Quarterly Scorecard 1st Quarter 2015 what s INSIDE
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1 Quarterly Scorecard 1st Quarter 2015 what s INSIDE 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:**** $56.71 Shares Outstanding: 2,550,000 # of Holdings: 9 * Dividend paid on 4/1/15 ** 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 3/31/15 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 each of the 9 Select Sector SPDRs and rebalances quarterly. The nine Sector SPDRs are shown in the Portfolio Composition chart on the right. Contact Info PERFORMANCE At the conclusion of Q1 2015, ALPS Equal Sector Weight ETF () closed at $56.81, up 0.43% for the quarter. This slightly trailed the S&P 500 s (SPX) gain of 0.95%. ATTRIBUTION s small underperformance to the S&P 500 was primarily due to a negative allocation effect driven by a relative underweight in and overweight in, results of the equal sector weight strategy. A relative underweight in, as well as positive selection effect in, helped to support the Fund s performance during the quarter. SECTOR VALUATION & PERFORMANCE The top performing sector for Q was, returning 6.32%, followed by which posted a return of 4.48%. The top detractors were and, returning -5.17% and -2.15% respectively. At the conclusion of Q1 2015, defensive sectors were, on average, priced at higher P/E multiples than their cyclical counterparts. PERFORMANCE as of 3/31/15 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) 0.36% 5.01% 0.36% 10.75% 13.84% % 17.49% ALPS Equal Sector Weight ETF (Market Price) % 5.06% 0.43% 10.87% 13.85% % 17.55% S&P 500 Total Return Index % 5.93% 0.95% 12.73% 14.47% % 18.10% Banc of America Securities Merrill Lynch Equal Sector Weight Index % 4.19% -0.02% 9.00% 11.89% % 15.50% 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 The Fund commenced Investment Operations on July 6, 2009 with an Inception Date, the first day of trading on the Exchange, of July 7, 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) $65 2/24/15 High $58.40 $60 4/11/14 Low $50.80 $55 $50 $45 $40 3/31/14 4/30/14 5/31/14 6/30/14 7/31/14 8/31/14 9/30/14 10/31/14 11/30/14 12/31/14 1/31/15 2/28/15 3/31/15 *Source: Bloomberg NAV returns as of 3/31/15. Past performance is not indicative of future results. CHARACTERISTICS Fundamentals & Risk Profile Description Value Max Market Cap (Million $) $724,773 Price to Earnings Ratio Min Market Cap (Million $) $3,277 Price to Earnings Ratio using FY1 Est Total Market Cap (Agg, Million $) $19,804,857 Price to Earnings Ratio using FY2 Est Weighted Avg. Market Cap ( Agg, Million $) $100,368 Price to Book Ratio 3.29 Market Cap Breakdown Price to Sales Ratio 1.74 Large Cap 95.91% Price to Cash Flow Ratio Mid Cap 4.09% Beta* 0.96 Small Cap 0.00% Volatility* 11.60% *Based on Factset monthly returns. Beta is to the S&P 500 Index. Bloomberg data as of 3/31/2015
3 SECTOR ATTRIBUTION 1ST QUARTER moderately underperformed the S&P 500 by 0.52% in Q This slight underperformance can primarily be attributed to a relative overweight in, which resulted in a negative allocation effect of 48 basis points to the fund vs. SPX. also contributed to the fund s underperformance vs. SPX, as a slight underweight relative to the benchmark resulted in negative allocation and selection effects of 18 basis points and 2 basis points respectively. The largest positive contributors to the fund were, as a moderate underweight helped the fund outperform by 15 basis points relative to SPX in the sector, and, in which security selection helped the fund gain 9 basis points vs. SPX. Avg % Wgt Contribution to Return Total Return Total Attribution Allocation Effect Selection Effect S&P 500 +/- S&P 500 +/- S&P 500 +/ % 12.30% -0.86% 0.51% 0.56% -0.05% 4.48% 4.74% -0.26% -0.06% -0.03% -0.03% 11.23% 9.83% 1.40% 0.13% 0.10% 0.03% 1.12% 0.99% 0.13% 0.02% 0.00% 0.01% 10.75% 8.19% 2.56% -0.13% -0.23% 0.10% -1.34% -2.85% 1.51% 0.09% -0.08% 0.17% 10.89% 16.20% -5.31% -0.25% -0.35% 0.10% -2.15% -2.05% -0.10% 0.15% 0.16% -0.01% 11.19% 14.77% -3.57% 0.69% 0.93% -0.23% 6.32% 6.53% -0.21% -0.20% -0.18% -0.02% 11.06% 10.31% 0.75% -0.11% -0.08% -0.03% -0.96% -0.79% -0.17% -0.03% -0.01% -0.02% 11.27% 3.22% 8.05% 0.09% 0.03% 0.05% 0.79% 0.99% -0.20% -0.02% 0.00% -0.02% 11.13% 22.02% % 0.06% 0.14% -0.08% 0.63% 0.67% -0.05% 0.02% 0.03% -0.01% 11.03% 3.16% 7.87% -0.56% -0.16% -0.40% -5.17% -5.17% 0.00% -0.48% -0.48% 0.00% Past performance is not indicative of future results. Subject to change. SECTOR VALUATION AT GLANCE S&P 500 P/E Quilt Defensive Sectors 3/31/15 1 Year Avg 3 Year Avg 5 Year Avg 10 Year Avg 20.32x 19.69x 18.58x 17.48x 17.45x 23.60x 21.98x 19.70x 17.26x 16.58x Telecommunication Services 14.80x 15.16x 15.31x 14.83x 14.56x Utillities 16.82x 17.22x 16.31x 15.21x 15.10x Cyclical Sectors 3/31/15 1 Year Avg 3 Year Avg 5 Year Avg 10 Year Avg 20.42x 20.00x 18.00x 17.29x 16.90x 13.68x 14.37x 13.21x 13.21x 12.56x 14.90x 14.19x 13.28x 13.05x 13.46x 17.72x 18.30x 17.48x 16.87x 16.41x Information 18.77x 18.78x 17.14x 16.33x 18.47x 18.50x 18.77x 17.51x 16.37x 15.48x As of 3/31/15, cyclical sectors were, on average, priced at lower price to earnings multiples than their defensive counterparts. Looking at the defensive sectors, closed Q1 with the highest P/E ratio, trading at 23.6 times earnings, 42.3% higher than its 10 year average multiple. had the highest P/E ratio of the cyclical sectors, trading at times earnings, 20.8% higher than its 10 year average multiple. finished Q1 with a P/E ratio of 13.68, a moderate discount to its one year average multiple, but still higher than its 10 year average multiple.
4 SECTOR PERFORMANCE AT GLANCE Q Q Q Q Q Q Q Q Q Q Q Q Dispersion of Returns Realtive to S&P Source: Bloomberg Total Returns 3/31/12-3/31/15. includes Information & Telecommunication Services The top three performing sectors in Q (,, and ) were also the sectors trading at the highest multiples at quarter end. Conversely, the three worst performing sectors (,, and ) were also the three sectors trading at the largest discounts to their respective one year average earnings multiples. The dispersion of returns at the sector level relative to the S&P 500 in Q was relatively in line (slightly lower) than the average dispersion over the previous 12 calendar quarters. The dispersion reverted back towards the mean after jumping up to in Q due to the fallout in the sector after the drop in the price of crude.
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 /31/15
6 ALPS Advisor Solutions
Quarterly Scorecard 1st Quarter 2016 what s INSIDE
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:* $0.2658 Management Fee: 0.37%
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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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