ETF Research Center

ALPS Sector Dividend Dogs ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network Sector Dividend Dogs Index.

FUND BASICS
Category	US Equities
Fund Sponsor	ALPS Advisors Inc
Website	www.alpsetfs.com
Inception date	Jun 29, 2012
Assets (mns)	$1,501
Currency	USD
Expense ratio	40 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$56,229
Large cap (>$10bn)	81.1%
Mid cap ($2-10bn)	18.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.9 %
L BRANDS, INC.	2.7 %
WESTERN DIGITAL CORP	2.5 %
DUKE ENERGY CORP	2.3 %
SOUTHERN CO	2.3 %
EATON CORP PLC	2.2 %
INTL BUSINESS MACHINES CORP	2.2 %
OCCIDENTAL PETROLEUM CORP	2.2 %
CARDINAL HEALTH INC	2.2 %
DOMINION RESOURCES INC/VA	2.2 %
MOLSON COORS BREWING CO -B	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.7 %
	IRELAND	4.1 %
	BRITAIN	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.2%	9.2%	7.8%	--	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	86%
MSCI EAFE	1.05	67%
MSCI Emg. Mkts.	0.70	51%

Technical Indicators
Recent close	$40.94
30d moving avg.	$46.17
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.6%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	119
Turnover	0.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$17,311

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SDOG

Expense:

40 bp

ALTAR Score™:

10.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SDOG
Ticker	Fund Name	Overlap¹ vs SDOG (%)	Expense ratio (bp)	Savings vs SDOG (bp)	ALTAR Score™ (%)	ALTAR vs SDOG (%)
SPDV	AAM S&P 500 High Dividend Value ETF	56.0	29	11	10.8	+0.4
SPYD	SPDR S&P 500 High Dividend ETF	48.3	7	33	10.0	-0.4
GBDV	Global Beta Smart Income ETF	48.2	29	11	11.9	+1.5
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	44.4	30	10	8.8	-1.6
DTN	WisdomTree U.S. Dividend ex-Financials Fund	41.0	38	2	8.3	-2.1
FDL	First Trust Morningstar Dividend Leaders Index Fund	37.3	45	-5	9.3	-1.1
PEY	Invesco High Yield Equity Dividend Achievers ETF	37.1	53	-13	7.4	-3.0
DVY	iShares Select Dividend ETF	37.0	39	1	8.5	-1.9
RNDV	US Equity Dividend Select ETF	36.5	50	-10	8.2	-2.2
RDIV	Invesco S&P Ultra Dividend Revenue ETF	33.9	39	1	10.7	+0.3
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	33.8	35	5	8.8	-1.6
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	33.8	35	5	8.8	-1.6
DHS	WisdomTree U.S. High Dividend Fund	32.0	38	2	8.6	-1.9
WBIY	WBI Power Factor High Dividend ETF	30.5	70	-30	12.3	+1.9
DVOP	Source Dividend Opportunity ETF	28.7	50	-10	9.5	-0.9
OYLD	Invesco Russell 1000 Yield Factor ETF	26.8	19	21	6.7	-3.7
USDY	Pacific Global US Equity Income ETF	26.6	29	11	8.1	-2.3
FDRR	Fidelity Dividend ETF for Rising Rates	26.5	29	11	8.0	-2.5
DEW	WisdomTree Global High Dividend Fund	25.5	58	-18	9.5	-0.9
QDIV	Global X S&P 500 Quality Dividend ETF	25.4	20	20	8.5	-1.9

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

	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:	ALPS Sector Dividend Dogs ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	10.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.