Core Insights - The ALPS Active REIT ETF has surged 10.4% year-to-date through mid-February, indicating a significant recovery for real estate investment trusts (REITs) after a decline of 0.68% in 2025 [1] - REITs are now outperforming equities by nearly 10% year-to-date, reversing a trend where they lagged behind equities by approximately 10% over the past five years [1] - The recovery is attributed to a reset in property values and changing market conditions, with REITs currently trading at about a 20% discount compared to private real estate funds [1] Market Conditions - The broader REIT market offers a dividend yield of 3.98%, significantly higher than the S&P 500's yield of 1.09% [1] - The REIT market, excluding the health care sector, is trading at a 21% discount to net asset value, presenting an opportunity for investors [1] - A major factor in the REIT recovery is the decline in new construction, with industrial supply down 70% and apartment supply down 30% from their 2023 peaks [1] Investment Strategy - The active management approach of the REIT fund focuses on high-demand areas, such as data centers, which are performing well due to their support for AI infrastructure [1] - The fund maintains a significant allocation to health care at 17.7%, benefiting from earnings growth in senior housing [1] - The office component of the REIT universe has decreased to just 3%, allowing the fund to avoid major exposure to distressed office properties [1]

Core Viewpoint - The launch of the ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) reflects a growing interest in nuclear power as a solution to increasing electricity demands driven by artificial intelligence and data centers [1] Group 1: ETF Overview - The SMRF ETF offers exposure to companies across the nuclear and small modular reactor value chain while pairing them with leading AI companies [1] - The ETF has a 0.65% expense ratio and employs an active options overlay strategy to generate monthly income and reduce volatility compared to its benchmark [1] - Thematic investing is gaining traction, with advisors seeking diversified exposure to long-term trends, making the addition of this ETF significant [1] Group 2: Nuclear Power Revival - The fund's strategy aligns with a broader shift in energy markets as tech companies look for reliable, carbon-free power sources for energy-intensive operations [1] - Small modular reactors are designed to be modular and can be assembled to meet varying power needs, representing a modern approach to nuclear energy [1] Group 3: Portfolio Construction - Top holdings include uranium miners such as Kazatomprom, Energy Fuels Inc., NexGen Energy, Uranium Energy Corp., and Cameco Corp., along with nuclear technology companies like BWX Technologies and Constellation Energy Corp. [1] - The fund's sector allocations are 40.4% in basic materials, 22% in technology, and 13.1% in industrials, with geographical exposure primarily in the United States (47.6%), Canada (19.2%), and Australia (6.8%) [1] - The options strategy may limit profit potential from sharp increases in underlying securities but offers exposure to the nuclear energy theme with steady income and managed volatility [1]

Core Insights - Thematic ETFs and active fixed income are gaining renewed interest as investors seek alternatives to the dominance of the Magnificent Seven stocks [1][2] Thematic ETFs - Advisors are reevaluating portfolios to address gaps in exposure to companies leading significant market themes such as electrification and energy transition [2][3] - The ALPS Electrification Infrastructure ETF (ELFY) adopts a "picks and shovels" approach, focusing on downstream infrastructure rather than AI tech giants, investing in pipeline companies, utilities, and industrial firms benefiting from rising electricity demand [4] - Utilities and energy sectors represent a small portion of traditional portfolios, with utilities at 2% and energy at 3% of the S&P 500, despite their critical roles in electricity demand growth [5] Active Management in Fixed Income - The ALPS Smith Core Plus Bond ETF (SMTH) has surpassed $2 billion in assets in under two years, as investors shift from cash equivalents to longer-duration strategies amid expected rate cuts [6] - Active fixed income managers have consistently outperformed benchmarks, unlike large-cap equity counterparts, as the aggregate bond index serves primarily as a measurement tool rather than an investable option [7] Market Concentration and Diversification Strategies - Looking towards 2026, there are concerns about the market's concentration around the Magnificent Seven, which collectively account for over 30% of the S&P 500 [8] - Suggested diversification strategies include international exposure, small- and mid-cap allocations, value-oriented approaches, and quality strategies to mitigate concentration risk [9]

Core Viewpoint - SS&C ALPS Advisors has transferred the listing of several ETFs from Cboe BZX Exchange to NYSE Arca to enhance operational efficiency and market profile [1][2]. Group 1: ETF Listing Transfer - The ETFs transferred include ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (Ticker: OUSM), ALPS | O'Shares U.S. Quality Dividend ETF (Ticker: OUSA), ALPS | O'Shares Global Internet Giants ETF (Ticker: OGIG), and ALPS | O'Shares International Developed Quality Dividend ETF (Ticker: OEFA) [1]. - The funds will continue trading under their existing ticker symbols, CUSIPs, and identifiers, with no required action from shareholders [2]. Group 2: Company Overview - SS&C ALPS Advisors is a subsidiary of SS&C Technologies, managing over $31.84 billion as of September 30, 2025, and focuses on providing investment products for advisors and institutions [5]. - SS&C Technologies, founded in 1986 and headquartered in Windsor, Connecticut, serves over 23,000 financial services and healthcare organizations globally [4].

