# EDGAR Filing Document

**Accession Number:** 0001414040
**File Stem:** 0001398344-26-002445
**Filing Date:** 2026-2
**Character Count:** 1298305
**Document Hash:** 051e728556cfc9819ed14e7d74438a8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002445.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001398344-26-002445

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS ETF Trust
- **CENTRAL INDEX KEY:** 0001414040

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22175
- **FILM NUMBER:** 26608867

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. Box 328
- **CITY:** Denver
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** P.O. Box 328
- **CITY:** Denver
- **STATE:** CO
- **ZIP:** 80201-0328

## Series and Classes Contracts Data

### ALPS REIT Dividend Dogs ETF (Series ID: S000021672)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000062111 | ALPS REIT Dividend Dogs ETF | RDOG            |

### Alps Equal Sector Weight ETF (Series ID: S000025771)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000077058 | Alps Equal Sector Weight ETF | EQL             |

### ALERIAN MLP ETF (Series ID: S000029786)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000091496 | ALERIAN MLP ETF | AMLP            |

### RiverFront Strategic Income Fund (Series ID: S000030145)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000092591 | RiverFront Strategic Income Fund | RIGS            |

### ALPS Sector Dividend Dogs ETF (Series ID: S000037495)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000115754 | ALPS Sector Dividend Dogs ETF | SDOG            |

### Barron's 400 ETF (Series ID: S000040588)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000125863 | Barron's 400 ETF | BFOR            |

### ALPS International Sector Dividend Dogs ETF (Series ID: S000041000)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000127212 | ALPS International Sector Dividend Dogs ETF | IDOG            |

### Alerian Energy Infrastructure ETF (Series ID: S000042676)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000131909 | Alerian Energy Infrastructure ETF | ENFR            |

### ALPS Emerging Sector Dividend Dogs ETF (Series ID: S000044070)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000136752 | ALPS Emerging Sector Dividend Dogs ETF | EDOG            |

### ALPS Medical Breakthroughs ETF (Series ID: S000047823)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000150206 | ALPS Medical Breakthroughs ETF | SBIO            |

### RiverFront Dynamic Core Income ETF (Series ID: S000051619)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000162390 | RiverFront Dynamic Core Income ETF | RFCI            |

### RiverFront Dynamic US Dividend Advantage ETF (Series ID: S000052852)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000166225 | RiverFront Dynamic US Dividend Advantage ETF | RFDA            |

### ALPS Active Equity Opportunity ETF (Series ID: S000052853)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000166226 | ALPS Active Equity Opportunity ETF | RFFC            |

### ALPS DISRUPTIVE TECHNOLOGIES ETF (Series ID: S000060186)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000196973 | ALPS DISRUPTIVE TECHNOLOGIES ETF | DTEC            |

### ALPS Clean Energy ETF (Series ID: S000062205)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000201215 | ALPS Clean Energy ETF | ACES            |

### ALPS Active REIT ETF (Series ID: S000070441)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000223930 | ALPS Active REIT ETF | REIT            |

### ALPS Intermediate Municipal Bond ETF (Series ID: S000075318)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000234248 | ALPS Intermediate Municipal Bond ETF | MNBD            |

### ALPS | O'Shares International Developed Quality Dividend ETF (Series ID: S000075795)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000235087 | ALPS | O'Shares International Developed Quality Dividend ETF | OEFA            |

### ALPS | O'Shares Global Internet Giants ETF (Series ID: S000075796)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000235088 | ALPS | O'Shares Global Internet Giants ETF Shares | OGIG            |

### ALPS | O'Shares U.S. Quality Dividend ETF (Series ID: S000075797)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000235089 | ALPS | O'Shares U.S. Quality Dividend ETF Shares | OUSA            |

### ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (Series ID: S000075798)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000235090 | ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF Shares | OUSM            |

### Level Four Large Cap Growth Active ETF (Series ID: S000080742)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000243275 | Level Four Large Cap Growth Active ETF | LGRO            |

### ALPS | Smith Core Plus Bond ETF (Series ID: S000082009)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000245178 | ALPS | Smith Core Plus Bond ETF | SMTH            |

### ALPS Electrification Infrastructure ETF (Series ID: S000091676)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000259393 | ALPS Electrification Infrastructure ETF |  |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:

811-22175

ALPS ETF TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill, Secretary

ALPS ETF Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

Registrant's Telephone Number, including Area Code: <u>877-398-8461</u>

Date of fiscal year end: <u>November 30</u>

Date of reporting period: <u>December 1, 2024 – November 30, 2025</u>

Item 1. **Report to Stockholders.**

(a) <u>Alerian MLP ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: AMLP Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about Alerian MLP ETF (the "Fund" or "AMLP") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>www.alpsfunds.com/exchange-traded-funds/amlp</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Alerian MLP ETF | $84 | 0.84% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

***Management's Discussion of Fund Performance***

The Alerian MLP ETF delivered a total return of 0.79% for the Period. This compares to the Alerian MLP Infrastructure Index (the "Underlying Index"), which lost 5.51% on a price-return basis and gained 1.87% on a total-return basis. The difference in performance between the Fund and its Underlying Index is primarily attributable to the Fund's operating expenses and the tax impact of the Fund's C-Corporation structure, including the accrual of approximately $17.5 million in income tax expense during the Period.

During the Period, energy lagged the S&P 500 as West Texas Intermediate ("WTI") oil prices fell 18.36% and dipped below the $60 per barrel mark on multiple occasions starting in late April 2025. Lower oil prices raised concerns about US oil production growth and volumes for midstream, creating an overhang on the space. MLPs' fee-based business models and long-term contracts typically provide some insulation from commodity price volatility.

Pipeline Transportation \| Petroleum was the best-performing subsector in AMLP for the Period. The worst-performing subsector was Pipeline Transportation \| Natural Gas, which only includes Energy Transfer (ET) and Enterprise Products Partners (EPD).

---

| | |
|:---|:---|
| AMLP: Index Total Return Attribution for<br>Twelve Months Ended November 30, 2025 | AMLP: Index Total Return Attribution for<br>Twelve Months Ended November 30, 2025 |
| Compression | 0.47% |
| Gathering & Processing | -0.46% |
| Liquefaction | -0.15% |
| Marketing & Distribution | 0.31% |
| Pipeline Transportation \| Natural Gas | -0.97% |
| Pipeline Transportation \| Petroleum | 2.66% |
| TOTAL | 1.86% |

---

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-5_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Alerian MLP ETF - NAV | 0.79% | 23.35% | 6.10% |
| Alerian MLP Infrastructure Index | 1.87% | 26.73% | 8.07% |
| Alerian MLP Index | 3.55% | 27.00% | 8.63% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

*For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.*

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $10668703135 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $86416918 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| MPLX LP | 12.76% |
| Sunoco LP | 12.26% |
| Western Midstream Partners LP | 12.24% |
| Enterprise Products Partners LP | 12.23% |
| Plains All American Pipeline LP | 11.98% |
| Energy Transfer LP | 11.39% |
| Hess Midstream LP | 8.82% |
| Cheniere Energy Partners LP | 4.44% |
| USA Compression Partners LP | 3.91% |
| Genesis Energy LP | 3.36% |
| **Total % of Top 10 Holdings** | **93.39%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Pipeline Transportation \| Petroleum | 29.89% |
| Pipeline Transportation \| Natural Gas | 23.62% |
| Gathering + Processing | 21.06% |
| Marketing & Distribution | 17.08% |
| Liquefaction | 4.44% |
| Compression | 3.91% |
| Money Market Fund | 0.00% |
| **Total** | **100.00%** |

---

\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>www.alpsfunds.com/exchange-traded-funds/amlp</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsamlp.jpg)

AR-AMLP-113025

<u>Alerian Energy Infrastructure ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: ENFR Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about Alerian Energy Infrastructure ETF (the "Fund" or "ENFR") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/enfr</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Alerian Energy Infrastructure ETF | $35 | 0.35% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

***Management's Discussion of Fund Performance***

The Fund delivered a total return of -0.16% for the Period. This compares to the Alerian Midstream Energy Select Index (the "Underlying Index"), which lost 4.85% on a price-return basis and gained 0.47% on a total-return basis.

During the Period, energy lagged the S&P 500 as West Texas Intermediate ("WTI") oil prices fell 18.36% and dipped below the $60 per barrel mark on multiple occasions starting in late April 2025. Lower oil prices raised concerns about US oil production growth and volumes for midstream, creating an overhang on the space. Midstream's fee-based business models and long-term contracts typically provide some insulation from commodity price volatility. Additionally, 70% of the Underlying Index as of November 30 was predominantly focused on natural gas infrastructure.

Three of ENFR's five subsectors saw positive total returns during the Period. The best-performing subsector in the portfolio was Pipeline Transportation \| Petroleum. The worst-performing subsector was Pipeline Transportation \| Natural Gas.

---

| | |
|:---|:---|
| ENFR: Index Total Return Attribution for <br>Twelve Months Ended November 30, 2025 | ENFR: Index Total Return Attribution for <br>Twelve Months Ended November 30, 2025 |
| Gathering & Processing | 0.08% |
| Liquefaction | -1.46% |
| Pipeline Transportation \| Natural Gas | -1.48% |
| Pipeline Transportation \| Petroleum | 2.99% |
| Storage | 0.34% |
| TOTAL | 0.47% |

---

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-10_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Alerian Energy Infrastructure ETF - NAV | -0.16% | 23.71% | 10.87% |
| Alerian Midstream Energy Select Index | 0.47% | 24.60% | 11.78% |
| Alerian MLP Index | 3.55% | 27.00% | 8.63% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

*For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.*

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $326625070 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $1030016 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Enbridge, Inc. | 8.72% |
| Energy Transfer LP | 8.16% |
| Enterprise Products Partners LP | 7.44% |
| The Williams Cos., Inc. | 6.11% |
| DT Midstream, Inc. | 5.75% |
| Targa Resources Corp. | 5.39% |
| TC Energy Corp. | 5.27% |
| Kinder Morgan, Inc. | 4.91% |
| Plains GP Holdings LP | 4.88% |
| Pembina Pipeline Corp. | 4.87% |
| **Total % of Top 10 Holdings** | **61.50%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Pipeline Transportation \| Natural Gas | 37.32% |
| Pipeline Transportation \| Petroleum | 27.30% |
| Gathering + Processing | 25.78% |
| Liquefaction | 4.91% |
| Storage | 1.73% |
| Exchange Traded Fund | 1.53% |
| Energy | 1.43% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/enfr</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsenfr.jpg)

AR-ENFR-113025

<u>ALPS Active Equity Opportunity ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFFC Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Active Equity Opportunity ETF (the "Fund" or "RFFC") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/rffc</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Active Equity Opportunity ETF | $51 | 0.48% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Active Equity Opportunity ETF (RFFC), for the trailing twelve-month period ended November 30, 2025, generated a NAV total return of 11.84%. The Fund underperformed the S&P Composite 1500<sup>®</sup> Index, which returned 13.67% for the same period.

**Attribution**

Top contributors to relative performance:

* Underweight allocation to the Consumer Staples sector.

* Security selection of names within the Financials sector, which outperformed.

* Internet services and digital advertising company, Alphabet Inc. (GOOGL, 5.46% weight\*), provided the best individual contribution to RFFC's performance over the 1-year period (+2.70%).

Top detractors from relative performance:

* Underweight allocation to the Information Technology sector.

* Security selection of names within the Information Technology sector, which underperformed.

* Health insurance and healthcare services company, United Healthcare (UNH, dropped during the period), provided the worst individual contribution to RFFC's performance over the 1-year period (-1.27%).

\* Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-15_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception^<br> (06/06/2016)**  |
| ALPS Active Equity Opportunity ETF - NAV | 11.84% | 13.52% | 12.20% |
| S&P Composite 1500<sup>®</sup> Index | 13.67% | 14.87% | 14.75% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.90% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

---

| | |
|:---|:---|
| <sup>^</sup> | *Effective June 1, 2023, RiverFront Investment Group, LLC ceased to serve as the Sub-Adviser to the RiverFront Dynamic US Flex-Cap ETF and ALPS Advisors, Inc. assumed all responsibility for selecting the investments of the Fund. In addition, the Fund changed its name from RiverFront Dynamic US Flex-Cap ETF to ALPS Active Equity Opportunity ETF and its principal investment strategies. Performance figures shown above for periods before June 1, 2023 represent performance of the Fund during the times when the Fund's investments were selected by RiverFront Investment Group, LLC.* |
| <sup>‡</sup> | *Broad-based securities market index.* |

---

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $26756051 |
| Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $117012 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. | 5.32% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.24% |
| Amazon.com, Inc. | 4.18% |
| NVIDIA Corp. | 4.06% |
| Apple, Inc. | 3.92% |
| Microsoft Corp. | 3.63% |
| Johnson & Johnson | 3.49% |
| Caterpillar, Inc. | 3.09% |
| Meta Platforms, Inc. | 3.02% |
| American Express Co. | 2.90% |
| **Total % of Top 10 Holdings** | **37.85%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 26.12% |
| Health Care | 14.28% |
| Financials | 13.40% |
| Consumer Discretionary | 9.91% |
| Communication Services | 9.40% |
| Industrials | 9.27% |
| Utilities | 3.98% |
| Energy | 3.68% |
| Consumer Staples | 3.03% |
| Real Estate | 2.45% |
| Materials | 1.81% |
| Money Market Fund | 2.67% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/rffc</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsrffc.jpg)

AR-RFFC-113025

<u>ALPS Active REIT ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: REIT Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Active REIT ETF (the "Fund" or "REIT") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/reit</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Active REIT ETF | $66 | 0.68% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

* In the midst of volatility driven by high levels of economic uncertainty centered around fiscal and trade policy, the recovery in REIT share prices from their trough in October of 2023 was delayed. The S&P United States REIT Index was down -2.34% for the fiscal year. The Fund was down -6.06% for the fiscal year, net of all fees and expenses, lagging the benchmark in an environment dominated by momentum-driven stock prices and returns. The continued lack of clarity concerning tariffs and global trade policy, combined with frequently changing news headlines, has made for a difficult environment to implement the Fund's investment strategy.

* The Fund benefited from strong fundamentals and excellent returns from its positions in the healthcare property sector, particularly in companies focused on senior housing. The property sector's strong returns were driven by a combination of increasing rents, growth in net operating income, and earnings growth from investment activity fueled by attractive expected returns financed with a favorable cost of capital, as the sector is trading at a significant premium to net asset value.

* The Fund also had positive total returns from its investments in the industrial and net lease property sectors. Industrial property returns were driven by better-than-expected earnings results and guidance. Positive returns in net lease property were fueled by high income and dividend levels, high occupancy rates, and stable operating cash flow. The largest contributions to the Fund's total returns were produced by significant position weights from certain key holdings in the senior housing, industrial, net lease, and regional mall property sectors.

* Total returns were negatively impacted by the Fund's investments in the underperforming sectors of data centers, office and lab space, and residential property. These sectors delivered negative returns for the fiscal year. Data centers were impacted by concerns over the dramatic increase in planned property development and profitability levels from companies focused on artificial intelligence. Office and lab space continue to be negatively impacted by weak property fundamentals. Residential property fundamentals suffered from headwinds fueled by excess supply and affordability issues from its tenants. The weakness in the residential sector also negatively impacted the self-storage property sector which derives much of its revenue from housing related business.

* The largest detractors of relative returns were the Fund's underweight position in the best performing health care sector, combined with stock selection in the sector which was overweight lab space and underweight senior housing, and its investments in companies in the discounted cold storage and lab space property sectors. These sectors have suffered from weakening demand and operating results but may be poised for a recovery as both are trading at severely discounted valuation levels that could provide the potential for favorable returns should business and sentiment recover.

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-18_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (02/25/2021)**  |
| ALPS Active REIT ETF - NAV | -6.06% | 5.50% |
| S&P United States REIT Index | -2.34% | 6.23% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 13.60% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $45765006 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid | $296139 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Welltower, Inc. | 9.97% |
| Prologis, Inc. | 9.16% |
| Equinix, Inc. | 8.98% |
| Ventas, Inc. | 5.79% |
| Simon Property Group, Inc. | 4.38% |
| Digital Realty Trust, Inc. | 4.37% |
| Extra Space Storage, Inc. | 4.01% |
| Essex Property Trust, Inc. | 3.76% |
| VICI Properties, Inc. | 3.52% |
| AvalonBay Communities, Inc. | 3.03% |
| **Total % of Top 10 Holdings** | **56.97%** |

---

**REIT Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Real Estate | 98.70% |
| Money Market Fund | 1.30% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/reit</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsreit.jpg)

AR-REIT-113025

<u>ALPS Equal Sector Weight ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: EQL Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Equal Sector Weight ETF (the "Fund" or "EQL") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/eql</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**This report describes changes to the Fund that occurred during the reporting period.** 

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Equal Sector Weight ETF | $18 | 0.17% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Equal Sector Weight ETF (EQL), for the twelve-month period ended November 30, 2025, generated a NAV total return of 6.91%. The Fund underperformed the S&P 500 Index, which returned 15.00% for the same period.

**Attribution**

Top contributors to relative performance:

* Underweight allocation to the Financials sector.

* Security selection of names within the Financials sector, which outperformed.

* The Information Technology Select Sector SPDR ETF (XLF US, 9.18% weight\*), provided the best individual contribution to EQL's performance over the 1-year period (+2.19%).

Top detractors from relative performance:

* Underweight allocation to the Information Technology sector.

* Security selection of names within the Communication Services sector, which underperformed.

* The Real Estate Select Sector SPDR ETF (XLRE US, 8.91% weight\*), provided the worst individual contribution to EQL's performance over the 1-year period (-0.45%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-4_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS Equal Sector Weight ETF - NAV | 6.91% | 12.88% | 11.97% |
| NYSE<sup>®</sup> Equal Sector Weight Index | 7.10% | 13.04% | 12.14% |
| S&P 500<sup>®</sup> Index<sup>‡</sup> | 15.00% | 15.28% | 14.63% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $562944361 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $831900 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Health Care Select Sector SPDR Fund | 10.27% |
| Utilities Select Sector SPDR Fund | 9.54% |
| Technology Select Sector SPDR Fund | 9.18% |
| Energy Select Sector SPDR Fund | 9.14% |
| Industrial Select Sector SPDR Fund | 8.98% |
| Consumer Staples Select Sector SPDR Fund | 8.95% |
| Real Estate Select Sector SPDR Fund | 8.91% |
| Materials Select Sector SPDR Fund | 8.81% |
| Financial Select Sector SPDR Fund | 8.79% |
| Consumer Discretionary Select Sector SPDR Fund | 8.76% |
| **Total % of Top 10 Holdings** | **91.33%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Healthcare | 10.27% |
| Utilities | 9.54% |
| Technology | 9.18% |
| Energy | 9.14% |
| Industrials | 8.98% |
| Consumer Staples | 8.95% |
| Real Estate | 8.91% |
| Materials | 8.81% |
| Financials | 8.79% |
| Consumer Discretionary | 8.76% |
| Communication Services | 8.64% |
| Money Market Fund | 0.03% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

**HOW HAS THE FUND CHANGED OVER THE PERIOD?**

This is a summary of certain changes to the Fund since November 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/eql or upon request at 1-866-759-5679.

**Stock Split:** On April 1, 2025, the Fund underwent a three-for-one stock split. The impact of the stock split was to increase the number of shares outstanding by a factor of three, while decreasing the NAV of shares outstanding by a factor of three, resulting in no effect to the net assets of the Fund.

**Fee Waiver Change:** Effective March 31, 2025 the fee waiver changed from 0.19% to 0.18% of average daily net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/eql</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](ndscomexchangetradedfundseql.jpg)

AR-EQL-113025

<u>ALPS Intermediate Municipal Bond ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: MNBD Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Intermediate Municipal Bond ETF (the "Fund" or "MNBD") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/mnbd</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Intermediate Municipal Bond ETF | $51 | 0.50% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The ALPS Intermediate Municipal Bond ETF (the "Fund") produced a total return of 4.18% for the twelve-month period ending November 30, 2025. In comparison, its benchmark, the Bloomberg Municipal Bond 1-15 Year Blend Index, had a return of 3.84% over the same period. The municipal market experienced significant market volatility due to a variety of factors, including tariffs, tax reform, and ongoing elevated political uncertainties.

For the twelve-month period, intermediate and long-term tax-exempt interest rates moved in opposite directions, with 5-year maturity yields declining 20 basis points and 20-year maturity yields increasing 60 basis points. After remaining on hold for most of the year, the Federal Reserve System (the "Fed') eased its policy rate at both its September and October Federal Open Market Committee meetings. Although measures of inflation remain moderately above the Fed's long-term target of 2%, building concerns about the health of the labor market spurred the Fed to act.

The credit-sensitive portions of the municipal market performed roughly in line with higher rated securities. Despite the lack of return differentiation, we see rising risks associated with lower-rated bonds, particularly in the healthcare and higher education sectors. Unlike in the past several years, federal fiscal support for states is declining, which introduces further uncertainties. A core element of the Fund's strategy is to focus on smaller areas of the market and own securities that are structurally more complex. This has allowed us to enhance the risk-adjusted return of the Fund. To help preserve Fund liquidity, we focus on high quality securities in these sectors.

Against this backdrop, the Fund outperformed its benchmark by 0.34%, which left it strongly ranked relative to its peers. The Fund's significant holdings of state housing finance authorities, prepaid natural gas, and airports were large contributors to performance. Also enhancing returns were the Fund's positions in zero-coupon bonds and floating rate notes.

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-19_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (05/19/2022)**  |
| ALPS Intermediate Municipal Bond ETF - NAV | 4.18% | 4.78% |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 3.84% | 3.82% |
| Bloomberg Municipal Bond Index<sup>‡</sup> | 2.64% | 3.87% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.* 

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $42812414 |
| Number of Portfolio Holdings | 150 |
| Portfolio Turnover Rate | 98% |
| Total Advisory Fees Paid | $188688 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Southeast Energy Authority A Cooperative District | 3.82% |
| Salt Verde Financial Corp. | 2.85% |
| Wyoming Community Development Authority | 2.80% |
| Port Authority of New York & New Jersey | 2.73% |
| South Carolina State Housing Finance & Development Authority | 2.58% |
| United States Treasury Bill | 2.25% |
| Pennsylvania Turnpike Commission | 1.87% |
| North Carolina Housing Finance Agency | 1.80% |
| University of North Carolina at Chapel Hill | 1.63% |
| San Mateo Union High School District | 1.44% |
| **Total % of Top 10 Holdings** | **23.77%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Revenue Bonds | 81.06% |
| General Obligation Unltd | 15.28% |
| Government | 2.25% |
| General Obligation Ltd | 1.18% |
| Money Market Fund | 0.23% |
| **Total** | **100.00%** |

---

\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/mnbd</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsmnbd.jpg)

AR-MNBD-113025

<u>ALPS Clean Energy ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: ACES Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Clean Energy ETF (the "Fund" or "ACES") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/aces</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Clean Energy ETF | $61 | 0.55% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Clean Energy ETF (ACES), for the twelve-month period ended November 30, 2025, generated a NAV total return of 20.00%. The Fund outperformed the S&P 1000 Index, which returned -0.90% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to the Industrials sector.

* Security selection of names within the Industrials sector, which outperformed.

* Solar tracking software producer, Nextpower Inc. (NXT, 5.72% weight\*), provided the best individual contribution to ACES's performance over the 1-year period (+5.13%).

Top detractors from relative performance:

* Overweight allocation to the Materials sector.

* Security selection of names within the Information Technology sector, which underperformed.

* Solar equipment manufacturer, Enphase Energy, Inc. (ENPH, 3.19% weight\*), provided the worst individual contribution to ACES's performance over the 1-year period (-3.87%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-17_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/28/2018)**  |
| ALPS Clean Energy ETF - NAV | 20.00% | -12.96% | 5.13% |
| CIBC Atlas Clean Energy Index | 19.92% | -12.99% | 5.35% |
| S&P 1000 Index | -0.90% | 10.05% | 8.37% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.72% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $108664589 |
| Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $555495 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Albemarle Corp. | 6.98% |
| First Solar, Inc. | 5.81% |
| Eos Energy Enterprises, Inc. | 5.73% |
| Nextpower, Inc. | 5.72% |
| Ormat Technologies, Inc. | 5.42% |
| Tesla, Inc. | 5.37% |
| HA Sustainable Infrastructure Capital, Inc. | 5.33% |
| Rivian Automotive, Inc. | 5.19% |
| Brookfield Renewable Partners LP | 5.03% |
| Sunrun, Inc. | 4.87% |
| **Total % of Top 10 Holdings** | **55.45%** |

---

**Clean Energy Segment Allocation\***

---

| | |
|:---|:---|
|  |  |
| Solar | 28.42% |
| Electric Vehicles | 21.75% |
| Energy Management & Storage | 14.95% |
| Wind | 11.33% |
| Hydro/Geothermal | 10.45% |
| Bioenergy | 7.28% |
| Fuel Cell/Hydrogen | 4.21% |
| Industrial | 1.54% |
| Money Market Fund | 0.07% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/aces</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsaces.jpg)

AR-ACES-113025

<u>ALPS Disruptive Technologies ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: DTEC Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Disruptive Technologies ETF (the "Fund" or "DTEC") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/dtec</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Disruptive Technologies ETF | $51 | 0.50% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Disruptive Technologies ETF (DTEC), for the trailing twelve-month period ended November 30, 2025, generated a NAV total return of 5.47%. The Fund underperformed the Morningstar Global Markets Index, which returned 17.70% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to the Utilities sector.

* Security selection of names within the Utilities sector, which outperformed.

* Artificial intelligence software developer, SoundHound AI Inc. (SOUN, 0.85% weight\*), provided the best individual contribution to DTEC's performance over the 1-year period (+1.84%).

Top detractors from relative performance:

* Underweight allocation to the Communication Services sector, which outperformed.

* Security selection of names within the Information Technology sector, which underperformed.

* Fintech solutions provider, Fiserv Inc. (FISV, 1.01% weight\*), provided the worst individual contribution to DTEC's performance over the 1-year period (-0.99%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-16_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (12/28/2017)**  |
| ALPS Disruptive Technologies ETF - NAV | 5.47% | 2.94% | 9.12% |
| Indxx Disruptive Technologies Index | 5.87% | 3.28% | 9.46% |
| Morningstar Global Markets Index<sup>‡</sup> | 17.70% | 11.51% | 10.28% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $83330980 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $436210 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Globus Medical, Inc. | 1.57% |
| First Solar, Inc. | 1.38% |
| Enlight Renewable Energy, Ltd. | 1.36% |
| Vestas Wind Systems A/S | 1.32% |
| Intuitive Surgical, Inc. | 1.29% |
| SolarEdge Technologies, Inc. | 1.27% |
| AutoStore Holdings, Ltd. | 1.23% |
| Crowdstrike Holdings, Inc. | 1.21% |
| Tesla, Inc. | 1.20% |
| Renishaw PLC | 1.20% |
| **Total % of Top 10 Holdings** | **13.03%** |

---

**Thematic Allocation\***

---

| | |
|:---|:---|
|  |  |
| Clean Energy & Smart Grid | 11.76% |
| Robotics & Artificial Intelligence | 10.03% |
| Healthcare Innovation | 9.84% |
| 3D Printing | 9.54% |
| Internet of Things | 9.43% |
| FinTech | 9.35% |
| Data & Analytics | 9.32% |
| Mobile Payments | 9.25% |
| Cloud Computing | 8.82% |
| Cybersecurity | 7.91% |
| Technology | 2.92% |
| Consumer, Non-cyclical | 1.83% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/dtec</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsdtec.jpg)

AR-DTEC-113025

<u>ALPS Electrification Infrastructure ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: ELFY Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Electrification Infrastructure ETF (the "Fund" or "ELFY") for the period of April 9, 2025 (inception) to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/elfy</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PERIOD?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment\***  |
| ALPS Electrification Infrastructure ETF | $38<sup>^</sup> | 0.50% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Annualized. |
| <sup>^</sup> | **ALPS Electrification Infrastructure ETF commenced operations on April 9, 2025. Actual expenses on this Fund are equal to the Fund's annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the Fund launched (235) divided by 365.** |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Electrification Infrastructure ETF (ELFY), returned 36.42% at net asset value for the period April 9, 2025 (inception) to end of period November 30, 2025. The Fund outperformed the Bloomberg US 1000 Index, which returned 26.73% for the same period.

**Attribution**

Top contributors to relative performance:

* Underweight allocation to the Industrials sector.

* Security selection of names within the Industrials sector, which outperformed.

* Mechanical and electrical contracting company, Comfort Systems USA, Inc (FIX, 1.31% weight\*), provided the best individual contribution to ELFY's performance over the 1-year period (+1.64%).

Top detractors from relative performance:

* Underweight allocation to the Information Technology sector, which outperformed.

* Solar microinverter and home energy solutions provider, Enphase Energy, Inc. (ENPH, 0.80% weight\*), provided the worst individual contribution to ELFY's performance since inception (-0.72%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-26_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | |
|:---|:---|
|  | **Since Inception**<br> (04/09/2025)**  |
| ALPS Electrification Infrastructure ETF - NAV | 36.42% |
| Ladenburg Thalmann Electrification Infrastructure Index | 36.87% |
| Bloomberg US 1000 Index<sup>‡</sup> | 26.73% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $115781764 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $178075 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Bloom Energy Corp. | 1.68% |
| Coherent Corp. | 1.64% |
| Dycom Industries, Inc. | 1.44% |
| Nextpower, Inc. | 1.40% |
| First Solar, Inc. | 1.38% |
| Vertiv Holdings Co. | 1.37% |
| Comfort Systems USA, Inc. | 1.31% |
| Ormat Technologies, Inc. | 1.27% |
| NextEra Energy, Inc. | 1.25% |
| Quanta Services, Inc. | 1.23% |
| **Total % of Top 10 Holdings** | **13.97%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Utilities | 39.52% |
| Industrials | 29.20% |
| Information Technology | 14.92% |
| Energy | 13.17% |
| Materials | 3.04% |
| Money Market Fund | 0.15% |
| **Total** | **100.00%** |

---

\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/elfy</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundselfy.jpg)

AR-ELFY-113025

<u>ALPS Medical Breakthroughs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SBIO Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Medical Breakthroughs ETF (the "Fund" or "SBIO") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/sbio</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Medical Breakthroughs ETF | $58 | 0.50% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Medical Breakthroughs ETF (SBIO), for the twelve-month period ended November 30, 2025, generated a NAV total return of 32.79%. The Fund outperformed the NASDAQ Biotechnology Index, which returned 26.28% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to mid-cap biotechnology stocks, which outperformed.

* Security selection of names within the Health Care sector, which outperformed.

* Biopharmaceutical company with a focus on lung disease treatments, Verona Pharma PLC (VRNA, dropped after acquisition on 10/08/25), provided the best individual contribution to SBIO's performance over the 1-year period (+4.30%).

Top detractors from relative performance:

* Underweight allocation to large-cap biopharma stocks, which underperformed.

* Inflammation treatment company, MoonLake Immunotherapeutics (MLTX, 0.37% weight\*), provided the worst individual contribution to SBIO's performance over the 1-year period (-1.71%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-12_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Ten Years** |
| ALPS Medical Breakthroughs ETF - NAV | 32.79% | 1.05% | 5.31% |
| S-Network<sup>®</sup> Medical Breakthrough Index | 32.69% | 1.39% | 5.63% |
| NASDAQ Biotechnology Index | 26.28% | 5.86% | 5.91% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $104613609 |
| Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $445477 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Avidity Biosciences, Inc. | 4.47% |
| Cytokinetics, Inc. | 3.41% |
| Axsome Therapeutics, Inc. | 3.27% |
| Rhythm Pharmaceuticals, Inc. | 3.18% |
| Arrowhead Pharmaceuticals, Inc. | 3.03% |
| Merus NV | 3.00% |
| Nuvalent, Inc. | 2.98% |
| PTC Therapeutics, Inc. | 2.80% |
| Vaxcyte, Inc. | 2.67% |
| Krystal Biotech, Inc. | 2.58% |
| **Total % of Top 10 Holdings** | **31.39%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Biotechnology | 85.05% |
| Pharmaceuticals | 14.37% |
| Health Care Providers & Services | 0.38% |
| Health Care Equipment & Supplies | 0.14% |
| Money Market Fund | 0.06% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/sbio</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundssbio.jpg)

AR-SBIO-113025

<u>ALPS Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SDOG Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Sector Dividend Dogs ETF (the "Fund" or "SDOG") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/sdog</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Sector Dividend Dogs ETF | $37 | 0.36% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Sector Dividend Dogs ETF (SDOG), for the twelve-month period ended November 30, 2025, generated a NAV total return of 2.75%. The Fund underperformed the S&P 500<sup>®</sup> Index, which returned 15.00% for the same period.

**Attribution**

Top contributors to relative performance:

* Underweight allocation to the Real Estate sector.

* Security selection of dividend-paying stocks within the Health Care sector, which outperformed.

* Data storage solutions company, Seagate Technology Holdings PLC (STX, portfolio drop during December reconstitution), provided the best individual contribution to SDOG's performance over the 1-year period (+2.79%).

Top detractors from relative performance:

* Underweight allocation to the Information Technology sector.

* Security selection of dividend-paying stocks within the Communication Services sector, which underperformed.

* Chemical producer, Dow Inc. (DOW, 1.90% weight\*), provided the worst individual contribution to SDOG's performance over the 1-year period (-0.96%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-7_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS Sector Dividend Dogs ETF - NAV | 2.75% | 11.03% | 9.36% |
| S-Network<sup>®</sup> Sector Dividend Dogs Index | 3.01% | 11.42% | 9.80% |
| S&P 500<sup>®</sup> Index<sup>‡</sup> | 15.00% | 15.28% | 14.63% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $1254838518 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $4343633 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Seagate Technology Holdings PLC | 2.81% |
| International Business Machines Corp. | 2.42% |
| Cisco Systems, Inc. | 2.30% |
| Newmont Mining Corp. | 2.28% |
| Ford Motor Co. | 2.26% |
| United Parcel Service, Inc. | 2.26% |
| Southwest Airlines Co. | 2.19% |
| FirstEnergy Corp. | 2.17% |
| Exelon Corp. | 2.16% |
| Pfizer, Inc. | 2.14% |
| **Total % of Top 10 Holdings** | **22.99%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 11.03% |
| Health Care | 10.60% |
| Utilities | 10.57% |
| Energy | 10.01% |
| Financials | 9.89% |
| Consumer Discretionary | 9.88% |
| Industrials | 9.86% |
| Materials | 9.69% |
| Consumer Staples | 9.44% |
| Communication Services | 8.78% |
| Money Market Fund | 0.25% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/sdog</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundssdog.jpg)

AR-SDOG-113025

<u>ALPS International Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: IDOG Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS International Sector Dividend Dogs ETF (the "Fund" or "IDOG") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/idog</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS International Sector Dividend Dogs ETF | $58 | 0.50% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS International Sector Dividend Dogs ETF (IDOG), for the twelve-month period ended November 30, 2025, generated a NAV total return of 32.86%. The Fund outperformed the Morningstar Developed Markets ex-North America Index, which returned 25.08% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to stocks within the Utilities sector.

* Overweight allocation to stocks domiciled in Finland.

* Security selection of dividend-paying stocks within the Energy sector, which outperformed.

* Integrated energy and petrochemicals company, Orlen SA (PKN PW, 2.19% weight\*), provided the best individual contribution to IDOG's performance over the 1-year period (+2.00%).

Top detractors from relative performance:

* Underweight allocation to stocks within the Financials sector.

* Underweight allocation to Japan stocks.

* Security selection of dividend-paying stocks within the Utilities sector, which underperformed.

* Aluminum producer, Norsk Hydro ASA (NHY NO, 1.44% weight\*), provided the worst individual contribution to IDOG's performance over the 1-year period (-0.31%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-9_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS International Sector Dividend Dogs ETF - NAV | 32.86% | 13.59% | 9.08% |
| S-Network<sup>®</sup> International Sector Dividend Dogs Index | 33.33% | 14.03% | 9.50% |
| Morningstar Developed Markets ex-North America Index<sup>‡</sup> | 25.08% | 8.88% | 7.63% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $421654871 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $1678694 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Nokia Oyj | 2.58% |
| Telefonaktiebolaget LM Ericsson | 2.31% |
| Kering SA | 2.29% |
| Japan Tobacco, Inc. | 2.23% |
| GSK PLC | 2.22% |
| Roche Holding AG | 2.20% |
| Deutsche Post AG | 2.19% |
| ORLEN SA | 2.19% |
| Rio Tinto PLC | 2.19% |
| Fortum Oyj | 2.18% |
| **Total % of Top 10 Holdings** | **22.58%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 10.69% |
| Health Care | 10.33% |
| Consumer Discretionary | 10.27% |
| Materials | 10.10% |
| Energy | 9.95% |
| Utilities | 9.94% |
| Consumer Staples | 9.74% |
| Industrials | 9.69% |
| Financials | 9.62% |
| Communication Services | 9.54% |
| Money Market Fund | 0.13% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/idog</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsidog.jpg)

AR-IDOG-113025

<u>ALPS Emerging Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: EDOG Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS Emerging Sector Dividend Dogs ETF (the "Fund" or "EDOG") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/edog</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS Emerging Sector Dividend Dogs ETF | $66 | 0.60% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS Emerging Sector Dividend Dogs ETF (EDOG), for the twelve-month period ended November 30, 2025, generated a NAV total return of 20.68%. The Fund underperformed the Morningstar Emerging Markets Index, which returned 25.79% for the same period.

**Attribution**

Top contributors to relative performance:

* Underweight allocation to stocks within the Financials sector.

* Overweight allocation to stocks domiciled in Colombia, which outperformed.

* Security selection of dividend-paying stocks within the Financials sector, which outperformed.

* Mining company, Valterra Platinum Limited (VAL SJ, 2.44% weight\*), provided the best individual contribution to EDOG's performance over the 1-year period (+2.14%).

Top detractors from relative performance:

* Underweight allocation to stocks within the Information Technology sector.

* Underweight allocation to stocks domiciled in Taiwan.

* Security selection of dividend-paying names within the Information Technology sector, which underperformed.

* IT services and consulting company, Wipro Ltd. (WIT, 4.77% weight\*), provided the worst individual contribution to EDOG's performance over the 1-year period (-1.14%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-11_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS Emerging Sector Dividend Dogs ETF - NAV | 20.68% | 8.41% | 6.26% |
| S-Network<sup>®</sup> Emerging Sector Dividend Dogs Index | 20.82% | 9.07% | 6.98% |
| Morningstar Emerging Markets Index<sup>‡</sup> | 25.79% | 5.71% | 8.15% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $28835638 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $160361 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Infosys, Ltd. | 5.01% |
| Wipro, Ltd. | 4.77% |
| Valterra Platinum, Ltd. | 2.44% |
| Grupo Cibest SA | 2.37% |
| Fresnillo PLC | 2.32% |
| COSCO SHIPPING Energy Transportation Co., Ltd. | 2.31% |
| Interconexion Electrica SA ESP | 2.30% |
| Vale SA | 2.30% |
| Cementos Argos SA | 2.23% |
| PLDT, Inc. | 2.20% |
| **Total % of Top 10 Holdings** | **28.25%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Energy | 10.44% |
| Financials | 10.39% |
| Utilities | 10.27% |
| Communication Services | 10.24% |
| Information Technology | 9.79% |
| Industrials | 9.53% |
| Consumer Discretionary | 9.53% |
| Consumer Staples | 9.49% |
| Health Care | 9.16% |
| Materials | 8.82% |
| Building Materials | 2.23% |
| Money Market Fund | 0.11% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/edog</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsedog.jpg)

AR-EDOG-113025

<u>ALPS REIT Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RDOG Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS REIT Dividend Dogs ETF (the "Fund" or "RDOG") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/rdog</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS REIT Dividend Dogs ETF | $34 | 0.35% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS REIT Dividend Dogs ETF (RDOG), for the twelve-month period ended November 30, 2025, generated a NAV total return of -6.59%. The Fund underperformed the S-Network<sup>®</sup> US Composite REIT Index, which returned -3.29% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to Technology REITs

* Security selection of Specialized REITs, which outperformed.

* Healthcare facility manager, Medical Properties Trust Inc. (MPW, 2.57% weight\*), provided the best individual contribution to RDOG's performance over the 1-year period (+1.14%).

Top detractors from relative performance:

* Overweight allocation to Office REITs.

* Security selection of Diversified REITs, which underperformed.

* Industrials REIT, Innovative Industrial Properties, Inc. (IIPR, 1.99% weight\*), provided the worst individual contribution to RDOG's performance over the 1-year period (-1.13%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-3_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS REIT Dividend Dogs ETF - NAV | -6.59% | 3.90% | 3.35% |
| S-Network<sup>®</sup> REIT Dividend Dogs Index\*\* | -6.26% | 4.25% |  |
| S-Network<sup>®</sup> US Composite REIT Index\*\*\* | -3.29% | 5.76% |  |
| S-Network<sup>®</sup> REIT Dividend Dogs Index / S&P USA REIT Blend\* | -6.26% | 4.25% | 4.11% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

---

| | |
|:---|:---|
| *\** | *The performance shown reflects a combination of the S-Network<sup>®</sup> REIT Dividend Dogs Index, and for periods prior to January 2, 2020, the S&P United States REIT Index. Prior to January 2, 2020, the Fund used a different underlying index than the S&P United States REIT Index. Therefore, the historical returns shown for the periods prior to January 2, 2020, are not necessarily indicative of the historical strategy of the Fund.* |
| *\*\** | *The Index commenced operations on October 29, 2019.* |
| *\*\*\** | *The Index commenced operations on February 12, 2016.* |
| *<sup>‡</sup>* | *Broad-based securities market index.* |

---

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $9167053 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $44393 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Outfront Media, Inc. | 2.84% |
| Alpine Income Property Trust, Inc. | 2.70% |
| Centerspace | 2.61% |
| Medical Properties Trust, Inc. | 2.57% |
| CTO Realty Growth, Inc. | 2.50% |
| STAG Industrial, Inc. | 2.48% |
| LXP Industrial Trust | 2.41% |
| Elme Communities | 2.32% |
| Getty Realty Corp. | 2.30% |
| NETSTREIT Corp. | 2.29% |
| **Total % of Top 10 Holdings** | **25.02%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Residential REITs | 11.43% |
| Health Care REITs | 11.33% |
| Industrial REITs | 11.33% |
| Diversified REITs | 11.30% |
| Retail REITs | 11.18% |
| Specialized REITs | 11.04% |
| Hotel & Resort REITs | 11.01% |
| Technology REITs | 10.77% |
| Office REITs | 10.02% |
| Money Market Fund | 0.59% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/rdog</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsrdog.jpg)

AR-RDOG-113025

<u>ALPS \| O'Shares U.S. Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: OUSA Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS \| O'Shares U.S. Quality Dividend ETF (the "Fund" or "OUSA") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/ousa</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $49 | 0.48% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS \| O'Shares U.S. Quality Dividend ETF (OUSA), for the twelve-month period ended November 30, 2025, generated a NAV total return of 5.21%. The Fund underperformed the Morningstar US Large-Mid Cap Broad Value Index, which returned 13.28% for the same period.

**Attribution**

Top contributors to relative performance:

* Overweight allocation to the Information Technology sector.

* Security selection of quality stocks within the Health Care sector, which outperformed.

* Internet services and digital advertising company, Alphabet Inc. (GOOGL, 6.55% weight\*), provided the best individual contribution to OUSA's performance over the 1-year period (+3.44%).

Top detractors from relative performance:

* Underweight allocation to the Industrials sector.

* Security selection of quality names within the Industrials sector, which underperformed.

* Streaming and telecommunications company, Comcast Corp (CMCSA, 2.12% weight\*), provided the worst individual contribution to OUSA's performance over the 1-year period (-1.34%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-22_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS O'Shares U.S. Quality Dividend ETF - NAV | 5.21% | 10.85% | 10.95% |
| O'Shares U.S. Quality Dividend Index\* | 5.72% | 11.41% | 11.51% |
| Morningstar US Large-Mid Cap Broad Value Index | 13.28% | 14.27% | 12.35% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

---

| | |
|:---|:---|
| \* | *The O'Shares U.S. Quality Dividend Index performance information reflects the blended performance of the FTSE USA Qual/Vol/Yield Factor 5% Capped Index through May 31, 2020 and the O'Shares U.S. Quality Dividend Index thereafter.* |
| <sup>‡</sup> | *Broad-based securities market index.*  |

---

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $818060504 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $3883314 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*\*

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. | 6.55% |
| Apple, Inc. | 5.96% |
| Microsoft Corp. | 4.83% |
| Visa, Inc. | 4.79% |
| Johnson & Johnson | 4.63% |
| Mastercard, Inc. | 4.60% |
| Home Depot, Inc. | 4.15% |
| McDonald's Corp. | 3.81% |
| Accenture PLC | 3.74% |
| Abbott Laboratories | 2.88% |
| **Total % of Top 10 Holdings** | **45.94%** |

---

**Sector Allocation\*\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 22.91% |
| Financials | 18.80% |
| Health Care | 14.05% |
| Consumer Discretionary | 13.74% |
| Industrials | 11.86% |
| Communication Services | 11.58% |
| Consumer Staples | 6.95% |
| Money Market Fund | 0.11% |
| **Total** | **100.00%** |

---

\*\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/ousa</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsousa.jpg)

AR-OUSA-113025

<u>ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: OUSM Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF (the "Fund" or "OUSM") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/ousm</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | $47 | 0.48% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF (OUSM), for the twelve-month period ended November 30, 2025, generated a NAV total return of -4.65%. The Fund underperformed the Morningstar US Small-Cap Broad Value Extended Index, which returned 1.19% for the same period.

Top contributors to relative performance:

* Underweight allocation to the Real Estate sector.

* Security selection of quality stocks within the Utilities sector, which outperformed.

* Wireless communications technology R&D and patent licensing company, InterDigital, Inc. (IDCC, 1.42% weight\*), provided the best individual contribution to OUSM's performance over the 1-year period (+0.92%).

Top detractors from relative performance:

* Overweight allocation to the Consumer Discretionary and Industrials sectors.

* Security selection of quality names within the Information Technology and Consumer Discretionary sectors, which underperformed.

* Staffing company, Robert Half, Inc. (RHI, portfolio deletion during the September rebalance), provided the worst individual contribution to OUSM's performance over the 1-year period (-1.22%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-23_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (12/29/2016)**  |
| ALPS O'Shares U.S. Small-Cap Quality Dividend ETF - NAV | -4.65% | 10.17% | 8.63% |
| O'Shares U.S. Small Cap Quality Dividend Index\* | -4.19% | 10.71% | 9.17% |
| Morningstar US Small-Cap Broad Value Extended Index | 1.19% | 11.75% | 7.56% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.92% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

---

| | |
|:---|:---|
| \* | *The O'Shares U.S. Small-Cap Quality Dividend Index performance information reflects the blended performance of the FTSE USA Small Cap Qual/Vol/Yield 3% Capped Factor Index through May 3, 2018, the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index from May 4, 2018 through May 31, 2020 and the O'Shares U.S. Small-Cap Quality Dividend Index thereafter.* |
| <sup>‡</sup> | *Broad-based securities market index.*  |

---

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $909958057 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $4368763 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*\*

---

| | |
|:---|:---|
|  |  |
| National HealthCare Corp. | 2.51% |
| Donaldson Co., Inc. | 2.34% |
| Royalty Pharma PLC | 2.32% |
| Texas Roadhouse, Inc. | 2.23% |
| Western Union Co. | 2.17% |
| Radian Group, Inc. | 2.13% |
| TD SYNNEX Corp. | 2.13% |
| Lincoln Electric Holdings, Inc. | 2.09% |
| MGIC Investment Corp. | 2.08% |
| Essent Group, Ltd. | 2.07% |
| **Total % of Top 10 Holdings** | **22.07%** |

---

**Sector Allocation\*\***

---

| | |
|:---|:---|
|  |  |
| Industrials | 22.86% |
| Financials | 22.01% |
| Consumer Discretionary | 18.87% |
| Information Technology | 14.03% |
| Health Care | 8.81% |
| Consumer Staples | 5.06% |
| Utilities | 4.71% |
| Communication Services | 3.58% |
| Money Market Fund | 0.07% |
| **Total** | **100.00%** |

---

\*\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/ousm</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsousm.jpg)

AR-OUSM-113025

<u>ALPS \| O'Shares Global Internet Giants ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: OGIG Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS \| O'Shares Global Internet Giants ETF (the "Fund" or "OGIG") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/ogig</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS \| O'Shares Global Internet Giants ETF | $51 | 0.48% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS \| O'Shares Global Internet Giants ETF (OGIG), for the twelve-month period ended November 30, 2025, generated a NAV total return of 12.06%. The Fund underperformed the NASDAQ 100 Index, which returned 22.40% for the same period.

Top contributors to relative performance:

* Overweight allocation to the Communication Services sector.

* Overweight allocation to Canada.

* Security selection of stocks within the Industrials sector, which outperformed.

* Internet services and digital advertising company, Alphabet Inc. (GOOGL, 7.13% weight\*), provided the best individual contribution to OGIG's performance over the 1-year period (+4.27%).

Top detractors from relative performance:

* Underweight allocation to the Information Technology sector.

* Underweight allocation to the United States.

* Security selection of names within the Information Technology sector, which underperformed.

* Digital advertising platform provider, The Trade Desk, Inc. (TTD, 1.01% weight\*), provided the worst individual contribution to OGIG's performance over the 1-year period (-1.15%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-21_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (06/04/2018)**  |
| ALPS O'Shares Global Internet Giants ETF - NAV | 12.06% | 0.91% | 10.59% |
| O'Shares Global Internet Giants Index | 12.59% | 1.41% | 11.16% |
| NASDAQ 100 Index | 22.40% | 16.61% | 19.50% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.44% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.* 

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $148753583 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $710506 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. | 7.13% |
| Microsoft Corp. | 6.32% |
| Amazon.com, Inc. | 5.82% |
| Meta Platforms, Inc. | 5.55% |
| Palantir Technologies, Inc. | 3.75% |
| Shopify, Inc. | 2.59% |
| Oracle Corp. | 2.55% |
| AppLovin Corp. | 2.40% |
| PDD Holdings, Inc. | 2.28% |
| Crowdstrike Holdings, Inc. | 2.26% |
| **Total % of Top 10 Holdings** | **40.65%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 49.03% |
| Communication Services | 26.48% |
| Consumer Discretionary | 18.29% |
| Industrials | 3.62% |
| Real Estate | 1.82% |
| Health Care | 0.75% |
| Money Market Fund | 0.01% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/ogig</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsogig.jpg)

AR-OGIG-113025

<u>ALPS \| O'Shares International Developed Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: OEFA Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, ALPS \| O'Shares Europe Quality Dividend ETF) (the "Fund" or "OEFA") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/oefa</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS \| O'Shares International Developed Quality Dividend ETF | $52 | 0.48% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Overview**

The ALPS \| O'Shares International Developed Quality Dividend ETF (OEFA), for the twelve-month period ended November 30, 2025, generated a NAV total return of 16.72%. The Fund underperformed the Bloomberg Developed Markets ex-US Large, Mid and Small Cap Index which returned 25.09% for the same period.

Top contributors to relative performance:

* Overweight allocation to the Industrials sector.

* Overweight allocation to Switzerland.

* Security selection of quality stocks within the Utilities sector, which outperformed.

* Aerospace and defense company, BAE Systems PLC (BA/ LN, portfolio deletion during the October special reconstitution), provided the best individual contribution to OEFA's performance over the 1-year period (+1.88%).

Top detractors from relative performance:

* Underweight allocation to the Financials sector.

* Underweight allocation to Japan.

* Security selection of quality names within the Industrials sector, which underperformed.

* Pharmaceutical company focused on diabetes and obesity treatments, Novo Nordisk A/S (NOVOB DC, 2.05% weight\*), provided the worst individual contribution to OEFA's performance over the 1-year period (-2.36%).

\*Weights as of 11/30/2025, Bloomberg

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-20_ar81.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS O'Shares International Developed Quality Dividend ETF - NAV | 16.72% | 9.45% | 6.53% |
| O'Shares International Developed Quality Dividend Index\* | 16.93% | 9.89% | 7.02% |
| Bloomberg Developed Markets ex US Large, Mid and Small Cap Index<sup>‡</sup> | 25.09% | 9.49% | 8.02% |
| Morningstar Europe Index<sup>#</sup> | 28.08% | 10.38% | 8.32% |

---

***For the most current month end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

---

| | |
|:---|:---|
| \* | *The O'Shares International Developed Quality Dividend Index performance information reflects the blended performance of the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index through May 31, 2020, the O'Shares Europe Quality Dividend Index through September 30, 2025, and the O'Shares International Developed Quality Dividend Index thereafter.* |
| <sup>‡</sup> | *Broad-based securities market index of the Fund beginning October 1, 2025. Effective October 1, 2025, the Fund changed its broad-based securities market index from the Morningstar Europe Index to the Bloomberg Developed Markets ex US Large, Mid & Small Cap Index to better align with the Fund's current strategy.* |
| <sup>#</sup> | *Broad-based securities market index of the Fund through September 30, 2025.* |

---

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $41842408 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $183889 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*\*

---

| | |
|:---|:---|
|  |  |
| ASML Holding NV | 4.44% |
| Nestle SA | 3.27% |
| HSBC Holdings PLC | 3.13% |
| Novartis AG | 3.13% |
| SAP SE | 3.08% |
| Iberdrola SA | 2.92% |
| Siemens AG | 2.82% |
| Roche Holding AG | 2.80% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.65% |
| Unilever PLC | 2.56% |
| Total % of Top 10 Holdings | 30.80% |

---

**Sector Allocation\*\***

---

| | |
|:---|:---|
|  |  |
| Industrials | 27.55% |
| Consumer Discretionary | 18.44% |
| Health Care | 15.17% |
| Financials | 11.37% |
| Information Technology | 10.59% |
| Consumer Staples | 9.79% |
| Communication Services | 4.09% |
| Utilities | 2.92% |
| Money Market Fund | 0.08% |
| **Total** | **100.00%** |

---

 **Country Exposure\*\***

---

| | |
|:---|:---|
|  |  |
| Japan | 16.31% |
| France | 15.70% |
| Great Britain | 13.28% |
| Switzerland | 12.21% |
| Germany | 8.23% |
| Netherlands | 7.54% |
| Canada | 6.13% |
| Australia | 4.61% |
| Spain | 4.25% |
| Sweden | 2.31% |
| United States | 2.27% |
| Denmark | 2.00% |
| Italy | 1.87% |
| Finland | 1.84% |
| Ireland | 1.45% |
| **Total** | **100.00%** |

---

\*\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

**HOW HAS THE FUND CHANGED OVER THE PAST YEAR?**

This is a summary of certain changes to the Fund since November 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/oefa or upon request at 1-866-759-5679.

Effective October 1, 2025, the Fund underwent the below changes:

Underlying Index: The Fund's Underlying Index changed from the O'Shares Europe Quality Dividend Index to the O'Shares International Developed Quality Dividend Index.

Name and Ticker: The Fund's name changed to the ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, the ALPS \| O'Shares Europe Quality Dividend ETF), and the Fund's ticker symbol changed to OEFA (formerly, OEUR).

Investment Objective: The Fund adopted a new investment objective to seek to track the performance (before fees and expenses) of the O'Shares International Developed Quality Dividend Index.

Principal Investment Strategies and Principal Risks: The Fund adopted certain Principal Investment Strategy changes that reflect the new Underlying Index measuring the performance of Non-U.S. securities (formerly, European securities). The Fund also added "Industrials Sector Risk" and removed "Europe Risk" in connection with the strategy changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/oefa</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsoefa.jpg)

AR-OEFA-113025

<u>Barron's 400<sup>SM</sup> ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: BFOR Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about Barron's 400<sup>SM</sup> ETF (the "Fund" or "BFOR") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/bfor</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Barron's 400 ETF | $66 | 0.65% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The Barron's 400 ETF (Arca: BFOR) returned 4.06% at net asset value (NAV) for the twelve-month period ended November 30, 2025. The Fund outperformed the Russell Mid Cap Index, which returned 3.10% (on a total return basis) over the same period.

Top contributors to relative performance:

* Overweight allocation to small cap growth stocks added 0.65% in performance relative to the benchmark.

* Overweight allocation to small cap value stocks added 0.13% in performance relative to the benchmark.

Top detractors from relative performance:

* Underweight allocation to large cap value stocks subtracted 0.59% in performance relative to the benchmark.

* Underweight allocation to large cap growth stocks subtracted 1.75% in performance relative to the benchmark.

Overall, stock selection contributed 183 basis points in outperformance for BFOR relative to the benchmark, the Russell Mid Cap Index.

