ETF Research Center

The ALPS Equal Sector Weight ETF is an ETF of ETFs that delivers exposure to the US Large Cap Equity market by investing equal proportions in each of the 11 Select Sector SPDRs.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS Fund Services Inc
Website	www.sectorspdr.com
Inception date	Jul 06, 2009
Assets (mns)	$597
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	11
Wgt avg mkt cap (mns)	$479,626
Large cap (>$10bn)	98.3%
Mid cap ($2-10bn)	0.9%
Small cap (<$2bn)	0.1%
Developed mkts	99.4%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	91.1 %
STATE STREET MATERIALS SELECT SECT	9.5 %
STATE STREET ENERGY SELECT SECTOR	9.4 %
STATE STREET INDUSTRIAL SELECT SEC	9.2 %
STATE STREET CONSUMER DISCRETIONAR	9.1 %
STATE STREET FINANCIAL SELECT SECT	9.0 %
STATE STREET HEALTH CARE SELECT SE	9.0 %
STATE STREET COMMUNICATION SERVICE	9.0 %
STATE STREET TECHNOLOGY SELECT SEC	9.0 %
STATE STREET CONSUMER STAPLES SELE	8.9 %
STATE STREET REAL ESTATE SELECT SE	8.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.6 %
	BRITAIN	1.8 %
	IRELAND	1.1 %
	SWITZERLAND	0.2 %
	BERMUDA	0.1 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
13.1%	13.1%	12.2%	12.2%	13.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.72	87%
MSCI EAFE	0.76	69%
MSCI Emg. Mkts.	0.62	52%

Technical Indicators
Recent close	$47.56
30d moving avg.	$46.48
Annualized volatility	12.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	54
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$21,403

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 13 potential alternatives to the Alps Equal Sector Weight ETF ETF based on the alternatives' overlap in portfolio holdings with EQL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EQL

Expense:

25 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EQL
Ticker	Fund Name	Overlap¹ vs EQL (%)	Expense ratio (bp)	Savings vs EQL (bp)	ALTAR Score™ (%)	ALTAR vs EQL (%)
XLSR	State Street US Sector Rotation ETF	38.7	70	-45	4.2	-0.9
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	23.7	79	-54	3.8	-1.4
AESR	Anfield U.S. Equity Sector Rotation ETF	16.9	108	-83	4.0	-1.2
EZRO	AlphaDroid Defensive Sector Rotation ETF	9.0	120	-95	0.9	-4.3
GXPC	Global X PureCap MSCI Communication Services ETF	3.7	25	0	3.8	-1.4
LRND	IQ U.S. Large Cap R&D Leaders ETF	2.3	14	11	4.3	-0.9
DAK	Dakota Active Equity ETF	1.7	43	-18	3.7	-1.5
GXPS	Global X PureCap MSCI Consumer Staples ETF	1.4	25	0	4.8	-0.4
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.2	36	-11	4.2	-1.0
GXPT	Global X PureCap MSCI Information Technology ETF	1.1	25	0	3.3	-1.9
RECS	Columbia Research Enhanced Core ETF	0.5	15	10	5.0	-0.1
GEW	Cambria Global EW ETF	0.3	29	-4	5.3	+0.2
GXPD	Global X PureCap MSCI Consumer Discretionary ETF	0.0	25	0	3.1	-2.1

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:	Alps Equal Sector Weight ETF
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	17.5	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.58

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.