# EDGAR Filing Document

**Accession Number:** 0001414040
**File Stem:** 0001398344-25-014725
**Filing Date:** 2025-8
**Character Count:** 1063205
**Document Hash:** 9f530f846668ae5eb75df5fb08721ba0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-014725.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001398344-25-014725

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22175
- **FILM NUMBER:** 251194756

**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 Europe Quality Dividend ETF (Series ID: S000075795)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000235087 | ALPS | O'Shares Europe Quality Dividend ETF Shares | OEUR            |

### 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="utf-8"?

**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

<u>ALPS ETF TRUST</u>

(Exact name of registrant as specified in charter)

<u>1290 Broadway, Suite 1000, Denver, Colorado 80203</u>

(Address of principal executive offices) (Zip code)

Brendan Hamill

ALPS ETF Trust

1290 Broadway, Suite 1000

<u>Denver, Colorado 80203</u>

(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 – May 31, 2025</u>

Item 1. **Report to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Alerian MLP ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: AMLP Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about Alerian MLP ETF (the "Fund" or "AMLP") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $41 | 0.84%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

#### 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 -3.23% (-3.08% NAV) for the Period. This compares to the Alerian MLP Infrastructure Index (the "Underlying Index"), which fell 6.75% on a price-return basis and 3.28% 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 $96.4 million in income tax benefit during the Period.

Energy was broadly pressured in April amid tariff uncertainty and weakness in oil prices. The Fund's Underlying Index fell 8.44% on a total-return basis in April and only recovered slightly in May. West Texas Intermediate ("WTI"), the US oil benchmark, fell below $60 per barrel to a four-year low in early May. For the Period, WTI oil was down just over 10%, while the natural gas benchmark saw modest gains.

Compression and Pipeline Transportation \| Petroleum were the best-performing subsectors in AMLP for the Period and the only subsectors with positive total returns. The worst-performing subsector was Pipeline Transportation \| Natural Gas, which only includes Energy Transfer and Enterprise Products Partners.

---

| | |
|:---|:---|
| AMLP: Index Total Return Attribution for Six Months Ended May 30, 2025 | AMLP: Index Total Return Attribution for Six Months Ended May 30, 2025 |
| Compression | 0.26% |
| Gathering & Processing | -1.24% |
| Liquefaction | -0.09% |
| Marketing & Distribution | -0.52% |
| Pipeline Transportation \| Natural Gas | -1.95% |
| Pipeline Transportation \| Petroleum | 0.20% |
| TOTAL | -3.28% |

---

***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](fp0094010-2_sa111.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Alerian MLP ETF - NAV | 12.85% | 22.04% | 2.99% |
| Alerian MLP Infrastructure Index | 16.03% | 25.29% | 3.97% |
| Alerian MLP Index | 15.24% | 25.25% | 4.43% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.52% |

---

*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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $10171573648 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $42730722 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| MPLX LP | 12.37% |
| Energy Transfer LP | 12.21% |
| Western Midstream Partners LP | 12.01% |
| Sunoco LP | 11.94% |
| Enterprise Products Partners LP | 11.87% |
| Plains All American Pipeline LP | 10.91% |
| Hess Midstream LP | 9.20% |
| Cheniere Energy Partners LP | 4.95% |
| USA Compression Partners LP | 3.86% |
| Genesis Energy LP | 3.61% |
| Total % of Top 10 Holdings | 92.93% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Pipeline Transportation \| Petroleum | 28.60% |
| Pipeline Transportation \| Natural Gas | 24.08% |
| Gathering + Processing | 21.21% |
| Marketing & Distribution | 17.30% |
| Liquefaction | 4.95% |
| Compression | 3.85% |
| Money Market Fund | 0.01% |
| 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)

SAR-AMLP-053125

<u>Alerian Energy Infrastructure ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: ENFR Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about Alerian Energy Infrastructure ETF (the "Fund" or "ENFR") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $17 | 0.35%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

#### 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 -3.25% (-3.11% NAV) for the Period. This compares to the Alerian Midstream Energy Select Index (the "Underlying Index"), which fell 5.34% on a price-return basis and 2.79% on a total-return basis.

Energy infrastructure companies were pressured in April by tariff uncertainty and oil volatility, with only a moderate rebound in May. West Texas Intermediate ("WTI"), the US oil benchmark, fell below $60 per barrel and hit a four-year low in early May. For the Period, WTI oil was down just over 10%, while the natural gas benchmark was up modestly.

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

---

| | |
|:---|:---|
| ENFR: Index Total Return Attribution for Six Months Ended May 30, 2025 | ENFR: Index Total Return Attribution for Six Months Ended May 30, 2025 |
| Gathering & Processing | -1.20% |
| Liquefaction | 0.51% |
| Pipeline Transportation \| Natural Gas | -2.83% |
| Pipeline Transportation \| Petroleum | 0.67% |
| Storage | 0.05% |
| TOTAL | -2.80% |

---

***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](fp0094010-3_sa111.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Alerian Energy Infrastructure ETF - NAV | 27.07% | 24.10% | 6.91% |
| Alerian Midstream Energy Select Index | 28.06% | 25.12% | 7.78% |
| Alerian MLP Index | 15.24% | 25.25% | 4.43% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.52% |

---

*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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $297483488 |
| Number of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $482541 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Energy Transfer LP | 9.02% |
| Enbridge, Inc. | 8.18% |
| Enterprise Products Partners LP | 7.26% |
| The Williams Cos., Inc. | 6.54% |
| DT Midstream, Inc. | 5.61% |
| Cheniere Energy, Inc. | 5.60% |
| TC Energy Corp. | 5.44% |
| Antero Midstream Corp. | 4.92% |
| Kinder Morgan, Inc. | 4.91% |
| Keyera Corp. | 4.88% |
| Total % of Top 10 Holdings | 62.36% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Pipeline Transportation \| Natural Gas | 37.85% |
| Gathering + Processing | 26.95% |
| Pipeline Transportation \| Petroleum | 26.84% |
| Liquefaction | 6.25% |
| Storage | 2.11% |
| 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/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)

SAR-ENFR-053125

<u>ALPS Active Equity Opportunity ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFFC Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Active Equity Opportunity ETF (the "Fund" or "RFFC") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $23 | 0.48%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-4_sa101.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (06/06/2016)**  |
| ALPS Active Equity Opportunity ETF - NAV | 9.94% | 14.09% | 11.02% |
| S&P Composite 1500<sup>®</sup> Index | 12.49% | 15.68% | 13.71% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 13.85% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $21641948 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $61574 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*^

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 4.22% |
| Microsoft Corp. | 3.71% |
| NVIDIA Corp. | 3.56% |
| Meta Platforms, Inc. | 3.28% |
| Alphabet, Inc. | 3.15% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2.86% |
| JPMorgan Chase & Co. | 2.72% |
| Apple, Inc. | 2.56% |
| American Express Co. | 2.40% |
| Mastercard, Inc. | 2.28% |
| Total % of Top 10 Holdings | 30.74% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 24.28% |
| Financials | 15.28% |
| Consumer Discretionary | 12.06% |
| Industrials | 9.54% |
| Communication Services | 9.09% |
| Health Care | 8.43% |
| Utilities | 4.68% |
| Energy | 4.58% |
| Consumer Staples | 3.45% |
| Real Estate | 2.41% |
| Materials | 2.15% |
| Money Market Fund | 4.05% |
| Total | 100.00% |

---

---

| | |
|:---|:---|
| \* | *% of Total Investments (excluding investments purchased with collateral from securities loaned).* |
| ^ | *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/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)

SAR-RFFC-053125

<u>ALPS Active REIT ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: REIT Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Active REIT ETF (the "Fund" or "REIT") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $33 | 0.68%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-5_sa111.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (02/25/2021)**  |
| ALPS Active REIT ETF - NAV | 10.50% | 5.60% |
| S&P United States REIT Index | 12.34% | 5.74% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 11.28% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $43610577 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $145192 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Equinix, Inc. | 9.21% |
| Welltower, Inc. | 7.43% |
| Prologis, Inc. | 7.20% |
| Digital Realty Trust, Inc. | 4.71% |
| VICI Properties, Inc. | 4.57% |
| Ventas, Inc. | 4.18% |
| Essex Property Trust, Inc. | 4.07% |
| First Industrial Realty Trust, Inc. | 3.90% |
| Realty Income Corp. | 3.86% |
| Simon Property Group, Inc. | 3.85% |
| Total % of Top 10 Holdings | 52.98% |

---

#### REIT Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Real Estate | 96.63% |
| Money Market Fund | 3.37% |
| 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)

SAR-REIT-053125

<u>ALPS Equal Sector Weight ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: EQL Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Equal Sector Weight ETF (the "Fund" or "EQL") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $8 | 0.16%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-6_sa111.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| ALPS Equal Sector Weight ETF - NAV | 10.87% | 14.32% | 10.71% |
| NYSE<sup>®</sup> Equal Sector Weight Index | 11.06% | 14.47% | 10.88% |
| S&P 500<sup>®</sup> Index<sup>‡</sup> | 13.52% | 15.94% | 12.86% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $508595668 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $377045 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Consumer Discretionary Select Sector SPDR Fund | 9.66% |
| Industrial Select Sector SPDR Fund | 9.65% |
| Technology Select Sector SPDR Fund | 9.63% |
| Consumer Staples Select Sector SPDR Fund | 9.33% |
| Utilities Select Sector SPDR Fund | 9.29% |
| Communication Services Select Sector SPDR Fund | 9.28% |
| Financial Select Sector SPDR Fund | 9.20% |
| Materials Select Sector SPDR Fund | 8.99% |
| Real Estate Select Sector SPDR Fund | 8.98% |
| Health Care Select Sector SPDR Fund | 8.08% |
| Total % of Top 10 Holdings | 92.09% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Consumer Discretionary | 9.66% |
| Industrials | 9.65% |
| Technology | 9.63% |
| Consumer Staples | 9.33% |
| Utilities | 9.29% |
| Communication Services | 9.28% |
| Financials | 9.20% |
| Materials | 8.99% |
| Real Estate | 8.98% |
| Healthcare | 8.08% |
| Energy | 7.88% |
| 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)

SAR-EQL-053125

<u>ALPS Intermediate Municipal Bond ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: MNBD Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Intermediate Municipal Bond ETF (the "Fund" or "MNBD") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $25 | 0.50%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-7_sa111.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (05/19/2022)**  |
| ALPS Intermediate Municipal Bond ETF - NAV | 3.77% | 4.05% |
| Bloomberg Municipal Bond 1-15 Year Blend Index | 3.18% | 2.95% |
| Bloomberg Municipal Bond Index<sup>‡</sup> | 2.03% | 2.81% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $37217017 |
| Number of Portfolio Holdings | 130 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $87935 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Port Authority of New York & New Jersey | 3.07% |
| United States Treasury Bill | 2.89% |
| South Carolina State Housing Finance & Development Authority | 2.62% |
| Wyoming Community Development Authority | 2.40% |
| North Carolina Housing Finance Agency | 2.12% |
| Salt Verde Financial Corp. | 1.89% |
| Pennsylvania Turnpike Commission | 1.88% |
| University of North Carolina at Chapel Hill | 1.86% |
| Minnesota Housing Finance Agency | 1.70% |
| Morris Area Schools Independent School District No 2769 | 1.52% |
| Total % of Top 10 Holdings | 21.95% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Revenue Bonds | 78.74% |
| General Obligation Unltd | 15.51% |
| Government | 4.21% |
| General Obligation Ltd | 1.35% |
| Money Market Fund | 0.19% |
| 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)

SAR-MNBD-053125

<u>ALPS Clean Energy ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: ACES Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Clean Energy ETF (the "Fund" or "ACES") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $26 | 0.55%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-10_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/28/2018)**  |
| **ALPS Clean Energy ETF - NAV** | -22.01% | -6.72% | 0.73% |
| *CIBC Atlas Clean Energy Index* | -22.16% | -6.74% | 0.92% |
| *S&P 1000 Index* | 0.93% | 12.51% | 7.17% |
| *Bloomberg US 1000 Index*<sup>‡</sup> | 13.46% | 15.49% | 13.36% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $87072698 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $279656 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| NEXTracker, Inc. | 6.64% |
| Tesla, Inc. | 6.41% |
| Rivian Automotive, Inc. | 6.33% |
| First Solar, Inc. | 5.53% |
| Northland Power, Inc. | 5.32% |
| Itron, Inc. | 5.31% |
| Brookfield Renewable Partners LP | 5.14% |
| Ormat Technologies, Inc. | 5.12% |
| Lucid Group, Inc. | 4.73% |
| Darling Ingredients, Inc. | 4.71% |
| Total % of Top 10 Holdings | 55.24% |

---

#### Clean Energy Segment Allocation\*

---

| | |
|:---|:---|
|  |  |
| Solar | 25.47% |
| Electric Vehicles | 23.50% |
| Wind | 16.57% |
| Energy Management & Storage | 10.56% |
| Hydro/Geothermal | 10.25% |
| Bioenergy | 10.08% |
| Fuel Cell/Hydrogen | 1.98% |
| Energy | 1.44% |
| Money Market Fund | 0.15% |
| 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)

SAR-ACES-053125

<u>ALPS Disruptive Technologies ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: DTEC Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Disruptive Technologies ETF (the "Fund" or "DTEC") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $25 | 0.50%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-9_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (12/28/2017)**  |
| **ALPS Disruptive Technologies ETF - NAV** | 15.02% | 7.26% | 9.18% |
| *Indxx Disruptive Technologies Index* | 15.46% | 7.64% | 9.52% |
| *Morningstar Global Markets Index*<sup>‡</sup> | 12.91% | 12.97% | 8.95% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $88394995 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $219288 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Zscaler, Inc. | 1.33% |
| Tesla, Inc. | 1.32% |
| AeroVironment, Inc. | 1.32% |
| Crowdstrike Holdings, Inc. | 1.30% |
| Snowflake, Inc. | 1.27% |
| Netflix, Inc. | 1.24% |
| Insulet Corp. | 1.22% |
| Intuit, Inc. | 1.18% |
| Samsara, Inc. | 1.15% |
| ServiceNow, Inc. | 1.15% |
| Total % of Top 10 Holdings | 12.48% |

---

#### Thematic Allocation\*

---

| | |
|:---|:---|
|  |  |
| Cybersecurity | 10.64% |
| Cloud Computing | 10.58% |
| Data & Analytics | 10.26% |
| Clean Energy & Smart Grid | 10.13% |
| Healthcare Innovation | 10.06% |
| 3D Printing | 9.83% |
| Internet of Things | 9.66% |
| FinTech | 9.57% |
| Robotics & Artificial Intelligence | 9.14% |
| Mobile Payments | 8.99% |
| Consumer, Non-cyclical | 1.05% |
| Money Market Fund | 0.09% |
| 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)

SAR-DTEC-053125

<u>ALPS Electrification Infrastructure ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: ELFY Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Electrification Infrastructure ETF (the "Fund" or "ELFY") for the period of April 9, 2025 (inception) to May 31, 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 | $9<sup>^</sup> | 0.50%<sup>\*</sup> |

---

---

| | |
|:---|:---|
| <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 (52) divided by 365.* |

---

***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](fp0094010-38_sa141.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | |
|:---|:---|
|  | **Since Inception**<br> (04/09/2025)**  |
| **ALPS Electrification Infrastructure ETF - NAV** | 13.63% |
| Ladenburg Thalmann Electrification Infrastructure Index | 13.70% |
| Bloomberg US 1000 Index<sup>‡</sup> | 8.88% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $22121825 |
| Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $8432 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| NRG Energy, Inc. | 1.91% |
| Vertiv Holdings Co. | 1.81% |
| GE Vernova, Inc. | 1.74% |
| Constellation Energy Corp. | 1.73% |
| Cameco Corp. | 1.68% |
| Vistra Corp. | 1.65% |
| Comfort Systems USA, Inc. | 1.63% |
| NEXTracker, Inc. | 1.61% |
| Amphenol Corp. | 1.57% |
| Coherent Corp. | 1.55% |
| Total % of Top 10 Holdings | 16.88% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Utilities | 38.99% |
| Industrials | 31.14% |
| Information Technology | 13.76% |
| Energy | 13.35% |
| Materials | 2.73% |
| Money Market Fund | 0.03% |
| 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)

SAR-C000259393-053125

<u>ALPS Medical Breakthroughs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SBIO Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Medical Breakthroughs ETF (the "Fund" or "SBIO") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $22 | 0.50%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-8_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Ten Years** |
| ALPS Medical Breakthroughs ETF - NAV | -10.02% | -6.24% | -0.73% |
| S-Network<sup>®</sup> Medical Breakthroughs Index | -9.82% | -5.86% | -0.38% |
| NASDAQ Biotechnology Index | -6.52% | 0.06% | 1.30% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.52% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $81196624 |
| Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $232689 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Verona Pharma PLC | 5.89% |
| Alkermes PLC | 4.27% |
| Axsome Therapeutics, Inc. | 4.10% |
| Akero Therapeutics, Inc. | 3.47% |
| Merus NV | 3.44% |
| Rhythm Pharmaceuticals, Inc. | 3.41% |
| PTC Therapeutics, Inc. | 3.35% |
| Avidity Biosciences, Inc. | 3.26% |
| ACADIA Pharmaceuticals, Inc. | 3.10% |
| Zai Lab, Ltd. | 2.77% |
| Total % of Top 10 Holdings | 37.06% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Biotechnology | 81.29% |
| Pharmaceuticals | 17.98% |
| Health Care Providers & Services | 0.57% |
| Money Market Fund | 0.16% |
| 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)

SAR-SBIO-053125

<u>ALPS Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SDOG Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS Sector Dividend Dogs ETF (the "Fund" or "SDOG") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $17 | 0.36%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-12_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Sector Dividend Dogs ETF - NAV | 8.67% | 13.95% | 8.03% |
| S-Network<sup>®</sup> Sector Dividend Dogs Index | 9.01% | 14.34% | 8.46% |
| S&P 500<sup>®</sup> Index<sup>‡</sup> | 13.52% | 15.94% | 12.86% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1174234940 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $2149229 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Seagate Technology Holdings PLC | 2.73% |
| Philip Morris International, Inc. | 2.42% |
| Darden Restaurants, Inc. | 2.35% |
| Newmont Mining Corp. | 2.32% |
| Paychex, Inc. | 2.21% |
| Ford Motor Co. | 2.18% |
| Eversource Energy | 2.15% |
| Southwest Airlines Co. | 2.14% |
| FirstEnergy Corp. | 2.14% |
| McDonald's Corp. | 2.13% |
| Total % of Top 10 Holdings | 22.77% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 10.80% |
| Consumer Discretionary | 10.66% |
| Utilities | 10.43% |
| Consumer Staples | 10.25% |
| Financials | 10.16% |
| Communication Services | 9.95% |
| Industrials | 9.81% |
| Energy | 9.28% |
| Health Care | 9.27% |
| Materials | 9.20% |
| Money Market Fund | 0.19% |
| 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/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)

SAR-SDOG-053125

<u>ALPS International Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: IDOG Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $27 | 0.50%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-13_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS International Sector Dividend Dogs ETF - NAV | 12.97% | 14.12% | 6.54% |
| S-Network<sup>®</sup> International Sector Dividend Dogs Index | 13.33% | 14.56% | 6.94% |
| Morningstar Developed Markets ex-North America Index<sup>‡</sup> | 13.27% | 10.93% | 5.89% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $338122393 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $729421 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Enel SpA | 2.32% |
| Singapore Telecommunications, Ltd. | 2.30% |
| Japan Tobacco, Inc. | 2.27% |
| Orange SA | 2.25% |
| ORLEN SA | 2.17% |
| Bouygues SA | 2.17% |
| China Resources Power Holdings Co., Ltd. | 2.14% |
| Singapore Airlines, Ltd. | 2.13% |
| Telenor ASA | 2.13% |
| British American Tobacco PLC | 2.13% |
| Total % of Top 10 Holdings | 22.01% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Communication Services | 10.89% |
| Utilities | 10.66% |
| Consumer Staples | 10.40% |
| Energy | 10.39% |
| Industrials | 9.97% |
| Financials | 9.86% |
| Information Technology | 9.82% |
| Health Care | 9.38% |
| Materials | 9.09% |
| Consumer Discretionary | 8.89% |
| Money Market Fund | 0.65% |
| 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)

SAR-IDOG-053125

<u>ALPS Emerging Sector Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: EDOG Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $31 | 0.60%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-14_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Emerging Sector Dividend Dogs ETF - NAV | 9.62% | 9.92% | 3.62% |
| S-Network<sup>®</sup> Emerging Sector Dividend Dogs Index | 9.87% | 10.60% | 4.36% |
| Morningstar Emerging Markets Index<sup>‡</sup> | 11.08% | 8.11% | 4.44% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $26287756 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid | $77690 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Infosys, Ltd. | 4.77% |
| Wipro, Ltd. | 4.53% |
| Kalbe Farma Tbk PT | 2.79% |
| Alamtri Resources Indonesia Tbk PT | 2.35% |
| Grupo Aeroportuario del Centro Norte SAB de CV | 2.35% |
| JBS S/A | 2.34% |
| Universal Robina Corp. | 2.34% |
| Vodacom Group, Ltd. | 2.32% |
| CEZ AS | 2.26% |
| Telkom Indonesia Persero Tbk PT | 2.26% |
| Total % of Top 10 Holdings | 28.31% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Consumer Staples | 11.17% |
| Utilities | 10.57% |
| Industrials | 10.27% |
| Communication Services | 10.06% |
| Financials | 10.06% |
| Consumer Discretionary | 9.84% |
| Energy | 9.56% |
| Health Care | 9.46% |
| Information Technology | 9.30% |
| Materials | 7.32% |
| Building Materials | 2.03% |
| Money Market Fund | 0.36% |
| 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)

SAR-EDOG-053125

<u>ALPS REIT Dividend Dogs ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RDOG Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS REIT Dividend Dogs ETF (the "Fund" or "RDOG") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $16 | 0.35%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-11_sa131.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS REIT Dividend Dogs ETF - NAV | 3.52% | 5.97% | 2.46% |
| S-Network<sup>®</sup> REIT Dividend Dogs Index\*\* | 3.89% | 6.35% |  |
| S-Network<sup>®</sup> US Composite REIT Index\*\*\* | 11.62% | 7.29% |  |
| S-Network<sup>®</sup> REIT Dividend Dogs Index / S&P USA REIT Blend\* | 3.89% | 6.35% | 3.69% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.52% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $11582559 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $21813 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Digital Realty Trust, Inc. | 2.73% |
| EPR Properties | 2.54% |
| SBA Communications Corp. | 2.52% |
| Equinix, Inc. | 2.50% |
| NETSTREIT Corp. | 2.49% |
| Host Hotels & Resorts, Inc. | 2.45% |
| American Tower Corp. | 2.40% |
| Centerspace | 2.39% |
| Outfront Media, Inc. | 2.38% |
| Ryman Hospitality Properties, Inc. | 2.37% |
| Total % of Top 10 Holdings | 24.77% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Technology REITs | 12.45% |
| Specialized REITs | 11.68% |
| Retail REITs | 11.64% |
| Diversified REITs | 11.21% |
| Residential REITs | 10.96% |
| Industrial REITs | 10.81% |
| Hotel & Resort REITs | 10.64% |
| Office REITs | 10.59% |
| Health Care REITs | 9.96% |
| 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/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)

SAR-RDOG-053125

<u>ALPS \| O'Shares U.S. Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> Cboe BZX: OUSA Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $24 | 0.48%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-17_sa101.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (07/13/2015)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS O'Shares U.S. Quality Dividend ETF - NAV | 11.15% | 11.98% | 10.32% |
| O'Shares U.S. Quality Dividend Index\* | 11.71% | 12.55% | 10.88% |
| Morningstar US Large-Mid Cap Broad Value Index | 8.42% | 14.19% | 10.45% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.70% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $804392935 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid | $1924324 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*\*

---

| | |
|:---|:---|
|  |  |
| Visa, Inc. | 5.40% |
| Microsoft Corp. | 5.40% |
| Home Depot, Inc. | 4.92% |
| Mastercard, Inc. | 4.53% |
| Apple, Inc. | 4.51% |
| Johnson & Johnson | 4.38% |
| Alphabet, Inc. | 4.03% |
| McDonald's Corp. | 3.67% |
| Cisco Systems, Inc. | 3.44% |
| Merck & Co., Inc. | 3.21% |
| Total % of Top 10 Holdings | 43.49% |

---

#### Sector Allocation\*\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 22.74% |
| Financials | 17.03% |
| Health Care | 14.26% |
| Consumer Discretionary | 14.11% |
| Industrials | 12.52% |
| Communication Services | 10.49% |
| Consumer Staples | 8.81% |
| Money Market Fund | 0.04% |
| 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)

SAR-OUSA-053125

<u>ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> Cboe BZX: OUSM Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $23 | 0.48%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-18_sa101.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (12/29/2016)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS O'Shares U.S. Small-Cap Quality Dividend ETF - NAV | 3.72% | 13.23% | 8.66% |
| O'Shares U.S. Small Cap Quality Dividend Index\* | 4.26% | 13.79% | 9.20% |
| Morningstar US Small-Cap Broad Value Extended Index | 1.52% | 14.45% | 6.10% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 13.80% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $896762251 |
| Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $2098156 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*\*

---

| | |
|:---|:---|
|  |  |
| Encompass Health Corp. | 2.64% |
| SEI Investments Co. | 2.58% |
| Premier, Inc. | 2.35% |
| Houlihan Lokey, Inc. | 2.33% |
| Texas Roadhouse, Inc. | 2.31% |
| Lincoln Electric Holdings, Inc. | 2.22% |
| Amdocs, Ltd. | 2.18% |
| Dolby Laboratories, Inc. | 2.15% |
| MSC Industrial Direct Co., Inc. | 2.09% |
| Chemed Corp. | 2.04% |
| Total % of Top 10 Holdings | 22.89% |

---

#### Sector Allocation\*\*

---

| | |
|:---|:---|
|  |  |
| Financials | 22.99% |
| Industrials | 21.52% |
| Consumer Discretionary | 18.05% |
| Information Technology | 15.49% |
| Health Care | 9.64% |
| Consumer Staples | 5.03% |
| Utilities | 4.23% |
| Communication Services | 2.96% |
| Money Market Fund | 0.09% |
| 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)

SAR-OUSM-053125

<u>ALPS \| O'Shares Global Internet Giants ETF </u> <u> ALPS ETF TRUST </u> <br> Cboe BZX: OGIG Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $25 | 0.48%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-16_sa101.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (06/04/2018)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS O'Shares Global Internet Giants ETF - NAV | 36.40% | 8.32% | 10.61% |
| O'Shares Global Internet Giants Index | 37.12% | 8.87% | 11.19% |
| NASDAQ 100 Index | 16.02% | 18.37% | 17.97% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 13.07% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $153047986 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $327940 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Microsoft Corp. | 6.29% |
| Meta Platforms, Inc. | 5.67% |
| Alphabet, Inc. | 5.20% |
| Amazon.com, Inc. | 4.80% |
| Palantir Technologies, Inc. | 3.52% |
| Netflix, Inc. | 2.24% |
| Duolingo, Inc. | 2.23% |
| Crowdstrike Holdings, Inc. | 2.14% |
| Oracle Corp. | 2.12% |
| AppLovin Corp. | 2.10% |
| Total % of Top 10 Holdings | 36.31% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 49.90% |
| Communication Services | 24.89% |
| Consumer Discretionary | 18.68% |
| Industrials | 4.40% |
| Real Estate | 1.22% |
| Health Care | 0.89% |
| Money Market Fund | 0.02% |
| 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)

SAR-OGIG-053125

<u>ALPS \| O'Shares Europe Quality Dividend ETF </u> <u> ALPS ETF TRUST </u> <br> Cboe BZX: OEUR Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about ALPS \| O'Shares Europe Quality Dividend ETF (the "Fund" or "OEUR") for the period of December 1, 2024 to May 31, 2025 (the "Period").* *You can find additional information about the Fund at* ***<u>https://www.alpsfunds.com/exchange-traded-funds/oeur</u>****. You can also request this information by contacting us at 1-866-759-5679 .*

#### WHAT WERE THE FUND COSTS FOR THE PAST six months ?
*(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 Europe Quality Dividend ETF | $26 | 0.48%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-15_sa101.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br> (08/18/2015)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS O'Shares Europe Quality Dividend ETF - NAV | 11.25% | 11.74% | 5.95% |
| O'Shares Europe Quality Dividend Index\* | 11.66% | 12.29% | 6.42% |
| EURO STOXX 50 Net Return USD Index | 15.33% | 15.20% | 7.44% |
| Morningstar Europe Index<sup>‡</sup> | 14.15% | 12.80% | 7.13% |

---

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

---

| | |
|:---|:---|
| \* | *The O'Shares Europe 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 and the O'Shares Europe Quality Dividend Index thereafter.* |
| <sup>‡</sup> | *Broad-based securities market index.*  |

---

#### WHAT ARE SOME KEY FUND STATISTICS? (as of May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $37410568 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid | $85389 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*\*

---

| | |
|:---|:---|
|  |  |
| SAP SE | 5.15% |
| Nestle SA | 4.20% |
| Roche Holding AG | 3.95% |
| Novartis AG | 3.71% |
| Siemens AG | 3.67% |
| BAE Systems PLC | 3.41% |
| Iberdrola SA | 3.27% |
| Unilever PLC | 3.13% |
| Deutsche Telekom AG | 3.06% |
| RELX PLC | 2.94% |
| Total % of Top 10 Holdings | 36.49% |

---

#### Sector Allocation\*\*

---

| | |
|:---|:---|
|  |  |
| Industrials | 29.47% |
| Consumer Staples | 15.04% |
| Health Care | 14.92% |
| Financials | 10.47% |
| Consumer Discretionary | 8.43% |
| Information Technology | 7.52% |
| Communication Services | 7.24% |
| Utilities | 6.58% |
| Money Market Fund | 0.33% |
| Total | 100.00% |