Data source: Morningstar Direct

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-8_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Barron's 400 ETF - NAV | 4.06% | 12.80% | 10.96% |
| Barron's 400 Index<sup>SM</sup> | 4.56% | 13.49% | 11.65% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 14.41% | 14.35% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $182082682 |
| Number of Portfolio Holdings | 400 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid | $1052224 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Argan, Inc. | 0.43% |
| Western Digital Corp. | 0.41% |
| TETRA Technologies, Inc. | 0.41% |
| Globus Medical, Inc. | 0.38% |
| Applied Materials, Inc. | 0.37% |
| Micron Technology, Inc. | 0.37% |
| Hecla Mining Co. | 0.37% |
| Eli Lilly & Co. | 0.35% |
| Dycom Industries, Inc. | 0.35% |
| Regeneron Pharmaceuticals, Inc. | 0.35% |
| **Total % of Top 10 Holdings** | **3.79%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Financials | 19.85% |
| Industrials | 19.84% |
| Information Technology | 14.79% |
| Health Care | 14.00% |
| Consumer Discretionary | 12.67% |
| Energy | 6.54% |
| Materials | 4.72% |
| Communication Services | 3.58% |
| Consumer Staples | 2.98% |
| Utilities | 0.75% |
| Money Market Fund | 0.28% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/bfor</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsbfor.jpg)

AR-BFOR-113025

<u>Level Four Large Cap Growth Active ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: LGRO Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about Level Four Large Cap Growth Active ETF (the "Fund" or "LGRO") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/lgro</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Level Four Large Cap Growth Active ETF | $54 | 0.50% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The Level Four Large Cap Growth Active ETF (LRGO), for the twelve-month period ended November 30, 2025, generated a NAV total return of 15.90%. The Fund modestly underperformed the Bloomberg US 1000 Growth Index, which returned 17.10% for the same period.

Top contributors to relative performance:

* Strong Stock Selection, Notably in Technology: Meaningful contributions from Lam Research, Corp. (LRCX) and Broadcom, Inc. (AVGO) supported performance, driven by positive AI developments and strong semiconductor demand, respectively.

* Overall Allocation Outperformance: An underweight allocation to select underperforming sectors, such as Health Care and Consumer Staples, contributed positively to the relative return against the benchmark.

Top detractors to relative performance:

* Underweight Allocation to "Magnificent Seven" names: While the Fund holds many "Magnificent Seven" names, the absence of exposure to Tesla, Inc. (TSLA), which outperformed amid renewed risk-on investor sentiment, detracted from relative results.

* Less Favorable Security Selection: Exposure to select Consumer Discretionary names, most notably RH (RH), detracted from relative performance.

***Comparison of change in value of a $10,000 investment in the Fund and the Indexes***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-24_ar61.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (08/22/2023)**  |
| Level Four Large Cap Growth Active ETF - NAV | 15.90% | 24.43% |
| Bloomberg US 1000 Growth Index | 17.10% | 25.98% |
| Bloomberg US 1000 Index<sup>‡</sup> | 14.25% | 23.10% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.* 

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $118471124 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $501798 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 7.48% |
| Alphabet, Inc. | 6.90% |
| Amazon.com, Inc. | 6.12% |
| Microsoft Corp. | 5.50% |
| NVIDIA Corp. | 3.89% |
| UnitedHealth Group, Inc. | 3.18% |
| Uber Technologies, Inc. | 2.82% |
| PayPal Holdings, Inc. | 2.73% |
| Meta Platforms, Inc. | 2.67% |
| RH | 2.64% |
| **Total % of Top 10 Holdings** | **43.93%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 42.22% |
| Consumer Discretionary | 14.90% |
| Communication Services | 12.03% |
| Financials | 8.53% |
| Health Care | 7.55% |
| Industrials | 7.34% |
| Consumer Staples | 1.61% |
| Energy | 1.58% |
| Real Estate | 1.00% |
| Money Market Fund | 3.24% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/lgro</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundslgro.jpg)

AR-LGRO-113025

<u>RiverFront Dynamic Core Income ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFCI Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about RiverFront Dynamic Core Income ETF (the "Fund" or "RFCI") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/rfci</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| RiverFront Dynamic Core Income ETF | $52 | 0.51% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The RiverFront Dynamic Core Income Fund returned 5.44% at net asset value for the twelve-month period ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% over the same period.

Top contributors to relative performance:

* Overweight allocation to high yield bonds

* Overweight allocation to investment grade corporate bonds

Top detractors from relative performance:

* Treasury selection

* Underweight mortgage-backed securities

* Shorter maturity selection on high yield and investment grade corporate bonds

***Comparison of change in value of a $10,000 investment in the Fund and the Index***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-13_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/13/2016)**  |
| RiverFront Dynamic Core Income ETF - NAV | 5.44% | 0.79% | 2.03% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.70% | -0.31% | 1.66% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $17689264 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $103733 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*^

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bond 11/15/2043 4.75% | 12.26% |
| U.S. Treasury Bond 05/15/2034 4.38% | 5.50% |
| Kinetik Holdings LP 12/15/2028 6.63% | 3.96% |
| U.S. Treasury Bond 11/15/2052 4.00% | 3.88% |
| General Motors Financial Co., Inc. 01/09/2033 6.40% | 3.58% |
| Ingersoll Rand, Inc. 08/14/2033 5.70% | 3.53% |
| Hyatt Hotels Corp. 04/23/2030 5.75% | 3.46% |
| Concentrix Corp. 08/02/2033 6.85% | 3.30% |
| U.S. Treasury Bond 02/15/2037 4.75% | 2.53% |
| PNC Financial Services Group, Inc. 12/31/9999 5Y US TI + 3.238% | 2.43% |
| **Total % of Top 10 Holdings** | **44.43%** |

---

**Asset Allocation\***

---

| | |
|:---|:---|
|  |  |
| Government | 26.29% |
| Consumer Discretionary | 15.91% |
| Financials | 14.80% |
| Energy | 10.00% |
| Utilities | 9.73% |
| Technology | 8.14% |
| Industrials | 6.09% |
| Communications | 2.33% |
| Materials | 1.79% |
| Health Care | 1.32% |
| Money Market Fund | 3.60% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| \* | *% of Total Investments.* |
| <sup>^</sup> | *Excludes Money Market Fund.* |

---

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/rfci</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsrfci.jpg)

AR-RFCI-113025

<u>RiverFront Dynamic US Dividend Advantage ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFDA Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about RiverFront Dynamic US Dividend Advantage ETF (the "Fund" or "RFDA") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/rfda</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| RiverFront Dynamic US Dividend Advantage ETF | $55 | 0.52% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

**Performance Highlights**

The RiverFront Dynamic US Dividend Advantage ETF returned 10.81% at net asset value for the twelve-months ended November 30, 2025. The Fund underperformed its benchmark, the S&P 500 Index, which returned 15.00% over the same period.

Top contributors to relative performance:

* Underweight to the Healthcare sector

* Security selection within the Communication Services and Materials sectors

* Security selection within the Materials sector

Top detractors from relative performance:

* Security selection within the Technology and Industrials sectors

* Overweight to the Real Estate and Energy Sectors

* Underweight to the Communications Sector

***Comparison of change in value of a $10,000 investment in the Fund and the Index***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-14_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/06/2016)**  |
| RiverFront Dynamic US Dividend Advantage ETF - NAV | 10.81% | 14.03% | 12.68% |
| S&P 500<sup>®</sup> Index<sup>‡</sup> | 15.00% | 15.28% | 15.18% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $85358858 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid | $408847 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 11.55% |
| Apple, Inc. | 8.83% |
| Microsoft Corp. | 8.18% |
| Alphabet, Inc. | 5.17% |
| Amazon.com, Inc. | 4.37% |
| International Business Machines Corp. | 2.33% |
| Perdoceo Education Corp. | 2.26% |
| Cisco Systems, Inc. | 2.11% |
| Old Republic International Corp. | 1.83% |
| Antero Midstream Corp. | 1.75% |
| **Total % of Top 10 Holdings** | **48.38%** |

---

**Asset Allocation\***

---

| | |
|:---|:---|
|  |  |
| Information Technology | 35.74% |
| Financials | 17.31% |
| Consumer Discretionary | 9.91% |
| Energy | 6.86% |
| Industrials | 6.27% |
| Communication Services | 5.80% |
| Real Estate | 5.52% |
| Utilities | 3.63% |
| Materials | 2.92% |
| Consumer Staples | 2.52% |
| Health Care | 1.57% |
| Money Market Fund | 1.95% |
| **Total** | **100.00%** |

---

\* *% of Total Investments (excluding investments purchased with collateral from securities loaned).*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/rfda</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsrfda.jpg)

AR-RFDA-113025

<u>RiverFront Strategic Income Fund </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RIGS Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about RiverFront Strategic Income Fund (the "Fund" or "RIGS") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/rigs</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE PAST year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| RiverFront Strategic Income Fund | $47 | 0.46% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The RiverFront Strategic Income Fund returned 5.56% at net asset value for the twelve-month period ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% over the same period.

Top contributors to relative performance:

* Overweight allocation to high yield bonds

* Overweight allocation to investment grade corporate bonds

Top detractors from relative performance:

* Treasury selection

* Underweight allocation to mortgage-backed securities

* Shorter maturity selection on high yield and investment grade corporate bonds

***Comparison of change in value of a $10,000 investment in the Fund and the Index***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-6_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| RiverFront Strategic Income Fund - NAV | 5.56% | 2.36% | 3.48% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.70% | -0.31% | 1.99% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

<sup>‡</sup> *Broad-based securities market index.* 

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $78001595 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $405341 |

---

WHAT DID THE FUND INVEST IN?

**Top Ten Holdings**\*^

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bond 11/15/2052 4.00% | 7.28% |
| U.S. Treasury Bond 02/15/2044 4.50% | 5.31% |
| U.S. Treasury Bond 11/15/2043 4.75% | 4.53% |
| U.S. Treasury Bond 05/15/2034 4.38% | 4.34% |
| U.S. Treasury Bond 02/15/2037 4.75% | 1.98% |
| U.S. Treasury Bond 05/15/2044 4.63% | 1.68% |
| Textron, Inc. 05/15/2035 5.50% | 1.52% |
| Concentrix Corp. 08/02/2028 6.60% | 1.44% |
| T-Mobile USA, Inc. 02/01/2028 4.75% | 1.39% |
| EQT Corp. 04/01/2029 6.38% | 1.38% |
| **Total % of Top 10 Holdings** | **30.85%** |

---

<sup>^</sup> *Excludes Money Market Fund*

**Asset Allocation\***

---

| | |
|:---|:---|
|  |  |
| Government | 26.55% |
| Financials | 15.55% |
| Consumer Discretionary | 13.15% |
| Materials | 9.91% |
| Industrials | 8.92% |
| Energy | 8.60% |
| Communications | 4.53% |
| Utilities | 2.92% |
| Technology | 2.54% |
| Consumer Staples | 2.08% |
| Health Care | 1.82% |
| Money Market Fund | 3.43% |
| **Total** | **100.00%** |

---

\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/rigs</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundsrigs.jpg)

AR-RIGS-113025

<u>ALPS \| Smith Core Plus Bond ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SMTH Annual Shareholder Report November 30, 2025

*This annual shareholder report contains important information about ALPS \| Smith Core Plus Bond ETF (the "Fund" or "SMTH") for the period of December 1, 2024 to November 30, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/smth</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

**WHAT WERE THE FUND COSTS FOR THE YEAR?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| ALPS \| Smith Core Plus Bond ETF | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM FOR THE PERIOD AND WHAT IMPACTED ITS PERFORMANCE?**

The ALPS \| Smith Core Bond Plus Bond ETF returned 6.01% for the twelve-month period ended November 30, 2025. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 5.70%.

Top contributors to relative performance:

* Security selection was a primary driver of performance, specifically within both the investment-grade and high-yield segments of the Corporate Credit sector. With a focus on bottom-up fundamentals and avoidance of credits with deteriorating fundamentals, security selection continued to be a tailwind for performance during the period, reflected through overweight positions in companies such as Hilcorp Energy (HILCRP) and Boeing (BA), amongst others.

* With both limited supply and continued inflows into dedicated preferred funds, technicals supported the preferreds sleeve despite elevated valuations. The Preferred sector remained an area where incremental additions occurred opportunistically, with a focus on security-specific stories and short-duration paper with very defensive structural and fundamental backdrops, which was overall additive to performance over the year.

* With credit outperforming U.S. Treasuries from an aggregate level, the portfolio's average underweight positions to the Treasury sector proved to be additive to performance for the year.

Top detractors from relative performance:

* Security selection within Agency Mortgage-Backed Securities was an overall detractor to performance; the positioning to securities with higher stated coupons was a headwind relative to securities with lower stated coupons given the overall rally in yields.

* Yield curve positioning within U.S. Treasuries was a detractor to returns, as the Fund remained tactical in positioning throughout the year. Over the year, the Fund remained in a defensive posture; particularly during certain periods, the Fund favored the longer end of the Treasury curve to seek to protect against downside risk. The Fund's 10-year treasury inflation-protected securities ("TIPS") positions were slowly reduced after outperforming nominal coupons during the period as breakeven levels within TIPS moved higher, reflecting increased inflation expectations from the market.

***Comparison of change in value of a $10,000 investment in the Fund and the Index***

**The Fund's past performance is not a good predictor of the Fund's future performance.** The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

![Ad2 Performance Graph](fp0096819-25_ar71.jpg)

**Average Annual Total Returns** *(as of November 30, 2025)*

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/05/2023)**  |
| ALPS \| Smith Core Plus Bond ETF - NAV | 6.01% | 7.08% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.70% | 5.70% |

---

***For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.***

*<sup>‡</sup>* *Broad-based securities market index.*

**WHAT ARE SOME KEY FUND STATISTICS?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets | $2279826986 |
| Number of Portfolio Holdings | 870 |
| Portfolio Turnover Rate | 147% |
| Total Advisory Fees Paid | $10526031 |

---

**WHAT DID THE FUND INVEST IN?**

**Top Ten Holdings**\*

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Note 11/15/2035 4.00% | 5.46% |
| U.S. Treasury Note 10/31/2029 4.125% | 3.99% |
| U.S. Treasury Bond 02/15/2045 4.75% | 3.71% |
| U.S. Treasury Bond 11/15/2055 4.625% | 3.69% |
| U.S. Treasury Note 01/31/2030 4.25% | 3.59% |
| U.S. Treasury Note 02/28/2026 4.625% | 2.87% |
| U.S. Treasury Bond 08/15/2045 4.875% | 2.79% |
| U.S. Treasury Bond 08/15/2055 4.75% | 2.32% |
| U.S. Treasury Note 11/30/2029 4.125% | 2.13% |
| U.S. Treasury Note 08/31/2027 3.625% | 2.08% |
| **Total % of Top 10 Holdings** | **32.63%** |

---

**Sector Allocation\***

---

| | |
|:---|:---|
|  |  |
| Government | 41.61% |
| Mortgage Securities | 14.65% |
| Financials | 11.47% |
| Consumer Discretionary | 5.62% |
| Industrials | 5.53% |
| Energy | 4.77% |
| Communications | 3.79% |
| Health Care | 3.49% |
| Technology | 3.20% |
| Consumer Staples | 2.42% |
| Utilities | 1.12% |
| Materials | 0.37% |
| Money Market Fund | 1.96% |
| **Total** | **100.00%** |

---

\* *% of Total Investments.*

*Holdings are subject to change.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?**

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit **<u>https://www.alpsfunds.com/exchange-traded-funds/smth</u>**.

**HOUSEHOLDING**

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

![QR Code](dscomexchangetradedfundssmth.jpg)

AR-SMTH-113025

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant, as of the end of the period covered by this report, has adopted a code of
 ethics that applies to the Registrant's principal executive officer, principal financial
 officer, principal accounting officer or controller or any persons performing similar
 functions on behalf of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During
 the period covered by this report, no amendments to the provisions of the code of ethics
 adopted in 2(a) above were made.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During
 the period covered by this report, no implicit or explicit waivers to the provisions
 of the code of ethics adopted in 2(a) above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. **Audit Committee Financial Expert.**

The Board of Trustees of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the Registrant has designated Jeremy W. Deems as the Registrant's "Audit Committee Financial Expert". Mr. Deems is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: For the Registrant's fiscal years ended November 30, 2025 and November
 30, 2024, the aggregate fees billed for professional services rendered by the principal
 accountant for the audit of the Registrant's annual financial statements were $358,350 and $344,300, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: For the Registrant's fiscal years ended November 30, 2025 and November
 30, 2024, the aggregate fees billed for professional services rendered by the principal
 accountant that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under paragraph (a) of this Item were $0 and
 $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: For the Registrant's fiscal years ended November 30, 2025 and November
 30, 2024, the aggregate fees billed for professional services rendered by the principal
 accountant for tax compliance, tax advice and tax planning were $85,250 and $85,250, respectively.
 The fiscal year 2025 and 2024 tax fees were for services pertaining to federal and state
 income tax return review, review of year-end dividend distributions and excise tax preparation.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: For the Registrant's fiscal years ended November 30, 2025 and November
 30, 2024, aggregate fees billed to the Registrant by the principal accountant for services
 provided by the principal accountant other than the services reported in paragraphs (a)
 through (c) of this Item 4 were $0 and $0, respectively.

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the
 Registrant's principal accountant must be pre-approved by the Registrant's audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No
 services described in paragraphs (b) through (d) of this Item were approved by the Registrant's
 audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 aggregate non-audit fees billed by the Registrant's accountant for the fiscal years
 ended November 30, 2025 and November 30, 2024 of the Registrant were $85,250 and $85,250,
 respectively. These fees consisted of non-audit fees billed to (i) the Registrant of
 $85,250 and $85,250, respectively as described in response to paragraph (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Registrant's audit committee has considered whether the provision of non- audit
 services that were rendered to the Registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with
 or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the investment adviser that provides ongoing services to
 the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
 The Registrant's audit committee determined that the provision of such non-audit
 services is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 applicable.

Item 5. **Audit Committee of Listed Registrants.** 

Not applicable to the Registrant.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the Report to Stockholders filed under Item 7 of
 this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's most recent annual financial statements required, and for the period
 covered by this report, by Regulation S-X are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 registrant's financial highlights, audited for the latest 5 years as required in
 Regulation S-X, are attached herewith.

![](fp0096819-2_04.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |
| &nbsp;&nbsp;&nbsp;**Alerian MLP ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Operations** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** | **5** |
| &nbsp;&nbsp;&nbsp;**Alerian Energy Infrastructure ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement of Operations** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** | **11** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **12** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **23** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **24** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **26** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **27** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **28** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **29** |

---

alpsfunds.com \| 1-866-759-5679

Alerian MLP ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (105.35%)** |  |  |
| ***Compression (4.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP<sup>(a)</sup> | 17406584 | $439516246 |
| ***Gathering + Processing (22.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A<sup>(a)</sup> | 29437184 | 991444357 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP<sup>(a)</sup> | 34977519 | 1375665822 |
| **Total Gathering + Processing** |  | 2367110179 |
| ***Liquefaction (4.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 9154553 | 498923138 |
| ***Marketing & Distribution (17.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Partners LP<sup>(a)</sup> | 5824600 | 256165908 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners LP<sup>(a)</sup> | 14583997 | 285117142 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(a)</sup> | 24506540 | 1378002744 |
| **Total Marketing & Distribution** |  | 1919285794 |
| ***Pipeline Transportation \| Natural Gas (24.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 76611385 | 1280176244 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 41994326 | 1374894233 |
| **Total Pipeline Transportation \| Natural Gas** |  | 2655070477 |
| ***Pipeline Transportation \| Petroleum (31.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP<sup>(a)</sup> | 4367632 | 200212251 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP<sup>(a)</sup> | 24257223 | 378170106 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 26389720 | 1433753488 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP<sup>(a)</sup> | 77366186 | 1346945298 |
| **Total Pipeline Transportation \| Petroleum** |  | 3359081143 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $5,402,675,757) |  | 11238986977 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.00%)<sup>(b)</sup>** |  |  |  |
| **Money Market Fund (0.00%)<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 253228 | $253228 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $253,228) |  |  | 253228 |
| **TOTAL INVESTMENTS (105.35%)** |  |  |  |
| (Cost $5,402,928,985) |  |  | $11239240205 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.35%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.35%)** |  | (570537070) |
| **NET ASSETS - 100.00%** |  |  | $10668703135 |

---

** 

*<sup>(a)</sup>* *Affiliated Company. See Note 8 in Notes to Financial Statement.*

*<sup>(b)</sup>* *Less than 0.005%*

 

*See Notes to Financial Statements and Financial Highlights.*

1 \| alpsfunds.com

Alerian MLP ETF

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $4588000331 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value | 6651239874 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 57770 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 20272964 |
| &nbsp;&nbsp;&nbsp;Prepaid Income Tax | 36697276 |
| &nbsp;&nbsp;&nbsp;Total Assets | 11296268215 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 20308682 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability (Note 2) | 600118920 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 7137478 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 627565080 |
| **NET ASSETS** | $10668703135 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $10833602331 |
| &nbsp;&nbsp;&nbsp;Distributable earnings/(accumulated losses) | (164899196) |
| **NET ASSETS** | $10668703135 |
| **INVESTMENTS, AT COST** | $1423444801 |
| **INVESTMENTS IN AFFILIATES, AT COST** | 3979484184 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $10668703135 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 223657420 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $47.70 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

Alerian MLP ETF

---

| | |
|:---|:---|
| **Statement of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Distributions from master limited partnerships | $815407484 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Dividends | 417135 |
| &nbsp;&nbsp;&nbsp;Less return of capital distributions | (780566173) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 35258446 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fee | 86416918 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 86416918 |
| **NET INVESTMENT LOSS, BEFORE INCOME TAXES** | (51158472) |
| &nbsp;&nbsp;&nbsp;Current income tax benefit/(expense) | 10606983 |
| **NET INVESTMENT LOSS** | (40551489) |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, before income taxes | 40894072 |
| &nbsp;&nbsp;&nbsp;Net realized gain on affiliated investments, before income taxes | 399051521 |
| &nbsp;&nbsp;&nbsp;Current income tax benefit/(expense) | (91216478) |
| Net realized gain | 348729115 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, before income taxes | (8083915) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on affiliated investments, before income taxes | (282001730) |
| &nbsp;&nbsp;&nbsp;Deferred income tax benefit/(expense) | 63037271 |
| Net change in unrealized depreciation | (227048374) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 121680741 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $81129252 |

---

*<sup>(a)</sup>* *Includes return of capital distributions and dividend income from affiliated investments in the amount of $462,505,864 and $34,841,311, respectively.*

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

Alerian MLP ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(40551489) | $(44219440) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 348729115 | 74296129 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (227048374) | 1973436066 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 81129252 | 2003512755 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (792971646) | (647326416) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (46684015) | (35219362) |
| &nbsp;&nbsp;&nbsp;Total distributions | (839655661) | (682545778) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2022598199 | 2517052803 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (825909887) | (1107287794) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 1196688312 | 1409765009 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 438161903 | 2730731986 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 10230541232 | 7499809246 |
| &nbsp;&nbsp;&nbsp;End of year | $10668703135 | $10230541232 |
| **OTHER INFORMATION:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 199607420 | 169807420 |
| &nbsp;&nbsp;&nbsp;Shares sold | 41025000 | 53700000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (16975000) | (23900000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 223657420 | 199607420 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

Alerian MLP ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Year <br>Ended <br>November 30, 2022** | **For the Year <br>Ended <br>November 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $51.25 | $44.17 | $40.01 | $31.63 | $25.02 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.19) | (0.24) | (0.24) | (0.28) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.57 | 11.03 | 7.74 | 11.59 | 9.68 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.38 | 10.79 | 7.50 | 11.31 | 9.41 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (3.71) | (3.52) | (3.34) |  |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.22) | (0.19) | – | (2.93) | (2.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.93) | (3.71) | (3.34) | (2.93) | (2.80) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.55) | 7.08 | 4.16 | 8.38 | 6.61 |
| **NET ASSET VALUE, END OF PERIOD** | $47.70 | $51.25 | $44.17 | $40.01 | $31.63 |
| **TOTAL RETURN<sup>(b)</sup>** | 0.79% | 25.74% | 19.82% | 36.31% | 37.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $10668703 | $10230541 | $7499809 | $6679200 | $4980175 |
| **RATIO TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding net current and deferred tax expenses/benefits and franchise tax expense) | 0.84% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Expenses (including current and deferred tax expenses/benefits)<sup>(c)</sup> | 0.73% | 0.72% | 0.79% | 0.74% | 0.85% |
| &nbsp;&nbsp;&nbsp;Expenses (including net current and deferred tax expenses/benefits)<sup>(d)</sup> | 1.01% | 6.39% | 2.67% | 5.03% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net investment loss (excluding deferred tax expenses/benefits and franchise tax expense) | (0.50)% | (0.65)% | (0.65)% | (0.85)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;Net investment loss (including deferred tax expenses/benefits)<sup>(c)</sup> | (0.39)% | (0.53)% | (0.59)% | (0.74)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO TURNOVER RATE<sup>(e)</sup>** | 14% | 18% | 40% | 26% | 20% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net assets value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Includes amount of current and deferred tax benefit associated with net investment income/(loss).*

<sup>(d)</sup> *Includes amount of current and deferred taxes/benefits for all components of the Statement of Operations.*

<sup>(e)</sup> *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

Alerian Energy Infrastructure ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CANADIAN ENERGY INFRASTRUCTURE COMPANIES (28.13%)** | **CANADIAN ENERGY INFRASTRUCTURE COMPANIES (28.13%)** | **CANADIAN ENERGY INFRASTRUCTURE COMPANIES (28.13%)** |
| ***Gathering + Processing (4.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Keyera Corp. | 432747 | $13981557 |
| ***Pipeline Transportation \| Natural Gas (5.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;TC Energy Corp.<sup>(a)</sup> | 317559 | 17156753 |
| ***Pipeline Transportation \| Petroleum (16.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc.<sup>(a)</sup> | 584117 | 28393909 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 409196 | 15861854 |
| &nbsp;&nbsp;&nbsp;South Bow Corp.<sup>(a)</sup> | 394578 | 10850930 |
| **Total Pipeline Transportation \| Petroleum** |  | 55106693 |
| ***Storage (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Gibson Energy, Inc.<sup>(a)</sup> | 309426 | 5626330 |
| **TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES** | **TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES** | **TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES** |
| (Cost $79,906,227) |  | 91871333 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUND (1.52%)** |  |  |
| ***Exchange Traded Fund (1.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Select Sector SPDR Fund | 55000 | 4974750 |
| **TOTAL EXCHANGE TRADED FUND** (Cost $4,975,163)** |  | 4974750 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. ENERGY INFRASTRUCTURE COMPANIES (28.24%)** |  |  |
| ***Energy (1.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc. | 624491 | 4658703 |
| ***Gathering + Processing (5.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.<sup>(a)(b)</sup> | 20366 | 509965 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 100137 | 17555017 |
| **Total Gathering + Processing** |  | 18064982 |
| ***Liquefaction (4.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 69773 | 14544880 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.<sup>(a)(b)</sup> | 236530 | 1445198 |
| **Total Liquefaction** |  | 15990078 |
| ***Pipeline Transportation \| Natural Gas (16.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 154125 | 18720022 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 585105 | 15985069 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc.<sup>(a)</sup> | 87532 | 3035610 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Pipeline Transportation \| Natural Gas (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 216717 | $15781332 |
| **Total Pipeline Transportation \| Natural Gas** |  | 53522033 |
| **TOTAL U.S. ENERGY INFRASTRUCTURE COMPANIES** |  |  |
| (Cost $74,764,850) |  | 92235796 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. ENERGY INFRASTRUCTURE MLPS (27.32%)** |  |  |
| ***Gathering + Processing (6.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP | 24130 | 1106119 |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A | 245093 | 8254732 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 284638 | 11194813 |
| **Total Gathering + Processing** |  | 20555664 |
| ***Pipeline Transportation \| Natural Gas (15.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1590542 | 26577957 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 739867 | 24223245 |
| **Total Pipeline Transportation \| Natural Gas** |  | 50801202 |
| ***Pipeline Transportation \| Petroleum (5.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP | 133715 | 2084617 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 290436 | 15779388 |
| **Total Pipeline Transportation \| Petroleum** |  | 17864005 |
| **TOTAL U.S. ENERGY INFRASTRUCTURE MLPS** |  |  |
| (Cost $79,155,933) |  | 89220871 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. GENERAL PARTNERS (14.46%)** |  |  |
| ***Gathering + Processing (9.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 635928 | 11453063 |
| &nbsp;&nbsp;&nbsp;The Williams Cos., Inc. | 326251 | 19878473 |
| **Total Gathering + Processing** |  | 31331536 |
| ***Pipeline Transportation \| Petroleum (4.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | 857533 | 15898662 |
| **TOTAL U.S. GENERAL PARTNERS** |  |  |
| (Cost $33,546,234) |  | 47230198 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 \| alpsfunds.com

Alerian Energy Infrastructure ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.87%)** |  |  |  |
| **Investments Purchased with Collateral from Securities Loaned (3.87%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  | 12646848 | $12646848 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $12,646,848) |  |  | 12646848 |
| **TOTAL INVESTMENTS (103.54%)** |  |  |  |
| (Cost $284,995,255) |  |  | $338179796 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.54%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.54%)** |  | (11554726) |
| **NET ASSETS - 100.00%** |  |  | $326625070 |

---

<sup>(a)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $25,682,618.*

<sup>(b)</sup> *Non-income producing security.*

*See Notes to Financial Statements and Financial Highlights.*

7 \| alpsfunds.com

Alerian Energy Infrastructure ETF

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $338179796 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $155,467) | 156313 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 5772848 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 336595 |
| &nbsp;&nbsp;&nbsp;Total Assets | 344445552 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 4975713 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 90963 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft | 106958 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 12646848 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 17820482 |
| **NET ASSETS** | $326625070 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $269311680 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 57313390 |
| **NET ASSETS** | $326625070 |
| **INVESTMENTS, AT COST** | $284995255 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $326625070 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 10375000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $31.48 |

---

 

*\** *Includes $25,682,618 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

8 \| alpsfunds.com

Alerian Energy Infrastructure ETF

---

| | |
|:---|:---|
| **Statement of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income\* | $13097653 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 22049 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 13119702 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 1030016 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1030016 |
| **NET INVESTMENT INCOME** | 12089686 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 11345367 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (11654) |
| Net realized gain | 11333713 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (22186038) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 197 |
| Net change in unrealized depreciation | (22185841) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCIES** | (10852128) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1237558 |
| &nbsp;&nbsp;&nbsp;*\* Net of foreign tax withholding.* | $720817 |

---

** 

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

*See Notes to Financial Statements and Financial Highlights.*

9 \| alpsfunds.com

Alerian Energy Infrastructure ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $12089686 | $7017638 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11333713 | 2379363 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (22185841) | 60655556 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1237558 | 70052557 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (7161194) | (4193460) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (7257523) | (4060038) |
| &nbsp;&nbsp;&nbsp;Total distributions | (14418717) | (8253498) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 134640979 | 46196532 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (30375387) | (4729155) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 104265592 | 41467377 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 91084433 | 103266436 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 235540637 | 132274201 |
| &nbsp;&nbsp;&nbsp;End of year | $326625070 | $235540637 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 7125000 | 5700000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 4200000 | 1625000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (950000) | (200000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 10375000 | 7125000 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 \| alpsfunds.com

Alerian Energy Infrastructure ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Year <br>Ended <br>November 30, 2022** | **For the Year <br>Ended <br>November 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.06 | $23.21 | $22.64 | $18.59 | $14.51 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.30 | 1.18 | 0.97 | 0.61 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.38) | 10.04 | 0.86 | 4.57 | 4.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.08) | 11.22 | 1.83 | 5.18 | 5.57 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.75) | (0.70) | (0.33) | (0.21) | (0.74) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.75) | (0.67) | (0.93) | (0.92) | (0.75) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.50) | (1.37) | (1.26) | (1.13) | (1.49) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.58) | 9.85 | 0.57 | 4.05 | 4.08 |
| **NET ASSET VALUE, END OF PERIOD** | $31.48 | $33.06 | $23.21 | $22.64 | $18.59 |
| **TOTAL RETURN<sup>(b)</sup>** | (0.16)% | 50.02% | 8.63% | 28.21% | 38.93% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $326625 | $235541 | $132274 | $142086 | $59487 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.51 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.11% | 4.50% | 4.46% | 2.84% | 5.84% |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO TURNOVER RATE<sup>(d)</sup>** | 21% | 33% | 28% | 26% | 34% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net assets value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Effective July 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.35%.*

<sup>(d)</sup> *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

11 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the Alerian MLP ETF and the Alerian Energy Infrastructure ETF (each a "Fund" and collectively, the "Funds").

The investment objective of the Alerian MLP ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index. The investment objective of the Alerian Energy Infrastructure ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian Midstream Energy Select Index. The investment advisor uses a "passive management" or indexing investment approach to try to achieve each Fund's investment objective. Each Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

Each Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). Each Fund issues and redeems Shares, at net asset value ("NAV"), in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Funds' investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Funds' NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

12 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**B. Fair Value Measurements**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Equity securities, including restricted securities, and Limited Partnerships for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| *Level 1 –* | *Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;* |
| *Level 2 –* | *Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and* |
| *Level 3 –* | *Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.* |

---

13 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following is a summary of the inputs used to value each Fund's investments as of November 30, 2025:

**Alerian MLP ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and**<br> **Unadjusted Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Master Limited Partnerships<sup>\*</sup> | $11238986977 | $– | $– | $11238986977 |
| Short Term Investments | 253228 | – | – | 253228 |
| Total | $11239240205 | $– | $– | $11239240205 |

---

**Alerian Energy Infrastructure ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and**<br> **Unadjusted Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Canadian Energy Infrastructure Companies<sup>\*</sup> | $91871333 | $– | $– | $91871333 |
| Exchange Traded Fund | 4974750 |  |  | 4974750 |
| U.S. Energy Infrastructure Companies<sup>\*</sup> | 92235796 |  |  | 92235796 |
| U.S. Energy Infrastructure MLPs<sup>\*</sup> | 89220871 |  |  | 89220871 |
| U.S. General Partners<sup>\*</sup> | 47230198 |  |  | 47230198 |
| Short Term Investments | 12646848 | – | – | 12646848 |
| Total | $338179796 | $– | $– | $338179796 |

---

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Foreign Currency Translation**

The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**D. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts.

**E. Dividends and Distributions to Shareholders**

Each Fund intends to declare and make quarterly distributions, or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Alerian Energy Infrastructure ETF, if any, are distributed at least annually. Distributions from net investment income and capital gains are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds.

Distributions received from each Fund's investments in Master Limited Partnerships ("MLPs") may be comprised of both income and return of capital. Each Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

The Funds each expect a portion of its distributions to shareholders might be comprised of tax deferred return of capital. Return of capital distributions are not taxable income to the shareholder, but reduce the investor's tax basis in the investor's Fund Shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund Shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Funds when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Funds.

14 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**F. Federal Income Taxation and Tax Basis Information**

**Alerian MLP ETF**

The Fund is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. This treatment differs from most investment companies, which elect to be treated as "regulated investment companies" under the Internal Revenue Code of 1986, as amended (the "Code") in order to avoid paying entity level income taxes. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. The Fund expects that substantially all of the distributions it receives from MLPs may be treated as a tax-deferred return of capital, thus reducing the Fund's current tax liability. However, the amount of taxes paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes will reduce your return from an investment in the Fund.

Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund shares will also be reduced by the accrual of any deferred tax liabilities. The Underlying Index however is calculated without any deductions for taxes. As a result, the Fund's after tax performance could differ significantly from the Underlying Index even if the pretax performance of the Fund and the performance of Underlying Index are closely related.

Cash distributions from MLPs to the Fund that exceed the Fund's allocable share of such MLP's net taxable income are considered a tax deferred return of capital that will reduce the Fund's adjusted tax basis in the equity securities of the MLP. These reductions in the Fund's adjusted tax basis in the MLP equity securities will increase the amount of any taxable gain (or decrease the amount of any tax loss) recognized by the Fund on a subsequent sale of the securities. A portion of any gain or loss recognized by the Fund on a sale of an MLP equity security (or by an MLP on a sale of an underlying asset) may be separately computed and treated as ordinary income or loss under the Code to the extent attributable to assets of the MLP that give rise to depreciation recapture, intangible drilling and development cost recapture, or other "unrealized receivables" or "inventory items" under the Code. Any such gain may exceed net taxable gain realized on the sale and will be recognized even if there is a net taxable loss on the sale. The Fund's net capital losses may only be used to offset capital gains and therefore cannot be used to offset gains that are treated as ordinary income. Thus, the Fund could recognize both gain that is treated as ordinary income and a capital loss on a sale of an MLP equity security (or on an MLP's sale of an underlying asset) and would not be able to use the capital loss to offset that gain. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund's NAV. From time to time, the Adviser will modify the estimates or assumptions related to the Fund's deferred tax liability as new information becomes available and may consider, among other matters, the duration of statutory carryforward periods, shareholder transactions, underlying index constituent changes and market conditions. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an assumed rate attributable to state taxes.

The Fund's income tax expense/(benefit) consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Alerian MLP ETF** | **Year ended November 30, 2025** | **Year ended November 30, 2025** | **Year ended November 30, 2025** |
| | **Current** | **Deferred** | **Total** |
| &nbsp;&nbsp;&nbsp;Federal | $(34833880) | $50428743 | $15594863 |
| &nbsp;&nbsp;&nbsp;State | 1952372 | 501940 | 2454312 |
| &nbsp;&nbsp;&nbsp;Valuation Allowance | – | (476951) | (476951) |
| &nbsp;&nbsp;&nbsp;Total tax expense/(benefit) | $(32881508) | $50453732 | $17572224 |

---

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

15 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

Components of the Fund's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Alerian MLP ETF** | **As of November 30, 2025** | **As of November 30, 2024** |
| *Deferred tax assets:* |  |  |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward | $300505312 | $443596517 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforward | 23297010 | 23290244 |
| &nbsp;&nbsp;&nbsp;Income recognized from MLP investments | 2012847124 | 1874687034 |
| &nbsp;&nbsp;&nbsp;Other deferred tax assets | 29933849 | 13488405 |
| &nbsp;&nbsp;&nbsp;Corporate alternative minimum tax credit | 46707131 | 83538587 |
| &nbsp;&nbsp;&nbsp;Valuation allowance | (12413363) | (12890314) |
| *Less Deferred tax liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain on MLP investments | (3000995983) | (2975307956) |
| &nbsp;&nbsp;&nbsp;Other deferred tax liabilities | - | (67705) |
| Net Deferred Tax Asset/(Liability) | $(600118920) | $(549665188) |

---

Due to the activities of the MLPs that the Fund is invested in, the Fund is required to pay franchise tax in certain states. Generally, franchise tax expense is a tax on equity of a corporation, or base minimum fees, imposed by various jurisdictions. The amounts of the tax are estimated throughout the year based upon the Fund's estimate of underlying activities conducted in the states and reconciled to actual amounts paid upon the filing of the tax returns for the states. These taxes are paid as either estimated tax payments, extension payments, or with the tax return filings of the various states.

The capital loss carryforward is available to offset future taxable income. The capital loss can be carried forward for 5 years and, accordingly, would begin to expire as of November 30, 2025. The Fund has net capital loss carryforwards for federal income tax purposes as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Alerian MLP ETF** | **Period-Ended** | **Amount** | **Expiration** |
| Federal | 11/30/2021 | $547628211 | 11/30/2026 |
| Federal | 11/30/2022 | 818305027 | 11/30/2027 |
| Total |  | $1365933238 |  |

---

The net operating loss carryforward is available to offset future taxable income. The Fund has net operating loss carryforwards for federal income tax purposes of $2,370,531, generated in the current year and has state tax net operating loss carryforwards of various amounts per state. The Deferred Tax Assets associated with these state tax net operating losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Alerian MLP ETF** | **Period-Ended** | **Amount** | **Expiration** |
| &nbsp;&nbsp;&nbsp;State | 11/30/2012 | $245547 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2013 | 1060712 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2014 | 337635 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2015 | 2107168 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2016 | 3943923 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2017 | 3273384 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2018 | 1178714 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2019 | 1047429 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2020 | 1179116 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2021 | 1712944 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2022 | 256423 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2023 | 146812 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2024 | 4436672 | Varies by State |
| &nbsp;&nbsp;&nbsp;Total |  | $20926479 |  |

---

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized. Currently, any capital losses that may be generated by the Fund are eligible to be carried back up to three years and can be carried forward for five years to offset capital gains recognized by the Fund in those years.

16 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

Based upon the Fund's assessment, it has determined that it is "more-likely-than-not" that a portion of its deferred tax assets will not be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for the Fund's net operating losses in certain states. The Fund will continue to assess the need for a valuation allowance in the future.

Total income tax expense/(benefit) (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

---

| | |
|:---|:---|
| **Alerian MLP ETF** | **As of November 30, 2025** |
| Income tax expense at statutory rate | $20727310 |
| State income taxes (net of federal benefit) | 3350780 |
| Permanent differences, net | (3406718) |
| Effect of tax rate change (state level) | (2622197) |
| Change in valuation allowance | (476951) |
| Net income tax expense | $17572224 |

---

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the year ended November 30, 2025, the Fund paid no penalties and interest.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. Tax periods ended November 30, 2022 through November 30, 2024 remain subject to examination by tax authorities in the United States. Due to the nature of the Fund's investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Under the Inflation Reduction Act of 2022, a 15% corporate alternative minimum tax on adjusted financial statement income is applicable to corporate entities with average annual adjusted financial statement income in excess of $1 billion for a three-taxable-year period. This corporate alternative minimum tax applies to the Fund for the current taxable year, the additional tax liability of approximately $19.3 million is the excess of the Fund's corporate alternative minimum tax over regular income tax imposed for the year. The impact to current tax expense and amounts payable result in an offsetting deferred tax benefit, subject to realization.

**Alerian Energy Infrastructure ETF**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

No provision for income taxes is included in the accompanying financial statements, as the Alerian Energy Infrastructure ETF intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Alerian Energy Infrastructure ETF evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Alerian Energy Infrastructure ETF did not have a liability for any unrecognized tax benefits. The Alerian Energy Infrastructure ETF files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. The Fund's tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

For the year ended November 30, 2025, permanent book and tax differences resulting primarily from differing treatment of investments in partnerships, redemptions in kind, REIT true-up adjustments and prior year tax return true-up were identified and reclassified among components of the Fund's net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable Earnings** |
| Alerian Energy Infrastructure ETF | $13516875 | $(13516875) |

---

17 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The tax character of the distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| November 30, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;Alerian Energy Infrastructure ETF | $7161194 | $– | $7257523 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| November 30, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;Alerian Energy Infrastructure ETF | $4193460 | $– | $4060038 |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| | **Short-Term** | **Long-Term** |
| Alerian Energy Infrastructure ETF | $– $| 747958 |

---

During the year ended November 30, 2025, Alerian Energy Infrastructure ETF utilized $27,727 in capital loss carryovers.

As of November 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| | **Alerian Energy <br> Infrastructure ETF** |
| Accumulated net realized loss on investments | $(747958) |
| Net unrealized appreciation on investments | 58061348 |
| Total | $57313390 |

---

As of November 30, 2025, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | |
|:---|:---|:---|
| | **Alerian MLP ETF** | **Alerian Energy <br> Infrastructure ETF** |
| Cost of investments for income tax purposes | $6747488864 | $280116775 |
| &nbsp;&nbsp;&nbsp;Gross appreciation (excess of value over tax cost) | $4612801699 | $67077654 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (121050358) | (9014633) |
| &nbsp;&nbsp;&nbsp;Net appreciation (depreciation) of foreign currency | – | (1673) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $4491751341 | $58061348 |

---

The difference between cost amounts for financial statement purposes is due primarily to the recognition of pass-through income from a Funds' investments in master limited partnerships and wash sales.

18 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**G. Lending of Portfolio Securities**

The Alerian Energy Infrastructure ETF has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Cash <br>Collateral Received** | **Non-Cash <br>Collateral Received** | **Total <br>Collateral Received** |
| Alerian Energy Infrastructure ETF | $25682618 | $12646848 | $14334500 | $26981348 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **Alerian Energy Infrastructure ETF**<br>**Securities Lending Transactions** | **Overnight & Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $12646848 | $– | $– | $– | $12646848 |
| Total Borrowings |  |  |  |  | 12646848 |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $12646848 |

---

19 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below.

---

| | | |
|:---|:---|:---|
| **Fund** | | **Advisory Fee** |
| **Alerian MLP ETF** | **0.85%** | **Average net assets up to and including $7 billion** |
|  | **0.825%** | **Average net assets greater than $7 billion up to and including $8.5 billion** |
|  | **0.80%** | **Average net assets greater than $8.5 billion up to and including $10.5 billion** |
|  | **0.75%** | **Average net assets greater than $10.5 billion up to and including $12.5 billion** |
|  | **0.70%** | **Average net assets greater than $12.5 billion up to and including $14.5 billion** |
|  | **0.65%** | **Average net assets greater than $14.5 billion up to and including $16.5 billion** |
|  | **0.60%** | **Average net assets greater than $16.5 billion up to and including $18.5 billion** |
|  | **0.55%** | **Average net assets greater than $18.5 billion up to and including $20.5 billion** |
|  | **0.50%** | **Average net assets greater than $20.5 billion up to and including $22.5 billion** |
|  | **0.45%** | **Average net assets greater than $22.5 billion up to and including $25 billion** |
|  | **0.40%** | **Average net assets greater than $25 billion** |

---

---

| | | |
|:---|:---|:---|
| **Fund** | | **Advisory Fee** |
| **Alerian Energy Infrastructure ETF** | **0.35%** |  |

---

Out of the unitary management fees, the Adviser pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser's unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Funds.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Alerian MLP ETF | $1567698684 | $2508029452 |
| Alerian Energy Infrastructure ETF | 63561021 | 64436016 |

---

For the year ended ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Alerian MLP ETF | $1919785448 | $– |
| Alerian Energy Infrastructure ETF | 134586577 | 30380058 |

---

20 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

For the year ended November 30, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| Alerian Energy Infrastructure ETF | $12249483 |

---

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. MASTER LIMITED PARTNERSHIPS**

MLPs are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include, among other things, natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is distributed to both common and subordinated units and generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

**6. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**7. RELATED PARTY TRANSACTIONS**

The Funds engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the year ended November 30, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the year ended November 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss) on Sales** |
| Alerian MLP ETF | $708624 | $2252596 | $15159 |
| Alerian Energy Infrastructure ETF | 1622096 | 1614178 | (157481) |

---

21 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**8. AFFILIATED COMPANIES**

As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund.

For the year ended November 30, 2025, the Alerian MLP ETF held shares in the following affiliates, as defined by the Investment Company Act of 1940.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Share Balance as of November 30, 2025** | **Market Value as of November 30, 2024** | **Purchases** | **Purchases <br> In-Kind** | **Sales** | **Market Value as of November 30, <br>2025** | **Dividends\*** | **Return of <br>Capital Distributions** | **Change in <br>Unrealized Appreciation / (Depreciation)** | **Realized Gain/(Loss)** |
| Delek Logistics Partners LP\* | 4367632 | $96286255 | $76037888 | $29862783 | $(22075232) | $200212251 | $– | $(18238936) | $39596625 | $(1257132) |
| EnLink Midstream LLC |  | 788331984 | 307162 | 23742577 | (718492675) |  |  |  | (526595591) | 432706543 |
| Genesis Energy LP | 24257223 | 242958928 | 38372088 | 58429616 | (45317465) | 378170107 |  | (15425953) | 99923298 | (770405) |
| Global Partners LP | 5824600 | 276662128 | 35874440 | 48961681 | (36757649) | 256165908 |  | (16625776) | (49855010) | (2093906) |
| Hess Midstream LP, Class A | 29437184 | 652095499 | 404653284 | 171074052 | (86805602) | 991444357 | 34841311 | (41854386) | (98424311) | (9294179) |
| Plains All American Pipeline LP | 77366186 | 1251024723 | 204920292 | 233118001 | (248914912) | 1346945298 |  | (112112615) | 24359746 | (5449937) |
| Suburban Propane Partners LP | 14583997 | 237557257 | 38775696 | 46620392 | (32094992) | 285117141 |  | (18107243) | 14772568 | (2406537) |
| Sunoco LP | 24506540 | 1152052693 | 120882777 | 220306730 | (110841382) | 1378002744 |  | (84388028) | 85621895 | (5631941) |
| USA Compression Partners LP | 17406584 | 320598737 | 85980600 | 68219247 | (49662894) | 439516246 |  | (32774692) | 51715261 | (4560013) |
| Western Midstream Partners LP | 34977519 | 1222175509 | 136995702 | 233194392 | (168414363) | 1375665822 | – | (122978235) | 76883789 | (2190972) |
|  |  |  |  |  |  | $6651239874 | $34841311 | $(462505864) | $(282001730) | $399051521 |

---

 

*\** *Not an Affiliated Investment as of November 30, 2024.*

**9. MARKET RISK**

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of each Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**10. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**11. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

22 \| alpsfunds.com

Alerian Exchange Traded Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders of Alerian MLP ETF and Alerian Energy Infrastructure ETF and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Alerian MLP ETF and Alerian Energy Infrastructure ETF (the "Funds"), each a series of ALPS ETF Trust, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_05.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

23 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Funds report the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** |
| **Alerian MLP ETF** | **100.00%** | **100.00%** |
| **Alerian Energy Infrastructure ETF** | **97.37%** | **13.46%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

**LICENSING AGREEMENTS**

Alerian (the "Licensor") has entered into an index licensing agreement with the Adviser with respect to each of the Alerian MLP ETF and the Alerian Energy Infrastructure ETF, to allow the Adviser's use of AMZI and AMEI. The following disclosure relates to the Licensor:

VettaFi is the designer of the construction and methodology for the Underlying Index. "Alerian," "Alerian MLP Infrastructure Index," "Alerian Midstream Energy Select Index," "Alerian MLP Index," "Alerian Index Series," "AMZI," "AMEI," and "AMZ" are service marks or trademarks of VettaFi. VettaFi acts as brand licensor for each Underlying Index. VettaFi is not responsible for the descriptions of either Underlying Index or the Funds that appear herein. VettaFi is not affiliated with the Trust, the Adviser or the Distributor.

Neither Fund is issued, sponsored, endorsed, sold or promoted by VettaFi ("Licensor") or its affiliates. Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Alerian MLP Infrastructure Index or the Alerian Midstream Energy Select Index to track general market performance. Licensor's only relationship to the Licensee is the licensing of the Index which is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the issuance, administration, marketing or trading of either Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of either Fund or in the determination or calculation of the NAV of the relevant Fund. Alerian MLP Infrastructure Index, Alerian MLP Infrastructure Total Return Index, AMZI, AMZIX, Alerian Midstream Energy Select Index, Alerian Midstream Energy Select Total Return Index, Alerian MLP Index, AMEI, AMEIX, AMNA and AMZ are trademarks of VettaFi and their general use is granted under a license from VettaFi.

LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF EACH INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS OF ANY KIND RELATED TO EACH INDEX OR DATA. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF EITHER FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF EACH INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED TO LICENSEE OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO EACH INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of either Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. Errors in respect of the quality, accuracy and completeness of the data used to compile the Underlying Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the indices are less commonly used as benchmarks by funds or managers. Such errors may negatively or positively impact the Fund and its shareholders. For example, during a period where the Underlying Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Underlying Index's other constituents. The Adviser makes no warranty, express or implied, as to results to be obtained by either Fund, owners of the Shares of the relevant Fund or any other person or entity from the use of either Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to either Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of either Underlying Index, even if notified of the possibility of such damages.

24 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Underlying Index in order, for example, to correct an error in the selection of index constituents. When the Underlying Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Underlying Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider or its agents to the Underlying Index may increase the costs to and the tracking error risk of the Fund.

25 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| Changes in and Disagreements with Accountants<br> for Open-End Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

26 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Proxy Disclosures <br> for Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

27 \| alpsfunds.com

Alerian Exchange Traded Funds

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, <br> and Others of Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular <br>Compensation From the Trust** | **Aggregate Special <br>Compensation From the Trust** | **Total Compensation <br>From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

** 

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

28 \| alpsfunds.com

Alerian Exchange Traded Funds

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the Alerian MLP ETF ("AMLP") and Alerian Energy infrastructure ETF ("ENFR") (each a "Fund" and collectively "the Funds"). In evaluating the renewal of the Investment Advisory Agreement with respect to each of the Funds, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of each Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board, including the Independent Trustees, reviewed information on the performance of each Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between each underlying index and its corresponding Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summaries set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds was reasonable under the circumstances and in light of the quality of the services provided. The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds (other than AMLP) and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Funds. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Funds, known as fall-out benefits.

With respect to each Fund, the Board, including the Independent Trustees, noted the following:

(i) AMLP

The gross management fee rate for AMLP is higher than the median of its FUSE expense group. AMLP's net expense ratio is higher than the median of its FUSE expense group. The Board took into account, among other things, supplemental information provided by the Adviser showing AMLP's total expenses were in line with the total expenses of peer groups deemed by the Adviser to be more comparable, including peer groups comprised of (i) the master limited partnership ("MLP") asset class as a whole; and (ii) exchange-traded products focused solely on MLP investments. The Board also considered the brand recognition of AMLP's index provider and the fees charged by the index provider for licensing its indexes, the additional costs and expenses incurred by AAI in managing and administering AMLP and that AMLP's investment advisory fee schedule included breakpoints, which have been periodically adjusted for the benefit of AMLP shareholders.

With respect to AAI profitability from AMLP, the Independent Trustees noted that that it has breakpoints in its management fee. The Board considered, among other things, the brand recognition of AMLP's index provider as well as the trading volumes of the Fund and the narrow trading spreads. The Board considered the breakpoint schedule previously adopted and whether breakpoints would benefit shareholders and appropriately reflect economies of scale achieved by AAI with respect to AMLP should AMLP's assets continue to increase. Upon discussion, the Board, including the Independent Trustees, determined that the advisory fee rate for AMLP, inclusive of the existing breakpoint schedule, reflects an appropriate sharing of economies of scale.

29 \| alpsfunds.com

Alerian Exchange Traded Funds

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

(ii) ENFR

The gross management fee rate for ENFR is lower than the median of its FUSE expense group. ENFR's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of ENFR and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to ENFR.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

30 \| alpsfunds.com

![](fp0096819-2_06.jpg)

![](fp0096819-2_07.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | 1 |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | 3 |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | 4 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | 5 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 6 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | 7 |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 13 |
| &nbsp;&nbsp;&nbsp;**Additional Information** | 14 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 15 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 16 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 17 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 18 |

---

alpsfunds.com

ALPS Active Equity Opportunity ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.27%)** |  |  |
| ***Communication Services (9.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4442 | $1422239 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1248 | 808642 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2715 | 283636 |
| **Total Communication Services** |  | 2514517 |
| ***Consumer Discretionary (9.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 4791 | 1117357 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1275 | 309162 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 903 | 275225 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1059 | 330218 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 3472 | 353103 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 614 | 264124 |
| **Total Consumer Discretionary** |  | 2649189 |
| ***Consumer Staples (3.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 356 | 325238 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 4389 | 485028 |
| **Total Consumer Staples** |  | 810266 |
| ***Energy (3.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 5247 | 263400 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 2951 | 261724 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 9414 | 459215 |
| **Total Energy** |  | 984339 |
| ***Financials (13.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 2126 | 776564 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 691 | 570794 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2167 | 340869 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2395 | 749827 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 907 | 499331 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 663 | 330724 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3671 | 315155 |
| **Total Financials** |  | 3583264 |
| ***Health Care (14.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 2705 | 274774 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 240 | 258113 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3104 | 390607 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 758 | 385284 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 1478 | 339955 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4511 | 933416 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 2020 | 211756 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 994 | 587285 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1005 | 435778 |
| **Total Health Care** |  | 3816968 |
| ***Industrials (9.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1434 | 825640 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 790 | 366947 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 2139 | 374133 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE, ADR | 5655 | 303334 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 635 | 267640 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1568 | $341620 |
| **Total Industrials** |  | 2479314 |
| ***Information Technology (26.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 4647 | 654762 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3755 | 1047082 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 3682 | 310024 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1026 | 316603 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 2823 | 440388 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1975 | 971720 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 685 | 253231 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6131 | 1085187 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 1377 | 231460 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 445 | 186014 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 3886 | 1132808 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1565 | 353925 |
| **Total Information Technology** |  | 6983204 |
| ***Materials (1.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4903 | 210731 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 669 | 274504 |
| **Total Materials** |  | 485235 |
| ***Real Estate (2.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 4327 | 272038 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 1845 | 384166 |
| **Total Real Estate** |  | 656204 |
| ***Utilities (3.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1920 | 133382 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2387 | 295845 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 1683 | 285252 |
| &nbsp;&nbsp;&nbsp;PPL Corp<sup>(b)</sup> | 9458 | 349000 |
| **Total Utilities** |  | 1063479 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $20,769,705) |  | 26025979 |

---

1 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Schedule of Investments (Continued) *November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.66%)** |  |  |  |
| **Money Market Fund (2.66%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 710365 | $710365 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $710,365) |  |  | 710365 |
| **TOTAL INVESTMENTS (99.93%)** |  |  |  |
| (Cost $21,480,070) |  |  | $26736344 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.07%)** |  |  | 19707 |
| **NET ASSETS - 100.00%** |  |  | $26756051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-income producing security.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Security or a portion of the security position is currently on loan. The total market value of the securities on loan is $314,093* 

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Statement of Assets and Liabilities *November 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $26736344 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 30056 |
| &nbsp;&nbsp;&nbsp;Total Assets | 26766400 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 10349 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 10349 |
| **NET ASSETS** | $26756051 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $44320256 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (17564205) |
| **NET ASSETS** | $26756051 |
| **INVESTMENTS, AT COST** | $21480070 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $26756051 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 400002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $66.89 |

---

*<sup>(a)</sup>* *Includes $314,093 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Statement of Operations *For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income<sup>(a)</sup> | $331726 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 1513 |
| &nbsp;&nbsp;&nbsp;Total investment income | 333239 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 117012 |
| &nbsp;&nbsp;&nbsp;Net expenses | 117012 |
| **NET INVESTMENT INCOME** | 216227 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 3011272 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (91) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain | 3011181 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1938236) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies | (13) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 1072932 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1289159 |

---

*<sup>(a)</sup>* *Net of foreign tax withholding of $10,547.*

*<sup>(b)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

 

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the**<br> **Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $216227 | $241344 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3011181 | 2089418 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1938249) | 4576189 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1289159 | 6906951 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (219094) | (217594) |
| &nbsp;&nbsp;&nbsp;Total distributions | (219094) | (217594) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 17836708 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (16286483) | (6333452) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 1550225 | (6333452) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2620290 | 355905 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 24135761 | 23779856 |
| &nbsp;&nbsp;&nbsp;End of year | $26756051 | $24135761 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 400002 | 525002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 300000 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (300000) | (125000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 400002 | 400002 |

---

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $60.34 | $45.29 | $42.66 | $45.99 | $37.58 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.54 | 0.54 | 0.66 | 0.48 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 6.54 | 15.02 | 2.62 | (3.23) | 8.43 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.08 | 15.56 | 3.28 | (2.75) | 8.85 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.53) | (0.51) | (0.65) | (0.57) | (0.44) |
| &nbsp;&nbsp;&nbsp;From tax return of capital |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.51) | (0.65) | (0.58) | (0.44) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 6.55 | 15.05 | 2.63 | (3.33) | 8.41 |
| **NET ASSET VALUE, END OF PERIOD** | $66.89 | $60.34 | $45.29 | $42.66 | $45.99 |
| **TOTAL RETURN<sup>(b)</sup>** | 11.84% | 34.50% | 7.81% | (5.98)% | 23.65% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $26756 | $24136 | $23780 | $28799 | $51735 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48% | 0.48% | 0.50 %<sup>(c)</sup> | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.91% | 1.01% | 1.55% | 1.10% | 0.97% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 42% | 33% | 129% | 113% | 5% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Effective June 1, 2023, the investment adviser fee changed from 0.52% to 0.48%.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

6 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active Equity Opportunity ETF (the "Fund").

