ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	ALPS ETF Trust
Website	www.alpsetfs.com
Inception date	Jun 27, 2013
Assets (mns)	$228
Currency	USD
Expense ratio	50 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$49,472
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	95.7%
Emerging mkts	4.3%

TOP TEN HOLDINGS
Total	21.4 %
SANDS CHINA LTD	2.2 %
WYNN MACAU LTD	2.2 %
IMPERIAL TOBACCO GROUP PLC	2.2 %
BRITISH AMERICAN TOBACCO PLC	2.2 %
EDP-ENERGIAS DE PORTUGAL SA	2.1 %
STATOILHYDRO ASA	2.1 %
WESFARMERS LIMITED	2.1 %
FUJIFILM HOLDINGS CORP	2.1 %
FORTESCUE METALS GROUP LTD	2.1 %
ASTRAZENECA PLC	2.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	20.1 %
	JAPAN	17.6 %
	AUSTRALIA	12.2 %
	SPAIN	9.5 %
	FRANCE	7.7 %
	GERMANY	5.7 %
	MACAU	4.4 %
	NORWAY	4.0 %
	ITALY	3.9 %
	HONG KONG	3.9 %

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.
21.9%	21.9%	5.4%	--	5.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.73	58%
MSCI EAFE	1.01	91%
MSCI Emg. Mkts.	0.70	74%

Technical Indicators
Recent close	$27.32
30d moving avg.	$27.43
Annualized volatility	11.6%
Short interest (ETF)	0.2%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.3%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$4,423

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IDOG

Expense:

50 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDOG
Ticker	Fund Name	Overlap¹ vs IDOG (%)	Expense ratio (bp)	Savings vs IDOG (bp)	ALTAR Score™ (%)	ALTAR vs IDOG (%)
DOO	WisdomTree Int'l Dividend Ex-Financials	42.7	58	-8	7.8	-0.2
CID	Victory CEMP International High Div Volatility Wtd	33.9	45	5	8.7	+0.7
DTH	WisdomTree DEFA Equity Income	25.9	58	-8	8.3	+0.3
IDV	iShares DJ Int'l Select Dividend	24.2	49	1	8.3	+0.3
IDY	Pacific Global International Equity Income	23.3	39	11	8.0	+0.0
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	22.6	20	30	8.4	+0.4
DOL	WisdomTree Int'l Large Cap Dividend	20.9	48	2	7.5	-0.5
DMDV	AAM S&P Developed Markets High Dividend Value	19.7	39	11	9.9	+1.9
HDAW	Xtrackers MSCI All World ex US High Div Yield	19.6	20	30	9.6	+1.6
EFV	iShares MSCI EAFE Value	19.4	38	12	8.8	+0.8
RIDV	Invesco International Ultra Dividend Revenue ETF	19.1	42	8	8.9	+0.9
LVHI	Legg Mason International Low Volatility High Dividend	18.3	40	10	9.0	+1.0
IVLU	iShares MSCI Int'l Developed Value Factor	17.7	30	20	10.2	+2.2
FIDI	Fidelity International High Dividend	17.1	39	11	9.9	+1.9
FGD	First Trust DJ Global Select Dividend	17.0	58	-8	9.2	+1.2
GCOW	Pacer Global Cash Cows Dividend	17.0	60	-10	8.7	+0.7
IDHD	Invesco S&P Intl Developed High Div Low Volatility	16.6	30	20	6.4	-1.7
OEUR	O'Shares FTSE Europe Quality Dividend	15.6	48	2	6.1	-1.9
VYMI	Vanguard Int'l High Dividend Yield	15.4	32	18	9.0	+1.0
EFAS	Global X MSCI SuperDividend EAFE	15.1	55	-5	8.5	+0.5

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 International Sector Dividend Dogs
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.3	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.63

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.