---

#### Country Exposure\*\*

---

| | |
|:---|:---|
|  |  |
| Great Britain | 23.02% |
| France | 18.04% |
| Switzerland | 17.21% |
| Germany | 15.18% |
| Netherlands | 7.60% |
| Sweden | 5.93% |
| Spain | 5.69% |
| Finland | 3.15% |
| Denmark | 2.40% |
| Ireland | 1.45% |
| United States | 0.33% |
| 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/oeur</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](dscomexchangetradedfundsoeur.jpg)

SAR-OEUR-053125

<u>Barron's 400<sup>SM</sup> ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: BFOR Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $31 | 0.65%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-19_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Barron's 400 ETF - NAV | 11.17% | 15.06% | 9.31% |
| Barron's 400 Index<sup>SM</sup> | 11.76% | 15.77% | 10.00% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 15.49% | 12.52% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $153330063 |
| Number of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid | $483533 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Sezzle, Inc. | 0.65% |
| Renasant Corp. | 0.48% |
| Duolingo, Inc. | 0.42% |
| Argan, Inc. | 0.41% |
| Hims & Hers Health, Inc. | 0.39% |
| NRG Energy, Inc. | 0.39% |
| Sterling Infrastructure, Inc. | 0.37% |
| Palantir Technologies, Inc. | 0.36% |
| Frontdoor, Inc. | 0.34% |
| Build-A-Bear Workshop, Inc. | 0.34% |
| Total % of Top 10 Holdings | 4.15% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Financials | 21.74% |
| Industrials | 21.42% |
| Information Technology | 14.26% |
| Consumer Discretionary | 12.18% |
| Health Care | 9.97% |
| Consumer Staples | 5.50% |
| Energy | 4.47% |
| Communication Services | 4.38% |
| Materials | 3.86% |
| Utilities | 2.00% |
| Money Market Fund | 0.22% |
| 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)

SAR-BFOR-053125

<u>Level Four Large Cap Growth Active ETF </u> <u> ALPS ETF TRUST </u> <br> NASDAQ: LGRO Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $25 | 0.50%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-20_sa121.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (08/22/2023)**  |
| Level Four Large Cap Growth Active ETF - NAV | 16.88% | 20.79% |
| Bloomberg US 1000 Growth Index | 16.02% | 22.63% |
| Bloomberg US 1000 Index<sup>‡</sup> | 13.46% | 19.80% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $95028241 |
| Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $231073 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| Microsoft Corp. | 6.24% |
| Apple, Inc. | 6.18% |
| Amazon.com, Inc. | 5.47% |
| Alphabet, Inc. | 5.45% |
| NVIDIA Corp. | 4.71% |
| Snowflake, Inc. | 4.43% |
| RH | 3.18% |
| Blackrock, Inc. | 3.17% |
| Meta Platforms, Inc. | 3.16% |
| Uber Technologies, Inc. | 3.14% |
| Total % of Top 10 Holdings | 45.13% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 42.77% |
| Consumer Discretionary | 16.09% |
| Communication Services | 12.33% |
| Financials | 11.48% |
| Industrials | 7.97% |
| Health Care | 4.56% |
| Consumer Staples | 1.55% |
| Energy | 1.02% |
| Money Market Fund | 2.23% |
| 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/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)

SAR-LGRO-053125

<u>RiverFront Dynamic Core Income ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFCI Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about RiverFront Dynamic Core Income ETF (the "Fund" or "RFCI") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $26 | 0.51%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-22_sa141.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/13/2016)**  |
| RiverFront Dynamic Core Income ETF - NAV | 5.72% | 0.15% | 1.64% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.46% | -0.90% | 1.21% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $21217997 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $55788 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*^

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bond 11/15/2043 4.75% | 12.15% |
| Blue Owl Credit Income Corp. 01/15/2029 7.75% | 4.10% |
| Kinetik Holdings LP 12/15/2028 6.63% | 4.06% |
| U.S. Treasury Bond 11/15/2052 4.00% | 3.82% |
| General Motors Financial Co., Inc. 01/09/2033 6.40% | 3.53% |
| Ingersoll Rand, Inc. 08/14/2033 5.70% | 3.52% |
| Concentrix Corp. 08/02/2033 6.85% | 3.50% |
| Hyatt Hotels Corp. 04/23/2030 5.75% | 3.49% |
| U.S. Treasury Bond 02/15/2037 4.75% | 2.54% |
| PNC Financial Services Group, Inc. 12/31/9999 5Y US TI + 3.238% | 2.51% |
| Total % of Top 10 Holdings | 43.22% |

---

#### Asset Allocation\*

---

| | |
|:---|:---|
|  |  |
| Financials | 23.97% |
| Government | 23.25% |
| Consumer Discretionary | 17.15% |
| Technology | 9.82% |
| Utilities | 8.80% |
| Energy | 7.03% |
| Industrials | 6.31% |
| Health Care | 1.41% |
| Communications | 1.24% |
| Materials | 1.02% |

---

---

| | |
|:---|:---|
| \* | *% 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)

SAR-RFCI-053125

<u>RiverFront Dynamic US Dividend Advantage ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RFDA Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 six months ?
*(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 | $25 | 0.52%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-23_sa141.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br> (06/06/2016)**  |
| RiverFront Dynamic US Dividend Advantage ETF - NAV | 8.51% | 14.25% | 11.53% |
| S&P 500® Index<sup>‡</sup> | 13.52% | 15.94% | 14.12% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $73917933 |
| Number of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $198024 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 10.19% |
| Microsoft Corp. | 8.84% |
| Apple, Inc. | 7.35% |
| Amazon.com, Inc. | 4.44% |
| Perdoceo Education Corp. | 3.18% |
| Alphabet, Inc. | 2.39% |
| International Business Machines Corp. | 2.26% |
| Antero Midstream Corp. | 2.11% |
| Cisco Systems, Inc. | 2.00% |
| Pitney Bowes, Inc. | 1.92% |
| Total % of Top 10 Holdings | 44.68% |

---

#### Asset Allocation\*

---

| | |
|:---|:---|
|  |  |
| Information Technology | 33.23% |
| Financials | 18.02% |
| Consumer Discretionary | 11.73% |
| Energy | 7.68% |
| Industrials | 7.00% |
| Real Estate | 6.13% |
| Communication Services | 3.84% |
| Utilities | 3.72% |
| Consumer Staples | 2.95% |
| Materials | 2.30% |
| Health Care | 1.48% |
| Money Market Fund | 1.92% |

---

\* *% 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)

SAR-RFDA-053125

<u>RiverFront Strategic Income Fund </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: RIGS Semi-Annual Shareholder Report May 31, 2025

*This semi-annual shareholder report contains important information about RiverFront Strategic Income Fund (the "Fund" or "RIGS") for the period of December 1, 2024 to May 31, 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 six months ?
*(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 | $23 | 0.46%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-21_sa151.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| RiverFront Strategic Income Fund - NAV | 5.67% | 2.28% | 2.87% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.46% | -0.90% | 1.49% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $88594265 |
| Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $195034 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*^

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bond 11/15/2052 4.00% | 7.05% |
| U.S. Treasury Bond 02/15/2044 4.50% | 5.15% |
| U.S. Treasury Bond 11/15/2043 4.75% | 4.40% |
| U.S. Treasury Bond 02/15/2037 4.75% | 1.94% |
| U.S. Treasury Bond 05/15/2044 4.63% | 1.64% |
| Concentrix Corp. 08/02/2028 6.60% | 1.47% |
| Textron, Inc. 05/15/2035 5.50% | 1.46% |
| EQT Corp. 04/01/2029 6.38% | 1.42% |
| T-Mobile USA, Inc. 02/01/2028 4.75% | 1.41% |
| U.S. Treasury Note 09/30/2030 4.63% | 1.31% |
| Total % of Top 10 Holdings | 27.25% |

---

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

#### Asset Allocation\*

---

| | |
|:---|:---|
|  |  |
| Government | 23.80% |
| Financials | 18.25% |
| Consumer Discretionary | 14.63% |
| Materials | 10.06% |
| Energy | 8.23% |
| Industrials | 7.96% |
| Communications | 4.79% |
| Utilities | 3.94% |
| Health Care | 2.86% |
| Consumer Staples | 2.83% |
| Technology | 2.65% |

---

\* *% 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)

SAR-RIGS-053125

<u>ALPS \| Smith Core Plus Bond ETF </u> <u> ALPS ETF TRUST </u> <br> NYSE ARCA: SMTH Semi-Annual Shareholder Report May 31, 2025

*This semi-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 May 31, 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 PAST SIX MONTHS?
*(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 | $30 | 0.59%<sup>\*</sup> |

---

<sup>\*</sup> *Annualized*

***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](fp0094010-36_sa91.jpg)

#### Average Annual Total Returns (as of May 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/05/2023)**  |
| ALPS \| Smith Core Plus Bond ETF - NAV | 5.91% | 6.04% |
| Bloomberg US Aggregate Bond Index<sup>‡</sup> | 5.46% | 4.29% |

---

***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 May 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1821227284 |
| Number of Portfolio Holdings | 809 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $4510583 |

---

#### WHAT DID THE FUND INVEST IN?

#### Top Ten Holdings \*

---

| | |
|:---|:---|
|  |  |
| United States Treasury Inflation Indexed Bonds 01/15/2035 2.13% | 6.61% |
| U.S. Treasury Note 10/31/2029 4.13% | 5.09% |
| U.S. Treasury Bond 08/15/2044 4.13% | 4.42% |
| U.S. Treasury Note 01/31/2030 4.25% | 3.32% |
| U.S. Treasury Bond 02/15/2055 4.63% | 3.01% |
| U.S. Treasury Bond 05/15/2055 4.75% | 2.70% |
| U.S. Treasury Bond 05/15/2035 4.25% | 2.67% |
| U.S. Treasury Note 11/30/2029 4.13% | 2.44% |
| U.S. Treasury Bond 02/15/2045 4.75% | 2.26% |
| U.S. Treasury Note 03/31/2030 4.00% | 2.17% |
| Total % of Top 10 Holdings | 34.69% |

---

#### Sector Allocation\*

---

| | |
|:---|:---|
|  |  |
| Government | 41.54% |
| Mortgage Securities | 18.52% |
| Financials | 11.67% |
| Industrials | 4.87% |
| Energy | 4.76% |
| Consumer Discretionary | 4.66% |
| Health Care | 4.52% |
| Consumer Staples | 3.14% |
| Communications | 2.24% |
| Technology | 2.19% |
| Utilities | 1.23% |
| Materials | 0.57% |
| Money Market Fund | 0.09% |
| 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)

SAR-SMTH-053125

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

Item 2. **Code of Ethics.**

Not Applicable to this Report.

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

Not Applicable to this Report.

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

Not Applicable to this Report.

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

Not Applicable to Registrant.

Item 6. **Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments is included in the financial statements filed under Item 7 of this Report.

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

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

![](alerian_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;Alerian MLP ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 5 |
| &nbsp;&nbsp;&nbsp;Alerian Energy Infrastructure ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 10 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 11 |
| &nbsp;&nbsp;&nbsp;Additional Information | 22 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 24 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 25 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 26 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 27 |

---

alpsfunds.com

Alerian MLP ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (104.48%)** | **MASTER LIMITED PARTNERSHIPS (104.48%)** | **MASTER LIMITED PARTNERSHIPS (104.48%)** |
| ***Compression (4.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP<sup>(a)</sup> | 16272243 | $410060524 |
| ***Gathering + Processing (22.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A<sup>(a)</sup> | 26415568 | 977376016 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP<sup>(a)</sup> | 34128345 | 1276400103 |
| **Total Gathering + Processing** |  | 2253776119 |
| ***Liquefaction (5.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 9167755 | 525954104 |
| ***Marketing & Distribution (18.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Global Partners LP<sup>(a)</sup> | 5684730 | 298562020 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners LP<sup>(a)</sup> | 14392291 | 271150762 |
| &nbsp;&nbsp;&nbsp;Sunoco LP<sup>(a)</sup> | 23522612 | 1268809691 |
| **Total Marketing & Distribution** |  | 1838522473 |
| ***Pipeline Transportation \| Natural Gas (25.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 74256791 | 1298008707 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 40922600 | 1261234532 |
| **Total Pipeline Transportation \| Natural Gas** |  | 2559243239 |
| ***Pipeline Transportation \| Petroleum (29.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP<sup>(a)</sup> | 4365086 | 182373293 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP<sup>(a)</sup> | 24305472 | 383297294 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 25775479 | 1314549429 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP<sup>(a)</sup> | 70110860 | 1159633624 |
| **Total Pipeline Transportation \| Petroleum** |  | 3039853640 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $5,363,449,671) |  | 10627410099 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day <br> Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.01%)** | **SHORT TERM INVESTMENTS (0.01%)** | **SHORT TERM INVESTMENTS (0.01%)** | |
| **Money Market Fund (0.01%)** | | | |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 837245 | $837245 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $837,245) |  |  | 837245 |
| **TOTAL INVESTMENTS (104.49%)** |  |  |  |
| (Cost $5,364,286,916) |  |  | $10628247344 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.49%)** |  |  | (456673696) |
| **NET ASSETS - 100.00%** |  |  | $10171573648 |

---

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

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

Alerian MLP ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $4400584017 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value | 6227663327 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2456987 |
| &nbsp;&nbsp;&nbsp;Total Assets | 10630704331 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 2390697 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability (Note 2) | 449486942 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 7253044 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 459130683 |
| **NET ASSETS** | $10171573648 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $10352750325 |
| &nbsp;&nbsp;&nbsp;Distributable earnings/(accumulated losses) | (181176677) |
| **NET ASSETS** | $10171573648 |
| **INVESTMENTS, AT COST** | $1494991588 |
| **INVESTMENTS IN AFFILIATES, AT COST** | 3869295328 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $10171573648 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 212732420 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $47.81 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

Alerian MLP ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Distributions from master limited partnerships | $394345877 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Dividends | 225372 |
| &nbsp;&nbsp;&nbsp;Less return of capital distributions | (379071080) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 15500169 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fee | 42730722 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 42730722 |
| **NET INVESTMENT LOSS, BEFORE INCOME TAXES** | (27230553) |
| &nbsp;&nbsp;&nbsp;Current income tax benefit/(expense) | 6248216 |
| **NET INVESTMENT LOSS** | (20982337) |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, before income taxes | 53284876 |
| &nbsp;&nbsp;&nbsp;Net realized gain on affiliated investments, before income taxes | 416260811 |
| &nbsp;&nbsp;&nbsp;Current income tax benefit/(expense) | (107764494) |
| Net realized gain | 361781193 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, before income taxes | (267047016) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on affiliated investments, before income taxes | (595389421) |
| &nbsp;&nbsp;&nbsp;Deferred income tax benefit/(expense) | 197915675 |
| Net change in unrealized depreciation | (664520762) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (302739569) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(323721906) |

---

*<sup>(a)</sup>* *Includes return of capital distributions and dividend income from affiliated investments in the amount of $238,266,162 and $15,274,797, respectively.*

 

*See Notes to Financial Statements and Financial Highlights.*

3 \| May 31, 2025

Alerian MLP ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(20982337) | $(44219440) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 361781193 | 74296129 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (664520762) | 1973436066 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (323721906) | 2003512755 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (404397969) | (647326416) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (35219362) |
| &nbsp;&nbsp;&nbsp;Total distributions | (404397969) | (682545778) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1155347038 | 2517052803 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (486194747) | (1107287794) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 669152291 | 1409765009 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (58967584) | 2730731986 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 10230541232 | 7499809246 |
| &nbsp;&nbsp;&nbsp;End of period | $10171573648 | $10230541232 |
| **OTHER INFORMATION:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 199607420 | 169807420 |
| &nbsp;&nbsp;&nbsp;Shares sold | 22950000 | 53700000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9825000) | (23900000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 212732420 | 199607420 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

Alerian MLP ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, <br> 2025<br> (Unaudited)** | **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<br> Year Ended<br> November 30,<br> 2021** | **For the**<br> **Year Ended**<br> **November 30,**<br> **2020 <sup>(a)</sup>**  |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $51.25 | $44.17 | $40.01 | $31.63 | $25.02 | $39.15 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.10) | (0.24) | (0.24) | (0.28) | (0.27) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.39) | 11.03 | 7.74 | 11.59 | 9.68 | (10.73) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.49) | 10.79 | 7.50 | 11.31 | 9.41 | (10.97) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.95) | (3.52) | (3.34) |  |  |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (0.19) | – | (2.93) | (2.80) | (3.16) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.95) | (3.71) | (3.34) | (2.93) | (2.80) | (3.16) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.44) | 7.08 | 4.16 | 8.38 | 6.61 | (14.13) |
| **NET ASSET VALUE, END OF PERIOD** | $47.81 | $51.25 | $44.17 | $40.01 | $31.63 | $25.02 |
| **TOTAL RETURN<sup>(c)</sup>** | (3.08)% | 25.74% | 19.82% | 36.31% | 37.97% | (28.36)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $10171574 | $10230541 | $7499809 | $6679200 | $4980175 | $3880137 |
| **RATIO TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding net current and deferred tax expenses/benefits and franchise tax expense) | 0.84 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Expenses (including current and deferred tax expenses/benefits)<sup>(e)</sup> | 0.72 %<sup>(d)</sup> | 0.72% | 0.79% | 0.74% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Expenses (including net current and deferred tax expenses/benefits)<sup>(f)</sup> | (1.05)%<sup>(d)</sup> | 6.39% | 2.67% | 5.03% | 0.87% | 0.90% |
| &nbsp;&nbsp;&nbsp;Net investment loss (excluding deferred tax expenses/benefits and franchise tax expense) | (0.84)%<sup>(d)</sup> | (0.65)% | (0.65)% | (0.85)% | (0.85)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;Net investment loss (including deferred tax expenses/benefits)<sup>(e)</sup> | (0.41)%<sup>(d)</sup> | (0.53)% | (0.59)% | (0.74)% | (0.85)% | (0.85)% |
| **PORTFOLIO TURNOVER RATE<sup>(g)</sup>** | 12% | 18% | 40% | 26% | 20% | 23% |

---

 

*<sup>(a)</sup>* *On May 18, 2020, the Alerian MLP ETF underwent a one for five reverse stock split. The capital share activity presented here has been retroactively adjusted to reflect this reverse split.*

*<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 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>(d)</sup>* *Annualized.*

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

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

*<sup>(g)</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 \| May 31, 2025

Alerian Energy Infrastructure ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **CANADIAN ENERGY INFRASTRUCTURE COMPANIES (29.67%)** | | |
| ***Gathering + Processing (4.87%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Keyera Corp. | 475570 | $14495641 |
| ***Pipeline Transportation \| Natural Gas (5.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 319154 | 16172237 |
| ***Pipeline Transportation \| Petroleum (17.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc.<sup>(a)</sup> | 522001 | 24294243 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 386491 | 14484083 |
| &nbsp;&nbsp;&nbsp;South Bow Corp. | 483730 | 12537819 |
| **Total Pipeline Transportation \| Petroleum** |  | 51316145 |
| ***Storage (2.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Gibson Energy, Inc.<sup>(a)</sup> | 379909 | 6272990 |
| **TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES** |  |  |
| (Cost $80,202,580) |  | 88257013 |

---

 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. ENERGY INFRASTRUCTURE COMPANIES (27.24%)** | | |
| ***Gathering + Processing (4.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. | 51362 | 1132019 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.<sup>(a)(b)</sup> | 22938 | 576661 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 81336 | 12845394 |
| **Total Gathering + Processing** |  | 14554074 |
| ***Liquefaction (6.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 70216 | 16640490 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.<sup>(a)(b)</sup> | 232939 | 1928735 |
| **Total Liquefaction** |  | 18569225 |
| ***Pipeline Transportation \| Natural Gas (16.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 159184 | 16672932 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 520026 | 14581529 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 85227 | 3796011 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 158955 | 12849922 |
| **Total Pipeline Transportation \| Natural Gas** |  | 47900394 |
| **TOTAL U.S. ENERGY INFRASTRUCTURE COMPANIES** |  |  |
| (Cost $57,088,643) |  | 81023693 |

---

 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. ENERGY INFRASTRUCTURE MLPS (27.27%)** | | |
| ***Gathering + Processing (5.71%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP | 14759 | 616631 |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A | 268865 | 9948005 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 171490 | 6413726 |
| **Total Gathering + Processing** |  | 16978362 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Pipeline Transportation \| Natural Gas (16.25%)*** | |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1533146 | $26799392 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 699284 | 21551933 |
| **Total Pipeline Transportation \| Natural Gas** |  | 48351325 |
| ***Pipeline Transportation \| Petroleum (5.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP | 84136 | 1326825 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 283796 | 14473596 |
| **Total Pipeline Transportation \| Petroleum** |  | 15800421 |
| **TOTAL U.S. ENERGY INFRASTRUCTURE MLPS** |  |  |
| (Cost $71,848,432) |  | 81130108 |

---

 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **U.S. GENERAL PARTNERS (15.68%)** |  |  |
| ***Gathering + Processing (11.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 777476 | 14600999 |
| &nbsp;&nbsp;&nbsp;The Williams Cos., Inc. | 321107 | 19430185 |
| **Total Gathering + Processing** |  | 34031184 |
| ***Pipeline Transportation \| Petroleum (4.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | 716736 | 12614554 |
| **TOTAL U.S. GENERAL PARTNERS** |  |  |
| (Cost $33,249,293) |  | 46645738 |

---

 

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day<br> Yield**  | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.19%)** | | |  |
| **Investments Purchased with Collateral from Securities Loaned (0.19%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $571,113) |  | 571113 | 571113 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $571,113) |  |  | 571113 |
| **TOTAL INVESTMENTS (100.05%)** |  |  |  |
| (Cost $242,960,061) |  |  | $297627665 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.05%)** |  |  | (144177) |
| **NET ASSETS - 100.00%** |  |  | $297483488 |

---

 

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,414,404.* 

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

 

*See Notes to Financial Statements and Financial Highlights.*

6 \| May 31, 2025

Alerian Energy Infrastructure ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $297627665 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $157,952) | 158942 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1995973 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 300776 |
| &nbsp;&nbsp;&nbsp;Total Assets | 300083356 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1815525 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 86860 |
| &nbsp;&nbsp;&nbsp;Payable to custodian for overdraft | 126370 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 571113 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2599868 |
| **NET ASSETS** | $297483488 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $235473254 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 62010234 |
| **NET ASSETS** | $297483488 |
| **INVESTMENTS, AT COST** | $242960061 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $297483488 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 9500000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $31.31 |

---

*\** *Includes $4,414,404 of securities on loan.*

 

*See Notes to Financial Statements and Financial Highlights.*

7 \| May 31, 2025

Alerian Energy Infrastructure ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income\* | $7089312 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 5435 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7094747 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 482541 |
| &nbsp;&nbsp;&nbsp;Total expenses | 482541 |
| **NET INVESTMENT INCOME** | 6612206 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 6009252 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (3458) |
| Net realized gain | 6005794 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (20702975) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 4719 |
| Net change in unrealized depreciation | (20698256) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCIES** | (14692462) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(8080256) |
| &nbsp;&nbsp;&nbsp;*\* Net of foreign tax withholding.* | $333151 |

---

 

*<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.*

8 \| May 31, 2025

Alerian Energy Infrastructure ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $6612206 | $7017638 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 6005794 | 2379363 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (20698256) | 60655556 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (8080256) | 70052557 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6663411) | (4193460) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (4060038) |
| &nbsp;&nbsp;&nbsp;Total distributions | (6663411) | (8253498) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 93452435 | 46196532 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (16765917) | (4729155) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 76686518 | 41467377 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 61942851 | 103266436 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 235540637 | 132274201 |
| &nbsp;&nbsp;&nbsp;End of period | $297483488 | $235540637 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 7125000 | 5700000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2900000 | 1625000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (525000) | (200000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 9500000 | 7125000 |

---

*See Notes to Financial Statements and Financial Highlights.*

9 \| May 31, 2025

Alerian Energy Infrastructure ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31,<br> 2025<br> (Unaudited)** | **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<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.06 | $23.21 | $22.64 | $18.59 | $14.51 | $19.19 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.76 | 1.18 | 0.97 | 0.61 | 1.08 | 0.90 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.78) | 10.04 | 0.86 | 4.57 | 4.49 | (4.50) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.02) | 11.22 | 1.83 | 5.18 | 5.57 | (3.60) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.73) | (0.70) | (0.33) | (0.21) | (0.74) | (0.45) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.67) | (0.93) | (0.92) | (0.75) | (0.63) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (1.37) | (1.26) | (1.13) | (1.49) | (1.08) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.75) | 9.85 | 0.57 | 4.05 | 4.08 | (4.68) |
| **NET ASSET VALUE, END OF PERIOD** | $31.31 | $33.06 | $23.21 | $22.64 | $18.59 | $14.51 |
| **TOTAL RETURN<sup>(b)</sup>** | (3.11)% | 50.02% | 8.63% | 28.21% | 38.93% | (18.82)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $297483 | $235541 | $132274 | $142086 | $59487 | $36988 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35 %<sup>(c)</sup> | 0.35% | 0.35% | 0.35% | 0.51 %<sup>(d)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.80 %<sup>(c)</sup> | 4.50% | 4.46% | 2.84% | 5.84% | 5.91% |
| &nbsp;&nbsp;&nbsp;**PORTFOLIO TURNOVER RATE<sup>(e)</sup>** | 11% | 33% | 28% | 26% | 34% | 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>* *Annualized.*

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

*<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.*

10 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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.

11 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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.

12 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value each Fund's investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alerian MLP ETF**<br>**Investments in Securities at Value** |<br>**Level 1 -<br> Quoted and<br> Unadjusted<br> Prices** |<br>**Level 2 -<br> Other Significant<br> Observable<br> Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable<br> Inputs** |<br>**Total** |
| Master Limited Partnerships\* | $10627410099 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $10627410099 |
| Short Term Investments | 837245 | – | – | 837245 |
| Total | $10628247344 | $– | $– | $10628247344 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alerian Energy Infrastructure ETF**<br>**Investments in Securities at Value** |<br>**Level 1 -<br> Quoted and<br> Unadjusted<br> Prices** |<br>**Level 2 -<br> Other Significant<br> Observable<br> Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable<br> Inputs** |<br>**Total** |
| Canadian Energy Infrastructure Companies\* | $88257013 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $88257013 |
| U.S. Energy Infrastructure Companies\* | 81023693 |  |  | 81023693 |
| U.S. Energy Infrastructure MLPs\* | 81130108 |  |  | 81130108 |
| U.S. General Partners\* | 46645738 |  |  | 46645738 |
| Short Term Investments | 571113 | – | – | 571113 |
| Total | $297627665 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $297627665 |

---

 

*\** *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 six months ended May 31, 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.

13 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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** | **Period ended May 31, 2025** | **Period ended May 31, 2025** | **Period ended May 31, 2025** |
| | **Current** | **Deferred** | **Total** |
| &nbsp;&nbsp;&nbsp;Federal | $3778849 | $(95421553) | $(91642704) |
| &nbsp;&nbsp;&nbsp;State |  | (4756693) | (4756693) |
| &nbsp;&nbsp;&nbsp;Valuation Allowance | – | – | – |
| &nbsp;&nbsp;&nbsp;Total tax expense/(benefit) | $3778849 | $(100178246) | $(96399397) |

---

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.

14 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Alerian MLP ETF** | **As of <br> May 31, 2025** | **As of <br> November 30, 2024** |
| *Deferred tax assets:* |  |  |
| &nbsp;&nbsp;&nbsp;Capital loss carryforward | $449899161 | $443596517 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforward | 23295532 | 23290244 |
| &nbsp;&nbsp;&nbsp;Income recognized from MLP investments | 1776003505 | 1874687034 |
| &nbsp;&nbsp;&nbsp;Other deferred tax assets | 13423012 | 13488405 |
| &nbsp;&nbsp;&nbsp;Alternative Minimum Tax | 27417818 | 83538587 |
| &nbsp;&nbsp;&nbsp;Valuation allowance | (12890314) | (12890314) |
| *Less Deferred tax liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain on investment securities | (2726635656) | (2975307956) |
| &nbsp;&nbsp;&nbsp;Other deferred tax liabilities | – | (67705) |
| Net Deferred Tax Asset/(Liability) | $(449486942) | $(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** |
| &nbsp;&nbsp;&nbsp;Federal | 11/30/2020 | $516043002 | 11/30/2025 |
| &nbsp;&nbsp;&nbsp;Federal | 11/30/2021 | 673784686 | 11/30/2026 |
| &nbsp;&nbsp;&nbsp;Federal | 11/30/2022 | 818305027 | 11/30/2027 |
| &nbsp;&nbsp;&nbsp;Total |  | $2008132715 |  |

---

The net operating loss carryforward is available to offset future taxable income. The Fund has no net operating loss carryforwards for federal income tax purposes 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 | $346810 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2013 | 1498152 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2014 | 476877 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2015 | 2976169 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2016 | 5570406 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2017 | 4623336 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2018 | 1664819 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2019 | 1479392 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2020 | 1665387 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2021 | 2419366 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2022 | 362172 | Varies by State |
| &nbsp;&nbsp;&nbsp;State | 11/30/2023 | 212646 | Varies by State |
| &nbsp;&nbsp;&nbsp;Total |  | $23295532 |  |

---

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.

15 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 May 31, 2025** |
| Income tax expense at statutory rate | $(88225475) |
| State income taxes (net of federal benefit) | (4579322) |
| Permanent differences, net | (3594600) |
| Effect of tax rate change (state level) |  |
| Valuation allowance | – |
| Net income tax expense | $(96399397) |

---

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period ended May 31, 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, 2021 through November 30, 2023 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 $13.7 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.

A federal excise tax on stock repurchases is expected to apply to the Fund with respect to share redemptions occurring on or after January 1, 2023 in accordance with the provisions of the Inflation Reduction Act of 2022. The excise tax is one percent (1%) of the fair market value of Fund share redemptions (in excess of $1 million of fair market value) less the fair market value of Fund share issuances annually on a taxable year basis. For the six months ended May 31, 2025, the Fund had no excise tax accrued.

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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 six months ended May 31, 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.