The investment objective of the Fund is to seek to provide capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities and/or cash. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

7 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

**ALPS Active Equity Opportunity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks\* | $26025979 | $– | $– | $26025979 |
| Short Term Investments | 710365 | – | – | 710365 |
| Total | $26736344 | $– | $– | $26736344 |

---

*\** *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

8 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income for the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions and prior year tax return true-ups:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br> Earnings/(Accumulated<br> Losses)** | **Paid-in Capital** |
| ALPS Active Equity Opportunity ETF | $(3811976) | $3811976 |

---

The tax character of the distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS Active Equity Opportunity ETF | $219094 | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS Active Equity Opportunity ETF | $217594 | $– | $– |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Active Equity Opportunity ETF | $14115440 | $8657766 |

---

The Fund used capital loss carryovers during the year ended November 30, 2025, in the amount of $0.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **ALPS Active Equity<br> Opportunity ETF** |
| Accumulated net investment income | $22794 |
| Accumulated net realized loss on investments | (22773206) |
| Net unrealized appreciation on investments | 5186207 |
| Total | $(17564205) |

---

9 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| **Fund** | **ALPS Active Equity<br> Opportunity ETF** |
| &nbsp;&nbsp;&nbsp;Gross appreciation (excess of value over tax cost) | $5568515 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (382280) |
| &nbsp;&nbsp;&nbsp;Net appreciation/(depreciation) of foreign currency | (28) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | 5186207 |
| Cost of investments for income tax purposes | $21550109 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

**F. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. The Fund's tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**G. Lending of Portfolio Securities**

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of**<br> **Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| ALPS Active Equity Opportunity ETF | $314093 | $– $| 318725 | $318725 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

10 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Active Equity Opportunity** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| – | $– | $– | $– | $– | $– |
| **Total Borrowings** |  |  |  |  | – |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $– |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.48% of the Fund's average daily net assets.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services for the Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active Equity Opportunity ETF | $9882923 | $9989566 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active Equity Opportunity ETF | $17378730 | $15619387 |

---

For the year ended November 30, 2025, the Fund had in-kind net realized gain of $3,854,670.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

11 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. RECENT ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

12 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS Active Equity Opportunity ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS Active Equity Opportunity ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_08.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

13 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** |
| ALPS Active Equity Opportunity ETF | 100.00% | 86.44% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

14 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

15 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

16 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation From the Trust** | **Aggregate Special<br> Compensation From the Trust** | **Total Compensation<br> From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee <sup>(2)</sup> | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*<sup>(2)</sup>* *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

17 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Active Equity Opportunity ETF ("RFFC" or the "Fund"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable, and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to the Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

(i) RFFC

The gross management fee rate for RFFC is equal to the median of its FUSE expense group. RFFC's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of RFFC and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to RFFC.

18 \| alpsfunds.com

ALPS Active Equity Opportunity ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

19 \| alpsfunds.com

![](fp0096819-2_09.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **2** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **3** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **4** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **5** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **6** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **12** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **13** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **14** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **15** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **16** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **17** |

---

alpsfunds.com \| 1-866-759-5679

ALPS Active REIT ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.67%)** |  |  |
| ***Data Center REITs (13.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 12486 | $1999258 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 5455 | 4109306 |
| **Total Data Center REITs** |  | 6108564 |
| ***Diversified REITs (4.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 50209 | 882172 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 36461 | 1154355 |
| **Total Diversified REITs** |  | 2036527 |
| ***Health Care REITs (19.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 13415 | 719983 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 31364 | 1177091 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 32868 | 2650147 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 21897 | 4559393 |
| **Total Health Care REITs** |  | 9106614 |
| ***Hotel & Resort REITs (2.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 66103 | 1165396 |
| ***Industrial REITs (14.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 18231 | 1043542 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc.<sup>(a)</sup> | 13130 | 470317 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 32617 | 4192263 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 11230 | 705132 |
| **Total Industrial REITs** |  | 6411254 |
| ***Multi-Family Residential REITs (8.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 7616 | 1385655 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 7902 | 840299 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 6522 | 1719329 |
| **Total Multi-Family Residential REITs** |  | 3945283 |
| ***Office REITs (2.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BXP, Inc.<sup>(a)</sup> | 12987 | 939739 |
| ***Other Specialized REITs (5.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 22055 | 960054 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 55891 | 1610779 |
| **Total Other Specialized REITs** |  | 2570833 |
| ***Retail REITs (14.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | 38739 | 927412 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 38502 | 1098847 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Retail REITs (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Macerich Co. | 64655 | $1122411 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 23084 | 1329869 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 10751 | 2003126 |
| **Total Retail REITs** |  | 6481665 |
| ***Self-Storage REITs (6.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 13774 | 1834284 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 30649 | 1001609 |
| **Total Self-Storage REITs** |  | 2835893 |
| ***Single-Family Residential REITs (5.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 18511 | 1163787 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 47528 | 1340290 |
| **Total Single-Family Residential REITs** |  | 2504077 |
| ***Telecom Tower REITs (2.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 5797 | 1050822 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $42,989,089) |  | 45156667 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 595570 | $595570 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $595,570) |  |  | 595570 |
| **TOTAL INVESTMENTS (99.97%)** |  |  |  |
| (Cost $43,584,659) |  |  | $45752237 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.03%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (0.03%)** |  | 12769 |
| **NET ASSETS - 100.00%** |  |  | $45765006 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,269,029.*

*See Notes to Financial Statements and Financial Highlights.*

1 \| alpsfunds.com

ALPS Active REIT ETF

Statement of Assets and Liabilities *November 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $45752237 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 37959 |
| &nbsp;&nbsp;&nbsp;Total Assets | 45790196 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 25190 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 25190 |
| **NET ASSETS** | $45765006 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $46369493 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (604487) |
| **NET ASSETS** | $45765006 |
| **INVESTMENTS, AT COST** | $43584659 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $45765006 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 1700002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $26.92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Includes $1,269,029 of securities on loan.* 

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

ALPS Active REIT ETF

Statement of Operations *For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1321597 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 169 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1321766 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 296139 |
| &nbsp;&nbsp;&nbsp;Total expenses | 296139 |
| **NET INVESTMENT INCOME** | 1025627 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments<sup>(a)</sup> | (890898) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2705994) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (3596892) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(2571265) |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

ALPS Active REIT ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1025627 | $762975 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (890898) | 765969 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (2705994) | 5270770 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (2571265) | 6799714 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1086957) | (771459) |
| &nbsp;&nbsp;&nbsp;Dividends to shareholders from tax return of capital | (226937) | (103014) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1313894) | (874473) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 14304799 | 17722714 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6031077) | (286293) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 8273722 | 17436421 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 4388563 | 23361662 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 41376443 | 18014781 |
| &nbsp;&nbsp;&nbsp;End of year | $45765006 | $41376443 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1400002 | 750002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 525000 | 660000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (225000) | (10000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1700002 | 1400002 |

---

*See Notes to Financial Statements and Financial Highlights.* 

4 \| alpsfunds.com

ALPS Active REIT ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** | **For the<br> Year Ended<br> November 30,<br> 2023** | **For the<br> Year Ended<br> November 30,<br> 2022** | **For the Period<br> February 25,<br> 2021<br> (Commencement of<br> Operations) to<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $29.55 | $24.02 | $25.23 | $29.56 | $24.62 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.63 | 0.73 | 0.74 | 0.54 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.44) | 5.70 | (1.16) | (3.39) | 5.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.81) | 6.43 | (0.42) | (2.85) | 5.38 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.68) | (0.80) | (0.70) | (0.53) | (0.38) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (0.83) | (0.06) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.14) | (0.10) | (0.09) | (0.12) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.82) | (0.90) | (0.79) | (1.48) | (0.44) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.63) | 5.53 | (1.21) | (4.33) | 4.94 |
| **NET ASSET VALUE, END OF PERIOD** | $26.92 | $29.55 | $24.02 | $25.23 | $29.56 |
| **TOTAL RETURN<sup>(b)</sup>** | (6.06)% | 27.28% | (1.54)% | (10.17)% | 22.01% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $45765 | $41376 | $18015 | $18040 | $24238 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.68% | 0.68% | 0.68% | 0.68% | 0.68 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.36% | 2.74% | 3.04% | 1.96% | 1.69 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 61% | 79% | 68% | 120% | 92% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.* 

5 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active REIT ETF (the "Fund"). The investment objective of the Fund is to seek total return through dividends and capital appreciation. The Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

The Fund's Shares ("Shares") are listed on the Nasdaq Stock Market LLC ("Nasdaq Exchange"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 5,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

6 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

**ALPS Active REIT ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $45156667 | $– | $– | $45156667 |
| Short Term Investments | 595570 | – | – | 595570 |
| Total | $45752237 | $– | $– | $45752237 |

---

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

7 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions and prior year tax return true-up:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable<br> Earnings/(Accumulated<br> Losses)** |
| ALPS Active REIT ETF | $697290 | $(697290) |

---

The tax character of the distributions paid during the fiscal year ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| ALPS Active REIT ETF | $1086957 | $– | $226937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| ALPS Active REIT ETF | $771459 | $– | $103014 |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Active REIT ETF | $1519074 | $1149725 |

---

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Accumulated Net**<br> **Investment Income** | **Accumulated Net**<br> **Realized<br> Gain/(Loss) on<br> Investments** | **Other Accumulated<br> Losses** | **Net Unrealized<br> Appreciation/(Depreciation)<br> on Investments** | **Total** |
| ALPS Active REIT ETF | $– $| (2668799) | $– $| 2064312 | $(604487) |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **ALPS Active REIT ETF** |
| Gross appreciation (excess of value over tax cost) | $4008896 |
| Gross depreciation (excess of tax cost over value) | (1944584) |
| Net unrealized appreciation/(depreciation) | $2064312 |
| Cost of investments for income tax purposes | $43687925 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

8 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**F. Real Estate Investment Trusts ("REITs")**

As part of its investments in real estate related securities, the Fund will invest in REITs and is subject to certain risks associated with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investors' capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate their investments in specific geographic areas or in specific property types, e.g., regional malls, shopping centers, office buildings, apartment buildings and industrial warehouses. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners or unitholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

As REITs generally pay a higher rate of dividends than most other operating companies, to the extent application of the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of the Fund's portfolio that is comprised of REIT shares. Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital.

Dividend income from REITs is recognized on the ex-dividend date. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

The performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the 1940 Act. Due to the Fund's investments in REITs, the Fund may also make distributions in excess of the Fund's earnings and capital gains. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder.

**G. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Code applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**H. Lending of Portfolio Securities**

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

9 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of**<br> **Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| ALPS Active REIT ETF | $1269029 | $– $| 1300816 | $1300816 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS Active REIT ETF**<br>**Securities Lending Transactions** | **Overnight & Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| Common Stocks | $– | $– | $– | $– | $– |
| **Total Borrowings** |  |  |  |  | $– |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $– |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.68% of the Fund's average daily net assets.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund.

GSI Capital Advisors LLC (the "Sub-Adviser") serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ''Sub-Advisory Agreement''). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.35% of the Fund's average daily net assets.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

10 \| alpsfunds.com

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active REIT ETF | $26459036 | $26119766 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active REIT ETF | $14044132 | $5873067 |

---

For the year ended November 30, 2025, the Fund had in-kind net realized gain of $816,260.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 5,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

11 \| alpsfunds.com

ALPS Active REIT ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS Active REIT ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS Active REIT ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_02.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

12 \| alpsfunds.com

ALPS Active REIT ETF

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A** |
| ALPS Active REIT ETF | 1.84% | 0.00% | 89.41% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

13 \| alpsfunds.com

ALPS Active REIT ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

14 \| alpsfunds.com

ALPS Active REIT ETF

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

15 \| alpsfunds.com

ALPS Active REIT ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation From the Trust** | **Aggregate Special<br> Compensation From the Trust** | **Total Compensation From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 \| alpsfunds.com

ALPS Active REIT ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Active REIT ETF ("REIT" or the "Fund") and (ii) the Investment Sub-Advisory Agreement between the Trust, AAI and GSI Capital Advisors LLC (the "Sub-Adviser" or "GSI") with respect to the Fund (the "GSI Sub-Advisory Agreement"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable, and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to the Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for REIT is higher than the median of its FUSE expense group. REIT's net expense ratio is higher than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of REIT and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to REIT.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

17 \| alpsfunds.com

ALPS Active REIT ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

The Board, including the Independent Trustees, discussed the GSI Sub-Advisory Agreement.

In evaluating the GSI Sub-Advisory Agreement, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by GSI with respect to REIT under the GSI Sub-Advisory Agreement; (ii) the advisory fees and other expenses paid by REIT compared to those of similar funds managed by other investment advisers; (iii) the profitability to GSI of its sub-advisory relationship with REIT and the reasonableness of compensation to GSI; (iv) the extent to which economies of scale would be realized if, and as, REIT's assets increase, and whether the fee level in the GSI Sub-Advisory Agreement reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by GSI under the GSI Sub-Advisory Agreement, the Board, including the Independent Trustees considered and reviewed information concerning the services provided under the GSI Sub-Advisory Agreement, REIT's performance, financial information regarding GSI, information describing GSI's current organization and the background and experience of the persons responsible for the day-to-day management of REIT. Based upon their review, the Board, including the Independent Trustees concluded that GSI was qualified to oversee the portfolio management of REIT and that the services provided by GSI to REIT are satisfactory. The Board, including the Independent Trustees considered that the contractual sub-advisory fee to be paid to GSI with respect to REIT was 0.35% of REIT's average daily net assets out of a total management fee of 0.68% of REIT's average daily net assets.

In reviewing REIT's profitability with respect to GSI, the Board, including the Independent Trustees, considered the costs and resources required to manage REIT.

The Board, including the Independent Trustees, also considered any other benefits that have been and may be realized by GSI from its relationship with REIT, known as fall-out benefits.

The Board, including the Independent Trustees, considered the extent to which economies of scale may be realized if REIT's assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Fund's investors. The Board, including the Independent Trustees, noted that REIT launched in February 2021 and had not yet achieved economies of scale in terms of assets. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved with respect to REIT.

In voting to approve the GSI Sub-Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of the GSI Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

18 \| alpsfunds.com

![](fp0096819-2_03.jpg)

![](fp0096819-2_10.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **2** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **3** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **4** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **5** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **6** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **12** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **13** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **14** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **15** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **16** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **17** |

---

alpsfunds.com \| 1-866-759-5679

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (99.99%)<sup>(a)</sup>** |  |  |
| ***Communication Services (8.64%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 421785 | $48669771 |
| ***Consumer Discretionary (8.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund<sup>(b)</sup> | 208669 | 49341872 |
| ***Consumer Staples (8.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Select Sector SPDR Fund<sup>(b)</sup> | 634542 | 50363599 |
| ***Energy (9.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Select Sector SPDR Fund<sup>(b)</sup> | 569017 | 51467588 |
| ***Financials (8.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 928452 | 49514345 |
| ***Healthcare (10.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Select Sector SPDR Fund<sup>(b)</sup> | 366883 | 57839105 |
| ***Industrials (8.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 328961 | 50558016 |
| ***Materials (8.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Materials Select Sector SPDR Fund<sup>(b)</sup> | 554513 | 49573462 |
| ***Real Estate (8.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Select Sector SPDR Fund | 1203541 | 50151553 |
| ***Technology (9.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 180585 | 51687039 |
| ***Utilities (9.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund<sup>(b)</sup> | 592935 | 53737699 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $461,978,666) |  | 562904049 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (19.72%)** | **SHORT TERM INVESTMENTS (19.72%)** | | |
| **Money Market Fund (0.02%)** | **Money Market Fund (0.02%)** | | |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $102,065) | 3.91% | 102065 | $102065 |
| **Investments Purchased with Collateral from Securities Loaned (19.70%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $110,885,830) |  | 110885830 | $110885830 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $110,987,895) |  |  | 110987895 |
| **TOTAL INVESTMENTS (119.71%)** |  |  |  |
| (Cost $572,966,561) |  |  | $673891944 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-19.71%)** |  |  | (110947583) |
| **NET ASSETS - 100.00%** |  |  | $562944361 |

---

<sup>(a)</sup> *The financial statements of the Underlying Sector ETFs, including the portfolio of investments, are included in The Select Sector SPDR Trust's N-CSRS filing dated September 30, 2025, available at www.sec.gov or can be found at www.ssga.com and should be read in conjunction with the Fund's financial statements.*

<sup>(b)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $122,011,872.*

 

*Common Abbreviations:*

*SPDR<sup>®</sup> - Standard & Poor's Depositary Receipts*

 

*See Notes to Financial Statements and Financial Highlights.*

1 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $673891944 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 12271 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 1165516 |
| &nbsp;&nbsp;&nbsp;Total Assets | 675069731 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1165518 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 74022 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 110885830 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 112125370 |
| **NET ASSETS** | $562944361 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $466034530 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 96909831 |
| **NET ASSETS** | $562944361 |
| **INVESTMENTS, AT COST** | $572966561 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $562944361 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 12075000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $46.62 |

---

** 

*<sup>(a)</sup>* *Includes $122,011,872 of securities on loan.*

 

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Statement of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $9601608 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 49778 |
| &nbsp;&nbsp;&nbsp;Total investment income | 9651386 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 1842307 |
| &nbsp;&nbsp;&nbsp;Total Expenses before waiver/reimbursement | 1842307 |
| &nbsp;&nbsp;&nbsp;Less fee waiver/reimbursement by investment adviser | (1010407) |
| &nbsp;&nbsp;&nbsp;Net expenses | 831900 |
| **NET INVESTMENT INCOME** | 8819486 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments <sup>(a)</sup> | 24253268 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 9260306 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 33513574 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $42333060 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

 

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

ALPS Equal Sector Weight ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $8819486 | $6466608 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 24253268 | 11379895 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 9260306 | 72485686 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 42333060 | 90332189 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (8819486) | (6466608) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (78990) | (84306) |
| &nbsp;&nbsp;&nbsp;Total distributions | (8898476) | (6550914) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 194559771 | 76338816 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (87965653) | (61468556) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 106594118 | 14870260 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 140028702 | 98651535 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 422915659 | 324264124 |
| &nbsp;&nbsp;&nbsp;End of year | $562944361 | $422915659 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3175000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2950000 | 650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1900000) | (550000) |
| &nbsp;&nbsp;&nbsp;Stock split (Note 1) | 7850000 | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 12075000 | 3175000 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year** <br> **Ended** <br> **November 30, 2025<sup>(a)</sup>** | **For the Year** <br> **Ended** <br> **November 30, 2024<sup>(a)</sup>** | **For the Year** <br> **Ended** <br> **November 30, 2023<sup>(a)</sup>** | **For the Year** <br> **Ended** <br> **November 30, 2022<sup>(a)</sup>** | **For the Year** <br> **Ended** <br> **November 30, 2021<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $44.40 | $35.15 | $33.79 | $34.65 | $28.06 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.77 | 0.72 | 0.71 | 0.63 | 0.59 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.02 | 9.26 | 1.40 | (0.85) | 6.60 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.79 | 9.98 | 2.11 | (0.22) | 7.19 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.56) | (0.72) | (0.74) | (0.64) | (0.59) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.01) | (0.01) | (0.01) | – | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.57) | (0.73) | (0.75) | (0.64) | (0.60) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 2.22 | 9.25 | 1.36 | (0.86) | 6.59 |
| **NET ASSET VALUE, END OF PERIOD** | $46.62 | $44.40 | $35.15 | $33.79 | $34.65 |
| **TOTAL RETURN<sup>(c)</sup>** | 6.91% | 28.68% | 6.43% | (0.59)% | 25.89% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $562944 | $422916 | $324264 | $342099 | $207896 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.17% | 0.16% | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income excluding waiver/reimbursement to average net assets | 1.57% | 1.61% | 1.91% | 1.68% | 1.59% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income including waiver/reimbursement to average net assets | 1.77% | 1.82% | 2.12% | 1.89% | 1.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 10% | 7% | 14% | 12% | 8% |

---

<sup>(a)</sup> *On April 1, 2025, the ALPS Equal Sector Weight ETF underwent a three-for-one stock split. The share activity presented here has been retroactively adjusted to reflect this split. See Note 1.*

<sup>(b)</sup> *Based on average shares outstanding during the period.*

<sup>(c)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(d)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Equal Sector Weight ETF (the "Fund"). The investment objective of the Fund is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the NYSE<sup>®</sup> Equal Sector Weight Index (the "Underlying Index"). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the NYSE Arca, Inc (the "NYSE Arca"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

The Trust's Board of Trustees ("the Board") authorized a three-for-one stock split of the Fund that was effective at the market open on April 1, 2025. The impact of the stock split was to increase the number of shares outstanding by a factor of three, while decreasing the NAV of shares outstanding by a factor of three, resulting in no effect to the net assets of the Fund. The financial statements of the Fund have been adjusted to reflect the stock split.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. ("the Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

6 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Exchange Traded Funds, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| *Level 1 –* | *Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;* |
| *Level 2 –* | *Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and* |
| *Level 3 –* | *Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.* |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

**ALPS Equal Sector Weight ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Exchange Traded Funds<sup>\*</sup> | $562904049 | $– | $– | $562904049 |
| Short Term Investments | 110987895 | – | – | 110987895 |
| Total | $673891944 | $– | $– | $673891944 |

---

 

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

7 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable <br>Earnings/(Accumulated <br>Losses)** |
| ALPS Equal Sector Weight ETF | $21770091 | $(21770091) |

---

The tax character of the distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** | | | |
| ALPS Equal Sector Weight ETF | $8819486 | $– | $78990 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** | | | |
| ALPS Equal Sector Weight ETF | $6466608 | $– | $84306 |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Equal Sector Weight ETF | $– $| 3121235 |

---

The Fund used capital loss carryovers during the year ended November 30, 2025, in the amount of $2,686,100.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| | **ALPS Equal Sector <br>Weight ETF** |
| Accumulated net realized loss on investments | $(3121235) |
| Net unrealized appreciation on investments | 100031066 |
| Total | $96909831 |

---

8 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **ALPS Equal Sector <br>Weight ETF** |
| Gross appreciation (excess of value over tax cost) | $101134938 |
| Gross depreciation (excess of tax cost over value) | (1103872) |
| Net unrealized appreciation/(depreciation) | $100031066 |
| Cost of investments for income tax purposes | $573860878 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

**F. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**G. Lending of Portfolio Securities**

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Cash Collateral <br>Received** | **Non-Cash Collateral <br>Received** | **Total Collateral <br>Received** |
| ALPS Equal Sector Weight ETF | $122011872 | $110885830 | $13911199 | $124797029 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

9 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **ALPS Equal Sector Weight ETF**<br>**Securities Lending Transactions** | **Overnight & <br>Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br>90 Days** | **Total** |
| ETFs | $110885830 | $— | $— | $— | $110885830 |
| **Total Borrowings** |  |  |  |  | **110885830** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $110885830 |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.37% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive 0.18% of its annual unitary fee payable by the Fund until at least March 31, 2026. The waiver may only be terminated by the Fund's Board of Trustees prior to such date.

ALPS Portfolio Solutions Distributor, Inc. ("APSD") is both the distributor for the Fund as well as the Select Sector SPDR exchange traded funds ("Underlying Sector ETFs") that the Fund invests in. As required by exemptive relief obtained by the Underlying Sector ETFs, the Adviser will reimburse the Fund an amount equal to the distribution fee received by APSD from the Underlying Sector ETFs attributable to the Fund's investment in the Underlying Sector ETFs, for so long as APSD acts as the distributor to the Fund and the Underlying Sector ETFs. Such reimbursement is generally expected to be approximately 0.02% - 0.03% annually.

Out of the unitary management fees, the Adviser pays substantially all expenses of the Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

10 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Equal Sector Weight ETF | $49917513 | $50039194 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Equal Sector Weight ETF | $194552770 | $87960402 |

---

For the year ended November 30, 2025, the ALPS Equal Sector Weight ETF had in-kind net realized gain of $22,023,090.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Effective December 1, 2025, APSD is no longer the distributor for the Underlying Sector ETFs and the Adviser will no longer be reimbursing the Fund for fees received by APSD for services provided to the Underlying Sector ETFs.

11 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | ***November 30, 2025*** |

---

To the Shareholders of ALPS Equal Sector Weight ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS Equal Sector Weight ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended November 30, 2022, and prior, prior to the reflection of the stock split as described in Note 1, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

We also have audited the adjustments to the financial highlights of the Fund for the years ended November 30, 2022, and 2021, to reflect the stock split, as described in Note 1. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the November 30, 2022 and 2021 financial highlights of the Fund, other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the November 30, 2022 and 2021 financial highlights taken as a whole.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_11.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

12 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A Dividends** |
| **ALPS Equal Sector Weight ETF** | **85.80%** | **83.72%** | **8.09%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

**LICENSING AGREEMENT**

ICE Data Indices, LLC (the "Index Provider") is not affiliated with the Fund or the Adviser. The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

The only relationship that the Index Provider has with the Fund, the Adviser or Distributor of the Fund in connection with the Fund is that the Index Provider has licensed certain of its intellectual property, including the determination of the component stocks of the Underlying Index and the name of the Underlying Index. The Underlying Index is selected and calculated without regard to the Adviser, Distributor or owners of the Fund. The Index Provider has no obligation to take the specific needs of the Adviser, Distributor or owners of the Fund into consideration in the determination and calculation of the Underlying Index. The Index Provider is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the net asset value of the Fund. The Index Provider has no obligation or liability in connection with the administration or trading of the Fund.

NYSE<sup>®</sup> Equal Sector Weight Index is a service mark of ICE Data Indices, LLC or its affiliates ("ICE Data") and has been licensed for use by the Adviser in connection with the Fund. Neither the Trust nor the Fund is sponsored, endorsed, sold or promoted by ICE Data. ICE Data makes no representations or warranties regarding the Adviser or the Fund or the ability of the NYSE<sup>®</sup> Equal Sector Weight Index to track general stock market performance.

ICE DATA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE<sup>®</sup> EQUAL SECTOR WEIGHT INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index even if notified of the possibility of such damages.

13 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants<br> for Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

14 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| Proxy Disclosures<br> for Open-End Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

15 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers,** | ***November 30, 2025 (Unaudited)*** |
| **and Others for Open-End Management Investment Companies** | **and Others for Open-End Management Investment Companies** |

---

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation <br>From the Trust** | **Aggregate Special Compensation <br>From the Trust** | **Total Compensation <br>From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 |  | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**939500** | $— | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 \| alpsfunds.com

ALPS Equal Sector Weight ETF

---

| | |
|:---|:---|
| Statement Regarding Basis<br> for Approval of Investment Advisory Contract | ***November 30, 2025 (Unaudited)*** |

---

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Equal Sector Weight ETF ("EQL" or the "Fund"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of the Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between the underlying index and the Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided. The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

(i) EQL

The gross management fee rate for EQL is higher than the median of its FUSE expense group. EQL's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of EQL and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to EQL.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

17 \| alpsfunds.com

![](fp0096819-2_12.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | 1 |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | 6 |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | 7 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | 8 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 9 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | 10 |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 15 |
| &nbsp;&nbsp;&nbsp;**Additional Information** | 16 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 17 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 18 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 19 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 20 |

---

alpsfunds.com \| 1-866-759-5679

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **GOVERNMENT BONDS (2.26%)** |  |  |
| United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.96%, 12/23/2025 | $970000 | $967692 |
| **Total** |  | 967692 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| (Cost $967,710) |  | 967692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS (97.83%)** |  |  |
| ***General Obligation Limited (1.18%)*** |  |  |
| ***Pennsylvania (1.18%)*** |  |  |
| School District of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | 500000 | 505064 |
| **Total Pennsylvania** |  | 505064 |
| **Total General Obligation Limited** |  | 505064 |
| ***General Obligation Unlimited (15.33%)*** |  |  |
| ***California (5.13%)*** |  |  |
| Allan Hancock Joint Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2042<sup>(a)</sup> | 350000 | 309966 |
| Antelope Valley Community College District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/01/2036<sup>(b)</sup> | 295000 | 341199 |
| Chino Valley Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2035<sup>(a)</sup> | 245000 | 172678 |
| Fremont Unified School District/Alameda County CA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/01/2036<sup>(b)</sup> | 150000 | 176230 |
| Lake Tahoe Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2045<sup>(a)</sup> | 150000 | 129742 |
| Mt San Antonio Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2043<sup>(a)</sup> | 365000 | 370830 |
| San Mateo County Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2035<sup>(a)</sup> | 110000 | 82341 |
| San Mateo Union High School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2041<sup>(a)</sup> | 570000 | 619502 |
| **Total California** |  | 2202488 |
| ***Minnesota (2.12%)*** |  |  |
| Morris Area Schools Independent School District No 2769 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 02/01/2033<sup>(a)</sup> | 750000 | 599853 |
| St Cloud Independent School District No 742 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 02/01/2038<sup>(a)</sup> | 500000 | 306284 |
| **Total Minnesota** |  | 906137 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***General Obligation Unlimited (continued)*** |  |  |
| ***Oregon (4.31%)*** |  |  |
| Clackamas & Washington Counties School District No 3 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2036<sup>(a)</sup> | $600000 | $390948 |
| Multnomah County School District No 40 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2043<sup>(a)</sup> | 1000000 | 435996 |
| Oregon Coast Community College District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 06/15/2040 | 400000 | 447693 |
| Washington & Multnomah Counties School District No 48J Beaverton |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2034<sup>(a)</sup> | 200000 | 141917 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2041<sup>(a)</sup> | 150000 | 75219 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2042<sup>(a)</sup> | 750000 | 352125 |
| **Total Oregon** |  | 1843898 |
| ***Texas (2.69%)*** |  |  |
| Cedar Hill Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/15/2037 | 200000 | 226948 |
| Fort Bend Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;0.72%, 08/01/2051 | 65000 | 63713 |
| &nbsp;&nbsp;&nbsp;4.00%, 08/01/2054 | 150000 | 152746 |
| &nbsp;&nbsp;&nbsp;3.80%, 08/01/2055 | 300000 | 306574 |
| North East Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 08/01/2049 | 395000 | 399679 |
| **Total Texas** |  | 1149660 |
| ***Washington (1.08%)*** |  |  |
| Washington Clackamas & Yamhill Counties School District No 88J |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2037<sup>(a)</sup> | 150000 | 90333 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2039<sup>(a)</sup> | 255000 | 139273 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2040<sup>(a)</sup> | 200000 | 105969 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2041<sup>(a)</sup> | 250000 | 123574 |
| **Total Washington** |  | 459149 |
| **Total General Obligation Unlimited** |  | 6561332 |
| ***Revenue Bonds (81.32%)*** |  |  |
| ***Alabama (5.07%)*** |  |  |
| Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.65%, 04/01/2053<sup>(c)</sup> | 100000 | 98781 |
| Energy Southeast A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 | 350000 | 363155 |
| Industrial Development Board of the City of Mobile Alabama |  |  |
| &nbsp;&nbsp;&nbsp;3.92%, 06/01/2034 | 65000 | 65253 |

---

18 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2030 | $1000000 | $1076768 |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | 190000 | 208400 |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2055 | 170000 | 180382 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2055 | 160000 | 174461 |
| **Total Alabama** |  | 2167200 |
| ***Arizona (3.64%)*** |  |  |
| Maricopa County & Phoenix Industrial Development Authorities |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 09/01/2056 | 300000 | 334440 |
| Salt Verde Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2032 | 675000 | 735142 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2037 | 450000 | 488754 |
| **Total Arizona** |  | 1558336 |
| ***California (6.51%)*** |  |  |
| California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.45%, 02/01/2052<sup>(c)</sup> | 210000 | 198171 |
| City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/15/2033 | 405000 | 459397 |
| Long Beach Bond Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 1.45%, 11/15/2027<sup>(c)</sup> | 430000 | 435172 |
| Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2032 | 225000 | 230209 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2035 | 175000 | 202969 |
| Modesto Irrigation District |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.63%, 09/01/2037<sup>(c)</sup> | 615000 | 590059 |
| Northern California Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | 300000 | 322818 |
| Northern California Gas Authority No 1 |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.72%, 07/01/2027<sup>(c)</sup> | 125000 | 125225 |
| San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2034 | 105000 | 120225 |
| San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2037 | 100000 | 111017 |
| **Total California** |  | 2795262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Colorado (3.26%)*** |  |  |
| City & County of Denver Co. Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/2035 | $250000 | $283068 |
| &nbsp;&nbsp;&nbsp;5.75%, 11/15/2036 | 250000 | 305250 |
| Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/15/2036 | 155000 | 171735 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039 | 75000 | 80753 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043 | 100000 | 94120 |
| E-470 Public Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2035<sup>(a)</sup> | 300000 | 186136 |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2037<sup>(a)</sup> | 500000 | 279830 |
| **Total Colorado** |  | 1400892 |
| ***Connecticut (0.95%)*** |  |  |
| Connecticut Housing Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | 90000 | 90221 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/2054 | 285000 | 315061 |
| **Total Connecticut** |  | 405282 |
| ***District of Columbia (1.10%)*** |  |  |
| District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2040 | 200000 | 200315 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2037 | 250000 | 271086 |
| **Total District of Columbia** |  | 471401 |
| ***Florida (4.23%)*** |  |  |
| City Of South Miami Health Facilities Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042 | 350000 | 355784 |
| County of Broward FL Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2031 | 200000 | 214089 |
| County of Miami-Dade FL Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2036 | 250000 | 275834 |
| Florida Housing Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 01/01/2054 | 125000 | 130370 |
| Greater Orlando Aviation Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 | 300000 | 317461 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2037 | 300000 | 332577 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/01/2044 | 175000 | 186350 |
| **Total Florida** |  | 1812465 |
| ***Georgia (1.15%)*** |  |  |
| Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2053 | 300000 | 321915 |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2054 | 160000 | 172775 |
| **Total Georgia** |  | 494690 |

---

19 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Illinois (2.50%)*** |  |  |
| Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/15/2035 | $225000 | $243852 |
| &nbsp;&nbsp;&nbsp;5.00%, 02/15/2036 | 400000 | 408091 |
| &nbsp;&nbsp;&nbsp;5.00%, 02/15/2036 | 50000 | 51011 |
| &nbsp;&nbsp;&nbsp;4.00%, 07/15/2047 | 200000 | 181329 |
| Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 04/01/2054 | 170000 | 184598 |
| **Total Illinois** |  | 1068881 |
| ***Kansas (1.04%)*** |  |  |
| State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 | 385000 | 446799 |
| **Total Kansas** |  | 446799 |
| ***Kentucky (1.79%)*** |  |  |
| County of Trimble KY |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 06/01/2054 | 300000 | 302327 |
| Kentucky Public Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.20%, 08/01/2052<sup>(c)</sup> | 460000 | 462825 |
| **Total Kentucky** |  | 765152 |
| ***Louisiana (0.15%)*** |  |  |
| Louisiana Public Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 02/15/2036<sup>(c)</sup> | 65000 | 63564 |
| **Total Louisiana** |  | 63564 |
| ***Massachusetts (0.51%)*** |  |  |
| Massachusetts Development Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 07/01/2041 | 125000 | 124146 |
| Massachusetts Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/01/2050 | 95000 | 93862 |
| **Total Massachusetts** |  | 218008 |
| ***Michigan (1.11%)*** |  |  |
| Gerald R Ford International Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/01/2046 | 100000 | 102798 |
| Michigan Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 04/15/2042 | 100000 | 99060 |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.75%, 04/15/2047<sup>(c)</sup> | 275000 | 274287 |
| **Total Michigan** |  | 476145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Minnesota (1.69%)*** |  |  |
| Minnesota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;2.47%, 01/01/2050 | $199597 | $166639 |
| &nbsp;&nbsp;&nbsp;3.50%, 07/01/2050 | 560000 | 557975 |
| **Total Minnesota** |  | 724614 |
| ***Missouri (0.74%)*** |  |  |
| Missouri Housing Development Commission |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 05/01/2050 | 150000 | 150716 |
| &nbsp;&nbsp;&nbsp;6.00%, 05/01/2055 | 150000 | 166186 |
| **Total Missouri** |  | 316902 |
| ***Nebraska (2.61%)*** |  |  |
| Central Plains Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2053 | 165000 | 173645 |
| Nebraska Investment Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 09/01/2046 | 80000 | 79829 |
| &nbsp;&nbsp;&nbsp;3.00%, 09/01/2050 | 305000 | 300620 |
| &nbsp;&nbsp;&nbsp;6.25%, 09/01/2055 | 500000 | 558172 |
| **Total Nebraska** |  | 1112266 |
| ***Nevada (0.88%)*** |  |  |
| County of Clark NV |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 01/01/2036 | 275000 | 275411 |
| County of Washoe NV |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 03/01/2036 | 100000 | 102273 |
| **Total Nevada** |  | 377684 |
| ***New Jersey (1.75%)*** |  |  |
| New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/2034<sup>(a)</sup> | 200000 | 147660 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041 | 300000 | 333582 |
| &nbsp;&nbsp;&nbsp;5.00%, 06/15/2042 | 250000 | 270575 |
| **Total New Jersey** |  | 751817 |
| ***New Mexico (1.63%)*** |  |  |
| City of Farmington NM |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 04/01/2029 | 180000 | 170055 |
| New Mexico Mortgage Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2053 | 220000 | 231188 |
| &nbsp;&nbsp;&nbsp;6.00%, 03/01/2055 | 270000 | 296908 |
| **Total New Mexico** |  | 698151 |
| ***New York (9.48%)*** |  |  |
| Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 0.43%, 11/01/2026<sup>(c)</sup> | 15000 | 14991 |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 0.80%, 11/01/2032<sup>(c)</sup> | 460000 | 460067 |

---

20 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| New York City Municipal Water Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 06/15/2045 | $100000 | $95321 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2038 | 100000 | 112893 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2040 | 115000 | 126555 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2042 | 300000 | 325031 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2042 | 100000 | 108344 |
| New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | 100000 | 103233 |
| &nbsp;&nbsp;&nbsp;5.00%, 03/15/2045 | 200000 | 212660 |
| New York State Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/01/2044 | 200000 | 203799 |
| &nbsp;&nbsp;&nbsp;3.95%, 11/01/2050 | 175000 | 177993 |
| New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/15/2042 | 100000 | 107114 |
| Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/01/2030 | 1100000 | 1173078 |
| Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.05%, 04/01/2026<sup>(c)</sup> | 250000 | 250098 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/15/2039<sup>(a)</sup> | 1000000 | 580202 |
| **Total New York** |  | 4051379 |
| ***North Carolina (3.45%)*** |  |  |
| North Carolina Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 01/01/2055 | 715000 | 771333 |
| University of North Carolina at Chapel Hill |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.05%, 12/01/2041<sup>(c)</sup> | 700000 | 701870 |
| **Total North Carolina** |  | 1473203 |
| ***North Dakota (1.21%)*** |  |  |
| North Dakota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/01/2049 | 245000 | 246152 |
| &nbsp;&nbsp;&nbsp;5.75%, 07/01/2053 | 260000 | 274559 |
| **Total North Dakota** |  | 520711 |
| ***Ohio (1.86%)*** |  |  |
| Lancaster Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/01/2055 | 390000 | 416697 |
| Ohio Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 03/01/2056 | 335000 | 382345 |
| **Total Ohio** |  | 799042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Oklahoma (0.92%)*** |  |  |
| Oklahoma Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/01/2052 | $380000 | $391829 |
| **Total Oklahoma** |  | 391829 |
| ***Oregon (1.24%)*** |  |  |
| Port of Portland OR Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2036 | 200000 | 221038 |
| &nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | 305000 | 306142 |
| **Total Oregon** |  | 527180 |
| ***Pennsylvania (2.68%)*** |  |  |
| Butler County General Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 10/01/2034<sup>(c)</sup> | 350000 | 338214 |
| Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/01/2037<sup>(a)</sup> | 790000 | 804131 |
| **Total Pennsylvania** |  | 1142345 |
| ***South Carolina (2.59%)*** |  |  |
| South Carolina State Housing Finance & Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 01/01/2054 | 140000 | 150894 |
| &nbsp;&nbsp;&nbsp;6.00%, 01/01/2054 | 875000 | 956015 |
| **Total South Carolina** |  | 1106909 |
| ***South Dakota (0.31%)*** |  |  |
| South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 05/01/2054 | 125000 | 133000 |
| **Total South Dakota** |  | 133000 |
| ***Tennessee (0.81%)*** |  |  |
| New Memphis Arena Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 04/01/2030<sup>(a)</sup> | 350000 | 347492 |
| **Total Tennessee** |  | 347492 |
| ***Texas (6.23%)*** |  |  |
| City of Austin TX Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036 | 200000 | 216883 |
| City of Houston TX Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2036 | 135000 | 147784 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/01/2048 | 400000 | 417240 |
| North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 01/01/2038<sup>(a)</sup> | 100000 | 64032 |

---

21 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| Texas Department of Housing & Community Affairs |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 07/01/2037 | $215000 | $176454 |
| &nbsp;&nbsp;&nbsp;4.30%, 09/01/2038 | 100000 | 102893 |
| &nbsp;&nbsp;&nbsp;3.50%, 07/01/2052 | 385000 | 383008 |
| Texas Municipal Gas Acquisition & Supply Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | 320000 | 353081 |
| Texas Municipal Gas Acquisition and Supply Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 12/15/2026<sup>(c)</sup> | 330000 | 330791 |
| &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 25000 | 25461 |
| Texas Municipal Gas Acquisition and Supply Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 1.06%, 09/15/2027<sup>(c)</sup> | 235000 | 235549 |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.86%, 09/15/2027<sup>(c)</sup> | 120000 | 120086 |
| Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/2043 | 100000 | 97568 |
| **Total Texas** |  | 2670830 |
| ***Virginia (2.93%)*** |  |  |
| City of Norfolk VA Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/01/2033 | 300000 | 350646 |
| FHLMC Multifamily VRD Certificates |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 06/25/2042 | 319836 | 328171 |
| Freddie Mac Multifamily ML Certificates |  |  |
| &nbsp;&nbsp;&nbsp;4.69%, 10/25/2040 | 148278 | 153983 |
| Virginia Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 07/01/2056 | 425000 | 425007 |
| **Total Virginia** |  | 1257807 |
| ***Washington (1.00%)*** |  |  |
| County of King WA Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.23%, 01/01/2040<sup>(c)</sup> | 115000 | 114009 |
| Port of Seattle WA |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2037 | 300000 | 313716 |
| **Total Washington** |  | 427725 |
| ***Wisconsin (1.49%)*** |  |  |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 10/01/2046 | 455000 | 464795 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043 | 180000 | 171333 |
| **Total Wisconsin** |  | 636128 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Wyoming (2.81%)*** |  |  |
| Wyoming Community Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | $815000 | $811095 |
| &nbsp;&nbsp;&nbsp;6.25%, 12/01/2055 | 350000 | 391046 |
| **Total Wyoming** |  | 1202141 |
| **Total Revenue Bonds** |  | 34813232 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| (Cost $40,799,965) |  | 41879628 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.23%)** |  |  |  |
| **Money Market Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund (Premier Class) | 3.935% | 100540 | 100540 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $100,540) |  |  | 100540 |
| **TOTAL INVESTMENTS (100.32%)** |  |  |  |
| (Cost $41,868,215) |  |  | $42947860 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.32%)** |  |  | (135446) |
| **NET ASSETS - 100.00%** |  |  | $42812414 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1D US SOFR - 1 Day SOFR as of November 30, 2025 was 4.12%

7D US MUNI- SIFMA Municipal Swap Index Yield as of November 30, 2025 was 2.73%

3M US SOFR - 3 Month SOFR as of November 30, 2025 was 4.19%

*<sup>(a)</sup>* *Zero coupon bond.*

*<sup>(b)</sup>* *Represents a security purchased on a when-issued basis.*

*<sup>(c)</sup>* *Floating or variable rate security. Interest rate resets periodically on specific dates. The rate shown represents the coupon or interest rate in effect as of November 30, 2025. Security description includes the reference rate and spread if published and available.*

*See Notes to Financial Statements and Financial Highlights.*

22 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Statement of Assets and Liabilities *November 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $42947860 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 380127 |
| &nbsp;&nbsp;&nbsp;Total Assets | 43327987 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 498129 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 17444 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 515573 |
| **NET ASSETS** | $42812414 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $41708127 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 1104287 |
| **NET ASSETS** | $42812414 |
| **INVESTMENTS, AT COST** | $41868215 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $42812414 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 1650002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $25.95 |

---

*See Notes to Financial Statements and Financial Highlights.*

23 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Statement of Operations *For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Interest | $1436690 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 5434 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1442124 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 188688 |
| &nbsp;&nbsp;&nbsp;Net expenses | 188688 |
| **NET INVESTMENT INCOME** | 1253436 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 27814 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 407694 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 435508 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1688944 |

---

*See Notes to Financial Statements and Financial Highlights.*

24 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1253436 | $1118723 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 27814 | 137317 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 407694 | 484514 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1688944 | 1740554 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1395951) | (1187091) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1395951) | (1187091) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 7623403 | 3207954 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 7623403 | 3207954 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7916396 | 3761417 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 34896018 | 31134601 |
| &nbsp;&nbsp;&nbsp;End of year | $42812414 | $34896018 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1350002 | 1225002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 300000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1650002 | 1350002 |

---

*See Notes to Financial Statements and Financial Highlights.*

25 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Period<br> May 19, 2022<br> (Commencement<br> of Operations) to<br> November 30,<br> 2022** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.85 | $25.42 | $25.24 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.85 | 0.88 | 0.85 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.20 | 0.49 | 0.34 | 0.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.05 | 1.37 | 1.19 | 0.59 |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.85) | (0.88) | (1.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.10) | (0.06) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.95) | (0.94) | (1.01) | (0.35) |
| **NET INCREASE IN NET ASSET VALUE** | 0.10 | 0.43 | 0.18 | 0.24 |
| **NET ASSET VALUE, END OF PERIOD** | $25.95 | $25.85 | $25.42 | $25.24 |
| **TOTAL RETURN<sup>(b)</sup>** | 4.18% | 5.46% | 4.85% | 2.38% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $42812 | $34896 | $31135 | $30919 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.32% | 3.43% | 3.28% | 2.67 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 98 %<sup>(e)</sup> | 98 %<sup>(e)</sup> | 129 %<sup>(e)</sup> | 75% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*<sup>(e)</sup>* *The portfolio turnover rate excluding variable rate demand notes was 32% during the year ended November 30, 2025, 27% during the year ended November 30, 2024, and 50% during the year ended November 30, 2023.*

*See Notes to Financial Statements and Financial Highlights.*

26 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Intermediate Municipal Bond ETF (the "Fund"). The investment objective of the Fund is to protect investor's capital and generate attractive risk-adjusted returns. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Board, which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund's debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund's debt securities to determine the market price.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

27 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

28 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

**ALPS Intermediate Municipal Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Government Bonds<sup>\*</sup> | $– | $967692 | $– | $967692 |
| Municipal Bonds<sup>\*</sup> |  | 41879628 |  | 41879628 |
| Short Term Investments | 100540 | – | – | 100540 |
| Total | $100540 | $42847320 | $– | $42947860 |

---

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

 

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. For the fiscal year ended November 30, 2024, there were no reclassifications between Paid-in-Capital and Total Distributable Earnings.

The tax character of the distributions paid during the fiscal year ended November 30, 2025 and fiscal year ended November 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Short-Term**<br> **Capital Gain** | **Long-Term**<br> **Capital Gain** | **Return<br> of Capital** |
| **November 30, 2025** |  |  |  |  |  |
| ALPS Intermediate Municipal Bond ETF | $171048 | $1106454 | $– | $118449 | $– |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Short-Term**<br> **Capital Gain** | **Long-Term**<br> **Capital Gain** | **Return<br> of Capital** |
| **November 30, 2024** |  |  |  |  |  |
| ALPS Intermediate Municipal Bond ETF | $253915 | $933176 | $– | $– | $– |

---

The character of distributions made during the period may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2025, the Fund did not have any amounts available to carry forward to the next tax year.

As of November 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Tax-Exempt<br> Undistributed<br> Income** | **Accumulated Net**<br> **Realized Gain/(Loss)<br> on Investments** | **Net Unrealized<br> Appreciation/(Depreciation)<br> on Investments** | **Total** |
| ALPS Intermediate Municipal Bond ETF | $662 | $2887 | $21226 | $1079512 | $1104287 |

---

29 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **ALPS Intermediate Municipal Bond ETF** |
| Gross appreciation (excess of value over tax cost) | $1127098 |
| Gross depreciation (excess of tax cost over value) | (47586) |
| Net unrealized appreciation/(depreciation) | $1079512 |
| Cost of investments for income tax purposes | $41868348 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

**G. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the fiscal year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.50% of the Fund's average daily net assets.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund.

Brown Brothers Harriman & Co. (the "Sub-Adviser") serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ''Sub-Advisory Agreement''). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund's average daily net assets. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

30 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Intermediate Municipal Bond ETF | $45056182 | $38162542 |

---

For the year ended November 30, 2025, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. RECENT ACCOUNTING PRONOUNCEMENT:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

31 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS Intermediate Municipal Bond ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS Intermediate Municipal Bond ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended November 30, 2022, was audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_14.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

32 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** |
| ALPS Intermediate Municipal Bond ETF | 0% | 0% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

33 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

34 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

35 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation From the Trust** | **Aggregate Special<br> Compensation From the Trust** | **Total Compensation From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $— | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**939500** | $**—** | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

36 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Intermediate Municipal Bond ETF ("MNBD" or the "Fund") and (ii) the Investment Sub-Advisory Agreement between the Trust, AAI and Brown Brothers Harriman & Co. (the "Sub-Adviser" or "BBH") with respect to the Fund (the "BBH Sub-Advisory Agreement"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable, and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to the Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) MNBD

The gross management fee rate for MNBD is higher than the median of its FUSE expense group. MNBD's net expense ratio is higher than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of MNBD and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to MNBD.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

37 \| alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

The Board, including the Independent Trustees, discussed the BBH Sub-Advisory Agreement.

In evaluating the BBH Sub-Advisory Agreement, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by BBH with respect to MNBD under the BBH Sub-Advisory Agreement; (ii) the advisory fees and other expenses paid by MNBD compared to those of similar funds managed by other investment advisers; (iii) the profitability to BBH of its sub-advisory relationship with MNBD and the reasonableness of compensation to BBH; (iv) the extent to which economies of scale would be realized if, and as, MNBD's assets increase, and whether the fee level in the BBH Sub-Advisory Agreement reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by BBH under the BBH Sub-Advisory Agreement, the Board, including the Independent Trustees considered and reviewed information concerning the services provided under the BBH Sub-Advisory Agreement, MNBD's performance, financial information regarding BBH, information describing BBH's current organization and the background and experience of the persons responsible for the day-to-day management of MNBD. Based upon their review, the Board, including the Independent Trustees concluded that BBH was qualified to oversee the portfolio management of BBH and that the services provided by BBH to MNBD are satisfactory. The Board, including the Independent Trustees considered that the contractual sub-advisory fee to be paid to BBH with respect to MNBD was 0.25% of MNBD's average daily net assets out of a total management fee of 0.50% of MNBD's average daily net assets.

In reviewing MNBD's profitability with respect to BBH, the Board, including the Independent Trustees considered the resources involved in managing MNBD.

The Board, including the Independent Trustees also considered other benefits that have been and may be realized by BBH from its relationships with MNBD, known as fall-out benefits.

The Board, including the Independent Trustees considered the extent to which economies of scale may be realized if MNBD's assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Fund's investors. The Board, including the Independent Trustees noted that MNBD commenced operations on May 19, 2022 and has not yet achieved scale in terms of assets. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved with respect to MNBD.