Core Insights - An actively managed bond fund from SS&C ALPS Advisors has seen nearly $1 billion in net inflows over the past year, indicating a shift in investor strategy towards security selection over passive index tracking [1] - Major financial institutions, including Charles Schwab and Morgan Stanley, predict that 2026 will experience steepening yield curves and widening investment-grade credit spreads, creating opportunities for active bond managers [2][4] - The ALPS Smith Core Plus Bond ETF (SMTH) has grown to $2.3 billion in assets, with net inflows of $951.05 million over the past 12 months, reflecting strong investor interest [2][3] Performance Metrics - SMTH has posted a year-to-date return of 6.52%, slightly outperforming the category average of 6.45%, and a trailing 12-month return of 5.95%, compared to the category average of 5.93% [3] - The fund charges a 0.59% expense ratio and currently offers a 4.19% 30-day SEC yield [3] Investment Strategies - According to Charles Schwab, actively managed portfolios can achieve additional returns through "carry" and "roll" strategies when yield curves steepen, contrasting with passive strategies that may face increased volatility [4] - "Carry" involves selling shorter-term bonds with lower yields and reinvesting in longer-term bonds to capture yield differences, while "roll" refers to managing a portfolio's duration to realize capital gains as bonds move along the yield curve [5] Market Outlook - Morgan Stanley analysts anticipate widening investment-grade spreads as technology companies issue debt for artificial intelligence infrastructure, with less than 20% of an expected $3 trillion in data center-related capital expenditures deployed to date [6] - The fund's investment strategy includes a mix of corporate bonds, government securities, securitized debt, and preferred stock, emphasizing dynamic portfolio positioning and allocation flexibility [7]

Core Insights - SS&C ALPS Advisors' midstream ETFs have announced distributions, highlighting the segment's strong performance in generating attractive income for investors [1] Group 1: Company Performance - The Alerian MLP ETF (AMLP) and other midstream ETFs have a proven track record of delivering significant income [1]

Core Insights - Active ETFs experienced nearly $400 billion in net inflows in 2025, indicating a significant shift in investor access to professional money management [1] - Passive strategies attracted approximately $750 billion, with active ETFs capturing over one-third of total industry inflows [1] - The growth of fully transparent active ETFs contrasts with expectations of semitransparent structures leading the trend, reflecting a change in advisor strategies [2] Active Management Trends - Fixed income is highlighted as a category where active managers are adding value through security selection and duration management [3] - The approval of the ETF share class structure is expected to significantly boost the adoption of active ETFs [3][4] Thematic ETFs Resurgence - Thematic ETFs, previously considered "dead" after the 2022 market downturn, have seen a surprising return with $41 billion in net inflows in 2025 [4] - These inflows are focused on areas such as disruptive technology, infrastructure, and natural resources [4][5] - The ALPS Electrification Infrastructure ETF (ELFY) launched in April has quickly reached $100 million in assets by targeting underrepresented sectors in the S&P 500 [5] Gold ETFs Recovery - Gold ETFs, including both physical gold and gold mining strategies, have also seen a resurgence in 2025, indicating a reevaluation of asset allocations by investors [6]

Core Insights - International ETF investing has significantly boosted portfolios in 2025, with many strategies outperforming key domestic funds, providing diversification and returns [1][2] - The ALPS International Sector Dividend Dogs ETF (IDOG) has returned 29.5% year-to-date (YTD), surpassing both its ETF Database Category average of 26.3% and FactSet Segment average of 21.6% as of September 17 [2] - IDOG charges a 50 basis point fee and tracks an equal-weighted index of the five highest dividend-yielding firms from each of the ten GICS sectors, avoiding concentration in traditional dividend-heavy sectors [1][2] Investment Trends - Investors are shifting towards neutral or overweight foreign equities after sixteen years of domestic U.S. equities outperformance, aided by a decline in the dollar [2] - There have been over $120 billion in net inflows into international ETF strategies, indicating a resurgence in international ETF interest [2] Future Outlook - IDOG is positioned as a solid option for durable international equities performance, appealing to those looking to diversify into this growing trend [3]

Core Viewpoint - The launch of the ALPS Electrification Infrastructure ETF (Nasdaq: ELFY) by SS&C ALPS Advisors in partnership with Ladenburg Thalmann Index reflects a significant commitment to electrification infrastructure investment in the U.S., which is seen as a durable investment theme in the current market [1][2]. Company Overview - SS&C ALPS Advisors is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc., and specializes in providing investment products for advisors and institutions, managing over $28.62 billion as of March 31, 2025 [15]. - Ladenburg Thalmann Index, LLC focuses on thematic index-based concepts and has created the Ladenburg Thalmann Electrification Infrastructure Index (LTELFYX) to track companies benefiting from electrification [16]. Fund Details - The ALPS Electrification Infrastructure ETF aims to provide exposure to publicly listed mid- and large-cap companies involved in electrification, including electricity generation, transmission, distribution, and smart grid technologies [3][7]. - The fund employs a passive management approach, seeking to track the performance of its underlying index before fees and expenses [11][12]. - The fund is designed to be an equal-weighted, sector-diverse investment vehicle, allowing investors to participate in the growth of electrification in the U.S. [4]. Market Context - There is a multi-decade commitment from both government and industry in the U.S. towards electrification infrastructure, indicating a long-term growth opportunity in this sector [2]. - The electrification trend is characterized as a seismic shift in electricity demand growth, suggesting significant potential for companies involved in this space [4].