ALPS Global Travel Beneficiaries ETF (JRNY US) – Portfolio Construction Methodology

The underlying S-Network Global Travel Index provides equity exposure to companies engaged in the travel ecosystem across four segments: Airlines & Airport Services, Hotels, Casinos & Cruise Lines, Booking & Rental Agencies, and Ancillary Beneficiaries. The index draws its universe from major global exchanges, requiring minimum market cap of 100 million USD, average daily trading volume of 1 million USD, and free float of at least 18%. Ancillary Beneficiaries are selected from a global benchmark using a proprietary engagement score and must generate or be materially driven by travel-related revenues, generally ≥20% of total. Within each segment, eligible stocks are evaluated for quality-growth characteristics, with free-cash-flow metrics used to prioritize more persistent business models. The index selects 20 stocks per segment, enforces at least one constituent from each major region and a 65% cap per region, and rebalances periodically to refresh exposures.

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