16 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term<br> Capital Gain** | **Return of Capital** |
| November 30, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alerian Energy Infrastructure ETF | $4193460 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| | **Short-Term** | **Long-Term** |
| Alerian Energy Infrastructure ETF | $&nbsp;&nbsp;&nbsp;&nbsp; – | $812221 |

---

As of May 31, 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 | $6385722084 | $239511155 |
| &nbsp;&nbsp;&nbsp;Gross appreciation (excess of value over tax cost) | $4313275142 | $63317698 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (70749882) | (5201188) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | $4242525260 | $58116510 |

---

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. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of Securities on Loan** | **Cash <br> Collateral Received** | **Non-Cash <br> Collateral Received** | **Total <br> Collateral Received** |
| Alerian Energy Infrastructure ETF | $4414404 | $571113 | $3992154 | $4563267 |

---

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.

17 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 May 31, 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 & <br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than <br> 90 Days** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $571113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $– | $571113 |
| **Total Borrowings** |  |  |  |  | **571113** |
| 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) |  |  | $571113 |

---

**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.

18 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**4.** **PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $1335550014 | $1880486369 |
| Alerian Energy Infrastructure ETF | 31456198 | 31672047 |

---

For the six month ended ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Alerian MLP ETF | $1054098828 | $– |
| Alerian Energy Infrastructure ETF | 93410823 | 16769613 |

---

For the six months ended May 31, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| Alerian Energy Infrastructure ETF | $6929424 |

---

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.

19 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 six months ended May 31, 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 six months ended May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss) on Sales** |
| Alerian MLP ETF | $708624 | $– | $– |
| Alerian Energy Infrastructure ETF | 11383 | 1614178 | (157481) |

---

**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 six months ended May 31, 2025, the Alerian MLP ETF held shares in the following affiliates, as defined by the Investment Company Act of 1940.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Share<br> Balance<br> as of<br> May 31,<br> 2025** | **Market<br> Value as of<br> November 30,<br> 2024** | **Purchases** | **Purchases<br> In-Kind** | **Sales** | **Market<br> Value as of<br> May 31,<br> 2025** | **Dividends\*** | **Change in<br> Unrealized<br> Appreciation /<br> (Depreciation)** | **Realized<br> Gain/(Loss)** |
| Delek Logistics Partners LP\*\* | 4365086 | $96286255 | $76037888 | $14830235 | $(7399227) | $182373293 | $– | $12240662 | $(912810) |
| EnLink Midstream LLC |  | 788331984 | 307162 | 23742577 | (718492675) |  |  | (526595590) | 432706543 |
| Genesis Energy LP | 24305472 | 242958928 | 38372087 | 27509076 | (13383237) | 383297294 |  | 97076144 | (1614970) |
| Global Partners LP | 5684730 | 276662128 | 28651458 | 27189648 | (13147935) | 298562020 |  | (11509301) | (1111530) |
| Hess Midstream LP, Class A | 26415568 | 652095499 | 328855318 | 85979785 | (42206020) | 977376016 | 15274797 | (26347402) | (2651762) |
| Plains All American Pipeline LP | 70110860 | 1251024723 | 133794709 | 129041684 | (204666755) | 1159633624 |  | (91201983) | (3623731) |
| Suburban Propane Partners LP | 14392291 | 237557257 | 36850872 | 25660566 | (12509662) | 271150762 |  | (6840452) | (670589) |
| Sunoco LP | 23522612 | 1152052693 | 117974429 | 120347579 | (60129395) | 1268809691 |  | (18363964) | (2325459) |
| USA Compression Partners LP | 16272243 | 320598737 | 59370561 | 36749010 | (17837075) | 410060524 |  | 28297195 | (1553894) |
| Western Midstream Partners LP | 34128345 | 1222175509 | 136995702 | 127079523 | (95528298) | 1276400103 | – | (52144730) | (1980987) |
|  |  |  |  |  |  | $6227663327 | $15274797 | $(595389421) | $416260811 |

---

\* *100% of the income received was estimated as Return of Capital.*

\*\* *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 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 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

20 \| May 31, 2025

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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.

21 \| May 31, 2025

Alerian Exchange Traded Funds

Additional Information *May 31, 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 <br> Dividend Income** | **Dividend <br> 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.

22 \| May 31, 2025

Alerian Exchange Traded Funds

Additional Information *May 31, 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.

23 \| May 31, 2025

Alerian Exchange Traded Funds

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

24 \| May 31, 2025

Alerian Exchange Traded Funds

Proxy Disclosuresfor Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

25 \| May 31, 2025

Alerian Exchange Traded Funds

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

 

*<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.

26 \| May 31, 2025

Alerian Exchange Traded Funds

Statement Regarding Basisfor Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

27 \| May 31, 2025

![](alerian_02.jpg)

![](activeequityopp_03.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;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

ALPS Active Equity Opportunity ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (96.73%)** |  |  |
| ***Communication Services (9.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3999 | $686788 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 10507 | 292095 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1105 | 715476 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2545 | 287687 |
| **Total Communication Services** |  | 1982046 |
| ***Consumer Discretionary (12.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 4492 | 920905 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1195 | 269747 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 848 | 223728 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1068 | 335192 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 217 | 296748 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 966 | 334680 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG, ADR | 22839 | 250087 |
| **Total Consumer Discretionary** |  | 2631087 |
| ***Consumer Staples (3.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 334 | 347420 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 4115 | 406233 |
| **Total Consumer Staples** |  | 753653 |
| ***Energy (4.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4919 | 182249 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 4770 | 407120 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc.<sup>(b)</sup> | 8826 | 410232 |
| **Total Energy** |  | 999601 |
| ***Financials (15.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1779 | 523115 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 818 | 304361 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 648 | 389092 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2033 | 365533 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2245 | 592680 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 850 | 497760 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 623 | 319512 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4573 | 341969 |
| **Total Financials** |  | 3334022 |
| ***Health Care (8.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 2536 | 266939 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1470 | 161818 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 711 | 271168 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 1096 | 153802 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1840 | 285586 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 702 | 282780 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 942 | 416411 |
| **Total Health Care** |  | 1838504 |
| ***Industrials (9.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1053 | 366476 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 628 | 317931 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 1538 | 246342 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 2005 | 273642 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE, ADR | 5303 | 265945 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 595.0 | 256011 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1470.0 | 354226 |
| **Total Industrials** |  | 2080573 |
| ***Information Technology (24.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3898.0 | 350547 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2780.0 | 558363 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A<sup>(a)</sup> | 1126.0 | 233791 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 2888.0 | 293941 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1312.0 | 339887 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 2178.0 | 175961 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1757.0 | 808852 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 642.0 | 266674 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5748.0 | 776727 |
| &nbsp;&nbsp;&nbsp;Salesforce.com, Inc. | 833.0 | 221053 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 217.0 | 219407 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 417.0 | 193480 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 3229.0 | 624230 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1467.0 | 234823 |
| **Total Information Technology** |  | 5297736 |
| ***Materials (2.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4597.0 | 176892 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 627.0 | 293173 |
| **Total Materials** |  | 470065 |
| ***Real Estate (2.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 4058.0 | 257966 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 1730.0 | 266905 |
| **Total Real Estate** |  | 524871 |
| ***Utilities (4.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2238.0 | 263457 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 2733.0 | 426075 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 9563.0 | 332314 |
| **Total Utilities** |  | 1021846 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $18,436,130) |  | 20934004 |

---

1 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Schedule of Investments (Continued) *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **7 Day<br> Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (5.80%)** |  |  |  |
| **Money Market Fund (4.08%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $882,284) | 4.24% | 882284 | $882284 |
| **Investments Purchased with Collateral from Securities Loaned (1.72%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $373,321) |  | 373321 | 373321 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,255,605) |  |  | 1255605 |
| **TOTAL INVESTMENTS (102.53%)** |  |  |  |
| (Cost $19,691,735) |  |  | $22189609 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-2.53%)** |  |  | (547661) |
| **NET ASSETS - 100.00%** |  |  | $21641948 |

---

*<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 $369,191.*

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $22189609 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 294693 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 46291 |
| &nbsp;&nbsp;&nbsp;Total Assets | 22530593 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 506249 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 9075 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 373321 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 888645 |
| **NET ASSETS** | $21641948 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $38736194 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (17094246) |
| **NET ASSETS** | $21641948 |
| **INVESTMENTS, AT COST** | $19691735 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $21641948 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 375002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $57.71 |

---

*<sup>(a)</sup>* *Includes $369,191 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

3 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income<sup>\*</sup> | $206909 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 1489 |
| &nbsp;&nbsp;&nbsp;Total investment income | 208398 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 61574 |
| &nbsp;&nbsp;&nbsp;Net expenses | 61574 |
| **NET INVESTMENT INCOME** | 146824 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 2389294 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (107) |
| &nbsp;&nbsp;&nbsp;Total Net realized gain | 2389187 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (4696636) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 60 |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (2307389) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(2160565) |

---

<sup>\*</sup> *Net of foreign tax withholding of $4,755.*

*<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.*

4 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $146824 | $241344 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2389187 | 2089418 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (4696576) | 4576189 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (2160565) | 6906951 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (111387) | (217594) |
| &nbsp;&nbsp;&nbsp;Total distributions | (111387) | (217594) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13050390 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13272251) | (6333452) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (221861) | (6333452) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (2493813) | 355905 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 24135761 | 23779856 |
| &nbsp;&nbsp;&nbsp;End of period | $21641948 | $24135761 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 400002 | 525002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 225000 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (250000) | (125000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 375002 | 400002 |

---

*See Notes to Financial Statements and Financial Highlights.*

5 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br> **Six Months**<br> **Ended**<br> **May 31,**<br> **2025**<br> **(Unaudited)** | **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**<br> **Year Ended**<br> **November 30,**<br> **2021** | **For the**<br> **Year Ended**<br> **November 30,**<br> **2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $60.34 | $45.29 | $42.66 | $45.99 | $37.58 | $34.70 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.33 | 0.54 | 0.66 | 0.48 | 0.42 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.74) | 15.02 | 2.62 | (3.23) | 8.43 | 2.87 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.41) | 15.56 | 3.28 | (2.75) | 8.85 | 3.32 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.51) | (0.65) | (0.57) | (0.44) | (0.44) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | – | – | (0.01) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.51) | (0.65) | (0.58) | (0.44) | (0.44) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.63) | 15.05 | 2.63 | (3.33) | 8.41 | 2.88 |
| **NET ASSET VALUE, END OF PERIOD** | $57.71 | $60.34 | $45.29 | $42.66 | $45.99 | $37.58 |
| **TOTAL RETURN<sup>(c)</sup>** | (3.99)% | 34.50% | 7.81% | (5.98)% | 23.65% | 9.75% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $21642 | $24136 | $23780 | $28799 | $51735 | $71400 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48 %<sup>(d)</sup> | 0.48% | 0.50 %<sup>(e)</sup> | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.14 %<sup>(d)</sup> | 1.01% | 1.55% | 1.10% | 0.97% | 1.34% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 30% | 33% | 129% | 113% | 5% | 99% |

---

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

*<sup>(b)</sup>* *Net realized and unrealized gain on investments per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statements of Operations for the period(s) presented, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to the fluctuating market values for the Fund's portfolio.*

*<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>* *Effective June 1, 2023, the investment adviser fee changed from 0.52% to 0.48%.*

*<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 Financial Statements and Financial Highlights.*

6 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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 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. ALPS Advisors, Inc. (the "Adviser") 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 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 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 2025:

**ALPS Active Equity Opportunity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Quoted and <br> Unadjusted<br> Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $20934004 | $– | $– | $20934004 |
| Short Term Investments | 1255605 | – | – | 1255605 |
| Total | $22189609 | $– | $– | $22189609 |

---

\* *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 period ended May 31, 2025.

8 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term<br> 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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Active Equity Opportunity ETF | $13369543 | $8659220 |

---

As of May 31, 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) | $2961077 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (506827) |
| &nbsp;&nbsp;&nbsp;Net appreciation/(depreciation) of foreign currency | – |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | 2454250 |
| Cost of investments for income tax purposes | $19735359 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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.

9 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

As of and during the six months ended May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash<br> Collateral<br> Received** | **Total Collateral<br> Received** |
| ALPS Active Equity Opportunity ETF | $369191 | $373321 | $– $| 373321 |

---

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 May 31, 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** |
| Common Stocks | $373321 | $– | $– | $– | $373321 |
| **Total Borrowings** |  |  |  |  | **373321** |
| 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) | $373321 |

---

**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.

10 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 six months ended May 31, 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 | $7107087 | $7214216 |

---

For the six months ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active Equity Opportunity ETF | $12695580 | $12658553 |

---

For the six months ended May 31, 2025, the Fund had in-kind net realized gain of $2,926,503.

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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

11 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**7. 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 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Additional Information *May 31, 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 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.

13 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

14 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

15 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation<br> From the Trust** | **Aggregate Special<br> Compensation<br> From the Trust** | **Total<br> Compensation<br> From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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 does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 \| May 31, 2025

ALPS Active Equity Opportunity ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

17 \| May 31, 2025

![](activeequityopp_04.jpg)

![](activereit_01.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;Additional Information | 12 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 13 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 14 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 15 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 16 |

---

alpsfunds.com

ALPS Active REIT ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (96.61%)** |  |  |
| ***Data Center REITs (13.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 11968 | $2052751 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 4519 | 4016577 |
| **Total Data Center REITs** |  | 6069328 |
| ***Diversified REITs (2.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 36608 | 1189760 |
| ***Health Care REITs (13.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 25009 | 925333 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 28360 | 1822981 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 21001 | 3240034 |
| **Total Health Care REITs** |  | 5988348 |
| ***Hotel & Resort REITs (2.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 63387 | 981865 |
| ***Industrial REITs (12.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 34170 | 566197 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 34427 | 1701727 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 28916 | 3140277 |
| **Total Industrial REITs** |  | 5408201 |
| ***Multi-Family Residential REITs (9.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 7059 | 1459589 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 7580 | 890574 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 6256 | 1776079 |
| **Total Multi-Family Residential REITs** |  | 4126242 |
| ***Office REITs (2.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 9305 | 626506 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 22670 | 636347 |
| **Total Office REITs** |  | 1262853 |
| ***Other Specialized REITs (6.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 16310 | 761677 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 62876 | 1993798 |
| **Total Other Specialized REITs** |  | 2755475 |
| ***Retail REITs (16.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 8740 | 658122 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | 38688 | 877831 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 6212 | 593122 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Retail REITs (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 19667 | $552446 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | 61995 | 1003079 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 29688 | 1680934 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 10303 | 1680110 |
| **Total Retail REITs** |  | 7045644 |
| ***Self-Storage REITs (8.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CubeSmart | 37347 | 1596958 |
| &nbsp;&nbsp;&nbsp;Public Storage | 3750 | 1156538 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 24620 | 899615 |
| **Total Self-Storage REITs** |  | 3653111 |
| ***Single-Family Residential REITs (6.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 17755 | 1128685 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 45568 | 1535642 |
| **Total Single-Family Residential REITs** |  | 2664327 |
| ***Telecom Tower REITs (2.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 4611 | 989751 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $40,764,240) |  | 42134905 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.37%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 1468630 | $1468630 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,468,630) |  |  | 1468630 |
| **TOTAL INVESTMENTS (99.98%)** |  |  |  |
| (Cost $42,232,870) |  |  | $43603535 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.02%)** |  |  | 7042 |
| **NET ASSETS - 100.00%** |  |  | $43610577 |

---

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

ALPS Active REIT ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $43603535 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 32009 |
| &nbsp;&nbsp;&nbsp;Total Assets | 43635544 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 24967 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 24967 |
| **NET ASSETS** | $43610577 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $44053059 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (442482) |
| **NET ASSETS** | $43610577 |
| **INVESTMENTS, AT COST** | $42232870 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $43610577 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 1630002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $26.75 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

ALPS Active REIT ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $826133 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 126 |
| &nbsp;&nbsp;&nbsp;Total investment income | 826259 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 145192 |
| &nbsp;&nbsp;&nbsp;Total expenses | 145192 |
| **NET INVESTMENT INCOME** | 681067 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments(a) | (772216) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (3502907) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (4275123) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(3594056) |

---

*<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 \| May 31, 2025

ALPS Active REIT ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $681067 | $762975 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (772216) | 765969 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (3502907) | 5270770 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (3594056) | 6799714 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (599451) | (771459) |
| &nbsp;&nbsp;&nbsp;Dividends to shareholders from tax return of capital | – | (103014) |
| &nbsp;&nbsp;&nbsp;Total distributions | (599451) | (874473) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 9125860 | 17722714 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2698219) | (286293) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 6427641 | 17436421 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2234134 | 23361662 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 41376443 | 18014781 |
| &nbsp;&nbsp;&nbsp;End of period | $43610577 | $41376443 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1400002 | 750002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 330000 | 660000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (100000) | (10000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1630002 | 1400002 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

ALPS Active REIT ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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 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> | 0.43 | 0.73 | 0.74 | 0.54 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.84) | 5.70 | (1.16) | (3.39) | 5.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.41) | 6.43 | (0.42) | (2.85) | 5.38 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.39) | (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 | – | (0.10) | (0.09) | (0.12) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.90) | (0.79) | (1.48) | (0.44) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.80) | 5.53 | (1.21) | (4.33) | 4.94 |
| **NET ASSET VALUE, END OF PERIOD** | $26.75 | $29.55 | $24.02 | $25.23 | $29.56 |
| **TOTAL RETURN<sup>(b)</sup>** | (8.17)% | 27.28% | (1.54)% | (10.17)% | 22.01% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $43611 | $41376 | $18015 | $18040 | $24238 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.68 %<sup>(c)</sup> | 0.68% | 0.68% | 0.68% | 0.68 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.19 %<sup>(c)</sup> | 2.74% | 3.04% | 1.96% | 1.69 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 35% | 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 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 the Adviser as the valuation 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 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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\* | $42134905 | $– | $– | $42134905 |
| Short Term Investments | 1468630 | – | – | 1468630 |
| Total | $43603535 | $– | $– | $43603535 |

---

\* *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 six months ended May 31, 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 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Active REIT ETF | $184480 | $881376 |

---

As of May 31, 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) | $2901851 |
| Gross depreciation (excess of tax cost over value) | (1569849) |
| Net unrealized appreciation/(depreciation) | $1332002 |
| Cost of investments for income tax purposes | $42271533 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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.

8 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 six month period ended May 31, 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. During the six month period ended May 31, 2025, the Fund did not have any securities on loan.

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.

As of May 31, 2025, the Fund did not have any securities on loan.

**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.

9 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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.

**4. PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $14661632 | $15191654 |

---

For the six month period ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Active REIT ETF | $8974996 | $2615462 |

---

For the six month period ended May 31, 2025, the Fund had in-kind net realized gain of $376,432.

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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

10 \| May 31, 2025

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**7. 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 \| May 31, 2025

ALPS Active REIT ETF

Additional Information *May 31, 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.

12 \| May 31, 2025

ALPS Active REIT ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

13 \| May 31, 2025

ALPS Active REIT ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

14 \| May 31, 2025

ALPS Active REIT ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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.

15 \| May 31, 2025

ALPS Active REIT ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

16 \| May 31, 2025

![](activereit_02.jpg)

![](equalsectorweight_01.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;Additional Information | 12 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 13 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 14 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 15 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 16 |

---

alpsfunds.com

ALPS Equal Sector Weight ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS (99.99%)<sup>(a)</sup>** |  |  |
| ***Communication Services (9.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 465511 | $47202815 |
| ***Consumer Discretionary (9.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund<sup>(b)</sup> | 229945 | 49162241 |
| ***Consumer Staples (9.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Select Sector SPDR Fund<sup>(b)</sup> | 572738 | 47439889 |
| ***Energy (7.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Select Sector SPDR Fund<sup>(b)</sup> | 491397 | 40063597 |
| ***Financials (9.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 918730 | 46818481 |
| ***Healthcare (8.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Select Sector SPDR Fund | 310043 | 41124104 |
| ***Industrials (9.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Select Sector SPDR Fund | 343525 | 49062241 |
| ***Materials (8.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Materials Select Sector SPDR Fund<sup>(b)</sup> | 529619 | 45727304 |
| ***Real Estate (8.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Select Sector SPDR Fund | 1094675 | 45680788 |
| ***Technology (9.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 212224 | 49004642 |
| ***Utilities (9.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 577059 | 47272673 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| (Cost $440,857,566) |  | 508558775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **7 Day Yield** | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (4.66%)** | **SHORT TERM INVESTMENTS (4.66%)** | **SHORT TERM INVESTMENTS (4.66%)** |  |  |
| ***Money Market Fund (0.02%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |  |
| (Cost $104,623) |  | 4.24% | 104623 | $104623 |
| ***Investments Purchased with Collateral from Securities Loaned (4.64%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |  |
| (Cost $23,595,602) |  |  | 23595602 | $23595602 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $23,700,225) |  |  |  | 23700225 |
| **TOTAL INVESTMENTS (104.65%)** | **TOTAL INVESTMENTS (104.65%)** |  |  |  |
| (Cost $464,557,791) |  |  |  | $532259000 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.65%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.65%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.65%)** |  | (23663332) |
| **NET ASSETS - 100.00%** |  |  |  | $508595668 |

---

*<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 June 2, 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 $38,913,637.*

***Common Abbreviations:***

*SPDR<sup>®</sup> - Standard & Poor's Depositary Receipts*

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

ALPS Equal Sector Weight ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $532259000 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3205152 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 7382 |
| &nbsp;&nbsp;&nbsp;Total Assets | 535471534 |
| **LIABILITIES:`** |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 3205435 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 74829 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 23595602 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 26875866 |
| **NET ASSETS** | $508595668 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $436414806 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 72180862 |
| **NET ASSETS** | $508595668 |
| **INVESTMENTS, AT COST** | $464557791 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $508595668 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 11900000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $42.74 |

---

*<sup>(a)</sup>* *Includes $38,913,637 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

ALPS Equal Sector Weight ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $4393906 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 16926 |
| &nbsp;&nbsp;&nbsp;Total investment income | 4410832 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 852329 |
| &nbsp;&nbsp;&nbsp;Total Expenses before waiver/reimbursement | 852329 |
| &nbsp;&nbsp;&nbsp;Less fee waiver/reimbursement by investment adviser | (475284) |
| &nbsp;&nbsp;&nbsp;Net expenses | 377045 |
| **NET INVESTMENT INCOME** | 4033787 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 11063412 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (23963868) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (12900456) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(8866669) |

---

*<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 \| May 31, 2025

ALPS Equal Sector Weight ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six <br> Months Ended <br> May 31, 2025 <br> (Unaudited)** | **For the<br> Year Ended <br> November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $4033787 | $6466608 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 11063412 | 11379895 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (23963868) | 72485686 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (8866669) | 90332189 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (4118817) | (6466608) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (84306) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4118817) | (6550914) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 141291111 | 76338816 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (42625616) | (61468556) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 98665495 | 14870260 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 85680009 | 98651535 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 422915659 | 324264124 |
| &nbsp;&nbsp;&nbsp;End of period | $508595668 | $422915659 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3175000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1775000 | 650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (900000) | (550000) |
| &nbsp;&nbsp;&nbsp;Stock split (Note 1) | 7850000 | – |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 11900000 | 3175000 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

ALPS Equal Sector Weight ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br> **Six Months**<br> **Ended**<br> **May 31, 2025**<br> **(Unaudited)**<sup>(a)</sup>** | <br>**For the Year**<br> **Ended**<br> **November 30,**<br> **2024<sup>(a)</sup>** | <br>**For the Year**<br> **Ended**<br> **November 30,**<br> **2023<sup>(a)</sup>** | <br>**For the Year**<br> **Ended**<br> **November 30,**<br> **2022<sup>(a)</sup>** | <br>**For the Year**<br> **Ended**<br> **November 30,**<br> **2021<sup>(a)</sup>** | <br>**For the Year**<br> **Ended**<br> **November 30,**<br> **2020<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $44.40 | $35.15 | $33.79 | $34.65 | $28.06 | $26.11 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.37 | 0.72 | 0.71 | 0.63 | 0.59 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.64) | 9.26 | 1.40 | (0.85) | 6.60 | 1.95 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.27) | 9.98 | 2.11 | (0.22) | 7.19 | 2.58 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.39) | (0.72) | (0.74) | (0.64) | (0.59) | (0.63) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (0.01) | (0.01) | – | (0.01) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.73) | (0.75) | (0.64) | (0.60) | (0.63) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.66) | 9.25 | 1.36 | (0.86) | 6.59 | 1.95 |
| **NET ASSET VALUE, END OF PERIOD** | $42.74 | $44.40 | $35.15 | $33.79 | $34.65 | $28.06 |
| **TOTAL RETURN<sup>(c)</sup>** | (2.84)% | 28.68% | 6.43% | (0.59)% | 25.89% | 10.37% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $508596 | $422916 | $324264 | $342099 | $207896 | $164141 |
| Ratio of expenses excluding waiver/reimbursement to average net assets | 0.37 %<sup>(d)</sup> | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
| Ratio of expenses including waiver/reimbursement to average net assets | 0.16 %<sup>(d)</sup> | 0.16% | 0.16% | 0.16% | 0.15% | 0.15% |
| Ratio of net investment income excluding waiver/reimbursement to average net assets | 1.54 %<sup>(d)</sup> | 1.61% | 1.91% | 1.68% | 1.59% | 2.31% |
| Ratio of net investment income including waiver/reimbursement to average net assets | 1.75 %<sup>(d)</sup> | 1.82% | 2.12% | 1.89% | 1.81% | 2.53% |
| Portfolio turnover rate<sup>(e)</sup> | 6% | 7% | 14% | 12% | 8% | 11% |

---

*<sup>(a)</sup>* *On April 1, 2025, the ALPS Equal Sector Weight ETF underwent a three-for-one stock split. The capital 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>* *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 Financial Statements and Financial Highlights.*

5 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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> | $508558775 | $– | $– | $508558775 |
| Short Term Investments | 23700225 | – | – | 23700225 |
| Total | $532259000 | $– | $– | $532259000 |

---

\* *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 six months ended May 31, 2025.

7 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Equal Sector Weight ETF | $1099090 | $4708245 |

---

As of May 31, 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) | $71791891 |
| Gross depreciation (excess of tax cost over value) | (4700240) |
| Net unrealized appreciation/(depreciation) | $67091651 |
| Cost of investments for income tax purposes | $465167349 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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 six months ended May 31, 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.

8 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of Securities on Loan** | **Cash Collateral Received** | **Non-Cash Collateral Received** | **Total Collateral Received** |
| ALPS Equal Sector Weight ETF | $38913637 | $23595602 | $15924384 | $39519986 |

---

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 May 31, 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 & Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than 90 Days** | **Total** |
| ETFs | $23595602 | $— | $— | $— | $23595602 |
| **Total Borrowings** |  |  |  |  | **23595602** |
| 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) |  | $23595602 |

---

**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.

9 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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.

**4. PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $25863654 | $25989005 |

---

For the six month period ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Equal Sector Weight ETF | $141285678 | $42620883 |

---

For the six months ended May 31, 2025, the Fund had in-kind net realized gain of $10,196,985.

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.

10 \| May 31, 2025

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. 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 \| May 31, 2025

ALPS Equal Sector Weight ETF

Additional Information *May 31, 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.

12 \| May 31, 2025

ALPS Equal Sector Weight ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

13 \| May 31, 2025

ALPS Equal Sector Weight ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

 

Not applicable for this reporting period.

14 \| May 31, 2025

ALPS Equal Sector Weight ETF

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**472500** | $**—** | $**472500** |

---

*<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.

