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)	$120
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)	$390,681
Large cap (>$10bn)	98.4%
Mid cap ($2-10bn)	1.1%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	92.1 %
ENERGY SELECT SECTOR SPDR FUND	9.8 %
HEALTH CARE SELECT SECTOR SPDR FUN	9.6 %
UTILITIES SELECT SECTOR SPDR FUND	9.5 %
REAL ESTATE SELECT SECTOR SPDR FUN	9.3 %
MATERIALS SELECT SECTOR SPDR FUND	9.2 %
FINANCIAL SELECT SECTOR SPDR FUND	9.2 %
CONSUMER STAPLES SELECT SECTOR SPD	9.1 %
COMMUNICATION SERVICES SELECT SECT	9.0 %
INDUSTRIAL SELECT SECTOR SPDR FUND	9.0 %
TECHNOLOGY SELECT SECTOR SPDR FUND	8.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	BRITAIN	2.1 %
	IRELAND	1.2 %
	SWITZERLAND	0.2 %
	BERMUDA	0.1 %
	NETHERLANDS	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.3%	16.0%	15.0%	10.8%	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	92%
MSCI EAFE	0.84	78%
MSCI Emg. Mkts.	0.61	41%

Technical Indicators
Recent close	$42.08
30d moving avg.	$127.80
Annualized volatility	16.5%
Short interest (ETF)	0.4%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	16
Turnover	0.6%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$21,403

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 6 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™:

17.3%

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 (%)
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	44.2	79	-54	4.9	-12.4
XLSR	SPDR SSGA U.S. Sector Rotation ETF	43.1	70	-45	4.7	-12.6
AESR	Anfield U.S. Equity Sector Rotation ETF	9.0	108	-83	4.7	-12.6
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.2	36	-11	5.0	-12.3
REVS	Columbia Research Enhanced Value ETF	0.4	19	6	7.6	-9.7
RECS	Columbia Research Enhanced Core ETF	0.3	15	10	6.3	-11.0

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.5	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	17.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	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.