Quarterly Scorecard 1st Quarter 2016 what s INSIDE
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1 ETF Stats Ticker: NAV Symbol:.NV Intraday Symbol:.IV Listing Exchange: NYSE Arca CUSIP: 00162Q 205 Fund Inception: 7/6/2009 Dividends Paid: Quarterly Most Recent Dividend:* $ Management Fee: 0.37% Acquired Fund Fees & Expenses:** 0.15% Total Expense Ratio: 0.52% Fee Waiver: -0.22% Net Expense Ratio:*** 0.30% NAV:**** $56.07 Shares Outstanding: 2,400,000 # of Holdings: 9 * Dividend paid on 3/31/16 ** Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies and are not direct costs paid by Fund shareholders. *** Net expense ratio reflects the Adviser s decision to contractually limit expenses through March 31, Please see the prospectus for additional information. **** NAV as of 3/31/16 Investment Objective The ALPS Equal Sector Weight ETF (Ticker Symbol: ) is an ETF of ETFs that delivers exposure to the US Large Cap Equity market by investing equal proportions in 9 Select Sector SPDRs and rebalances quarterly. Contact Info bob.dudley@sectorspdrs.com tyler.rheem@sectorspdrs.com Quarterly Scorecard 1st Quarter 2016 what s INSIDE PERFORMANCE, CHARACTERISTICS AND ALLOCATIONS At the conclusion of Q1 2016, ALPS Equal Sector Weight ETF () closed at $56.07, up 3.08% for the quarter. This outperformed the S&P 500 s (SPX) gain of 1.35%. ATTRIBUTION outperformed the S&P 500 by 1.73% in Q This outperformance was primarily due to positive allocation effect, driven by a relative overweight in and relative underweight in. SECTOR VALUATION & PERFORMANCE The top performing sectors for Q were, which returned 15.62%, and, which saw a gain of 5.67%. The top detractors were Healthcare and, returning -5.51% and -5.15% respectively. At the conclusion of Q1 2016, defensive sectors were, on average, valued in line with their cyclical counterparts in terms of P/E multiples (19.06 vs ). PERFORMANCE as of 3/31/16 Total Returns Q Month 1 Year 5 Year Cumulative Since Inception 1 Annualized Since Inception 1 YTD ALPS Equal Sector Weight ETF (Net Asset Value) 3.08% 9.26% 3.08% 1.02% 10.62% % 14.89% ALPS Equal Sector Weight ETF (Market Price) % 9.28% 3.07% 0.93% 10.62% % 14.92% S&P 500 Total Return Index % 8.49% 1.35% 1.78% 11.58% % 15.52% Banc of America Securities Merrill Lynch Equal Sector Weight Index % 8.07% 2.53% -1.15% 8.63% % 12.86% Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than actual data quoted. Call or visit performance/ for current month end performance. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. 1 Fund inception date of 7/7/09. 2 Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. 3 The S&P 500 Index is the Standard & Poor s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. An investor cannot invest directly in an index. 4 The Banc of America Securities Merrill Lynch Equal Sector Weight Index (BASMLESW) is a U.S. equity index comprised, in equal weights, of nine subindices. BASMLESW is a price-return index
2 PERFORMANCE 1 Year Performance (NAV) $59 5/21/15 High $58.44 $57 $55 $53 $51 $49 1/20/16 Low $49.85 $47 3/31/15 4/30/15 5/31/15 6/30/15 7/31/15 8/31/15 9/30/15 10/31/15 11/30/15 12/31/15 1/31/16 2/29/16 3/31/16 NAV 50 Day Moving Average 100 Day Moving Average *Source: Bloomberg NAV returns as of 3/31/16. Past performance is not indicative of future results. INDEX CHARACTERISTICS Fundamentals & Risk Profile SPX Description SPX Dividend Yield 2.35% 2.19% Price to Earnings Ratio Max Market Cap (Million $) $ 604,304 $ 604,304 Price to Earnings Ratio using FY1 Est Min Market Cap (Million $) $ 2,569 $ 2,569 Price to Earnings Ratio using FY2 Est Total Market Cap (Agg, Million $) $ 19,682,804 $ 19,682,804 Price to Book Ratio Weighted Avg. Market Cap (Agg, Million $) $ 103,917 $ 139,862 Price to Sales Ratio Market Cap Breakdown SPX Price to Cash Flow Ratio Large Cap 94.09% 95.75% Beta 0.96 Mid Cap 5.91% 4.25% Volatility 11.01% 11.38% Small Cap 0.00% 0.00% *Characteristics are look-through on Select Sector SPDR ETFs. Bloomberg data as of 3/31/2016
3 ALLOCATIONS Geography Sector Market Cap U.S. United States % % Info Tech/Telecom % % Healthcare % % % % % % Large Cap % Mid Cap % Small Cap % SECTOR ATTRIBUTION Q Avg % Wgt Contribution to Return Total Return Total Attribution Allocation Effect Selection Effect S&P 500 +/- S&P 500 +/- S&P 500 +/ Totals Past performance is not indicative of future results. Subject to change. Bloomberg data as of 3/31/2016