15 \| May 31, 2025

ALPS Equal Sector Weight ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

16 \| May 31, 2025

![](equalsectorweight_02.jpg)

![](intermediatemunicipal_01.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;Additional Information | 15 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 16 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 17 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 18 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 19 |

---

alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **GOVERNMENT BONDS (4.26%)** |  |  |
| United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 06/17/2025 | $1090000 | $1088074 |
| &nbsp;&nbsp;&nbsp;4.33%, 06/26/2025 | 500000 | 498592 |
| **Total** |  | 1586666 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| (Cost $1,586,496) |  | 1586666 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS (96.74%)** |  |  |
| ***General Obligation Limited (1.37%)*** |  |  |
| ***Pennsylvania (1.37%)*** |  |  |
| School District of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | 500000 | 509155 |
| **Total Pennsylvania** |  | 509155 |
| **Total General Obligation Limited** |  | 509155 |
| ***General Obligation Unlimited (15.69%)*** |  |  |
| ***California (4.99%)*** |  |  |
| Allan Hancock Joint Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2042<sup>(a)</sup> | 350000 | 285119 |
| Antelope Valley Community College District |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/01/2036<sup>(b)</sup> | 295000 | 318499 |
| Chaffey Joint Union High School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2044<sup>(a)</sup> | 250000 | 102137 |
| Chino Valley Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2035<sup>(a)</sup> | 245000 | 163482 |
| Lake Tahoe Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2045<sup>(a)</sup> | 150000 | 120375 |
| Mount San Antonio Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 08/01/2043<sup>(a)</sup> | 275000 | 263434 |
| San Mateo County Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2035<sup>(a)</sup> | 110000 | 76014 |
| San Mateo Union High School District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2041<sup>(a)</sup> | 520000 | 527749 |
| **Total California** |  | 1856809 |
| ***Minnesota (1.55%)*** |  |  |
| Morris Area Schools Independent School District No 2769 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 02/01/2033(a) | 750000 | 573347 |
| **Total Minnesota** |  | 573347 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***General Obligation Unlimited (continued)*** |  |  |
| ***Oregon (5.54%)*** |  |  |
| Clackamas & Washington Counties School District No 3 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2036<sup>(a)</sup> | $600000 | $372225 |
| Multnomah County School District No 40 |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2043<sup>(a)</sup> | 1000000 | 407931 |
| Multnomah County School District No 7 Reynolds |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2035<sup>(a)</sup> | 500000 | 324617 |
| Oregon Coast Community College District |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2040<sup>(a)</sup> | 400000 | 423254 |
| Washington & Multnomah Counties School District No 48J Beaverton |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2034<sup>(a)</sup> | 200000 | 136472 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2041<sup>(a)</sup> | 150000 | 69868 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2042<sup>(a)</sup> | 750000 | 328184 |
| **Total Oregon** |  | 2062551 |
| ***Texas (2.50%)*** |  |  |
| Fort Bend Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;0.72%, 08/01/2051 | 65000 | 62574 |
| &nbsp;&nbsp;&nbsp;4.00%, 08/01/2054 | 150000 | 152287 |
| &nbsp;&nbsp;&nbsp;3.80%, 08/01/2055 | 300000 | 302924 |
| North East Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 08/01/2049 | 410000 | 413276 |
| **Total Texas** |  | 931061 |
| ***Washington (1.11%)*** |  |  |
| Washington Clackamas & Yamhill Counties School District No 88J |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2037<sup>(a)</sup> | 150000 | 85884 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2039<sup>(a)</sup> | 255000 | 127553 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2040<sup>(a)</sup> | 200000 | 93433 |
| &nbsp;&nbsp;&nbsp;0.00%, 06/15/2041<sup>(a)</sup> | 250000 | 109213 |
| **Total Washington** |  | 416083 |
| **Total General Obligation Unlimited** |  | 5839851 |
| ***Revenue Bonds (79.68%)*** |  |  |
| ***Alabama (1.35%)*** |  |  |
| Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.65%, 04/01/2053<sup>(c)</sup> | 100000 | 97084 |
| Industrial Development Board of the City of Mobile Alabama |  |  |
| &nbsp;&nbsp;&nbsp;3.92%, 06/01/2034 | 65000 | 65128 |

---

17 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2055 | $170000 | $175533 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2055 | 160000 | 167315 |
| **Total Alabama** |  | 505060 |
| ***Arizona (4.04%)*** |  |  |
| Maricopa County & Phoenix Industrial Development Authorities |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 09/01/2056 | 300000 | 328532 |
| Salt Verde Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2032 | 675000 | 710320 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2037 | 450000 | 465794 |
| **Total Arizona** |  | 1504646 |
| ***California (6.71%)*** |  |  |
| California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.45%, 02/01/2052<sup>(c)</sup> | 210000 | 199146 |
| City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/15/2033 | 405000 | 434837 |
| Long Beach Bond Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 1.45%, 11/15/2027<sup>(c)</sup> | 430000 | 434896 |
| Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2032 | 225000 | 228922 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/01/2044 | 200000 | 210128 |
| Modesto Irrigation District |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.63%, 09/01/2037<sup>(c)</sup> | 510000 | 485890 |
| Northern California Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | 300000 | 313540 |
| Northern California Gas Authority No 1 |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.72%, 07/01/2027<sup>(c)</sup> | 185000 | 184829 |
| **Total California** |  | 2492188 |
| ***Colorado (2.93%)*** |  |  |
| City & County of Denver Co. Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/2035 | 250000 | 271004 |
| &nbsp;&nbsp;&nbsp;5.75%, 11/15/2036 | 250000 | 287945 |
| Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2039 | 75000 | 78186 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| E-470 Public Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2035<sup>(a)</sup> | $300000 | $181446 |
| &nbsp;&nbsp;&nbsp;0.00%, 09/01/2037<sup>(a)</sup> | 500000 | 272467 |
| **Total Colorado** |  | 1091048 |
| ***Connecticut (1.24%)*** |  |  |
| Connecticut Housing Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | 140000 | 140075 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/2054 | 295000 | 321442 |
| **Total Connecticut** |  | 461517 |
| ***District of Columbia (1.91%)*** |  |  |
| District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2040 | 200000 | 200146 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2031 | 245000 | 248224 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2037 | 250000 | 259272 |
| **Total District of Columbia** |  | 707642 |
| ***Florida (4.18%)*** |  |  |
| City Of South Miami Health Facilities Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 08/15/2042 | 350000 | 351426 |
| County of Broward FL Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2031 | 200000 | 208916 |
| County of Miami-Dade FL Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2036 | 150000 | 157718 |
| Florida Housing Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 01/01/2054 | 135000 | 140844 |
| Greater Orlando Aviation Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 | 300000 | 311950 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2037 | 300000 | 314300 |
| Hillsborough County Aviation Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2039 | 70000 | 72600 |
| **Total Florida** |  | 1557754 |
| ***Georgia (1.29%)*** |  |  |
| Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2053 | 300000 | 314184 |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2054 | 160000 | 167458 |
| **Total Georgia** |  | 481642 |
| ***Illinois (3.11%)*** |  |  |
| Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2029<sup>(b)</sup> | 300000 | 321161 |
| &nbsp;&nbsp;&nbsp;5.00%, 08/15/2035 | 225000 | 236867 |
| &nbsp;&nbsp;&nbsp;5.00%, 02/15/2036 | 400000 | 406433 |

---

18 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 04/01/2054 | $180000 | $194498 |
| **Total Illinois** |  | 1158959 |
| ***Indiana (0.41%)*** |  |  |
| Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/01/2043 | 150000 | 151532 |
| **Total Indiana** |  | 151532 |
| ***Kansas (1.17%)*** |  |  |
| State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 | 385000 | 434564 |
| **Total Kansas** |  | 434564 |
| **Kentucky (2.04%)** |  |  |
| County of Trimble KY |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 06/01/2054 | 300000 | 301947 |
| Kentucky Public Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.20%, 08/01/2052<sup>(c)</sup> | 460000 | 457665 |
| **Total Kentucky** |  | 759612 |
| ***Louisiana (0.17%)*** |  |  |
| Louisiana Public Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 02/15/2036<sup>(c)</sup> | 65000 | 63316 |
| **Total Louisiana** |  | 63316 |
| ***Massachusetts (0.29%)*** |  |  |
| Massachusetts Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/01/2050 | 110000 | 108076 |
| **Total Massachusetts** |  | 108076 |
| ***Michigan (0.74%)*** |  |  |
| Michigan Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.75%, 04/15/2047<sup>(c)</sup> | 275000 | 274028 |
| **Total Michigan** |  | 274028 |
| ***Minnesota (2.18%)*** |  |  |
| Minnesota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;2.47%, 01/01/2050 | 214553 | 169694 |
| &nbsp;&nbsp;&nbsp;3.50%, 07/01/2050 | 645000 | 641943 |
| **Total Minnesota** |  | 811637 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Missouri (0.90%)*** |  |  |
| Missouri Housing Development Commission |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 05/01/2050 | $170000 | $170445 |
| &nbsp;&nbsp;&nbsp;6.00%, 05/01/2055 | 150000 | 163439 |
| **Total Missouri** |  | 333884 |
| ***Nebraska (1.21%)*** |  |  |
| Nebraska Investment Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 09/01/2046 | 110000 | 109636 |
| &nbsp;&nbsp;&nbsp;3.00%, 09/01/2050 | 350000 | 344072 |
| **Total Nebraska** |  | 453708 |
| ***Nevada (0.74%)*** |  |  |
| County of Clark NV |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 01/01/2036 | 275000 | 274585 |
| **Total Nevada** |  | 274585 |
| ***New Jersey (2.76%)*** |  |  |
| New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/2031<sup>(a)</sup> | 725000 | 571734 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/2034<sup>(a)</sup> | 200000 | 136362 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/15/2041 | 300000 | 316555 |
| **Total New Jersey** |  | 1024651 |
| ***New Mexico (1.60%)*** |  |  |
| City of Farmington NM |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 04/01/2029 | 375000 | 337854 |
| New Mexico Mortgage Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2053 | 245000 | 256045 |
| **Total New Mexico** |  | 593899 |
| ***New York (9.41%)*** |  |  |
| Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 0.43%, 11/01/2026<sup>(c)</sup> | 40000 | 39970 |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 0.80%, 11/01/2032<sup>(c)</sup> | 460000 | 460065 |
| New York City Transitional Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2042 | 250000 | 261598 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2042 | 100000 | 104639 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/01/2044 | 145000 | 149191 |
| New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | 100000 | 97798 |

---

19 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| New York State Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/01/2044 | $200000 | $197707 |
| &nbsp;&nbsp;&nbsp;3.95%, 11/01/2050 | 175000 | 171101 |
| New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/15/2042 | 100000 | 103576 |
| Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/01/2030 | 1100000 | 1157003 |
| Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.05%, 04/01/2026<sup>(c)</sup> | 250000 | 250022 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/15/2039<sup>(a)</sup> | 1000000 | 513868 |
| **Total New York** |  | 3506538 |
| ***North Carolina (4.03%)*** |  |  |
| North Carolina Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 01/01/2055 | 740000 | 796771 |
| University of North Carolina at Chapel Hill |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.05%, 12/01/2041<sup>(c)</sup> | 700000 | 702308 |
| **Total North Carolina** |  | 1499079 |
| ***North Dakota (1.52%)*** |  |  |
| North Dakota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/01/2049 | 270000 | 270895 |
| &nbsp;&nbsp;&nbsp;5.75%, 07/01/2053 | 280000 | 295178 |
| **Total North Dakota** |  | 566073 |
| ***Ohio (0.53%)*** |  |  |
| Lancaster Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/01/2055 | 190000 | 198564 |
| **Total Ohio** |  | 198564 |
| ***Oklahoma (1.13%)*** |  |  |
| Oklahoma Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/01/2052 | 410000 | 421928 |
| **Total Oklahoma** |  | 421928 |
| ***Oregon (1.35%)*** |  |  |
| Port of Portland OR Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2036 | 200000 | 210802 |
| &nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | 305000 | 290287 |
| **Total Oregon** |  | 501089 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| ***Pennslyvania (2.81%)*** |  |  |
| Butler County General Authority |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 10/01/2034<sup>(c)</sup> | $350000 | $337529 |
| Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/01/2037<sup>(a)</sup> | 750000 | 709709 |
| **Total Pennslyvania** |  | 1047238 |
| ***South Carolina (3.09%)*** |  |  |
| South Carolina State Housing Finance & Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 01/01/2054 | 150000 | 160827 |
| &nbsp;&nbsp;&nbsp;6.00%, 01/01/2054 | 910000 | 985099 |
| **Total South Carolina** |  | 1145926 |
| ***South Dakota (0.38%)*** |  |  |
| South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 05/01/2054 | 135000 | 143259 |
| **Total South Dakota** |  | 143259 |
| ***Tennessee (0.89%)*** |  |  |
| New Memphis Arena Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 04/01/2030<sup>(a)</sup> | 350000 | 332891 |
| **Total Tennessee** |  | 332891 |
| ***Texas (6.50%)*** |  |  |
| City of Austin TX Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2036 | 200000 | 208483 |
| City of Houston TX Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2036 | 135000 | 142291 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/01/2048 | 250000 | 253918 |
| North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 01/01/2038<sup>(a)</sup> | 100000 | 58340 |
| Texas Department of Housing & Community Affairs |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 07/01/2037 | 215000 | 162577 |
| &nbsp;&nbsp;&nbsp;3.50%, 07/01/2052 | 405000 | 400368 |
| Texas Municipal Gas Acquisition & Supply Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | 320000 | 337077 |
| Texas Municipal Gas Acquisition and Supply Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.70%, 12/15/2026<sup>(c)</sup> | 330000 | 329890 |
| &nbsp;&nbsp;&nbsp;6.25%, 12/15/2026 | 25000 | 25613 |

---

20 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Revenue Bonds (continued)*** |  |  |
| Texas Municipal Gas Acquisition and Supply Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 1.06%, 09/15/2027<sup>(c)</sup> | $330000 | $331196 |
| &nbsp;&nbsp;&nbsp;3M US SOFR + 0.86%, 09/15/2027<sup>(c)</sup> | 165000 | 165099 |
| **Total Texas** |  | 2414852 |
| ***Virginia (2.10%)*** |  |  |
| City of Norfolk VA Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/01/2033<sup>(b)</sup> | 300000 | 332265 |
| Freddie Mac Multifamily ML Certificates |  |  |
| &nbsp;&nbsp;&nbsp;4.68%, 10/25/2040 | 148909 | 149637 |
| York County Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, 05/01/2033 | 300000 | 302285 |
| **Total Virginia** |  | 784187 |
| ***Washington (0.51%)*** |  |  |
| County of King WA Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;7D US MUNI + 0.23%, 01/01/2040<sup>(c)</sup> | 115000 | 113593 |
| Washington Health Care Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/01/2042 | 75000 | 75671 |
| **Total Washington** |  | 189264 |
| ***Wisconsin (2.04%)*** |  |  |
| County of Milwaukee WI Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2030 | 125000 | 126672 |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 10/01/2046 | 455000 | 453415 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2043 | 200000 | 178408 |
| **Total Wisconsin** |  | 758495 |
| ***Wyoming (2.42%)*** |  |  |
| Wyoming Community Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | 910000 | 902241 |
| **Total Wyoming** |  | 902241 |
| **Total Revenue Bonds** |  | 29655572 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| (Cost $35,973,193) |  | 36004578 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.19%)** |  |  |  |
| **Money Market Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund (Premier Class) | 4.251% | 69910 | $69910 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $69,910) |  |  | 69910 |
| **TOTAL INVESTMENTS (101.19%)** |  |  |  |
| (Cost $37,629,599) |  |  | $37661154 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.19%)** |  |  | (444137) |
| **NET ASSETS - 100.00%** |  |  | $37217017 |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1D US SOFR - 1 Day SOFR as of May 31, 2025 was 4.35%

7D US MUNI- SIFMA Municipal Swap Index Yield as of May 31, 2025 was 1.97%

3M US SOFR - 3 Month SOFR as of May 31, 2025 was 4.35%

*<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 May 31, 2025. Security description includes the reference rate and spread if published and available.*

*See Notes to Financial Statements and Financial Highlights.*

21 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $37661154 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 319052 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 630796 |
| &nbsp;&nbsp;&nbsp;Total Assets | 38611002 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 979295 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 15532 |
| &nbsp;&nbsp;&nbsp;Cash Overdraft | 399158 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1393985 |
| **NET ASSETS** | $37217017 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37227959 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (10942) |
| **NET ASSETS** | $37217017 |
| **INVESTMENTS, AT COST** | $37629599 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $37217017 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 1475002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $25.23 |

---

*See Notes to Financial Statements and Financial Highlights.*

22 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Interest | $675147 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 2647 |
| &nbsp;&nbsp;&nbsp;Total investment income | 677794 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 87935 |
| &nbsp;&nbsp;&nbsp;Net expenses | 87935 |
| **NET INVESTMENT INCOME** | 589859 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (40590) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (640396) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (680986) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(91127) |

---

*See Notes to Financial Statements and Financial Highlights.*

23 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $589859 | $1118723 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (40590) | 137317 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (640396) | 484514 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (91127) | 1740554 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (731109) | (1187091) |
| &nbsp;&nbsp;&nbsp;Total distributions | (731109) | (1187091) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3143235 | 3207954 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3143235 | 3207954 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2320999 | 3761417 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 34896018 | 31134601 |
| &nbsp;&nbsp;&nbsp;End of period | $37217017 | $34896018 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1350002 | 1225002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 125000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1475002 | 1350002 |

---

*See Notes to Financial Statements and Financial Highlights.*

24 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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> | 0.42 | 0.88 | 0.85 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.51) | 0.49 | 0.34 | 0.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.09) | 1.37 | 1.19 | 0.59 |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.88) | (1.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.10) | (0.06) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.94) | (1.01) | (0.35) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.62) | 0.43 | 0.18 | 0.24 |
| **NET ASSET VALUE, END OF PERIOD** | $25.23 | $25.85 | $25.42 | $25.24 |
| **TOTAL RETURN<sup>(b)</sup>** | (0.35)% | 5.46% | 4.85% | 2.38% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $37217 | $34896 | $31135 | $30919 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.35 %<sup>(c)</sup> | 3.43% | 3.28% | 2.67 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 60 %<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 18% during the six months ended May 31, 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.*

25 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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.

26 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. |

---

27 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Fund's investments as of May 31, 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> | $– | $1586666 | $– | $1586666 |
| Municipal Bonds<sup>\*</sup> |  | 36004578 |  | 36004578 |
| Short Term Investments | 69910 | – | – | 69910 |
| Total | $69910 | $37591244 | $– | $37661154 |

---

\* 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 was a transfer out of Level 3 during the six months ended May 31, 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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the 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, 2024** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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, 2024, the Fund did not have any amounts available to carry forward to the next tax year.

As of May 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **ALPS Intermediate<br> Municipal Bond ETF** |
| Gross appreciation (excess of value over tax cost) | $319824 |
| Gross depreciation (excess of tax cost over value) | (288381) |
| Net unrealized appreciation/(depreciation) | $31443 |
| Cost of investments for income tax purposes | $37629711 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025.

28 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 six months ended May 31, 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.

**4. PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $26189902 | $22186977 |

---

For the six months ended May 31, 2025, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

29 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. 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.

30 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Additional Information *May 31, 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 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.

31 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

32 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

33 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| Total | $472500 | $– | $472500 |

---

*<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.

34 \| May 31, 2025

ALPS Intermediate Municipal Bond ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

35 \| May 31, 2025

![](intermediatemunicipal_02.jpg)

![](thematic_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Clean Energy ETF | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Disruptive Technologies ETF | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Electrification Infrastructure ETF | 5 |
| &nbsp;&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;&nbsp;ALPS Clean Energy ETF | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Disruptive Technologies ETF | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Electrification Infrastructure ETF | 13 |
| &nbsp;&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;Additional Information | 27 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 31 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 32 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 33 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 34 |

---

alpsfunds.com

ALPS Clean Energy ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (93.19%)** |  |  |
| ***Consumer Discretionary (18.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.<sup>(a)(b)</sup> | 182316 | $720148 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.<sup>(a)(b)</sup> | 1844119 | 4112384 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.<sup>(a)(b)</sup> | 378677 | 5502177 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 16082 | 5571769 |
| **Total Consumer Discretionary** |  | 15906478 |
| ***Consumer Staples (6.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 48857 | 1734912 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | 131443 | 4095764 |
| **Total Consumer Staples** |  | 5830676 |
| ***Energy (2.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.<sup>(a)(b)</sup> | 253645 | 454025 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.<sup>(a)(b)</sup> | 346335 | 439845 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.<sup>(a)</sup> | 95229 | 396153 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.<sup>(a)</sup> | 23337 | 983421 |
| **Total Energy** |  | 2273444 |
| ***Financials (4.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc.<sup>(b)</sup> | 141371 | 3541344 |
| ***Industrials (21.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)(b)</sup> | 48450 | 667641 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.<sup>(a)</sup> | 57206 | 1616641 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.<sup>(a)(b)</sup> | 229861 | 1517083 |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 382159 | 492985 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings, Inc.<sup>(a)(b)</sup> | 615392 | 428067 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 335172 | 1394316 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.<sup>(a)(b)</sup> | 96153 | 451919 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc.<sup>(a)</sup> | 101806 | 5771382 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.<sup>(a)(b)</sup> | 1394251 | 1230705 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 249006 | 1175308 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.<sup>(a)(b)</sup> | 333719 | 2499555 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.<sup>(a)</sup> | 20452 | 1105431 |
| **Total Industrials** |  | 18351033 |
| ***Information Technology (14.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | 68611 | 2839809 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 30409 | 4807055 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 39962 | 4619607 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.<sup>(a)(b)</sup> | 233679 | 278078 |
| **Total Information Technology** |  | 12544549 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Materials (4.39%)*** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp.<sup>(b)</sup> | 56020 | $3123676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.<sup>(a)(b)</sup> | 121661 | 700767 |
| **Total Materials** |  | 3824443 |
| ***Utilities (21.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boralex, Inc., Class A<sup>(b)</sup> | 154581 | 3556033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 123414 | 3797449 |
| &nbsp;&nbsp;&nbsp;Innergex Renewable Energy, Inc.<sup>(b)</sup> | 244344 | 2432134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northland Power, Inc.<sup>(b)</sup> | 310499 | 4629147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 59878 | 4450732 |
| **Total Utilities** |  | 18865495 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $218,024,143) |  | 81137462 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (6.57%)** |  |  |
| ***Utilities (6.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 188010 | 4467524 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure LP<sup>(a)</sup> | 141997 | 1252414 |
| **Total Utilities** |  | 5719938 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $13,076,212) |  | 5719938 |

---

1 \| May 31, 2025

ALPS Clean Energy ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (14.29%)** | **SHORT TERM INVESTMENTS (14.29%)** |  |  |
| **Money Market Fund (0.14%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $124,347) | 4.24% | 124347 | $124347 |
| **Investments Purchased with Collateral from Securities Loaned (14.14%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $12,315,640) |  | 12315640 | $12315640 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $12,439,987) |  |  | 12439987 |
| **TOTAL INVESTMENTS (114.04%)** | **TOTAL INVESTMENTS (114.04%)** |  |  |
| (Cost $243,540,342) |  |  | $99297387 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-14.04%)** |  |  | (12224689) |
| **NET ASSETS - 100.00%** |  |  | $87072698 |

---

*<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 $26,096,875.*

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.87%)** |  |  |
| ***Communication Services (1.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 908 | $1096165 |
| ***Consumer Discretionary (3.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 110683 | 920883 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | 3868 | 785088 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 3368 | 1166877 |
| **Total Consumer Discretionary** |  | 2872848 |
| ***Financials (15.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adyen NV<sup>(a)(b)(c)</sup> | 498 | 955389 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 3156 | 928022 |
| &nbsp;&nbsp;&nbsp;Block, Inc.<sup>(a)</sup> | 15029 | 928041 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 2464 | 801071 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 11564 | 920610 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 3852 | 627067 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 8805 | 665746 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc.<sup>(d)</sup> | 15700 | 966036 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 4615 | 836100 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.<sup>(a)</sup> | 17361 | 607982 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1560 | 913536 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 1846 | 884824 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | 108159 | 963697 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 12078 | 848842 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1688 | 865708 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2465 | 900193 |
| **Total Financials** |  | 13612864 |
| ***Health Care (11.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 5047 | 913204 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 8518 | 896605 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 11781 | 1010810 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA<sup>(d)</sup> | 7577 | 785996 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc.<sup>(a)</sup> | 11672 | 690749 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 8594 | 864642 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 13386 | 832208 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 3308 | 1075198 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 1705 | 941740 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.<sup>(a)(d)</sup> | 14442 | 837636 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 3690 | 903275 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC, Sponsored ADR | 28754 | 832716 |
| **Total Health Care** |  | 10584779 |
| ***Industrials (15.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.<sup>(a)</sup> | 6537 | 1163782 |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings, Ltd.<sup>(a)(b)(c)</sup> | 863515 | 452594 |
| &nbsp;&nbsp;&nbsp;Experian PLC | 17867 | 889017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;FANUC Corp.<sup>(d)</sup> | 28196 | $757929 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co., Ltd., Class H | 1224000 | 949092 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.<sup>(a)</sup> | 22713 | 839927 |
| &nbsp;&nbsp;&nbsp;RELX PLC, Sponsored ADR | 16904 | 911464 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 3319 | 834169 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 30575 | 796785 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 10093 | 815615 |
| &nbsp;&nbsp;&nbsp;Stratasys, Ltd.<sup>(a)</sup> | 84126 | 869021 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp.<sup>(d)</sup> | 4738 | 941351 |
| &nbsp;&nbsp;&nbsp;TransUnion | 10048 | 860410 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 2801 | 879907 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 53362 | 841853 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 5311 | 942546 |
| **Total Industrials** |  | 13745462 |
| ***Information Technology (48.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 2138 | 887462 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.<sup>(a)</sup> | 13991 | 803083 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>(a)(d)</sup> | 30862 | 782352 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.<sup>(a)</sup> | 2548 | 842929 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 3277 | 970385 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 3360 | 964555 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.<sup>(a)</sup> | 3768 | 862420 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 26753 | 801787 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2436 | 1148258 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.<sup>(a)</sup> | 2516 | 963075 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | 19368 | 725714 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 8230 | 970152 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 17163 | 926974 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 6097 | 963813 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 8637 | 879074 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 30722 | 874963 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 4603 | 989737 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1388 | 1045816 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 7765 | 897634 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | 2037 | 859844 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc.<sup>(a)</sup> | 25301 | 860234 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | 6742 | 936229 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.<sup>(a)</sup> | 7593 | 783370 |
| &nbsp;&nbsp;&nbsp;Omron Corp.<sup>(d)</sup> | 26300 | 684482 |
| &nbsp;&nbsp;&nbsp;Open Text Corp.<sup>(d)</sup> | 32251 | 913026 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 4597 | 884555 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 5261 | 885532 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 11690 | 888674 |

---

3 \| May 31, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 6659 | $922604 |
| &nbsp;&nbsp;&nbsp;Renishaw PLC | 22233 | 769857 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2975 | 789476 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A<sup>(a)</sup> | 21827 | 1015829 |
| &nbsp;&nbsp;&nbsp;SAP SE, Sponsored ADR | 3178 | 962489 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Inc.<sup>(a)(b)(c)(d)</sup> | 3723000 | 664728 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 1002 | 1013112 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 6694 | 806828 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 12035 | 830776 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 5432 | 1117199 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(a)(d)</sup> | 53765 | 960243 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc.<sup>(a)(d)</sup> | 90866 | 918655 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 1892 | 877850 |
| &nbsp;&nbsp;&nbsp;Temenos AG<sup>(d)</sup> | 10372 | 769393 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | 11983 | 901463 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A<sup>(a)</sup> | 3409 | 844443 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.<sup>(a)</sup> | 8228 | 977431 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings, Ltd.<sup>(d)</sup> | 1956000 | 591208 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A<sup>(a)</sup> | 11221 | 911706 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 4271 | 1177516 |
| **Total Information Technology** |  | 42818935 |
| ***Real Estate (0.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 968 | 860378 |
| ***Utilities (2.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group Corp., Ltd., Class H | 1045000 | 867601 |
| &nbsp;&nbsp;&nbsp;Enlight Renewable Energy, Ltd.<sup>(a)</sup> | 47715 | 933114 |
| **Total Utilities** |  | 1800715 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $77,385,238) |  | 87392146 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (0.95%)** |  |  |
| ***Utilities (0.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 35422 | 841703 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| (Cost $981,612) |  | 841703 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (6.69%)** |  |  |  |
| **Money Market Fund (0.08%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $75,014) | 4.24% | 75014 | $75014 |
| **Investments Purchased with Collateral from Securities Loaned (6.61%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $5,839,629) |  | 5839629 | $5839629 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,914,643) |  |  | 5914643 |
| **TOTAL INVESTMENTS (106.51%)** |  |  |  |
| (Cost $84,281,493) |  |  | $94148492 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.51%)** |  |  | (5753497) |
| **NET ASSETS - 100.00%** |  |  | $88394995 |

---

*<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 $2,072,711, representing 2.34% 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 May 31, 2025, the market value of those securities was $2,072,711, representing 2.34% 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 $7,854,230.*

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.86%)** |  |  |
| ***Energy (13.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 14596 | $274113 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 6347 | 371489 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1131 | 268036 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 2623 | 274732 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 5666 | 263356 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 9235 | 258949 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2958 | 239125 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 6588 | 246918 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1450 | 228999 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 5233 | 264999 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 4288 | 259467 |
| **Total Energy** |  | 2950183 |
| ***Industrials (31.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 1044 | 271325 |
| &nbsp;&nbsp;&nbsp;AECOM | 2668 | 293080 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1537 | 274723 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 754 | 360585 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 928 | 297146 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 667 | 314731 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2465 | 294272 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.<sup>(a)</sup> | 7540 | 313513 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 812 | 384060 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 2291 | 279800 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 725 | 282446 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 2099 | 265103 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 2175 | 339148 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc.<sup>(a)</sup> | 6293 | 356750 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 5146 | 338607 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.<sup>(a)</sup> | 3915 | 253849 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 957 | 327830 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2465 | 328930 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 1073 | 338585 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 8307 | 290247 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 870 | 276695 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. | 3696 | 398908 |
| **Total Industrials** |  | 6880333 |
| ***Information Technology (13.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3870 | 348028 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 1363 | 338324 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 4524 | 342150 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 5945 | 294813 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | 4698 | 194450 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 1943 | 307150 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 1827 | 286912 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1914 | $306374 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(a)</sup> | 4218 | 300617 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.<sup>(a)</sup> | 1102 | 319327 |
| **Total Information Technology** |  | 3038145 |
| ***Materials (2.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 7966 | 306532 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 8015 | 296956 |
| **Total Materials** |  | 603488 |
| ***Technology (0.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.<sup>(a)</sup> | 78 | 1611 |
| ***Utilities (38.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. | 22756 | 229608 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 3957 | 246244 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 2465 | 238809 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 2291 | 237096 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 6550 | 243922 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 3316 | 232883 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 2204 | 230296 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1247 | 381768 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 4682 | 265329 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1827 | 249660 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2001 | 235558 |
| &nbsp;&nbsp;&nbsp;Edison International | 4437 | 246919 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 2942 | 245010 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 3607 | 239541 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 4292 | 278164 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 5233 | 229310 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 6074 | 254744 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 5231 | 255430 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2059 | 244918 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3625 | 256070 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 6275 | 248114 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 2708 | 422176 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 5510 | 245030 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 14600 | 246448 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 2614 | 238475 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 6942 | 241235 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 2987 | 242037 |
| &nbsp;&nbsp;&nbsp;Sempra | 3654 | 287167 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 2679 | 241110 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)</sup> | 1276 | 311280 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 2275 | 365297 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 2262 | 243029 |

---

5 \| May 31, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 3480 | $243948 |
| **Total Utilities** |  | 8616625 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $20,540,098) |  | 22090385 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.03%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 7169 | $7169 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $7,169) |  |  | 7169 |
| **TOTAL INVESTMENTS (99.89%)** |  |  |  |
| (Cost $20,547,267) |  |  | $22097554 |
| **NET LIABILITIES LESS OTHER ASSETS (0.11%)** |  |  | 24271 |
| **NET ASSETS - 100.00%** |  |  | $22121825 |

