ETF Research Center

ALPS Medical Breakthroughs ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond generally to the performance of its underlying index, the Poliwogg Medical Breakthroughs Index (ticker symbol: PMBI).

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS Advisors Inc
Website	www.alpsetfs.com
Inception date	Dec 30, 2014
Assets (mns)	$207
Currency	USD
Expense ratio	50 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	77
Wgt avg mkt cap (mns)	$2,029
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	43.6%
Small cap (<$2bn)	56.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.1 %
ALLAKOS, INC.	5.4 %
ACADIA PHARMACEUTICALS INC	5.2 %
GLOBAL BLOOD THERAPEUTICS INC	4.5 %
MORPHOSYS AG SPONSORED ADR	4.0 %
FIBROGEN INC	3.9 %
MIRATI THERAPEUTICS INC	3.8 %
UNITED THERAPEUTICS CORP	3.8 %
IMMUNOMEDICS INC	3.7 %
ALKERMES PLC	3.1 %
PTC THERAPEUTICS INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	87.7 %
	GERMANY	4.0 %
	IRELAND	3.1 %
	NETHERLANDS	3.0 %
	SWITZERLAND	0.6 %
	CANADA	0.3 %
	BERMUDA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
40.5%	21.1%	--	--	10.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.44	45%
MSCI EAFE	1.11	22%
MSCI Emg. Mkts.	0.92	24%

Technical Indicators
Recent close	$41.39
30d moving avg.	$36.73
Annualized volatility	26.0%
Short interest (ETF)	0.3%
Short interest (Underlying)	10.6%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	34
Turnover	0.7%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$1,170

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ALPS Medical Breakthroughs ETF based on the alternatives' overlap in portfolio holdings with SBIO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SBIO

Expense:

50 bp

ALTAR Score™:

-5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SBIO
Ticker	Fund Name	Overlap¹ vs SBIO (%)	Expense ratio (bp)	Savings vs SBIO (bp)	ALTAR Score™ (%)	ALTAR vs SBIO (%)
BBC	Virtus LifeSci Biotech Clinical Trials	37.8	79	-29	-11.1	-5.9
XBI	SPDR S&P Biotech ETF	28.1	35	15	-4.4	+0.8
BTEC	Principal Healthcare Innovators Index	21.0	42	8	-4.2	+1.0
IDNA	iShares Genomics Immunology and Healthcare	17.7	47	3	-4.3	+0.9
FBT	First Trust NYSE-ARCA Biotechnology	15.6	57	-7	-0.7	+4.4
BBP	BioShares Biotech Products	14.6	79	-29	-3.7	+1.5
IBB	iShares NASDAQ Biotechnology	11.8	47	3	0.4	+5.6
PTH	Invesco DWA Healthcare Momentum	8.6	60	-10	-1.2	+3.9
GNOM	Global X Genomics & Biotechnology	7.8	68	-18	-5.2	-0.0
CNCR	Loncar Cancer Immunotherapy	6.3	79	-29	-3.4	+1.7
IWC	iShares Russell Microcap	6.2	60	-10	-8.2	-3.1
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth	5.7	29	21	1.2	+6.3
GDNA	Goldman Sachs Motif Human Evolution	5.6	50	0	1.0	+6.2
IWO	iShares Russell 2000 Growth	5.5	24	26	0.8	+6.0
JKK	iShares Morningstar Small Cap Growth	5.5	30	20	1.0	+6.2
IEIH	iShares Evolved U.S. Innovative Healthcare	5.4	18	32	4.4	+9.5
VTWG	Vanguard Russell 2000 Growth	5.4	20	30	0.9	+6.0
PSCH	Invesco S&P Small Cap Health Care	4.9	29	21	2.5	+7.6
SLIM	Obesity	4.4	35	15	2.2	+7.3
MFMS	Motley Fool Small-Cap Growth	4.2	85	-35	-2.2	+2.9

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:	ALPS Medical Breakthroughs
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-34.2	%
Divided by: Fwd. P/BV	7.3	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	-5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.27	CATEGORY AVERAGE	1.56

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.