ETF Research Center

The RiverFront Dynamic US Dividend Advantage ETF is an actively-managed fund that invests in US-domiciled companies with higher dividend yields than their peers within the same sector, among other factors.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS
Website	www.alpsfunds.com
Inception date	Jun 06, 2016
Assets (mns)	$138
Currency	USD
Expense ratio	52 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	82
Wgt avg mkt cap (mns)	$396,435
Large cap (>$10bn)	92.3%
Mid cap ($2-10bn)	5.7%
Small cap (<$2bn)	2.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.0 %
MICROSOFT CORP	7.4 %
AMAZON.COM INC	5.2 %
APPLE INC	4.8 %
VISA INC-CLASS A SHARES	2.5 %
CISCO SYSTEMS INC	2.2 %
AT&T INC	2.1 %
COCA-COLA CO/THE	2.0 %
BROADCOM INC.	2.0 %
PFIZER INC	1.9 %
ORACLE CORP	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.9%	6.6%	--	--	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	97%
MSCI EAFE	1.07	87%
MSCI Emg. Mkts.	0.76	71%

Technical Indicators
Recent close	$34.90
30d moving avg.	$33.34
Annualized volatility	18.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.1%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$92,450

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the RiverFront Dynamic US Dividend Advantage ETF ETF based on the alternatives' overlap in portfolio holdings with RFDA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RFDA

Expense:

52 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RFDA
Ticker	Fund Name	Overlap¹ vs RFDA (%)	Expense ratio (bp)	Savings vs RFDA (bp)	ALTAR Score™ (%)	ALTAR vs RFDA (%)
RFFC	RiverFront Dynamic US Flex-Cap ETF	54.7	52	0	4.4	-0.4
OEF	iShares S&P 100 ETF	43.1	20	32	4.6	-0.2
BKLC	BNY Mellon US Large Cap Core Equity ETF	41.3	0	52	4.9	+0.1
XLG	Invesco S&P 500 Top 50 ETF	41.2	20	32	4.3	-0.5
IWL	iShares Russell Top 200 ETF	41.1	15	37	4.8	-0.1
MGC	Vanguard Mega Cap Index Fund	39.7	7	45	5.0	+0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	39.1	27	25	4.8	-0.1
SNPE	Xtrackers S&P 500 ESG ETF	39.0	11	41	4.9	+0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	38.5	12	40	4.6	-0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	38.2	28	24	6.3	+1.4
PBP	Invesco S&P 500 BuyWrite ETF	38.1	49	3	4.8	+0.0
IQSU	IQ Candriam ESG US Equity ETF	38.0	9	43	4.9	+0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	38.0	60	-8	4.0	-0.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	37.7	27	25	4.8	-0.1
HSPX	Global X S&P 500 Covered Call ETF	37.4	65	-13	4.7	-0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	37.3	32	20	4.9	+0.0
CATH	Global X S&P 500 Catholic Values Custom ETF	37.2	29	23	5.0	+0.2
FVAL	Fidelity Value Factor ETF	37.2	29	23	7.7	+2.9
SPXE	ProShares S&P 500 Ex-Energy ETF	37.1	27	25	5.1	+0.3
SPY	SPDR S&P 500 ETF Trust	37.1	9	43	5.2	+0.3
SPLG	SPDR Portfolio Large Cap ETF	37.0	3	49	5.2	+0.4
IVV	iShares Core S&P 500 ETF	37.0	4	48	5.2	+0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	37.0	20	32	5.1	+0.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	37.0	20	32	4.7	-0.1
NACP	Impact Shares NAACP Minority Empowerment ETF	36.9	75	-23	4.5	-0.3
VOO	VANGUARD S&P 500 ETF	36.9	3	49	5.2	+0.4
IWY	iShares Russell Top 200 Growth ETF	36.5	20	32	3.7	-1.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	36.5	7	45	5.0	+0.2
FDRR	Fidelity Dividend ETF for Rising Rates	36.1	29	23	6.8	+2.0
BBUS	JP Morgan Betabuilders U.S. Equity ETF	35.8	2	50	5.1	+0.3
DTD	WisdomTree U.S.Total Dividend Fund	35.7	28	24	6.5	+1.6
VV	Vanguard Large-Cap Index Fund	35.5	4	48	5.0	+0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	35.5	12	40	4.4	-0.4
FQAL	Fidelity Quality Factor ETF	35.5	29	23	5.4	+0.5
PBUS	Invesco PureBeta MSCI USA ETF	35.3	4	48	5.1	+0.2
EQWL	Invesco Russell Top 200 Equal Weight ETF	35.1	25	27	6.0	+1.2
SCHX	Schwab U.S. Large-Cap ETF	35.0	3	49	5.1	+0.3
VONG	Vanguard Russell 1000 Growth Index Fund	35.0	8	44	3.7	-1.2
IWF	iShares Russell 1000 Growth ETF	35.0	19	33	3.6	-1.3
SPTM	SPDR Portfolio Total Stock Market ETF	34.9	3	49	5.3	+0.5
SFY	SoFi Select 500 ETF	34.8	0	52	5.0	+0.2
ACIO	Aptus Collared Income Opportunity ETF	34.5	79	-27	4.1	-0.7
SYG	SPDR MFS Systematic Growth Equity ETF	34.5	60	-8	4.1	-0.7
ESGU	iShares MSCI USA ESG Optimized ETF	34.4	15	37	4.9	+0.1
SCHK	Schwab 1000 Index ETF	34.1	5	47	5.1	+0.2
ESGV	Vanguard ESG U.S. Stock ETF	34.0	12	40	4.9	+0.1
VOOG	Vanguard S&P 500 Growth ETF	34.0	10	42	4.1	-0.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	34.0	4	48	4.2	-0.7
IVW	iShares S&P 500 Growth ETF	34.0	18	34	4.0	-0.8
VONE	Vanguard Russell 1000 ETF	34.0	8	44	5.0	+0.2
EPS	WisdomTree U.S. Earnings 500 Fund	33.9	8	44	6.3	+1.5
IWB	iShares Russell 1000 ETF	33.9	15	37	4.9	+0.1
IYY	iShares Dow Jones U.S. ETF	33.8	20	32	5.0	+0.2
QDF	FlexShares Quality Dividend Index Fund	33.8	37	15	6.0	+1.2
IUSG	iShares Core S&P US Growth ETF	33.6	4	48	4.2	-0.6
DIVB	iShares U.S. Dividend & Buyback ETF	33.6	25	27	6.4	+1.6
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	33.3	9	43	5.3	+0.5
RECS	Columbia Research Enhanced Core ETF	33.2	15	37	5.4	+0.6
QLC	FlexShares US Quality Large Cap Index Fund	33.0	32	20	5.2	+0.4
MGK	Vanguard Mega Cap Growth ETF	33.0	7	45	3.9	-0.9
QDEF	FlexShares Quality Dividend Defensive Index Fund	32.9	37	15	5.7	+0.9
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	32.9	15	37	6.0	+1.2
SCHB	Schwab U.S. Broad Market ETF	32.8	3	49	5.0	+0.2
IGM	iShares Expanded Tech Sector ETF	32.7	46	6	3.6	-1.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	32.6	3	49	5.0	+0.2
OUSA	O'Shares FTSE US Quality Dividend ETF	32.6	48	4	5.5	+0.7
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	32.5	49	3	3.8	-1.0
IWV	iShares Russell 3000 ETF	32.4	20	32	4.8	-0.0
VTHR	Vanguard Russell 3000 Index Fund	32.4	10	42	4.9	+0.1
YLDE	ClearBridge Dividend Strategy ESG ETF	32.4	60	-8	4.8	-0.0
FDLO	Fidelity Low Volatility Factor ETF	32.0	29	23	5.0	+0.1
VTI	Vanguard Total Stock Market Index Fund	31.9	3	49	4.9	+0.1
DSI	iShares MSCI KLD 400 Social ETF	31.9	25	27	5.0	+0.2
VUG	Vanguard Growth Index Fund	31.6	4	48	3.8	-1.1
JQUA	JPMorgan U.S. Quality Factor ETF	31.6	12	40	5.2	+0.4
EXT	WisdomTree U.S. Total Earnings Fund	31.4	28	24	5.0	+0.2
STLG	iShares Factors US Growth Style ETF	31.4	25	27	3.5	-1.4
IETC	iShares Evolved U.S. Technology ETF	30.9	18	34	3.6	-1.2
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	30.9	75	-23	3.8	-1.1
DGRO	iShares Core Dividend Growth ETF	30.7	8	44	6.5	+1.7
QYLD	Global X NASDAQ 100 Covered Call ETF	30.4	60	-8	3.4	-1.5
NUSI	Nationwide Risk-Managed Income ETF	30.3	68	-16	3.3	-1.5
QQQ	Invesco QQQ Trust	30.1	20	32	3.7	-1.1
KRMA	Global X Conscious Companies ETF	30.0	43	9	5.0	+0.2
QUS	SPDR MSCI USA StrategicFactors ETF	29.8	15	37	5.7	+0.9
IOO	iShares Global 100 ETF	29.8	40	12	4.6	-0.2
VEGN	US Vegan Climate ETF	29.7	60	-8	5.0	+0.2
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	29.7	10	42	5.2	+0.4
SUSL	iShares ESG MSCI USA Leaders ETF	29.6	10	42	5.2	+0.4
SCHG	Schwab U.S. Large-Cap Growth ETF	29.5	4	48	3.9	-0.9
FDVV	Fidelity Core Dividend ETF	29.5	29	23	7.0	+2.2
AFLG	First Trust Active Factor Large Cap ETF	29.3	55	-3	5.3	+0.5
SPMO	Invesco S&P 500 Momentum ETF	29.2	13	39	4.1	-0.7
FLQL	Franklin LibertyQ U.S. Equity ETF	29.1	15	37	6.0	+1.2
QUAL	iShares MSCI Usa Quality Factor ETF	29.1	15	37	5.3	+0.4
TMFC	Motley Fool 100 Index ETF	29.0	50	2	3.3	-1.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	29.0	19	33	5.9	+1.0
FDMO	Fidelity Momentum Factor ETF	28.9	29	23	3.7	-1.2
RAFE	PIMCO RAFI ESG U.S. ETF	28.9	29	23	7.5	+2.7
QLV	FlexShares US Quality Low Volatility Index Fund	28.9	22	30	4.6	-0.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	RiverFront Dynamic US Dividend Advantage ETF
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	20.6	%
Divided by: Fwd. P/BV	3.9	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.52

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.