---

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

*See Notes to Financial Statements and Financial Highlights.*

6 \| May 31, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.86%)** |  |  |
| ***Biotechnology (81.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 31952 | $115665 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 116710 | 2517435 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 41314 | 1325766 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.<sup>(a)</sup> | 56780 | 2819127 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.<sup>(a)(b)</sup> | 42656 | 91710 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.<sup>(a)</sup> | 72973 | 97054 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(a)</sup> | 113203 | 3465144 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.<sup>(a)</sup> | 217037 | 1317415 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.<sup>(a)(b)</sup> | 22522 | 500664 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 58644 | 441589 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.<sup>(a)(b)</sup> | 80464 | 164147 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.<sup>(a)(b)</sup> | 32429 | 1188199 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.<sup>(a)(b)</sup> | 19427 | 243420 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.<sup>(a)(b)</sup> | 75090 | 670554 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 24509 | 520816 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.<sup>(a)</sup> | 42306 | 201377 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.<sup>(a)(b)</sup> | 36190 | 212073 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 96765 | 758638 |
| &nbsp;&nbsp;&nbsp;Autolus Therapeutics PLC, ADR<sup>(a)</sup> | 194483 | 340345 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 85552 | 2650401 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 149580 | 1607986 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 32359 | 320031 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics, Inc.<sup>(a)(b)</sup> | 32291 | 137237 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.<sup>(a)(b)</sup> | 18885 | 180541 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.<sup>(a)(b)</sup> | 28044 | 298108 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.<sup>(a)(b)</sup> | 48830 | 965857 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.<sup>(a)(b)</sup> | 55122 | 1412226 |
| &nbsp;&nbsp;&nbsp;Compass Pathways PLC, ADR<sup>(a)(b)</sup> | 64499 | 268316 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 65741 | 2005758 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 71424 | 455685 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.<sup>(a)</sup> | 108960 | 1442630 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.<sup>(a)(b)</sup> | 23065 | 401100 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.<sup>(a)</sup> | 24912 | 1162892 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.<sup>(a)</sup> | 43269 | 129807 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 15831 | 93878 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.<sup>(a)(b)</sup> | 204768 | 286675 |
| &nbsp;&nbsp;&nbsp;Galapagos NV, Sponsored ADR<sup>(a)(b)</sup> | 47222 | 1358105 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.<sup>(a)</sup> | 60074 | 1194872 |
| &nbsp;&nbsp;&nbsp;Immunocore Holdings PLC, ADR<sup>(a)(b)</sup> | 35097 | 1284550 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Biotechnology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.<sup>(a)(b)</sup> | 60908 | $533554 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 75304 | 517338 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 113801 | 68178 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.<sup>(a)</sup> | 27898 | 279538 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.<sup>(a)(b)</sup> | 28956 | 409727 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics, Inc.<sup>(a)(b)</sup> | 31307 | 79833 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.<sup>(a)</sup> | 46227 | 104011 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.<sup>(a)(b)</sup> | 47373 | 64427 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.<sup>(a)</sup> | 215007 | 892279 |
| &nbsp;&nbsp;&nbsp;Merus NV<sup>(a)</sup> | 49884 | 2796997 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.<sup>(a)</sup> | 33757 | 525934 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 34688 | 1542228 |
| &nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics<sup>(a)(b)</sup> | 46068 | 1797113 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV<sup>(a)</sup> | 76222 | 1380380 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.<sup>(a)(b)</sup> | 111242 | 816516 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 49163 | 259581 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.<sup>(a)(b)</sup> | 14548 | 560825 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp.<sup>(a)</sup> | 92690 | 66996 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.<sup>(a)</sup> | 45188 | 2145075 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC<sup>(a)</sup> | 36962 | 169656 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.<sup>(a)</sup> | 56067 | 2720371 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.<sup>(a)</sup> | 54854 | 492589 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.<sup>(a)(b)</sup> | 41945 | 172813 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 45222 | 2773465 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 12757 | 244934 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.<sup>(a)(b)</sup> | 112723 | 257008 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 38848 | 370610 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.<sup>(a)</sup> | 59610 | 53512 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.<sup>(a)(b)</sup> | 17042 | 284261 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.<sup>(a)(b)</sup> | 38055 | 351248 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.<sup>(a)(b)</sup> | 31904 | 135273 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 40894 | 177480 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.<sup>(a)(b)</sup> | 45295 | 858340 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.<sup>(a)</sup> | 35376 | 1460852 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.<sup>(a)(b)</sup> | 100138 | 494682 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.<sup>(a)</sup> | 59869 | 833376 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.<sup>(a)(b)</sup> | 50111 | 400888 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 54085 | 1560352 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.<sup>(a)(b)</sup> | 32429 | 149173 |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd., ADR<sup>(a)(b)</sup> | 74601 | 2248474 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.<sup>(a)(b)</sup> | 27396 | 260810 |

---

7 \| May 31, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Biotechnology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 53595 | $64850 |
| **Total Biotechnology** |  | 66023340 |
| ***Health Care Providers & Services (0.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.<sup>(a)(b)</sup> | 22157 | 459093 |
| ***Pharmaceuticals (17.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.<sup>(a)(b)</sup> | 76720 | 112011 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 65829 | 339019 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(a)</sup> | 31657 | 3329050 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.<sup>(a)</sup> | 66498 | 949591 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.<sup>(a)(b)</sup> | 61017 | 910374 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.<sup>(a)(b)</sup> | 25353 | 314884 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics, Inc.<sup>(a)(b)</sup> | 111378 | 79780 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.<sup>(a)(b)</sup> | 239661 | 508081 |
| &nbsp;&nbsp;&nbsp;Pharvaris NV<sup>(a)(b)</sup> | 35675 | 592205 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.<sup>(a)(b)</sup> | 44069 | 59493 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.<sup>(a)(b)</sup> | 25443 | 210414 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc., ADR<sup>(a)(b)</sup> | 42251 | 919381 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 27307 | 1172836 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.<sup>(a)</sup> | 35136 | 321846 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR<sup>(a)</sup> | 58904 | 4783006 |
| **Total Pharmaceuticals** |  | 14601971 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $101,929,635) |  | 81084404 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (7.13%)** |  |  |  |
| **Money Market Fund (0.16%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $130,293) | 4.24% | 130293 | $130293 |
| **Investments Purchased with Collateral** |  |  |  |
| **from Securities Loaned (6.97%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $5,660,324) |  | 5660324 | $5660324 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $5,790,617) |  |  | 5790617 |
| **TOTAL INVESTMENTS (106.99%)** |  |  |  |
| (Cost $107,720,252) |  |  | $86875021 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-6.99%)** |  |  | (5678397) |
| **NET ASSETS - 100.00%** |  |  | $81196624 |

---

*<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 $21,697,602.*

*See Notes to Financial Statements and Financial Highlights.*

8 \| May 31, 2025

ALPS ETF Trust

Statements of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS Clean**<br> **Energy ETF** | **ALPS Disruptive**<br> **Technologies**<br> **ETF** | **ALPS Electrification**<br> **Infrastructure**<br> **ETF** | **ALPS Medical**<br> **Breakthroughs**<br> **ETF** |
| **ASSETS:** | | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $99297387 | $94148492 | $22097554 | $86875021 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 1966 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at value (Cost $–, $3, $– and $–) |  | 3 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 145575 | 125980 | 28305 | 16218 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 11423051 | 532423 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | – | 2357197 | – | – |
| &nbsp;&nbsp;&nbsp;Total Assets | 110866013 | 97164095 | 22127825 | 86891239 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 45615 | 35882 | 6000 | 34291 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1689666 | 2893589 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 9742394 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 12315640 | 5839629 | – | 5660324 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 23793315 | 8769100 | 6000 | 5694615 |
| **NET ASSETS** | $87072698 | $88394995 | $22121825 | $81196624 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $559302400 | $107887958 | $20535214 | $243788637 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (472229702) | (19492963) | 1586611 | (162592013) |
| **NET ASSETS** | $87072698 | $88394995 | $22121825 | $81196624 |
| **INVESTMENTS, AT COST** | $243540342 | $84281493 | $20547267 | $107720252 |
| **PRICING OF SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $87072698 | $88394995 | $22121825 | $81196624 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 3575002 | 1875002 | 725002 | 2800000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $24.36 | $47.14 | $30.51 | $29.00 |

---

*<sup>(a)</sup>* *Includes $26,096,875, $7,854,230, $- and $21,697,602 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

9 \| May 31, 2025

ALPS ETF Trust

Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALPS Clean<br> Energy ETF** | **ALPS Disruptive<br> Technologies<br> ETF** | **ALPS Electrification<br> Infrastructure <br> ETF<sup>(a)</sup>** | **ALPS Medical<br> Breakthroughs<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $647384 | $309529 | $44702 | $3571 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 161420 | 13281 | – | 73763 |
| &nbsp;&nbsp;&nbsp;Total investment income | 808804 | 322810 | 44702 | 77334 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 279656 | 219288 | 8432 | 232689 |
| &nbsp;&nbsp;&nbsp;Total expenses | 279656 | 219288 | 8432 | 232689 |
| **NET INVESTMENT INCOME/(LOSS)** | 529148 | 103522 | 36270 | (155355) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(b)</sup> | (31104051) | 2153309 |  | 1670737 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (204) | 5792 | – | – |
| &nbsp;&nbsp;&nbsp;Total net realized gain/(loss) | (31104255) | 2159101 | – | 1670737 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 15492971 | (1377151) | 1550287 | (27973168) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (20) | 1947 | 54 | – |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | 15492951 | (1375204) | 1550341 | (27973168) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (15611304) | 783897 | 1550341 | (26302431) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(15082156) | $887419 | $1586611 | $(26457786) |
| &nbsp;&nbsp;&nbsp;\*Net of foreign tax withholding. | $56920 | $20282 | $530 | $– |

---

*<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 \| May 31, 2025

ALPS Clean Energy ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $529148 | $1826605 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (31104255) | (147618871) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 15492951 | 122946030 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (15082156) | (22846236) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (534065) | (987799) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (1743750) |
| &nbsp;&nbsp;&nbsp;Total distributions | (534065) | (2731549) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 42468272 | 136265280 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (67690233) | (250753573) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (25221961) | (114488293) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (40838182) | (140066078) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 127910880 | 267976958 |
| &nbsp;&nbsp;&nbsp;End of period | $87072698 | $127910880 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 4550002 | 8550002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1750000 | 4550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2725000) | (8550000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3575002 | 4550002 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| May 31, 2025

ALPS Disruptive Technologies ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $103522 | $296642 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2159101 | 2325524 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1375204) | 16074225 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 887419 | 18696391 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (399326) | (292162) |
| &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 | (11132661) | (25339217) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (5446497) | (22284145) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (4958404) | (3879916) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 93353399 | 97233315 |
| &nbsp;&nbsp;&nbsp;End of period | $88394995 | $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 | (250000) | (600000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1875002 | 2000002 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| May 31, 2025

ALPS Electrification Infrastructure ETF

Statements of Changes in Net Assets

---

| | |
|:---|:---|
| | **For the Period**<br> **April 9, 2025**<br> **(Commencement of**<br> **Operations)**<br> **to May 31, 2025** |
| **OPERATIONS:** | |
| &nbsp;&nbsp;&nbsp;Net investment income | $36270 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 1550341 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1586611 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20535214 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 20535214 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 22121825 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – |
| &nbsp;&nbsp;&nbsp;End of period | $22121825 |
| **OTHER INFORMATION:** |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning shares |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 725002 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 725002 |

---

*See Notes to Financial Statements and Financial Highlights.*

13 \| May 31, 2025

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(155355) | $(400845) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1670737 | 7550987 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (27973168) | 31240527 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (26457786) | 38390669 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (3667062) | (220286) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3667062) | (220286) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 713612 | 19659637 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (12587901) | (18323776) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | (11874289) | 1335861 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (41999137) | 39506244 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 123195761 | 83689517 |
| &nbsp;&nbsp;&nbsp;End of period | $81196624 | $123195761 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3175000 | 3175000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 25000 | 550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (400000) | (550000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2800000 | 3175000 |

---

*See Notes to Financial Statements and Financial Highlights.*

14 \| May 31, 2025

ALPS Clean Energy ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $28.11 | $31.34 | $55.74 | $73.94 | $70.05 | $32.23 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.25 | 0.47 | 0.39 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (3.76) | (3.13) | (24.38) | (18.14) | 4.11 | 38.08 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.63) | (2.88) | (23.91) | (17.75) | 4.31 | 38.33 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.12) | (0.13) | (0.40) | (0.19) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.22) | (0.09) | (0.26) | (0.25) | (0.33) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.35) | (0.49) | (0.45) | (0.42) | (0.51) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (3.75) | (3.23) | (24.40) | (18.20) | 3.89 | 37.82 |
| **NET ASSET VALUE, END OF PERIOD** | $24.36 | $28.11 | $31.34 | $55.74 | $73.94 | $70.05 |
| **TOTAL RETURN<sup>(b)</sup>** | (12.95)% | (9.32)% | (43.11)% | (24.00)% | 6.16% | 120.45% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $87073 | $127911 | $267977 | $707911 | $1014767 | $609457 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.55 %<sup>(c)</sup> | 0.55% | 0.55% | 0.55% | 0.56 %<sup>(d)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.04 %<sup>(c)</sup> | 0.85% | 1.09% | 0.69% | 0.26% | 0.57% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 22% | 32% | 38% | 44% | 39% | 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 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>* *Effective January 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.55%.*

*<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 Financial Statements and Financial Highlights.*

15 \| May 31, 2025

ALPS Disruptive Technologies ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $46.68 | $38.51 | $34.92 | $48.23 | $42.99 | $31.88 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/ (loss)<sup>(a)</sup> | 0.05 | 0.13 | 0.15 | (0.02) | 0.15 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.61 | 8.15 | 3.45 | (13.17) | 5.26 | 11.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.66 | 8.28 | 3.60 | (13.19) | 5.41 | 11.25 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.20) | (0.11) | (0.01) | (0.12) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.11) | (0.01) | (0.12) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 0.46 | 8.17 | 3.59 | (13.31) | 5.24 | 11.11 |
| **NET ASSET VALUE, END OF PERIOD** | $47.14 | $46.68 | $38.51 | $34.92 | $48.23 | $42.99 |
| **TOTAL RETURN<sup>(b)</sup>** | 1.42% | 21.54% | 10.31% | (27.41)% | 12.60% | 35.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $88395 | $93353 | $97233 | $122214 | $237546 | $150459 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.24 %<sup>(c)</sup> | 0.30% | 0.42% | (0.05)% | 0.31% | 0.72% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 15% | 35% | 34% | 31% | 26% | 38% |

---

*<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.*

16 \| May 31, 2025

ALPS Electrification Infrastructure ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | |
|:---|:---|
| | **For the Period**<br>**April 9, 2025**<br>**(Commencement**<br>**of Operations) to**<br>**May 31, 2025** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 5.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.51 |
| &nbsp;&nbsp;&nbsp;Net increase in net asset value | 5.51 |
| **NET ASSET VALUE, END OF PERIOD** | $30.51 |
| **TOTAL RETURN<sup>(b)</sup>** | 13.63% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $22122 |
| &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 | 2.15 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 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 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 \| May 31, 2025

ALPS Medical Breakthroughs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $38.80 | $26.36 | $31.29 | $42.94 | $49.00 | $39.51 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.05) | (0.13) | (0.10) | (0.13) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (8.58) | 12.64 | (4.83) | (11.52) | (5.88) | 9.64 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (8.63) | 12.51 | (4.93) | (11.65) | (6.06) | 9.51 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.17) | (0.07) | – | – | – | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.17) | (0.07) | – | – | – | (0.02) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (9.80) | 12.44 | (4.93) | (11.65) | (6.06) | 9.49 |
| **NET ASSET VALUE, END OF PERIOD** | $29.00 | $38.80 | $26.36 | $31.29 | $42.94 | $49.00 |
| **TOTAL RETURN<sup>(b)</sup>** | (22.70)% | 47.50% | (15.76)% | (27.13)% | (12.37)% | 24.07% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $81197 | $123196 | $83690 | $115009 | $188929 | $242542 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.33)%<sup>(c)</sup> | (0.37)% | (0.34)% | (0.39)% | (0.36)% | (0.33)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 26% | 72% | 81% | 88% | 81% | 68% |

---

*<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.*

18 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 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 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of May 31, 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\* | $81137462 | $– | $– | $81137462 |
| Master Limited Partnerships\* | 5719938 |  |  | 5719938 |
| Short Term Investments | 12439987 | – | – | 12439987 |
| Total | $99297387 | $– | $– | $99297387 |

---

**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\* | 87392146 |  |  | 87392146 |
| Master Limited Partnerships\* | 841703 |  |  | 841703 |
| Short Term Investments | 5914643 | – | – | 5914643 |
| Total | $94148492 | $– | $– | $94148492 |

---

**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\* | 22090385 |  |  | 22090385 |
| Short Term Investments | 7169 | – | – | 7169 |
| Total | $22097554 | $– | $– | $22097554 |

---

**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\* | $81084404 | $– | $– | $81084404 |
| Short Term Investments | 5790617 | – | – | 5790617 |
| Total | $86875021 | $– | $– | $86875021 |

---

*\** *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 six months ended May 31, 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.

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.

21 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Clean Energy ETF | $119474159 | $167576848 |
| ALPS Disruptive Technologies ETF | 9750719 | 20430005 |
| ALPS Medical Breakthroughs ETF | 80707854 | 57273292 |

---

22 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

As of May 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **ALPS Clean Energy ETF** | **ALPS Disruptive<br> Technologies ETFo** | **ALPS Electrification<br> Infrastructure ETF** | **ALPS Medical<br> Breakthroughs ETF** |
| Gross appreciation (excess of value over tax cost) | $4066450 | $19287867 | $1708343 | $10682854 |
| Gross depreciation (excess of tax cost over value) | (149791793) | (10460370) | (158056) | (32222312) |
| Net unrealized appreciation/(depreciation) | $(145725343) | $8827497 | $1550287 | $(21539458) |
| Cost of investments for income tax purposes | $245022730 | $85320995 | $20547267 | $108414479 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in partnerships. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025.

**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 six months ended May 31, 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.

23 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral Received** | **Total Collateral Received** |
| ALPS Clean Energy ETF | $26096875 | $12315640 | $15676714 | $27992354 |
| ALPS Disruptive Technologies ETF | 7854230 | 5839629 | 2332635 | 8172264 |
| ALPS Medical Breakthroughs ETF | 21697602 | 5660324 | 17117731 | 22778055 |

---

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 May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Clean Energy ETF** | | **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** |
| Common Stocks | $12315640 | $– | $– | $– | $12315640 |
| **Total Borrowings** |  |  |  |  | **12315640** |
| 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) | $12315640 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Disruptive Technologies ETF** | | **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** |
| Common Stocks | $5839629 | $– | $– | $– | $5839629 |
| **Total Borrowings** |  |  |  |  | **5839629** |
| 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) | $5839629 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPS Medical Breakthroughs ETF** | | **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** |
| Common Stocks | $5660324 | $– | $– | $– | $5660324 |
| **Total Borrowings** |  |  |  |  | **5660324** |
| 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) | $5660324 |

---

**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.

24 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 six months ended May 31, 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 | $22585367 | $22276649 |
| ALPS Disruptive Technologies ETF | 13372438 | 13612978 |
| ALPS Medical Breakthroughs ETF | 24565196 | 28446695 |

---

For the six months ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Clean Energy ETF | $42472192 | $67680760 |
| ALPS Disruptive Technologies ETF | 5681621 | 11089562 |
| ALPS Electrification Infrastructure ETF | 20538424 |  |
| ALPS Medical Breakthroughs ETF | 713492 | 12587500 |

---

For the six months ended May 31, 2025, the in-kind net realized gain/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS Clean Energy ETF | $(5997882) |
| ALPS Disruptive Technologies ETF | 2825987 |
| ALPS Medical Breakthroughs ETF | 2319336 |

---

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.

25 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 six months ended May 31, 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 May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchase cost paid** | **Sale proceeds received** | **Realized gain/(loss) on sales** |
| ALPS Disruptive Technologies ETF | $– $| 100362 | $(6805) |

---

**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 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural 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.

**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

26 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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.

27 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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.

28 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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.

29 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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.

30 \| May 31, 2025

ALPS ETF Trust

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

31 \| May 31, 2025

ALPS ETF Trust

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

32 \| May 31, 2025

ALPS ETF Trust

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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.

33 \| May 31, 2025

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

At its meeting held on March 12, 2025, the Board of Trustees of the Trust (the "Board" or the "Trustees"), where five of the six Trustees were not an "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 Investment Advisory Agreement (the "New Fund Advisory Agreement") between the Trust and ALPS Advisors, Inc. (the "Adviser" or "AAI") with respect to the ALPS Electrification Infrastructure ETF (the "New Fund"). In evaluating the New Fund Advisory Agreement, the Board, including the Independent Trustees, considered various factors, including (i) the nature, extent and quality of the services expected to be provided by the Adviser to the New Fund under the New Fund Advisory Agreement; (ii) the advisory fees and other expenses proposed to be paid by the New Fund compared to those of similar funds managed by other investment advisers; (iii) the expected costs of the services to be provided to the New Fund and the projected profitability to be realized by the Adviser and its affiliates from the Adviser's relationship with the New Fund; (iv) the extent to which economies of scale would be realized if and as the New Fund's assets increase and whether the fee level in the New Fund Advisory Agreement reflects these 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 to be provided by the Adviser under the New Fund Advisory Agreement, the Board considered and reviewed information concerning the services proposed to be provided under the New Fund Advisory Agreement, the proposed investment strategy for the New Fund, financial information regarding the Adviser and its parent company, information describing the Adviser's current organization and the background and experience of the persons who would be responsible for the day-to-day management of the New Fund, the anticipated financial support of the New Fund, and the nature and quality of services provided to other ETFs, open-end and closed-end funds sponsored by the Adviser. Based upon their review, the Board concluded that the Adviser was qualified to oversee the services to be provided by other service providers and that the services to be provided by the Adviser to the New Fund are expected to be satisfactory.

With respect to the costs of services to be provided and profits to be realized by the Adviser, the Board considered the resources involved in managing the New Fund as well as the fact that the Adviser agreed to pay all of the New Fund's expenses (except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the New Fund's business) out of the unitary advisory fee. Based on their review, the Board concluded that the expected profitability of the New Fund to the Adviser was not unreasonable.

The Board, including the Independent Trustees, also reviewed comparative fee and expense data provided by FUSE regarding the New Fund. The Trustees noted the proposed advisory fee for services to be provided to the New Fund by the Adviser was 0.50% of the New Fund's average daily net assets. The Trustees also considered that the advisory fee with respect to the New Fund was a unitary one and that, as set forth above, the Adviser had agreed to pay all of the New Fund's expenses (except for interest expenses, marketing fees, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the New Fund's business) out of the unitary fee. The Board considered that, taking into account the impact of the New Fund's unitary advisory fee, the New Fund's expense ratio was above the median of both of its FUSE gross advisory fees peer group and total net expenses peer group. The Board took into account, among other things, the views of the Adviser with respect to the differences between the investment strategy of the New Fund and the investment strategies of the FUSE peer group and the other information available to them, the Board concluded that the advisory fee for the New Fund was reasonable under the circumstances and in light of the quality of services to be provided.

The Board also considered other benefits that may be realized by the Adviser from its relationship with the New Fund and concluded that the advisory fee was reasonable taking into account such benefits.

The Board considered the extent to which economies of scale would be realized as the New Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the New Fund investors. Because the New Fund is newly organized, the Trustees reviewed the New Fund's proposed unitary advisory fee and anticipated expenses and determined to review economies of scale in the future when the New Fund had attracted assets.

In voting to approve the New Fund Advisory Agreement, the Board concluded that the terms of the New Fund 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 Board considered relevant in the exercise of their reasonable business judgment. The Board did not identify any single factor or group of factors as all important or controlling and considered all factors together.

34 \| May 31, 2025

![](thematic_02.jpg)

![](sectordividenddogs_01.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;&nbsp;ALPS Sector Dividend Dogs ETF | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS International Sector Dividend Dogs ETF | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Emerging Sector Dividend Dogs ETF | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS REIT Dividend Dogs ETF | 6 |
| &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;ALPS Sector Dividend Dogs ETF | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS International Sector Dividend Dogs ETF | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Emerging Sector Dividend Dogs ETF | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS REIT Dividend Dogs ETF | 13 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 14 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 18 |
| &nbsp;&nbsp;&nbsp;Additional Information | 27 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 29 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 30 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 31 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 32 |

---

alpsfunds.com

ALPS Sector Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.28%)** |  |  |
| ***Communication Services (9.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 895223 | $24887200 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 672056 | 23232976 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 294537 | 21630797 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 92782 | 22471800 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 545137 | 23964223 |
| **Total Communication Services** |  | 116186996 |
| ***Consumer Discretionary (10.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 333108 | 22078398 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 128033 | 27425949 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2448962 | 25420226 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 195145 | 24689746 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 79431 | 24929419 |
| **Total Consumer Discretionary** |  | 124543738 |
| ***Consumer Staples (10.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 403987 | 24485652 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 503384 | 24298346 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 398775 | 21637531 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 787223 | 21042471 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 156675 | 28293938 |
| **Total Consumer Staples** |  | 119757938 |
| ***Energy (9.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 151622 | 20726727 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 212722 | 21761460 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 876452 | 24575714 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 246933 | 19962064 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 187920 | 21325162 |
| **Total Energy** |  | 108351127 |
| ***Financials (10.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp | 1518172 | 24078208 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 219414 | 22794921 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 256009 | 23959882 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 587170 | 23193215 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 566536 | 24695304 |
| **Total Financials** |  | 118721530 |
| ***Health Care (9.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 112180 | 20877820 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 402516 | 19433472 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 362514 | 23215397 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 925535 | 21740817 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 2615960 | 22994288 |
| **Total Health Care** |  | 108261794 |
| ***Industrials (9.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 51018 | 24610063 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 163639 | 25840235 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 750230 | 25042677 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 294073 | 19241196 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 203446 | $19844123 |
| **Total Industrials** |  | 114578294 |
| ***Information Technology (10.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 393447 | 24802899 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 838193 | 20871006 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 95841 | 24828569 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 270729 | 31929778 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 343132 | 23686402 |
| **Total Information Technology** |  | 126118654 |
| ***Materials (9.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 2434040 | 22174104 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 463361 | 22153290 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 321107 | 18139335 |
| &nbsp;&nbsp;&nbsp;Newmont Mining Corp. | 515013 | 27151485 |
| &nbsp;&nbsp;&nbsp;The Dow Chemical Co. | 643876 | 17861119 |
| **Total Materials** |  | 107479333 |
| ***Utilities (10.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dominion Resources, Inc. | 435345 | 24671001 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 352128 | 23384821 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 387841 | 25135975 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 538769 | 23608858 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 596350 | 25010919 |
| **Total Utilities** |  | 121811574 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $1,131,877,496) |  | 1165810978 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.19%)** | **SHORT TERM INVESTMENTS (0.19%)** |  |  |
| **Money Market Fund (0.19%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 2263727 | $2263727 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $2,263,727) |  |  | 2263727 |
| **TOTAL INVESTMENTS (99.47%)** | **TOTAL INVESTMENTS (99.47%)** |  |  |
| (Cost $1,134,141,223) |  |  | $1168074705 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.53%)** |  |  | 6160235 |
| **NET ASSETS - 100.00%** |  |  | $1174234940 |

---

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

ALPS International Sector Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.09%)** |  |  |
| ***Australia (7.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | 267287 | $6590214 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | 634797 | 6297435 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd.<sup>(a)</sup> | 995103 | 6940416 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd.<sup>(a)</sup> | 461521 | 6619294 |
| **Total Australia** |  | 26447359 |
| ***Finland (9.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | 400337 | 6909337 |
| &nbsp;&nbsp;&nbsp;Neste Oyj<sup>(a)</sup> | 665599 | 7141864 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | 1230746 | 6394720 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 460769 | 6678380 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | 218630 | 6054644 |
| **Total Finland** |  | 33178945 |
| ***France (17.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 79272 | 6943310 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 167691 | 7309622 |
| &nbsp;&nbsp;&nbsp;Cap Gemini SA | 40823 | 6779035 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 464582 | 6944649 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 367442 | 6719185 |
| &nbsp;&nbsp;&nbsp;Kering SA | 26884 | 5261353 |
| &nbsp;&nbsp;&nbsp;Orange SA | 507900 | 7574873 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 62456 | 6454730 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 56522 | 5616838 |
| **Total France** |  | 59603595 |
| ***Germany (9.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BASF SE | 114173 | 5496628 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 73159 | 6487627 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 150650 | 6536018 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 140653 | 6287550 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 100094 | 5976932 |
| **Total Germany** |  | 30784755 |
| ***Hong Kong (4.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Power |  |  |
| &nbsp;&nbsp;&nbsp;Holdings Co., Ltd. | 2779500 | 7231358 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | 7998796 | 7038769 |
| **Total Hong Kong** |  | 14270127 |
| ***Italy (4.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 852969 | 7830335 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 1250680 | 6972600 |
| **Total Italy** |  | 14802935 |
| ***Japan (13.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | 662100 | 6575217 |
| &nbsp;&nbsp;&nbsp;Canon, Inc.<sup>(a)</sup> | 199463 | 6143508 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | 670100 | 6836282 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | 248300 | 7658052 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | 575600 | 7046245 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd.<sup>(a)</sup> | 176600 | 6289829 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Japan (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | 218800 | $6559667 |
| **Total Japan** |  | 47108800 |
| ***Netherlands (1.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stellantis NV<sup>(a)</sup> | 532594 | 5421427 |
| ***Norway (4.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 302196 | 6957311 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | 468455 | 7186948 |
| **Total Norway** |  | 14144259 |
| ***Poland (3.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN SA | 372698 | 7322427 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska SA | 44338 | 5929818 |
| **Total Poland** |  | 13252245 |
| ***Singapore (4.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd.<sup>(a)</sup> | 1302280 | 7199268 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | 2624500 | 7752933 |
| **Total Singapore** |  | 14952201 |
| ***Spain (2.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Repsol SA<sup>(a)</sup> | 520302 | 7003645 |
| ***Sweden (4.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 793883 | 6747254 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 1838369 | 7102696 |
| **Total Sweden** |  | 13849950 |
| ***Switzerland (1.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 18888 | 6093273 |
| ***United Kingdom (10.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 159608 | 7169672 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 334364 | 6789094 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 181438 | 6869318 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | 104812 | 6216416 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 6860064 | 7105925 |
| **Total United Kingdom** |  | 34150425 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $299,077,329) |  | 335063941 |