In voting to approve the BBH Sub-Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of the BBH Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

38 \| alpsfunds.com

![](fp0096819-2_15.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Clean Energy ETF | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Disruptive Technologies ETF | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Electrification Infrastructure ETF | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Medical Breakthroughs ETF | 7 |
| &nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** | 9 |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** | 10 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Clean Energy ETF | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Disruptive Technologies ETF | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Electrification Infrastructure ETF | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Medical Breakthroughs ETF | 14 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 15 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | 19 |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 29 |
| &nbsp;&nbsp;&nbsp;**Additional Information** | 30 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **34** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **35** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **36** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **37** |

---

alpsfunds.com \| 1-866-759-5679

ALPS Clean Energy ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (93.60%)** |  |  |
| ***Consumer Discretionary (13.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.<sup>(a)(b)</sup> | 193223 | $626043 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.<sup>(a)(b)</sup> | 190951 | 2602662 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.<sup>(a)(b)</sup> | 334521 | 5640024 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 13567 | 5836116 |
| **Total Consumer Discretionary** |  | 14704845 |
| ***Consumer Staples (2.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 49062 | 2526693 |
| ***Energy (3.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.<sup>(a)</sup> | 246948 | 538347 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.<sup>(a)</sup> | 348389 | 745552 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.<sup>(a)</sup> | 96134 | 993064 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.<sup>(a)</sup> | 43066 | 1420747 |
| **Total Energy** |  | 3697710 |
| ***Financials (5.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc.<sup>(b)</sup> | 168576 | 5792271 |
| ***Industrials (33.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)(b)</sup> | 48377 | 1679166 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.<sup>(a)</sup> | 65818 | 2046282 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.<sup>(a)</sup> | 147642 | 1671307 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.<sup>(a)(b)</sup> | 227808 | 1710838 |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 378145 | 1073932 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 413357 | 6221023 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.<sup>(a)(b)</sup> | 97302 | 1911011 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.<sup>(a)(b)</sup> | 268333 | 944532 |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc.<sup>(a)</sup> | 67752 | 6207439 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.<sup>(a)(b)</sup> | 1741460 | 3500334 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)(b)</sup> | 248746 | 2086979 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.<sup>(a)</sup> | 261232 | 5289948 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.<sup>(a)</sup> | 21263 | 2145437 |
| **Total Industrials** |  | 36488228 |
| ***Information Technology (12.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | 119835 | 3457240 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 23129 | 6312367 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 39485 | 3910594 |
| **Total Information Technology** |  | 13680201 |
| ***Materials (7.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle Corp.<sup>(b)</sup> | 58279 | 7575687 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Materials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.<sup>(a)(b)</sup> | 122731 | $395194 |
| **Total Materials** |  | 7970881 |
| ***Utilities (15.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boralex, Inc., Class A<sup>(b)</sup> | 154316 | 2756254 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C<sup>(b)</sup> | 124152 | 4546447 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc.<sup>(b)</sup> | 293094 | 3647289 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 52174 | 5890966 |
| **Total Utilities** |  | 16840956 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $180,115,617) |  | 101701785 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (6.26%)** |  |  |
| ***Utilities (6.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 191087 | $5458652 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP<sup>(a)</sup> | 141826 | 1351602 |
| **Total Utilities** |  | 6810254 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $12,863,915) |  | 6810254 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (16.03%)** |  |  |  |
| **Money Market Fund (0.07%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $77,760) | 3.91% | 77760 | $77760 |
| **Investments Purchased with Collateral from Securities Loaned (15.96%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $17,340,781) |  | 17340781 | 17340781 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $17,418,541) |  |  | 17418541 |
| **TOTAL INVESTMENTS (115.89%)** |  |  |  |
| (Cost $210,398,073) |  |  | $125930580 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-15.89%)** |  |  | (17265991) |
| **NET ASSETS - 100.00%** |  |  | $108664589 |

---

1 \| November 30, 2025

ALPS Clean Energy ETF

Schedule of Investments *November 30, 2025*

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $30,266,712.*

 

*See Notes to Financial Statements and Financial Highlights.*

2 \| November 30, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.74%)** |  |  |
| ***Communication Services (0.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 7110 | $764894 |
| ***Consumer Discretionary (2.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 96808 | 798666 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | 3559 | 695144 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 2324 | 999715 |
| **Total Consumer Discretionary** |  | 2493525 |
| ***Financials (15.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adyen NV<sup>(a)(b)(c)</sup> | 538 | 836893 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 2605 | 951528 |
| &nbsp;&nbsp;&nbsp;Block, Inc.<sup>(a)</sup> | 11538 | 770738 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 2736 | 809309 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 12652 | 832122 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 6297 | 387077 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 9881 | 748585 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | 15105 | 970866 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 5289 | 922824 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.<sup>(a)</sup> | 11921 | 679855 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1458 | 802673 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 1652 | 810769 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A<sup>(d)</sup> | 90382 | 947203 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 12768 | 800426 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1556 | 776179 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2495 | 834428 |
| **Total Financials** |  | 12881475 |
| ***Health Care (12.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 6301 | 927444 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 8223 | 835292 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 11226 | 712514 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc.<sup>(a)</sup> | 14390 | 1310066 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 9266 | 974598 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 12877 | 965389 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 2542 | 831717 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 1874 | 1074702 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.<sup>(a)(d)</sup> | 22197 | 703201 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 3105 | 794352 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC, Sponsored ADR<sup>(d)</sup> | 22182 | 738217 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)(d)</sup> | 9658 | 752648 |
| **Total Health Care** |  | 10620140 |
| ***Industrials (16.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.<sup>(a)(d)</sup> | 3528 | 985935 |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings, Ltd.<sup>(a)(b)(c)</sup> | 934135 | 1021094 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 16503 | $725908 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | 29985 | 964787 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co., Ltd., Class H | 633600 | 994470 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.<sup>(a)</sup> | 18939 | 962480 |
| &nbsp;&nbsp;&nbsp;RELX PLC, Sponsored ADR<sup>(d)</sup> | 18460 | 742277 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 3193 | 855853 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 26611 | 853415 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 9472 | 814024 |
| &nbsp;&nbsp;&nbsp;Stratasys, Ltd.<sup>(a)</sup> | 96664 | 849677 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp.<sup>(d)</sup> | 4926 | 668162 |
| &nbsp;&nbsp;&nbsp;TransUnion | 9181 | 780844 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 3216 | 723825 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 46317 | 1102109 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 6843 | 727328 |
| **Total Industrials** |  | 13772188 |
| ***Information Technology (46.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 2447 | 783358 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.<sup>(a)</sup> | 15176 | 788545 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>(a)(d)</sup> | 28562 | 762320 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 2935 | 890303 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 2685 | 837290 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.<sup>(a)</sup> | 4363 | 814878 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 19099 | 727672 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1974 | 1005081 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.<sup>(a)</sup> | 1809 | 829589 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 29719 | 831419 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 6168 | 986941 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 17451 | 777617 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 4213 | 1149811 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 10570 | 857544 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 28854 | 760880 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 3386 | 731308 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1300 | 824304 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 7131 | 706254 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 2282 | 776323 |
| &nbsp;&nbsp;&nbsp;Nebius Group NV<sup>(a)(d)</sup> | 9559 | 906863 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | 7723 | 862532 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.<sup>(a)</sup> | 9300 | 747069 |
| &nbsp;&nbsp;&nbsp;Omron Corp.<sup>(d)</sup> | 32250 | 825632 |
| &nbsp;&nbsp;&nbsp;Open Text Corp.<sup>(d)</sup> | 24310 | 817789 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 4321 | 821552 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 4598 | 806627 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 9809 | 842495 |

---

3 \| November 30, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Renishaw PLC | 21716 | $997465 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc.<sup>(a)</sup> | 11038 | 765154 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.<sup>(a)</sup> | 41095 | 756970 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3478 | 801818 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A<sup>(a)</sup> | 22093 | 840197 |
| &nbsp;&nbsp;&nbsp;SAP SE, Sponsored ADR | 3316 | 801643 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Inc.<sup>(a)(b)(c)</sup> | 3162000 | 860999 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 915 | 743355 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 6317 | 805923 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 11449 | 755062 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 3814 | 958229 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc<sub>.</sub><sup>(a)(d)</sup> | 29056 | 1061416 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc.<sup>(a)</sup> | 58761 | 708070 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 2168 | 906246 |
| &nbsp;&nbsp;&nbsp;Temenos AG<sup>(d)</sup> | 10898 | 988568 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A<sup>(a)</sup> | 3793 | 817847 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.<sup>(a)</sup> | 7906 | 633207 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings, Ltd.<sup>(d)</sup> | 1902000 | 786632 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A<sup>(a)</sup> | 10146 | 862004 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 2984 | 750476 |
| **Total Information Technology** |  | 39073277 |
| ***Real Estate (0.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 1073 | 808302 |
| ***Utilities (2.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp., Ltd., Class H<sup>(d)</sup> | 832000 | 735219 |
| &nbsp;&nbsp;&nbsp;Enlight Renewable Energy, Ltd.<sup>(a)</sup> | 29116 | 1130093 |
| **Total Utilities** |  | 1865312 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $72,223,784) |  | 82279113 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (1.17%)** |  |  |
| ***Utilities (1.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 34208 | $977197 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $952,916) |  | 977197 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.57%)** |  |  |  |
| **Investments Purchased with Collateral from Securities Loaned (6.57%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  | 5472133 | $5472133 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,472,133) |  |  | 5472133 |
| **TOTAL INVESTMENTS (106.48%)** |  |  |  |
| (Cost $78,648,833) |  |  | $88728443 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.48%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.48%)** |  | (5397463) |
| **NET ASSETS - 100.00%** |  |  | $83330980 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $2,718,986, representing 3.26% of net assets.*

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2025, the market value of those securities was $2,718,986, representing 3.26% of net assets.*

*<sup>(d)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $8,848,586.*

 

*See Notes to Financial Statements and Financial Highlights.*

4 \| November 30, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.75%)** |  |  |
| ***Energy (13.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 64603 | $1163500 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 14952 | 1323403 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 5050 | 1052723 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 11133 | 1352214 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 24471 | 1193695 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 43322 | 1183557 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 16290 | 1186238 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp.<sup>(a)</sup> | 30616 | 1193718 |
| &nbsp;&nbsp;&nbsp;South Bow Corp.<sup>(a)</sup> | 43169 | 1189738 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 7225 | 1266615 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 22931 | 1254784 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc.<sup>(a)</sup> | 86867 | 648028 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 20137 | 1226947 |
| **Total Energy** |  | 15235160 |
| ***Industrials (29.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 3529 | 1293096 |
| &nbsp;&nbsp;&nbsp;AECOM | 9360 | 965297 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6218 | 1230480 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A<sup>(b)</sup> | 17750 | 1939009 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1548 | 1512303 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(b)</sup> | 4604 | 1664484 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 3309 | 1144550 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1873 | 1152026 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 8687 | 1158672 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.<sup>(b)</sup> | 28913 | 1241235 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 1887 | 1131766 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(b)</sup> | 6352 | 963154 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 2649 | 1142858 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)(b)</sup> | 3173 | 1328123 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 8015 | 1080502 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(b)</sup> | 6325 | 1352791 |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc.<sup>(b)</sup> | 17698 | 1621491 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 12480 | 1338730 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 9742 | 1232948 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 3063 | 1423927 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 8239 | 1202812 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 3416 | 1352258 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(b)</sup> | 3784 | 1302869 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 33014 | 1146906 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 3072 | 1268644 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. | 8805 | 1582523 |
| **Total Industrials** |  | 33773454 |
| ***Information Technology (14.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 10005 | 1409705 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 6595 | 1177471 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 8950 | 1014930 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 26573 | $1012431 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(b)</sup> | 11540 | 1895561 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 15837 | 1333475 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(b)</sup> | 32006 | 923373 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(b)</sup> | 5864 | 1600403 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(b)</sup> | 9911 | 981585 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(b)</sup> | 6946 | 1374961 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 4410 | 1129048 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 5616 | 1270058 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(b)</sup> | 14431 | 1174972 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.<sup>(b)</sup> | 3785 | 956659 |
| **Total Information Technology** |  | 17254632 |
| ***Materials (3.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 26008 | 1117824 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)(b)</sup> | 18949 | 1173890 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 28669 | 1229613 |
| **Total Materials** |  | 3521327 |
| ***Utilities (39.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. | 92957 | 1306975 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 18480 | 1283806 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 11913 | 1266948 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 11001 | 1361594 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 31243 | 1249095 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 16669 | 1257509 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 12224 | 1226801 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 3769 | 1373273 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 19903 | 1249311 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 8734 | 1196820 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 9781 | 1212257 |
| &nbsp;&nbsp;&nbsp;Edison International | 21249 | 1251354 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 13298 | 1296821 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 16513 | 1282234 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 18374 | 1234365 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 27463 | 1294057 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 27402 | 1307623 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 24265 | 1274640 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc.<sup>(a)</sup> | 9506 | 1252701 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 16749 | 1445270 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 29046 | 1281800 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 7573 | 1283548 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 27018 | 1236884 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.<sup>(a)(b)</sup> | 14941 | 1365309 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 12998 | 1467605 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 75943 | 1224201 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp.<sup>(a)</sup> | 13517 | 1228155 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 33199 | 1225043 |

---

5 \| November 30, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 14573 | $1217137 |
| &nbsp;&nbsp;&nbsp;Sempra | 14314 | 1355822 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 12954 | 1180368 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 2979 | 1174530 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 20968 | 1225580 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 5844 | 1045258 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 10888 | 1220218 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 16384 | 1345290 |
| **Total Utilities** |  | 45700202 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $105,289,922) |  | 115484775 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.51%)** |  |  |  |
| **Money Market Fund (0.15%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $173,408) | 3.91% | 173408 | $173408 |
| **Investments Purchased with Collateral from Securities Loaned (3.36%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $3,893,416) |  | 3893416 | 3893416 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $4,066,824) |  |  | 4066824 |
| **TOTAL INVESTMENTS (103.26%)** |  |  |  |
| (Cost $109,356,746) |  |  | $119551599 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-3.26%)** |  |  | (3769835) |
| **NET ASSETS - 100.00%** |  |  | $115781764 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,716,686.*

*<sup>(b)</sup>* *Non-income producing security.*

 

*See Notes to Financial Statements and Financial Highlights.*

6 \| November 30, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.98%)** |  |  |
| ***Biotechnology (85.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 74317 | $1860898 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 25453 | 743228 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.<sup>(a)(b)</sup> | 116038 | 183340 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.<sup>(a)</sup> | 34543 | 1877757 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(a)</sup> | 71953 | 2128370 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.<sup>(a)</sup> | 136740 | 1357828 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.<sup>(a)</sup> | 12334 | 513711 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 35659 | 136574 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.<sup>(a)</sup> | 43983 | 197924 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc<sub>.</sub><sup>(a)(b)</sup> | 58034 | 1236124 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.<sup>(a)</sup> | 20762 | 1494241 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.<sup>(a)(b)</sup> | 23254 | 1690798 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.<sup>(a)(b)</sup> | 11814 | 80217 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.<sup>(a)(b)</sup> | 48578 | 1267886 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 60236 | 3174437 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 45490 | 433975 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.<sup>(a)</sup> | 24204 | 306181 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 56371 | 908701 |
| &nbsp;&nbsp;&nbsp;Autolus Therapeutics PLC, ADR<sup>(a)(b)</sup> | 114538 | 161499 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.<sup>(a)</sup> | 65216 | 4675987 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.<sup>(a)</sup> | 24399 | 452845 |
| &nbsp;&nbsp;&nbsp;Bicycle Therapeutics PLC, ADR<sup>(a)</sup> | 22302 | 166819 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 93421 | 670763 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.<sup>(a)(b)</sup> | 24110 | 115005 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 19645 | 105101 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.<sup>(a)(b)</sup> | 18484 | 1869472 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.<sup>(a)</sup> | 29518 | 797576 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.<sup>(a)(b)</sup> | 34678 | 1554962 |
| &nbsp;&nbsp;&nbsp;Compass Pathways PLC, ADR<sup>(a)(b)</sup> | 41447 | 230031 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.<sup>(a)(b)</sup> | 76438 | 443340 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.<sup>(a)(b)</sup> | 52327 | 3565038 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc<sub>.</sub><sup>(a)(b)</sup> | 44903 | 426129 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.<sup>(a)</sup> | 64726 | 1260215 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.<sup>(a)</sup> | 14474 | 636567 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.<sup>(a)</sup> | 15503 | 1447360 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.<sup>(a)(b)</sup> | 121752 | 385954 |
| &nbsp;&nbsp;&nbsp;Galapagos NV, Sponsored ADR<sup>(a)(b)</sup> | 29514 | 924378 |
| &nbsp;&nbsp;&nbsp;Geron Corp.<sup>(a)(b)</sup> | 279271 | 329540 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.<sup>(a)(b)</sup> | 90858 | 303466 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Biotechnology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.<sup>(a)(b)</sup> | 38786 | $1381557 |
| &nbsp;&nbsp;&nbsp;Immatics NV<sup>(a)(b)</sup> | 53445 | 571327 |
| &nbsp;&nbsp;&nbsp;Immunocore Holdings PLC, ADR<sup>(a)(b)</sup> | 22504 | 888908 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.<sup>(a)(b)</sup> | 36238 | 667504 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.<sup>(a)</sup> | 18062 | 315724 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.<sup>(a)(b)</sup> | 12366 | 2695788 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.<sup>(a)</sup> | 35992 | 436943 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.<sup>(a)</sup> | 141314 | 756030 |
| &nbsp;&nbsp;&nbsp;Merus NV<sup>(a)</sup> | 32617 | 3135799 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc<sub>.</sub><sup>(a)(b)</sup> | 22211 | 1622514 |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics<sup>(a)(b)</sup> | 28389 | 389781 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV<sup>(a)(b)</sup> | 51036 | 2107787 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.<sup>(a)(b)</sup> | 69812 | 492175 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc.<sup>(a)</sup> | 28495 | 3115929 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc<sub>.</sub><sup>(a)(b)</sup> | 30038 | 850676 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.<sup>(a)</sup> | 5064 | 520529 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.<sup>(a)</sup> | 9656 | 1897017 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.<sup>(a)</sup> | 27004 | 2430360 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC<sup>(a)(b)</sup> | 23727 | 255065 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.<sup>(a)</sup> | 34114 | 2933463 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.<sup>(a)(b)</sup> | 22838 | 305801 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.<sup>(a)(b)</sup> | 75919 | 601278 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.<sup>(a)(b)</sup> | 34830 | 348300 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.<sup>(a)(b)</sup> | 39450 | 383454 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 30477 | 3324736 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 7738 | 390692 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 23269 | 719245 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.<sup>(a)(b)</sup> | 3253 | 51950 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.<sup>(a)(b)</sup> | 43606 | 1544088 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.<sup>(a)(b)</sup> | 22820 | 514819 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.<sup>(a)(b)</sup> | 24027 | 687172 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.<sup>(a)(b)</sup> | 20632 | 594408 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 24780 | 132821 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.<sup>(a)</sup> | 56275 | 2791802 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.<sup>(a)</sup> | 28383 | 957926 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.<sup>(a)</sup> | 21069 | 848027 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 50644 | 1864206 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.<sup>(a)(b)</sup> | 61052 | 391954 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.<sup>(a)</sup> | 36840 | 1177406 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.<sup>(a)(b)</sup> | 31389 | 543657 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 34396 | 1538189 |

---

7 \| November 30, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Biotechnology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd., ADR<sup>(a)(b)</sup> | 48584 | $991599 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.<sup>(a)(b)</sup> | 18476 | 717423 |
| **Total Biotechnology** |  | 89000066 |
| ***Health Care Equipment & Supplies (0.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.<sup>(a)(b)</sup> | 15563 | 150961 |
| ***Health Care Providers & Services (0.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.<sup>(a)</sup> | 13395 | 396224 |
| ***Pharmaceuticals (14.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 32596 | 101048 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(a)</sup> | 22591 | 3422537 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc<sub>.</sub><sup>(a)(b)</sup> | 43770 | 1994161 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 47245 | 1230260 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.<sup>(a)</sup> | 12697 | 479312 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.<sup>(a)(b)</sup> | 15540 | 535975 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.<sup>(a)(b)</sup> | 152082 | 1221218 |
| &nbsp;&nbsp;&nbsp;Pharvaris NV<sup>(a)</sup> | 28380 | 805424 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.<sup>(a)</sup> | 15769 | 468497 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc., ADR<sup>(a)(b)</sup> | 25792 | 923612 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 19829 | 1585527 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 39417 | 1108011 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc<sub>.</sub><sup>(a)(b)</sup> | 22478 | 456303 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.<sup>(a)(b)</sup> | 53817 | 709846 |
| **Total Pharmaceuticals** |  | 15041731 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $78,704,043) |  | 104588982 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (8.36%)** |  |  |  |
| **Money Market Fund (0.05%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $54,205) | 3.91% | 54205 | $54205 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield<br> (continued)** | **Shares<br> (continued)** | **Value<br> (continued)** |
| **Investments Purchased with Collateral from Securities Loaned (8.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $8,687,009) |  | 8687009 | $8687009 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $8,741,214) |  |  | 8741214 |
| **TOTAL INVESTMENTS (108.33%)** |  |  |  |
| (Cost $87,445,257) |  |  | $113330196 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.33%)** |  |  | (8716587) |
| **NET ASSETS - 100.00%** |  |  | $104613609 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $25,116,392.*

 

*See Notes to Financial Statements and Financial Highlights.*

8 \| November 30, 2025

ALPS ETF Trust

Statements of Assets and Liabilities *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Clean<br> Energy ETF** | **ALPS Disruptive<br> Technologies<br> ETF** | **ALPS<br> Electrification<br> Infrastructure<br> ETF** | **ALPS Medical<br> Breakthroughs<br> ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $125930580 | $88728443 | $119551599 | $113330196 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $–, $6, $– and $–) |  | 6 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 123543 | 116592 | 165273 | 7161 |
| &nbsp;&nbsp;&nbsp;Total Assets | 126054123 | 88845041 | 119716872 | 113337357 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 48753 | 34304 | 41692 | 36739 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 17340781 | 5472133 | 3893416 | 8687009 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft | – | 7624 | – | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 17389534 | 5514061 | 3935108 | 8723748 |
| **NET ASSETS** | $108664589 | $83330980 | $115781764 | $104613609 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $543307287 | $104446923 | $105546038 | $228168751 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (434642698) | (21115943) | 10235726 | (123555142) |
| **NET ASSETS** | $108664589 | $83330980 | $115781764 | $104613609 |
| **INVESTMENTS, AT COST** | $210398073 | $78648833 | $109356746 | $87445257 |
| **PRICING OF SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $108664589 | $83330980 | $115781764 | $104613609 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 3250002 | 1700002 | 3175002 | 2100000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $33.44 | $49.02 | $36.47 | $49.82 |

---

*<sup>(a)</sup>* *Includes $30,266,712, $8,848,586 , $4,716,686 and $25,116,392 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

9 \| November 30, 2025

ALPS ETF Trust

Statements of Operations *For the Year Ended November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Clean<br> Energy ETF** | **ALPS Disruptive<br> Technologies<br> ETF** | **ALPS<br> Electrification<br> Infrastructure<br> ETF<sup>(a)</sup>** | **ALPS Medical<br> Breakthroughs<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $800211 | $587388 | $660650 | $5092 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 404637 | 25250 | 4520 | 149899 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1204848 | 612638 | 665170 | 154991 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 555495 | 436210 | 178075 | 445477 |
| &nbsp;&nbsp;&nbsp;Total expenses | 555495 | 436210 | 178075 | 445477 |
| **NET INVESTMENT INCOME/(LOSS)** | 649353 | 176428 | 487095 | (290486) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(b)</sup> | (59984834) | 5211418 | 1738689 | 1964880 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (44364) | 4605 | 1305 | 1977 |
| &nbsp;&nbsp;&nbsp;Total net realized gain/(loss) | (60029198) | 5216023 | 1739994 | 1966857 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 75268433 | (1164540) | 10194853 | 18757002 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (20) | 398 | 91 | – |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 75268413 | (1164142) | 10194944 | 18757002 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 15239215 | 4051881 | 11934938 | 20723859 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $15888568 | $4228309 | $12422033 | $20433373 |
| &nbsp;&nbsp;&nbsp;*\*Net of foreign tax withholding.* | $104313 | $51039 | $11453 | $– |

---

*<sup>(a)</sup>* *The ALPS Electrification Infrastructure ETF commenced operations on April 9, 2025.*

*<sup>(b)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

*See Notes to Financial Statements and Financial Highlights.*

10 \| November 30, 2025

ALPS Clean Energy ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the**<br> **Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $649353 | $1826605 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (60029198) | (147618871) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 75268413 | 122946030 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 15888568 | (22846236) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (696771) | (987799) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (254772) | (1743750) |
| &nbsp;&nbsp;&nbsp;Total distributions | (951543) | (2731549) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 59361015 | 136265280 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (93544331) | (250753573) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (34183316) | (114488293) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (19246291) | (140066078) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 127910880 | 267976958 |
| &nbsp;&nbsp;&nbsp;End of year | $108664589 | $127910880 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 4550002 | 8550002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2325000 | 4550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3625000) | (8550000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 3250002 | 4550002 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| November 30, 2025

ALPS Disruptive Technologies ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $176428 | $296642 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5216023 | 2325524 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1164142) | 16074225 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4228309 | 18696391 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (380334) | (292162) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (18992) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (399326) | (292162) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 5686164 | 3055072 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19537566) | (25339217) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (13851402) | (22284145) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (10022419) | (3879916) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 93353399 | 97233315 |
| &nbsp;&nbsp;&nbsp;End of year | $83330980 | $93353399 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2000002 | 2525002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 125000 | 75000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (425000) | (600000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1700002 | 2000002 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| November 30, 2025

ALPS Electrification Infrastructure ETF

Statements of Changes in Net Assets

---

| | |
|:---|:---|
| | **For the Period<br> April 9, 2025<br> (Commencement of<br> Operations) to<br> November 30, 2025** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $487095 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1739994 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 10194944 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12422033 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (288547) |
| &nbsp;&nbsp;&nbsp;Total distributions | (288547) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 116499174 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (12850896) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 103648278 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 115781764 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $115781764 |
| **OTHER INFORMATION:** |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3550002 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (375000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3175002 |

---

*See Notes to Financial Statements and Financial Highlights.*

13 \| November 30, 2025

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the**<br> **Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(290486) | $(400845) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1966857 | 7550987 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 18757002 | 31240527 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 20433373 | 38390669 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1520652) | (220286) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (2146410) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (3667062) | (220286) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 18258538 | 19659637 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53607001) | (18323776) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (35348463) | 1335861 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (18582152) | 39506244 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 123195761 | 83689517 |
| &nbsp;&nbsp;&nbsp;End of year | $104613609 | $123195761 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3175000 | 3175000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 425000 | 550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1500000) | (550000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2100000 | 3175000 |

---

*See Notes to Financial Statements and Financial Highlights.*

14 \| November 30, 2025

ALPS Clean Energy ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $28.11 | $31.34 | $55.74 | $73.94 | $70.05 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.17 | 0.25 | 0.47 | 0.39 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.41 | (3.13) | (24.38) | (18.14) | 4.11 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.58 | (2.88) | (23.91) | (17.75) | 4.31 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.13) | (0.40) | (0.19) | (0.17) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.07) | (0.22) | (0.09) | (0.26) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.35) | (0.49) | (0.45) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 5.33 | (3.23) | (24.40) | (18.20) | 3.89 |
| **NET ASSET VALUE, END OF PERIOD** | $33.44 | $28.11 | $31.34 | $55.74 | $73.94 |
| **TOTAL RETURN<sup>(b)</sup>** | 20.00% | (9.32)% | (43.11)% | (24.00)% | 6.16% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $108665 | $127911 | $267977 | $707911 | $1014767 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.56 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.64% | 0.85% | 1.09% | 0.69% | 0.26% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 39% | 32% | 38% | 44% | 39% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Effective January 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.55%.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

15 \| November 30, 2025

ALPS Disruptive Technologies ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $46.68 | $38.51 | $34.92 | $48.23 | $42.99 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/ (loss)<sup>(a)</sup> | 0.10 | 0.13 | 0.15 | (0.02) | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.44 | 8.15 | 3.45 | (13.17) | 5.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.54 | 8.28 | 3.60 | (13.19) | 5.41 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.11) | (0.01) | (0.12) | (0.17) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.01) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.11) | (0.01) | (0.12) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 2.34 | 8.17 | 3.59 | (13.31) | 5.24 |
| **NET ASSET VALUE, END OF PERIOD** | $49.02 | $46.68 | $38.51 | $34.92 | $48.23 |
| **TOTAL RETURN<sup>(b)</sup>** | 5.47% | 21.54% | 10.31% | (27.41)% | 12.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $83331 | $93353 | $97233 | $122214 | $237546 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.20% | 0.30% | 0.42% | (0.05)% | 0.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 31% | 35% | 34% | 31% | 26% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

16 \| November 30, 2025

ALPS Electrification Infrastructure ETF

Financial Highlights *For a Share Outstanding Throughout the Period Presented*

---

| | |
|:---|:---|
| | **For the Period<br> April 9, 2025<br> (Commencement of<br> Operations) to<br> November 30, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $26.85 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 9.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 9.77 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.15) |
| &nbsp;&nbsp;&nbsp;Net increase in net asset value | 9.62 |
| **NET ASSET VALUE, END OF PERIOD** | $36.47 |
| **TOTAL RETURN<sup>(b)</sup>** | 36.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $115782 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.37 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 16% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

17 \| November 30, 2025

ALPS Medical Breakthroughs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $38.80 | $26.36 | $31.29 | $42.94 | $49.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.11) | (0.13) | (0.10) | (0.13) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 12.30 | 12.64 | (4.83) | (11.52) | (5.88) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 12.19 | 12.51 | (4.93) | (11.65) | (6.06) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.48) | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.69) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.17) | (0.07) | – | – | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 11.02 | 12.44 | (4.93) | (11.65) | (6.06) |
| **NET ASSET VALUE, END OF PERIOD** | $49.82 | $38.80 | $26.36 | $31.29 | $42.94 |
| **TOTAL RETURN<sup>(b)</sup>** | 32.79% | 47.50% | (15.76)% | (27.13)% | (12.37)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $104614 | $123196 | $83690 | $115009 | $188929 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.33)% | (0.37)% | (0.34)% | (0.39)% | (0.36)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 58% | 72% | 81% | 88% | 81% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

18 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF and the ALPS Medical Breakthroughs ETF (each a "Fund" and collectively, the "Funds").

The investment objective of the ALPS Clean Energy ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the CIBC Atlas Clean Energy Index. The investment objective of the ALPS Disruptive Technologies ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the Indxx Disruptive Technologies Index. The investment objective of the ALPS Electrification Infrastructure ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the Ladenburg Thalmann Electrification Infrastructure Index. The investment objective of the ALPS Medical Breakthroughs ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the S-Network Medical Breakthroughs Index.

ALPS Clean Energy ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF, and ALPS Medical Breakthroughs ETF have elected to qualify as a diversified series of the Trust under the 1940 Act.

With the exception of the ALPS Electrification Infrastructure ETF, each Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). ALPS Electrification Infrastructure ETF is listed on the Nasdaq Stock Market LLC ("NASDAQ"). Each Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

19 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The Funds' investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Funds' NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

**B. Fair Value Measurements**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability; including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

20 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following is a summary of the inputs used to value the Funds' investments as of November 30, 2025:

**ALPS Clean Energy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $101701785 | $– | $– | $101701785 |
| Master Limited Partnerships<sup>\*</sup> | 6810254 |  |  | 6810254 |
| Short Term Investments | 17418541 | – | – | 17418541 |
| Total | $125930580 | $– | $– | $125930580 |

---

**ALPS Disruptive Technologies ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $82279113 | $– | $– | $82279113 |
| Master Limited Partnerships<sup>\*</sup> | 977197 |  |  | 977197 |
| Short Term Investments | 5472133 | – | – | 5472133 |
| Total | $88728443 | $– | $– | $88728443 |

---

**ALPS Electrification Infrastructure ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $115484775 | $– | $– | $115484775 |
| Short Term Investments | 4066824 | – | – | 4066824 |
| Total | $119551599 | $– | $– | $119551599 |

---

**ALPS Medical Breakthroughs ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $104588982 | $– | $– | $104588982 |
| Short Term Investments | 8741214 | – | – | 8741214 |
| Total | $113330196 | $– | $– | $113330196 |

---

*\** *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

 

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the period ended November 30, 2025.

**C. Foreign Investment Risk**

The Funds may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. The Fund will not enter into transactions to hedge against declines in the value of the Fund's assets that are denominated in foreign currency.

21 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

Countries with emerging markets may have relatively unstable governments and may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. The economies of emerging markets countries also may be based on only a few industries, making them more vulnerable to changes in local or global trade conditions and more sensitive to debt burdens, inflation rates or adverse news and events.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of the Fund, the value of the Funds' securities may change on the days when investors are not able to purchase the shares of the Fund. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

**D. Foreign Currency Translation**

The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**E. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Interest income, if any, is recorded on the accrual basis.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income for the ALPS Disruptive Technologies ETF, the ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF, if any, are declared and paid annually or as the Board may determine from time to time. Dividends from net investment income for ALPS Clean Energy ETF, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

**G. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the period ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions, REIT true-up adjustment, and prior year tax return true-ups:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable<br> Earnings/(Accumulated<br> Losses)** |
| ALPS Clean Energy ETF | $(6778986) | $6778986 |
| ALPS Disruptive Technologies ETF | 4982862 | (4982862) |
| ALPS Electrification Infrastructure ETF | 1897760 | (1897760) |
| ALPS Medical Breakthroughs ETF | 10000698 | (10000698) |

---

22 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The tax character of the distributions paid during the fiscal periods ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| ALPS Clean Energy ETF | $696771 | $– | $254772 |
| ALPS Disruptive Technologies ETF | 380334 |  | 18992 |
| ALPS Electrification Infrastructure ETF | 288547 |  |  |
| ALPS Medical Breakthroughs ETF | 1520652 |  | 2146410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| ALPS Clean Energy ETF | $987799 | $– | $1743750 |
| ALPS Disruptive Technologies ETF | 292162 |  |  |
| ALPS Medical Breakthroughs ETF | 220286 |  |  |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Clean Energy ETF | $118603072 | $216626147 |
| ALPS Disruptive Technologies ETF | 6420114 | 22700556 |
| ALPS Medical Breakthroughs ETF | 82703335 | 65902910 |

---

The ALPS Disruptive Technologies ETF used capital loss carryovers during the year ended November 30, 2025 in the amount of $1,058,161.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Accumulated Net<br> Investment Income** | **Accumulated Net<br> Realized Gain/(Loss)<br> on Investments** | **Other Accumulated Losses<sup>(a)</sup>** | **Net Unrealized<br> Appreciation/(Depreciation)<br> on Investments** | **Total** |
| ALPS Clean Energy ETF | $– | $(335229219) | $– | $(99413479) | $(434642698) |
| ALPS Disruptive Technologies ETF |  | (29120670) |  | 8004727 | (21115943) |
| ALPS Electrification Infrastructure ETF | 247717 |  |  | 9988009 | 10235726 |
| ALPS Medical Breakthroughs ETF |  | (148606245) | (259507) | 25310610 | (123555142) |

---

*<sup>(a)</sup>* *Other accumulated losses represents late year ordinary losses the Fund elects to defer to the year ending November 30, 2026.*

23 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Clean Energy <br> ETF** | **ALPS Disruptive<br> Technologies ETF** | **ALPS**<br> **Electrification**<br> **Infrastructure ETF** | **ALPS Medical**<br> **Breakthroughs ETF** |
| Gross appreciation (excess of value over tax cost) | $4205535 | $17138188 | $12454891 | $32954452 |
| Gross depreciation (excess of tax cost over value) | (103619014) | (9133898) | (2466973) | (7643842) |
| Net depreciation of foreign currency | – | 437 | 91 | – |
| Net unrealized appreciation/(depreciation) | $(99413479) | $8004727 | $9988009 | $25310610 |
| Cost of investments for income tax purposes | $225344059 | $80724153 | $109563681 | $88019586 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales, investments in passive foreign investment companies (PFICs), and investments in partnerships.

**H. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the period ended November 30, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**I. Lending of Portfolio Securities**

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Funds' lending agent. Each Fund may lend their portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. Each Funds' securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in each Fund's Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in a Fund's Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Income earned by each Fund from securities lending activity is disclosed in the Statement of Operations.

24 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of**<br> **Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral**<br> **Received** | **Total Collateral<br> Received** |
| ALPS Clean Energy ETF | $30266712 | $17340781 | $13371045 | $30711826 |
| ALPS Disruptive Technologies ETF | 8848586 | 5472133 | 3720705 | 9192838 |
| ALPS Electrification Infrastructure ETF | 4716686 | 3893416 | 866959 | 4760375 |
| ALPS Medical Breakthroughs ETF | 25116392 | 8687009 | 17116233 | 25803242 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Clean Energy ETF** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $17340781 | $– | $– | $– | $17340781 |
| **Total Borrowings** |  |  |  |  | **17340781** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $17340781 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Disruptive Technologies ETF** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $5472133 | $– | $– | $– | $5472133 |
| **Total Borrowings** |  |  |  |  | **5472133** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $5472133 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Electrification Infrastructure ETF** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3893416 | $– | $– | $– | $3893416 |
| **Total Borrowings** |  |  |  |  | **3893416** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $3893416 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Medical Breakthroughs ETF** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $8687009 | $– | $– | $– | $8687009 |
| **Total Borrowings** |  |  |  |  | **8687009** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $8687009 |

---

25 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| ALPS Clean Energy ETF | 0.55% |
| ALPS Disruptive Technologies ETF | 0.50% |
| ALPS Electrification Infrastructure ETF | 0.50% |
| ALPS Medical Breakthroughs ETF | 0.50% |

---

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser's unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Funds.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

**4. PURCHASES AND SALES OF SECURITIES**

For the period ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Clean Energy ETF | $40180102 | $39691767 |
| ALPS Disruptive Technologies ETF | 27530371 | 27082825 |
| ALPS Electrification Infrastructure ETF | 10039218 | 10207626 |
| ALPS Medical Breakthroughs ETF | 53364580 | 56922910 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Clean Energy ETF | $59362456 | $93531997 |
| ALPS Disruptive Technologies ETF | 5681621 | 19503200 |
| ALPS Electrification Infrastructure ETF | 116515795 | 12779805 |
| ALPS Medical Breakthroughs ETF | 18256683 | 53600790 |

---

26 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

For the period ended November 30, 2025, the in-kind net realized gain/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS Clean Energy ETF | $(1163364) |
| ALPS Disruptive Technologies ETF | 5279462 |
| ALPS Electrification Infrastructure ETF | 1900945 |
| ALPS Medical Breakthroughs ETF | 11300820 |

---

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. RELATED PARTY TRANSACTIONS**

The ALPS Disruptive Technologies ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the year ended November 30, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the year ended November 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchase cost paid** | **Sale proceeds received** | **Realized gain/(loss) on sales** |
| ALPS Disruptive Technologies ETF | $– $| 131214 | $(5897) |

---

**7. MARKET RISK**

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of each Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**8. CONCENTRATION RISK**

Each Fund seeks to track an underlying index, which itself may have concentration in certain regions, economies, countries, markets, industries or sectors. Underperformance or increased risk in such concentrated areas may result in underperformance or increased risk in the Funds.

27 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**9. RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**10. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

28 \| November 30, 2025

ALPS ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF,

ALPS Medical Breakthroughs ETF, and ALPS Electrification Infrastructure ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ALPS ETF Trust comprising the funds listed below (the "Funds") as of November 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statement of Operations** | **Statement(s) of Changes in Net Assets** | **Financial Highlights** |
| ALPS Clean Energy ETF | For the year ended | For each of the two years | For each of the three years |
| ALPS Disruptive Technologies ETF | November 30, 2025 | in the period then ended. | in the period then ended. |
| ALPS Medical Breakthroughs ETF |  |  |  |
| ALPS Electrification Infrastructure ETF | For the period from April 9, 2025 (commencement of operations) through November 30, 2025. | For the period from April 9, 2025 (commencement of operations) through November 30, 2025. | For the period from April 9, 2025 (commencement of operations) through November 30, 2025. |

---

The financial highlights of ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF and ALPS Medical Breakthroughs ETF for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_32.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

29 \| November 30, 2025

ALPS ETF Trust

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Dividend Income** | **Dividend Received Deduction** |
| ALPS Clean Energy ETF | 100.00% | 35.14% |
| ALPS Disruptive Technologies ETF | 100.00% | 53.29% |
| ALPS Medical Breakthroughs ETF | 0.00% | 0.00% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

**LICENSING AGREEMENT**

**ALPS Clean Energy ETF**

CIBC NTC is the designer of the construction and methodology for the Underlying Index. "CIBC NTC" and "CIBC Atlas Clean Energy Index" are service marks or trademarks of the Index Provider. CIBC NTC acts as brand licensor for the Underlying Index and is not responsible for the descriptions of the Fund that appear herein.

The Fund is not sponsored by CIBC NTC or any of its affiliates. CIBC NTC makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities or commodities generally or in the Fund particularly. CIBC NTC does not guarantee the quality, accuracy or completeness of the Underlying Index or any Underlying Index data included herein or derived therefrom and assumes no liability in connection with their use. The Underlying Index is determined and composed without regard to the Adviser or the Fund. CIBC NTC has no obligation to take the needs of the Adviser, the Fund or the shareholders of the Fund into consideration in determining, composing or calculating the Underlying Index. CIBC NTC is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the NAV of the Fund.

CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund. CIBC NTC makes no warranty, express or implied, as to results to be obtained by the Adviser, the Fund, Fund shareholders or any other person or entity from the use of the Underlying Index or any data included therein. CIBC NTC makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall CIBC NTC have any liability for any special, punitive, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

All intellectual property rights in the Underlying Index vests in CIBC NTC.

The Underlying Index is the property of CIBC NTC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Underlying Index. The Underlying Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Underlying Index. "Calculated by S&P Dow Jones Indices" and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by CIBC NTC. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").

The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. S&P Dow Jones Indices' only relationship to CIBC NTC with respect to the Underlying Index is the licensing of certain trademarks, service marks and trade names of S&P Dow Jones Indices, and the provision of the calculation services related to the Underlying Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund may be converted into cash or other redemption mechanics. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Underlying Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it investment advice.

30 \| November 30, 2025

ALPS ETF Trust

Additional Information *November 30, 2025 (Unaudited)*

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CIBC NTC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

The Index Provider is not affiliated with the Trust, the Adviser or ALPS Portfolio Solutions Distributor, Inc. (the "Distributor"). The Index Provider has entered into a license agreement with the Adviser (the "License Agreement"). The use of the Underlying Index by the Adviser and the Fund is subject to the terms of the License Agreement, which impose certain limitations and conditions on the Fund's ability to use the Underlying Index.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

**ALPS Disruptive Technologies ETF**

"Indxx" is a service mark of Indxx, LLC ("Indxx" or the "Index Provider") and has been licensed for use for certain purposes by ALPS Advisors, Inc. (the "Adviser").

The ALPS Disruptive Technologies ETF is not sponsored, endorsed, sold or promoted by Indxx. Indxx makes no representation or warranty, express or implied, to the owners of the ALPS Disruptive Technologies ETF or any member of the public regarding the advisability of investing in securities generally or in the ALPS Disruptive Technologies ETF particularly. Indxx has no obligation to take the needs of ALPS Advisors, Inc. or the shareholders of ALPS Disruptive Technologies ETF into consideration in determining, composing, or calculating the Underlying Index. Indxx is not responsible for and has not participated in the determination of the timing, amount or pricing of the ALPS Disruptive Technologies ETF shares to be issued or in the determination or calculation of the equation by which the ALPS Disruptive Technologies ETF is to be converted into cash. Indxx has no obligation or liability in connection with the administration, marketing or trading of the ALPS Disruptive Technologies ETF.

INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE INDEX(ES), TRADING BASED ON THE INDEX(ES), OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE PRODUCTS, OR FOR ANY OTHER USE. INDXX EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS, EXPRESS, STATUTORY, OR IMPLIED, EXCEPT AS SET FORTH IN THIS AGREEMENT. EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT, INDXX HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX(ES) OR ANY DATA INCLUDED THEREIN. INDXX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE FUNDS, ITS SHAREHOLDERS OR AFFILIATES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL INDXX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

31 \| November 30, 2025

ALPS ETF Trust

Additional Information *November 30, 2025 (Unaudited)*

**ALPS Electrification Infrastructure ETF**

Ladenburg Thalmann Index, LLC (the "Index Provider") is not affiliated with the ALPS Electrification Infrastructure ETF (the "Fund") or ALPS Advisors, Inc. (the "Adviser"). The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

LADENBURG THALMANN INDEX, LLC DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE LADENBURG THALMANN ELECTRIFICATION INFRASTRUCTURE INDEX (THE "INDEX") OR ANY DATA INCLUDED THEREIN AND LADENBURG THALMANN INDEX, LLC SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LADENBURG THALMANN INDEX, LLC MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE ALPS ELECTRIFICATION INFRASTRUCURE ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. LADENBURG THALMANN INDEX, LLC MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LADENBURG THALMANN INDEX, LLC HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**ALPS Medical Breakthroughs ETF**

The Fund is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc. ("Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of the physical commodities market. Licensor's only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Underlying Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN AND LICENSOR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Standard & Poor's Custom Indexes serves as calculation agent for the Index. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") or its third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track general stock market performance. S&P's and its third party licensor's only relationship to S-Network Global Indexes, Inc. is the licensing of certain trademarks, service marks and trade names of S&P and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Fund.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

32 \| November 30, 2025

ALPS ETF Trust

Additional Information *November 30, 2025 (Unaudited)*

Standard & Poor's<sup>®</sup>, and S&P<sup>®</sup> are registered trademarks of The McGraw-Hill Companies, Inc.; "Calculated by S&P Custom Indices" and its related stylized mark are service marks of The McGraw-Hill Companies, Inc. These marks have been licensed for use by S-Network Global Indexes, Inc.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

33 \| November 30, 2025

ALPS ETF Trust

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

34 \| November 30, 2025

ALPS ETF Trust

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

35 \| November 30, 2025

ALPS ETF Trust

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation From the Trust** | **Aggregate Special Compensation<br> From the Trust** | **Total Compensation<br> From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

<sup>(1)</sup> *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

36 \| November 30, 2025

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Clean Energy ETF ("ACES"), ALPS Disruptive Technologies ETF ("DTEC"), and ALPS Medical Breakthroughs ETF ("SBIO") (each a "Fund" and collectively "the Funds"). In evaluating the renewal of the Investment Advisory Agreement with respect to each of the Funds, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of each Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board, including the Independent Trustees, reviewed information on the performance of each Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between each underlying index and its corresponding Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summaries set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Funds. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Funds, known as fall-out benefits.

With respect to each Fund, the Board, including the Independent Trustees, noted the following:

<sup>(I)</sup> SBIO

The gross management fee rate for SBIO is equal to the median of its FUSE expense group. SBIO's net expense ratio is equal to the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of SBIO and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to SBIO.

37 \| November 30, 2025

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

<sup>(ii)</sup> ACES

The gross management fee rate for ACES is higher than the median of its FUSE expense group. ACES' net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of ACES and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to ACES.

<sup>(iii)</sup> DTEC

The gross management fee rate for DTEC is higher than the median of its FUSE expense group. DTEC's net expense ratio is slightly higher than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of DTEC and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to DTEC.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

38 \| November 30, 2025

![](fp0096819-2_33.jpg)

![](fp0096819-2_25.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Sector Dividend Dogs ETF | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS International Sector Dividend Dogs ETF | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Emerging Sector Dividend Dogs ETF | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS REIT Dividend Dogs ETF | 7 |
| &nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** | 9 |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** | 10 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Sector Dividend Dogs ETF | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS International Sector Dividend Dogs ETF | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Emerging Sector Dividend Dogs ETF | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS REIT Dividend Dogs ETF | 14 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 15 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | 19 |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 28 |
| &nbsp;&nbsp;&nbsp;**Additional Information** | 29 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **30** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **31** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **32** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **33** |

---

alpsfunds.com \| 1-866-759-5679

ALPS Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.30%)** |  |  |
| ***Communication Services (8.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 839864 | $21853261 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 752092 | 20073336 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc.<sup>(a)</sup> | 321914 | 23055481 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 102787 | 21483511 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 565392 | 23243265 |
| **Total Communication Services** |  | 109708854 |
| ***Consumer Discretionary (9.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 327403 | 25956510 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 116789 | 20972968 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2126386 | 28238406 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 175832 | 22928493 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 81356 | 25368428 |
| **Total Consumer Discretionary** |  | 123464805 |
| ***Consumer Staples (9.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 372652 | 21990195 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 403336 | 24498629 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 497464 | 23554920 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 951195 | 24264984 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 149748 | 23582315 |
| **Total Consumer Staples** |  | 117891043 |
| ***Energy (9.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 158298 | 23923577 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 221626 | 25690886 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 900459 | 24600540 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 340433 | 24790331 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 189898 | 26008430 |
| **Total Energy** |  | 125013764 |
| ***Financials (9.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp | 1304856 | 23983253 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 232556 | 25174187 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 235085 | 24068003 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 549442 | 25549053 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 505486 | 24794088 |
| **Total Financials** |  | 123568584 |
| ***Health Care (10.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 113789 | 25909755 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 538707 | 26504384 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 331208 | 26615875 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 1040431 | 26780694 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 2493592 | 26656499 |
| **Total Health Care** |  | 132467207 |
| ***Industrials (9.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 52755 | 24154404 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 183809 | 20529627 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 784401 | 27304999 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 320649 | 22932817 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 294446 | $28204982 |
| **Total Industrials** |  | 123126829 |
| ***Information Technology (10.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 373358 | 28726165 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 889275 | 21716095 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 97941 | 30222634 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 127055 | 35154848 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 333531 | 21996369 |
| **Total Information Technology** |  | 137816111 |
| ***Materials (9.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 2999516 | 25555876 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 540066 | 21321806 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 450242 | 22057356 |
| &nbsp;&nbsp;&nbsp;Newmont Mining Corp. | 313372 | 28432241 |
| &nbsp;&nbsp;&nbsp;The Dow Chemical Co. | 992599 | 23673486 |
| **Total Materials** |  | 121040765 |
| ***Utilities (10.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Resources, Inc. | 413616 | 25962676 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 342471 | 26592873 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 378060 | 25398071 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 572529 | 26977567 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 567047 | 27059483 |
| **Total Utilities** |  | 131990670 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $1,162,091,368) |  | 1246088632 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.47%)** |  |  |  |
| **Money Market Fund (0.27%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $3,340,305) | 3.91% | 3340305 | $3340305 |

---

1 \| alpsfunds.com

ALPS Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield<br> (continued)** | **Shares<br> (continued)** | **Value<br> (continued)** |
| **Investments Purchased with Collateral from Securities Loaned (0.21%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $2,616,539) |  | 2616539 | $2616539 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,956,844) |  |  | 5956844 |
| **TOTAL INVESTMENTS (99.78%)** |  |  |  |
| (Cost $1,168,048,212) |  |  | $1252045476 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.22%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (0.22%)** |  | 2793042 |
| **NET ASSETS - 100.00%** |  |  | $1254838518 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $19,555,555.*

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

ALPS International Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.27%)** |  |  |
| ***Australia (7.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | 295244 | $8060180 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.<sup>(a)</sup> | 639732 | 8973357 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd.<sup>(a)</sup> | 969880 | 7421660 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd.<sup>(a)</sup> | 496594 | 8110804 |
| **Total Australia** |  | 32566001 |
| ***Finland (10.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | 445417 | 9145466 |
| &nbsp;&nbsp;&nbsp;Neste Oyj<sup>(a)</sup> | 408927 | 7895644 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | 1779632 | 10824696 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 496687 | 8783270 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | 294119 | 8023506 |
| **Total Finland** |  | 44672582 |
| ***France (17.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 85761 | 7333087 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 179997 | 8985125 |
| &nbsp;&nbsp;&nbsp;Cap Gemini SA | 54944 | 8594065 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 559450 | 8611068 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 413353 | 7923546 |
| &nbsp;&nbsp;&nbsp;Kering SA | 28260 | 9601337 |
| &nbsp;&nbsp;&nbsp;Orange SA | 489375 | 8057729 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 75231 | 6772283 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 84362 | 8394989 |
| **Total France** |  | 74273229 |
| ***Germany (9.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BASF SE | 155090 | 8080135 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 81150 | 8290048 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 180402 | 7634236 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 176822 | 9198002 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 131617 | 8882288 |
| **Total Germany** |  | 42084709 |
| ***Hong Kong (3.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings Co., Ltd.<sup>(a)</sup> | 3341500 | 7974295 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | 8776796 | 8161682 |
| **Total Hong Kong** |  | 16135977 |
| ***Italy (4.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 865723 | 8948447 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 1242656 | 8054532 |
| **Total Italy** |  | 17002979 |
| ***Japan (13.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc.<sup>(a)</sup> | 698300 | 8802232 |
| &nbsp;&nbsp;&nbsp;Canon, Inc.<sup>(a)</sup> | 266863 | 7868960 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | 715600 | 7201583 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | 248400 | 9329809 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp.<sup>(a)</sup> | 573000 | 7839064 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd.<sup>(a)</sup> | 244600 | 6941595 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Japan (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd.<sup>(a)</sup> | 262700 | $7578030 |
| **Total Japan** |  | 55561273 |
| ***Netherlands (2.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stellantis NV<sup>(a)</sup> | 851194 | 9079758 |
| ***Norway (3.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 322421 | 7848538 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | 461944 | 6670226 |
| **Total Norway** |  | 14518764 |
| ***Poland (4.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN SA | 356923 | 9195583 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska SA | 58371 | 8237375 |
| **Total Poland** |  | 17432958 |
| ***Singapore (3.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd. | 1565515 | 7840562 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | 2359500 | 8612444 |
| **Total Singapore** |  | 16453006 |
| ***Spain (2.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Repsol SA | 466918 | 8657766 |
| &nbsp;&nbsp;&nbsp;*Sweden (4.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 1002485 | 9671103 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 2067870 | 8301136 |
| **Total Sweden** |  | 17972239 |
| ***Switzerland (2.19%)*** |  |  |
| Roche Holding AG | 24093 | 9222000 |
| ***United Kingdom (10.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 141497 | 8280495 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 392189 | 9297786 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 184697 | 7843009 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 127936 | 9182074 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 6706350 | 8346319 |
| **Total United Kingdom** |  | 42949683 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $338,967,617) |  | 418582924 |

---

3 \| alpsfunds.com

ALPS International Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (8.88%)** |  |  |  |
| **Money Market Fund (0.23%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $967,620) | 3.91% | 967620 | $967620 |
| **Investments Purchased with Collateral from Securities Loaned (8.66%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $36,521,277) |  | 36521277 | $36521277 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $37,488,897) |  |  | 37488897 |
| **TOTAL INVESTMENTS (108.15%)** |  |  |  |
| (Cost $376,456,514) |  |  | $456071821 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.15%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.15%)** |  | (34416950) |
| **NET ASSETS - 100.00%** |  |  | $421654871 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $43,161,881.*

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.46%)** |  |  |
| ***Brazil (6.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Engie Brasil Energia SA | 103740 | $595482 |
| &nbsp;&nbsp;&nbsp;JBS NV | 35439 | 521840 |
| &nbsp;&nbsp;&nbsp;Vale SA, ADR | 52426 | 661092 |
| **Total Brazil** |  | 1778414 |
| ***Chile (1.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC SA | 364419 | 509106 |
| ***China (10.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. | 600100 | 552647 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp., Ltd. | 1027700 | 574197 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 498000 | 665224 |
| &nbsp;&nbsp;&nbsp;Sinotrans, Ltd. | 902100 | 602508 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co., Ltd., Class H<sup>(a)</sup> | 469400 | 612551 |
| **Total China** |  | 3007127 |
| ***Colombia (6.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cementos Argos SA | 222858 | 640782 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest SA, ADR | 10800 | 681048 |
| &nbsp;&nbsp;&nbsp;Interconexion Electrica SA ESP | 98762 | 662596 |
| **Total Colombia** |  | 1984426 |
| ***Czech Republic (4.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CEZ AS | 9002 | 550762 |
| &nbsp;&nbsp;&nbsp;Komercni banka A.S. | 11117 | 622015 |
| **Total Czech Republic** |  | 1172777 |
| ***Hungary (1.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 18332 | 543014 |
| ***India (9.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd., Sponsored ADR<sup>(a)</sup> | 82487 | 1441873 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd., ADR<sup>(a)</sup> | 504851 | 1373194 |
| **Total India** |  | 2815067 |
| ***Indonesia (8.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia Tbk PT | 5490700 | 596708 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 1215100 | 536234 |
| &nbsp;&nbsp;&nbsp;Kalbe Farma Tbk PT | 7774300 | 560142 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 2958600 | 623518 |
| **Total Indonesia** |  | 2316602 |
| ***Malaysia (9.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Genting Malaysia Bhd | 1099700 | 625359 |
| &nbsp;&nbsp;&nbsp;MISC Bhd | 317400 | 576812 |
| &nbsp;&nbsp;&nbsp;Petronas Gas Bhd | 128300 | 543936 |
| &nbsp;&nbsp;&nbsp;Sime Darby Bhd | 1160000 | 547368 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Malaysia (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Telekom Malaysia Bhd | 303900 | $545659 |
| **Total Malaysia** |  | 2839134 |
| ***Mexico (8.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA<sup>(b)(c)</sup> | 213994 | 561382 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 19100 | 665944 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 39965 | 536244 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV, Class A | 272700 | 580834 |
| **Total Mexico** |  | 2344404 |
| ***Philippines (9.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures, Inc. | 1031600 | 479343 |
| &nbsp;&nbsp;&nbsp;Globe Telecom, Inc. | 20970 | 572836 |
| &nbsp;&nbsp;&nbsp;Manila Electric Co. | 59540 | 600527 |
| &nbsp;&nbsp;&nbsp;PLDT, Inc. | 28710 | 632506 |
| &nbsp;&nbsp;&nbsp;Universal Robina Corp. | 425660 | 457270 |
| **Total Philippines** |  | 2742482 |
| ***Russia (0.00%)<sup>(d)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC, Sponsored ADR<sup>(e)(f)(g)</sup> | 64600 | 646 |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC, GDR<sup>(c)(e)(f)(g)</sup> | 17594 | 176 |
| &nbsp;&nbsp;&nbsp;Severstal PAO, GDR<sup>(c)(e)(f)(g)</sup> | 23283 | 233 |
| &nbsp;&nbsp;&nbsp;X5 Retail Group NV, GDR<sup>(c)(e)(f)(g)</sup> | 17785 | 178 |
| **Total Russia** |  | 1233 |
| ***South Africa (8.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Pharmacare Holdings, Ltd. | 93790 | 520713 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 10069 | 700494 |
| &nbsp;&nbsp;&nbsp;Vodacom Group, Ltd. | 72709 | 570157 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings, Ltd. | 183285 | 605300 |
| **Total South Africa** |  | 2396664 |
| ***Thailand (8.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL | 846000 | $499270 |
| &nbsp;&nbsp;&nbsp;Bumrungrad Hospital Pcl | 97100 | 511211 |
| &nbsp;&nbsp;&nbsp;Home Product Center PCL | 2347800 | 466716 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 156800 | 518689 |
| &nbsp;&nbsp;&nbsp;PTT Oil & Retail Business PCL<sup>(b)(c)</sup> | 1251900 | 524947 |
| **Total Thailand** |  | 2520833 |
| ***Turkey (3.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Tofas Turk Otomobil Fabrikasi A.S. | 96143 | 519835 |

