2.8
RYT	Invesco S&P Equal Weight Technology	16.4	40	10	6.5	+3.0
JKH	iShares Morningstar Mid Cap Growth	15.7	30	20	2.7	-0.8
IGV	iShares N. American Tech-Software	15.6	46	4	3.1	-0.4
JKE	iShares Morningstar Large Cap Growth	15.4	25	25	4.0	+0.5
GDAT	Goldman Sachs Motif Data-Driven World	15.3	50	0	5.7	+2.1
FINX	Global X FinTech Thematic	14.9	68	-18	3.3	-0.3
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics	14.3	65	-15	2.6	-1.0
VOT	Vanguard Mid-Cap Growth	14.3	7	43	4.0	+0.5
FTEC	Fidelity MSCI Info Technology	14.1	8	42	5.4	+1.8
VGT	Vanguard Info Tech ETF	14.0	10	40	5.3	+1.8
OGIG	O'Shares Global Internet Giants	13.9	48	2	1.5	-2.0
RPG	Invesco S&P 500 Pure Growth ETF	13.9	35	15	4.4	+0.9

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 Disruptive Technologies
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	14.4	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.54

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.