---

2 \| May 31, 2025

ALPS International Sector Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.47%)** |  |  |  |
| **Money Market Fund (0.21%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $694,899) | 4.24% | 694899 | $694899 |
| **Investments Purchased with Collateral from Securities Loaned (1.26%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $4,264,967) |  | 4264967 | $4264967 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $4,959,866) |  |  | 4959866 |
| **TOTAL INVESTMENTS (100.56%)** |  |  |  |
| (Cost $304,037,195) |  |  | $340023807 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.56%)** |  |  | (1901414) |
| **NET ASSETS - 100.00%** |  |  | $338122393 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $16,057,231.*

*See Notes to Financial Statements and Financial Highlights.*

3 \| May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.61%)** |  |  |
| ***Brazil (7.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA | 285661 | $412047 |
| &nbsp;&nbsp;&nbsp;Engie Brasil Energia SA | 77300 | 554933 |
| &nbsp;&nbsp;&nbsp;JBS S/A | 87879 | 616436 |
| &nbsp;&nbsp;&nbsp;Vale SA, ADR | 51826 | 473171 |
| **Total Brazil** |  | 2056587 |
| ***Chile (1.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC SA | 293319 | 468115 |
| ***China (10.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. | 636100 | 560566 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp., Ltd. | 1015700 | 522028 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 624000 | 487034 |
| &nbsp;&nbsp;&nbsp;Sinotrans, Ltd. | 1085100 | 525867 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co., Ltd., Class H | 453400 | 538915 |
| **Total China** |  | 2634410 |
| ***Colombia (5.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cementos Argos SA | 213258 | 535840 |
| &nbsp;&nbsp;&nbsp;Grupo Cibest SA, ADR | 11750 | 486802 |
| &nbsp;&nbsp;&nbsp;Interconexion Electrica SA ESP | 107262 | 498749 |
| **Total Colombia** |  | 1521391 |
| ***Czech Republic (4.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CEZ AS | 10802 | 594553 |
| &nbsp;&nbsp;&nbsp;Komercni banka A.S. | 10777 | 498898 |
| **Total Czech Republic** |  | 1093451 |
| ***Hungary (2.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 18032 | 524628 |
| ***India (9.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd., Sponsored ADR | 69087 | 1256692 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd., ADR<sup>(a)</sup> | 413851 | 1191891 |
| **Total India** |  | 2448583 |
| ***Indonesia (9.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia Tbk PT | 4591300 | 620065 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 1158200 | 559903 |
| &nbsp;&nbsp;&nbsp;Kalbe Farma Tbk PT | 7914500 | 736063 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 3434000 | 594468 |
| **Total Indonesia** |  | 2510499 |
| ***Malaysia (10.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Genting Malaysia Bhd | 1269700 | 542900 |
| &nbsp;&nbsp;&nbsp;MISC Bhd | 321500 | 567997 |
| &nbsp;&nbsp;&nbsp;Petronas Gas Bhd | 135700 | 572577 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Malaysia (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sime Darby Bhd | 1102400 | $440287 |
| &nbsp;&nbsp;&nbsp;Telekom Malaysia Bhd | 350400 | 537557 |
| **Total Malaysia** |  | 2661318 |
| ***Mexico (6.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA<sup>(a)(b)(c)</sup> | 222094 | 580197 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 50065 | 619179 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV, Class A | 317400 | 563747 |
| **Total Mexico** |  | 1763123 |
| ***Philippines (10.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures, Inc. | 892700 | 551988 |
| &nbsp;&nbsp;&nbsp;Globe Telecom, Inc. | 13815 | 438257 |
| &nbsp;&nbsp;&nbsp;Manila Electric Co. | 57240 | 564244 |
| &nbsp;&nbsp;&nbsp;PLDT, Inc. | 21410 | 466611 |
| &nbsp;&nbsp;&nbsp;Universal Robina Corp. | 406960 | 616330 |
| **Total Philippines** |  | 2637430 |
| ***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 (7.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Pharmacare Holdings, Ltd. | 51590 | 347567 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Limited<sup>(a)</sup> | 14669 | 574866 |
| &nbsp;&nbsp;&nbsp;Vodacom Group, Ltd. | 79809 | 611444 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings, Ltd. | 171685 | 559474 |
| **Total South Africa** |  | 2093351 |
| ***Thailand (9.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical |  |  |
| &nbsp;&nbsp;&nbsp;Services PCL | 713400 | 467233 |
| &nbsp;&nbsp;&nbsp;Bumrungrad Hospital Pcl | 97300 | 414957 |
| &nbsp;&nbsp;&nbsp;Home Product Center PCL | 2209200 | 518189 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 155600 | 464513 |
| &nbsp;&nbsp;&nbsp;PTT Oil & Retail Business PCL<sup>(b)(c)</sup> | 1630600 | 586127 |
| **Total Thailand** |  | 2451019 |
| ***Turkey (3.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Tofas Turk Otomobil Fabrikasi A.S. | 85443 | 385664 |

---

4 \| May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Turkey (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri AS | 129024 | $407991 |
| **Total Turkey** |  | 793655 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $26,909,026) |  | 25658793 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **PREFERRED STOCK (2.23%)** |  |  |
| ***Chile (2.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina SA, Series B | 137842 | 586166 |
| **TOTAL PREFERRED STOCK** |  |  |
| (Cost $439,694) |  | 586166 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (4.93%)** |  |  |  |
| **Money Market Fund (0.09%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $24,050) | 4.24% | 24050 | $24050 |
| **Investments Purchased with Collateral from Securities Loaned (4.84%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $1,271,351) |  | 1271351 | 1271351 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,295,401) |  |  | 1295401 |
| **TOTAL INVESTMENTS (104.76%)** |  |  |  |
| (Cost $28,644,121) |  |  | $27540360 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-4.76%)** |  |  | (1252604) |
| **NET ASSETS - 100.00%** |  |  | $26287756 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,769,990.*

*<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 $1,166,324, representing 4.44% 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 May 31, 2025, the market value of those securities was $1,166,911, representing 4.44% 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 May 31, 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.*

5 \| May 31, 2025

ALPS REIT Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.88%)** |  |  |
| ***Data Center REITs (2.50%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 326 | $289755 |
| ***Diversified REITs (11.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | 16893 | 258801 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | 35967 | 250330 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 16007 | 254671 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. | 14693 | 270645 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | 18340 | 263179 |
| **Total Diversified REITs** |  | 1297626 |
| ***Health Care REITs (9.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Inc. | 14885 | 243221 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 31036 | 197389 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 16410 | 237945 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 46574 | 212843 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 6587 | 261570 |
| **Total Health Care REITs** |  | 1152968 |
| ***Hotel & Resort REITs (10.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 20179 | 233875 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 18320 | 283777 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 31248 | 228110 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 2828 | 274627 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 48235 | 211269 |
| **Total Hotel & Resort REITs** |  | 1231658 |
| ***Industrial REITs (10.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 3928 | 216904 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 30146 | 258653 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 16103 | 260869 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 6838 | 240971 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 7709 | 274286 |
| **Total Industrial REITs** |  | 1251683 |
| ***Multi-Family Residential REITs (8.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp.<sup>(a)</sup> | 15436 | 243271 |
| &nbsp;&nbsp;&nbsp;Centerspace | 4338 | 276548 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 15831 | 254246 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 7074 | 240516 |
| **Total Multi-Family Residential REITs** |  | 1014581 |
| ***Office REITs (10.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 60295 | 255048 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 53895 | 263007 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | 10323 | 224319 |
| &nbsp;&nbsp;&nbsp;Orion Properties, Inc. | 113925 | 217597 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Office REITs (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. | 19192 | $265617 |
| **Total Office REITs** |  | 1225588 |
| ***Retail REITs (11.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 8915 | 260853 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 17935 | 288753 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 6460 | 269770 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4821 | 272965 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 7572 | 255025 |
| **Total Retail REITs** |  | 1347366 |
| ***Self-Storage REITs (2.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 7454 | 256418 |
| ***Single-Family Residential REITs (2.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | 15124 | 253932 |
| ***Specialized REITs (9.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EPR Properties | 5285 | 294322 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 5497 | 256710 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 16671 | 275405 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 8482 | 268964 |
| **Total Specialized REITs** |  | 1095401 |
| ***Technology REITs (5.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 2648 | 265727 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1842 | 315940 |
| **Total Technology REITs** |  | 581667 |
| ***Telecom Tower REITs (4.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 1295 | 277972 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 1257 | 291485 |
| **Total Telecom Tower REITs** |  | 569457 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $12,995,074) |  | 11568100 |

---

6 \| May 31, 2025

ALPS REIT Dividend Dogs ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.29%)** |  |  |  |
| **Money Market Fund (0.05%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $6,006) | 4.24% | 6006 | $6006 |
| **Investments Purchased with Collateral from Securities Loaned (1.24%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $143,748) |  | 143748 | $143748 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $149,754) |  |  | 149754 |
| **TOTAL INVESTMENTS (101.17%)** |  |  |  |
| (Cost $13,144,828) |  |  | $11717854 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.17%)** |  |  | (135295) |
| **NET ASSETS - 100.00%** |  |  | $11582559 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $139,413.*

*See Notes to Financial Statements and Financial Highlights.*

7 \| May 31, 2025

ALPS ETF Trust

Statements of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**ALPS Sector**<br>**Dividend Dogs**<br>**ETF** | **ALPS**<br>**International**<br>**Sector Dividend**<br>**Dogs ETF** |<br>**ALPS Emerging**<br>**Sector Dividend**<br>**Dogs ETF** |<br>**ALPS REIT**<br>**Dividend Dogs**<br>**ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $1168074705 | $340023807 | $27540360 | $11717854 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 1003149 | 6600 | 1335 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 6518056 | 1731371 | 46072 | 10532 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 4231902 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | – | 4195068 | – | – |
| &nbsp;&nbsp;&nbsp;Total Assets | 1174592761 | 351185297 | 27593032 | 11729721 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 8661883 | 20435 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 357821 | 136054 | 13490 | 3414 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | – | 4264967 | 1271351 | 143748 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 357821 | 13062904 | 1305276 | 147162 |
| **NET ASSETS** | $1174234940 | $338122393 | $26287756 | $11582559 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1281685093 | $341003283 | $36668437 | $23582774 |
| &nbsp;&nbsp;&nbsp;Total Distributable earnings/(accumulated losses) | (107450153) | (2880890) | (10380681) | (12000215) |
| **NET ASSETS** | $1174234940 | $338122393 | $26287756 | $11582559 |
| **INVESTMENTS, AT COST** | $1134141223 | $304037195 | $28644121 | $13144828 |
| **PRICING OF SHARES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1174234940 | $338122393 | $26287756 | $11582559 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 20734141 | 10075000 | 1200000 | 325000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $56.63 | $33.56 | $21.91 | $35.64 |

---

*\** *Includes $-, $16,057,231, $1,769,990, and $139,413 respectively of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

8 \| May 31, 2025

ALPS ETF Trust

Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**ALPS Sector**<br>**Dividend Dogs**<br>**ETF** | **ALPS**<br>**International**<br>**Sector Dividend**<br>**Dogs ETF** |<br>**ALPS Emerging**<br>**Sector Dividend**<br>**Dogs ETF** |<br>**ALPS REIT**<br>**Dividend Dogs**<br>**ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income\* | $26514554 | $9251937 | $707160 | $387231 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 3218 | 12676 | 3299 | 148 |
| &nbsp;&nbsp;&nbsp;Total investment income | 26517772 | 9264613 | 710459 | 387379 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 2149229 | 729421 | 77690 | 21813 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2149229 | 729421 | 77690 | 21813 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 24368543 | 8535192 | 632769 | 365566 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(a)</sup> | 78704468 | 3638750 | 473919 | (414318) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | – | (54476) | (23786) | – |
| &nbsp;&nbsp;&nbsp;Total net realized gain/(loss) | 78704468 | 3584274 | 450133 | (414318) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (176059794) | 31086781 | 454951 | (1679920) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | – | 110742 | 1354 | 92 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (176059794) | 31197523 | 456305 | (1679828) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (97355326) | 34781797 | 906438 | (2094146) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(72986783) | $43316989 | $1539207 | $(1728580) |
| \*Net of foreign tax withholding: | $– | $1404334 | $118933 | $– |

---

*<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 \| May 31, 2025

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $24368543 | $46806967 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 78704468 | (33976902) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (176059794) | 301432766 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (72986783) | 314262831 |
| &nbsp;&nbsp;&nbsp;Net Equalization (Debits) | (247132) | (870038) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (22922717) | (47603187) |
| &nbsp;&nbsp;&nbsp;Total distributions | (22922717) | (47603187) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 30190242 | 22489013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (39514809) | (105057796) |
| &nbsp;&nbsp;&nbsp;Net income equalization (Note 2) | 247132 | 870038 |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (9077435) | (81698745) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (105234067) | 184090861 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1279469007 | 1095378146 |
| &nbsp;&nbsp;&nbsp;End of period | $1174234940 | $1279469007 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 20909141 | 22484141 |
| &nbsp;&nbsp;&nbsp;Shares sold | 525000 | 425000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (700000) | (2000000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 20734141 | 20909141 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 \| May 31, 2025

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $8535192 | $13401105 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3584274 | 13896949 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 31197523 | (7897339) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 43316989 | 19400715 |
| &nbsp;&nbsp;&nbsp;Net Equalization Credits | 468251 | 827847 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (5119750) | (13409585) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5119750) | (13409585) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 26909107 | 51675875 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14704243) | (6612472) |
| &nbsp;&nbsp;&nbsp;Net income equalization (Note 2) | (468251) | (827847) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 11736613 | 44235556 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 50402103 | 51054533 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 287720290 | 236665757 |
| &nbsp;&nbsp;&nbsp;End of period | $338122393 | $287720290 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 9750000 | 8250000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 825000 | 1725000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (500000) | (225000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 10075000 | 9750000 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $632769 | $1409389 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 450133 | 915724 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 456305 | (318660) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1539207 | 2006453 |
| &nbsp;&nbsp;&nbsp;Net Equalization (Debits) | (17015) | (15965) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (949840) | (1258329) |
| &nbsp;&nbsp;&nbsp;Total distributions | (949840) | (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 | 63272 | (4018950) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 26224484 | 30243434 |
| &nbsp;&nbsp;&nbsp;End of period | $26287756 | $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 period | 1200000 | 1225000 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| May 31, 2025

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $365566 | $382746 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (414318) | (717319) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1679828) | 3029621 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (1728580) | 2695048 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (412315) | (463643) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (312295) |
| &nbsp;&nbsp;&nbsp;Total distributions | (412315) | (775938) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 2116950 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (949025) | (1019933) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (949025) | 1097017 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (3089920) | 3016127 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 14672479 | 11656352 |
| &nbsp;&nbsp;&nbsp;End of period | $11582559 | $14672479 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 350000 | 325000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 50000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25000) | (25000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 325000 | 350000 |

---

*See Notes to Financial Statements and Financial Highlights.*

13 \| May 31, 2025

ALPS Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended**<br> **May 31, 2025<br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $61.19 | $48.72 | $53.58 | $50.47 | $43.69 | $45.78 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 1.16 | 2.18 | 2.06 | 2.02 | 1.75 | 1.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (4.63) | 12.49 | (4.79) | 3.11 | 6.84 | (2.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.47) | 14.67 | (2.73) | 5.13 | 8.59 | (0.44) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.09) | (2.20) | (2.13) | (2.02) | (1.81) | (1.65) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.09) | (2.20) | (2.13) | (2.02) | (1.81) | (1.65) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (4.56) | 12.47 | (4.86) | 3.11 | 6.78 | (2.09) |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $56.63 | $61.19 | $48.72 | $53.58 | $50.47 | $43.69 |
| **TOTAL RETURN<sup>(b)</sup>** | (5.68)% | 30.83% | (5.07)% | 10.42% | 19.77% | (0.27)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $1174235 | $1279469 | $1095378 | $1302568 | $1134743 | $1007514 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.36 %<sup>(c)</sup> | 0.36% | 0.37 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.08 %<sup>(c)</sup> | 4.01% | 4.10% | 3.84% | 3.43% | 4.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 42% | 52% | 51% | 53% | 54% | 77% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(f)</sup> | $(0.01) | $(0.04) | $(0.10) | $0.06 | $(0.02) | $0.12 |

---

*<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>* *Effective April 1, 2023 the Advisory Fee changed from 0.40% to 0.36%.*

*<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.*

*<sup>(f)</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.*

14 \| May 31, 2025

ALPS International Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months**<br> **Ended**<br> **May 31, 2025<br> (Unaudited)** | **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<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $29.51 | $28.69 | $25.85 | $26.47 | $24.82 | $26.88 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.90 | 1.44 | 1.41 | 1.15 | 1.09 | 0.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.69 | 0.82 | 2.80 | (0.68) | 1.65 | (1.66) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.59 | 2.26 | 4.21 | 0.47 | 2.74 | (0.91) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.54) | (1.44) | (1.37) | (1.07) | (1.08) | (1.11) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | (0.02) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.54) | (1.44) | (1.37) | (1.09) | (1.09) | (1.15) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 4.05 | 0.82 | 2.84 | (0.62) | 1.65 | (2.06) |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $33.56 | $29.51 | $28.69 | $25.85 | $26.47 | $24.82 |
| **TOTAL RETURN<sup>(b)</sup>** | 15.75% | 7.86% | 16.71% | 1.92% | 10.93% | (3.08)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $338122 | $287720 | $236666 | $169951 | $157489 | $146431 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 5.85 %<sup>(c)</sup> | 4.79% | 5.12% | 4.43% | 3.92% | 3.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 48% | 55% | 62% | 54% | 61% | 79% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(e)</sup> | $0.05 | $0.09 | $0.21 | $0.03 | $(0.25) | $0.00 <sup>(f)</sup> |

---

*<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 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.*

*<sup>(f)</sup>* *Less than $0.005.*

 

*See Notes to Financial Statements and Financial Highlights.*

15 \| May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months**<br> **Ended**<br> **May 31, 2025<br> (Unaudited)** | **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<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30, <br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $21.41 | $20.86 | $21.27 | $23.56 | $20.96 | $20.67 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.52 | 1.12 | 1.39 | 1.11 | 1.04 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.76 | 0.43 | (0.39) | (2.41) | 2.50 | 0.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.28 | 1.55 | 1.00 | (1.30) | 3.54 | 0.98 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.78) | (1.00) | (1.41) | (0.99) | (0.94) | (0.69) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.78) | (1.00) | (1.41) | (0.99) | (0.94) | (0.69) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | 0.50 | 0.55 | (0.41) | (2.29) | 2.60 | 0.29 |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $21.91 | $21.41 | $20.86 | $21.27 | $23.56 | $20.96 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.15% | 7.55% | 4.88% | (5.20)% | 16.81% | 5.20% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $26288 | $26224 | $30243 | $28182 | $24742 | $20958 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.60 %<sup>(c)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.89 %<sup>(c)</sup> | 5.22% | 6.54% | 5.17% | 4.32% | 2.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 62% | 83% | 85% | 90% | 84% | 93% |
| &nbsp;&nbsp;&nbsp;Undistributed net investment income included in price of units issued and redeemed<sup>(a)(e)</sup> | $(0.01) | $(0.01) | $(0.01) | $0.06 | $0.02 | $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>* *Annualized.*

*<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.*

16 \| May 31, 2025

ALPS REIT Dividend Dogs ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** <sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $41.92 | $35.87 | $41.51 | $49.89 | $40.49 | $48.42 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 1.09 | 1.16 | 1.51 | 1.49 | 1.21 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (6.15) | 7.32 | (4.62) | (7.86) | 10.25 | (7.26) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (5.06) | 8.48 | (3.11) | (6.37) | 11.46 | (5.97) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.22) | (1.44) | (1.46) | (1.51) | (1.36) | (1.57) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.99) | (1.07) | (0.50) | (0.70) | (0.39) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.22) | (2.43) | (2.53) | (2.01) | (2.06) | (1.96) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (6.28) | 6.05 | (5.64) | (8.38) | 9.40 | (7.93) |
| &nbsp;&nbsp;&nbsp;**NET ASSET VALUE, END OF PERIOD** | $35.64 | $41.92 | $35.87 | $41.51 | $49.89 | $40.49 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.20)% | 24.51% | (7.16)% | (13.06)% | 29.03% | (11.77)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $11583 | $14672 | $11656 | $20754 | $28689 | $26320 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.38 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 5.87 %<sup>(d)</sup> | 3.05% | 4.09% | 3.23% | 2.60% | 3.26% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 43% | 57% | 89% | 85% | 78% | 148% |

---

*<sup>(a)</sup>* *Prior to January 2, 2020, the ALPS REIT Dividend Dogs ETF was known as the Cohen & Steers Global Realty Majors ETF.*

*<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 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>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Effective January 2, 2020 the Fund's Advisory Fee changed from 0.55% to 0.35%.*

*<sup>(f)</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.*

17 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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.

18 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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:

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| | |
|:---|:---|
| 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. |

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19 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of May 31, 2025:

**ALPS Sector Dividend Dogs ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **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> | $1165810978 | $– | $– | $1165810978 |
| Short Term Investments | 2263727 | – | – | 2263727 |
| Total | $1168074705 | $– | $– | $1168074705 |

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**ALPS International Sector Dividend Dogs ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **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> | $335063941 | $– | $– | $335063941 |
| Short Term Investments | 4959866 | – | – | 4959866 |
| Total | $340023807 | $– | $– | $340023807 |

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**ALPS Emerging Sector Dividend Dogs ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **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> Russia | $– | $– $| 1233 | $1233 |
| Other\* | 25657560 |  |  | 25657560 |
| Preferred Stock<sup>\*</sup> | 586166 |  |  | 586166 |
| Short Term Investments | 1295401 | – | – | 1295401 |
| Total | $27539127 | $– $| 1233 | $27540360 |

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**ALPS REIT Dividend Dogs ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **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> | $11568100 | $– | $– | $11568100 |
| Short Term Investments | 149754 | – | – | 149754 |
| Total | $11717854 | $– | $– | $11717854 |

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*\** *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 six months ended May 31, 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 six months ended May 31, 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.

20 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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.

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.

21 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

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| | | |
|:---|:---|:---|
| **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 |

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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, 2024, the following amounts are available as carry forwards to the next tax year:

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| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS Sector Dividend Dogs ETF | $6050332 | $211995387 |
| ALPS International Sector Dividend Dogs ETF |  | 45792374 |
| ALPS Emerging Sector Dividend Dogs ETF | 931990 | 8831792 |
| ALPS REIT Dividend Dogs ETF | 7062815 | 2852957 |

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As of May 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Appreciation<br> (excess of value<br> over tax cost)** | **Gross<br> Depreciation<br> (excess of tax<br> cost over value)** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Cost of**<br> **Investments for**<br> **Income Tax**<br> **Purposes** |
| ALPS Sector Dividend Dogs ETF | $140307202 | $(110445696) | $29861506 | $1138213199 |
| ALPS International Sector Dividend Dogs ETF | 48228621 | (13299417) | 34929204 | 305094603 |
| ALPS Emerging Sector Dividend Dogs ETF | 2788545 | (3998590) | (1210045) | 28750405 |
| ALPS REIT Dividend Dogs ETF | 681817 | (2231011) | (1549194) | 13267048 |

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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. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025.

**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 six months ended May 31, 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.

22 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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.

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 May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash Collateral<br> Received** | **Non-Cash Collateral<br> Received** | **Total Collateral<br> Received** |
| ALPS International Sector Dividend Dogs ETF | $16057231 | $4264967 | $12689271 | $16954238 |
| ALPS Emerging Sector Dividend Dogs ETF | 1769990 | 1271351 | 598844 | 1870195 |
| ALPS REIT Dividend Dogs ETF | 139413 | 143748 |  | 143748 |

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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.

23 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 May 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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** |<br>**Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $4264967 | $– | $– | $– | $4264967 |
| **Total Borrowings** |  |  |  |  | **4264967** |
| 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) | $4264967 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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** |<br>**Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1271351 | $– | $– | $– | $1271351 |
| **Total Borrowings** |  |  |  |  | **1271351** |
| 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) | $1271351 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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** |<br>**Overnight &<br> Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater<br> than 90 Days** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $143748 | $– | $– | $– | $143748 |
| **Total Borrowings** |  |  |  |  | **143748** |
| 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) | $143748 |

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**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.

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| | |
|:---|:---|
| **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% |

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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.

24 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**4. PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $507876821 | $507210622 |
| ALPS International Sector Dividend Dogs ETF | 142697345 | 139463716 |
| ALPS Emerging Sector Dividend Dogs ETF | 16056488 | 16325908 |
| ALPS REIT Dividend Dogs ETF | 5488632 | 5481135 |

---

For the six months ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ALPS Sector Dividend Dogs ETF | $30183111 | $39504201 |
| ALPS International Sector Dividend Dogs ETF | 25878306 | 14294613 |
| ALPS Emerging Sector Dividend Dogs ETF |  | 342894 |
| ALPS REIT Dividend Dogs ETF |  | 948752 |

---

For the six months ended May 31, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS Sector Dividend Dogs ETF | $5419321 |
| ALPS International Sector Dividend Dogs ETF | 1411945 |
| ALPS Emerging Sector Dividend Dogs ETF | 49135 |
| ALPS REIT Dividend Dogs ETF | 52212 |

---

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 six months ended May 31, 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 six months ended May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Purchase cost paid** | **Sale proceeds received** | **Realized gain/(loss) on sales** |
| ALPS Sector Dividend Dogs ETF | $4580400 | $4691105 | $728444 |

---

25 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**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.

26 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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.

**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 Funds are 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 each Fund or any member of the public regarding the advisability of investing in securities generally or in each Fund particularly or the ability of each Underlying Index to track general stock market performance. S&P's and its third party licensor's only relationship to the Index Provider 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 each Fund or the timing of the issuance or sale of each Fund or in the determination or calculation of the equation by which each Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of each Fund.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF EACH 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, EACH 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.

27 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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 the Index Provider.

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.

