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)	$120
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	102
Wgt avg mkt cap (mns)	$351,496
Large cap (>$10bn)	85.8%
Mid cap ($2-10bn)	7.8%
Small cap (<$2bn)	6.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	30.9 %
MICROSOFT CORP	6.2 %
APPLE INC	6.1 %
AMAZON.COM INC	4.5 %
JOHNSON & JOHNSON	2.6 %
VISA INC-CLASS A SHARES	2.4 %
HOME DEPOT INC	2.0 %
PFIZER INC	2.0 %
INTEL CORP	1.8 %
AT&T INC	1.7 %
VERIZON COMMUNICATIONS INC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	IRELAND	2.6 %
	BRITAIN	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-12.7%	-5.7%	--	--	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	97%
MSCI EAFE	1.05	86%
MSCI Emg. Mkts.	0.78	73%

Technical Indicators
Recent close	$31.63
30d moving avg.	$30.00
Annualized volatility	17.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	36
Turnover	1.0%
Bid/Ask (% of price)	0.36%
ADV underlying (mns)	$90,599

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™:

6.2%

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	55.0	52	0	5.6	-0.6
OEF	iShares S&P 100 ETF	48.7	20	32	5.0	-1.2
XLG	Invesco S&P 500 Top 50 ETF	47.1	20	32	4.7	-1.5
IWL	iShares Russell Top 200 ETF	46.1	15	37	5.3	-0.9
NACP	Impact Shares NAACP Minority Empowerment ETF	45.9	75	-23	4.7	-1.5
MGC	Vanguard Mega Cap Index Fund	45.7	7	45	5.4	-0.8
FVAL	Fidelity Value Factor ETF	44.5	29	23	8.4	+2.2
SPXN	ProShares S&P 500 Ex-Financials ETF	44.5	27	25	5.2	-1.0
PBP	Invesco S&P 500 BuyWrite ETF	44.5	49	3	5.3	-0.9
HSPX	Global X S&P 500 Covered Call ETF	43.9	65	-13	5.2	-1.0
RECS	Columbia Research Enhanced Core ETF	43.8	15	37	5.8	-0.4
IQSU	IQ Candriam ESG US Equity ETF	43.8	9	43	5.4	-0.8
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	43.5	20	32	5.6	-0.6
SPXE	ProShares S&P 500 Ex-Energy ETF	43.4	27	25	5.5	-0.7
SNPE	Xtrackers S&P 500 ESG ETF	42.9	11	41	5.3	-0.9
MMTM	SPDR S&P 1500 Momentum Tilt ETF	42.7	12	40	5.2	-1.0
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	42.6	20	32	5.2	-1.0
SPLG	SPDR Portfolio Large Cap ETF	42.4	3	49	5.6	-0.6
SPY	SPDR S&P 500 ETF Trust	42.3	9	43	5.6	-0.6
IVV	iShares Core S&P 500 ETF	42.3	4	48	5.6	-0.6
VOO	VANGUARD S&P 500 ETF	42.1	3	49	5.6	-0.6
CATH	Global X S&P 500 Catholic Values Custom ETF	42.0	29	23	5.5	-0.7
VV	Vanguard Large-Cap Index Fund	41.2	4	48	5.5	-0.7
PBUS	Invesco PureBeta MSCI USA ETF	40.8	4	48	5.6	-0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	40.4	75	-23	4.7	-1.5
ESGU	iShares MSCI USA ESG Optimized ETF	40.4	15	37	5.3	-0.9
BBUS	JP Morgan Betabuilders U.S. Equity ETF	40.4	2	50	5.6	-0.6
SPXV	ProShares S&P 500 Ex-Health Care ETF	40.3	27	25	5.3	-0.9
QLC	FlexShares US Quality Large Cap Index Fund	40.2	32	20	5.6	-0.6
SCHX	Schwab U.S. Large-Cap ETF	39.8	3	49	5.5	-0.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	39.7	9	43	5.7	-0.5
SPTM	SPDR Portfolio Total Stock Market ETF	39.6	3	49	5.7	-0.5
FQAL	Fidelity Quality Factor ETF	39.2	29	23	5.5	-0.7
IWB	iShares Russell 1000 ETF	39.0	15	37	5.4	-0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	39.0	12	40	4.9	-1.3
DLN	WisdomTree U.S. LargeCap Dividend Fund	38.9	28	24	6.5	+0.3
FDLO	Fidelity Low Volatility Factor ETF	38.8	29	23	5.3	-0.9
EPS	WisdomTree U.S. Earnings 500 Fund	38.7	8	44	6.6	+0.4
VONE	Vanguard Russell 1000 ETF	38.7	8	44	5.5	-0.7
SCHK	Schwab 1000 Index ETF	38.7	5	47	5.5	-0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	38.7	15	37	6.4	+0.2
ESGV	Vanguard ESG U.S. Stock ETF	38.5	12	40	5.4	-0.8
IYY	iShares Dow Jones U.S. ETF	38.4	20	32	5.4	-0.8
ACIO	Aptus Collared Income Opportunity ETF	38.1	79	-27	4.6	-1.6
