ETF Research Center

ALPS Emerging Sector Dogs ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that replicate as closely as possible, before fee and expenses, the performance of the S-Network Emerging Sector Dividend Dogs Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	ALPS ETF Trust
Website	www.alpsetfs.com
Inception date	Mar 28, 2014
Assets (mns)	$29
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$9,678
Large cap (>$10bn)	25.8%
Mid cap ($2-10bn)	64.0%
Small cap (<$2bn)	8.3%
Developed mkts	3.7%
Emerging mkts	96.4%

TOP TEN HOLDINGS
Total	22.8 %
RICHTER GEDEON NYRT.	2.5 %
PUBLIC JOINT STOCK COMPANY MINING	2.4 %
NETCARE LTD	2.4 %
MOBILE TELESYSTEMS PJSC SPONSORED	2.3 %
EREGLI DEMIR VE CELIK FABRIK	2.3 %
GRUPO MEXICO SAB DE CV-SER B	2.2 %
MISC BHD	2.2 %
BB SEGURIDADE PARTICIPACOES	2.2 %
INDOFOOD SUKSES MAK TBK PT	2.2 %
ENGIE BRASIL ENERGIA S.A.	2.2 %

TOP COUNTRY EXPOSURE
	MALAYSIA	10.3 %
	INDONESIA	10.2 %
	SOUTH AFRICA	9.7 %
	BRAZIL	8.5 %
	INDIA	7.8 %
	MEXICO	7.8 %
	THAILAND	7.7 %
	CHINA	7.7 %
	RUSSIA	6.5 %
	TURKEY	6.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.5%	2.8%	-1.3%	--	0.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	36%
MSCI EAFE	0.92	53%
MSCI Emg. Mkts.	0.84	71%

Technical Indicators
Recent close	$20.80
30d moving avg.	$20.93
Annualized volatility	14.0%
Short interest (ETF)	1.1%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.6%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$746

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ALPS Emerging Sector Dividend Dogs ETF based on the alternatives' overlap in portfolio holdings with EDOG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EDOG

Expense:

60 bp

ALTAR Score™:

9.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EDOG
Ticker	Fund Name	Overlap¹ vs EDOG (%)	Expense ratio (bp)	Savings vs EDOG (bp)	ALTAR Score™ (%)	ALTAR vs EDOG (%)
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	16.9	50	10	13.3	+4.1
SDEM	Global X SuperDividend Emg Mkts	14.9	67	-7	17.4	+8.1
DEM	WisdomTree Emerg Mkts High Yield Equity	10.1	63	-3	12.3	+3.0
EEMD	AAM S&P Emerging Markets High Dividend Value	9.7	50	10	12.2	+3.0
EWM	iShares MSCI Malaysia	9.6	47	13	7.0	-2.3
DVYE	iShares Emerging Markets Dividend	9.4	49	11	13.6	+4.3
IDX	VanEck Vectors Indonesia	8.9	57	3	8.5	-0.7
ECOW	Pacer Emerging Markets Cash Cows 100	8.7	70	-10	10.9	+1.7
ROAM	Hartford Multifactor Emerging Markets	8.5	44	16	11.1	+1.8
RSX	VanEck Vectors Russia ETF	8.4	65	-5	12.4	+3.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	8.2	49	11	8.8	-0.5
FNI	First Trust ISE Chindia	7.9	59	1	4.0	-5.3
BICK	First Trust BICK Index Fund	7.9	64	-4	5.5	-3.7
EIDO	iShares MSCI Indonesia Investable	7.8	59	1	7.3	-2.0
XCEM	Columbia EM Core ex-China	7.4	16	44	7.5	-1.8
EWEM	Invesco MSCI Emerging Market Equal Weight	6.9	70	-10	8.9	-0.3
DVEM	WisdomTree Emerging Markets Dividend	6.9	32	28	11.2	+2.0
REDV	Invesco Emerging Markets Ultra Dividend Revenue ETF	6.8	46	14	17.8	+8.6
FLZA	Franklin FTSE South Africa	6.6	19	41	9.6	+0.4
EMFM	Global X MSCI Next Emerging & Frontier	6.6	55	5	7.8	-1.5

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 Emerging Sector Dividend Dogs
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	1.5	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.49

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.