28 \| May 31, 2025

ALPS ETF Trust

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

29 \| May 31, 2025

ALPS ETF Trust

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

30 \| May 31, 2025

ALPS ETF Trust

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – |  |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<sup>(1)</sup>* *Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.*

*<sup>\*</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 do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

31 \| May 31, 2025

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

32 \| May 31, 2025

![](sectordividenddogs_02.jpg)

![](oshares_01.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;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;Additional Information | 29 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **31** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **32** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **33** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **34** |

---

alpsfunds.com

ALPS \| O'Shares U.S. Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.89%)** |  |  |
| ***Aerospace & Defense (1.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 8899 | $2478283 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 16464 | 7941904 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2214 | 1073281 |
| **Total Aerospace & Defense** |  | 11493468 |
| ***Air Freight & Logistics (0.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 10803 | 1217822 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 41169 | 4015624 |
| **Total Air Freight & Logistics** |  | 5233446 |
| ***Banks (0.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 15856 | 4185984 |
| ***Beverages (1.58%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 101640 | 7328244 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 41079 | 5399835 |
| **Total Beverages** |  | 12728079 |
| ***Biotechnology (1.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 43218 | 8043302 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 8549 | 2463651 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 17509 | 1927391 |
| **Total Biotechnology** |  | 12434344 |
| ***Broadline Retail (0.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 43842 | 3207919 |
| ***Building Products (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 5117 | 2201692 |
| ***Capital Markets (3.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4347 | 4259582 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 12853 | 2944879 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 10972 | 5259099 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 7377 | 4160776 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7061 | 3621304 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 48941 | 4580388 |
| **Total Capital Markets** |  | 24826028 |
| ***Commercial Services & Supplies (1.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 42558 | 9639387 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 14526 | 3500330 |
| **Total Commercial Services & Supplies** |  | 13139717 |
| ***Communications Equipment (3.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 438557 | 27646634 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 6264 | 2601940 |
| **Total Communications Equipment** |  | 30248574 |
| ***Consumer Staples Distribution & Retail (1.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 7441 | 7739979 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Consumer Staples Distribution & Retail (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 11487 | $783758 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 5779 | 543284 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 45879 | 4529175 |
| **Total Consumer Staples Distribution & Retail** |  | 13596196 |
| ***Diversified Telecommunication Services (1.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 278599 | 7745053 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 145288 | 6386860 |
| **Total Diversified Telecommunication Services** |  | 14131913 |
| ***Electrical Equipment (0.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6230 | 1113550 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 7402 | 2370121 |
| **Total Electrical Equipment** |  | 3483671 |
| ***Electronic Equipment, Instruments & Components (1.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 49031 | 4409358 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 25177 | 4030082 |
| **Total Electronic Equipment, Instruments & Components** |  | 8439440 |
| ***Entertainment (0.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 28321 | 4071993 |
| ***Financial Services (9.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 62146 | 36392698 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 118937 | 43434603 |
| **Total Financial Services** |  | 79827301 |
| ***Food Products (0.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 13685 | 742548 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 10587 | 1701225 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 28675 | 1935276 |
| **Total Food Products** |  | 4379049 |
| ***Ground Transportation (0.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 68155 | 2153016 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 26083 | 5781558 |
| **Total Ground Transportation** |  | 7934574 |
| ***Health Care Equipment & Supplies (2.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 105018 | 14028304 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 27292 | 2264690 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 6634 | 2538434 |
| **Total Health Care Equipment & Supplies** |  | 18831428 |
| ***Health Care Providers & Services (1.15%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3825 | 1468188 |

---

1 \| May 31, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Health Care Providers & Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 25819 | $7795014 |
| **Total Health Care Providers & Services** |  | 9263202 |
| ***Hotels, Restaurants & Leisure (4.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 94108 | 29535796 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 57666 | 4841061 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 35130 | 5056612 |
| **Total Hotels, Restaurants & Leisure** |  | 39433469 |
| ***Household Durables (0.52%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | 20429 | 4146474 |
| ***Household Products (3.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 4511 | 443476 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 29563 | 2747585 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 12578 | 1808213 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 126801 | 21542222 |
| **Total Household Products** |  | 26541496 |
| ***Industrial Conglomerates (0.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 25806 | 5849446 |
| ***Insurance (3.49%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 8482 | 3155983 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | 19943 | 5927060 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 81201 | 18973425 |
| **Total Insurance** |  | 28056468 |
| ***Interactive Media & Services (4.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 188388 | 32353755 |
| ***IT Services (3.68%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 64346 | 20386100 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 42276 | 3423933 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 22351 | 5790250 |
| **Total IT Services** |  | 29600283 |
| ***Life Sciences Tools & Services (0.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 10377 | 1161394 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 2029 | 817322 |
| **Total Life Sciences Tools & Services** |  | 1978716 |
| ***Machinery (3.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 12955 | 4508729 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 3544 | 1139325 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 4341 | 2197675 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 14482 | 1226046 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 5960 | 1078224 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 40581 | 9945590 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 41293 | 3937288 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 30270 | 2840840 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Machinery (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 6260 | $2007895 |
| **Total Machinery** |  | 28881612 |
| ***Media (3.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 717077 | 24789352 |
| ***Personal Care Products (0.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 28747 | 686191 |
| ***Pharmaceuticals (8.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 10014 | 7387027 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 226579 | 35167326 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 335927 | 25812631 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 22273 | 3755896 |
| **Total Pharmaceuticals** |  | 72122880 |
| ***Professional Services (1.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, |  |  |
| &nbsp;&nbsp;&nbsp;Inc. | 21000 | 6836130 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 30683 | 4845153 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 4331 | 1360540 |
| **Total Professional Services** |  | 13041823 |
| ***Semiconductors & Semiconductor Equipment (3.53%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 5661 | 1211341 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 20498 | 4961951 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 31768 | 4612714 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 96258 | 17600775 |
| **Total Semiconductors & Semiconductor Equipment** |  | 28386781 |
| ***Software (6.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1939 | 1460978 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 94250 | 43388929 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 30222 | 5002648 |
| **Total Software** |  | 49852555 |
| ***Specialty Retail (7.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 107480 | 39583809 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 45211 | 10205479 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 95354 | 12100423 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 45726 | 2213138 |
| **Total Specialty Retail** |  | 64102849 |
| ***Technology Hardware, Storage & Peripherals (4.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 180649 | 36283352 |
| ***Textiles, Apparel & Luxury Goods (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 42123 | 2552233 |
| ***Tobacco (1.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 97527 | 5911111 |

---

2 \| May 31, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Tobacco (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 38763 | $7000211 |
| **Total Tobacco** |  | 12911322 |
| ***Trading Companies & Distributors (1.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 172876 | 7146693 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 2019 | 2195784 |
| **Total Trading Companies & Distributors** |  | 9342477 |
| ***Wireless Telecommunication Services (1.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 37032 | 8969150 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $669,129,367) |  | 803540702 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.03%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 242405 | $242405 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $242,405) |  |  | 242405 |
| **TOTAL INVESTMENTS (99.92%)** |  |  |  |
| (Cost $669,371,772) |  |  | $803783107 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.08%)** |  |  | 609828 |
| **NET ASSETS - 100.00%** |  |  | $804392935 |

---

*See Notes to the Financial Statements and Financial Highlights.*

3 \| May 31, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (99.85%)** |  |  |
| ***Automobile Components (3.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 213155 | $7053299 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 628475 | 13556205 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 104706 | 9467517 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 101634 | 4410916 |
| **Total Automobile Components** |  | 34487937 |
| ***Building Products (2.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 227917 | 14657342 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 20137 | 3135331 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 56162 | 5479165 |
| **Total Building Products** |  | 23271838 |
| ***Capital Markets (12.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset |  |  |
| &nbsp;&nbsp;&nbsp;Management, Inc., Class A | 182111 | 7339073 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 70124 | 5388328 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 31688 | 4476247 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 35017 | 8106085 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 136382 | 5755320 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 43446 | 6473454 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 119498 | 20873911 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 46710 | 10108511 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 271600 | 23156616 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. | 52197 | 7539857 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. | 151178 | 9374548 |
| **Total Capital Markets** |  | 108591950 |
| ***Commercial Services & Supplies (1.10%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 99416 | 6936255 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 157557 | 2941589 |
| **Total Commercial Services & Supplies** |  | 9877844 |
| ***Communications Equipment (1.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 470423 | 16902298 |
| ***Consumer Finance (1.26%)*** |  |  |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 88062 | 11264010 |
| ***Consumer Staples Distribution & Retail (0.77%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 8484 | 3713956 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 18228 | 1968259 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 15589 | 1181646 |
| **Total Consumer Staples Distribution & Retail** |  | 6863861 |
| ***Diversified Consumer Services (3.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 288385 | 16423526 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 201904 | 15748512 |
| **Total Diversified Consumer Services** |  | 32172038 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Electric Utilities (1.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 20118 | $1308475 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 18342 | 2181781 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 12584 | 1136587 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 61319 | 2726855 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 17816 | 1375039 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 31303 | 2855772 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 28686 | 1216286 |
| **Total Electric Utilities** |  | 12800795 |
| ***Electronic Equipment, Instruments & Components (6.80%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 361834 | 18095319 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 40787 | 10124149 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 51247 | 10508710 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 132407 | 16066265 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 433055 | 6093084 |
| **Total Electronic Equipment, Instruments & Components** |  | 60887527 |
| ***Entertainment (0.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 162749 | 4283554 |
| ***Financial Services (5.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | 144439 | 8377462 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 436975 | 11557989 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 363407 | 12410349 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 1528662 | 14185983 |
| **Total Financial Services** |  | 46531783 |
| ***Food Products (3.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 93373 | 8957272 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 209631 | 3542764 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 102968 | 14324908 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 11511 | 1325722 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 26944 | 4510426 |
| **Total Food Products** |  | 32661092 |
| ***Gas Utilities (1.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 5850 | 714812 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 49359 | 4074092 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 29651 | 1360684 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 18359 | 1372519 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 17652 | 1328843 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 92858 | 3348459 |
| **Total Gas Utilities** |  | 12199409 |
| ***Ground Transportation (0.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 55871 | 7666619 |
| ***Health Care Providers & Services (8.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 31815 | 18288535 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 195390 | 23622651 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | 146756 | 15283170 |

---

4 \| May 31, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Health Care Providers & Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 914636 | $21018335 |
| **Total Health Care Providers & Services** |  | 78212691 |
| ***Hotels, Restaurants & Leisure (5.63%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 28495 | 3609747 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 106099 | 20711586 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 101748 | 16296977 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 369399 | 4211149 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 69080 | 5718442 |
| **Total Hotels, Restaurants & Leisure** |  | 50547901 |
| ***Household Durables (0.35%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp.<sup>(a)</sup> | 40382 | 3153430 |
| ***Household Products (0.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 89936 | 1985787 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 6959 | 1695421 |
| **Total Household Products** |  | 3681208 |
| ***Insurance (4.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 105941 | 5029019 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 48336 | 5890708 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | 61632 | 15372254 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 173468 | 13334485 |
| **Total Insurance** |  | 39626466 |
| ***IT Services (2.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | 213112 | 19555157 |
| ***Leisure Products (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 72756 | 2853490 |
| ***Machinery (9.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Crane Co. | 39358 | 6745961 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 258309 | 17965390 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 43950 | 4134377 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 80558 | 6959406 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 91669 | 13799851 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 102607 | 19863688 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 143296 | 11158460 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 35939 | 8701551 |
| **Total Machinery** |  | 89328684 |
| ***Media (2.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 251627 | 14372934 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 471118 | 7877093 |
| **Total Media** |  | 22250027 |
| ***Multi-Utilities (0.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 21769 | 838324 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 18256 | 1067428 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Multi-Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 127536 | $5042774 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 20123 | 1113406 |
| **Total Multi-Utilities** |  | 8061932 |
| ***Pharmaceuticals (0.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 892200 | 8226084 |
| ***Professional Services (4.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 72666 | 5547322 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 421630 | 18151171 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 42203 | 1721882 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | 291839 | 13363308 |
| **Total Professional Services** |  | 38783683 |
| ***Semiconductors & Semiconductor Equipment (0.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 28376 | 4067700 |
| ***Software (4.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 259516 | 19271659 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(a)</sup> | 54471 | 11834369 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 103181 | 6351822 |
| **Total Software** |  | 37457850 |
| ***Specialty Retail (0.73%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 17814 | 3194763 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 7817 | 3336217 |
| **Total Specialty Retail** |  | 6530980 |
| ***Textiles, Apparel & Luxury Goods (3.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 162569 | 5099790 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 80719 | 5148258 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 34511 | 9552990 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | 134694 | 3320207 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 113613 | 8924301 |
| **Total Textiles, Apparel & Luxury Goods** |  | 32045546 |
| ***Tobacco (0.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 28278 | 1849098 |
| ***Trading Companies & Distributors (2.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial |  |  |
| &nbsp;&nbsp;&nbsp;Technologies, Inc. | 23070 | 5225816 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 230301 | 18700442 |
| **Total Trading Companies & Distributors** |  | 23926258 |
| ***Water Utilities (0.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 12494 | 985402 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 19602 | 926195 |

---

5 \| May 31, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Water Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 76274 | $2938837 |
| **Total Water Utilities** |  | 4850434 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $882,279,778) |  | 895471174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **7 Day Yield** | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.46%)** | **SHORT TERM INVESTMENTS (1.46%)** | **SHORT TERM INVESTMENTS (1.46%)** |  |  |
| **Money Market Fund (0.10%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |  |
| (Cost $783,302) |  | 4.24% | 783302 | $783302 |
| **Investments Purchased with Collateral from Securities Loaned (1.36%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |  |
| (Cost $12,217,566) |  |  | 12217566 | 12217566 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $13,000,868) |  |  |  | 13000868 |
| **TOTAL INVESTMENTS (101.31%)** | **TOTAL INVESTMENTS (101.31%)** |  |  |  |
| (Cost $895,280,646) |  |  |  | $908472042 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-1.31%)** |  |  |  | (11709791) |
| **NET ASSETS - 100.00%** |  |  |  | $896762251 |

---

*<sup>(a)</sup>* *Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $12,112,945.*

*See Notes to the Financial Statements and Financial Highlights.*

6 \| May 31, 2025

ALPS \| O'Shares Global Internet Giants ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (100.00%)** |  |  |
| ***Broadline Retail (10.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd., Sponsored ADR | 10695 | $1217519 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 35822 | 7343869 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., ADR | 13437 | 435493 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 1073 | 2750410 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. | 4090 | 1174481 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR<sup>(a)</sup> | 25034 | 2416031 |
| **Total Broadline Retail** |  | 15337803 |
| ***Diversified Consumer Services (2.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.<sup>(a)</sup> | 6571 | 3414357 |
| ***Entertainment (8.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | 7998 | 1097246 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc., ADR | 6256 | 761731 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 2836 | 3423704 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A<sup>(a)</sup> | 28594 | 2487106 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA<sup>(a)</sup> | 3360 | 2234870 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 9360 | 2117981 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR | 72589 | 1222399 |
| **Total Entertainment** |  | 13345037 |
| ***Ground Transportation (3.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance Co., Ltd., ADR | 141610 | 1646924 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd.<sup>(a)</sup> | 331308 | 1613470 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 23439 | 1972627 |
| **Total Ground Transportation** |  | 5233021 |
| ***Health Care Technology (0.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A<sup>(a)</sup> | 4884 | 1366055 |
| ***Hotels, Restaurants & Leisure (6.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 7262 | 936798 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA<sup>(b)</sup> | 8441 | 703297 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 173 | 954775 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE<sup>(a)(c)(d)</sup> | 63166 | 1748575 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A<sup>(a)</sup> | 10671 | 2226504 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B<sup>(a)(c)(d)</sup> | 109117 | 1920412 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd., ADR | 21595 | 1352927 |
| **Total Hotels, Restaurants & Leisure** |  | 9843288 |
| ***Interactive Media & Services (14.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 46367 | 7963068 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology<sup>(a)(c)(d)</sup> | 95500 | 649163 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 13403 | 8678307 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A<sup>(a)</sup> | 34850 | 1084184 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc.<sup>(a)</sup> | 15996 | 1797151 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A<sup>(a)</sup> | 111170 | 917153 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 23117 | 1468785 |
| **Total Interactive Media & Services** |  | 22557811 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***IT Services (6.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A<sup>(a)</sup> | 17643 | $2926797 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | 8221 | 1552371 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A<sup>(a)</sup> | 27411 | 2939008 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 13132 | 2700858 |
| **Total IT Services** |  | 10119034 |
| ***Media (1.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 29113 | 2189880 |
| ***Professional Services (0.98%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3330 | 525840 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | 7100 | 428729 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 3102 | 550513 |
| **Total Professional Services** |  | 1505082 |
| ***Real Estate Management & Development (1.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 10746 | 790476 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc.<sup>(a)</sup> | 16128 | 1082350 |
| **Total Real Estate Management & Development** |  | 1872826 |
| ***Software (43.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 3350 | 1390552 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 8193 | 3219849 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A<sup>(a)</sup> | 8530 | 1771084 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A<sup>(a)</sup> | 58655 | 1350825 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 6937 | 3269893 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.<sup>(a)</sup> | 5460 | 2089979 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 16407 | 1934057 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 23068 | 1245903 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.<sup>(a)</sup> | 760 | 1311973 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 12455 | 1267670 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | 34669 | 1577786 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 7071 | 1520406 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 2008 | 1184519 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 2440 | 1838467 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 20911 | 9626587 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.<sup>(a)</sup> | 7079 | 2105932 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc.<sup>(a)</sup> | 21040 | 1613558 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 19630 | 3249354 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 40904 | 5390328 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 8729 | 1679634 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4858 | 1289167 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A<sup>(a)</sup> | 49522 | 2304754 |
| &nbsp;&nbsp;&nbsp;SAP SE | 7756 | 2341657 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 3099 | 3133368 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 1138 | 656615 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | 28866 | 1993742 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A<sup>(a)</sup> | 4828 | 1195944 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.<sup>(a)</sup> | 18031 | 2141962 |

---

7 \| May 31, 2025

ALPS \| O'Shares Global Internet Giants ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Software (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 9310 | $2566767 |
| **Total Software** |  | 66262332 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $107,991,324) |  | 153046526 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.44%)** |  |  |  |
| **Money Market Fund (0.01%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $16,019) | 4.24% | 16019 | $16019 |
| **Investments Purchased with Collateral from Securities Loaned (0.43%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $660,092) |  | 660092 | 660092 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $676,111) |  |  | 676111 |
| **TOTAL INVESTMENTS (100.44%)** |  |  |  |
| (Cost $108,667,435) |  |  | $153722637 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.44%)** |  |  | (674651) |
| **NET ASSETS - 100.00%** |  |  | $153047986 |

---

*<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 $633,173.*

*<sup>(c)</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 $4,318,150, representing 2.82% of net assets.*

*<sup>(d)</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 May 31, 2025, the market value of those securities was $4,318,150, representing 2.82% of net assets.*

*See Notes to the Financial Statements and Financial Highlights.*

8 \| May 31, 2025

ALPS \| O'Shares Europe Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.87%)** |  |  |
| ***Aerospace & Defense (3.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 49451 | $1266923 |
| ***Air Freight & Logistics (1.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 15721 | 702769 |
| ***Automobile Components (2.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 19891 | 760669 |
| ***Banks (2.38%)*** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 75650 | 891947 |
| ***Beverages (1.45%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 15768 | 428511 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 1103 | 113993 |
| **Total Beverages** |  | 542504 |
| ***Building Products (1.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 4882 | 154756 |
| &nbsp;&nbsp;&nbsp;Geberit AG | 330 | 245796 |
| **Total Building Products** |  | 400552 |
| ***Capital Markets (2.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 19632 | 1077088 |
| ***Construction & Engineering (2.47%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vinci SA | 6454 | 922251 |
| ***Consumer Staples Distribution & Retail (0.60%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 5337 | 225306 |
| ***Diversified Telecommunication Services (7.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 30095 | 1137221 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 182237 | 856238 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | 1010 | 693991 |
| **Total Diversified Telecommunication Services** |  | 2687450 |
| ***Electric Utilities (3.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 66506 | 1214266 |
| ***Electrical Equipment (6.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | 13880 | 784903 |
| &nbsp;&nbsp;&nbsp;Legrand SA | 5701 | 692307 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | 3455 | 868350 |
| **Total Electrical Equipment** |  | 2345560 |
| ***Financial Services (3.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | 6233 | 225149 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Financial Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Investor AB | 31184 | $917927 |
| **Total Financial Services** |  | 1143076 |
| ***Food Products (4.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Danone SA | 2030 | 173425 |
| &nbsp;&nbsp;&nbsp;Nestle SA | 14645 | 1560591 |
| **Total Food Products** |  | 1734016 |
| ***Health Care Equipment & Supplies (0.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 1303 | 362031 |
| ***Household Products (1.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | 3774 | 110343 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 8220 | 557303 |
| **Total Household Products** |  | 667646 |
| ***Independent Power and Renewable Electricity Producers (1.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;RWE AG | 13858 | 521302 |
| ***Industrial Conglomerates (3.64%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens AG | 5666 | 1362604 |
| ***Insurance (2.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sampo Oyj | 72635 | 774919 |
| ***Machinery (3.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB | 16180 | 259739 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | 6342 | 394903 |
| &nbsp;&nbsp;&nbsp;Volvo AB | 19243 | 533716 |
| **Total Machinery** |  | 1188358 |
| ***Marine Transportation (0.70%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Kuehne + Nagel International AG | 1166 | 262173 |
| ***Multi-Utilities (1.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;National Grid PLC | 50069 | 705972 |
| ***Personal Care Products (5.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | 2461 | 1040611 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | 18306 | 1160958 |
| **Total Personal Care Products** |  | 2201569 |
| ***Pharmaceuticals (13.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4118 | 594785 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 27308 | 554475 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 12053 | 1377088 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | 12907 | 891212 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 4541 | 1464928 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 2943 | 292459 |
| **Total Pharmaceuticals** |  | 5174947 |
| ***Professional Services (6.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Experian PLC | 10815 | 538127 |
| &nbsp;&nbsp;&nbsp;RELX PLC | 20283 | 1091489 |

---

9 \| May 31, 2025

ALPS \| O'Shares Europe Quality Dividend ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Professional Services (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | 4824 | $856117 |
| **Total Professional Services** |  | 2485733 |
| ***Semiconductors & Semiconductor Equipment (2.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | 1188 | 882054 |
| ***Software (5.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;SAP SE | 6326 | 1909917 |
| ***Specialty Retail (2.40%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 16579 | 898309 |
| ***Textiles, Apparel & Luxury Goods (3.93%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 176 | 485209 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 1811 | 983423 |
| **Total Textiles, Apparel & Luxury Goods** |  | 1468632 |
| ***Tobacco (0.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 5561 | 210542 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $30,749,924) |  | 36991085 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (0.15%)** |  |  |  |
| **Money Market Fund (0.15%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 54524 | $54524 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $54,524) |  |  | 54524 |
| **TOTAL INVESTMENTS (99.02%)** |  |  |  |
| (Cost $30,804,448) |  |  | $37045609 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.98%)** |  |  | 364959 |
| **NET ASSETS - 100.00%** |  |  | $37410568 |

---

*See Notes to the Financial Statements and Financial Highlights.*

10 \| May 31, 2025

ALPS ETF Trust

Statements of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**ALPS \| O'Shares**<br>**U.S. Quality**<br>**Dividend ETF** | **ALPS \| O'Shares**<br>**U.S. Small-Cap**<br>**Quality Dividend**<br>**ETF** |<br>**ALPS \| O'Shares**<br>**Global Internet**<br>**Giants ETF** |<br>**ALPS \| O'Shares**<br>**Europe Quality**<br>**Dividend ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $803783107 | $908472042 | $153722637 | $37045609 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at value (Cost $–, $–, $12,928 and $–) |  |  | 12928 |  |
| &nbsp;&nbsp;&nbsp;Dividends and foreign tax reclaims receivable | 933362 | 869469 | 26148 | 97857 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | – | – | 5459 | 306890 |
| &nbsp;&nbsp;&nbsp;Total Assets | 804716469 | 909341511 | 153767172 | 37450356 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 323534 | 361694 | 59094 | 15019 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 24769 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned |  | 12217566 | 660092 |  |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 323534 | 12579260 | 719186 | 39788 |
| **NET ASSETS** | $804392935 | $896762251 | $153047986 | $37410568 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $700101037 | $882095446 | $305715101 | $40824973 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 104291898 | 14666805 | (152667115) | (3414405) |
| **NET ASSETS** | $804392935 | $896762251 | $153047986 | $37410568 |
| **INVESTMENTS, AT COST** | $669371772 | $895280646 | $108667435 | $30804448 |
| **PRICING OF SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $804392935 | $896762251 | $153047986 | $37410568 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 15075000 | 21079000 | 3025000 | 1150000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $53.36 | $42.54 | $50.59 | $32.53 |

---

*<sup>(a)</sup>* *Includes $-, $12,112,945, $633,173 and $- of securities on loan.*

*See Notes to the Financial Statements and Financial Highlights.*

11 \| May 31, 2025

ALPS ETF Trust

Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**ALPS \| O'Shares**<br>**U.S. Quality**<br>**Dividend ETF** | **ALPS \| O'Shares**<br>**U.S. Small-Cap**<br>**Quality Dividend**<br>**ETF** |<br>**ALPS \| O'Shares**<br>**Global Internet**<br>**Giants ETF** |<br>**ALPS \| O'Shares**<br>**Europe Quality**<br>**Dividend ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $7789785 | $10604822 | $209062 | $739496 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income | 2 | 10921 | 506 | 806 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7789787 | 10615743 | 209568 | 740302 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 1924324 | 2098156 | 327940 | 85389 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1924324 | 2098156 | 327940 | 85389 |
| **NET INVESTMENT INCOME/(LOSS)** | 5865463 | 8517587 | (118372) | 654913 |
| **REALIZED AND UNREALIZED GAIN/LOSS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 4342910 | 14275970 | 4913321 | 262895 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | – | – | 10653 | (2393) |
| &nbsp;&nbsp;&nbsp;Total net realized gain | 4342910 | 14275970 | 4923974 | 260502 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (35882829) | (99943656) | 4761346 | 3890895 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | – | – | 471 | 20292 |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/(depreciation) | (35882829) | (99943656) | 4761817 | 3911187 |
| **NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS** | (31539919) | (85667686) | 9685791 | 4171689 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(25674456) | $(77150099) | $9567419 | $4826602 |
| &nbsp;&nbsp;&nbsp;*\*Net of foreign tax withholding.* | $– | $– | $7763 | $95424 |

---

*<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 \| May 31, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5865463 | $11723718 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4342910 | 81467840 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (35882829) | 86566408 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (25674456) | 179757966 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (5850818) | (12150470) |
| &nbsp;&nbsp;&nbsp;Total distributions | (5850818) | (12150470) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 24226479 | 131293184 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (10488433) | (132933611) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 13738046 | (1640427) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (17787228) | 165967069 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 822180163 | 656213094 |
| &nbsp;&nbsp;&nbsp;End of period | $804392935 | $822180163 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 14825000 | 14775000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 450000 | 2575000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (200000) | (2525000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 15075000 | 14825000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

13 \| May 31, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8517587 | $9572979 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 14275970 | 55188441 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (99943656) | 95906052 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (77150099) | 160667472 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (8718331) | (9548300) |
| &nbsp;&nbsp;&nbsp;Total distributions | (8718331) | (9548300) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 190066310 | 497341585 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (70085336) | (177690807) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 119980974 | 319650778 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 34112544 | 470769950 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 862649707 | 391879757 |
| &nbsp;&nbsp;&nbsp;End of period | $896762251 | $862649707 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 18404000 | 10804000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 4350000 | 11650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1675000) | (4050000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 21079000 | 18404000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

14 \| May 31, 2025

ALPS \| O'Shares Global Internet Giants ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(118372) | $(274377) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4923974 | 1640489 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 4761817 | 40772793 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 9567419 | 42138905 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15178113 | 11587640 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6807897) | (54926483) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 8370216 | (43338843) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 17937635 | (1199938) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 135110351 | 136310289 |
| &nbsp;&nbsp;&nbsp;End of period | $153047986 | $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 | (150000) | (1425000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3025000 | 2850000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

15 \| May 31, 2025

ALPS \| O'Shares Europe Quality Dividend ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br>**Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $654913 | $893550 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 260502 | 2435167 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 3911187 | 417582 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4826602 | 3746299 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1041972) | (1395572) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1041972) | (1395572) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 3762013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1545042) | (7357597) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (1545042) | (3595584) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 2239588 | (1244857) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 35170980 | 36415837 |
| &nbsp;&nbsp;&nbsp;End of period | $37410568 | $35170980 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1200000 | 1325000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 125000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (250000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1150000 | 1200000 |

---

*See Notes to the Financial Statements and Financial Highlights.*

16 \| May 31, 2025

ALPS \| O'Shares U.S. Quality Dividend ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Period<br> July 1, 2022 to<br> November 30,<br> **2022**<sup>(a)</sup>** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** | **For the Year<br> Ended<br> June 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $55.46 | $44.41 | $43.24 | $40.29 | $42.00 | $33.16 | $34.13 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.39 | 0.78 | 0.81 | 0.36 | 0.77 | 0.69 (c) | 0.93 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.10) | 11.07 | 1.19 | 2.95 | (1.72) | 8.81 | (0.96) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.71) | 11.85 | 2.00 | 3.31 | (0.95) | 9.50 | (0.03) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.39) | (0.80) | (0.83) | (0.36) | (0.76) | (0.66) | (0.94) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.80) | (0.83) | (0.36) | (0.76) | (0.66) | (0.94) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.10) | 11.05 | 1.17 | 2.95 | (1.71) | 8.84 | (0.97) |
| **NET ASSET VALUE, END OF PERIOD** | $53.36 | $55.46 | $44.41 | $43.24 | $40.29 | $42.00 | $33.16 |
| **TOTAL RETURN<sup>(d)</sup>** | (3.09)% | 26.90% | 4.74% | 8.27% | (2.38)% | 28.84% | (0.12)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $804393 | $822180 | $656213 | $748122 | $737229 | $688720 | $479121 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.46 %<sup>(e)</sup> | 1.56% | 1.90% | 2.11 %<sup>(e)</sup> | 1.78% | 1.81% | 2.71% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 1% | 32% | 34% | 25% | 15% | 26% | 64 %<sup>(g)</sup> |

---

*<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.*

*<sup>(g)</sup>* *Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.*

*See Notes to the Financial Statements and Financial Highlights.*

17 \| May 31, 2025

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Period<br> July 1, 2022 to<br> November 30,<br> **2022**<sup>(a)</sup>** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** | **For the Year<br> Ended<br> June 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $46.87 | $36.27 | $35.30 | $31.67 | $35.08 | $24.99 | $27.45 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.42 | 0.68 | 0.73 | 0.31 | 0.59 | 0.64 (c) | 0.64 (c) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (4.32) | 10.56 | 0.94 | 3.59 | (3.38) | 9.98 | (2.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.90) | 11.24 | 1.67 | 3.90 | (2.79) | 10.62 | (1.84) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.64) | (0.70) | (0.27) | (0.62) | (0.53) | (0.57) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | – | – | – | – | – | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.64) | (0.70) | (0.27) | (0.62) | (0.53) | (0.62) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (4.33) | 10.60 | 0.97 | 3.63 | (3.41) | 10.09 | (2.46) |
| **NET ASSET VALUE, END OF PERIOD** | $42.54 | $46.87 | $36.27 | $35.30 | $31.67 | $35.08 | $24.99 |
| **TOTAL RETURN<sup>(d)</sup>** | (8.34)% | 31.17% | 4.82% | 12.39% | (8.12)% | 42.79% | (6.82)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $896762 | $862650 | $391880 | $181944 | $155318 | $149215 | $93812 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.95 %<sup>(e)</sup> | 1.63% | 2.05% | 2.28 %<sup>(e)</sup> | 1.69% | 2.08 %<sup>(f)</sup> | 2.38 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 0% | 37% | 64% | 34% | 34% | 60% | 101 %<sup>(h)</sup> |

---

*<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 and $0.62 during the year ended June 30, 2020.*

*<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.*

*<sup>(h)</sup>* *Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.*

*See Notes to the Financial Statements and Financial Highlights.*

18 \| May 31, 2025

ALPS \| O'Shares Global Internet Giants ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Period<br> July 1, 2022 to<br> November 30,<br> **2022**<sup>(a)</sup>** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** | **For the Year<br> Ended<br> June 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $47.41 | $34.51 | $25.11 | $27.08 | $57.04 | $37.85 | $25.04 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.04) | (0.08) | (0.09) | (0.04) | (0.15) | (0.21) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.22 | 12.98 | 9.49 | (1.93) | (29.81) | 19.40 | 12.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.18 | 12.90 | 9.40 | (1.97) | (29.96) | 19.19 | 12.81 |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.18 | 12.90 | 9.40 | (1.97) | (29.96) | 19.19 | 12.81 |
| **NET ASSET VALUE, END OF PERIOD** | $50.59 | $47.41 | $34.51 | $25.11 | $27.08 | $57.04 | $37.85 |
| **TOTAL RETURN<sup>(c)</sup>** | 6.71% | 37.38% | 37.44% | (7.27)% | (52.52)% | 50.70% | 51.16% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $153048 | $135110 | $136310 | $152513 | $209867 | $718766 | $272512 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48 %<sup>(d)</sup> | 0.48% | 0.48% | 0.48 %<sup>(d)</sup> | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.17)%<sup>(d)</sup> | (0.21)% | (0.29)% | (0.37)%<sup>(d)</sup> | (0.32)% | (0.40)% | (0.34)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 17% | 44% | 51% | 22% | 51% | 48% | 38% |

---

*<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 \| May 31, 2025

ALPS \| O'Shares Europe Quality Dividend ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **For the Year<br> Ended<br> November 30,<br> 2024** | **For the Year<br> Ended<br> November 30,<br> 2023** | **For the Period<br> July 1, 2022 to<br> November 30,<br> **2022**<sup>(a)</sup>** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** | **For the Year<br> Ended<br> June 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $29.31 | $27.48 | $24.18 | $22.62 | $28.00 | $22.28 | $24.28 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.55 | 0.69 | 0.71 | 0.03 | 0.58 | 0.55 (c) | 0.64 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.54 | 2.24 | 3.13 | 1.71 | (5.33) | 5.97 | (1.95) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.09 | 2.93 | 3.84 | 1.74 | (4.75) | 6.52 | (1.31) |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.87) | (1.10) | (0.54) | (0.18) | (0.63) | (0.80) | (0.69) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.87) | (1.10) | (0.54) | (0.18) | (0.63) | (0.80) | (0.69) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.22 | 1.83 | 3.30 | 1.56 | (5.38) | 5.72 | (2.00) |
| **NET ASSET VALUE, END OF PERIOD** | $32.53 | $29.31 | $27.48 | $24.18 | $22.62 | $28.00 | $22.28 |
| **TOTAL RETURN<sup>(d)</sup>** | 14.40% | 10.72% | 15.99% | 7.78% | (17.29)% | 29.72% | (5.44)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $37411 | $35171 | $36416 | $35664 | $40716 | $26597 | $17821 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.68 %<sup>(e)</sup> | 2.30% | 2.68% | 0.29 %<sup>(e)</sup> | 2.20% | 2.18% | 2.72% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 1% | 29% | 40% | 38% | 22% | 42% | 72 %<sup>(g)</sup> |

---

*<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 $0.54 during the year ended June 30, 2021 and $0.63 during the year ended June 30, 2020.*

*<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.*

*<sup>(g)</sup>* *Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.*

*See Notes to the Financial Statements and Financial Highlights.*

20 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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 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. The investment objective of the ALPS \| O'Shares Europe Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O'Shares Europe 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 Europe 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 Cboe BZX Exchange, Inc. (the "Cboe BZX"). 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. ALPS Advisors, Inc. (the "Adviser") 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 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

 

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 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 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of May 31, 2025:

**ALPS \| O'Shares U.S. Quality Dividend ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Common Stocks<sup>\*</sup> | $803540702 | $– | $– | $803540702 |
| Short Term Investments | 242405 | – | $– | 242405 |
| Total | $803783107 | $– | – | $803783107 |

---

**ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Common Stocks<sup>\*</sup> | $895471174 | $– | $– | $895471174 |
| Short Term Investments | 13000868 | – | – | 13000868 |
| Total | $908472042 | $– | $– | $908472042 |

---

**ALPS \| O'Shares Global Internet Giants ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Common Stocks<sup>\*</sup> | $153046526 | $– |  | $153046526 |
| Short Term Investments | 676111 | – | $– | 676111 |
| Total | $153722637 | $– | – | $153722637 |

---

**ALPS \| O'Shares Europe Quality Dividend ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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** |<br>**Total** |
| Common Stocks<sup>\*</sup> | $36991085 | $– | $– | $36991085 |
| Short Term Investments | 54524 | – | – | 54524 |
| Total | $37045609 | $– | $– | $37045609 |

---

<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 six months ended May 31, 2025.

