ETF Research Center

Alerian Energy Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the Alerian Infrastructure Index, which is comprised of 30 equity securities of issuers headquartered or incorporated in the United States and Canada that engage in the transportation, storage, and processing of energy commodities ("midstream energy businesses").

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS Advisors Inc
Website	www.alpsetfs.com
Inception date	Nov 01, 2013
Assets (mns)	$59
Currency	USD
Expense ratio	55 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	37
Wgt avg mkt cap (mns)	$22,673
Large cap (>$10bn)	63.4%
Mid cap ($2-10bn)	27.8%
Small cap (<$2bn)	8.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	66.0 %
ENBRIDGE INC	11.4 %
TRANSCANADA CORP	8.4 %
ENTERPRISE PRODUCTS PARTNERS	8.1 %
KINDER MORGAN INC	6.8 %
ENERGY TRANSFER EQUITY LP	5.8 %
TARGA RESOURCES CORP	5.6 %
CHENIERE ENERGY INC	5.3 %
ONEOK INC	5.0 %
PEMBINA PIPELINE CORP	4.9 %
WILLIAMS COS INC	4.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	64.9 %
	CANADA	34.1 %

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.
14.3%	2.3%	-4.2%	--	-0.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	48%
MSCI EAFE	0.89	36%
MSCI Emg. Mkts.	0.51	20%

Technical Indicators
Recent close	$19.39
30d moving avg.	$20.10
Annualized volatility	16.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.3%
Bid/Ask (% of price)	0.42%
ADV underlying (mns)	$1,850

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ENFR

Expense:

55 bp

ALTAR Score™:

4.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ENFR
Ticker	Fund Name	Overlap¹ vs ENFR (%)	Expense ratio (bp)	Savings vs ENFR (bp)	ALTAR Score™ (%)	ALTAR vs ENFR (%)
USAI	American Energy Independence	81.5	75	-20	2.6	-1.6
MLPX	Global X MLP & Energy Infrastructure	78.3	45	10	4.3	+0.1
TPYP	Tortoise North American Pipeline	69.2	40	15	4.8	+0.5
EMLP	First Trust N. American Energy Infrastructure	47.0	95	-40	5.2	+1.0
TOLZ	ProShares Global Infrastructure	30.8	46	9	5.3	+1.0
AMZA	InfraCap MLP	29.2	240	-185	5.4	+1.2
GHII	Invesco S&P High Income Infrastructure	28.4	45	10	4.9	+0.6
AMLP	Alerian MLP ETF	25.4	85	-30	4.9	+0.7
MLPA	Global X MLP	23.1	45	10	5.7	+1.5
GLIF	AGFiQ Global Infrastructure	22.7	45	10	5.3	+1.1
XLEY	Cushing Energy & MLP	20.0	65	-10	3.7	-0.5
IGF	iShares S&P Global Infrastructure	20.0	46	9	4.8	+0.6
GII	SPDR FTSE/Macquarie Global Infrastructure	19.8	40	15	4.9	+0.7
FTXN	First Trust Nasdaq Oil & Gas	19.3	60	-5	2.7	-1.6
INFR	Legg Mason Global Infrastructure	18.9	40	15	5.8	+1.6
JHME	John Hancock Multifactor Energy	15.1	40	15	3.4	-0.8
XLSY	Cushing Energy Supply Chain & MLP	14.5	65	-10	5.6	+1.4
PXI	Invesco Dynamic Energy Sector	13.1	60	-5	-0.7	-4.9
ZMLP	Direxion Zacks MLP High Income	11.9	65	-10	7.1	+2.9
IXC	iShares S&P Global Energy Sector	10.9	46	9	5.2	+1.0

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:	Alerian Energy Infrastructure
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	6.8	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.55

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.