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 07, 2016
Assets (mns)	$131
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	107
Wgt avg mkt cap (mns)	$278,138
Large cap (>$10bn)	81.7%
Mid cap ($2-10bn)	14.0%
Small cap (<$2bn)	4.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.9 %
MICROSOFT CORP	5.5 %
APPLE INC	5.2 %
AMAZON.COM INC	2.8 %
JPMORGAN CHASE & CO	2.5 %
CHEVRON CORP	2.1 %
JOHNSON & JOHNSON	1.9 %
AT&T INC	1.8 %
HOME DEPOT INC	1.8 %
BANK OF AMERICA CORP	1.7 %
EXXON MOBIL CORP	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	2.5 %
	BRITAIN	0.7 %
	BERMUDA	0.6 %

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.
20.5%	10.3%	--	--	11.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	94%
MSCI EAFE	0.91	60%
MSCI Emg. Mkts.	0.60	43%

Technical Indicators
Recent close	$33.57
30d moving avg.	$33.41
Annualized volatility	13.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.3%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$54,679

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the RiverFront Dynamic US Dividend Advantage 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™:

6.6%

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 (%)
XLG	Invesco S&P Top 50	51.6	20	32	5.2	-1.4
OEF	iShares S&P 100	50.0	20	32	5.5	-1.1
IWL	iShares Russell Top 200	48.2	15	37	5.7	-0.9
MGC	Vanguard Mega Cap 300 ETF	46.6	7	45	5.8	-0.8
RECS	Columbia Research Enhanced Core	46.6	15	37	5.9	-0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index	45.6	12	40	5.7	-0.9
PBP	Invesco S&P 500 Buy/Write	45.0	49	3	5.6	-1.0
JUST	Goldman Sachs JUST U.S. Large Cap Equity	44.8	20	32	5.6	-1.0
PRID	InsightShares LGBT Employment Equality	44.5	65	-13	5.7	-0.9
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	44.4	19	33	5.6	-1.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	44.3	15	37	5.5	-1.2
SPXN	ProShares S&P 500 Ex-Financials	44.1	27	25	5.9	-0.7
HSPX	Global X S&P 500 Covered Call	44.0	65	-13	5.5	-1.1
SPY	S&P 500 SPDR	43.6	9	43	5.9	-0.7
IVV	iShares Core S&P 500	43.6	4	48	6.0	-0.6
VOO	Vanguard S&P 500 ETF	43.6	3	49	6.0	-0.6
SNPE	Xtrackers S&P 500 ESG	43.1	11	41	5.8	-0.8
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	42.5	20	32	5.9	-0.7
FVAL	Fidelity Value Factor	42.4	29	23	8.2	+1.6
SPXE	ProShares S&P 500 Ex-Energy	42.3	27	25	5.9	-0.7

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:	RiverFront Dynamic US Dividend Advantage
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	19.5	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.55

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.