ETF Research Center

The RiverFront Dynamic US Flex-Cap ETF is an actively managed fund of stocks selected on the basis of multiple factors such as value, quality, and momentum.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS
Website	www.alpsfunds.com
Inception date	Jun 07, 2016
Assets (mns)	$129
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	155
Wgt avg mkt cap (mns)	$245,231
Large cap (>$10bn)	78.8%
Mid cap ($2-10bn)	14.8%
Small cap (<$2bn)	6.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.9 %
APPLE INC	4.0 %
MICROSOFT CORP	4.0 %
AMAZON.COM INC	2.6 %
FACEBOOK	1.9 %
JPMORGAN CHASE & CO	1.8 %
ALPHABET INC. CLASS C	1.7 %
ALPHABET INC. CLASS A	1.7 %
JOHNSON & JOHNSON	1.5 %
BERKSHIRE HATHAWAY INC-CL B	1.4 %
EXXON MOBIL CORP	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	IRELAND	1.2 %
	BRITAIN	0.8 %
	NETHERLANDS	0.4 %
	SWITZERLAND	0.3 %

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.
17.1%	3.6%	--	--	10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	93%
MSCI EAFE	1.03	59%
MSCI Emg. Mkts.	0.65	39%

Technical Indicators
Recent close	$34.52
30d moving avg.	$33.66
Annualized volatility	14.9%
Short interest (ETF)	0.2%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.2%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$72,147

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the RiverFront Dynamic US Flex-Cap ETF based on the alternatives' overlap in portfolio holdings with RFFC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RFFC

Expense:

52 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RFFC
Ticker	Fund Name	Overlap¹ vs RFFC (%)	Expense ratio (bp)	Savings vs RFFC (bp)	ALTAR Score™ (%)	ALTAR vs RFFC (%)
IWL	iShares Russell Top 200	54.6	15	37	5.7	-0.0
MGC	Vanguard Mega Cap 300 ETF	53.8	7	45	5.8	+0.1
PBP	Invesco S&P 500 Buy/Write	52.6	49	3	5.6	-0.1
OEF	iShares S&P 100	52.6	20	32	5.5	-0.2
HSPX	Global X S&P 500 Covered Call	51.9	65	-13	5.4	-0.3
SPY	S&P 500 SPDR	51.4	9	43	5.9	+0.2
IVV	iShares Core S&P 500	51.4	4	48	5.9	+0.2
VOO	Vanguard S&P 500 ETF	51.3	3	49	5.9	+0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	50.4	20	32	5.9	+0.2
BBUS	JP Morgan Betabuilders U.S. Equity	50.2	2	50	5.8	+0.2
VV	Vanguard Large-Cap ETF	50.1	4	48	5.8	+0.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity	50.0	20	32	5.6	-0.1
PBUS	Invesco PureBeta MSCI USA	49.9	4	48	6.0	+0.3
SPXE	ProShares S&P 500 Ex-Energy	49.9	27	25	5.9	+0.2
SCHX	Schwab U.S. Large-Cap	49.1	3	49	5.8	+0.1
SPXN	ProShares S&P 500 Ex-Financials	48.8	27	25	5.9	+0.2
IWB	iShares Russell 1000	48.4	15	37	5.7	+0.0
SPXV	ProShares S&P 500 Ex-Health Care	48.4	27	25	5.6	-0.1
SCHK	Schwab 1000 Index	48.3	5	47	5.8	+0.2
VONE	Vanguard Russell 1000	48.2	12	40	5.8	+0.1

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:	RiverFront Dynamic US Flex-Cap
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	12.5	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.