XOUT	GraniteShares XOUT U.S. Large Cap ETF	38.1	60	-8	4.6	-1.6
ESG	FlexShares STOXX US ESG Impact Index Fund	37.8	32	20	5.3	-0.9
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	37.8	29	23	4.4	-1.8
SPYG	SPDR Portfolio S&P 500 Growth ETF	37.7	4	48	4.5	-1.7
IVW	iShares S&P 500 Growth ETF	37.7	18	34	4.4	-1.8
SFY	SoFi Select 500 ETF	37.7	0	52	5.5	-0.7
IWY	iShares Russell Top 200 Growth ETF	37.7	20	32	4.4	-1.8
DIVB	iShares U.S. Dividend & Buyback ETF	37.6	25	27	6.6	+0.4
VOOG	Vanguard S&P 500 Growth ETF	37.6	10	42	4.5	-1.7
QUS	SPDR MSCI USA StrategicFactors ETF	37.4	15	37	5.9	-0.3
SCHB	Schwab U.S. Broad Market ETF	37.1	3	49	5.5	-0.7
IWV	iShares Russell 3000 ETF	37.1	20	32	5.3	-0.9
VTI	Vanguard Total Stock Market Index Fund	37.0	3	49	5.4	-0.8
ITOT	iShares Core S&P Total U.S. Stock Market ETF	37.0	3	49	5.4	-0.8
IUSG	iShares Core S&P US Growth ETF	37.0	4	48	4.6	-1.6
VTHR	Vanguard Russell 3000 Index Fund	36.8	10	42	5.4	-0.8
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	36.8	49	3	4.3	-1.9
VONG	Vanguard Russell 1000 Growth Index Fund	36.7	8	44	4.5	-1.7
IWF	iShares Russell 1000 Growth ETF	36.7	19	33	4.4	-1.8
DTD	WisdomTree U.S.Total Dividend Fund	36.4	28	24	6.7	+0.5
FDRR	Fidelity Dividend ETF for Rising Rates	36.1	29	23	7.1	+0.9
TMFC	Motley Fool 100 Index ETF	35.7	50	2	4.1	-2.1
IUS	Invesco Strategic US ETF	35.4	19	33	6.4	+0.2
EQWL	Invesco Russell Top 200 Equal Weight ETF	35.4	25	27	6.2	-0.0
AFLG	First Trust Active Factor Large Cap ETF	35.1	55	-3	6.0	-0.2
EXT	WisdomTree U.S. Total Earnings Fund	35.0	28	24	5.9	-0.3
MGK	Vanguard Mega Cap Growth ETF	34.8	7	45	4.4	-1.8
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	34.6	25	27	6.7	+0.5
JQUA	JPMorgan U.S. Quality Factor ETF	34.5	12	40	5.3	-0.8
KRMA	Global X Conscious Companies ETF	34.4	43	9	5.4	-0.8
VUG	Vanguard Growth Index Fund	34.4	4	48	4.3	-1.9
ADME	Aptus Drawdown Managed Equity ETF	34.2	81	-29	3.9	-2.3
DGRO	iShares Core Dividend Growth ETF	34.0	8	44	6.6	+0.4
QDF	FlexShares Quality Dividend Index Fund	33.9	37	15	6.9	+0.8
OUSA	O'Shares FTSE US Quality Dividend ETF	33.8	48	4	5.8	-0.4
FDMO	Fidelity Momentum Factor ETF	33.7	29	23	4.0	-2.2
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	33.5	19	33	5.8	-0.4
QDEF	FlexShares Quality Dividend Defensive Index Fund	33.4	37	15	6.4	+0.2
DSI	iShares MSCI KLD 400 Social ETF	33.2	25	27	5.3	-0.8
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	33.0	10	42	5.5	-0.7
SUSL	iShares ESG MSCI USA Leaders ETF	33.0	10	42	5.5	-0.7
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	32.6	25	27	6.7	+0.5
VEGN	US Vegan Climate ETF	32.6	60	-8	5.4	-0.8
ECOZ	TrueMark ESG Active Opportunities ETF	32.3	58	-6	4.6	-1.6
IOO	iShares Global 100 ETF	32.1	40	12	5.0	-1.2
IGM	iShares North American Tech ETF	32.0	46	6	4.1	-2.1
AVUS	Avantis U.S. Equity ETF	31.9	15	37	6.0	-0.2
SCHG	Schwab U.S. Large-Cap Growth ETF	31.6	4	48	4.4	-1.8
JHML	John Hancock Multifactor Large Cap ETF	31.5	34	18	5.7	-0.5
BVAL	Brand Value ETF	31.5	65	-13	6.3	+0.1
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	31.4	25	27	6.4	+0.2
SPXT	ProShares S&P 500 Ex-Technology ETF	31.1	27	25	5.8	-0.4
FLQL	Franklin LibertyQ U.S. Equity ETF	31.0	15	37	6.4	+0.2
QLV	FlexShares US Quality Low Volatility Index Fund	31.0	22	30	5.3	-0.9
IETC	iShares Evolved U.S. Technology ETF	30.8	18	34	4.2	-2.0
FLLV	Franklin Liberty U.S. Low Volatility ETF	30.7	29	23	5.8	-0.4

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:

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	20.5	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.