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)	$222
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)	$50,722
Large cap (>$10bn)	96.0%
Mid cap ($2-10bn)	4.0%
Small cap (<$2bn)	0.0%
Developed mkts	98.1%
Emerging mkts	2.0%

TOP TEN HOLDINGS
Total	21.4 %
WH GROUP LTD	2.3 %
TAKEDA PHARMACEUTICAL CO LTD	2.2 %
UPM-KYMMENE OYJ	2.2 %
BT GROUP PLC	2.2 %
TELEFONICA DEUTSCHLAND HOLDING AG	2.1 %
DAIMLER AG-REGISTERED SHARES	2.1 %
MARINE HARVEST	2.1 %
GLAXOSMITHKLINE PLC	2.1 %
SSE PLC	2.1 %
ROCHE HOLDING AG-GENUSSCHEIN	2.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	21.9 %
	AUSTRALIA	19.0 %
	JAPAN	16.0 %
	GERMANY	8.3 %
	FINLAND	7.4 %
	FRANCE	6.1 %
	SPAIN	6.0 %
	HONG KONG	2.3 %
	NORWAY	2.1 %
	SWITZERLAND	2.1 %

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.
17.3%	11.9%	3.4%	--	5.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	53%
MSCI EAFE	1.01	91%
MSCI Emg. Mkts.	0.70	72%

Technical Indicators
Recent close	$27.11
30d moving avg.	$26.45
Annualized volatility	11.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	36
Turnover	0.4%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$5,513

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™:

7.4%

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	44.1	58	-8	8.0	+0.7
CID	Victory CEMP International High Div Volatility Wtd	26.2	45	5	8.9	+1.5
DTH	WisdomTree DEFA Equity Income	26.1	58	-8	8.5	+1.1
IDV	iShares DJ Int'l Select Dividend	26.0	49	1	8.5	+1.1
LVHI	Legg Mason International Low Volatility High Dividend	24.4	40	10	9.0	+1.6
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	24.3	20	30	8.5	+1.2
FIDI	Fidelity International High Dividend	23.9	39	11	10.1	+2.7
EFV	iShares MSCI EAFE Value	22.5	38	12	8.9	+1.6
EFAS	Global X MSCI SuperDividend EAFE	22.4	55	-5	8.4	+1.0
DOL	WisdomTree Int'l Large Cap Dividend	22.4	48	2	7.7	+0.3
IQDF	FlexShares Int'l Quality Dividend	18.8	47	3	9.5	+2.1
HDAW	Xtrackers MSCI All World ex US High Div Yield	18.7	20	30	9.8	+2.4
DMDV	AAM S&P Developed Markets High Dividend Value	18.1	39	11	10.2	+2.8
IQDE	FlexShares Int'l Quality Dividend Defensive	17.5	47	3	9.7	+2.3
IVLU	iShares MSCI Int'l Developed Value Factor	17.4	30	20	10.4	+3.0
EWA	iShares MSCI Australia	17.2	47	3	5.6	-1.8
GCOW	Pacer Global Cash Cows Dividend	17.1	60	-10	9.8	+2.4
FLAU	Franklin FTSE Australia	17.0	9	41	6.0	-1.4
FID	First Trust S&P International Dividend Aristocrats	16.2	60	-10	7.2	-0.2
OEUR	O'Shares FTSE Europe Quality Dividend	16.2	48	2	6.4	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:

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	11.4	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.