---

5 \| alpsfunds.com

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Turkey (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri AS | 133424 | $611535 |
| **Total Turkey** |  | 1131370 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $26,772,570) |  | 28102653 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCK (2.19%)** |  |  |
| ***Chile (2.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina SA, Series B | 138942 | 632453 |
| **TOTAL PREFERRED STOCK** |  |  |
| (Cost $456,542) |  | 632453 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.15%)** |  |  |  |
| **Money Market Fund (0.11%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $31,309) | 3.91% | 31309 | $31309 |
| **Investments Purchased with Collateral from Securities Loaned (6.04%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $1,742,071) |  | 1742071 | 1742071 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,773,380) |  |  | 1773380 |
| **TOTAL INVESTMENTS (105.80%)** |  |  |  |
| (Cost $29,002,492) |  |  | $30508486 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.80%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.80%)** |  | (1672848) |
| **NET ASSETS - 100.00%** |  |  | $28835638 |

---

<sup>(a)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $2,703,553.*

<sup>(b)</sup> *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was 1,086,329, representing 3.77% of net assets.*

<sup>(c)</sup> *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2025, the market value of those securities was $1,086,916, representing 3.77% of net assets.*

<sup>(d)</sup> *Less than 0.005%.*

<sup>(e)</sup> *Security deemed to be illiquid under the procedures utilized by the Valuation Designee. As of November 30, 2025, the fair value of illiquid securities in the aggregate was $1,233, representing less than 0.005% of the Fund's net assets.*

<sup>(f)</sup> *Non-income producing security.*

<sup>(g)</sup> *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.*

*See Notes to Financial Statements and Financial Highlights.*

6 \| alpsfunds.com

ALPS REIT Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.22%)** |  |  |
| ***Data Center REITs (2.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 260 | $195861 |
| ***Diversified REITs (11.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | 14262 | 247303 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | 28142 | 184893 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 11143 | 195782 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc.<sup>(a)</sup> | 12644 | 228604 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | 16022 | 177203 |
| **Total Diversified REITs** |  | 1033785 |
| ***Health Care REITs (11.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 13322 | 207557 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc.<sup>(a)</sup> | 5468 | 181374 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 11404 | 207895 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 40758 | 234766 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 5045 | 205079 |
| **Total Health Care REITs** |  | 1036671 |
| ***Hotel & Resort REITs (10.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 16628 | 197707 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 11887 | 209568 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust<sup>(a)</sup> | 27337 | 206121 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 2082 | 198685 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 36496 | 195619 |
| **Total Hotel & Resort REITs** |  | 1007700 |
| ***Industrial REITs (11.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 3669 | 181432 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 4540 | 220190 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 9498 | 208386 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 4809 | 200102 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 5767 | 226528 |
| **Total Industrial REITs** |  | 1036638 |
| ***Multi-Family Residential REITs (9.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp.<sup>(a)</sup> | 12969 | 189866 |
| &nbsp;&nbsp;&nbsp;Centerspace | 3579 | 238934 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 12203 | 211844 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 6181 | 196618 |
| **Total Multi-Family Residential REITs** |  | 837262 |
| ***Office REITs (10.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust<sup>(a)</sup> | 46034 | 157897 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc.<sup>(a)</sup> | 30113 | 205069 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc.<sup>(a)</sup> | 8849 | 192908 |
| &nbsp;&nbsp;&nbsp;Orion Properties, Inc.<sup>(a)</sup> | 70148 | 157833 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Office REITs (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. | 13089 | $203403 |
| **Total Office REITs** |  | 917110 |
| ***Retail REITs (11.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 7394 | 210507 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 11450 | 209879 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 4872 | 201457 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3457 | 199158 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 6494 | 201963 |
| **Total Retail REITs** |  | 1022964 |
| ***Self-Storage REITs (2.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 6545 | 192750 |
| ***Single-Family Residential REITs (2.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | 13762 | 208219 |
| ***Specialized REITs (8.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EPR Properties | 3578 | 187022 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 4342 | 189007 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 11049 | 259983 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 6304 | 181682 |
| **Total Specialized REITs** |  | 817694 |
| ***Technology REITs (4.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 2193 | 200177 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1200 | 192144 |
| **Total Technology REITs** |  | 392321 |
| ***Telecom Tower REITs (4.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 1074 | 194684 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 1041 | 202235 |
| **Total Telecom Tower REITs** |  | 396919 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $10,246,375) |  | 9095894 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.40%)** |  |  |  |
| **Money Market Fund (0.67%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $61,208) | 3.91% | 61208 | $61208 |

---

7 \| alpsfunds.com

ALPS REIT Dividend Dogs ETF

Schedule of Investments *November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield<br> (continued)** | **Shares<br> (continued)** | **Value<br> (continued)** |
| **Investments Purchased with Collateral from Securities Loaned (2.74%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $251,453) |  | 251453 | $251453 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $312,661) |  |  | 312661 |
| **TOTAL INVESTMENTS (102.64%)** |  |  |  |
| (Cost $10,559,036) |  |  | $9408555 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.64%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.64%)** |  | (241502) |
| **NET ASSETS - 100.00%** |  |  | $9167053 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $800,686.*

*See Notes to Financial Statements and Financial Highlights.*

8 \| alpsfunds.com

ALPS ETF Trust

Statements of Assets and Liabilities *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Sector<br> Dividend Dogs<br> ETF** | **ALPS<br> International<br> Sector Dividend<br> Dogs ETF** | **ALPS Emerging<br> Sector Dividend<br> Dogs ETF** | **ALPS REIT<br> Dividend Dogs<br> ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $1252045476 | $456071821 | $30508486 | $9408555 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $–, $116,993, $11,339 and $–) |  | 116994 | 11365 |  |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 1126122 |  | 1364 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 5772765 | 1032186 | 71934 | 11993 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | – | 115536 | 11323 | – |
| &nbsp;&nbsp;&nbsp;Total Assets | 1257818241 | 458462659 | 30603108 | 9421912 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 115628 | 11336 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 363184 | 170883 | 14063 | 3406 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 2616539 | 36521277 | 1742071 | 251453 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2979723 | 36807788 | 1767470 | 254859 |
| **NET ASSETS** | $1254838518 | $421654871 | $28835638 | $9167053 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1292252750 | $383550490 | $36716505 | $20678063 |
| &nbsp;&nbsp;&nbsp;Total Distributable earnings/(accumulated losses) | (37414232) | 38104381 | (7880867) | (11511010) |
| **NET ASSETS** | $1254838518 | $421654871 | $28835638 | $9167053 |
| **INVESTMENTS, AT COST** | $1168048212 | $376456514 | $29002492 | $10559036 |
| **PRICING OF SHARES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1254838518 | $421654871 | $28835638 | $9167053 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 20734141 | 11250000 | 1200000 | 250000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $60.52 | $37.48 | $24.03 | $36.67 |

---

*\** *Includes $19,555,555, $43,161,881, $2,703,553, and $800,686 respectively of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

9 \| alpsfunds.com

ALPS ETF Trust

Statements of Operations *For the Year Ended November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Sector <br> Dividend Dogs<br> ETF** | **ALPS<br> International<br> Sector Dividend<br> Dogs ETF** | **ALPS Emerging**<br> **Sector Dividend<br> Dogs ETF** | **ALPS REIT<br> Dividend Dogs<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $51756551 | $16604099 | $1386352 | $440009 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 11092 | 43960 | 32106 | 701 |
| &nbsp;&nbsp;&nbsp;Total investment income | 51767643 | 16648059 | 1418458 | 440710 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 4343633 | 1678694 | 160361 | 44393 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4343633 | 1678694 | 160361 | 44393 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 47424010 | 14969365 | 1258097 | 396317 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(a)</sup> | 109246693 | 5724458 | 588457 | (8211) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | – | (41055) | (24830) | – |
| &nbsp;&nbsp;&nbsp;Total net realized gain/(loss) | 109246693 | 5683403 | 563627 | (8211) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (125996012) | 74715476 | 3064706 | (1403427) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | – | 85417 | 2115 | 122 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (125996012) | 74800893 | 3066821 | (1403305) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (16749319) | 80484296 | 3630448 | (1411516) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $30674691 | $95453661 | $4888545 | $(1015199) |
| &nbsp;&nbsp;&nbsp;*\*Net of foreign tax withholding:* | $– | $1980351 | $174413 | $– |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

*See Notes to Financial Statements and Financial Highlights.*

10 \| alpsfunds.com

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $47424010 | $46806967 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 109246693 | (33976902) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (125996012) | 301432766 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 30674691 | 314262831 |
| &nbsp;&nbsp;&nbsp;Net Equalization (Debits) (Note 2) | (236761) | (870038) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (46142983) | (47603187) |
| &nbsp;&nbsp;&nbsp;Total distributions | (46142983) | (47603187) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 58454264 | 22489013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (67616461) | (105057796) |
| &nbsp;&nbsp;&nbsp;Net income equalization (Note 2) | 236761 | 870038 |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (8925436) | (81698745) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (24630489) | 184090861 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1279469007 | 1095378146 |
| &nbsp;&nbsp;&nbsp;End of year | $1254838518 | $1279469007 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 20909141 | 22484141 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1000000 | 425000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1175000) | (2000000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 20734141 | 20909141 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| alpsfunds.com

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14969365 | $13401105 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 5683403 | 13896949 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 74800893 | (7897339) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 95453661 | 19400715 |
| &nbsp;&nbsp;&nbsp;Net Equalization Credits (Note 2) | 2057496 | 827847 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (14966438) | (13409585) |
| &nbsp;&nbsp;&nbsp;Total distributions | (14966438) | (13409585) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 68151601 | 51675875 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14704243) | (6612472) |
| &nbsp;&nbsp;&nbsp;Net income equalization (Note 2) | (2057496) | (827847) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 51389862 | 44235556 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 133934581 | 51054533 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 287720290 | 236665757 |
| &nbsp;&nbsp;&nbsp;End of year | $421654871 | $287720290 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 9750000 | 8250000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2000000 | 1725000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (500000) | (225000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 11250000 | 9750000 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| alpsfunds.com

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the**<br> **Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1258097 | $1409389 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 563627 | 915724 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 3066821 | (318660) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4888545 | 2006453 |
| &nbsp;&nbsp;&nbsp;Net Equalization (Debits) (Note 2) | (17015) | (15965) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1751296) | (1258329) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1751296) | (1258329) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (526095) | (4767074) |
| &nbsp;&nbsp;&nbsp;Net income equalization (Note 2) | 17015 | 15965 |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (509080) | (4751109) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 2611154 | (4018950) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 26224484 | 30243434 |
| &nbsp;&nbsp;&nbsp;End of year | $28835638 | $26224484 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1225000 | 1450000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25000) | (225000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1200000 | 1225000 |

---

*See Notes to Financial Statements and Financial Highlights.*

13 \| alpsfunds.com

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $396317 | $382746 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (8211) | (717319) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1403305) | 3029621 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (1015199) | 2695048 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (470808) | (463643) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (370540) | (312295) |
| &nbsp;&nbsp;&nbsp;Total distributions | (841348) | (775938) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2739584 | 2116950 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6388463) | (1019933) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (3648879) | 1097017 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (5505426) | 3016127 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 14672479 | 11656352 |
| &nbsp;&nbsp;&nbsp;End of year | $9167053 | $14672479 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 350000 | 325000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 75000 | 50000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (175000) | (25000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 250000 | 350000 |

---

*See Notes to Financial Statements and Financial Highlights.*

14 \| alpsfunds.com

ALPS Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $61.19 | $48.72 | $53.58 | $50.47 | $43.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 2.28 | 2.18 | 2.06 | 2.02 | 1.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.73) | 12.49 | (4.79) | 3.11 | 6.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.55 | 14.67 | (2.73) | 5.13 | 8.59 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.22) | (2.20) | (2.13) | (2.02) | (1.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.22) | (2.20) | (2.13) | (2.02) | (1.81) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.67) | 12.47 | (4.86) | 3.11 | 6.78 |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $60.52 | $61.19 | $48.72 | $53.58 | $50.47 |
| **TOTAL RETURN<sup>(b)</sup>** | 2.75% | 30.83% | (5.07)% | 10.42% | 19.77% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $1254839 | $1279469 | $1095378 | $1302568 | $1134743 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.36% | 0.36% | 0.37 %<sup>(c)</sup> | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.93% | 4.01% | 4.10% | 3.84% | 3.43% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 51% | 52% | 51% | 53% | 54% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(e)</sup> | $(0.01) | $(0.04) | $(0.10) | $0.06 | $(0.02) |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Effective April 1, 2023 the Advisory Fee changed from 0.40% to 0.36%.*

*<sup>(d)</sup>* *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*<sup>(e)</sup>* *The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.*

*See Notes to Financial Statements and Financial Highlights.*

15 \| alpsfunds.com

ALPS International Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30, <br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $29.51 | $28.69 | $25.85 | $26.47 | $24.82 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.48 | 1.44 | 1.41 | 1.15 | 1.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 7.97 | 0.82 | 2.80 | (0.68) | 1.65 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 9.45 | 2.26 | 4.21 | 0.47 | 2.74 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.48) | (1.44) | (1.37) | (1.07) | (1.08) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.48) | (1.44) | (1.37) | (1.09) | (1.09) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 7.97 | 0.82 | 2.84 | (0.62) | 1.65 |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $37.48 | $29.51 | $28.69 | $25.85 | $26.47 |
| **TOTAL RETURN<sup>(b)</sup>** | 32.86% | 7.86% | 16.71% | 1.92% | 10.93% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $421655 | $287720 | $236666 | $169951 | $157489 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.46% | 4.79% | 5.12% | 4.43% | 3.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 53% | 55% | 62% | 54% | 61% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(d)</sup> | $0.20 | $0.09 | $0.21 | $0.03 | $(0.25) |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*<sup>(d)</sup>* *The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.*

*See Notes to Financial Statements and Financial Highlights.*

16 \| alpsfunds.com

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $21.41 | $20.86 | $21.27 | $23.56 | $20.96 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.04 | 1.12 | 1.39 | 1.11 | 1.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.02 | 0.43 | (0.39) | (2.41) | 2.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.06 | 1.55 | 1.00 | (1.30) | 3.54 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.44) | (1.00) | (1.41) | (0.99) | (0.94) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.44) | (1.00) | (1.41) | (0.99) | (0.94) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 2.62 | 0.55 | (0.41) | (2.29) | 2.60 |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $24.03 | $21.41 | $20.86 | $21.27 | $23.56 |
| **TOTAL RETURN<sup>(b)</sup>** | 19.89% | 7.55% | 4.88% | (5.20)% | 16.81% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $28836 | $26224 | $30243 | $28182 | $24742 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.71% | 5.22% | 6.54% | 5.17% | 4.32% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 74% | 83% | 85% | 90% | 84% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(d)</sup> | $(0.01) | $(0.01) | $(0.01) | $0.06 | $0.02 |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*<sup>(d)</sup>* *The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.*

*See Notes to Financial Statements and Financial Highlights.*

17 \| alpsfunds.com

ALPS REIT Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,**<br> **2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $41.92 | $35.87 | $41.51 | $49.89 | $40.49 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 1.15 | 1.16 | 1.51 | 1.49 | 1.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (3.96) | 7.32 | (4.62) | (7.86) | 10.25 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.81) | 8.48 | (3.11) | (6.37) | 11.46 |
| DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.36) | (1.44) | (1.46) | (1.51) | (1.36) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (1.08) | (0.99) | (1.07) | (0.50) | (0.70) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.44) | (2.43) | (2.53) | (2.01) | (2.06) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (5.25) | 6.05 | (5.64) | (8.38) | 9.40 |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $36.67 | $41.92 | $35.87 | $41.51 | $49.89 |
| **TOTAL RETURN<sup>(b)</sup>** | (6.59)% | 24.51% | (7.16)% | (13.06)% | 29.03% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $9167 | $14672 | $11656 | $20754 | $28689 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.12% | 3.05% | 4.09% | 3.23% | 2.60% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 54% | 57% | 89% | 85% | 78% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

18 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

1. **ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (each a "Fund" and collectively, the "Funds").

The investment objective of the ALPS Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Sector Dividend Dogs Index. The investment objective of the ALPS International Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® International Sector Dividend Dogs Index. The investment objective of the ALPS Emerging Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Emerging Sector Dividend Dogs Index. The investment objective of the ALPS REIT Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® REIT Dividend Dogs Index. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

Each Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). Each Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

2. **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

A. **Portfolio Valuation**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Funds' investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

19 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

B. **Fair Value Measurements**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

20 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following is a summary of the inputs used to value the Funds' investments as of November 30, 2025:

**ALPS Sector Dividend Dogs ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $1246088632 | $– | $– | $1246088632 |
| Short Term Investments | 5956844 | – | – | 5956844 |
| Total | $1252045476 | $– | $– | $1252045476 |

---

**ALPS International Sector Dividend Dogs ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $418582924 | $– | $– | $418582924 |
| Short Term Investments | 37488897 | – | – | 37488897 |
| Total | $456071821 | $– | $– | $456071821 |

---

**ALPS Emerging Sector Dividend Dogs ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russia | $– | $– | $1233 | $1233 |
| &nbsp;&nbsp;&nbsp;Other\* | 28101420 |  |  | 28101420 |
| Preferred Stock<sup>\*</sup> | $632453 | $– | $– | $632453 |
| Short Term Investments | 1773380 | – | – | 1773380 |
| Total | $30507253 | $– | $1233 | $30508486 |

---

**ALPS REIT Dividend Dogs ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $9095894 | $– | $– | $9095894 |
| Short Term Investments | 312661 | – | – | 312661 |
| Total | $9408555 | $– | $– | $9408555 |

---

*\** *For a detailed sector/country breakdown, see the accompanying Schedules of Investments.*

The Funds, except for the ALPS Emerging Sector Dividend Dogs ETF, did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the twelve months ended November 30, 2025. The Adviser has determined that the value of Level 3 securities is not material; therefore, a reconciliation of assets of the ALPS Emerging Sector Dividend Dogs ETF for Level 3 investments for which significant unobservable inputs were used to determine fair value is not presented for the year ended November 30, 2025.

C. **Foreign Securities**

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of the Fund's investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which a Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

21 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

D. **Foreign Currency Translation**

The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

E. **Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Interest income, if any, is recorded on the accrual basis, including any amortization of premiums and accretion of discounts. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

F. **Dividends and Distributions to Shareholders**

Dividends from net investment income for each Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

G. **Equalization**

The ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, and the ALPS Emerging Sector Dividend Dogs ETF utilize the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring the Funds' shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of the Funds' shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

H. **Foreign Taxes**

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the Funds invest. These foreign taxes, if any, are paid by these Funds and are disclosed in each Fund's Statement of Operations. Foreign taxes accrued as of November 30, 2025, if any, are reflected in each Fund's Statement of Assets and Liabilities.

I. **Real Estate Investment Trusts ("REITs")**

As part of its investments in real estate related securities, the ALPS REIT Dividend Dogs ETF ("RDOG") will invest in REITs and is subject to certain risks associated with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investors' capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate their investments in specific geographic areas or in specific property types, e.g., regional malls, shopping centers, office buildings, apartment buildings and industrial warehouses. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners or unitholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

As REITs generally pay a higher rate of dividends than most other operating companies, to the extent application of RDOG's investment strategy results in RDOG investing in REIT shares, the percentage of RDOG's dividend income received from REIT shares will likely exceed the percentage of RDOG's portfolio that is comprised of REIT shares. Distributions received by RDOG from REITs may consist of dividends, capital gains and/or return of capital.

Dividend income from REITs is recognized on the ex-dividend date. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from RDOG's investments in REITs are reported to RDOG after the end of the calendar year; accordingly, RDOG estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to RDOG after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

22 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the 1940 Act. Due to RDOG's investments in REITs, RDOG may also make distributions in excess of RDOG's earnings and capital gains. Distributions, if any, in excess of RDOG's earnings and profits will first reduce the adjusted tax basis of a holder's shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder.

**J. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions, REIT true-up adjustments and prior year tax return true-ups:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable Earnings** |
| ALPS Sector Dividend Dogs ETF | $10405287 | $(10405287) |
| ALPS International Sector Dividend Dogs ETF | 1304713 | (1304713) |
| ALPS Emerging Sector Dividend Dogs ETF | 48068 | (48068) |
| ALPS REIT Dividend Dogs ETF | 165683 | (165683) |

---

The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Return of Capital** |
| **November 30, 2025** |  |  |
| ALPS Sector Dividend Dogs ETF | $46142983 | $– |
| ALPS International Sector Dividend Dogs ETF | 14966438 |  |
| ALPS Emerging Sector Dividend Dogs ETF | 1751296 |  |
| ALPS REIT Dividend Dogs ETF | 470808 | 370540 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Return of Capital** |
| **November 30, 2024** |  |  |
| ALPS Sector Dividend Dogs ETF | $47603187 | $– |
| ALPS International Sector Dividend Dogs ETF | 13409585 |  |
| ALPS Emerging Sector Dividend Dogs ETF | 1258329 |  |
| ALPS REIT Dividend Dogs ETF | 463643 | 312295 |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Sector Dividend Dogs ETF | $– | $120036877 |
| ALPS International Sector Dividend Dogs ETF |  | 41225620 |
| ALPS Emerging Sector Dividend Dogs ETF | 599877 | 8807358 |
| ALPS REIT Dividend Dogs ETF | 7093285 | 3160071 |

---

The ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF and ALPS Emerging Sector Dividend Dogs ETF used capital loss carryovers during the year ended November 30, 2025 in the amounts of $97,932,504, $4,566,754 and $356,547, respectively.

23 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

As of November 30, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Undistributed net<br> investment income** | **Accumulated net<br> realized loss on<br> investments** | **Net unrealized<br> appreciation/<br> (depreciation) on<br> investments** | **Total** |
| ALPS Sector Dividend Dogs ETF | $3227012 | $(120036877) | $79395633 | $(37414232) |
| ALPS International Sector Dividend Dogs ETF | 3740211 | (41225620) | 75589790 | 38104381 |
| ALPS Emerging Sector Dividend Dogs ETF | 134642 | (9407235) | 1391726 | (7880867) |
| ALPS REIT Dividend Dogs ETF |  | (10253356) | (1257654) | (11511010) |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Appreciation<br> (excess of value<br> over tax cost)** | **Gross<br> Depreciation<br> (excess of tax<br> cost over value)** | **Net Appreciation/<br> (Depreciation) of<br> Foreign Currency** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Cost of<br> Investments for<br> Income Tax<br> Purposes** |
| ALPS Sector Dividend Dogs ETF | $190424352 | $(111028719) | $– | $79395633 | $1172649843 |
| ALPS International Sector Dividend Dogs ETF | 84178527 | (8646043) | 57306 | 75589790 | 380539337 |
| ALPS Emerging Sector Dividend Dogs ETF | 5019298 | (3628779) | 1207 | 1391726 | 29117967 |
| ALPS REIT Dividend Dogs ETF | 651561 | (1909254) | 39 | (1257654) | 10666248 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in passive foreign investment companies.

K. **Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Code, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund's tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

L. **Lending of Portfolio Securities**

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Funds' lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

24 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statements of Operations.

The following is a summary of a Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| ALPS Sector Dividend Dogs ETF | $19555555 | $2616539 | $17299217 | $19915756 |
| ALPS International Sector Dividend Dogs ETF | 43161881 | 36521277 | 8654328 | 45175605 |
| ALPS Emerging Sector Dividend Dogs ETF | 2703553 | 1742071 | 1098761 | 2840832 |
| ALPS REIT Dividend Dogs ETF | 800686 | 251453 | 604360 | 855813 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS Sector Dividend Dogs ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** | **Total** |
| Common Stocks | $2616539 | $– | $– | $– | $2616539 |
| **Total Borrowings** |  |  |  |  | **2616539** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $2616539 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS International Sector Dividend Dogs ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** | **Total** |
| Common Stocks | $36521277 | $– | $– | $– | $36521277 |
| **Total Borrowings** |  |  |  |  | **36521277** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $36521277 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS Emerging Sector Dividend Dogs ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** | **Total** |
| Common Stocks | $1742071 | $– | $– | $– | $1742071 |
| **Total Borrowings** |  |  |  |  | **1742071** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $1742071 |

---

25 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS REIT Dividend Dogs ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** | **Total** |
| Common Stocks | $251453 | $– | $– | $– | $251453 |
| **Total Borrowings** |  |  |  |  | **251453** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $251453 |

---

3. **INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| ALPS Sector Dividend Dogs ETF | 0.36% |
| ALPS International Sector Dividend Dogs ETF | 0.50% |
| ALPS Emerging Sector Dividend Dogs ETF | 0.60% |
| ALPS REIT Dividend Dogs ETF | 0.35% |

---

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser's unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Funds.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. **PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Sector Dividend Dogs ETF | $617554528 | $617285650 |
| ALPS International Sector Dividend Dogs ETF | 176122030 | 175351647 |
| ALPS Emerging Sector Dividend Dogs ETF | 19723059 | 20226667 |
| ALPS REIT Dividend Dogs ETF | 6673274 | 6771892 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Sector Dividend Dogs ETF | $58441329 | $67605990 |
| ALPS International Sector Dividend Dogs ETF | 66146044 | 14294613 |
| ALPS Emerging Sector Dividend Dogs ETF |  | 342894 |
| ALPS REIT Dividend Dogs ETF | 2738382 | 6389422 |

---

26 \| alpsfunds.com

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

For the year ended November 30, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS Sector Dividend Dogs ETF | $10658014 |
| ALPS International Sector Dividend Dogs ETF | 1411945 |
| ALPS Emerging Sector Dividend Dogs ETF | 49135 |
| ALPS REIT Dividend Dogs ETF | 298174 |

---

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. **CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. **RELATED PARTY TRANSACTIONS**

The ALPS Sector Dividend Dogs ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the twelve months ended November 30, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the year ended November 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchase cost paid** | **Sale proceeds received** | **Realized gain/(loss) on sales** |
| ALPS Sector Dividend Dogs ETF | $9906791 | $4691105 | $728445 |

---

7. **MARKET RISK**

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of each Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

8. **RECENT ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

9. **SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

27 \| alpsfunds.com

ALPS ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF,

ALPS Emerging Sector Dividend Dogs ETF and ALPS REIT Dividend Dogs ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF and ALPS REIT Dividend Dogs ETF (the "Funds"), each a series of ALPS ETF Trust, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_26.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

28 \| alpsfunds.com

ALPS ETF Trust

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A** |
| ALPS Sector Dividend Dogs ETF | 100.00% | 93.81% | 0.00% |
| ALPS International Sector Dividend Dogs ETF | 88.49% | 0.00% | 0.00% |
| ALPS Emerging Sector Dividend Dogs ETF | 39.62% | 0.00% | 0.00% |
| ALPS REIT Dividend Dogs ETF | 1.29% | 0.00% | 98.71% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

Pursuant to Section 853(c) of the Internal Revenue Code, the following Funds designated the following for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Foreign Taxes Paid** | **Foreign Source Income** |
| ALPS International Sector Dividend Dogs ETF | $1001337 | $18644254 |
| ALPS Emerging Sector Dividend Dogs ETF | $168122 | $1732037 |

---

**LICENSING AGREEMENTS**

**ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF**

The Funds are not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc.<sup>SM</sup> ("Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the (i) in the case of SDOG, S-Network Sector Dividend Dogs<sup>SM</sup>, (ii) in the case of IDOG, S-Network International Sector Dividend Dogs<sup>SM</sup>, (iii) in the case of EDOG, S-Network Emerging Sector Dividend Dogs Index<sup>SM</sup>, and (iv) in the case of RDOG, S-Network REIT Dividend Dogs Index<sup>SM</sup> (each an "Underlying Index") to track the performance of a market or sector. Licensor's only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Underlying Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN AND LICENSOR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of each Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by each Fund, owners of the Shares of each Fund or any other person or entity from the use of each Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to each Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of each Underlying Index, even if notified of the possibility of such damages.

29 \| alpsfunds.com

ALPS ETF Trust

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

30 \| alpsfunds.com

ALPS ETF Trust

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

31 \| alpsfunds.com

ALPS ETF Trust

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation<br> From the Trust** | **Aggregate Special<br> Compensation From the Trust** | **Total Compensation<br> From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $**–** | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

<sup>(1)</sup> *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

32 \| alpsfunds.com

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS REIT Dividend Dogs ETF ("RDOG"), ALPS Sector Dividend Dogs ETF ("SDOG"), ALPS International Sector Dividend Dogs ETF ("IDOG"), and ALPS Emerging Sector Dividend Dogs ETF ("EDOG") (each a "Fund" and collectively "the Funds"). In evaluating the renewal of the Investment Advisory Agreement with respect to each of the Funds, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of each Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board, including the Independent Trustees, reviewed information on the performance of each Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between each underlying index and its corresponding Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summaries set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds was reasonable under the circumstances and in light of the quality of the services provided. The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds (other than SDOG) and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Funds. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Funds, known as fall-out benefits.

With respect to each Fund, the Board, including the Independent Trustees, noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) RDOG

The gross management fee rate for RDOG is lower than the median of its FUSE expense group. RDOG's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of RDOG and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to RDOG.

33 \| alpsfunds.com

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SDOG

The gross management fee rate for SDOG is slightly higher than the median of its FUSE expense group. SDOG's net expense ratio is slightly lower than the median of its FUSE expense group.

With respect to AAI profitability from SDOG, the Independent Trustees noted SDOG reduced its management fee from 0.40% to 0.36% in April 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) IDOG

The gross management fee rate for IDOG is equal to the median of its FUSE expense group. IDOG's net expense ratio is equal to the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of IDOG and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to IDOG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) EDOG

The gross management fee rate for EDOG is equal to the median of its FUSE expense group. EDOG's net expense ratio is equal to the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of EDOG and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to EDOG.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

34 \| alpsfunds.com

![](fp0096819-2_27.jpg)

![](fp0096819-2_22.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedules of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** | **11** |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** | **12** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **13** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **17** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **21** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **30** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **31** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **33** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **34** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **35** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **36** |

---

alpsfunds.com \| 1-866-759-5679

ALPS \| O'Shares U.S. Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.83%)** |  |  |
| ***Aerospace & Defense (1.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 12664 | $4326402 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 6705 | 3069951 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 4316 | 2469831 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 9250 | 1617918 |
| **Total Aerospace & Defense** |  | 11484102 |
| ***Air Freight & Logistics (0.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 10157 | 1492063 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 24418 | 2339001 |
| **Total Air Freight & Logistics** |  | 3831064 |
| ***Banks (0.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 19104 | 5981080 |
| ***Beverages (1.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 140707 | 10288495 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 33348 | 4960182 |
| **Total Beverages** |  | 15248677 |
| ***Biotechnology (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 9244 | 2104859 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 14931 | 5158063 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 44991 | 5661668 |
| **Total Biotechnology** |  | 12924590 |
| ***Building Products (0.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 5682 | 2394849 |
| ***Capital Markets (4.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4348 | 4553660 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 22466 | 5800047 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 17176 | 8429638 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 9678 | 5455682 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 11077 | 5525540 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 36919 | 3779767 |
| **Total Capital Markets** |  | 33544334 |
| ***Commercial Services & Supplies (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 11916 | 2216614 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 4915 | 1066850 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 12943 | 2819892 |
| **Total Commercial Services & Supplies** |  | 6103356 |
| ***Communications Equipment (3.64%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 302009 | 23236572 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 17679 | 6535573 |
| **Total Communications Equipment** |  | 29772145 |
| ***Consumer Staples Distribution & Retail (1.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 5322 | 4862126 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Consumer Staples Distribution & Retail (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 56817 | $6278847 |
| **Total Consumer Staples Distribution & Retail** |  | 11140973 |
| ***Diversified Telecommunication Services (1.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 137244 | 3571089 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 189115 | 7774518 |
| **Total Diversified Telecommunication Services** |  | 11345607 |
| ***Electrical Equipment (0.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6780 | 1341694 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 7698 | 2662661 |
| **Total Electrical Equipment** |  | 4004355 |
| ***Electronic Equipment, Instruments & Components (0.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 52173 | 7351176 |
| ***Entertainment (0.35%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 27559 | 2879089 |
| ***Financial Services (9.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 68305 | 37603952 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 117071 | 39153225 |
| **Total Financial Services** |  | 76757177 |
| ***Food Products (0.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 9489 | 449304 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 5771 | 1085410 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 17374 | 1000221 |
| **Total Food Products** |  | 2534935 |
| ***Ground Transportation (1.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 59974 | 2120681 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 6760 | 1974528 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 33862 | 7850228 |
| **Total Ground Transportation** |  | 11945437 |
| ***Health Care Equipment & Supplies (3.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 182419 | 23513808 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 18463 | 1944708 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 2942 | 1092012 |
| **Total Health Care Equipment & Supplies** |  | 26550528 |
| ***Health Care Providers & Services (0.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group | 2470 | 684882 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3008 | 1017486 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 11648 | 3841161 |
| **Total Health Care Providers & Services** |  | 5543529 |

---

1 \| November 30, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Hotels, Restaurants & Leisure (4.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 345 | $1695568 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 99906 | 31152689 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 22744 | 1981230 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 25309 | 3877592 |
| **Total Hotels, Restaurants & Leisure** |  | 38707079 |
| ***Household Durables (0.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | 9945 | 1942457 |
| ***Household Products (2.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 35470 | 2851433 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 12796 | 1396300 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 97985 | 14517458 |
| **Total Household Products** |  | 18765191 |
| ***Industrial Conglomerates (0.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 15050 | 2589353 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 23110 | 4441510 |
| **Total Industrial Conglomerates** |  | 7030863 |
| ***Insurance (4.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 26390 | 5620542 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | 20957 | 6207044 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 116611 | 21392289 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 14355 | 4204005 |
| **Total Insurance** |  | 37423880 |
| ***Interactive Media & Services (6.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 167289 | 53562591 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 5115 | 3314264 |
| **Total Interactive Media & Services** |  | 56876855 |
| ***IT Services (4.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 122172 | 30543000 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 81481 | 6331889 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 10797 | 3331738 |
| **Total IT Services** |  | 40206627 |
| ***Machinery (3.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 9252 | 5326932 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 6527 | 3250315 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 8755 | 1622126 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 13249 | 1092248 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 32397 | 8075923 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 35040 | 3113304 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 18440 | 1943945 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 2460 | 2119782 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 6850 | 2329343 |
| **Total Machinery** |  | 28873918 |
| ***Media (2.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 649961 | 17347459 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Personal Care Products (0.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 24286 | $421362 |
| ***Pharmaceuticals (8.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 31640 | 1556688 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4535 | 4877256 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 183011 | 37868636 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 202677 | 21246630 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 51445 | 1324194 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 22954 | 2942244 |
| **Total Pharmaceuticals** |  | 69815648 |
| ***Professional Services (1.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 32500 | 8297250 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 5860 | 1336607 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 41856 | 4674897 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 4482 | 1008764 |
| **Total Professional Services** |  | 15317518 |
| ***Semiconductors & Semiconductor Equipment (2.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 43087 | 7242494 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 73998 | 12451643 |
| **Total Semiconductors & Semiconductor Equipment** |  | 19694137 |
| ***Software (5.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 80266 | 39491675 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 9000 | 2074860 |
| **Total Software** |  | 41566535 |
| ***Specialty Retail (8.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 94973 | 33897764 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 54506 | 13216615 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 16840 | 2969902 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 142197 | 21602568 |
| **Total Specialty Retail** |  | 71686849 |
| ***Technology Hardware, Storage & Peripherals (5.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 174809 | 48745489 |
| ***Tobacco (1.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 84063 | 4960558 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 24055 | 3788181 |
| **Total Tobacco** |  | 8748739 |
| ***Trading Companies & Distributors (0.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 98192 | 3966957 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 2088 | 1980739 |
| **Total Trading Companies & Distributors** |  | 5947696 |

---

2 \| November 30, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Wireless Telecommunication Services (0.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 29864 | $6241875 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $655,997,576) |  | 816697180 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.11%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 887680 | $887680 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $887,680) |  |  | 887680 |
| **TOTAL INVESTMENTS (99.94%)** |  |  |  |
| (Cost $656,885,256) |  |  | $817584860 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.06%)** |  |  | 475644 |
| **NET ASSETS - 100.00%** |  |  | $818060504 |

---

*See Notes to the Financial Statements and Financial Highlights.*

3 \| November 30, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.78%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Automobile Components (2.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 679303 | $15508488 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 92826 | 9965799 |
| **Total Automobile Components** |  | 25474287 |
| ***Beverages (0.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 115544 | 5373952 |
| ***Building Products (3.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 259742 | 17137776 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 32326 | 6133535 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 27683 | 4633581 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 78996 | 7345838 |
| **Total Building Products** |  | 35250730 |
| ***Capital Markets (9.35%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 139561 | 5788990 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 91577 | 5792245 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 20526 | 2422068 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 14021 | 4487701 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 271734 | 13632895 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 82874 | 14536101 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc., Class A | 85182 | 4301691 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 30597 | 5014542 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 75308 | 4832514 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. | 15627 | 2625492 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 219886 | 17779983 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. | 62151 | 3908676 |
| **Total Capital Markets** |  | 85122898 |
| ***Commercial Services & Supplies (2.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 107240 | 8390458 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 191320 | 3336621 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 81614 | 13164338 |
| **Total Commercial Services & Supplies** |  | 24891417 |
| ***Consumer Finance (0.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 43414 | 6877212 |
| ***Consumer Staples Distribution & Retail (0.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc. | 142186 | 2606269 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 7916 | 974460 |
| **Total Consumer Staples Distribution & Retail** |  | 3580729 |
| ***Distributors (1.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 586240 | 17405466 |
| ***Diversified Consumer Services (4.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 520424 | 4293498 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Diversified Consumer Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 3288 | $3638172 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 370211 | 15593287 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 197341 | 15674796 |
| **Total Diversified Consumer Services** |  | 39199753 |
| ***Electric Utilities (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 26500 | 1791930 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 21022 | 2770279 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 14023 | 1161385 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 98429 | 4506079 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 21903 | 1800427 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 46596 | 2368009 |
| **Total Electric Utilities** |  | 14398109 |
| ***Electronic Equipment, Instruments & Components (6.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 356660 | 16944917 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 73671 | 13153220 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 44337 | 11351159 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 126672 | 19314946 |
| **Total Electronic Equipment, Instruments & Components** |  | 60764242 |
| ***Financial Services (9.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 139942 | 5417155 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | 300322 | 18848209 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 667324 | 18918635 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 543480 | 19320714 |
| &nbsp;&nbsp;&nbsp;Western Union Co.<sup>(a)</sup> | 2243632 | 19721525 |
| **Total Financial Services** |  | 82226238 |
| ***Food Products (3.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 88570 | 8508921 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 55820 | 4650922 |
| &nbsp;&nbsp;&nbsp;Campbell's Company | 80892 | 2465588 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 378204 | 6750941 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 149827 | 1607644 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 22844 | 825582 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 57444 | 6177528 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 8291 | 765674 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 12860 | 759512 |
| &nbsp;&nbsp;&nbsp;Marzetti Company | 11360 | 1896438 |
| **Total Food Products** |  | 34408750 |
| ***Gas Utilities (1.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 7343 | 1021118 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 32430 | 2673854 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 68036 | 3271170 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 15778 | 780538 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 24137 | 2021232 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 14654 | 1217015 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 22981 | 2037495 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 64922 | 2567665 |
| **Total Gas Utilities** |  | 15590087 |

---

4 \| November 30, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Ground Transportation (1.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 89823 | $11752441 |
| ***Health Care Providers & Services (6.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 42145 | 18509663 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 152200 | 17688684 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | 167332 | 22805678 |
| **Total Health Care Providers & Services** |  | 59004025 |
| ***Hotels, Restaurants & Leisure (5.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 38467 | 3510498 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 115453 | 20233138 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.<sup>(a)</sup> | 107067 | 15011864 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 605686 | 5118047 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 143600 | 10511520 |
| **Total Hotels, Restaurants & Leisure** |  | 54385067 |
| ***Household Durables (1.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 61916 | 4524821 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 44926 | 6282003 |
| **Total Household Durables** |  | 10806824 |
| ***Household Products (0.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.<sup>(a)</sup> | 20970 | 382283 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 37851 | 945518 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 3803 | 744627 |
| **Total Household Products** |  | 2072428 |
| ***Insurance (2.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 70336 | 18098859 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 124122 | 7653363 |
| **Total Insurance** |  | 25752222 |
| ***IT Services (1.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | 226163 | 17296946 |
| ***Machinery (12.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 158956 | 14093039 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 27479 | 5035527 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 236474 | 21259012 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 35648 | 4063872 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 85346 | 8120672 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 90218 | 16614547 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 79475 | 19028698 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 123709 | 13591908 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 30386 | 8382890 |
| **Total Machinery** |  | 110190165 |
| ***Media (3.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 255338 | 16469302 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 46830 | 8997916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Media (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 360445 | $7035886 |
| **Total Media** |  | 32503104 |
| ***Multi-Utilities (0.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 32485 | 1344229 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 31010 | 2288228 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 26967 | 1863150 |
| **Total Multi-Utilities** |  | 5495607 |
| ***Pharmaceuticals (2.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 525860 | 21044917 |
| ***Professional Services (1.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 113986 | 8241188 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 148862 | 9790654 |
| **Total Professional Services** |  | 18031842 |
| ***Semiconductors & Semiconductor Equipment (1.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 258422 | 17042931 |
| ***Software (3.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 267632 | 18051778 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(a)</sup> | 40070 | 14335043 |
| **Total Software** |  | 32386821 |
| ***Specialty Retail (1.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 23815 | 4919465 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 9916 | 3818354 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 30432 | 4921463 |
| **Total Specialty Retail** |  | 13659282 |
| ***Textiles, Apparel & Luxury Goods (1.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 68983 | 3705077 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 18610 | 6836011 |
| **Total Textiles, Apparel & Luxury Goods** |  | 10541088 |
| ***Tobacco (0.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 10532 | 555668 |
| ***Trading Companies & Distributors (0.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial |  |  |
| &nbsp;&nbsp;&nbsp;Technologies, Inc. | 29455 | 7623543 |
| ***Water Utilities (0.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 17791 | 1312442 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 19093 | 866249 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 128841 | 5100816 |
| **Total Water Utilities** |  | 7279507 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $878,789,583) |  | 907988298 |

---

5 \| November 30, 2025

---

| | |
|:---|:---|
| **ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**  | **ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**  |
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (4.55%)** |  |  |  |
| **Money Market Fund (0.07%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $617,875) | 3.91% | 617875 | $617875 |
| **Investments Purchased with Collateral from Securities Loaned (4.48%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $40,784,325) |  | 40784325 | $40784325 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $41,402,200) |  |  | 41402200 |
| **TOTAL INVESTMENTS (104.33%)** |  |  |  |
| (Cost $920,191,783) |  |  | $949390498 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.33%)** |  |  | (39432441) |
| **NET ASSETS - 100.00%** |  |  | $909958057 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $42,069,447.*

 

*See Notes to the Financial Statements and Financial Highlights.*

6 \| November 30, 2025

ALPS \| O'Shares Global Internet Giants ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (100.01%)** |  |  |
| ***Broadline Retail (12.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd., Sponsored ADR | 7764 | $1221277 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 37125 | 8658293 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., ADR | 16254 | 484857 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 1410 | 2921210 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. | 27348 | 1710220 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR<sup>(a)</sup> | 29215 | 3391277 |
| **Total Broadline Retail** |  | 18387134 |
| ***Diversified Consumer Services (1.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.<sup>(a)</sup> | 7823 | 1497400 |
| ***Entertainment (8.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | 6383 | 839045 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc., ADR | 5713 | 788680 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 28750 | 3092925 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A<sup>(a)</sup> | 21932 | 2084198 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA<sup>(a)</sup> | 3267 | 1956508 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 8099 | 1992921 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR | 70036 | 1292164 |
| **Total Entertainment** |  | 12046441 |
| ***Ground Transportation (2.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd.<sup>(a)</sup> | 356707 | 1944053 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 27950 | 2446743 |
| **Total Ground Transportation** |  | 4390796 |
| ***Health Care Technology (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A<sup>(a)</sup> | 4621 | 1110380 |
| ***Hotels, Restaurants & Leisure (4.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 8015 | 937675 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 235 | 1154952 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A<sup>(a)</sup> | 10664 | 2115418 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B<sup>(a)(b)(c)</sup> | 115417 | 1519493 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd., ADR | 22940 | 1603965 |
| **Total Hotels, Restaurants & Leisure** |  | 7331503 |
| ***Interactive Media & Services (17.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 33154 | 10615248 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology<sup>(b)(c)</sup> | 101300 | 882154 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 12754 | 8263954 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A<sup>(a)</sup> | 39359 | 1028057 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc.<sup>(a)</sup> | 10379 | 2246742 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 36017 | 2828845 |
| **Total Interactive Media & Services** |  | 25865000 |
| ***IT Services (7.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A<sup>(a)</sup> | 12850 | 2572699 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | 5377 | 1787153 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A<sup>(a)</sup> | 24309 | 3856380 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***IT Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 13254 | $3329935 |
| **Total IT Services** |  | 11546167 |
| ***Media (1.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 37797 | 1495249 |
| ***Professional Services (0.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 8877 | 991472 |
| ***Real Estate Management & Development (1.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 20210 | 1390448 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc.<sup>(a)</sup> | 17745 | 1319873 |
| **Total Real Estate Management & Development** |  | 2710321 |
| ***Software (41.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 3229 | 1033700 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 5949 | 3566307 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A<sup>(a)</sup> | 11910 | 1780783 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 6595 | 3357910 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.<sup>(a)</sup> | 4419 | 2026509 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 16676 | 2668327 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.<sup>(a)</sup> | 991 | 1789578 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 15344 | 1244859 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 6707 | 1448578 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 3515 | 1291130 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 3420 | 2168554 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 19120 | 9407230 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc.<sup>(a)</sup> | 17985 | 859683 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 18782 | 3793025 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 33112 | 5577715 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 9381 | 1783610 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc.<sup>(a)</sup> | 31750 | 2200910 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 6647 | 1532399 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A<sup>(a)</sup> | 61500 | 2338845 |
| &nbsp;&nbsp;&nbsp;SAP SE | 6811 | 1648199 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 3212 | 2609461 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd.<sup>(d)</sup> | 40525 | 1938675 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A<sup>(a)</sup> | 6520 | 1405842 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.<sup>(a)</sup> | 22445 | 1797665 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 8482 | 2133223 |
| **Total Software** |  | 61402717 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,244,875) |  | 148774580 |

---

7 \| November 30, 2025

ALPS \| O'Shares Global Internet Giants ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.24%)** |  |  |  |
| **Money Market Fund (0.01%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $15,983) | 3.91% | 15983 | $15983 |
| **Investments Purchased with Collateral from Securities Loaned (1.23%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $1,827,247) |  | 1827247 | $1827247 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,843,230) |  |  | 1843230 |
| **TOTAL INVESTMENTS (101.25%)** |  |  |  |
| (Cost $107,088,105) |  |  | $150617810 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.25%)** |  |  | (1864227) |
| **NET ASSETS - 100.00%** |  |  | $148753583 |

---

<sup>(a)</sup> *Non-income producing security.*

<sup>(b)</sup> *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $2,401,647, representing 1.61% of net assets.*

<sup>(c)</sup> *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2025, the market value of those securities was $2,401,647, representing 1.61% of net assets.*

<sup>(d)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,744,653.*

 

*See Notes to the Financial Statements and Financial Highlights.*

8 \| November 30, 2025

ALPS \| O'Shares International Developed Quality Dividend ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.19%)** |  |  |
| ***Aerospace & Defense (5.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbus SE | 2000 | $474467 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 40105 | 566968 |
| &nbsp;&nbsp;&nbsp;Safran SA | 3138 | 1057032 |
| **Total Aerospace & Defense** |  | 2098467 |
| ***Automobiles (3.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari NV<sup>(a)</sup> | 1981 | 776484 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 41000 | 822336 |
| **Total Automobiles** |  | 1598820 |
| ***Banks (7.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a)</sup> | 10512 | 1050325 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 91883 | 1301633 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 43194 | 764267 |
| **Total Banks** |  | 3116225 |
| ***Biotechnology (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CSL, Ltd.<sup>(a)</sup> | 2579 | 314778 |
| ***Broadline Retail (5.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc.<sup>(a)</sup> | 4648 | 665045 |
| &nbsp;&nbsp;&nbsp;Prosus NV | 15460 | 973370 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | 10257 | 550223 |
| **Total Broadline Retail** |  | 2188638 |
| ***Capital Markets (3.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 16471 | 688526 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A | 17415 | 918467 |
| **Total Capital Markets** |  | 1606993 |
| ***Consumer Staples Distribution & Retail (1.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 11728 | 640594 |
| ***Diversified Telecommunication Services (2.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 30076 | 968786 |
| ***Electric Utilities (2.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 57479 | 1212861 |
| ***Electrical Equipment (5.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | 14640 | 1052199 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 3912 | 1048575 |
| **Total Electrical Equipment** |  | 2100774 |
| ***Electronic Equipment, Instruments & Components (2.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 2500 | 850484 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Entertainment (1.75%)*** | | |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | 8600 | $731142 |
| ***Food Products (3.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle SA | 13655 | 1357339 |
| ***Ground Transportation (1.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 8462 | 810384 |
| ***Health Care Equipment & Supplies (2.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG | 2520 | 200383 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 1272 | 455630 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | 2100 | 315259 |
| **Total Health Care Equipment & Supplies** |  | 971272 |
| ***Household Durables (1.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | 25200 | 738069 |
| ***Industrial Conglomerates (4.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 28800 | 915965 |
| &nbsp;&nbsp;&nbsp;Siemens AG | 4419 | 1170627 |
| **Total Industrial Conglomerates** |  | 2086592 |
| ***Machinery (2.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB<sup>(a)</sup> | 56510 | 958877 |
| ***Personal Care Products (4.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 2305 | 1004581 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 17657 | 1062047 |
| **Total Personal Care Products** |  | 2066628 |
| ***Pharmaceuticals (11.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4742 | 877144 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 9097 | 215666 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 9992 | 1299917 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | 16877 | 831231 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 3037 | 1162463 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 6314 | 628316 |
| **Total Pharmaceuticals** |  | 5014737 |
| ***Professional Services (6.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 13663 | 600987 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | 16100 | 825176 |
| &nbsp;&nbsp;&nbsp;RELX PLC | 20048 | 804351 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 2938 | 312274 |
| **Total Professional Services** |  | 2542788 |
| ***Semiconductors & Semiconductor Equipment (4.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 1759 | 1843887 |
| ***Software (4.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 177 | 428393 |
| &nbsp;&nbsp;&nbsp;SAP SE | 5277 | 1276985 |
| **Total Software** |  | 1705378 |

---

9 \| November 30, 2025

---

| | |
|:---|:---|
| **ALPS \| O'Shares International Developed Quality Dividend ETF**  | **ALPS \| O'Shares International Developed Quality Dividend ETF**  |
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Specialty Retail (3.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | 2000 | $731603 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA<sup>(a)</sup> | 9826 | 550126 |
| **Total Specialty Retail** |  | 1281729 |
| ***Textiles, Apparel & Luxury Goods (4.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 309 | 752950 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1491 | 1099465 |
| **Total Textiles, Apparel & Luxury Goods** |  | 1852415 |
| ***Trading Companies & Distributors (2.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp.<sup>(a)</sup> | 14100 | 844889 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $36,821,407) |  | 41503546 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (9.97%)** |  |  |  |
| **Money Market Fund (0.06%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $23,697) | 3.91% | 23697 | $23697 |
| **Investments Purchased with Collateral from Securities Loaned (9.91%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $4,148,047) |  | 4148047 | 4148047 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $4,171,744) |  |  | 4171744 |
| **TOTAL INVESTMENTS (109.16%)** |  |  |  |
| (Cost $40,993,151) |  |  | $45675290 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-9.16%)** |  |  | (3832882) |
| **NET ASSETS - 100.00%** |  |  | $41842408 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,467,824.*

 

*See Notes to the Financial Statements and Financial Highlights.*

10 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS \| O'Shares <br>U.S. Quality <br>Dividend ETF** | **ALPS \| O'Shares <br>U.S. Small-Cap <br>Quality Dividend ETF** | **ALPS \| O'Shares <br>Global Internet <br>Giants ETF** | **ALPS \| O'Shares <br>International <br>Developed Quality <br>Dividend ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $817584860 | $949390498 | $150617810 | $45675290 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at value (Cost $–, $–, $– and $481) |  |  |  | 481 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 792895 | 1698430 | 17683 | 45307 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable |  | 12246 | 5565 | 287641 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | – | – | – | 818989 |
| &nbsp;&nbsp;&nbsp;Total Assets | 818377755 | 951101174 | 150641058 | 46827708 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft |  |  | 31 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 317251 | 358792 | 60197 | 16814 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  |  | 820439 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | – | 40784325 | 1827247 | 4148047 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 317251 | 41143117 | 1887475 | 4985300 |
| **NET ASSETS** | $818060504 | $909958057 | $148753583 | $41842408 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $689412694 | $898540906 | $301030078 | $45313109 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 128647810 | 11417151 | (152276495) | (3470701) |
| **NET ASSETS** | $818060504 | $909958057 | $148753583 | $41842408 |
| **INVESTMENTS, AT COST** | $656885256 | $920191783 | $107088105 | $40993151 |
| **PRICING OF SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $818060504 | $909958057 | $148753583 | $41842408 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 14225000 | 20754000 | 2800000 | 1275000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $57.51 | $43.84 | $53.13 | $32.82 |

---

** 

*<sup>(a)</sup>* *Includes $-, $42,069,447, $1,744,653 and $4,467,824 of securities on loan.*

 

*See Notes to the Financial Statements and Financial Highlights.*

11 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Statements of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS \| O'Shares <br>U.S. Quality <br>Dividend ETF** | **ALPS \| O'Shares <br>U.S. Small-Cap <br>Quality Dividend ETF** | **ALPS \| O'Shares <br>Global Internet <br>Giants ETF** | **ALPS \| O'Shares <br>International <br>Developed Quality <br>Dividend ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $15615521 | $21751971 | $366033 | $900248 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income | 76 | 19376 | 1391 | 2651 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 15615597 | 21771347 | 367424 | 902899 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 3883314 | 4368763 | 710506 | 183889 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 3883314 | 4368763 | 710506 | 183889 |
| **NET INVESTMENT INCOME/(LOSS)** | 11732283 | 17402584 | (343082) | 719010 |
| **REALIZED AND UNREALIZED GAIN/LOSS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 39065509 | 24934400 | 14524335 | 2554302 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | – | – | 25500 | (5373) |
| &nbsp;&nbsp;&nbsp;Total net realized gain | 39065509 | 24934400 | 14549835 | 2548929 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (9594560) | (83936337) | 3235849 | 2331873 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | – | – | 513 | 26479 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (9594560) | (83936337) | 3236362 | 2358352 |
| **NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS** | 29470949 | (59001937) | 17786197 | 4907281 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $41203232 | $(41599353) | $17443115 | $5626291 |
| *\*Net of foreign tax withholding.* | $– | $9185 | $9682 | $113888 |

---

** 

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

***See Notes to the Financial Statements and Financial Highlights.***

12 \| November 30, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $11732283 | $11723718 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 39065509 | 81467840 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (9594560) | 86566408 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 41203232 | 179757966 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (11744042) | (12150470) |
| &nbsp;&nbsp;&nbsp;Total distributions | (11744042) | (12150470) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 55132008 | 131293184 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (88710857) | (132933611) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (33578849) | (1640427) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (4119659) | 165967069 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 822180163 | 656213094 |
| &nbsp;&nbsp;&nbsp;End of year | $818060504 | $822180163 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 14825000 | 14775000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1000000 | 2575000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1600000) | (2525000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 14225000 | 14825000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

13 \| November 30, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $17402584 | $9572979 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 24934400 | 55188441 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (83936337) | 95906052 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (41599353) | 160667472 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (17530692) | (9548300) |
| &nbsp;&nbsp;&nbsp;Total distributions | (17530692) | (9548300) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 268390801 | 497341585 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (161952406) | (177690807) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 106438395 | 319650778 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 47308350 | 470769950 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 862649707 | 391879757 |
| &nbsp;&nbsp;&nbsp;End of year | $909958057 | $862649707 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 18404000 | 10804000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 6125000 | 11650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3775000) | (4050000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 20754000 | 18404000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

14 \| November 30, 2025

ALPS \| O'Shares Global Internet Giants ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(343082) | $(274377) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 14549835 | 1640489 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 3236362 | 40772793 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 17443115 | 42138905 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15178239 | 11587640 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18978122) | (54926483) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (3799883) | (43338843) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 13643232 | (1199938) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 135110351 | 136310289 |
| &nbsp;&nbsp;&nbsp;End of year | $148753583 | $135110351 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2850000 | 3950000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 325000 | 325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (375000) | (1425000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2800000 | 2850000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

15 \| November 30, 2025

ALPS \| O'Shares International Developed Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $719010 | $893550 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2548929 | 2435167 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 2358352 | 417582 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 5626291 | 3746299 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1475315) | (1395572) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1475315) | (1395572) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4885933 | 3762013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2365481) | (7357597) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 2520452 | (3595584) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 6671428 | (1244857) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 35170980 | 36415837 |
| &nbsp;&nbsp;&nbsp;End of year | $41842408 | $35170980 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1200000 | 1325000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 150000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75000) | (250000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1275000 | 1200000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

16 \| November 30, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Period**<br> **July 1, 2022 to**<br> **November 30, 2022<sup>(a)</sup>** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $55.46 | $44.41 | $43.24 | $40.29 | $42.00 | $33.16 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.79 | 0.78 | 0.81 | 0.36 | 0.77 | 0.69 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.05 | 11.07 | 1.19 | 2.95 | (1.72) | 8.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.84 | 11.85 | 2.00 | 3.31 | (0.95) | 9.50 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.79) | (0.80) | (0.83) | (0.36) | (0.76) | (0.66) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.79) | (0.80) | (0.83) | (0.36) | (0.76) | (0.66) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 2.05 | 11.05 | 1.17 | 2.95 | (1.71) | 8.84 |
| **NET ASSET VALUE, END OF PERIOD** | $57.51 | $55.46 | $44.41 | $43.24 | $40.29 | $42.00 |
| **TOTAL RETURN<sup>(d)</sup>** | 5.21% | 26.90% | 4.74% | 8.27% | (2.38)% | 28.84% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $818061 | $822180 | $656213 | $748122 | $737229 | $688720 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.45% | 1.56% | 1.90% | 2.11 %<sup>(e)</sup> | 1.78% | 1.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 32% | 34% | 25% | 15% | 26% |

---

<sup>(a)</sup> *Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.*

<sup>(b)</sup> *Based on average shares outstanding during the period.*

<sup>(c)</sup> *The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.67 during the year ended June 30, 2021.*

<sup>(d)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(e)</sup> *Annualized.*

<sup>(f)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to the Financial Statements and Financial Highlights.*

17 \| November 30, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Period**<br> **July 1, 2022 to**<br> **November 30, 2022<sup>(a)</sup>** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $46.87 | $36.27 | $35.30 | $31.67 | $— | 35.08 | $24.99 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.83 | 0.68 | 0.73 | 0.31 |  | 0.59 | 0.64 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (3.02) | 10.56 | 0.94 | 3.59 |  | (3.38) | 9.98 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.19) | 11.24 | 1.67 | 3.90 |  | (2.79) | 10.62 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.84) | (0.64) | (0.70) | (0.27 |  | (0.62) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.84) | (0.64) | (0.70) | (0.27 |  | (0.62) | (0.53) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.03) | 10.60 | 0.97 | 3.63 |  | (3.41) | 10.09 |
| **NET ASSET VALUE, END OF PERIOD** | $43.84 | $46.87 | $36.27 | $35.30 | $— | 31.67 | $35.08 |
| **TOTAL RETURN<sup>(d)</sup>** | (4.65)% | 31.17% | 4.82% | 12.39 |  | (8.12)% | 42.79% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $909958 | $862650 | $391880 | $181944 | $— | 155318 | $149215 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48 |  | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.91% | 1.63% | 2.05% | 2.28 |  | 1.69% | 2.08 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 39% | 37% | 64% | 34 |  | 34% | 60% |

---

 

<sup>(a)</sup> *Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.*

<sup>(b)</sup> *Based on average shares outstanding during the period.*

<sup>(c)</sup> *The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.57 during the year ended June 30, 2021.*

<sup>(d)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(e)</sup> *Annualized.*

<sup>(f)</sup> *The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 1.84% during the year ended June 30, 2021 and 2.30% during the year ended June 30, 2020.*

<sup>(g)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to the Financial Statements and Financial Highlights.*

18 \| November 30, 2025

ALPS \| O'Shares Global Internet Giants ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Period**<br> **July 1, 2022 to**<br> **November 30, 2022<sup>(a)</sup>** | **For the Year <br>Ended <br>June 30, 2022** | **For the Year <br>Ended <br>June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $47.41 | $34.51 | $25.11 | $27.08 | $57.04 | $37.85 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.12) | (0.08) | (0.09) | (0.04) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 5.84 | 12.98 | 9.49 | (1.93) | (29.81) | 19.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.72 | 12.90 | 9.40 | (1.97) | (29.96) | 19.19 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 5.72 | 12.90 | 9.40 | (1.97) | (29.96) | 19.19 |
| **NET ASSET VALUE, END OF PERIOD** | $53.13 | $47.41 | $34.51 | $25.11 | $27.08 | $57.04 |
| **TOTAL RETURN<sup>(c)</sup>** | 12.06% | 37.38% | 37.44% | (7.27)% | (52.52)% | 50.70% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $148754 | $135110 | $136310 | $152513 | $209867 | $718766 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(d)</sup> | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.23)% | (0.21)% | (0.29)% | (0.37)%<sup>(d)</sup> | (0.32)% | (0.40)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 37% | 44% | 51% | 22% | 51% | 48% |

---

 

<sup>(a)</sup> *Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.*

<sup>(b)</sup> *Based on average shares outstanding during the period.*

<sup>(c)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(d)</sup> *Annualized.*

<sup>(e)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to the Financial Statements and Financial Highlights.*

19 \| November 30, 2025

ALPS \| O'Shares International Developed Quality Dividend ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br> **Ended**<br> **November 30, 2025<sup>(a)</sup>** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Period**<br> **July 1, 2022 to**<br> **November 30, 2022<sup>(b)</sup>** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $29.31 | $27.48 | $24.18 | $22.62 | $28.00 | $22.28 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(c)</sup> | 0.59 | 0.69 | 0.71 | 0.03 | 0.58 | 0.55 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 4.15 | 2.24 | 3.13 | 1.71 | (5.33) | 5.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.74 | 2.93 | 3.84 | 1.74 | (4.75) | 6.52 |
| DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.23) | (1.10) | (0.54) | (0.18) | (0.63) | (0.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.23) | (1.10) | (0.54) | (0.18) | (0.63) | (0.80) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.51 | 1.83 | 3.30 | 1.56 | (5.38) | 5.72 |
| **NET ASSET VALUE, END OF PERIOD** | $32.82 | $29.31 | $27.48 | $24.18 | $22.62 | $28.00 |
| **TOTAL RETURN<sup>(e)</sup>** | 16.72% | 10.72% | 15.99% | 7.78% | (17.29)% | 29.72% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $41842 | $35171 | $36416 | $35664 | $40716 | $26597 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(f)</sup> | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.88% | 2.30% | 2.68% | 0.29 %<sup>(f)</sup> | 2.20% | 2.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 57% | 29% | 40% | 38% | 22% | 42% |

---

 

<sup>(a)</sup> *Prior to October 1, 2025, the ALPS \| O'Shares International Developed Quality Dividend ETF was known as the ALPS \| O'Shares Europe Quality Dividend ETF.*

<sup>(b)</sup> *Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.*

<sup>(c)</sup> *Based on average shares outstanding during the period.*

<sup>(d)</sup> *The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.54 during the year ended June 30, 2021.*

<sup>(e)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(f)</sup> *Annualized.*

<sup>(g)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to the Financial Statements and Financial Highlights.*

20 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**1. ORGANIZATION**

ALPS ETF Trust (the ''Trust''), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the ''1940 Act''). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS \| O'Shares U.S. Quality Dividend ETF, the ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF, the ALPS \| O'Shares Global Internet Giants ETF and the ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, ALPS \| O'Shares Europe Quality Dividend ETF) (each a "Fund" and collectively, the "Funds").