4 SECTOR VALUATION AT GLANCE S&P 500 P/E Quilt Defensive Sectors 3/31/16 1 Year Avg 3 Year Avg 5 Year Avg 10 Year Avg 22.1x 20.5x 19.6x 18.1x 16.1x 20x 21.1x 20.9x 17.9x 16.2x Telecommunication Services 14x 14.1x 14.9x 15.1x 14.3x Utillities 20.1x 16.4x 16.3x 15.5x 14.5x Cyclical Sectors 3/31/16 1 Year Avg 3 Year Avg 5 Year Avg 10 Year Avg 21x 20.3x 20.4x 18.9x 17.3x 22.1x 17x 15x 13.6x 12.8x 20x 14.3x 14.3x 13.5x 13.6x 14x 16.3x 17.5x 16.3x 15.6x Information 20.1x 18.3x 18x 16.5x 17.8x 17x 16.6x 17.7x 16.2x 15.7x As of 3/31/16, cyclical sectors were, on average, valued in line with their defensive counterparts, trading at times earnings vs x for defensive sectors. Looking at the defensive sectors, closed Q1 with the highest P/E ratio, trading at 22.1 times earnings, roughly 37% higher than its 10 year average multiple. had the highest P/E ratio of the cyclical sectors, trading at 22.1 times earnings, 72% higher than its 10 year average multiple. SECTOR PERFORMANCE AT GLANCE Q Q Q Q Q Q Q Q Q Q Q Q Q Q Dispersion of Returns Relative to S&P Source: Bloomberg Total Returns 6/30/12-3/31/16 includes Information & Telecommunication Services
5 IMPORTANT DISCLOSURES & DEFINITIONS An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call or visit Read the prospectus carefully before investing. Shares are not individually redeemable and the owners of shares may purchase or redeem shares from a fund in creation units (blocks of 50,000 shares) only. The Fund s investment performance, because it is a fund of funds, depends on the investment performance of the Underlying Sector ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Sector ETFs that comprise the Underlying Index. The Fund will indirectly pay a proportional share of the asset-based fees of the Underlying Sector ETFs in which it invests. The Fund is subject to the Underlying Sector ETFs Risks, making it subject to certain risks specific to each Underlying Sector ETF. The Fund is considered non-diversified which could cause greater fluctuation in share price than would occur in a diversified fund. An investment in the Fund involves risks, including loss of principal. ALPS Portfolio Solutions Distributor, Inc. is the distributor for the ALPS Equal Sector Weight ETF. Downside Risk: the probability that an asset will fall in price. It is also the measure of the possible loss from that decline. Information Ratio: A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. Price to Book Ratio: a financial ratio used to compare a company s current market price to its book value. Price to Cash Flow: A measure of the market s expectations of a firm s future financial health. Price to Earnings Ratio: an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Price to Sales: A ratio for valuing a stock relative to its own past performance, other companies or the market itself. Sharpe Ratio: a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment. Standard Deviation: An annual statistical measure of the historical volatility, measure of the extent to which returns are spread around their average. Tracking Error: a measure of how closely a portfolio follows the index to which it is benchmarked. Volatility: A statistical measure of the dispersion of returns for a given security or market index. Basis Point: A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. Total Attribution: A performance-evaluation tool used to analyze the abilities of portfolio or fund managers. Allocation effect: the impact on performance from over/under weighting of each sector relative to the benchmark. Selection effect: the impact on performance from differences in underlying security weights relative to the benchmark. Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole /31/16
Quarterly Scorecard 2nd Quarter 2016 what s INSIDE
ETF Stats Ticker: NAV Symbol: Intraday Symbol: Listing Exchange:.NV.IV NYSE Arca CUSIP: 00162Q 205 Fund Inception: 7/6/2009 Dividends Paid: Quarterly Most Recent Dividend:* $0.289879 Management Fee: 0.37%
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