The investment objective of the ALPS \| O'Shares U.S. Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O'Shares U.S. Quality Dividend Index. The investment objective of the ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O'Shares U.S. Small-Cap Quality Dividend Index. The investment objective of the ALPS \| O'Shares Global Internet Giants ETF is to seek investment results that track the performance (before fees and expenses) of the O'Shares Global Internet Giants Index. Prior to October 1, 2025, the investment objective of the ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, ALPS \| O'Shares Europe Quality Dividend ETF) was to seek investment results that tracked the performance (before fees and expenses) of the O'Shares Europe Quality Dividend Index. Effective October 1, 2025, the investment objective of the ALPS \| O'Shares International Developed Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O'Shares International Developed Quality Dividend Index.

ALPS \| O'Shares Global Internet Giants ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS \| O'Shares U.S. Quality Dividend ETF, ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF and ALPS \| O'Shares International Developed Quality Dividend ETF have each elected to qualify as a diversified series of the Trust under the 1940 Act.

Each Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). Each Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

21 \| November 30, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The Funds' investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

**B. Fair Value Measurements**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| *Level 1 –* | *Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;* |
| *Level 2 –* | *Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and* |
| *Level 3 –* | *Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.* |

---

22 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following is a summary of the inputs used to value the Funds' investments as of November 30, 2025:

**ALPS \| O'Shares U.S. Quality Dividend ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $816697180 | $– | $– | $816697180 |
| Short Term Investments | 887680 | – | – | 887680 |
| Total | $817584860 | $– | $– | $817584860 |

---

**ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $907988298 | $– | $– | $907988298 |
| Short Term Investments | 41402200 | – | – | 41402200 |
| Total | $949390498 | $– | $– | $949390498 |

---

**ALPS \| O'Shares Global Internet Giants ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $148774580 | $– | $– | $148774580 |
| Short Term Investments | 1843230 | – | – | 1843230 |
| Total | $150617810 | $– | $– | $150617810 |

---

**ALPS \| O'Shares International Developed Quality Dividend ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $41503546 | $– | $– | $41503546 |
| Short Term Investments | 4171744 | – | – | 4171744 |
| Total | $45675290 | $– | $– | $45675290 |

---

** 

*<sup>\*</sup>* *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Foreign Investment Risk**

The ALPS \| O'Shares Global Internet Giants ETF and the ALPS \| O'Shares International Developed Quality Dividend ETF may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of a Fund's investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which a Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors.

Countries with emerging markets may have relatively unstable governments and may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. The economies of emerging markets countries also may be based on only a few industries, making them more vulnerable to changes in local or global trade conditions and more sensitive to debt burdens, inflation rates or adverse news and events.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

23 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**D. Foreign Currency Translation**

The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**E. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income, if any, are declared and paid monthly, except for ALPS \| O'Shares International Developed Quality Dividend ETF, which declares and pays dividends from net investment income quarterly. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

**G. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains and net operating losses available for distribution (or available capital loss carryforwards) under income tax regulations.

For the fiscal year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable <br>Earnings/(Accumulated loss)** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $36628552 | $(36628552) |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 29988039 | (29988039) |
| ALPS \| O'Shares Global Internet Giants ETF | 7485076 | (7485076) |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 422642 | (422642) |

---

The tax character of the distributions paid for the fiscal year ended November 30, 2025 and fiscal year ended November 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares U.S. Quality Dividend ETF | $11744042 | $– | $– |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 17530692 |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares Global Internet Giants ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares International Developed Quality Dividend ETF | 1475315 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares U.S. Quality Dividend ETF | $12150470 | $– | $– |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 9548300 |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares Global Internet Giants ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;ALPS \| O'Shares International Developed Quality Dividend ETF | 1395572 |  |  |

---

The character of distributions made during the period may differ from its ultimate characterization for federal income tax purposes.

24 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

As of November 30, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Accumulated net <br>investment income** | **Accumulated net <br>realized gain/(loss) <br>on investments** | **Other accumulated <br>losses** | **Net unrealized <br>appreciation/(depreciation) <br>on investments** | **Total** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $– | $(30844602) | $– | $159492412 | $128647810 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 2326708 | (17384488) |  | 26474931 | 11417151 |
| ALPS \| O'Shares Global Internet Giants ETF |  | (194173382) | (129595) | 42026482 | (152276495) |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 116364 | (7970657) |  | 4383592 | (3470701) |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $3831227 | $27013375 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 6802399 | 10582089 |
| ALPS \| O'Shares Global Internet Giants ETF | 89541542 | 104631840 |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 2482551 | 5488106 |

---

The ALPS \| O'Shares Global Internet Giants ETF elects to defer to the period ending November 30, 2026, late year ordinary losses in the amount of $129,595.

The ALPS \| O'Shares U.S. Quality Dividend ETF used capital loss carryovers during the year ended November 30, 2025, in the amount of $3,402,126.

The ALPS \| O'Shares Global Internet Giants ETF used capital loss carryovers during the year ending November 30, 2025, in the amount of $6,970,352.

The ALPS \| O'Shares International Developed Quality Dividend ETF used capital loss carryovers during the year ended November 30, 2025, in the amount of $1,792,685.

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS \| O'Shares U.S. <br>Quality Dividend ETF** | **ALPS \| O'Shares U.S. <br>Small-Cap Quality <br>Dividend ETF** | **ALPS \| O'Shares Global <br>Internet Giants ETF** | **ALPS \| O'Shares <br>International <br>Developed Quality <br>Dividend ETF** |
| Gross appreciation (excess of value over tax cost) | $192533365 | $93260498 | $49714078 | $5902684 |
| Gross depreciation (excess of tax cost over value) | (33040953) | (66785567) | (7687865) | (1542755) |
| Net appreciation of foreign currency | – | – | 269 | 23663 |
| Net unrealized appreciation/(depreciation) | $159492412 | $26474931 | $42026482 | $4383592 |
| Cost of investments for income tax purposes | $658092448 | $922915567 | $108591597 | $41315361 |

---

The differences between book-basis and tax basis are primarily due to the deferral of losses from wash sales and investments in Passive Foreign Investment Companies (PFICs).

**H. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

25 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

As of and during the year ended November 30, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund's tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**I. Lending of Portfolio Securities**

Effective June 20, 2022, the Funds have entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Funds' lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Funds' securities held at SSB as custodian shall be available to be lent except those securities the Funds or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Funds collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Funds' Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Funds' securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Cash Collateral <br>Received** | **Non-Cash Collateral <br>Received** | **Total Collateral <br>Received** |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | $42069447 | $40784325 | $2199905 | $42984230 |
| ALPS \| O'Shares Global Internet Giants ETF | 1744653 | 1827247 |  | 1827247 |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 4467824 | 4148047 | 528953 | 4677000 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br>90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $40784325 | $– | $– | $– | $40784325 |
| **Total Borrowings** |  |  |  |  | **40784325** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $40784325 |

---

26 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS \| O'Shares Global Internet Giants ETF**<br>**Securities Lending Transactions** | **Overnight & <br>Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br>90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1827247 | $– | $– | $– | $1827247 |
| **Total Borrowings** |  |  |  |  | **1827247** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $1827247 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **ALPS \| O'Shares International Developed Quality Dividend ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br>90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $4148047 | $– | $– | $– | $4148047 |
| **Total Borrowings** |  |  |  |  | **4148047** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  | $4148047 |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fee** | |
| ALPS \| O'Shares U.S. Quality Dividend ETF | Average net assets up to and including $2 billion | 0.48% |
|  | Average net assets greater than $2 billion up to and including $3 billion | 0.44% |
|  | Average net assets greater than $3 billion up to and including $4 billion | 0.40% |
|  | Average net assets greater than $4 billion up to and including $5 billion | 0.36% |
|  | Average net assets greater than $5 billion | 0.32% |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | Average net assets up to and including $2 billion | 0.48% |
|  | Average net assets greater than $2 billion up to and including $3 billion | 0.44% |
|  | Average net assets greater than $3 billion up to and including $4 billion | 0.40% |
|  | Average net assets greater than $4 billion up to and including $5 billion | 0.36% |
|  | Average net assets greater than $5 billion | 0.32% |
| ALPS \| O'Shares Global Internet Giants ETF |  | 0.48% |
| ALPS \| O'Shares International Developed Quality Dividend ETF |  | 0.48% |

---

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser's unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Funds.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

27 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**4. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $142123147 | $141784741 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 371434867 | 353122094 |
| ALPS \| O'Shares Global Internet Giants ETF | 54020026 | 54223084 |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 21621372 | 22214073 |

---

For the fiscal year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $55046304 | $89430064 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 268358831 | 161851901 |
| ALPS \| O'Shares Global Internet Giants ETF | 14936068 | 18866882 |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 4764318 | 2364657 |

---

For the fiscal year ended November 30, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $37170158 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 30235585 |
| ALPS \| O'Shares Global Internet Giants ETF | 7697517 |
| ALPS \| O'Shares International Developed Quality Dividend ETF | 481649 |

---

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. RELATED PARTY TRANSACTIONS**

The ALPS \| O'Shares U.S. Quality Dividend ETF and ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF engaged in cross trades between other funds in the Trust during the year ended November 30, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the year ended November 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchase cost paid** | **Sale proceeds received** | **Realized gain/(loss) on sales** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $– | $5386696 | $(1943079) |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 486442 |  |  |

---

28 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**7. MARKET RISK**

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of each Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disaster or events, country instability, and infectious disease epidemics or pandemics.

**8. RECENT ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**9. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. As of December 30, 2025, each Fund transferred its listing exchange from the Cboe BZX Exchange to the NYSE Arca Inc.

29 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | ***November 30, 2025*** |

---

To the Shareholders of ALPS \| O'Shares U.S. Quality Dividend ETF, ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF,

ALPS \| O'Shares Global Internet Giants ETF and ALPS \| O'Shares International Developed Quality Dividend ETF and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ALPS \| O'Shares U.S. Quality Dividend ETF, ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF, ALPS \| O'Shares Global Internet Giants ETF and ALPS \| O'Shares International Developed Quality Dividend ETF (f.k.a. ALPS \| O'Shares Europe Quality Dividend ETF) (the "Funds"), each a series of ALPS ETF Trust, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_23.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

30 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A Dividends** |
| **ALPS \| O'Shares U.S. Quality Dividend ETF** | **100%** | **100%** | **0%** |
| **ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF** | **100%** | **100%** | **0%** |
| **ALPS \| O'Shares Global Internet Giants ETF** | **0%** | **0%** | **0%** |
| **ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, ALPS \| O'Shares Europe Quality Dividend ETF)** | **100%** | **0%** | **0%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

Pursuant to Section 853(c) of the Internal Revenue Code, the following Funds designated the following for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Foreign Taxes Paid** | **Foreign Source Income** |
| **ALPS \| O'Shares International Developed Quality Dividend ETF (formerly, ALPS \| O'Shares Europe Quality Dividend ETF)** | **$63328** | **$1031593** |

---

**LICENSING AGREEMENTS**

O'Shares Investment Advisers, LLC ("O'Shares") has entered into an index licensing agreement with the Advisor with respect to each of the Funds, to allow the Adviser's use of the O'Shares U.S. Quality Dividend Index, the O'Shares U.S. Small-Cap Quality Dividend Index, the O'Shares Global Internet Giants Index, and the O'Shares International Developed Quality Dividend Index (each, an "Underlying Index"). The following disclosure relates to O'Shares.

The Funds are not sponsored, endorsed, sold or promoted by O'Shares or its third party licensors. Neither O'Shares nor its third party licensors make any representation or warranty, express or implied, to shareholders of a Fund or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the Underlying Index to track general stock market performance. O'Shares' and its third party licensor's only relationship to the Adviser and each Fund is the licensing of certain trademarks, service marks and trade names of O'Shares and/or its third party licensors and for the providing the Underlying Index. Neither O'Shares nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of a Fund or the timing of the issuance or sale of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash. O'Shares has no obligation or liability in connection with the administration, marketing or trading of the Funds.

NEITHER O'SHARES, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. O'SHARES, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. O'SHARES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL O'SHARES, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

O'Shares Investments is a registered trademark and registered service mark of O'Shares Investment, Inc. and has been licensed for use by the Adviser and the Funds.

31 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

The Funds are not sponsored, endorsed, sold or promoted by O'Shares, its affiliates or their third party licensors, and neither O'Shares, its affiliates nor its third party licensors make any representation regarding the advisability of investing in the Funds.

O'Shares has entered into an agreement with S-Network Global Indexes Inc. ("S-Network"), pursuant to which S-Network calculates each Underlying Index. The following disclosure relates to O'Shares.

The Funds are not sponsored, endorsed, sold or promoted by or its third party licensors. Neither S-Network nor its third party licensors make any representation or warranty, express or implied, to the owners of a Fund or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the Underlying Index to track general stock market performance. S-Network's and its third party licensor's only relationship to the Adviser is the licensing of certain trademarks, service marks and trade names of S-Network Global Indexes, Inc. and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S-Network nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of a Fund or the timing of the issuance or sale of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash. S-Network has no obligation or liability in connection with the administration, marketing or trading of the Funds.

NEITHER S-NETWORK, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE CUSTOM INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S-NETWORK, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S-NETWORK MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE CUSTOM INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S-NETWORK, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

S-Network Global Indexes, Inc.<sup>SM</sup>, and SNGI<sup>SM</sup> are registered trademarks and registered service marks of S-Network Global Indexes, Inc. "Calculated by S-Network Global Indexes, Inc." and its related stylized mark are service marks of S-Network Global Indexes, Inc.<sup>SM</sup>, and have been licensed for use by the Adviser.

The Funds are not sponsored, endorsed, sold or promoted by SNGI, its affiliates or their third party licensors and neither SNGI, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in a Fund.

32 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| Changes in and Disagreements with Accountants <br> for Open-End Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

33 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| Proxy Disclosures for Open-End<br> Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

34 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| Remuneration Paid to Directors, Officers, and Others <br> for Open-End Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation <br>From the Trust** | **Aggregate Special Compensation <br>From the Trust** | **Total Compensation <br>From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

** 

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

35 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | ***November 30, 2025 (Unaudited)*** |

---

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS \| O'Shares U.S. Quality Dividend ETF ("OUSA"), ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF ("OUSM"), ALPS \| O'Shares Global Internet Giants ETF ("OGIG"), and ALPS \| O'Shares International Developed Quality Dividend ETF ("OEFA") (each a "Fund" and collectively "the Funds"). In evaluating the renewal of the Investment Advisory Agreement with respect to each of the Funds, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of each Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board, including the Independent Trustees, reviewed information on the performance of each Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between each underlying index and its corresponding Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summaries set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds (other than OUSA and OUSM) and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Funds. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Funds, known as fall-out benefits.

With respect to each Fund, the Board, including the Independent Trustees, noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) OEFA

The gross management fee rate for OEFA is lower than the median of its FUSE expense group. OEFA's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of OEFA and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to OEFA.

36 \| November 30, 2025

ALPS ETF Trust

---

| | |
|:---|:---|
| Statement Regarding Basis for Approval <br> of Investment Advisory Contract | ***November 30, 2025 (Unaudited)*** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) OGIG

The gross management fee rate for OGIG is lower than the median of its FUSE expense group. OGIG's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of OGIG and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to OGIG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) OUSA

The gross management fee rate for OUSA is higher than the median of its FUSE expense group. OUSA's net expense ratio is higher than the median of its FUSE expense group.

The Board took into account, among other things, the unique features and performance of OUSA's underlying index, the management fee breakpoints for OUSA, and the costs and benefits of linkage to the O'Shares name.

With respect to AAI profitability from OUSA, the Independent Trustees noted that OUSA has breakpoints in its management fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) OUSM

The gross management fee rate for OUSM is higher than the median of its FUSE expense group. OUSM's net expense ratio is higher than the median of its FUSE expense group.

The Board took into account, among other things, the unique features and performance of OUSM's underlying index, the management fee breakpoints for OUSM, and the costs and benefits of linkage to the O'Shares name.

With respect to AAI profitability from OUSM, the Independent Trustees noted that OUSM has breakpoints in its management fee.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

37 \| November 30, 2025

![](fp0096819-2_24.jpg)

 

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | 1 |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | 6 |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | 7 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | 8 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 9 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | 10 |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 16 |
| &nbsp;&nbsp;&nbsp;**Additional Information** | 17 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **19** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **20** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **21** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **22** |

---

alpsfunds.com \| 1-866-759-5679

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.90%)** |  |  |
| ***Communication Services (3.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 1868 | $598096 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.<sup>(a)</sup> | 12519 | 441670 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 13640 | 364052 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc.<sup>(a)</sup> | 18379 | 485022 |
| &nbsp;&nbsp;&nbsp;Fox Corp. | 8540 | 497540 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B, Class B | 6793 | 338088 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)(b)</sup> | 53675 | 551779 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 593 | 384234 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 3750 | 403425 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 7648 | 493296 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A<sup>(a)</sup> | 12871 | 336190 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc.<sup>(a)</sup> | 1770 | 383152 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1865 | 389804 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 10257 | 421665 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3893 | 406702 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.<sup>(a)</sup> | 14582 | 421566 |
| **Total Communication Services** |  | 6916281 |
| ***Consumer Discretionary (12.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 5152 | 504226 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.<sup>(a)</sup> | 3283 | 303875 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 3684 | 430991 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1977 | 461076 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 2551 | 494435 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 5324 | 443489 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 2930 | 450605 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 6093 | 323538 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 1691 | 426521 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(a)(b)</sup> | 14315 | 369041 |
| &nbsp;&nbsp;&nbsp;Carvana Co.<sup>(a)(b)</sup> | 1246 | 466627 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.<sup>(a)</sup> | 831 | 494985 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc.<sup>(b)</sup> | 68211 | 323320 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 3806 | 335042 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc.<sup>(b)</sup> | 2033 | 419957 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 2794 | 369562 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 4964 | 410970 |
| &nbsp;&nbsp;&nbsp;Expedia, Inc. | 2030 | 519051 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(a)</sup> | 6798 | 366616 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 15841 | 361650 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc.<sup>(a)(b)</sup> | 15110 | 560581 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 2146 | 338510 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.<sup>(a)</sup> | 6120 | 415426 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc.<sup>(b)</sup> | 1681 | 450542 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc.<sup>(b)</sup> | 5567 | 413906 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 8433 | 574793 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.<sup>(a)</sup> | 15347 | 474222 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A | 20578 | 453333 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.<sup>(a)(b)</sup> | 3016 | 488984 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc.<sup>(b)</sup> | 4335 | 418674 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 16919 | 312325 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 54 | 405394 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Consumer Discretionary (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 12950 | $362082 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 3293 | 418837 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1432 | 526017 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 3049 | 537722 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 1336 | 355710 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.<sup>(a)</sup> | 21310 | 392956 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.<sup>(a)</sup> | 30061 | 476768 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.<sup>(a)(b)</sup> | 3962 | 386572 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 11154 | 418721 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)(b)</sup> | 2847 | 180870 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2704 | 473876 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 3232 | 491005 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 3145 | 439765 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(a)(b)</sup> | 1078 | 487795 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co.<sup>(b)</sup> | 7440 | 407563 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 876 | 472015 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.<sup>(a)</sup> | 16582 | 381718 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | 6655 | 492936 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.<sup>(b)</sup> | 3614 | 373146 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 2289 | 412043 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 5251 | 384373 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.<sup>(a)(b)</sup> | 13003 | 604379 |
| **Total Consumer Discretionary** |  | 23059136 |
| ***Consumer Staples (2.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc.<sup>(b)</sup> | 4078 | 339779 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 811 | 462643 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 3694 | 601937 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 5414 | 435232 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.<sup>(b)</sup> | 15268 | 278336 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3523 | 384430 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 9730 | 408757 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | 6965 | 522305 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | 6882 | 374587 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 10335 | 393144 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 3316 | 277914 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.<sup>(a)(b)</sup> | 9286 | 303652 |
| **Total Consumer Staples** |  | 4782716 |
| ***Energy (5.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 18482 | 453548 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 9700 | 486940 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 8504 | 406321 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1908 | 397742 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 12973 | 480779 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 3820 | 411987 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 8850 | 538611 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 20281 | 531768 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.<sup>(a)(b)</sup> | 27134 | 597491 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<sup>(a)</sup> | 18591 | 453621 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc.<sup>(b)</sup> | 39485 | 558318 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 12675 | 459342 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 2714 | 475791 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 11319 | 512298 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.<sup>(a)(b)</sup> | 95326 | 740683 |

---

1 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Energy (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.<sup>(a)(b)</sup> | 7614 | $411308 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc.<sup>(b)</sup> | 33156 | 247344 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 11689 | 426999 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 7238 | 541402 |
| **Total Energy** |  | 9132293 |
| ***Financials (20.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 7115 | 444261 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 40879 | 488504 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 6062 | 459257 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A<sup>(b)</sup> | 9727 | 403476 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.<sup>(a)(b)</sup> | 6250 | 368438 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 4923 | 404572 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 3372 | 373753 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.<sup>(a)</sup> | 5933 | 380127 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 9958 | 462450 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 8636 | 397429 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp.<sup>(b)</sup> | 7327 | 478014 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 11965 | 476686 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.<sup>(a)(b)</sup> | 41750 | 445473 |
| &nbsp;&nbsp;&nbsp;CBOE Holdings, Inc. | 1928 | 497752 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 3581 | 434411 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc.<sup>(a)</sup> | 1393 | 380038 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 17298 | 479501 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 7555 | 407290 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 7921 | 439616 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 1463 | 432755 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 3174 | 374532 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 4127 | 440351 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.<sup>(a)</sup> | 3912 | 512824 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 7450 | 406845 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. | 10838 | 471887 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc.<sup>(b)</sup> | 4644 | 473967 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 1321 | 422812 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 13488 | 389803 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 8405 | 421679 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 20717 | 409575 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 8702 | 454418 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A<sup>(b)</sup> | 232 | 435670 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 23218 | 421407 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd.<sup>(a)</sup> | 18565 | 506453 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 3030 | 375523 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 7128 | 431886 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 2502 | 464246 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 2492 | 442953 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 15092 | 423482 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 25374 | 413596 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. | 7079 | 460277 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Financials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 6382 | $424275 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc.<sup>(b)</sup> | 1042 | 401066 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 774 | 426110 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 9453 | 434649 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 5686 | 529480 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A<sup>(b)</sup> | 6042 | 387715 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc.<sup>(b)</sup> | 3351 | 422159 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 4088 | 363341 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 19773 | 485625 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 10307 | 409497 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 24698 | 465557 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 12796 | 457585 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.<sup>(a)</sup> | 3855 | 478830 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 2657 | 407982 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc.<sup>(a)(b)</sup> | 13752 | 477469 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 6740 | 422531 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 3651 | 418806 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 4808 | 453923 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 12677 | 364844 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1815 | 415254 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 22754 | 436422 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 16603 | 422546 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | 1819 | 475068 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. | 5943 | 410126 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 5213 | 421523 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 5389 | 383320 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 26475 | 462518 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 9790 | 479318 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 8109 | 456456 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 5866 | 388153 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 8712 | 419918 |
| &nbsp;&nbsp;&nbsp;The Hartford Financial Services Group, Inc. | 3401 | 466039 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 1612 | 472090 |
| &nbsp;&nbsp;&nbsp;Trinity Capital, Inc.<sup>(b)</sup> | 27985 | 414458 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 11224 | 436614 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 12042 | 448444 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 8692 | 434861 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.<sup>(a)</sup> | 24089 | 465640 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 12311 | 440241 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1330 | 444805 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 7328 | 436749 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 9277 | 445110 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 3323 | 445348 |
| **Total Financials** |  | 36560454 |
| ***Health Care (14.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 3376 | 435166 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 19103 | 478339 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.<sup>(a)</sup> | 4094 | 492099 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1634 | 564482 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 16069 | 445111 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.<sup>(a)(b)</sup> | 34472 | 302664 |

---

2 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Health Care (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 3108 | $565936 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 8341 | 466512 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 4390 | 445936 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 9760 | 480192 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 22578 | 528551 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.<sup>(a)(b)</sup> | 34847 | 341849 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 5919 | 375679 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | 6351 | 326695 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 593 | 637754 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 3580 | 416068 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 2680 | 497247 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 11521 | 508883 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3936 | 495306 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A<sup>(a)</sup> | 7673 | 698550 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 5860 | 418404 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 13920 | 491237 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 702 | 528522 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.<sup>(a)</sup> | 4737 | 622679 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 5429 | 567113 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 1317 | 430909 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 1002 | 574627 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 6331 | 590176 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2531 | 523714 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc.<sup>(b)</sup> | 4881 | 404879 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 919 | 544471 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 5449 | 571219 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 3174 | 482956 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.<sup>(a)(b)</sup> | 46921 | 317655 |
| &nbsp;&nbsp;&nbsp;NovaBridge Biosciences, ADR<sup>(a)(b)</sup> | 110248 | 423352 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.<sup>(a)(b)</sup> | 4638 | 533880 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)</sup> | 1651 | 484024 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 18894 | 486332 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 2467 | 466707 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 809 | 631174 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 1670 | 427236 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 11876 | 599619 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 50550 | 306333 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 19223 | 594183 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 2334 | 506105 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)(b)</sup> | 3936 | 575876 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 1115 | 541890 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 2356 | 573992 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A<sup>(a)</sup> | 1631 | 391913 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1147 | 497351 |
| &nbsp;&nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | 1529 | 616829 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 1780 | 493505 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 3041 | 389795 |
| **Total Health Care** |  | 26111676 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (20.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 3184 | $485178 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 2373 | 469593 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1710 | 442582 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 1961 | 774987 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 2296 | 435643 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | 5923 | 597038 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 9720 | 491929 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1535 | 391885 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 3847 | 405551 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.<sup>(a)(b)</sup> | 7780 | 406272 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 4305 | 359295 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1789 | 408053 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2680 | 479398 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 910 | 561561 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc.<sup>(b)</sup> | 1230 | 391226 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1876 | 597581 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1048 | 603396 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 2233 | 415383 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 601 | 587141 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 2468 | 452261 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 1099 | 547280 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 889 | 501654 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 7527 | 482481 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 1750 | 632677 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 713 | 438545 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> | 5735 | 527391 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.<sup>(a)</sup> | 10342 | 410888 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3653 | 536626 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 9503 | 383921 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 3593 | 409602 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 2442 | 370280 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1384 | 472816 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 1602 | 478117 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 10609 | 467433 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 37329 | 476691 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | 9772 | 434659 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 1798 | 444052 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 2430 | 497154 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1028 | 443510 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.<sup>(a)</sup> | 10845 | 381636 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)(b)</sup> | 1190 | 498098 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.<sup>(a)(b)</sup> | 7207 | 414186 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 15814 | 441369 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 2542 | 468135 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 2453 | 468768 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 828 | 413064 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 1888 | 452044 |

---

3 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 3687 | $380056 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 2660 | 429058 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 4552 | 500128 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. | 18009 | 436538 |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc.<sup>(a)</sup> | 6760 | 619351 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 2017 | 479360 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 3288 | 421456 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 598 | 515297 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3335 | 372486 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 2026 | 326530 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 2660 | 391898 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc.<sup>(b)</sup> | 1563 | 505193 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.<sup>(a)(b)</sup> | 4776 | 258286 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 3688 | 466753 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 7292 | 388445 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 7855 | 482925 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)(b)</sup> | 4188 | 425166 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1351 | 459408 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 1440 | 495806 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 4705 | 411876 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc.<sup>(b)</sup> | 6754 | 616032 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2093 | 485220 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 4234 | 431699 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.<sup>(a)(b)</sup> | 26744 | 527927 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 4133 | 418342 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. | 3344 | 601017 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 2069 | 450773 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.<sup>(a)</sup> | 4470 | 451023 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 1897 | 569157 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 3183 | 447753 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 9661 | 460830 |
| **Total Industrials** |  | 36474819 |
| ***Information Technology (13.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc.<sup>(b)</sup> | 25843 | 445016 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 1292 | 413608 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3802 | 535702 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1839 | 487960 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>(a)</sup> | 1637 | 373694 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2690 | 678552 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 770 | 461600 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 3235 | 422750 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.<sup>(a)</sup> | 1968 | 310098 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 1409 | 427406 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1256 | 506118 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 1311 | 408822 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 3859 | 464392 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc.<sup>(b)</sup> | 12072 | 428556 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc.<sup>(b)</sup> | 3423 | 345928 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 6522 | 506825 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 5854 | 492907 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 2779 | 493550 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 12638 | 562644 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc.<sup>(a)</sup> | 5621 | 389816 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 9201 | $409997 |
| &nbsp;&nbsp;&nbsp;Exodus Movement, Inc.<sup>(a)</sup> | 15901 | 262684 |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 1398 | 334346 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 2235 | 609976 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.<sup>(a)(b)</sup> | 16623 | 476083 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 15476 | 408102 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.<sup>(a)</sup> | 45497 | 434951 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(b)</sup> | 1396 | 499419 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 698 | 442588 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 3770 | 373381 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 473 | 555997 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 3855 | 601380 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> | 2086 | 368075 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 2868 | 678225 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 884 | 434937 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 536 | 497499 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 939 | 347129 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 10749 | 434260 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 3639 | 405967 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2534 | 448518 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 29412 | 358826 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 1543 | 311609 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2629 | 442855 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc.<sup>(b)</sup> | 7763 | 425179 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 2195 | 385069 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2784 | 467963 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 3378 | 475791 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.<sup>(a)</sup> | 5238 | 500596 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1857 | 428113 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 485 | 394019 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 1058 | 442255 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2472 | 415963 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 825 | 387436 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc.<sup>(b)</sup> | 742 | 432653 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 4618 | 754258 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A<sup>(a)</sup> | 5377 | 456830 |
| **Total Information Technology** |  | 25258873 |
| ***Materials (4.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 13562 | 566078 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 5706 | 357024 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 5271 | 414828 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 29033 | 501400 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 6072 | 409678 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 3975 | 476841 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 1652 | 454564 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 10086 | 433496 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co.<sup>(b)</sup> | 40227 | 676618 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.<sup>(a)(b)</sup> | 14872 | 590270 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 543 | 414597 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 5690 | 516254 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2097 | 427935 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc.<sup>(b)</sup> | 2382 | 485547 |

---

4 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Materials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 3569 | $382775 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp.<sup>(b)</sup> | 4278 | 576651 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 20143 | 468929 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 3558 | 432546 |
| **Total Materials** |  | 8586031 |
| ***Utilities (0.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1389 | 506096 |
| &nbsp;&nbsp;&nbsp;Edison International | 8020 | 472298 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 2146 | 383833 |
| **Total Utilities** |  | 1362227 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $151,198,593) |  | 178244506 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS (1.77%)** |  |  |
| ***Energy (1.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Black Stone Minerals LP | 35984 | 504856 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 8667 | 472351 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 14192 | 464646 |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A | 11472 | 386377 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 8824 | $479408 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 11760 | 462521 |
| **Total Energy** |  | 2770159 |
| ***Industrials (0.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | 2630 | 455621 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| (Cost $2,815,253) |  | 3225780 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (9.20%)** |  |  |  |
| **Money Market Fund (0.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $554,392) | 3.91% | 554392 | $554392 |
| **Investments Purchased with Collateral from Securities Loaned (8.90%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $16,198,635) |  | 16198635 | $16198635 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $16,753,027) |  |  | 16753027 |
| **TOTAL INVESTMENTS (108.86%)** |  |  |  |
| (Cost $170,766,873) |  |  | $198223313 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-8.86%)** |  |  | (16140631) |
| **NET ASSETS - 100.00%** |  |  | $182082682 |

---

<sup>(a)</sup> *Non-income producing security.*

<sup>(b)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $22,640,768.*

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Statement of Assets and Liabilities *November 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $198223313 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 153281 |
| &nbsp;&nbsp;&nbsp;Total Assets | 198376594 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 95277 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 16198635 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 16293912 |
| **NET ASSETS** | $182082682 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $173382609 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 8700073 |
| **NET ASSETS** | $182082682 |
| **INVESTMENTS, AT COST** | $170766873 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $182082682 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 2225000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $81.83 |

---

\* *Includes $22,640,768 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

6 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Statement of Operations *For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income<sup>\*</sup> | $2280523 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 23745 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2304268 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 1052224 |
| &nbsp;&nbsp;&nbsp;Net expenses | 1052224 |
| **NET INVESTMENT INCOME** | 1252044 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 17955319 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (12268707) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 5686612 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $6938656 |

---

*<sup>\*</sup>* *Net of foreign tax withholding of $4,195.*

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

*See Notes to Financial Statements and Financial Highlights.*

7 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended<br> November 30, 2025** | **For the<br> Year Ended <br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1252044 | $1441750 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 17955319 | 20657427 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (12268707) | 24282171 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6938656 | 46381348 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1034000) | (1760535) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1034000) | (1760535) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 21327278 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7449757) | (14307311) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 13877521 | (14307311) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 19782177 | 30313502 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 162300505 | 131987003 |
| &nbsp;&nbsp;&nbsp;End of year | $182082682 | $162300505 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2050000 | 2275000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 275000 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100000) | (225000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2225000 | 2050000 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

8 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year<br> Ended<br> November 30,<br> 2025** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Year<br> Ended<br> November 30,<br> 2022** | **For the Year<br> Ended<br> November 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $79.17 | $58.02 | $58.02 | $62.39 | $47.32 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.59 | 0.69 | 0.91 | 0.75 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.57 | 21.24 | (0.02) | (4.55) | 15.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.16 | 21.93 | 0.89 | (3.80) | 15.57 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.78) | (0.89) | (0.57) | (0.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.78) | (0.89) | (0.57) | (0.50) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 2.66 | 21.15 | 0.00 | (4.37) | 15.07 |
| **NET ASSET VALUE, END OF PERIOD** | $81.83 | $79.17 | $58.02 | $58.02 | $62.39 |
| **TOTAL RETURN<sup>(b)</sup>** | 4.06% | 38.15% | 1.67% | (6.18)% | 33.18% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $182083 | $162301 | $131987 | $139248 | $155968 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.77% | 1.03% | 1.63% | 1.32% | 0.90% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 93% | 90% | 83% | 94% | 91% |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and redemption at the net asset value on the last day of the year and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

*<sup>(c)</sup>* *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

*See Notes to Financial Statements and Financial Highlights.*

9 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

1. **ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Barron's 400<sup>SM</sup> ETF (the "Fund"). The investment objective of the Fund is to seek investment results that correspond generally, before fees and expenses, to the performance of the Barron's 400 Index<sup>SM</sup> (the "Underlying Index"). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

2. **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

A. **Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. ("the Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

10 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

B. **Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities and Limited Partnerships, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

**Barron's 400 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and<br> Unadjusted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $178244506 | $– | $– | $178244506 |
| Limited Partnerships<sup>\*</sup> | 3225780 |  |  | 3225780 |
| Short Term Investments | 16753027 | – | – | 16753027 |
| Total | $198223313 | $– | $– | $198223313 |

---

** 

*<sup>\*</sup>* *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

11 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

C. **Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

D. **Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid annually or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. **Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions, investment in partnerships, and prior year tax return true-up:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable<br> Earnings/(Accmulated<br> Losses)** |
| Barron's 400<sup>SM</sup> ETF | $1491330 | $(1491330) |

---

The tax character of the distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| Barron's 400<sup>SM</sup> ETF | $1034000 | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| Barron's 400<sup>SM</sup> ETF | $1760535 | $– | $– |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Barron's 400<sup>SM</sup> ETF | $20140867 | $– |

---

The Fund used capital loss carryovers during the year ended November 30, 2025, in the amount of $16,506,608.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| | **Barron's 400<sup>SM</sup> ETF** |
| Undistributed net investment income | $1052037 |
| Accumulated net realized loss on investments | (20140867) |
| Net unrealized appreciation on investments | 27788903 |
| Total | $8700073 |

---

12 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **Barron's 400<sup>SM</sup> ETF** |
| Gross appreciation (excess of value over tax cost) | $35316701 |
| Gross depreciation (excess of tax cost over value) | (7527798) |
| Net unrealized appreciation/(depreciation) | $27788903 |
| Cost of investments for income tax purposes | $170434410 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales, investments in partnerships and passive foreign investment companies.

F. **Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. **Lending of Portfolio Securities**

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Market Value of<br> Securities on Loan** | **Cash<br> Collateral Received** | **Non-Cash<br> Collateral Received** | **Total<br> Collateral Received** |
| Barron's 400<sup>SM</sup> ETF | $22640768 | $16198635 | $6857065 | $23055700 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

13 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **Barron's 400<sup>SM</sup> ETF**<br>**Securities Lending Transactions** | **Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $16198635 | $| $– | $– | $16198635 |
| **Total Borrowings** |  |  |  |  | **16198635** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | $16198635 |

---

3. **INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.65% of the Fund's average daily net assets. From time to time, the Adviser may waive all or a portion of its fee.

Out of the unitary management fees, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. **PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Barron's 400 ETF | $151052874 | $150764378 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Barron's 400 ETF | $21302737 | $7442134 |

---

For the year ended November 30, 2025, the Fund had in-kind net realized gains of $1,459,429.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

14 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

5. **CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. **RELATED PARTY TRANSACTIONS**

The Fund engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the year ended November 30, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust's procedures.

Transactions related to cross trades during the year ended November 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss) on Sales** |
| Barron's 400<sup>SM</sup> ETF | $1144359 | $872707 | $88139 |

---

7. **MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

8. **RECENT ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

9. **SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

15 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Report of Independent Registered Public Accounting Firm *November 30, 2025*

To the Shareholders of Barron's 400<sup>SM</sup> ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Barron's 400<sup>SM</sup> ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_20.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

16 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Additional Information *November 30, 2025 (Unaudited)*

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** |
| Barron's 400<sup>SM</sup> ETF | 100% | 100% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

**LICENSING AGREEMENT**

MarketGrader Capital, LLC (the "Index Provider") has entered into a license agreement with Dow Jones & Company to use the "Barron's" name and certain related intellectual property in connection with the Underlying Index. The Index Provider also has entered into a license and services agreement with its parent company, MarketGrader.com, to use the methodology for constructing the Underlying Index. The Index Provider in turn has entered into the Sublicense Agreement with the Adviser to use the Underlying Index. The following disclosure relates to such licensing agreements:

The Fund is not sponsored, managed or advised by the Index Provider. The Index Provider makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of a market or sector. The Index Provider's only relationship to the Adviser or the Fund is the licensing of certain service marks and trade names of the Index Provider and of the Underlying Index that is determined, composed and calculated by the Index Provider without regard to the Adviser or the Fund. The Index Provider has no obligation to take the needs of the Adviser or the Fund or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index.

THE INDEX PROVIDER DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN AND THE INDEX PROVIDER SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE INDEX PROVIDER MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ADVISER, THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX PROVIDER MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX PROVIDER HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

"The Barron's 400 Index<sup>SM</sup>" is calculated and published by the Index Provider. "Barron's," "Barron's 400" and "Barron's 400 Index" are trademarks or service marks of DJC & Company, Inc. ("DJC") or its affiliates and have been licensed to the Index Provider and sublicensed for certain purposes by Barron's 400 Exchange Traded Fund, a sub-fund of that certain ALPS ETF Trust, a Delaware Statutory Trust (the "Sub-Licensee"). The Barron's 400<sup>SM</sup> ETF (the "Product") is not sponsored or advised by DJC or its affiliates. DJC and its affiliates make no representation or warranty, express or implied, to the Licensee or to the owners of the Product(s) or any member of the public regarding the advisability of trading in the Product. DJC and its affiliates' only relationship to the Licensee is the licensing of certain trademarks and trade names of DJC. The Barron's 400 Index<sup>SM</sup> is determined, composed and calculated by the Index Provider without regard to DJC. DJC has no obligation to take the needs of the Licensee or the owners of the Product into consideration in connection with its licensing of the Barron's 400 Index<sup>SM</sup> to the Index Provider or the Sub-Licensee to Licensee. DJC and its affiliates are not responsible for and have not participated in the calculation of the Barron's 400 Index<sup>SM</sup> or in the determination of the timing of, prices at, or quantities of the Fund to be sold or in the determination or calculation of the equation by which the Product are to be converted into cash. DJC and its affiliates have no obligation or liability in connection with the administration, marketing or trading of the Barron's 400 Index<sup>SM</sup> or the Product.

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BARRON'S 400 INDEX<sup>SM</sup> OR ANY DATA INCLUDED THEREIN AND DOW JONES AND ITS AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES AND ITS AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARRON'S 400 INDEX<sup>SM</sup> OR ANY DATA INCLUDED THEREIN. DOW JONES AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES. AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARRON'S 400 INDEX<sup>SM</sup> OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES AND ITS AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DJC AND THE LICENSEE, OTHER THAN THE LICENSORS OF MARKETGRADER.

17 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Additional Information *November 30, 2025 (Unaudited)*

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

18 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

19 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

20 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation<br> From the Trust** | **Aggregate Special Compensation<br> From the Trust** | **Total Compensation From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 | **–** | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangements, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

21 \| alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the Barron's 400 ETF ("BFOR" or the "Fund"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of the Fund, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable. The Board, including the Independent Trustees, also evaluated the correlation and tracking error between the underlying index and the Fund's performance. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory. The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided. The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for BFOR is higher than the median of its FUSE expense group. BFOR's net expense ratio is higher than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of BFOR and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to BFOR.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

22 \| alpsfunds.com

![](fp0096819-2_21.jpg)

![](fp0096819-2_01lvl.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **2** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **3** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **4** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **5** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **6** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **12** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **13** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **14** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **15** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **16** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **17** |

---

alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (96.75%)** |  |  |
| ***Communication Services (12.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 25516 | $8169712 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 4885 | 3165236 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 16820 | 1809496 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 10632 | 1110725 |
| **Total Communication Services** |  | 14255169 |
| ***Consumer Discretionary (14.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 31063 | 7244512 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 577 | 2835777 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 16698 | 905366 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3067 | 1094674 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3864 | 1204872 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 9654 | 1227892 |
| &nbsp;&nbsp;&nbsp;RH<sup>(a)(b)</sup> | 19875 | 3132101 |
| **Total Consumer Discretionary** |  | 17645194 |
| ***Consumer Staples (1.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | 18476 | 756407 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 8436 | 1150502 |
| **Total Consumer Staples** |  | 1906909 |
| ***Energy (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 13702 | 1876626 |
| ***Financials (8.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 2053 | 2150107 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 4202 | 2313327 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 7346 | 1246322 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 51611 | 3235494 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3461 | 1157497 |
| **Total Financials** |  | 10102747 |
| ***Health Care (7.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5905 | 1344568 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 17401 | 1104441 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 2600 | 1491048 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 11431 | 3769601 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2837 | 1230152 |
| **Total Health Care** |  | 8939810 |
| ***Industrials (7.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 26605 | 1037063 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 18124 | 969272 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2522 | 1154723 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 5921 | 954288 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 914 | 1243195 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 38114 | 3336499 |
| **Total Industrials** |  | 8695040 |
| ***Information Technology (42.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 31773 | 8859901 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 10440 | 2633490 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 8126 | 1061906 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 6819 | 2747784 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Docusign, Inc.<sup>(a)</sup> | 33689 | $2336333 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 16529 | 2578524 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 11507 | 2721175 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 13248 | 6518149 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | 3640 | 1209827 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2308 | 2142216 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 26064 | 4613329 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 5618 | 1068150 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | 27986 | 1381669 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 9367 | 2159468 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 2596 | 2109016 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 12108 | 3042014 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A<sup>(a)</sup> | 21831 | 2831262 |
| **Total Information Technology** |  | 50014213 |
| ***Real Estate (1.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc.<sup>(a)</sup> | 15953 | 1186584 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $87,755,854) |  | 114622292 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (4.89%)** |  |  |  |
| **Money Market Fund (3.24%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $3,838,297) | 3.91% | 3838297 | $3838297 |
| **Investments Purchased with Collateral from Securities Loaned (1.65%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $1,953,977) |  | 1953977 | 1953977 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,792,274) |  |  | 5792274 |
| **TOTAL INVESTMENTS (101.64%)** |  |  |  |
| (Cost $93,548,128) |  |  | $120414566 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.64%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.64%)** |  | (1943442) |
| **NET ASSETS - 100.00%** |  |  | $118471124 |

---

<sup>(a)</sup> *Non-income producing security.*

<sup>(b)</sup> *Security, or a portion of the security position is currently on loan.*

*The total market value of securities on loan is $2,349,037.*

 

*See Notes to Financial Statements and Financial Highlights.*

1 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

Statement of Assets and Liabilities *November 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $120414566 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 58781 |
| &nbsp;&nbsp;&nbsp;Total Assets | 120473347 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 48246 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 1953977 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2002223 |
| **NET ASSETS** | $118471124 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $91709544 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 26761580 |
| **NET ASSETS** | $118471124 |
| **INVESTMENTS, AT COST** | $93548128 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $118471124 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 2908400 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $40.73 |

---

*<sup>(a)</sup>* *Includes $2,349,037 of securities on loan.*

 

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

*Statement of Operations* *For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $724826 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 461 |
| &nbsp;&nbsp;&nbsp;Total investment income | 725287 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 501798 |
| &nbsp;&nbsp;&nbsp;Total expenses | 501798 |
| **NET INVESTMENT INCOME** | 223489 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 12797827 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2523838 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 15321665 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $15545154 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).*

 

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $223489 | $358998 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 12797827 | 3807777 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 2523838 | 19683905 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 15545154 | 23850680 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (308091) | (472605) |
| &nbsp;&nbsp;&nbsp;Total distributions | (308091) | (472605) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 40125413 | 17491395 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (29537151) | (13367369) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 10588262 | 4124026 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 25825325 | 27502101 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 92645799 | 65143698 |
| &nbsp;&nbsp;&nbsp;End of year | $118471124 | $92645799 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2628400 | 2473400 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1075000 | 605000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (795000) | (450000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2908400 | 2628400 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Period <br>August 22, 2023 <br>(Commencement <br>of Operations) to <br>November 30, 2023** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $35.25 | $26.34 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 | 0.14 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 5.51 | 8.95 | 1.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.59 | 9.09 | 1.34 |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.10) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.01) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.18) | – |
| **NET INCREASE IN NET ASSET VALUE** | 5.48 | 8.91 | 1.34 |
| **NET ASSET VALUE, END OF PERIOD** | $40.73 | $35.25 | $26.34 |
| **TOTAL RETURN<sup>(b)</sup>** | 15.90% | 34.63% | 5.36% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $118471 | $92646 | $65144 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.22% | 0.44% | 1.01 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 15% | 8% | 0% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Annualized.*

<sup>(d)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

*Notes to Financial Statements and Financial Highlights* *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Level Four Large Cap Growth Active ETF (the "Fund"). The investment objective of the Fund is to seek maximum total return and above peer average risk-adjusted return. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the Nasdaq Stock Market LLC ("Nasdaq Exchange"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 5,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

6 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level Four Large Cap Growth Active ETF** | **Level Four Large Cap Growth Active ETF** | **Level Four Large Cap Growth Active ETF** | **Level Four Large Cap Growth Active ETF** | **Level Four Large Cap Growth Active ETF** |
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $114622292 | $– | $– | $114622292 |
| Short Term Investments | 5792274 | – | – | 5792274 |
| Total | $120414566 | $– | $– | $120414566 |

---

 

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.

7 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions and prior year tax return true-up:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable <br>Earnings/(Accumulated <br>Losses)** |
| Level Four Large Cap Growth Active ETF | $12732402 | $(12732402) |

---

The tax character of the distributions paid during the fiscal year ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| Level Four Large Cap Growth Active ETF | $308091 | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| Level Four Large Cap Growth Active ETF | $472605 | $– | $– |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2025, the Fund did not have any amounts available to carry forward to the next tax year.

The Fund used capital loss carryovers during the year ended November 30, 2025 in the amount of $131,843.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Accumulated Net <br>Investment Income** | **Accumulated Net <br>Realized <br>Gain/(Loss) on <br>Investments** | **Net Unrealized <br>Appreciation/(Depreciation) <br>on Investments** | **Total** | **Total** |
| Level Four Large Cap Growth Active ETF | $84951 | $– $– $| 26676629 | $— | 26761580 |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **Level Four Large <br>Cap Growth Active ETF** |
| Gross appreciation (excess of value over tax cost) | $30512621 |
| Gross depreciation (excess of tax cost over value) | (3835992) |
| Net unrealized appreciation/(depreciation) | $26676629 |
| Cost of investments for income tax purposes | $93737937 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

8 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**F. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**G. Lending of Portfolio Securities**

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| Level Four Large Cap Growth Active ETF | $2349037 | $1953977 | $471818 | $2425795 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

9 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level Four Large Cap Growth Active ETF** | **Level Four Large Cap Growth Active ETF** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** | **Remaining contractual maturity of the agreements** |
| **Securities Lending Transactions** | **Overnight & Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1953977 | $– | $– | $– | $1953977 |
| **Total Borrowings** |  |  |  |  | 1953977 |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | $1953977 |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.50% of the Fund's average daily net assets.

Out of the unitary management fees, the Adviser pays substantially all expenses of the Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund.

Level Four Capital Management, LLC ("Level Four" or the "Sub-Adviser") serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund's average daily net assets.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025 the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Level Four Large Cap Growth Active ETF | $14620704 | $17865499 |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Level Four Large Cap Growth Active ETF | $39294647 | $29070029 |

---

For the year ended November 30, 2025, the Fund had in-kind net realized gain of $12,729,023.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

10 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 5,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. RECENT ACCOUNTING PRONOUNCEMENT:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

11 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders of Level Four Large Cap Growth Active ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Level Four Large Cap Growth Active ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period August 22, 2023 (commencement of operations) through November 30, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period August 22, 2023 (commencement of operations) through November 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_02lvl.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

12 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Level Four Large Cap Growth Active ETF designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A** |
| **Level Four Large Cap Growth Active ETF** | **100.00%** | **100.00%** | **0.00%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

13 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants <br> for Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

14 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| Proxy Disclosures for Open-End<br> Management Investment Companies | ***November 30, 2025 (Unaudited)*** |

---

Not applicable for this reporting period.

15 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others <br> of Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation From the Trust** | **Aggregate Special Compensation From the Trust** | **Total Compensation From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $— | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**939500** | $**—** | $**939500** |

---

** 

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | ***November 30, 2025 (Unaudited)*** |

---

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the Level Four Large Cap Growth Active ETF (the "Fund" or "LGRO") and (ii) the Investment Sub-Advisory Agreement between the Trust, AAI and Level Four Capital Management, LLC (the "Sub-Adviser" or "Level Four") with respect to the Fund (the "Level Four Sub-Advisory Agreement").

In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1 year and since inception periods and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to the Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for LGRO is lower than the median of its FUSE expense group. LGRO's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of LGRO and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to LGRO.

17 \| alpsfunds.com

Level Four Large Cap Growth Active ETF

---

| | |
|:---|:---|
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | ***November 30, 2025 (Unaudited)*** |

---

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

The Board, including the Independent Trustees, discussed the Level Four Sub-Advisory Agreement.

In evaluating the Level Four Sub-Advisory Agreement, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by Level Four with respect to LGRO under the Level Four Sub-Advisory Agreement; (ii) the advisory fees and other expenses paid by LGRO compared to those of similar funds managed by other investment advisers; (iii) the profitability to Level Four of its sub-advisory relationship with LGRO and the reasonableness of compensation to Level Four; (iv) the extent to which economies of scale would be realized if, and as, LGRO's assets increase, and whether the fee level in the Level Four Sub-Advisory Agreement reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by Level Four under the Level Four Sub-Advisory Agreement, the Board, including the Independent Trustees considered and reviewed information concerning the services provided under the Level Four Sub-Advisory Agreement, LGRO's performance, financial information regarding Level Four, information describing Level Four's current organization and the background and experience of the persons responsible for the day-to-day management of LGRO. Based upon their review, the Board, including the Independent Trustees concluded that Level Four was qualified to oversee the portfolio management of Level Four and that the services provided by Level Four to LGRO are satisfactory. The Board, including the Independent Trustees considered that the contractual sub-advisory fee to be paid to Level Four with respect to LGRO was 0.25% of LGRO's average daily net assets out of a total management fee of 0.50% of LGRO's average daily net assets.

In reviewing LGRO's profitability with respect to Level Four, the Board, including the Independent Trustees considered the resources involved in managing LGRO.

The Board, including the Independent Trustees also considered other benefits that have been and may be realized by Level Four from its relationships with LGRO, known as fall-out benefits.

The Board, including the Independent Trustees considered the extent to which economies of scale may be realized if LGRO's assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Fund's investors. The Board, including the Independent Trustees noted that LGRO commenced operations on August 22, 2023 and has not yet achieved scale in terms of assets. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved with respect to LGRO.

In voting to approve the Level Four Sub-Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of the Level Four Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

18 \| alpsfunds.com

![](fp0096819-2_03lvl.jpg)

![](fp0096819-2_34.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Dynamic Core Income ETF** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Dynamic US Dividend Advantage ETF** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Strategic Income Fund** | **5** |
| &nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** | **8** |
| &nbsp;&nbsp;&nbsp;**Statements of Operations** | **9** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Dynamic Core Income ETF** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Dynamic US Dividend Advantage ETF** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RiverFront Strategic Income Fund** | **12** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **13** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **16** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **24** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **25** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **26** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **27** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **28** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **29** |

---

alpsfunds.com \| 1-866-759-5679

RiverFront Dynamic Core Income ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| **CORPORATE BONDS (*69.45%*)** |  |  |
| ***Communications (2.30%)*** |  |  |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.168%, 01/15/2037<sup>(a)</sup> | $164000 | $163852 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2033 | 242000 | 243546 |
| **Total Communications** |  | 407398 |
| ***Consumer Discretionary (15.76%)*** |  |  |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 07/10/2031 | 201000 | 206946 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, 04/22/2030 | 224000 | 260246 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/04/2027 | 372000 | 388522 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, 01/09/2033 | 558000 | 604290 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 03/15/2027 | 163000 | 162682 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 04/23/2030 | 558000 | 583865 |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, 07/30/2030 | 201000 | 207640 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 04/15/2028<sup>(b)</sup> | 373000 | 373087 |
| **Total Consumer Discretionary** |  | 2787278 |
| ***Energy (9.91%)*** |  |  |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2030<sup>(a)</sup> | 163000 | 159235 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 12/15/2028<sup>(a)</sup> | 650000 | 669116 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 01/15/2033 | 194000 | 196062 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 10/15/2035 | 194000 | 196840 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 06/15/2031 | 324000 | 338305 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, 09/30/2035 | 188000 | 192636 |
| **Total Energy** |  | 1752194 |
| ***Financials (14.66%)*** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/22/2026 | 226000 | 226508 |
| &nbsp;&nbsp;&nbsp;5Y US TI + 3.23%<sup>(c)(d)</sup> | 403000 | 407236 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 297000 | 298522 |
| &nbsp;&nbsp;&nbsp;6.625%, 06/15/2032 | 99000 | 110226 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.135%, 10/23/2030<sup>(c)</sup> | 269000 | 273479 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2027<sup>(a)</sup> | 316000 | 315122 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/01/2027 | 193000 | 194418 |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** |<br>**Value** |
| ***Financials (continued)*** |  |  |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5Y US TI + 3.238%<sup>(c)(d)</sup> | $403000 | $409971 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 11/01/2027 | 344000 | 357381 |
| **Total Financials** |  | 2592863 |
| ***Health Care (1.31%)*** |  |  |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, 03/25/2028 | 68000 | 68198 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 09/01/2026 | 163000 | 163444 |
| **Total Health Care** |  | 231642 |
| ***Industrials (6.04%)*** |  |  |
| Ingersoll Rand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 08/14/2033 | 558000 | 595725 |
| Johnson Controls International PLC / Tyco Fire & Security Finance SCA |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, 12/01/2032 | 228000 | 233913 |
| Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 228000 | 237969 |
| **Total Industrials** |  | 1067607 |
| ***Materials (1.78%)*** |  |  |
| DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.725%, 11/15/2028<sup>(a)</sup> | 71000 | 71948 |
| PPG Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 03/15/2031 | 242000 | 242460 |
| **Total Materials** |  | 314408 |
| ***Technology (8.06%)*** |  |  |
| Concentrix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, 08/02/2033 | 558000 | 556968 |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 10/06/2032 | 194000 | 194573 |
| Flex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2032 | 228000 | 233010 |
| HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 04/25/2030 | 201000 | 208914 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 02/15/2030 | 228000 | 233040 |
| **Total Technology** |  | 1426505 |
| ***Utilities (9.63%)*** |  |  |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 06/01/2028 | 373000 | 374079 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 09/15/2035 | 242000 | 241979 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/15/2027 | 372000 | 384706 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, 06/01/2033 | 330000 | 342245 |

---

*See Notes to Financial Statements and Financial Highlights.*

1 \| alpsfunds.com

RiverFront Dynamic Core Income ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| ***Utilities (continued)*** |  |  |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/15/2031<sup>(a)</sup> | $340000 | $361357 |
| **Total Utilities** |  | 1704366 |
| **TOTAL CORPORATE BONDS** |  |  |
| (Cost $12,045,467) |  | 12284261 |
| **GOVERNMENT BONDS (*26.04%*)** |  |  |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 05/13/2030 | 166000 | 173935 |
| United States Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/2034 | 898000 | 928606 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2037 | 403000 | 427998 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/2043 | 2028000 | 2070422 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2052 | 733000 | 654575 |
| &nbsp;&nbsp;&nbsp;3.625%, 05/15/2053 | 421000 | 350926 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| (Cost $4,752,808) |  | 4606462 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.55%)** |  |  |  |
| **Money Market Fund (3.55%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 628239 | $628239 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $628,239) |  |  | 628239 |
| **TOTAL INVESTMENTS (99.04%)** |  |  |  |
| (Cost $17,426,514) |  |  | $17518962 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.96%)** |  |  | 170302 |
| **NET ASSETS - 100.00%** |  |  | $17689264 |

---

 

***Investment Abbreviations:***

*SOFR - Secured Overnight Financing Rate*

*TI - Treasury Index*

 

***Reference Rates:***

*1D US SOFR - 1 Day SOFR as of November 30, 2025 was 4.12%*

*5Y US TI - 5 Year US TI as of November 30, 2025 was 3.59%*

*<sup>(a)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $1,740,630, representing 9.84% of net assets.*

<sup>(b)</sup> *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2025, the market value of those securities was $373,087, representing 2.11% of net assets.*

<sup>(c)</sup> *Floating or variable rate security. Interest rate resets periodically on specific dates. The rate shown represents the coupon or interest rate in effect as of November 30, 2025. Security description includes the reference rate and spread if published and available.*

<sup>(d)</sup> *Securities are perpetual and thus do not have a predetermined maturity date.*

 

*See Notes to Financial Statements and Financial Highlights.*

2 \| alpsfunds.com

RiverFront Dynamic US Dividend Advantage ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.98%)** |  |  |
| ***Communication Services (5.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3548 | $1135999 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 10224 | 3272907 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 27435 | 535531 |
| **Total Communication Services** |  | 4944437 |
| ***Consumer Discretionary (9.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 15999 | 3731287 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 16052 | 379469 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 22456 | 945847 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 68967 | 1928317 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 7994 | 1214448 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 13915 | 249357 |
| **Total Consumer Discretionary** |  | 8448725 |
| ***Consumer Staples (2.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 11476 | 677199 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>(b)</sup> | 104878 | 483488 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 7696 | 562731 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2680 | 422046 |
| **Total Consumer Staples** |  | 2145464 |
| ***Energy (6.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 83002 | 1494866 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co.<sup>(b)</sup> | 76572 | 722074 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 8293 | 307339 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 8426 | 908744 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 7255 | 841000 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 42170 | 1152084 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc.<sup>(b)</sup> | 119297 | 427083 |
| **Total Energy** |  | 5853190 |
| ***Financials (17.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 14296 | 940248 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 15950 | 931001 |
| &nbsp;&nbsp;&nbsp;First Horizon National Corp. | 41047 | 916990 |
| &nbsp;&nbsp;&nbsp;FNB Corp.<sup>(b)</sup> | 28665 | 476986 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 27698 | 502719 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 36110 | 997358 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 68960 | 750974 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 38034 | 619954 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 33853 | 1560623 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 11244 | 697465 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp.<sup>(b)</sup> | 37700 | 95381 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.<sup>(b)</sup> | 15634 | 286728 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | 20260 | 853554 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 35866 | 1188241 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 25702 | 1260683 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp<sup>(b)</sup> | 53953 | 610748 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3224 | 1078235 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 22450 | 637580 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| *Financials (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Western Union Co.<sup>(b)</sup> | 40474 | $355766 |
| **Total Financials** |  | 14761234 |
| ***Health Care (1.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1846 | 637719 |
| &nbsp;&nbsp;&nbsp;National Research Corp.<sup>(b)</sup> | 41358 | 702672 |
| **Total Health Care** |  | 1340391 |
| ***Industrials (6.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 13375 | 486984 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 37679 | 765637 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd.<sup>(b)</sup> | 37669 | 712697 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1024 | 468849 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc, Class A, Class A | 5199 | 462503 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3716 | 415040 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc.<sup>(b)</sup> | 137972 | 1360404 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1600 | 674368 |
| **Total Industrials** |  | 5346482 |
| ***Information Technology (35.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 27011 | 7532017 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 23434 | 1803012 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 65320 | 1428549 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 6440 | 1987255 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 14182 | 6977686 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 55670 | 9853590 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 5422 | 911384 |
| **Total Information Technology** |  | 30493493 |
| ***Materials (2.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Greif, Inc. | 6622 | 471354 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 62550 | 1129653 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc.<sup>(b)</sup> | 56992 | 887406 |
| **Total Materials** |  | 2488413 |
| ***Real Estate (5.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 4040 | 429614 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | 21258 | 508916 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 18954 | 628704 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 13744 | 387581 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 103111 | 593919 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc., Class A | 33013 | 288534 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp.<sup>(b)</sup> | 10436 | 76809 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 27352 | 918480 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 21628 | 879178 |
| **Total Real Estate** |  | 4711735 |
| ***Utilities (3.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C<sup>(b)</sup> | 40562 | 1485381 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 7014 | 544637 |

---

*See Notes to Financial Statements and Financial Highlights.*

3 \| alpsfunds.com

RiverFront Dynamic US Dividend Advantage ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 12766 | $1066217 |
| **Total Utilities** |  | 3096235 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $65,068,357) |  | 83629799 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.03%)** |  |  |  |
| **Money Market Fund (1.95%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $1,662,997) | 3.91% | 1662997 | $1662997 |
| **Investments Purchased with Collateral from Securities Loaned (4.08%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.04% |  |  |  |
| (Cost $3,485,803) |  | 3485803 | 3485803 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,148,800) |  |  | 5148800 |
| **TOTAL INVESTMENTS (104.01%)** |  |  |  |
| (Cost $70,217,157) |  |  | $88778599 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.01%)** |  |  | (3419741) |
| **NET ASSETS - 100.00%** |  |  | $85358858 |

---

<sup>(a)</sup> *Non-income producing security.*

<sup>(b)</sup> *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $6,490,477.*

 

*See Notes to Financial Statements and Financial Highlights.*

4 \| alpsfunds.com

RiverFront Strategic Income Fund

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| **CORPORATE BONDS (*69.24%*)** |  |  |
| ***Communications (4.48%)*** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2026<sup>(a)</sup> | $324000 | $324094 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 12/01/2035 | 839000 | 841311 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 11/15/2026 | 591000 | 593967 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/01/2027<sup>(a)</sup> | 695000 | 695691 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 | 1036000 | 1036735 |
| **Total Communications** |  | 3491798 |
| ***Consumer Discretionary (13.01%)*** |  |  |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 06/15/2029<sup>(a)</sup> | 802000 | 829411 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 03/06/2026 | 723000 | 726241 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 04/06/2026 | 685000 | 687904 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 01/15/2030<sup>(a)</sup> | 841000 | 865526 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 05/01/2028<sup>(a)</sup> | 858000 | 860988 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/30/2027 | 710000 | 721087 |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 08/15/2029 | 778000 | 814842 |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 11/29/2027 | 707000 | 712911 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, 04/15/2029 | 685000 | 701330 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2027 | 730000 | 735560 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 09/15/2027 | 858000 | 860538 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 10/15/2032 | 856000 | 874544 |
| Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 11/16/2030<sup>(a)</sup> | 700000 | 753557 |
| **Total Consumer Discretionary** |  | 10144439 |
| ***Consumer Staples (2.06%)*** |  |  |
| Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, 01/15/2031<sup>(a)</sup> | 832000 | 838155 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| ***Consumer Staples (continued)*** |  |  |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 02/15/2032<sup>(a)</sup> | $742000 | $767092 |
| **Total Consumer Staples** |  | 1605247 |
| ***Energy (8.50%)*** |  |  |
| Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.042%, 08/15/2028<sup>(a)</sup> | 723000 | 753026 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 04/01/2029 | 996000 | 1031478 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 06/01/2029<sup>(a)</sup> | 778000 | 805595 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 02/15/2035<sup>(a)</sup> | 856000 | 814961 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 12/15/2028<sup>(a)</sup> | 723000 | 744263 |
| Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/01/2032 | 856000 | 849362 |
| Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 09/15/2028<sup>(a)</sup> | 723000 | 747284 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/2036<sup>(a)</sup> | 846000 | 887287 |
| **Total Energy** |  | 6633256 |
| ***Financials (15.38%)*** |  |  |
| Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 07/18/2028<sup>(a)</sup> | 723000 | 759759 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/05/2027 | 766000 | 793381 |
| Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 05/04/2028<sup>(a)</sup> | 736000 | 767613 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 05/15/2032 | 754000 | 788607 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 968000 | 972959 |
| EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 12/15/2026 | 588000 | 589489 |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 06/15/2027<sup>(a)</sup> | 209000 | 216897 |
| HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.294%, 03/04/2027 | 742000 | 753894 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2027<sup>(a)</sup> | 669000 | 667141 |
| KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/15/2027 | 723000 | 745378 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, 03/26/2029<sup>(a)</sup> | 802000 | 843638 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 01/15/2028 | 778000 | 798581 |
| &nbsp;&nbsp;&nbsp;6.625%, 05/15/2029 | 853000 | 883725 |

---

*See Notes to Financial Statements and Financial Highlights.*

5 \| alpsfunds.com

RiverFront Strategic Income Fund

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| ***Financials (continued)*** |  |  |
| Penske Truck Leasing Co. Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 08/01/2028<sup>(a)</sup> | $723000 | $755434 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 11/01/2027 | 766000 | 795796 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 04/15/2030<sup>(a)</sup> | 839000 | 864600 |
| **Total Financials** |  | 11996892 |
| ***Health Care (1.80%)*** |  |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2030<sup>(a)</sup> | 669000 | 649447 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 09/01/2028 | 730000 | 753973 |
| **Total Health Care** |  | 1403420 |
| ***Industrials (8.82%)*** |  |  |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 02/15/2029 | 730000 | 748409 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 07/31/2033 | 921000 | 968254 |
| MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2028<sup>(a)</sup> | 639000 | 637895 |
| Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 1088000 | 1135570 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 03/01/2029<sup>(a)</sup> | 742000 | 765163 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 07/15/2028<sup>(a)</sup> | 778000 | 810629 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 12/15/2029<sup>(a)</sup> | 919000 | 943649 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 03/15/2029<sup>(a)</sup> | 839000 | 867884 |
| **Total Industrials** |  | 6877453 |
| ***Materials (9.79%)*** |  |  |
| Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 03/15/2031<sup>(a)</sup> | 730000 | 774143 |
| ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;6.550%, 11/29/2027 | 723000 | 753149 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/01/2031<sup>(a)</sup> | 856000 | 874389 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 06/15/2029 | 730000 | 752233 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2026<sup>(a)</sup> | 326000 | 326091 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, 11/15/2030 | 723000 | 750000 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 328000 | 328060 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 10/15/2027 | 600000 | 602127 |
| Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 03/15/2032<sup>(a)</sup> | 480000 | 493193 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value** |
| ***Materials (continued)*** |  |  |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 08/15/2032<sup>(a)</sup> | $839000 | $862132 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 09/18/2026 | 384000 | 381343 |
| Sealed Air Corp./Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 02/01/2028<sup>(a)</sup> | 730000 | 742857 |
| **Total Materials** |  | 7639717 |
| ***Technology (2.51%)*** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.569%, 12/01/2031 | 8000 | 7483 |
| Concentrix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, 08/02/2028 | 1036000 | 1069617 |
| Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 07/15/2030<sup>(a)</sup> | 853000 | 880462 |
| **Total Technology** |  | 1957562 |
| ***Utilities (2.89%)*** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 11/01/2027 | 766000 | 789569 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2028 | 695000 | 697362 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/15/2031<sup>(a)</sup> | 723000 | 768416 |
| **Total Utilities** |  | 2255347 |
| **TOTAL CORPORATE BONDS** |  |  |
| (Cost $53,188,695) |  | 54005131 |
| **GOVERNMENT BONDS (*26.25%*)** |  |  |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 05/13/2030 | 744000 | 779563 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 09/30/2030 | 944000 | 986369 |
| United States Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/2034 | 3124000 | 3230472 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2037 | 1387000 | 1473037 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/2043 | 3306000 | 3375155 |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2044 | 4003000 | 3956559 |
| &nbsp;&nbsp;&nbsp;4.625%, 05/15/2044 | 1247000 | 1250897 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2052 | 6076000 | 5425916 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| (Cost $21,549,460) |  | 20477968 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 \| alpsfunds.com

RiverFront Strategic Income Fund

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.39%)** |  |  |  |
| **Money Market Fund (3.39%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 3.91% | 2646800 | $2646800 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $2,646,800) |  |  | 2646800 |
| **TOTAL INVESTMENTS (98.88%)** |  |  |  |
| (Cost $77,384,955) |  |  | $77129899 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.12%)** |  |  | 871696 |
| **NET ASSETS - 100.00%** |  |  | $78001595 |

---

*<sup>(a)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $25,958,362, representing 33.28% of net assets.*

 

*See Notes to Financial Statements and Financial Highlights.*

7 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **RiverFront <br>Dynamic Core <br>Income ETF** | **RiverFront <br>Dynamic US <br>Dividend <br>Advantage ETF** | **RiverFront <br>Strategic <br>Income Fund** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $17518962 | $88778599 | $77129899 |
| &nbsp;&nbsp;&nbsp;Dividend receivable |  | 96851 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 177915 | 5409 | 905036 |
| &nbsp;&nbsp;&nbsp;Total Assets | 17696877 | 88880859 | 78034935 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 7613 | 36198 | 33340 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | – | 3485803 | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 7613 | 3522001 | 33340 |
| **NET ASSETS** | $17689264 | $85358858 | $78001595 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $21156536 | $71030540 | $93769363 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (3467272) | 14328318 | (15767768) |
| **NET ASSETS** | $17689264 | $85358858 | $78001595 |
| **INVESTMENTS, AT COST** | $17426514 | $70217157 | $77384955 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $17689264 | $85358858 | $78001595 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 775000 | 1350002 | 3350000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $22.82 | $63.23 | $23.28 |

---

*<sup>(a)</sup>* *Includes $-, $6,490,477 and $-, respectively, of securities on loan.*

 

*See Notes to Financial Statements and Financial Highlights.*

8 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Statements of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **RiverFront <br>Dynamic Core <br>Income ETF** | **RiverFront <br>Dynamic US <br>Dividend <br>Advantage ETF** | **RiverFront <br>Strategic <br>Income Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $996427 | $– | $4509057 |
| &nbsp;&nbsp;&nbsp;Dividends | 25779 | 1662924 | 122222 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income | – | 5064 | – |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1022206 | 1667988 | 4631279 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser and sub-adviser fees (Note 3) | 103733 | 408847 | 405341 |
| &nbsp;&nbsp;&nbsp;Total expenses | 103733 | 408847 | 405341 |
| **NET INVESTMENT INCOME** | 918473 | 1259141 | 4225938 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(a)</sup> | (7348) | 3535791 | 174946 |
| **NET REALIZED GAIN/(LOSS)** | (7348) | 3535791 | 174946 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 143495 | 2863724 | 352978 |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | 143495 | 2863724 | 352978 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 136147 | 6399515 | 527924 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1054620 | $7658656 | $4753862 |

---

*<sup>(a)</sup>* *Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).*

 

*See Notes to Financial Statements and Financial Highlights.*

9 \| alpsfunds.com

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $918473 | $1048338 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (7348) | (362460) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 143495 | 1207623 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1054620 | 1893501 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (910938) | (1052360) |
| &nbsp;&nbsp;&nbsp;Total distributions | (910938) | (1052360) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 554488 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5080886) | (4507572) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (5080886) | (3953084) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (4937204) | (3111943) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22626468 | 25738411 |
| &nbsp;&nbsp;&nbsp;End of period | $17689264 | $22626468 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1000000 | 1175000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 25000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (225000) | (200000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 775000 | 1000000 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 \| alpsfunds.com

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1259141 | $2073654 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3535791 | 5409430 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 2863724 | 12905982 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7658656 | 20389066 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1533716) | (2072969) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1533716) | (2072969) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13123106 | 3992312 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12444831) | (16833938) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 678275 | (12841626) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 6803215 | 5474471 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 78555643 | 73081172 |
| &nbsp;&nbsp;&nbsp;End of period | $85358858 | $78555643 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1350002 | 1600002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 225000 | 75000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (225000) | (325000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1350002 | 1350002 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| alpsfunds.com

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4225938 | $4239925 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 174946 | (2090548) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 352978 | 4930029 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4753862 | 7079406 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (4228436) | (4267963) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4228436) | (4267963) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 24087557 | 4613424 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (27015772) | (38533107) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (2928215) | (33919683) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (2402789) | (31108240) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 80404384 | 111512624 |
| &nbsp;&nbsp;&nbsp;End of period | $78001595 | $80404384 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3475000 | 4950000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1050000 | 200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1175000) | (1675000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3350000 | 3475000 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| alpsfunds.com

RiverFront Dynamic Core Income ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Year <br>Ended <br>November 30, 2022** | **For the Year <br>Ended <br>November 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.63 | $21.91 | $22.23 | $25.35 | $26.21 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.02 | 0.95 | 0.75 | 0.47 | 0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.18 | 0.73 | (0.29) | (2.71) | (0.87) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.20 | 1.68 | 0.46 | (2.24) | (0.40) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.01) | (0.96) | (0.78) | (0.50) | (0.46) |
| &nbsp;&nbsp;&nbsp;From net realized gains | – | – | – | (0.38) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.01) | (0.96) | (0.78) | (0.88) | (0.46) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.19 | 0.72 | (0.32) | (3.12) | (0.86) |
| **NET ASSET VALUE, END OF PERIOD** | $22.82 | $22.63 | $21.91 | $22.23 | $25.35 |
| **TOTAL RETURN<sup>(b)</sup>** | 5.44% | 7.80% | 2.12% | (9.02)% | (1.51)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $17689 | $22626 | $25738 | $43341 | $117873 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.52% | 4.24% | 3.40% | 2.03% | 1.83% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 28% | 17% | 54% | 50% | 45% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and the redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to Financial Statements and Financial Highlights.*

13 \| alpsfunds.com

RiverFront Dynamic US Dividend Advantage ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Year <br>Ended <br>November 30, 2022** | **For the Year <br>Ended <br>November 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $58.19 | $45.68 | $44.76 | $44.92 | $37.03 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.35 | 1.41 | 1.25 | 1.46 | 0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 4.81 | 12.50 | 0.89 | (0.21) | 7.90 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 6.16 | 13.91 | 2.14 | 1.25 | 8.52 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.12) | (1.40) | (1.22) | (1.41) | (0.63) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.12) | (1.40) | (1.22) | (1.41) | (0.63) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 5.04 | 12.51 | 0.92 | (0.16) | 7.89 |
| **NET ASSET VALUE, END OF PERIOD** | $63.23 | $58.19 | $45.68 | $44.76 | $44.92 |
| **TOTAL RETURN<sup>(b)</sup>** | 10.81% | 30.90% | 4.96% | 2.86% | 23.13% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $85359 | $78556 | $73081 | $92881 | $132524 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.35% | 2.75% | 2.84% | 3.23% | 1.47% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 1% | 28% | 50% | 104% | 0% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and the redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to Financial Statements and Financial Highlights.*

14 \| alpsfunds.com

RiverFront Strategic Income Fund

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Year <br>Ended <br>November 30, 2024** | **For the Year <br>Ended <br>November 30, 2023** | **For the Year <br>Ended <br>November 30, 2022** | **For the Year <br>Ended <br>November 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.14 | $22.53 | $22.65 | $24.53 | $24.79 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.10 | 1.01 | 0.78 | 0.55 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.15 | 0.63 | (0.12) | (1.82) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.25 | 1.64 | 0.66 | (1.27) | 0.37 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.11) | (1.03) | (0.78) | (0.61) | (0.63) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.11) | (1.03) | (0.78) | (0.61) | (0.63) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.14 | 0.61 | (0.12) | (1.88) | (0.26) |
| **NET ASSET VALUE, END OF PERIOD** | $23.28 | $23.14 | $22.53 | $22.65 | $24.53 |
| **TOTAL RETURN<sup>(b)</sup>** | 5.56% | 7.42% | 2.98% | (5.20)% | 1.52% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $78002 | $80404 | $111513 | $104759 | $142893 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.80% | 4.41% | 3.47% | 2.35% | 2.23% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(c)</sup> | 18% | 42% | 52% | 24% | 50% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and the redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to Financial Statements and Financial Highlights.*

15 \| alpsfunds.com

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**1. ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the RiverFront Dynamic Core Income ETF, the RiverFront Dynamic US Dividend Advantage ETF, and the RiverFront Strategic Income Fund (each a "Fund" and collectively, the "Funds").

The investment objective of the RiverFront Dynamic Core Income ETF Fund is to seek total return, with an emphasis on income as the source of that total return. The investment objective of the RiverFront Dynamic US Dividend Advantage ETF Fund is to seek to provide capital appreciation and dividend income. The investment objective of the RiverFront Strategic Income Fund is to seek total return, with an emphasis on income as the source of that total return. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

Each Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). Each Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". Creation Units are issued and redeemed principally in-kind for securities and/or cash. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

Each Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

Corporate bonds and United States government bonds are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service.

Each Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

16 \| alpsfunds.com

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**B. Fair Value Measurements**

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Funds' investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The RiverFront Dynamic Core Income ETF and the RiverFront Strategic Income Fund may invest a significant portion of their assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| *Level 1 –* | *Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;* |
| *Level 2 –* | *Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and* |
| *Level 3 –* | *Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.* |

---

17 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following is a summary of the inputs used to value the Funds' investments as of November 30, 2025:

**RiverFront Dynamic Core Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Corporate Bonds<sup>\*</sup> | $– | $12284261 | $– | $12284261 |
| Government Bonds<sup>\*</sup> |  | 4606462 |  | 4606462 |
| Short Term Investments | 628239 | – | – | 628239 |
| Total | $628239 | $16890723 | $– | $17518962 |

---

**RiverFront Dynamic US Dividend Advantage ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $83629799 | $– | $– | $83629799 |
| Short Term Investments | 5148800 | – | – | 5148800 |
| Total | $88778599 | $– | $– | $88778599 |

---

**RiverFront Strategic Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted and <br>Unadjusted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| Corporate Bonds<sup>\*</sup> | $– | $54005131 | $– | $54005131 |
| Government Bonds<sup>\*</sup> |  | 20477968 |  | 20477968 |
| Short Term Investments | 2646800 | – | – | 2646800 |
| Total | $2646800 | $74483099 | $– | $77129899 |

---

 

*\** *For a detailed sector breakdown, see the accompanying Schedule of Investments.*

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

**C. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts.

**D. Dividends and Distributions to Shareholders**

Dividends from net investment income for each Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

**E. Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable Earnings/(Accumulated Losses)** |
| RiverFront Dynamic Core Income ETF | $6603 | $(6603) |
| RiverFront Dynamic US Dividend Advantage ETF | 3448813 | (3448813) |
| RiverFront Strategic Income Fund | 226675 | (226675) |

---

18 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The tax character of the distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| November 30, 2025 |  |  |  |
| RiverFront Dynamic Core Income ETF | $910938 | $– | $– |
| RiverFront Dynamic US Dividend Advantage ETF | 1533716 |  |  |
| RiverFront Strategic Income Fund | 4228436 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| November 30, 2024 |  |  |  |
| RiverFront Dynamic Core Income ETF | $1052360 | $– | $– |
| RiverFront Dynamic US Dividend Advantage ETF | 2072969 |  |  |
| RiverFront Strategic Income Fund | 4267963 |  |  |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| RiverFront Dynamic Core Income ETF | $2106622 | $1453721 |
| RiverFront Dynamic US Dividend Advantage ETF | 4248805 |  |
| RiverFront Strategic Income Fund | 8084409 | 7372293 |

---

The RiverFront Dynamic US Dividend Advantage ETF used capital loss carryovers during the year ended November 30, 2025, in the amount of $159,862.

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **RiverFront Dynamic <br>Core Income ETF** | **RiverFront Dynamic US <br>Dividend Advantage ETF** | **RiverFront Strategic <br>Income Fund** |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income | $9869 | $15712 | $– |
| &nbsp;&nbsp;&nbsp;Accumulated net realized loss on investments | (3560343) | (4248805) | (15456702) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 83202 | 18561411 | (311066) |
| &nbsp;&nbsp;&nbsp;Total | $(3467272) | $14328318 | $(15767768) |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **RiverFront Dynamic Core <br>Income ETF** | **RiverFront Dynamic US <br>Dividend Advantage ETF** | **RiverFront Strategic <br>Income Fund** |
| &nbsp;&nbsp;&nbsp;Gross appreciation (excess of value over tax cost) | $352124 | $24643245 | $1122155 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (268922) | (6081834) | (1433220) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | 83202 | 18561411 | (311065) |
| Cost of investments for income tax purposes | $17435760 | $70217188 | $77440964 |

---

The difference between book-basis and tax-basis is primarily due to the difference between premium amortization due to Accounting Standards Update 2017-08, and the tax deferral of wash sale losses.

19 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**F. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund's tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**G. Lending of Portfolio Securities**

The RiverFront Dynamic US Dividend Advantage ETF has entered into a securities lending agreement with State Street Bank & Trust Co. ("SSB"), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund's securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Cash Collateral <br>Received** | **Non-Cash Collateral <br>Received** | **Total Collateral <br>Received** |
| RiverFront Dynamic US Dividend Advantage ETF | $6490477 | $3485803 | $3193110 | $6678913 |

---

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received. As of November 30, 2025, Riverfront Dynamic Core Income ETF and Riverfront Strategic Income ETF did not have any securities on loan.

20 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2025:

---

| | |
|:---|:---|
| **RiverFront Dynamic US Dividend Advantage ETF** | **Remaining Contractual Maturity of the Agreements** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities Lending Transactions** | **Overnight & <br>Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br>90 Days** | **Total** |
| Common Stocks | $3485803 | $– | $– | $– | $3485803 |
| **Total Borrowings** |  |  |  |  | **3485803** |
| Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) | Gross amount of recognized liabilities for securities lending (collateral received) |  |  | $3485803 |

---

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund's average daily net assets as set out below:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| **RiverFront Dynamic Core Income ETF** | **0.51%<sup>(a)</sup>** |
| **RiverFront Dynamic US Dividend Advantage ETF** | **0.52%<sup>(b)</sup>** |
| **RiverFront Strategic Income Fund** | **0.11%** |

---

<sup>(a)</sup> *The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.51% for average net assets up to $600 million, (ii) 0.48% for average net assets equal to or greater than $600 million.*

<sup>(b)</sup> *The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.52% for average net assets up to $600 million, (ii) 0.49% for average net assets equal to or greater than $600 million.*

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser's unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

RiverFront Investment Group, LLC (the "Sub-Adviser") serves as each Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ''Sub-Advisory Agreement''). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides besides RiverFront Strategic Income Fund, in which the Fund directly pays the Sub-Adviser. The fee is payable on a monthly basis at the annual rate of the relevant Fund's average daily net assets as set out below:

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| **RiverFront Dynamic Core Income ETF** | **0.35%** |
| **RiverFront Dynamic US Dividend Advantage ETF** | **0.35%** |
| **RiverFront Strategic Income Fund** | **0.35%** |

---

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Funds.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

21 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**4. PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, U.S. Government securities and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RiverFront Dynamic Core Income ETF | $4166782 | $4669668 |
| RiverFront Dynamic US Dividend Advantage ETF | 678988 | 672598 |
| RiverFront Strategic Income Fund | 9820403 | 16285898 |

---

For the year ended November 30, 2025, the cost of U.S. Government security purchases and proceeds from U.S. Government security sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RiverFront Dynamic Core Income ETF | $1750359 | $773851 |
| RiverFront Strategic Income Fund | 5667133 |  |

---

For the year ended November 30, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RiverFront Dynamic Core Income ETF | $– | $5044347 |
| RiverFront Dynamic US Dividend Advantage ETF | 12864378 | 12183475 |
| RiverFront Strategic Income Fund | 23760704 | 26811707 |

---

For the year ended November 30, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| RiverFront Dynamic Core Income ETF | $9530 |
| RiverFront Dynamic US Dividend Advantage ETF | 3299948 |
| RiverFront Strategic Income Fund | 236810 |

---

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from each Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

**6. MARKET RISK**

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of each Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

22 \| alpsfunds.com

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *November 30, 2025*

**7. RECENT ACCOUNTING PRONOUNCEMENT:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**8. SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

23 \| alpsfunds.com

RiverFront ETFs

Report of Independent Registered Public Accounting Firm

To the Shareholders of RiverFront Dynamic Core Income ETF,

RiverFront Dynamic US Dividend Advantage ETF and RiverFront Strategic Income Fund

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of RiverFront Dynamic Core Income ETF, RiverFront Dynamic US Dividend Advantage ETF, and RiverFront Strategic Income Fund (the "Funds"), each a series of ALPS ETF Trust, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_35.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

24 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** | **199A Dividends** |
| **RiverFront Dynamic Core Income ETF** | **0.00%** | **0.00%** | **0.00%** |
| **RiverFront Dynamic US Dividend Advantage ETF** | **85.87%** | **80.21%** | **7.29%** |
| **RiverFront Strategic Income Fund** | **0.00%** | **0.00%** | **0.00%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

25 \| alpsfunds.com

RiverFront ETFs

*Changes in and Disagreements with Accountants <br> for Open-End Management Investment Companies* *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

26 \| alpsfunds.com

RiverFront ETFs

*Proxy Disclosures for Open-End Management Investment Companies* *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

27 \| alpsfunds.com

RiverFront ETFs

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others<br> of Open-End Management Investment Companies** | ***November 30, 2025 (Unaudited)*** |

---

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular <br>Compensation From the Trust** | **Aggregate Special <br>Compensation From the Trust** | **Total Compensation <br>From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 |  | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**939500** | $**—** | $**939500** |

---

** 

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*\** *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

28 \| alpsfunds.com

RiverFront ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the RiverFront Strategic Income Fund ("RIGS"), RiverFront Dynamic Core Income ETF ("RFCI"), and RiverFront Dynamic US Dividend Advantage ETF ("RFDA") (each a "Fund" and collectively "the Funds" or the "RiverFront ETFs") and (ii) the Investment Sub-Advisory Agreements between the Trust or AAI and RiverFront Investment Group, LLC (the "Sub-Adviser" or "RiverFront") with respect to the Funds (the "RiverFront Sub-Advisory Agreements"). In evaluating the renewal of the Investment Advisory Agreement with respect to each of the Funds, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board, including the Independent Trustees, reviewed information on the performance of each Fund and its applicable benchmark for the 1-, 3-, and 5-year periods, as applicable, and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summaries set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to such Funds. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Funds, known as fall-out benefits.

With respect to each Fund, the Board, including the Independent Trustees, noted the following:

(i) RIGS

The gross management fee rate for RIGS is lower than the median of its FUSE expense group. RIGS's net expense ratio is lower than the median of its FUSE expense group.

29 \| alpsfunds.com

RiverFront ETFs

Statement Regarding Basis for *November 30, 2025 (Unaudited)* <br> Approval of Investment Advisory Contract

The Board, including the Independent Trustees, reviewed and noted the relatively small size of RIGS and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to RIGS.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) RFCI

The gross management fee rate for RFCI is higher than the median of its FUSE expense group. RFCI's net expense ratio is higher than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of RFCI and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to RFCI.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) RFDA

The gross management fee rate for RFDA is equal to the median of its FUSE expense group. RFDA's net expense ratio is lower than the median of its FUSE expense group.

The Board, including the Independent Trustees, reviewed and noted the relatively small size of RFDA and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to RFDA.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

The Board, including the Independent Trustees, discussed the RiverFront Sub-Advisory Agreements.

In evaluating the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by RiverFront with respect to the RiverFront ETFs under the RiverFront Sub-Advisory Agreements; (ii) the advisory fees and other expenses paid by the RiverFront ETFs compared to those of similar funds managed by other investment advisers; (iii) the profitability to RiverFront of its sub-advisory relationship with the RiverFront ETFs and the reasonableness of compensation to RiverFront; (iv) the extent to which economies of scale would be realized if, and as, the RiverFront ETFs' assets increase, and whether the fee level in the RiverFront Sub-Advisory Agreements reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by RiverFront under the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees considered and reviewed information concerning the services provided under the RiverFront Sub-Advisory Agreements, the RiverFront ETFs' respective performance, financial information regarding RiverFront, information describing RiverFront's current organization and the background and experience of the persons responsible for the day-to-day management of the RiverFront ETFs. Based upon their review, the Board, including the Independent Trustees concluded that RiverFront was qualified to oversee the portfolio management of the RiverFront ETFs and that the services provided by RiverFront to the RiverFront ETFs are satisfactory. The Board, including the Independent Trustees considered that the contractual sub-advisory fee to be paid to RiverFront from RIGS was 0.35% of RIGS' average daily net assets out of a total management fee of 0.46% of RIGS' average daily net assets. The Board, including the Independent Trustees considered that the contractual subadvisory fee to be paid to RiverFront with respect to each of RFCI and RFDA was 0.35% of each Fund's average daily net assets out of a total management fee of 0.51% with respect to RFCI's average daily net assets, and 0.52% with respect to RFDA's average daily net assets, respectively.

In reviewing the Riverfront ETFs' profitability with respect to RiverFront, the Board, including the Independent Trustees, considered the costs and resources required to manage the RiverFront ETFs.

The Board, including the Independent Trustees also considered other benefits that have been and may be realized by RiverFront from its relationships with each RiverFront ETF, known as fall-out benefits.

The Board, including the Independent Trustees considered the extent to which economies of scale may be realized if the RiverFront ETFs' assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Funds' investors. They also noted that the RiverFront ETFs have experienced fluctuations in assets, which makes it difficult to quantify the potential variability in net assets and thus determine the sustainability of any potential economies of scale which may exist. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved with respect to each RiverFront ETF.

30 \| alpsfunds.com

RiverFront ETFs

Statement Regarding Basis for *November 30, 2025 (Unaudited)* <br> Approval of Investment Advisory Contract

In voting to approve each of the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees concluded that the terms of each RiverFront Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

31 \| alpsfunds.com

![](fp0096819-2_36.jpg)

![](fp0096819-2_28.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | **18** |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | **19** |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | **20** |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | **21** |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements and Financial Highlights** | **22** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **28** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **29** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **30** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **31** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **32** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **33** |

---

alpsfunds.com \| 1-866-759-5679

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| **BANK LOANS (0.79%)** |  |  |
| &nbsp;&nbsp;&nbsp;******Aerospace & Defense*** *(**0.46%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 02/28/2031<sup>(a)</sup> | $10450527 | $10479109 |
| &nbsp;&nbsp;&nbsp;******Casinos & Gaming*** *(**0.21%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/06/2031<sup>(a)</sup> | 4856374 | 4814900 |
| &nbsp;&nbsp;&nbsp;******Pharmaceuticals*** *(**0.12%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 3.50%, 08/02/2032<sup>(a)</sup> | 2711100 | 2740475 |
| **TOTAL BANK LOANS** |  |  |
| **(Cost $18,054,490)** |  | 18034484 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (3.94%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (3.94%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (3.94%)** |
| Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-34, Class TZ, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-34, Class TZ, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-34, Class TZ, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 10/25/2030 | $81153 | $85658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-40, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.614%, 07/25/2030<sup>(a)</sup> | 28570 | 28579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-51, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/25/2031 | 85915 | 89890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-60, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.114%, 04/25/2032<sup>(a)</sup> | 6082 | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-90, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/2042 | 165916 | 168348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-119, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2033 | 31948 | 31235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-18, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/25/2042 | 34356 | 35650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-30, Class JQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2033 | 1802 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-47, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/25/2033 | 25293 | 26421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-52, Class ZX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/25/2034 | 252998 | 267083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-90, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/2034 | 391436 | 411741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-92, Class TB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2034 | 7004 | 7251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-122, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/2036 | 20588 | 21620 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-27, Class GH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | $99290 | $103651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class CH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/25/2035 | 3938 | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-48, Class TD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2035 | 60805 | 63386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-75, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/25/2035 | 140600 | 148940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-99, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2035 | 38000 | 38828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-125, Class KY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2037 | 189581 | 198511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-78, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/25/2036 | 299163 | 320786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-36, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2037 | 92843 | 96388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-55, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2047 | 29505 | 31722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-77, Class HN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/2037 | 359584 | 381692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-24, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/2038 | 71333 | 72436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/2038 | 163866 | 165204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-106, Class LK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2037 | 533046 | 545640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-106, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/25/2040 | 57461 | 56906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-77, Class NX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/2039 | 662283 | 694086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-123, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2040 | 82767 | 83717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2040 | 15066 | 14911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-2, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/25/2040 | 125596 | 126553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-41, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/25/2040 | 61410 | 63635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-85, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2040 | 321816 | 323755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-9, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/2040 | 38560 | 39795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-110, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2041 | 68817 | 67511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-121, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 12517 | 12495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-145, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 3614 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-148, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2041 | 120029 | 118683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-29, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2041 | 115655 | 112517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-103, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 8000 | 7120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 204271 | 187777 |

---

1 \| alpsfunds.com

---

| | |
|:---|:---|
| **ALPS \| Smith Core Plus Bond ETF**  | **ALPS \| Smith Core Plus Bond ETF**  |
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-111, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/25/2042 | $111846 | $104071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-111, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/25/2042 | 178221 | 194003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-112, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 169797 | 158242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-120, Class QC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2042 | 151000 | 110342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-128, Class NP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2042 | 78167 | 53880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-128, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/25/2042 | 126519 | 116646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129, Class HT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2032 | 372368 | 341049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-133, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2042 | 129259 | 117020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-136, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2042 | 418000 | 399868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-137, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2042 | 166941 | 161937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-139, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/25/2042 | 102000 | 72159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-152, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/2043 | 16848 | 16392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-154, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 201275 | 173424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-16, Class K, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/25/2041 | 73731 | 73529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-17, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2041 | 71183 | 68492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-19, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 262901 | 252897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-26, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 41259 | 39589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-28, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2042 | 250747 | 248596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-29, Class NM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2042 | 50000 | 46414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-30, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2042 | 180495 | 176462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-35, Class EP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2040 | 56952 | 55905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-36, Class MB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/25/2041 | 288017 | 283036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-37, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/2040 | 98077 | 96071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-39, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2042 | 32000 | 30506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-47, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.514%, 05/25/2027<sup>(a)</sup> | 2109 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-51, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 62156 | 55503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-56, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 105231 | 102256 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-58, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/2042 | $208600 | $200990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-75, Class KE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/25/2042 | 200000 | 194473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-83, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2042 | 85000 | 78415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-90, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2042 | 61441 | 59438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class TL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 190000 | 166149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-10, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2033 | 121954 | 115398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-119, Class NU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 05/25/2043 | 181885 | 176875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-123, Class AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2033 | 470488 | 465284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-14, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/25/2043 | 213163 | 183743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-18, Class NG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2042 | 45302 | 41038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-29, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 04/25/2043 | 23973 | 19939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-35, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2033 | 81581 | 77168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2043 | 300000 | 282832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-41, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/25/2038 | 163953 | 152352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-44, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2043 | 729645 | 580887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-67, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2042 | 201931 | 198470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-67, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2043 | 148025 | 130086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2043 | 193851 | 120548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-75, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.364%, 07/25/2042<sup>(a)</sup> | 90063 | 89835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2043 | 1320900 | 1277204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2043 | 179585 | 139990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class LG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2043 | 230000 | 201314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/25/2042 | 134797 | 144227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-14, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/2044 | 89190 | 87879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-8, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2034 | 118110 | 114571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-27, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2044 | 30000 | 28722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-47, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2045 | 75638 | 68254 |

---

2 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-58, Class ZL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2045 | $272580 | $237802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-59, Class LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2045 | 127000 | 106747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-65, Class LD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/2036 | 124000 | 120102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-75, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2045 | 103071 | 79375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-26, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2045 | 104308 | 99163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-28, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/25/2043 | 494202 | 395405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-37, Class BK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/2046 | 51561 | 49977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-42, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2045 | 95276 | 91979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-6, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2044 | 99447 | 96715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-79, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2046 | 340168 | 281683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-8, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2046 | 44813 | 42804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.514%, 03/25/2047<sup>(a)</sup> | 22760 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-15, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2046 | 41547 | 40549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-25, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/2047 | 256347 | 231170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-38, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2047 | 59012 | 54330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-38, Class JG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2047 | 330910 | 296816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-98, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2047 | 137009 | 123136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-15, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2048 | 90864 | 78934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2045 | 70716 | 69758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class HD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2047 | 38085 | 37290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-25, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2048 | 98000 | 90561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-28, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2048 | 89735 | 81346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2048 | 106000 | 97140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-50, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2047 | 87271 | 81229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2048 | 59460 | 54326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-8, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2047 | 77730 | 71731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-83, Class LH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/25/2048 | 38187 | 36711 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-94, Class KD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2048 | $126960 | $117448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/25/2057 | 48143 | 46894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-36, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2049 | 100000 | 85730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2049 | 45161 | 41735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-74, Class GL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2049 | 174253 | 126371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-81, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2050 | 119847 | 79964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-10, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2060 | 87262 | 80010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-38, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/25/2040 | 89699 | 83685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-59, Class H, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/25/2048 | 47173 | 40163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/25/2051 | 191229 | 112487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-66, Class HU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/25/2051 | 366996 | 180033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-72, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/25/2051 | 98024 | 52040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-87, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2051 | 46230 | 28002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-94, Class PU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/2052 | 39318 | 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 405000 | 406526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-12, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2045 | 13377437 | 13669062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-42, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/2045 | 7708223 | 7880668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-39, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2047 | 135976 | 111842 |
|  |  | 40449773 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2034, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2028 | 2790 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2045, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/15/2028 | 50450 | 50921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2098, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2028 | 253127 | 256945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2104, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/15/2028 | 104170 | 106820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2412, Class OF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.064%, 12/15/2031<sup>(a)</sup> | 50290 | 50779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2422, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2032 | 212693 | 223884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2455, Class GK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2032 | 14992 | 15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2489, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2032 | 260308 | 272053 |

---

3 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2495, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2032 | $2083 | $2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2513, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.114%, 02/15/2032<sup>(a)</sup> | 15534 | 15704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2554, Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2033 | 4013 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2624, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 14324 | 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2646, Class ZN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 152379 | 155796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2673, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2033 | 120646 | 125402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2725, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2033 | 27483 | 27815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2768, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/2034 | 7139 | 7143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2944, Class OH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2035 | 44113 | 46305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2973, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 206000 | 214706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2978, Class CN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 122922 | 129118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3033, Class WY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2035 | 83710 | 86922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3034, Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/2035 | 447006 | 473606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3108, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2036 | 203300 | 219029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3137, Class XP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2036 | 2716 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3259, Class ZL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/15/2037 | 446626 | 446846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3271, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2037 | 846947 | 897741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3388, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2037 | 216890 | 220686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3472, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2036 | 1236468 | 1308313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3485, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2036 | 30824 | 32233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3515, Class LE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.732%, 05/15/2037<sup>(a)</sup> | 198349 | 204191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3533, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2029 | 35415 | 35417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3575, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2037 | 148839 | 150541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3587, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2039 | 59514 | 59979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3626, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2040 | 28457 | 29481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3638, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 75000 | 77624 |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3645, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2040 | $15000 | $14967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3662, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2038 | 100966 | 103797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3674, Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/2036 | 363142 | 356383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3681, Class MT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.508%, 02/15/2038<sup>(a)</sup> | 80962 | 73845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3704, Class CT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/15/2036 | 503077 | 540628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3764, Class QY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2030 | 932768 | 936356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3772, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2040 | 172000 | 161596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3924, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2041 | 100312 | 98465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3943, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2026 | 34747 | 34532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3954, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2041 | 35702 | 34487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3957, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2041 | 164186 | 160569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3957, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2041 | 294856 | 282639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3966, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2041 | 114756 | 113627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3968, Class G, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2026 | 42882 | 42646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3985, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.367%, 01/15/2042 | 128192 | 117950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3990, Class GY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2042 | 140000 | 125788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3992, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2042 | 489583 | 478547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3994, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/2041 | 252512 | 244943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3997, Class EC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2042 | 62765 | 56006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4029, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2041 | 107550 | 105482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4050, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/2041 | 1914 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4068, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2042 | 9012 | 8429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4075, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2042 | 23137 | 21723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4077, Class BE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2042 | 15000 | 14319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4093, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2042 | 62200 | 57533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4096, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2042 | 190000 | 159980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4101, Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2042 | 5148 | 4892 |

---

4 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4112, Class CP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/15/2042 | $180883 | $175776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4116, Class UC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2042 | 40000 | 30154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4117, Class EB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/15/2042 | 83000 | 72246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4118, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2042 | 146513 | 129469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4125, Class KP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2041 | 73497 | 71474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4135, Class AU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2042 | 168055 | 124719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4138, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/15/2027 | 64991 | 63910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4140, Class BW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2042 | 150000 | 114083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4147, Class LW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/15/2032 | 190733 | 178695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4160, Class HB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2032 | 8809 | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2041 | 37894 | 37253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/15/2042 | 8925 | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class ZW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2033 | 169981 | 148088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4163, Class YL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2043 | 1595600 | 1328747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4171, Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2043 | 46000 | 35730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4193, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2043 | 73909 | 71625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4224, Class KC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2032 | 20432 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4224, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2042 | 301712 | 295195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4229, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2043 | 116405 | 113589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4247, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2042 | 40288 | 40254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4315, Class UZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2044 | 1019797 | 946510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4330, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2043 | 145259 | 141562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4383, Class WT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.190%, 09/15/2029<sup>(a)</sup> | 129867 | 128562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4447, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2044 | 155999 | 150118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4472, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2045 | 103438 | 99156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4491, Class CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2040 | 214934 | 188857 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4613, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.21448%, 11/15/2037<sup>(a)</sup> | $267014 | $267954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4614, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2046 | 115974 | 109132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4616, Class HP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2046 | 68779 | 63506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4619, Class GP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2046 | 362990 | 320416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4619, Class MC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2043 | 90007 | 88104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4621, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2045 | 106154 | 101099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4624, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/15/2036 | 180087 | 167702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4670, Class TY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2047 | 222000 | 184150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4734, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.708%, 01/15/2041<sup>(a)</sup> | 211154 | 221921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4748, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2045 | 27252 | 27095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4760, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2044 | 113319 | 112254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4792, Class BD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2048 | 88332 | 84528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4813, Class CJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 172342 | 155229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4819, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2048 | 849837 | 816705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4824, Class KQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2046 | 74029 | 73705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4827, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/2044 | 69116 | 68847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4839, Class AE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2051 | 111095 | 110420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4879, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2049 | 124412 | 113801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4888, Class NW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2049 | 174400 | 136711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4911, Class HG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/15/2049 | 16307 | 14045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4919, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2049 | 487277 | 421450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4926, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2049 | 270947 | 244277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4932, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2049 | 278837 | 270023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4961, Class JB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2042 | 64148 | 59572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4988, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/25/2050 | 127215 | 101290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.464%, 08/15/2040<sup>(a)</sup> | 30918 | 30453 |

---

5 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.464%, 10/15/2040<sup>(a)</sup> | $28170 | $27730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5002, Class TJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 126552 | 108662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5005, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/25/2050 | 142756 | 63855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5036, Class NL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2050 | 111000 | 66430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5058, Class LW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/25/2051 | 48315 | 23651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5080, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2051 | 30270 | 17212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5083, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2051 | 231266 | 139440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5085, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/25/2051 | 235175 | 131873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5094, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 216800 | 156370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5116, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/25/2051 | 31738 | 17657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5206, Class ZY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2052 | 153314 | 120709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5271, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/2047 | 297435 | 300137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5407, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/25/2054 | 9033173 | 9444194 |
|  |  | 30025769 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-349, Class |  |  |
| &nbsp;&nbsp;&nbsp;300, 3.000%, 05/15/2046 | 94910 | 90707 |
| Freddie Mac Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-41, Class 3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.404%, 07/25/2032<sup>(a)</sup> | 12555 | 11700 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-40, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/16/2033 | 343725 | 342945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-52, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–%, 06/16/2033<sup>(b)</sup> | 12135 | 10878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-1, Class TE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2033 | 37364 | 37265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-87, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/2034 | 4684 | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-13, Class BG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2035 | 58150 | 58578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-20, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/16/2035 | 157338 | 157486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-51, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2035 | 3095 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-73, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/20/2035 | 104875 | 104641 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-17, Class NZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/20/2036 | $200178 | $203004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-20, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/20/2036 | 177644 | 177731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-38, Class ZK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/20/2036 | 128370 | 128055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-35, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/16/2037 | 1011095 | 1029422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-57, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/2037 | 207835 | 211471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-38, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2038 | 14073 | 14442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-50, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2038 | 102424 | 105627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-55, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/20/2038 | 15471 | 15470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-60, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2038 | 43830 | 43923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-7, Class PQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2038 | 4650 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-7, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2038 | 135723 | 135347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-15, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 1.154%, 03/20/2039<sup>(a)</sup> | 34160 | 34169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-45, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2039 | 400687 | 427847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-47, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2039 | 65741 | 66157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-61, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2039 | 31181 | 30747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-94, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 10/16/2039<sup>(a)</sup> | 18054 | 18103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-134, Class YL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/2040 | 47000 | 46773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-29, Class AD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2039 | 78086 | 76499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H20, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.444%, 10/20/2060<sup>(a)</sup> | 11896 | 11875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.494%, 12/20/2060<sup>(a)</sup> | 92833 | 92714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-100, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/2041 | 20934 | 20732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-141, Class GH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/16/2041 | 56490 | 45857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-150, Class DW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2041 | 136884 | 123499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-71, Class ZC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/16/2034 | 38717 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H11, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.614%, 04/20/2061<sup>(a)</sup> | 13040 | 13045 |

---

6 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2042 | $17000 | $14173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/16/2042 | 38000 | 31064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-116, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/16/2042 | 10000 | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-124, Class LD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/20/2042 | 133865 | 105458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-32, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/16/2042 | 144000 | 133944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-40, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2042 | 105474 | 104261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-61, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/16/2042 | 25000 | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-65, Class LM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2042 | 111419 | 104747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-77, Class MU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/20/2042 | 156704 | 138374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-84, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/16/2042 | 123617 | 114194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-97, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2042 | 146000 | 117665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H14, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.694%, 07/20/2062<sup>(a)</sup> | 14322 | 14334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H20, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.708%, 07/20/2062<sup>(a)</sup> | 89196 | 89269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H30, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 12/20/2062<sup>(a)</sup> | 69811 | 69745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-117, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2043 | 151000 | 144827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-149, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2043 | 104000 | 89614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-150, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/16/2043 | 120000 | 114361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-152, Class HL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/20/2043 | 100000 | 94597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-22, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2042 | 78152 | 72343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-41, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2043 | 16939 | 15570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-44, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/16/2043 | 286782 | 233069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-58, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/2043 | 161384 | 140278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class KY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2043 | 25000 | 22702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H22, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 08/20/2063<sup>(a)</sup> | 77685 | 77947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-129, Class KJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2039 | 100000 | 91291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-21, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/16/2044 | 22000 | 20266 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-32, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2044 | $163826 | $144489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-72, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2044 | 253691 | 238081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-98, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2044 | 245153 | 198372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H19, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2064 | 238016 | 230474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H25, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.594%, 12/20/2064<sup>(a)</sup> | 55598 | 55608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-159, Class XO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–%, 12/20/2043<sup>(b)</sup> | 2202733 | 1400195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-27, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.342%, 12/20/2044<sup>(a)</sup> | 13572 | 22166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-31, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/2045 | 200000 | 184376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 10/20/2065<sup>(a)</sup> | 272 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-163, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2046 | 40000 | 32242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-46, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2046 | 33315 | 21823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-66, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.422%, 08/20/2034<sup>(a)</sup> | 562928 | 590834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H08, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.834%, 02/20/2066<sup>(a)</sup> | 16576 | 16607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H22, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.88448%, 10/20/2066<sup>(a)</sup> | 210470 | 210970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H24, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.864%, 10/20/2066<sup>(a)</sup> | 172238 | 172600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-107, Class T, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2047 | 32938 | 32808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-11, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2047 | 284594 | 232632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-134, Class CG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2047 | 160000 | 138875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H14, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.584%, 06/20/2067<sup>(a)</sup> | 14301 | 14300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class QJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2048 | 137000 | 90360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-115, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2048 | 102542 | 96369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-14, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/20/2046 | 578952 | 525846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H07, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 02/20/2068<sup>(a)</sup> | 2833 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-108, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2049 | 108865 | 99530 |

---

7 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br> Amount** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-119, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2049 | $57814 | $52440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-145, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2049 | 178911 | 173212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-153, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2049 | 193055 | 174204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-158, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2049 | 262655 | 256406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-18, Class HD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2049 | 120000 | 105757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-20, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/20/2049 | 181507 | 172831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-61, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2049 | 403613 | 368964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-85, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2043 | 102407 | 99438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-116, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 08/20/2050 | 330943 | 154792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-122, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 08/20/2050 | 253959 | 119128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-149, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 10/20/2050 | 54095 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-15, Class JH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2050 | 226440 | 193607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-160, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/20/2050 | 249998 | 129976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class HM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/20/2050 | 330000 | 175617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class BK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/20/2050 | 231648 | 116797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class HY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/20/2050 | 146000 | 61618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-67, Class UA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/20/2050 | 126605 | 74567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-98, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2050 | 10089 | 9469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H04, Class FP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.614%, 06/20/2069<sup>(a)</sup> | 31279 | 31263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H13, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.564%, 07/20/2070<sup>(a)</sup> | 316140 | 313906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H20, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 04/20/2070<sup>(a)</sup> | 157072 | 154996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-225, Class EU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/2051 | 38350 | 22905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7, Class TU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 01/16/2051 | 189999 | 101976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-76, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/20/2050 | 2195 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-97, Class JT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/20/2051 | 108850 | 57177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H08, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.30%, 01/20/2068<sup>(a)</sup> | 578451 | 576356 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br> Amount** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H19, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.82%, 12/20/2071<sup>(a)</sup> | $178797 | $178842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-24, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2052 | 149843 | 144120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-36, Class UP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/2051 | 100000 | 62187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-113, Class JD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/2053 | 175000 | 183970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-13, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/20/2051 | 912053 | 810959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-149, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/20/2050 | 390678 | 392261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-170, Class HC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2041 | 463274 | 466102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-173, Class DX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2053 | 780000 | 818994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2053 | 596992 | 554431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.642%, 11/20/2051<sup>(a)</sup> | 95126 | 98819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-81, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/2040 | 275000 | 269990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-20, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/20/2054 | 237000 | 273336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-22, Class EL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/2054 | 120000 | 92706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-57, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/20/2051 | 105000 | 56469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-77, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/20/2052 | 100246 | 104564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-97, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/20/2054 | 143367 | 151873 |
|  |  | 19155957 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |
| **(Cost $87,262,780)** |  | 89733906 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br> Amount** | **Value <br> (Note 2)** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.43%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.43%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.43%)** |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.944%, 07/25/2039 | 93702 | 86949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M15, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1A2, 3.700%, 01/25/2036 | 400000 | 384704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M16, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.291%, 07/25/2031<sup>(a)</sup> | 4769618 | 172401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M23, Class X3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.426%, 10/25/2031<sup>(a)(c)</sup> | 36719289 | 590185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M26, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.705%, 03/25/2030<sup>(a)(c)</sup> | 9859578 | 154597 |

---

8 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M32, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.243%, 10/25/2029<sup>(a)(c)</sup> | $4787719 | $142542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M10, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.845%, 12/25/2030<sup>(a)(c)</sup> | 9572342 | 557666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M12, Class IO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.401%, 07/25/2029<sup>(a)(c)</sup> | 2316307 | 76708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M13, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.242%, 06/25/2031<sup>(a)(c)</sup> | 4261412 | 141972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M15, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.563%, 09/25/2031<sup>(a)(c)</sup> | 6325243 | 377262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M19, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.318%, 12/25/2032<sup>(a)(c)</sup> | 21246043 | 290684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M30, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.988%, 07/25/2031<sup>(a)(c)</sup> | 5627863 | 195923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M21, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.795%, 03/25/2028<sup>(a)(c)</sup> | 38651712 | 270315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M3, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.004%, 11/25/2033<sup>(a)(c)</sup> | 2961491 | 184134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M8, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.317%, 11/25/2035<sup>(a)(c)</sup> | 9282619 | 132742 |
|  |  | 3758784 |
| Freddie Mac Multiclass Certificates Series 2020-P003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-P003, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.956%, 09/25/2046 | 1400000 | 1116491 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KW03, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.905%, 06/25/2027<sup>(a)(c)</sup> | 34751504 | 294342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-Q006, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.289%, 04/25/2028<sup>(a)</sup> | 1994791 | 1953159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-Q007, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.439%, 10/25/2047<sup>(a)</sup> | 588391 | 589131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K094, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.008%, 06/25/2029<sup>(a)(c)</sup> | 1939916 | 51414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-Q010, Class APT3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.216%, 02/25/2027<sup>(a)</sup> | 737838 | 731709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KG04, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.930%, 11/25/2030<sup>(a)</sup> | 4909480 | 165770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-Q014, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.771%, 10/25/2055<sup>(a)</sup> | 4277835 | 619242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-KJ45, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.660%, 01/25/2031 | 600000 | 613317 |
|  |  | 5018084 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $9,898,868)** |  | 9893359 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| **MORTGAGE-BACKED SECURITIES (10.17%)** |  |  |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2034 | $23364 | $24432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2037 | 173713 | 178560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2037 | 352853 | 360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-943003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 | 30378 | 31012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.340%, 08/01/2038 | 1180278 | 1176943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 344603 | 348349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/01/2037 | 137642 | 138789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2037 | 269303 | 276227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2028 | 494754 | 493383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM1671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 12/01/2027 | 85323 | 83755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2033 | 266253 | 253827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 347617 | 323159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2043 | 367734 | 349873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.830%, 04/01/2030 | 217777 | 208559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.410%, 01/01/2032 | 140852 | 136118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2030 | 156050 | 154229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2040 | 566784 | 540191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.544%, 03/01/2038 | 507056 | 529625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/2033 | 185620 | 174049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2039 | 180134 | 182025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2032 | 166511 | 157658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2047 | 150389 | 131200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2027 | 1314923 | 1294797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 11/01/2032 | 60000 | 56100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.260%, 08/01/2029 | 142615 | 139471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 01/01/2037 | 672396 | 622175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2056 | 252458 | 261091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.877%, 05/01/2048 | 584342 | 614462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/01/2030 | 321689 | 331115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN6670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 09/01/2027 | 27402 | 26997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7060, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/2027 | 195000 | 191123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2033 | 364036 | 350865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2048 | 256982 | 235423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2048 | 298590 | 266858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.485%, 04/01/2028 | 805000 | 798604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 04/01/2028 | 480942 | 477708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2040 | 393918 | 392480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2040 | 90967 | 91459 |

---

9 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2040 | $201918 | $199893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2041 | 439516 | 441894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2048 | 75573 | 78236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387770, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2028 | 115000 | 114309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387983, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 08/01/2028 | 197881 | 194812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8272, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.170%, 02/01/2028 | 200000 | 197211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 05/01/2031 | 230356 | 223139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 01/01/2029 | 101887 | 101112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2048 | 116466 | 112874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.010%, 04/01/2030 | 185300 | 170978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.270%, 12/01/2029 | 183234 | 164585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2051 | 981000 | 811096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2051 | 1996094 | 1686140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/2039 | 228522 | 237044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.010%, 04/01/2032 | 104207 | 97361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680%, 04/01/2032 | 310000 | 298741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.890%, 07/01/2032 | 200000 | 195234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2044 | 308276 | 294052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.070%, 07/01/2033 | 120000 | 118827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490%, 06/01/2028 | 40000 | 40582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.520%, 07/01/2033 | 220000 | 224276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.610%, 11/01/2030 | 176296 | 180562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 07/01/2030 | 185000 | 189840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.775%, 03/01/2035 | 348145 | 355399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 03/01/2028 | 200000 | 202333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.920%, 08/01/2028 | 200000 | 203222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/01/2028 | 197115 | 200516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 10/01/2028 | 40000 | 41311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.320%, 02/01/2033 | 250000 | 263141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 07/01/2033 | 1556000 | 1605358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.470%, 11/01/2033 | 1957757 | 2054466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.555%, 01/01/2030 | 1000000 | 1038530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.620%, 01/01/2032 | 493820 | 520909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/2028 | 3293002 | 3467799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 06/01/2032 | 2100000 | 2243358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/2053 | 1085839 | 1136131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2053 | 5630213 | 5865715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2053 | 1724460 | 1800958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2053 | 128305 | 133703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/01/2053 | 504756 | 522967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2054 | 2339349 | 2549663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.340%, 07/01/2029 | 4500000 | 4594826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.790%, 01/01/2029 | 750000 | 762965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.810%, 06/01/2031 | 7415000 | 7725092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2054 | 1343274 | 1387150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2054 | 1696947 | 1750941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.470%, 01/01/2034 | 1170000 | 1232754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2054 | 1233439 | 1284755 |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/01/2054 | $2073435 | $2206725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 05/01/2054 | 1241553 | 1312404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2053 | 258197 | 276874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2054 | 213444 | 223050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 03/01/2054 | 270867 | 283057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/01/2051 | 17812829 | 13509912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2040 | 3700582 | 3863863 |
|  |  | 83395705 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2034 | 67570 | 68885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2035 | 88748 | 91568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2034 | 197691 | 204013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 1288889 | 1178875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2034 | 408794 | 415867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2047 | 1497786 | 1312122 |
|  |  | 3271330 |
| Freddie Mac Non Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.24%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2045<sup>(a)</sup> | 383523 | 377998 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 298715 | 274030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2043 | 290153 | 277498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2037 | 637194 | 626202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2036 | 15796 | 15925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2033 | 96070 | 97242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2049 | 226755 | 200679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/01/2045 | 3543062 | 2806326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2050 | 652910 | 524209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2036 | 135643 | 118959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/01/2036 | 3872161 | 3464986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2051 | 304543 | 267033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2037 | 397836 | 365557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2037 | 338054 | 315040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2052 | 662265 | 674783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2052 | 237459 | 246508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2038 | 298107 | 310214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 01/01/2033 | 1000000 | 1001809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 04/01/2030 | 1000000 | 1009905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/01/2028 | 1150000 | 1152369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/01/2053 | 986512 | 1027857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2053 | 755680 | 787850 |

---

10 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2053 | $3728671 | $3894204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2053 | 79439 | 82419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2053 | 421844 | 448804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.030%, 02/01/2029 | 5000000 | 5044183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2054 | 3626143 | 3784253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2054 | 1457648 | 1525591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/01/2054 | 1494722 | 1558751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/01/2054 | 1271124 | 1314094 |
|  |  | 33217280 |
| Ginnie Mae I Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2041 | 586014 | 585622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2043 | 541972 | 507513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2043 | 113284 | 106530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2045 | 597573 | 542751 |
|  |  | 1742416 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2041 | 337743 | 322658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/20/2042 | 259457 | 235897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2042 | 124218 | 114627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2042 | 131223 | 120646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/20/2042 | 155275 | 143190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/20/2042 | 892973 | 911579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2043 | 3036099 | 2640516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2043 | 604702 | 561163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2043 | 400071 | 372500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2040 | 550116 | 498695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 02/20/2065<sup>(a)</sup> | 171265 | 172271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2046 | 329029 | 297184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/20/2046 | 114491 | 107718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/20/2046 | 125181 | 117853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/2047 | 682468 | 616399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/20/2047 | 2507273 | 2299792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2047 | 272368 | 258503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2048 | 335563 | 311249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/20/2048 | 652522 | 642815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/20/2048 | 756496 | 738747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2048 | 41590 | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/20/2049 | 805551 | 788589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2049 | 668927 | 671298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/20/2049 | 107943 | 112119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2050 | 2635093 | 2344237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2050 | 1776450 | 1584670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2049 | 835374 | 749136 |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/2039 | $172906 | $184241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/20/2051 | 988343 | 811463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/20/2051 | 2794790 | 2294573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2036 | 464162 | 428558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2051 | 2798165 | 2387969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2051 | 3301073 | 2827318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/20/2051 | 306777 | 264265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/20/2051 | 28320 | 25894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2051 | 479463 | 445389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2051 | 529684 | 486149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/20/2036 | 159172 | 167886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2051 | 286132 | 304687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2044 | 7232 | 6518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2051 | 1224706 | 1093869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2052 | 107361 | 97010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2051 | 317808 | 296385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/20/2052 | 254073 | 254427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2035 | 159834 | 162684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/2052 | 4513657 | 4482350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/2062 | 4897935 | 4947547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/20/2037 | 98849 | 103229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/20/2052 | 266165 | 275061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/2053 | 126054 | 128612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/20/2053 | 1952183 | 2020422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2053 | 700666 | 733736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2053 | 35271 | 36739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/20/2053 | 1857983 | 1941913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/20/2053 | 29161 | 30049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2063 | 843353 | 886813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2050 | 4276714 | 3825663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/20/2054 | 301314 | 312786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/2054 | 3956157 | 4103920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2054 | 2923419 | 3018712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2064 | 9004052 | 9224428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/2054 | 7082298 | 7400515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/20/2054 | 1325688 | 1367438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/20/2064 | 503400 | 520274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/2064 | 2532602 | 2617491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2064 | 1527990 | 1576599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2064 | 2798480 | 2892284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/20/2064 | 2270884 | 2347005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/20/2054 | 1148578 | 1183262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/20/2063 | 409385 | 422704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2053 | 554003 | 583605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 08/20/2054 | 2565770 | 2752152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/20/2054 | 589364 | 636375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2063 | 1016306 | 1063764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/20/2054 | 515333 | 569854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/20/2055 | 1157716 | 1207421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2064 | 675169 | 697801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/20/2064 | 1158957 | 1197804 |

---

11 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| 6.500%, 01/20/2065 | $14070504 | $14542150 |
|  |  | 109965006 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $227,588,408)** |  | 231969735 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE BONDS (38.20%)** | | |
| ******Aerospace & Defense*** *(**4.87%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | 6450000 | 6424238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | 10854000 | 12074750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | 13997000 | 16045710 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 08/15/2035 | 5850000 | 6013463 |
| &nbsp;&nbsp;&nbsp;General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 01/29/2036 | 5820000 | 5974282 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | 14906000 | 15522934 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2035 | 10931000 | 11231639 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2035 | 15550000 | 16252835 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2034 | 19458000 | 21478941 |
| **Total *Aerospace & Defense*** |  | 111018792 |
| ******Airlines*** *(**1.11%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2027<sup>(d)</sup> | 3019011 | 3037418 |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/2029<sup>(d)</sup> | 7093000 | 7118894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/2031<sup>(d)</sup> | 5907000 | 5927521 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2035 | 7298000 | 7151438 |
| &nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class A Pass Through Trust Series 20-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 | 1984920 | 2029960 |
| **Total *Airlines*** |  | 25265231 |
| ******Apparel & Textile Products*** *(**0.78%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/07/2035<sup>(d)</sup> | 6711000 | 6711653 |
| &nbsp;&nbsp;&nbsp;VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/23/2030 | 12314000 | 11066314 |
| **Total *Apparel & Textile Products*** |  | 17777967 |
| ******Auto Parts Manufacturing*** *(**0.12%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030 | 2676000 | 2721585 |
| ******Automobiles Manufacturing*** *(**1.78%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/07/2035 | 17196000 | 17903572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 05/12/2028 | 6500000 | 6771287 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/15/2030 | $1800000 | $1880030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2035 | 10450000 | 11199433 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/24/2026<sup>(d)</sup> | 2942000 | 2962313 |
| **Total *Automobiles Manufacturing*** |  | 40716635 |
| ******Banks*** *(**3.23%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Capital One NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 1.73%, 08/09/2028<sup>(a)</sup> | 5550000 | 5746591 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/21/2026 | 2750000 | 2740361 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.95%, 03/01/2028<sup>(a)(d)</sup> | 3838000 | 3900661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.40%, 03/01/2030<sup>(a)(d)</sup> | 3370000 | 3515292 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.41%, 03/12/2031<sup>(a)</sup> | 2108000 | 2141769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.97%, 03/12/2040<sup>(a)</sup> | 11950000 | 12230109 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.777%, 03/18/2027<sup>(a)</sup> | 2143000 | 2149921 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.02%, 11/19/2031<sup>(a)</sup> | 5570000 | 5601701 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.06%, 09/06/2035<sup>(a)</sup> | 4670000 | 4829499 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.347%, 11/01/2030<sup>(a)</sup> | 10450000 | 10849211 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.34%, 09/15/2036<sup>(a)</sup> | 2323000 | 2343866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.74%, 04/23/2036<sup>(a)</sup> | 8575000 | 9098035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.02%, 04/24/2034<sup>(a)</sup> | 8300000 | 8703609 |
| **Total *Banks*** |  | 73850625 |
| ******Biotechnology*** *(**0.61%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | 9700000 | 10112841 |
| &nbsp;&nbsp;&nbsp;GENMAB A/S/GENMAB FINANCE LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/15/2032<sup>(d)</sup> | 3754000 | 3862513 |
| **Total *Biotechnology*** |  | 13975354 |
| ******Cable & Satellite*** *(**0.41%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028<sup>(d)</sup> | 4961000 | 4923292 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2027<sup>(d)</sup> | 4306000 | 4310280 |

---

12 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| **Total *Cable & Satellite*** |  | 9233572 |
| ******Casinos & Gaming*** *(**0.18%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2028<sup>(d)</sup> | $4154000 | $4113719 |
| ******Chemicals*** *(**0.10%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | 2324000 | 2387496 |
| ******Consumer Finance*** *(**1.18%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.237%, 10/24/2036<sup>(a)</sup> | 6304000 | 6274844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.79%, 04/25/2036<sup>(a)</sup> | 1050000 | 1115147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.32%, 01/30/2036<sup>(a)</sup> | 3345000 | 3499544 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031<sup>(d)</sup> | 3550000 | 3772674 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/01/2041 | 2757000 | 2074465 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2030 | 3640000 | 3650431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2035 | 4900000 | 4898635 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 08/04/2026 | 1500000 | 1493894 |
| **Total *Consumer Finance*** |  | 26779634 |
| ******Consumer Products*** *(**0.23%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2035<sup>(d)</sup> | 5150000 | 5312641 |
| ******Consumer Services*** *(**0.23%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sodexo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 08/15/2035<sup>(d)</sup> | 4925000 | 5192413 |
| ******Diversified Banks*** *(**0.98%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.91%, 04/25/2034<sup>(a)</sup> | 5117000 | 5333229 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.93%, 04/22/2028<sup>(a)</sup> | 2434000 | 2483000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.19%, 10/22/2036<sup>(a)</sup> | 3562000 | 3583149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.62%, 01/23/2035<sup>(a)</sup> | 7176000 | 7509536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.635%, 07/23/2036<sup>(a)</sup> | 3249000 | 3400917 |
| **Total *Diversified Banks*** |  | 22309831 |
| ******Entertainment Content*** *(**1.47%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2029 | 2290000 | 2229246 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/19/2032 | $10875000 | $10132233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | 2502000 | 1884292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/19/2050 | 8926000 | 6955751 |
| &nbsp;&nbsp;&nbsp;Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/30/2031<sup>(d)</sup> | 2031000 | 2088053 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 03/15/2029 | 3798000 | 3687203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | 3418000 | 3127470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | 4370000 | 3279685 |
| **Total *Entertainment Content*** |  | 33383933 |
| ******Exploration & Production*** *(**1.97%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2033<sup>(d)</sup> | 353000 | 360042 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028<sup>(d)</sup> | 3240000 | 3266714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035<sup>(d)</sup> | 9297000 | 8851281 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2031 | 10820000 | 12428495 |
| &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/01/2029<sup>(d)</sup> | 2324000 | 2333254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2033<sup>(d)</sup> | 3637000 | 3730245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2032<sup>(d)</sup> | 6218000 | 6479939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 07/15/2031<sup>(d)</sup> | 2112000 | 2279135 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 08/01/2035 | 5017000 | 5144858 |
| **Total *Exploration & Production*** |  | 44873963 |
| ******Financial Services*** *(**3.26%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.05%, 03/03/2027<sup>(a)(e)</sup> | 3718000 | 3750633 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/18/2030<sup>(d)</sup> | 5600000 | 5755139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/18/2035<sup>(d)</sup> | 5550000 | 5856217 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.552%, 04/25/2035<sup>(a)</sup> | 2345000 | 2519222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.58%, 04/23/2031<sup>(a)</sup> | 4479000 | 4641613 |
| &nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032<sup>(d)</sup> | 3544000 | 3608309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033<sup>(d)</sup> | 3950000 | 4134481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031<sup>(d)</sup> | 10550000 | 11122159 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.418%, 01/18/2036<sup>(a)</sup> | 2510000 | 2650440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.757%, 04/17/2036<sup>(a)</sup> | 10240000 | 10874622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.05%, 11/01/2034<sup>(a)</sup> | 5593000 | 6311603 |

---

13 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Principal <br>Amount** | **Value <br>(Note 2)** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.314%, 10/22/2036<sup>(a)</sup> | $| 5325000 | $| 5344332 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.34%, 03/23/2037<sup>(a)(d)</sup> |  | 7650000 |  | 7654386 |
| **Total *Financial Services*** |  |  |  | 74223156 |
| ******Food & Beverage*** *(**0.84%**)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030<sup>(d)</sup> |  | 2100000 |  | 2152016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035<sup>(d)</sup> |  | 2600000 |  | 2690969 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033 |  | 4850000 |  | 5206941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034 |  | 8192000 |  | 9101500 |
| **Total *Food & Beverage*** |  |  |  | 19151426 |
| ******Health Care Facilities & Services*** *(**0.78%**)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 |  | 3976000 |  | 4122921 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/2031 |  | 7600000 |  | 6821352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 |  | 5500000 |  | 5710950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2055 |  | 1216000 |  | 1187630 |
| **Total *Health Care Facilities & Services*** |  |  |  | 17842853 |
| ******Internet Media*** *(**0.93%**)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2035 |  | 5591000 |  | 5683451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/15/2045 |  | 1260000 |  | 1289161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/15/2055 |  | 1800000 |  | 1831141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2075 |  | 2700000 |  | 2779236 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 |  | 2701000 |  | 2731322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2045 |  | 4502000 |  | 4506140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series . |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 |  | 2492000 |  | 2487476 |
| **Total *Internet Media*** |  |  |  | 21307927 |
| ******Manufactured Goods*** *(**0.11%**)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/01/2030<sup>(d)</sup> |  | 2310000 |  | 2409767 |
| ***Medical Equipment & Devices Manufacturing (1.63%)*** | ***Medical Equipment & Devices Manufacturing (1.63%)*** | ***Medical Equipment & Devices Manufacturing (1.63%)*** | ***Medical Equipment & Devices Manufacturing (1.63%)*** | ***Medical Equipment & Devices Manufacturing (1.63%)*** |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/06/2032<sup>(d)</sup> |  | 9650000 |  | 10174453 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 |  | 7460000 |  | 7794352 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 |  | 4850000 |  | 5065691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 |  | 7900000 |  | 8258861 |
| &nbsp;&nbsp;&nbsp;VSP Optical Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 12/01/2035<sup>(d)</sup> |  | 5600000 |  | 5688467 |
| **Total *Medical Equipment & Devices Manufacturing*** |  |  |  | 36981824 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| ******Metals & Mining*** *(**0.26%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2026 | $5900000 | $5899251 |
| ******Pharmaceuticals*** *(**0.09%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2032<sup>(d)</sup> | 1898000 | 2007186 |
| ******Pipeline*** *(**2.41%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028<sup>(d)</sup> | 3874000 | 3856096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029<sup>(d)</sup> | 7424000 | 7738392 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/01/2031<sup>(d)</sup> | 6349000 | 6607405 |
| &nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031<sup>(d)</sup> | 7300000 | 6774482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039<sup>(d)</sup> | 5250000 | 4505928 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/15/2028<sup>(d)</sup> | 4640000 | 4776458 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | 6250000 | 6326119 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | 4238000 | 4442912 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2029 | 1212000 | 1216276 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029 | 8572000 | 8694842 |
| **Total *Pipeline*** |  | 54938910 |
| ******Power Generation*** *(**0.05%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2028<sup>(d)</sup> | 1044000 | 1042550 |
| ******Property & Casualty Insurance*** *(**0.47%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/23/2035 | 5050000 | 5194121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/23/2055 | 5250000 | 5507005 |
| **Total *Property & Casualty Insurance*** |  | 10701126 |
| ******Publishing & Broadcasting*** *(**0.39%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028<sup>(d)</sup> | 5350000 | 5309679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(d)</sup> | 3725000 | 3730733 |
| **Total *Publishing & Broadcasting*** |  | 9040412 |
| ******Real Estate*** *(**0.82%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 07/15/2030<sup>(d)</sup> | 5666000 | 5220626 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028<sup>(d)</sup> | 6278000 | 6351961 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2028<sup>(d)</sup> | 603000 | 602396 |

---

14 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | $6389000 | $6446349 |
| **Total *Real Estate*** |  | 18621332 |
| ******Refining & Marketing*** *(**0.28%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2030 | 2749000 | 2720094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | 1000000 | 1000984 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2031<sup>(d)</sup> | 1379000 | 1387707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2034<sup>(d)</sup> | 1379000 | 1388821 |
| **Total *Refining & Marketing*** |  | 6497606 |
| ******Restaurants*** *(**0.33%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/12/2050 | 3150000 | 2205729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/15/2035 | 5144000 | 5382149 |
| **Total *Restaurants*** |  | 7587878 |
| ******Retail - Consumer Discretionary*** *(**0.25%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/20/2035 | 5584000 | 5636013 |
| ******Semiconductors*** *(**1.37%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2036 | 1640000 | 1644500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/2035 | 4339000 | 4520018 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/25/2036<sup>(d)</sup> | 5200000 | 5530061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/25/2035<sup>(d)</sup> | 5000000 | 5359092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 01/25/2039<sup>(d)</sup> | 10250000 | 11020892 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | 4965000 | 3140565 |
| **Total *Semiconductors*** |  | 31215128 |
| ******Software & Services*** *(**1.80%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/15/2033<sup>(d)</sup> | 5335000 | 5496917 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2032 | 6981000 | 7294224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | 2033000 | 2127215 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | 1750000 | 1158767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | 4858000 | 4555781 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | 4200000 | 4291806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | 6585000 | 6734338 |
| &nbsp;&nbsp;&nbsp;VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | 3050000 | 2717432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | 6610000 | 6726502 |
| **Total *Software & Services*** |  | 41102982 |
| ******Supermarkets & Pharmacies*** *(**1.33%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2028<sup>(d)</sup> | 9350000 | 9528585 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | $20474000 | $20809750 |
| **Total *Supermarkets & Pharmacies*** |  | 30338335 |
| ******Transportation & Logistics*** *(**0.05%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2033<sup>(d)</sup> | 1140000 | 1151103 |
| ******Travel & Lodging*** *(**0.59%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028<sup>(d)</sup> | 3134000 | 3081962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032<sup>(d)</sup> | 10100000 | 10366267 |
| **Total *Travel & Lodging*** |  | 13448229 |
| ******Utilities*** *(**0.35%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/01/2034 | 2658000 | 2758613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2035 | 5049000 | 5233800 |
| **Total *Utilities*** |  | 7992413 |
| ******Wireless Telecommunications Services*** *(**0.56%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/09/2035<sup>(d)</sup> | 5770000 | 5829523 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/15/2035 | 3298000 | 3316948 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2036 | 2468000 | 2472298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/30/2055 | 1228000 | 1240373 |
| **Total *Wireless Telecommunications Services*** |  | 12859142 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $847,208,851)** |  | 870909940 |
| **GOVERNMENT BONDS (40.96%)** |  |  |
| ******U.S. Treasury Bonds*** *(**40.96%**)*** |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2055 | 84156000 | 83564278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | 82533000 | 83858042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | 15261000 | 15448186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2055 | 51728000 | 52390765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | 61309000 | 63244065 |
| &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029 | 21896030 | 22240820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030 | 10853313 | 10986251 |

---

15 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal <br>Amount** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/31/2027 | $37323000 | $37315710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2029 | 19004000 | 18972450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/2027 | 47016000 | 47094972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/31/2030 | 26388000 | 26414800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2027 | 19083000 | 19143380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/31/2032 | 11799000 | 11773190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/31/2030 | 32329000 | 32891600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | 123839000 | 123655176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2029 | 88495000 | 90332308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2029 | 47135000 | 48126492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/31/2030 | 79179000 | 81262088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/28/2026 | 64900000 | 65014411 |
| **Total *U.S. Treasury Bonds*** |  | 933728984 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $923,238,055)** |  | 933728984 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br>(Note 2)** |
| **PREFERRED STOCK (2.82%)** |  |  |
| ***Energy (0.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Pipeline (0.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series B, 4.16%<sup>(f)(g)</sup> | 1712000 | $1717035 |
| **Total *Energy*** |  | 1717035 |
| ***Financials (1.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks (0.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Hawaii., 8.000%<sup>(f)</sup> | 86678 | 2303034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 5Y US TI + 2.541%<sup>(a)(f)(g)</sup> | 4402000 | 4277419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series BB, 5Y US TI + 3.453%<sup>(a)(f)(g)</sup> | 3302000 | 3289239 |
|  |  | 9869692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Finance (0.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., Series C, 7Y US TI + 3.481%<sup>(f)(g)</sup> | 1500000 | 1385497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 5Y US TI + 2.854%<sup>(a)(f)(g)</sup> | 2817000 | 2769429 |
|  |  | 4154926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Banks (0.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 5Y US TI + 2.684%<sup>(a)(f)(g)</sup> | 2845000 | 2953420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (0.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp., Series I, 5Y US TI + 3.168%<sup>(a)(f)(g)</sup> | 6318000 | 6275247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., Series X, 5Y US TI + 2.809%<sup>(a)(f)(g)</sup> | 2159000 | 2281079 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br>(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 6.000%<sup>(d)(f)(g)</sup> | 6952000 | $7027484 |
|  |  | 15583810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Life Insurance (0.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc., 5Y US TI + 3.728%<sup>(f)</sup> | 16545 | 433148 |
| **Total *Financials*** |  | 32994996 |
| ***Government (0.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Government Agencies (0.34%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoBank ACB, Series M, 5Y US TI + 2.818%<sup>(a)(f)(g)</sup> | 3826000 | 3981240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, 5Y US TI + 3.291%<sup>(a)(f)(g)</sup> | 2543000 | 2649936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 6, 5Y US TI + 3.01%<sup>(a)(f)(g)</sup> | 1156000 | 1195899 |
|  |  | 7827075 |
| **Total *Government*** |  | 7827075 |
| ***Health Care (0.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services (0.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 5Y US TI + 2.886%<sup>(a)(f)(g)</sup> | 5200000 | 5472792 |
| **Total *Health Care*** |  | 5472792 |
| ***Utilities (0.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Power Generation (0.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., 5Y US TI + 6.930%<sup>(a)(d)(f)(g)</sup> | 2175000 | 2231274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Utilities (0.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., 5Y US TI + 2.675%<sup>(a)(g)</sup> | 6865000 | 6704670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 5Y US TI + 2.262%<sup>(a)(g)</sup> | 1763000 | 1784583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 5Y US TI + 2.006%<sup>(a)(f)(g)</sup> | 2086000 | 2108344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp., 5Y US TI + 2.67%<sup>(a)(g)</sup> | 1758000 | 1850708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 3M CME TERM SOFR + 3.172%<sup>(a)(g)</sup> | 1497000 | 1497383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5Y US TI + 3.533%<sup>(a)(f)(g)</sup> | 170000 | 179217 |
| **Total *Utilities*** |  | 16356179 |

---

16 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Schedule of Investments** | ***November 30, 2025*** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **TOTAL PREFERRED STOCK** |  |  |
| **(Cost $63,234,959)** |  | $64368077 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value <br>(Note 2)** |
| **SHORT TERM INVESTMENTS (1.95%)** | **SHORT TERM INVESTMENTS (1.95%)** | **SHORT TERM INVESTMENTS (1.95%)** |  |
| ***Money Market Fund (1.95%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Government Portfolio | 3.88% | 44344649 | 44344649 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $44,344,649)** |  |  | 44344649 |
| **TOTAL INVESTMENTS (99.26%)** |  |  |  |
| **(Cost $2,220,831,060)** |  |  | $2262983134 |
| **Other Assets In Excess Of Liabilities (0.74%)** |  |  | 16843852 |
| **NET ASSETS (100.00%)** |  |  | $2279826986 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

TI - Treasury Index

SOFRINDX - US SOFR Secured Overnight Financing Rate Compounded Index

**Reference Rates:**

1D US SOFR - 1 Day SOFR as of November 30, 2025 was 4.12%

30D US SOFR - 30 Day SOFR as of November 30, 2025 was 4.01%

1M CME TERM SOFR – 1 Month CME TERM SOFR as of November 30, 2025 was 3.86%

3M CME TERM SOFR – 3 Month CME TERM SOFR as of November 30, 2025 was 3.79%

1Y US TI - 1 Year US Treasury Bill as of November 30, 2025 was 3.61%

5Y US TI - 5 Year US TI as of November 30, 2025 was 3.59%

<sup>(a)</sup> *Floating or variable rate security. The reference rate is described above. The rate in effect as of November 30, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.*

<sup>(b)</sup> *Issued with zero coupon.*

<sup>(c)</sup> *Interest only security.*

<sup>(d)</sup> *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the aggregate market value of those securities was $283,219,890, representing 12.42% of net assets.*

<sup>(e)</sup> *The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.*

<sup>(f)</sup> *Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

<sup>(g)</sup> *Non-Income Producing Security.*

 

*See Notes to Financial Statements and Financial Highlights.*

17 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | ***November 30, 2025*** |

---

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $2262983134 |
| &nbsp;&nbsp;&nbsp;Cash | 39013 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2256794 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 21662864 |
| &nbsp;&nbsp;&nbsp;Total Assets | 2286941805 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 6030050 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 1084769 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 7114819 |
| **NET ASSETS** | $2279826986 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $2240739732 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 39087254 |
| **NET ASSETS** | $2279826986 |
| **INVESTMENTS, AT COST** | $2220831060 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2279826986 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 87025000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $26.20 |

---

*See Notes to Financial Statements and Financial Highlights.*

18 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Statement of Operations** | ***For the Year Ended November 30, 2025*** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $89109334 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 1131499 |
| &nbsp;&nbsp;&nbsp;Total investment income | 90240833 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 10526031 |
| &nbsp;&nbsp;&nbsp;Net expenses | 10526031 |
| **NET INVESTMENT INCOME** | 79714802 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 413790 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 32488493 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 32902283 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $112617085 |

---

*See Notes to Financial Statements and Financial Highlights.*

19 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br>Year Ended <br>November 30, 2025** | **For the Period <br>December 05, 2023 <br>(Commencement of <br>Operations) to <br>November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $79714802 | $30080552 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 413790 | 178500 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 32488493 | 9663581 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 112617085 | 39922633 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (83313999) | (30138720) |
| &nbsp;&nbsp;&nbsp;Total distributions | (83313999) | (30138720) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 961169052 | 1279570935 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 961169052 | 1279570935 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 990472138 | 1289354848 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1289354848 | – |
| &nbsp;&nbsp;&nbsp;End of period | $2279826986 | $1289354848 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 49800000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 37225000 | 49800000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 87025000 | 49800000 |

---

*See Notes to Financial Statements and Financial Highlights.*

20 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Financial Highlights** | ***For a Share Outstanding Throughout the Periods Presented*** |

---

---

| | | |
|:---|:---|:---|
| | **For the Year <br>Ended <br>November 30, 2025** | **For the Period <br>December 05, 2023 <br>(Commencement <br>of Operations) to <br>November 30, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.89 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.36 | 0.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.51 | 1.99 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.16) | (1.10) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.20) | (1.10) |
| **NET INCREASE IN NET ASSET VALUE** | 0.31 | 0.89 |
| **NET ASSET VALUE, END OF PERIOD** | $26.20 | $25.89 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.01% | 8.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $2279827 | $1289355 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.59% | 0.59 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.47% | 4.57 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 147% | 169% |

---

<sup>(a)</sup> *Based on average shares outstanding during the period.*

<sup>(b)</sup> *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at the reinvestment prices. Total return calculated for a period of less than one year is not annualized.*

<sup>(c)</sup> *Annualized.*

<sup>(d)</sup> *Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.*

 

*See Notes to Financial Statements and Financial Highlights.*

21 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

1. **ORGANIZATION**

ALPS ETF Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As of November 30, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS \| Smith Core Plus Bond ETF (the "Fund"). The investment objective of the Fund is to seek above average total return from a combination of current income and capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund's Shares ("Shares") are listed on the NYSE Arca, Inc. (the "NYSE Arca"). The Fund issues and redeems Shares, at net asset value ("NAV") in blocks of 25,000 Shares, each of which is called a "Creation Unit". The Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Pursuant to the Trust's organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

2. **SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the Chief Operating Decision Maker ("CODM") monitors the operating results of the Fund as a whole. The Fund's Treasurer is the CODM for the Fund. The Fund's financial information is used by the CODM to assess each segment's performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

**A. Portfolio Valuation**

The Fund's NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

Portfolio securities listed on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Trust's Board of Trustees (the "Board"), which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund's debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund's debt securities to determine the market price.

The Fund's investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security's "fair value" due to the security being de-listed from a national exchange or the security's primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current "fair value" of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

22 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

**B. Fair Value Measurements**

The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

23 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted <br>Quoted Prices** | **Level 2 - Other Significant <br>Observable Inputs** | **Level 3 - Significant <br>Unobservable Inputs** | **Total** |
| **ALPS \| Smith Core Plus Bond ETF** |  |  |  |  |
| Bank Loans | $– | $18034484 | $– | $18034484 |
| Collateralized Mortgage Obligations |  | 89733906 |  | 89733906 |
| Commercial Mortgage-Backed Securities |  | 9893359 |  | 9893359 |
| Mortgage-Backed Securities |  | 231969735 |  | 231969735 |
| Corporate Bonds |  | 870909940 |  | 870909940 |
| Government Bonds |  | 933728984 |  | 933728984 |
| Preferred Stock | 2736182 | 61631895 |  | 64368077 |
| Short Term Investments | 44344649 | – | – | 44344649 |
| Total | $47080831 | $2215902303 | $– | $2262983134 |

---

 

*\** *For a detailed breakdown of sectors, see the accompanying Schedule of Investments.*

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2025.

C. **Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts.

D. **Dividends and Distributions to Shareholders**

Dividends from net investment income of the Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. **Federal Tax and Tax Basis Information**

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended November 30, 2025, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

---

| | | |
|:---|:---|:---|
| **Fund** | | **Total Distributable** <br> **Earnings/(Accumulated** <br> **Losses)**  |
| ALPS \| Smith Core Plus Bond ETF | $– $|  |

---

The tax character of the distributions paid during the fiscal year ended November 30, 2025 and fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2025** |  |  |  |
| ALPS \| Smith Core Plus Bond ETF | $83313999 | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** | | | |
| ALPS \| Smith Core Plus Bond ETF | $30138720 | $– | $– |

---

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

24 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Long-Term** |
| ALPS \| Smith Core Plus Bond ETF | $2318564 | $— | 310591 |

---

As of November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| | **ALPS \| Smith Core Plus Bond ETF** |
| (Over)/Underdistributed Ordinary Income | $239086 |
| Accumulated Capital Gains/(Losses) | (2629155) |
| Unrealized Appreciation/Depreciation | 41477323 |
| Total | $39087254 |

---

As of November 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **ALPS \| Smith Core Plus Bond ETF** |
| Gross appreciation (excess of value over tax cost) | $43155213 |
| Gross depreciation (excess of tax cost over value) | (1677890) |
| Net unrealized appreciation/(depreciation) | $41477323 |
| Cost of investments for income tax purposes | $2221505811 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

**G. Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions.

**3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS**

ALPS Advisors, Inc. serves as the Fund's investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.59% of the Fund's average daily net assets.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services to the Fund.

25 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Notes to Financial Statements and Financial Highlights** | ***November 30, 2025*** |

---

Smith Capital Investors, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ''Sub-Advisory Agreement''). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.30% of the Fund's average daily net assets. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. **PURCHASES AND SALES OF SECURITIES**

For the year ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS \| Smith Core Plus Bond ETF | $3488887700 | $2577968557 |

---

For the year ended November 30, 2025, the cost of U.S. Government security purchases and proceeds from U.S. Government security sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS \| Smith Core Plus Bond ETF | $2110244358 | $1768177957 |

---

For the year ended November 30, 2025, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

5. **CAPITAL SHARE TRANSACTIONS**

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants ("AP") are permitted to purchase or redeem Creation Units from the Fund. An additional variable charge for cash creations, redemptions, partial cash creations or partial cash redemptions may also be imposed to compensate the Fund for the costs associated with buying or selling the applicable securities.

6. **MARKET RISK**

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, extreme weather or geological events, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics.

7. **RECENT ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

26 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *November 30, 2025*

8. **SUBSEQUENT EVENTS**

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

27 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders of ALPS \| Smith Core Plus Bond ETF

and Board of Trustees of ALPS ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS \| Smith Core Plus Bond ETF (the "Fund"), a series of ALPS ETF Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year then ended and for the period December 5, 2023 (commencement of operations) through November 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, and the changes in net assets and financial highlights for the year then ended and for the period December 5, 2023 (commencement of operations) through November 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0096819-2_29.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 29, 2026

28 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

---

| | |
|:---|:---|
| **Additional Information** | ***November 30, 2025 (Unaudited)*** |

---

**TAX INFORMATION**

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income** | **Dividend Received Deduction** |
| **ALPS \| Smith Core Plus Bond ETF** | **0%** | **0%** |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

29 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

30 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Proxy Disclosures for Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

Not applicable for this reporting period.

31 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *November 30, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular <br>Compensation From the Trust** | **Aggregate Special Compensation <br>From the Trust** | **Total Compensation <br>From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 179500 |  | 179500 |
| Jeremy W. Deems, Trustee | 184500 |  | 184500 |
| Rick A. Pederson, Trustee | 194500 |  | 194500 |
| Joseph F. Keenan, Trustee | 170500 |  | 170500 |
| Susan K. Wold, Trustee | 170500 |  | 170500 |
| Laton Spahr, President and Trustee <sup>(2)</sup> | – | – | – |
| **Total** | $**939500** | $**–** | $**939500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*<sup>(2)</sup>* *Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.*

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

32 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract *November 30, 2025 (Unaudited)*

At its meetings held on June 4, 2025 and June 18, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS \| Smith Core Plus Bond ETF ("SMTH" or the "Fund") and (ii) the Investment Sub-Advisory Agreement between the Trust, AAI and Smith Capital Investors, LLC (the "Sub-Adviser" or "Smith Capital") with respect to the Fund (the "Smith Capital Sub-Advisory Agreement"). In evaluating the renewal of the Investment Advisory Agreement with respect to the Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the Investment Advisory Agreement, financial information regarding AAI and its parent company, information describing AAI's current organization and the background and experience of the persons responsible for the day-to-day management of the Fund.

The Board, including the Independent Trustees, reviewed information on the performance of the Fund and its applicable benchmark for the 1 year and since inception periods and against the appropriate FUSE performance universe. Based on this review, the Board, including the Independent Trustees found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality of such services was satisfactory.

The Board, including the Independent Trustees, noted that the advisory fees for the Fund were unitary fees pursuant to which AAI assumes all expenses of the Fund (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

Based on the information available to them, including the Fund-specific summary set forth below, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Fund and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and the analysis AAI had conducted to support AAI's assertion that it was not realizing any economies of scale with respect to the Fund. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved.

The Board, including the Independent Trustees, also considered other potential benefits available to AAI because of its relationship with the Fund, known as fall-out benefits.

With respect to the Fund, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for SMTH is higher than the median of its FUSE expense group. SMTH's net expense ratio is higher than the median of its FUSE expense group.

With respect to AAI profitability from SMTH, the Independent Trustees noted that current profitability levels were not unreasonable.

In voting to renew the Investment Advisory Agreement with AAI, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

The Board, including the Independent Trustees, discussed the Smith Capital Sub-Advisory Agreement.

33 \| alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract *November 30, 2025 (Unaudited)*

In evaluating the Smith Capital Sub-Advisory Agreement, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by Smith Capital with respect to SMTH under the Smith Capital Sub-Advisory Agreement; (ii) the advisory fees and other expenses paid by SMTH compared to those of similar funds managed by other investment advisers; (iii) the profitability to Smith Capital of its sub-advisory relationship with SMTH and the reasonableness of compensation to Smith Capital; (iv) the extent to which economies of scale would be realized if, and as, SMTH's assets increase, and whether the fee level in the Smith Capital Sub-Advisory Agreement reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by Smith Capital under the Smith Capital Sub-Advisory Agreement, the Board, including the Independent Trustees considered and reviewed information concerning the services provided under the Smith Capital Sub-Advisory Agreement, SMTH's performance, financial information regarding Smith Capital, information describing Smith Capital's current organization and the background and experience of the persons responsible for the day-to-day management of SMTH. Based upon their review, the Board, including the Independent Trustees concluded that Smith Capital was qualified to oversee the portfolio management of Smith Capital and that the services provided by Smith Capital to SMTH are satisfactory. The Board, including the Independent Trustees considered that the contractual sub-advisory fee to be paid to Smith Capital with respect to SMTH was 0.30% of SMTH's average daily net assets out of a total management fee of 0.59% of SMTH's average daily net assets.

In reviewing Smith Capital's profitability with respect to SMTH, the Board, including the Independent Trustees considered the resources involved in managing SMTH.

The Board, including the Independent Trustees also considered other benefits that have been and may be realized by Smith Capital from its relationships with SMTH, known as fall-out benefits.

The Board, including the Independent Trustees considered the extent to which economies of scale may be realized if SMTH's assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Fund's investors. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees' evaluation of whether further economies of scale have been achieved with respect to SMTH.

In voting to approve the Smith Capital Sub-Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of the Smith Capital Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

34 \| alpsfunds.com

![](fp0096819-2_30.jpg)

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

---

| | |
|:---|:---|
| <br> Item 9. | **Proxy Disclosures for Open-End Management Investment Companies.** |

---

Not applicable.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Any Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 11. **Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report..

Item 12. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

Item 13. **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

Item 14. **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

Item 15. **Submission of Matters to a Vote of Security Holders.**

There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, since those procedures were last disclosed in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's principal executive officer and principal financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended) are effective based on their evaluation
 of these controls and procedures as of a date within 90 days of the filing date of this
 report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 was no change in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period
 covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

Item 17. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

Item 18. **Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable.

(b) Not
 applicable.

Item 19. **Exhibits.**

[(a)(1) The Code of Ethics that is the subject of the disclosure required by Item 2 of Form N-CSR is attached hereto.](fp0096819-2_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0096819-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0096819-2_ex99906cert.htm) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto.](fp0096819-2_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALPS ETF TRUST

---

| | |
|:---|:---|
| By: | /s/ Laton Spahr |
|  | Laton Spahr (Principal Executive Officer) |
|  | President |
| Date: | February 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Laton Spahr |
|  | Laton Spahr (Principal Executive Officer) |
|  | President |
| Date: | February 6, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |
| Date: | February 6, 2026 |

---

## Ex-99.Code

**ALPS ETF TRUST** 

#### Code of Ethics for principal executive and financial officers
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **P urpose of the C ode** 

This code of ethics (this "Code") for the ALPS ETF Trust ("Trust"), a registered investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which may issue shares in separate and distinct series (the Trust and each series thereof, a "Fund") is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies there under. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and its investment adviser's, and principal underwriter's codes of ethics pursuant to Rule 17j-1 under the "1940 Act" are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full,
 fair, accurate, timely, and understandable disclosure in reports and documents that the Fund
 files with, or submits to, the Securities and Exchange Commission (the "SEC")
 and in any other public communications by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance
 with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 prompt internal reporting of violations of the Code to the appropriate persons as set forth
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability
 for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **C overed P ersons** 

This Code applies to the Fund's Principal Executive Officers and Principal Financial Officers, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"). Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Honest and Ethical Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· with
 honesty, diligence, and a commitment to professional and ethical responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· carefully,
 thoroughly and in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in
 conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Objectivity/Avoidance of Undisclosed Conflicts
 of Interest

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Fund, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf of the Fund. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of a conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Fund.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this Code.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use his or her personal influence
 or personal relationships improperly to influence investment decisions or financial reporting
 by the Fund whereby the Covered Officer would benefit personally to the detriment of the
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cause the Fund to take action,
 or fail to take actions, for the individual personal benefit of the Covered Officer rather
 than the benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use material non-public knowledge
 of portfolio transactions made or contemplated for the Fund to trade personally or cause
 others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Preparation of Financial
 Statements

Covered Officers must not knowingly make any misrepresentations regarding the Fund's financial statements or any facts in the preparation of the Fund's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Fund's financial statements. This section is intended to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making,
 or permitting or directing another to make, materially false or misleading entries in the
 Fund's financial statements or records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· failing
 to correct the Fund's financial statements or records that are materially false or
 misleading when he or she has the authority to record an entry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· signing,
 or permitting or directing another to sign, a document containing materially false or misleading
 financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Fund are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Covered Officer should consider whether (i) the entry or the failure to record a transaction
 in the records, or (ii) the financial statement presentation or the nature or omission of
 disclosure in the financial statements, as proposed by the supervisor, represents the use
 of an acceptable alternative and does not materially misrepresent the facts or result in
 an omission of a material fact. If, after appropriate research or consultation, the Covered
 Officer concludes that the matter has authoritative support and/or does not result in a material
 misrepresentation, the Covered Officer need do nothing further.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Covered Officer concludes that the financial statements or records could be materially
 misstated as a result of the supervisor's determination, the Covered Officer should
 follow the reporting procedures set forth in Section VI of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Obligations to the Independent
 Auditor of the Fund

In dealing with the Fund's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Fund's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Fund's independent auditor in the performance of an audit of the Fund's financial statements for the purpose of rendering such financial statements materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Full,
 Fair, Accurate, Timely and Understandable Disclosure

It is the Fund's policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund. The Fund has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Fund, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund.

Covered Officers must review the Fund's Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Fund. Covered Officers are responsible for monitoring the integrity and effectiveness of the Fund's Disclosure Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Compliance
 with Applicable Laws, Rules and Regulations

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Fund's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Fund's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Fund.

Covered Officers are expected to promote the Fund's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Fund about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Fund generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Reporting
 and Accountability

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Fund's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Fund or their affiliated persons for reports of potential violations that are made in good faith.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Any Covered Officer who knows of any
 violation of this Code or who questions whether a situation, activity or practice is acceptable
 must immediately report such practice to the Fund's Audit Committee. The Audit Committee
 shall take appropriate action to investigate any reported potential violations. If, after
 such investigation, the Audit Committee believes that no violation has occurred, the Audit
 Committee is not required to take any further action. Any matter that the Audit Committee
 believes is a violation will be reported to the Chairman of the Board of Trustees. The Audit
 Committee shall respond to the Covered Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** If the Covered Officer is not satisfied
 with the response of the Audit Committee, the Covered Officer shall report the matter to
 the Chairman of the Board of Trustees. If the Chairman is unavailable, the Covered Officer
 may report the matter to any other member of the Board of Trustees. The person receiving
 the report shall consider the matter, refer it to the full Board of Trustees if he or she
 deems appropriate, and respond to the Covered Officer within a reasonable amount of time.
 If the Board of Trustees concurs that a violation has occurred, it will consider appropriate
 action, which may include review of and appropriate modifications to applicable policies
 and procedures or notification to appropriate personnel of the investment adviser or its
 board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** If the Board of Trustees determines
 that a Covered Officer violated this Code, failed to report a known or suspected violation
 of this Code, or provided intentionally false or malicious information in connection with
 an alleged violation of this Code, the Board of Trustees may take disciplinary action against
 any such Covered Officer to the extent the Board of Trustees deems appropriate. No Covered
 Officer will be disciplined for reporting a concern in good faith.

To the extent possible and as allowed by law, reports will be treated as confidential. The Fund may report violations of the law to the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure
 of this Code

This Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Filing
 a copy of this Code as an exhibit to the Fund's annual report on Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Posting
 the text of this Code on the Fund's Internet website and disclosing, in its most recent
 report on Form N-CSR, its Internet address and the fact that it has posted this Code on its
 Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing
 an undertaking in the Fund's most recent report on Form N-CSR to provide a copy of
 this Code to any person without charge upon request, and explaining the manner in which such
 a request may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Waivers

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. A mendments

This Code may be amended by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees. Any amendment of this Code must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. C onfidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees of the Fund, the Audit Committee, the legal counsel to the Fund, legal counsel to the independent trustees and such other persons as a majority of the Board of Trustees, including a majority of the independent Trustees, shall determine to be appropriate.

#### Appendix A
**ALPS ETF Trust**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of the ALPS ETF Trust Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, Laton Spahr, President and Principal Executive Officer of the ALPS ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in the report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Laton Spahr |
|  | Laton Spahr (Principal Executive Officer) |
|  | President |
| Date: | February 6, 2026 |

---

I, Erich Rettinger, Treasurer and Principal Financial Officer of the ALPS ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in the report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |
| Date: | February 6, 2026 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended November 30, 2025, of the ALPS ETF Trust (the "Company").

I, Laton Spahr, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated: February 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Laton Spahr |
|  | Laton Spahr (Principal Executive Officer) |
|  | President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended November 30, 2025, of the ALPS ETF Trust (the "Company").

I, Erich Rettinger, the Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated: February 6, 2026

---

| | |
|:---|:---|
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |

---