**C. Foreign Investment Risk**

The ALPS \| O'Shares Global Internet Giants ETF and the ALPS \| O'Shares Europe 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 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 Europe 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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid for the fiscal year ended November 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **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 Europe Quality Dividend ETF | 1395572 |  |  |

---

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, 2024, 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 | $7724349 | $26522379 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 2710472 | 10031764 |
| ALPS \| O'Shares Global Internet Giants ETF | 94448378 | 106695356 |
| ALPS \| O'Shares Europe Quality Dividend ETF | 2521082 | 7242260 |

---

The ALPS O'Shares Global Internet Giants ETF elects to defer to the period ending November 30, 2025, late year ordinary losses in the amount of $238,172.

24 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

As of May 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**ALPS \| O'Shares U.S.**<br>**Quality Dividend ETF** | **ALPS \| O'Shares U.S.**<br>**Small-Cap Quality**<br>**Dividend ETF** |<br>**ALPS \| O'Shares Global**<br>**Internet Giants ETF** |<br>**ALPS \| O'Shares Europe**<br>**Quality Dividend ETF** |
| Gross appreciation (excess of value over tax cost) | $168768601 | $95443303 | $47466011 | $8097938 |
| Gross depreciation (excess of tax cost over value) | (34582160) | (82626656) | (3436431) | (1874516) |
| Net unrealized appreciation (depreciation) | $134186441 | $12816647 | $44029580 | $6223422 |
| Cost of investments for income tax purposes | $669596666 | $895655395 | $109693057 | $30822187 |

---

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). In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025.

**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.

As of and during the six months ended May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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 | $12112945 | $12217566 | $– | $12217566 |
| ALPS \| O'Shares Global Internet Giants ETF | 633173 | 660092 |  | 660092 |

---

25 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 May 31, 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** |
| | **Overnight &** |  | | **Greater than** | |
| **ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF**<br>**Securities Lending Transactions** | **Continuous** | **Up to 30 Days** | **30-90 Days** | **90 Days** | **Total** |
| Common Stocks | $12217566 | $– | $– | $– | $12217566 |
| **Total Borrowings** |  |  |  |  | **12217566** |
| 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) |  | $12217566 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **Overnight &** |  | | **Greater than** | |
| **ALPS \| O'Shares Global Internet Giants ETF**<br>**Securities Lending Transactions** | **Continuous** | **Up to 30 Days** | **30-90 Days** | **90 Days** | **Total** |
| Common Stocks | $660092 | $– | $– | $– | $660092 |
| **Total Borrowings** |  |  |  |  | **660092** |
| 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) |  |  | $660092 |

---

**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 Europe 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.

26 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**4. PURCHASES AND SALES OF SECURITIES**

For the six months ended May 31, 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 | $7084442 | $7004873 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF |  |  |
| ALPS \| O'Shares Global Internet Giants ETF | 23006775 | 22905183 |
| ALPS \| O'Shares Europe Quality Dividend ETF | 452751 | 927722 |

---

For the six month period ended May 31, 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 | $24201988 | $10472535 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 190006147 | 70076491 |
| ALPS \| O'Shares Global Internet Giants ETF | 14936068 | 6813456 |
| ALPS \| O'Shares Europe Quality Dividend ETF |  | 1545677 |
| For the six months ended May 31, 2025, the in-kind net realized gains/(losses) were as follows: |  |  |

---

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| ALPS \| O'Shares U.S. Quality Dividend ETF | $3438377 |
| ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF | 14275969 |
| ALPS \| O'Shares Global Internet Giants ETF | 2458529 |
| ALPS \| O'Shares Europe Quality Dividend ETF | 341610 |

---

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.

27 \| May 31, 2025

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. SUBSEQUENT EVENTS**

On June 18, 2025, the Board approved, based on a recommendation from the Adviser, a change to the ALPS \| O'Shares Europe Quality Dividend ETF's name, ticker, and underlying index effective on or around October 1, 2025.

28 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 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 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.

**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 Europe 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.

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.

29 \| May 31, 2025

ALPS ETF Trust

Additional Information *May 31, 2025 (Unaudited)*

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.

30 \| May 31, 2025

ALPS ETF Trust

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

31 \| May 31, 2025

ALPS ETF Trust

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

32 \| May 31, 2025

ALPS ETF Trust

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular Compensation**<br>**From the Trust** | **Aggregate Special Compensation**<br>**From the Trust** |<br>**Total Compensation From the Trust** |
| Mary K. Anstine, Trustee <sup>(1)</sup> | $40000 | $– | $40000 |
| Edmund J. Burke, Trustee | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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.

33 \| May 31, 2025

ALPS ETF Trust

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

34 \| May 31, 2025

![](oshares_02.jpg)

![](barrons400_01.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;Additional Information | 16 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 18 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 19 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 20 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 21 |

---

alpsfunds.com

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (98.47%)** |  |  |
| ***Communication Services (4.65%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2215 | $380404 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 1022 | 404988 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.<sup>(b)</sup> | 14586 | 492569 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 10173 | 351681 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc.<sup>(a)</sup> | 12967 | 298889 |
| &nbsp;&nbsp;&nbsp;Fox Corp. | 7469 | 375541 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> | 40770 | 331868 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 13159 | 334239 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 601 | 389141 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 384 | 463576 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 7487 | 427657 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc., Class A | 2085 | 355326 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A<sup>(a)</sup> | 11337 | 352694 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 20797 | 347726 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1397 | 338353 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 8481 | 372825 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3664 | 414179 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 11193 | 294600 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.<sup>(a)</sup> | 10564 | 403228 |
| **Total Communication Services** |  | 7129484 |
| ***Consumer Discretionary (11.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 49073 | 408287 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.<sup>(a)</sup> | 3735 | 493132 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 2865 | 369585 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 1858 | 380909 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 80 | 441514 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 5243 | 393068 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 2571 | 443832 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 10337 | 527600 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 1552 | 354275 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(a)</sup> | 17409 | 404237 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 11012 | 498293 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 7322 | 366686 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | 3497 | 356694 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 1934 | 414282 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 3093 | 326373 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 1837 | 329448 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 2875 | 371766 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc.<sup>(a)(b)</sup> | 15146 | 315946 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.<sup>(a)</sup> | 1235 | 641718 |
| &nbsp;&nbsp;&nbsp;Expedia, Inc. | 2186 | 364516 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(a)</sup> | 9603 | 528261 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 18099 | 403789 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.<sup>(a)</sup> | 6267 | 366306 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 1022 | 376392 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 8331 | 342904 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.<sup>(a)</sup> | 19224 | 432540 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | 18528 | 350920 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 4343 | 363683 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 14607 | 497222 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1658 | 458951 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Consumer Discretionary (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 2893 | $405280 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 1656 | 425542 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.<sup>(a)</sup> | 4039 | 371305 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 2982 | 451445 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5112 | 401548 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 6195 | 348655 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2117 | 413260 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 3177 | 403161 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 6843 | 331201 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 1022 | 481832 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.<sup>(a)</sup> | 13443 | 477630 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | 10262 | 354963 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.<sup>(a)</sup> | 4535 | 382867 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 2125 | 343740 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.<sup>(a)</sup> | 10898 | 333043 |
| **Total Consumer Discretionary** |  | 18248601 |
| ***Consumer Staples (5.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 3239 | 366687 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A<sup>(b)</sup> | 10325 | 343100 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 3968 | 380650 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 913 | 399675 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 5183 | 373694 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 2720 | 311848 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 4012 | 372875 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 2133 | 342752 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc.<sup>(b)</sup> | 2913 | 396809 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 4413 | 364646 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 2601 | 373920 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 5476 | 373627 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 1984 | 332122 |
| Molson Coors Brewing Co., Class B, Class B | 6124 | 328185 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 5588 | 377134 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | 6468 | 413629 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 8898 | 402457 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2403 | 315874 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(b)</sup> | 7338 | 360736 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2146 | 364584 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2581 | 446152 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.<sup>(a)(b)</sup> | 11538 | 367370 |
| **Total Consumer Staples** |  | 8108526 |
| ***Energy (3.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 8289 | 307107 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 10364 | 313615 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc.<sup>(b)</sup> | 34792 | 402891 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2382 | 320498 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2946 | 319847 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 2419 | 319768 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 7389 | 317801 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 3694 | 298623 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 8847 | 316899 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 27344 | 344808 |

---

35 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Energy (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 8776 | $290047 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1846 | 291539 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 12865 | 400745 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp.<sup>(b)</sup> | 274 | 305244 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 8374 | 332364 |
| **Total Energy** |  | 4881796 |
| ***Financials (21.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 5795 | 350945 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 14505 | 436746 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 12246 | 370074 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 8999 | 362660 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 5716 | 397491 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.<sup>(a)</sup> | 6902 | 352692 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 8213 | 364082 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 14769 | 351355 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 13919 | 360085 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 8776 | 345248 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 3097 | 365105 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc.<sup>(a)</sup> | 1923 | 474250 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 14688 | 343405 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 7055 | 360158 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 11165 | 364091 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 2925 | 371416 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 4093 | 373282 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.<sup>(a)</sup> | 3907 | 362062 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 6418 | 339769 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. | 9110 | 354743 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc.<sup>(b)</sup> | 5102 | 462955 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 1782 | 412515 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A<sup>(a)(b)</sup> | 26739 | 359640 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 832 | 381272 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 20264 | 404875 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 196 | 362380 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 10173 | 358700 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 10253 | 361726 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | 3138 | 339720 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd.<sup>(a)</sup> | 18305 | 398317 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A<sup>(b)</sup> | 2509 | 373841 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 7076 | 386845 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc.<sup>(b)</sup> | 2621 | 442346 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 12734 | 360245 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 11731 | 369878 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. | 2083 | 436763 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 5827 | 364945 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 2056 | 372486 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1552 | 409728 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 794 | 374760 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 9819 | 325402 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 682 | 399379 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 8176 | 361052 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Financials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 9506 | $304382 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 807 | 386811 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 30536 | 331316 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 3158 | 387297 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 3958 | 331799 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 4919 | 450580 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 8907 | 366434 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 22464 | 371555 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 16287 | 345284 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.<sup>(a)</sup> | 2712 | 465027 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 2389 | 388356 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 5044 | 393684 |
| &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc.<sup>(a)</sup> | 12822 | 489672 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 5225 | 367213 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 12205 | 357851 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 2602 | 392017 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 4019 | 416087 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 4434 | 370727 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1245 | 354738 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 21113 | 740011 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 4849 | 413426 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.<sup>(a)(b)</sup> | 9292 | 991549 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc.<sup>(a)(b)</sup> | 4174 | 395653 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 27232 | 394592 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 12410 | 349838 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc.<sup>(b)</sup> | 5264 | 387220 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 6809 | 392539 |
| &nbsp;&nbsp;&nbsp;The Hartford Financial Services Group, Inc. | 3015 | 391468 |
| &nbsp;&nbsp;&nbsp;Toast, Inc.<sup>(a)</sup> | 10446 | 440612 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 8898 | 355030 |
| &nbsp;&nbsp;&nbsp;Trinity Capital, Inc.<sup>(b)</sup> | 23152 | 337093 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 3563 | 367417 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 10436 | 377157 |
| &nbsp;&nbsp;&nbsp;Unum Group | 4453 | 363855 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 6114 | 379129 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 10081 | 405155 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1089 | 397692 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 7307 | 376164 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 7255 | 348603 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.<sup>(a)</sup> | 2996 | 462822 |
| &nbsp;&nbsp;&nbsp;WR Berkley Corp. | 5780 | 431708 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 7035 | 372081 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 7590 | 359462 |
| **Total Financials** |  | 33720535 |
| ***Health Care (10.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 2854 | 381237 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 21646 | 466904 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | 19484 | 386563 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 2966 | 331955 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1144 | 329678 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 2531 | 328498 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 5081 | 295054 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 3674 | 386725 |

---

36 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Health Care (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 16678 | $416283 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 6283 | 487309 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 2432 | 331384 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 5102 | 437752 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | 5826 | 303476 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(a)</sup> | 5152 | 402989 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 445 | 328263 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 3725 | 450352 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 9828 | 422997 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 4413 | 311293 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5756 | 322739 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 10601 | 365735 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 10487 | 593145 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 860 | 441490 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 1393 | 452767 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 740 | 408732 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 6977 | 403829 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.<sup>(a)</sup> | 1944 | 244866 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 3544 | 267785 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 4272 | 351158 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 1111 | 327634 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.<sup>(a)</sup> | 46237 | 297304 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 1154 | 352016 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 13959 | 327897 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.<sup>(a)</sup> | 6862 | 325739 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 2095 | 363147 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 536 | 262790 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 1619 | 396315 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.<sup>(a)(b)</sup> | 10092 | 403680 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 1130 | 360301 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 2083 | 396499 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A<sup>(a)</sup> | 1531 | 428221 |
| &nbsp;&nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | 982 | 342954 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 2256 | 380429 |
| **Total Health Care** |  | 15615884 |
| ***Industrials (21.90%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 1356 | 352411 |
| &nbsp;&nbsp;&nbsp;Applied Industrial |  |  |
| &nbsp;&nbsp;&nbsp;Technologies, Inc. | 1601 | 362659 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 3006 | 632162 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 2570 | 399969 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1227 | 399425 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | 658 | 493737 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.<sup>(a)(b)</sup> | 10426 | 403486 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 3158 | 335537 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1576 | 382700 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.<sup>(a)(b)</sup> | 18818 | 501688 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1063 | $404131 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1867 | 422876 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1052 | 503098 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 6763 | 348159 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc.<sup>(a)</sup> | 7602 | 416666 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 2085 | 396254 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 2358 | 404161 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 5952 | 393189 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 1113 | 357807 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 1103 | 485441 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 7754 | 375216 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 1992 | 354078 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.<sup>(a)</sup> | 4322 | 357343 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 919 | 433639 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 3199 | 381897 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp., Class A | 8300 | 355904 |
| &nbsp;&nbsp;&nbsp;EnerSys | 3745 | 313194 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2278 | 412865 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.<sup>(a)</sup> | 7804 | 358906 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3108 | 350365 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 9568 | 395541 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 4641 | 436579 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 7219 | 310778 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group, Ltd. | 47634 | 366782 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | 6549 | 295163 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 5152 | 354200 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 1771 | 417673 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 2814 | 478070 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.<sup>(a)</sup> | 14374 | 413827 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)(b)</sup> | 1955 | 507635 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1417 | 347278 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.<sup>(a)(b)</sup> | 7916 | 312445 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 18713 | 375944 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 2652 | 399232 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 2632 | 390905 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 613 | 346008 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 1903 | 368402 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.<sup>(a)</sup> | 12157 | 284109 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 21232 | 345445 |
| &nbsp;&nbsp;&nbsp;Matson, Inc.<sup>(b)</sup> | 2824 | 318688 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 3178 | 357144 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 4465 | 347690 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. | 13066 | 320509 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc.<sup>(a)</sup> | 7924 | 449212 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 1549 | 382789 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 739 | 358245 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 2188 | 350452 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 3755 | 372458 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 3593 | 337203 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 586 | 389514 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 2458 | 388143 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 1684 | 436308 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc.<sup>(b)</sup> | 2021 | 342741 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 9242 | 257759 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 3715 | 391190 |

---

37 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Industrials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> | 1053 | $385261 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 1539 | 395969 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 12135 | 454941 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 7019 | 401838 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)</sup> | 4120 | 417974 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1100 | 352825 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 4434 | 358312 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 3022 | 568166 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 5001 | 420884 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc.<sup>(b)</sup> | 6942 | 496353 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1529 | 338918 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 4922 | 391028 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.<sup>(a)</sup> | 28180 | 436508 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1113 | 353979 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. | 4184 | 451579 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1639 | 394950 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 1746 | 422742 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 2044 | 274591 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 2040 | 441313 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 375 | 407835 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 3002 | 378372 |
| **Total Industrials** |  | 33579362 |
| ***Information Technology (13.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 20888 | 360527 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A<sup>(a)(b)</sup> | 12130 | 273531 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 26787 | 343945 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 910 | 377732 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 5732 | 515479 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.<sup>(a)</sup> | 1124 | 371842 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>(a)</sup> | 1680 | 354766 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 1186 | 466098 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 4277 | 370559 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 1391 | 411903 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 1817 | 451016 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 1427 | 409649 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 3625 | 356555 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc.<sup>(b)</sup> | 14044 | 347589 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 3249 | 357959 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 4550 | 368504 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 5426 | 410368 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.<sup>(a)</sup> | 12299 | 398611 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc.<sup>(a)</sup> | 4363 | 386605 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 4424 | 328526 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 7216 | 389736 |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 1362 | 388688 |
| &nbsp;&nbsp;&nbsp;Fabrinet<sup>(a)</sup> | 1639 | 381674 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.<sup>(a)</sup> | 10322 | 436621 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 3766 | 383303 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 790 | 344772 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A<sup>(a)</sup> | 2016 | 367214 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 23458 | 405354 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(b)</sup> | 1657 | 360000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1442 | $373565 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 607 | 457356 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 3411 | 394312 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 506 | 382981 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 4646 | 375350 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 937 | 431357 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 563 | 372650 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3039 | 410660 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 23023 | 366756 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 2367 | 391809 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.<sup>(a)</sup> | 1922 | 421129 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4159 | 548073 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.<sup>(a)</sup> | 16898 | 282366 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2304 | 334541 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 2783 | 385585 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.<sup>(a)</sup> | 6670 | 356645 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 628 | 358130 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1296 | 343920 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Plc | 4019 | 474001 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)(b)</sup> | 8675 | 347173 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 800 | 371184 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(a)</sup> | 5173 | 368680 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 638 | 368120 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> | 16125 | 282832 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A<sup>(a)</sup> | 4940 | 401375 |
| **Total Information Technology** |  | 20719676 |
| ***Materials (3.86%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 1240 | 345848 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 10456 | 279907 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.<sup>(a)</sup> | 10376 | 319581 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1974 | 463890 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 4681 | 424613 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 3735 | 340483 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3988 | 312540 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 1437 | 381696 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 683 | 439893 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 7653 | 403466 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 1832 | 353887 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 2348 | 418226 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 3128 | 356092 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1063 | 381415 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 5540 | 293454 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 3909 | 401767 |
| **Total Materials** |  | 5916758 |
| ***Utilities (2.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1660 | 508209 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3786 | 590237 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 4364 | 336814 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 4048 | 364320 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)(b)</sup> | 1761 | 429596 |

---

38 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Utilities (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 2935 | $471273 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 3450 | 370668 |
| **Total Utilities** |  | 3071117 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $126,725,998) |  | 150991739 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS (1.29%)** |  |  |
| ***Energy (1.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 5662 | 324829 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 10722 | 330452 |
| &nbsp;&nbsp;&nbsp;Hess Midstream LP, Class A | 8427 | 311799 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 6656 | 339456 |
| &nbsp;&nbsp;&nbsp;Natural Resource Partners LP | 3431 | 336238 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 8860 | 331364 |
| **Total Energy** |  | 1974138 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| (Cost $1,599,116) |  | 1974138 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.08%)** |  |  |  |
| **Money Market Fund (0.20%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |
| (Cost $308,536) | 4.24% | 308536 | $308536 |
| **Investments Purchased with Collateral from Securities Loaned (0.88%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |
| (Cost $1,347,565) |  | 1347565 | 1347565 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $1,656,101) |  |  | 1656101 |
| **TOTAL INVESTMENTS (100.84%)** |  |  |  |
| (Cost $129,981,215) |  |  | $154621978 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.84%)** |  |  | (1291915) |
| **NET ASSETS - 100.00%** |  |  | $153330063 |

---

*<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 $11,226,835.*

 

*See Notes to Financial Statements and Financial Highlights.*

39 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | $154621978 |
| &nbsp;&nbsp;&nbsp;Cash | 17476 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 121092 |
| &nbsp;&nbsp;&nbsp;Total Assets | 154760546 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 82918 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned | 1347565 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1430483 |
| **NET ASSETS** | $153330063 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $160105941 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (6775878) |
| **NET ASSETS** | $153330063 |
| **INVESTMENTS, AT COST** | $129981215 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $153330063 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 2075000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $73.89 |

---

\* *Includes $11,266,835 of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

40 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Statement of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income<sup>\*</sup> | $1164100 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 10144 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1174244 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 483533 |
| &nbsp;&nbsp;&nbsp;Net expenses | 483533 |
| **NET INVESTMENT INCOME** | 690711 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 4365048 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (15084384) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (10719336) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(10028625) |

---

<sup>\*</sup> *Net of foreign tax withholding of $2,332.*

*<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.*

41 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $690711 | $1441750 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4365048 | 20657427 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (15084384) | 24282171 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (10028625) | 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 | 5614639 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3522456) | (14307311) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital share transactions | 2092183 | (14307311) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (8970442) | 30313502 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 162300505 | 131987003 |
| &nbsp;&nbsp;&nbsp;End of period | $153330063 | $162300505 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2050000 | 2275000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 75000 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (225000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2075000 | 2050000 |

---

*See Notes to Financial Statements and Financial Highlights.*

42 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025 <br> (Unaudited)** | **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** | **For the Year<br> Ended<br> November 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $79.17 | $58.02 | $58.02 | $62.39 | $47.32 | $42.04 |
| **INCOME FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.34 | 0.69 | 0.91 | 0.75 | 0.52 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (5.12) | 21.24 | (0.02) | (4.55) | 15.05 | 5.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.78) | 21.93 | 0.89 | (3.80) | 15.57 | 5.57 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.78) | (0.89) | (0.57) | (0.50) | (0.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.78) | (0.89) | (0.57) | (0.50) | (0.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (5.28) | 21.15 | 0.00 | (4.37) | 15.07 | 5.28 |
| **NET ASSET VALUE, END OF PERIOD** | $73.89 | $79.17 | $58.02 | $58.02 | $62.39 | $47.32 |
| **TOTAL RETURN<sup>(b)</sup>** | (6.03)% | 38.15% | 1.67% | (6.18)% | 33.18% | 13.33% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $153330 | $162301 | $131987 | $139248 | $155968 | $118293 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.65 %<sup>(c)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.93 %<sup>(c)</sup> | 1.03% | 1.63% | 1.32% | 0.90% | 1.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 47% | 90% | 83% | 94% | 91% | 83% |

---

*<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.*

43 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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.

44 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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> | $150991739 | $– | $– | $150991739 |
| Limited Partnerships<sup>\*</sup> | 1974138 |  |  | 1974138 |
| Short Term Investments | 1656101 | – | – | 1656101 |
| Total | $154621978 | $– | $– | $154621978 |

---

<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 six months ended May 31, 2025.

45 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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, 2024, 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 | $36595146 | $– |

---

As of May 31, 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) | $29114217 |
| Gross depreciation (excess of tax cost over value) | (4193003) |
| Net unrealized appreciation/(depreciation) | $24921214 |
| Cost of investments for income tax purposes | $129700764 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in partnerships. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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 six months ended May 31, 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.

46 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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 | $11226835 | $1347565 | $10126977 | $11474542 |

---

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 May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Barron's 400** **<sup>SM</sup> ETF** | | **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** |
| Common Stocks | $1347565 | $| $– | $– | $1347565 |
| **Total Borrowings** |  |  |  |  | **1347565** |
| 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) | $1347565 |

---

**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.

47 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 six months ended May 31, 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 | $70225784 | $70306938 |

---

For the six months ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Barron's 400 ETF | $5601491 | $3513182 |

---

For the six months ended May 31, 2025, the Fund had in-kind net realized gains of $663,275.

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. 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 six months ended May 31, 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 six months ended May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase Cost Paid** | **Sale Proceeds Received** | **Realized Gain/(Loss) on Sales** |
| Barron's 400 <sup>SM</sup> ETF | $584100 | $417117 | $50223 |

---

48 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**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.

49 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Additional Information *May 31, 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.

50 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Additional Information *May 31, 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.

51 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

52 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

53 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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.

54 \| May 31, 2025

Barron's 400<sup>SM</sup> ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

55 \| May 31, 2025

![](barrons400_02.jpg)

![](levelfour_01.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;Additional Information | 11 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 12 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 13 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 14 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 15 |

---

alpsfunds.com

Level Four Large Cap Growth Active ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.76%)** |  |  |
| ***Communication Services (11.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 30140 | $5176244 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 4639 | 3003706 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 1584 | 1912252 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 7448 | 841922 |
| **Total Communication Services** |  | 10934124 |
| ***Consumer Discretionary (16.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 25366 | 5200283 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 534 | 2947109 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 12942 | 716340 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 4793 | 1765214 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2951 | 926171 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 7284 | 714051 |
| &nbsp;&nbsp;&nbsp;RH<sup>(a)</sup> | 16680 | 3020915 |
| **Total Consumer Discretionary** |  | 15290083 |
| ***Consumer Staples (1.55%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | 23179 | 878021 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 3315 | 591031 |
| **Total Consumer Staples** |  | 1469052 |
| ***Energy (1.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 8511 | 965828 |
| ***Financials (11.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 3077 | 3015122 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3503 | 2051357 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 16978 | 2173693 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 36931 | 2595510 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 2937 | 1072563 |
| **Total Financials** |  | 10908245 |
| ***Health Care (4.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5746 | 1069388 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 13401 | 1149806 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 4129 | 1246586 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1956 | 864650 |
| **Total Health Care** |  | 4330430 |
| ***Industrials (7.97%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 10841 | 760930 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1935 | 933405 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 4258 | 1103205 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 633 | 929516 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 35504 | 2988017 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1218 | 862807 |
| **Total Industrials** |  | 7577880 |
| ***Information Technology (42.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 29226 | 5870043 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 8471 | 1327829 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 11259 | 975480 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 10236 | 2477829 |
| &nbsp;&nbsp;&nbsp;Docusign, Inc.<sup>(a)</sup> | 27314 | 2420294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Information Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 36205 | $2925002 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 14896 | 1407076 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 12884 | 5931278 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2470 | 1634893 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 33103 | 4473208 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 5422 | 1043301 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 5911 | 1568602 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 2203 | 2227431 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A<sup>(a)</sup> | 20476 | 4211299 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A<sup>(a)</sup> | 18287 | 2152380 |
| **Total Information Technology** |  | 40645945 |
| ***Real Estate (0.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc.<sup>(a)</sup> | 11610 | 779147 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $72,475,865) |  | 92900734 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7 Day Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.24%)** |  |  |  |
| **Money Market Fund (2.24%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% | 2130510 | $2130510 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| (Cost $2,130,510) |  |  | 2130510 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS (100.00%)** | |
| (Cost $74,606,375) | $95031244 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (0.00%<sup>(b)</sup>)** | (3003) |
| **NET ASSETS - 100.00%** | $95028241 |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $95031244 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 36558 |
| &nbsp;&nbsp;&nbsp;Total Assets | 95067802 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 39561 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 39561 |
| **NET ASSETS** | $95028241 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $72104064 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 22924177 |
| **NET ASSETS** | $95028241 |
| **INVESTMENTS, AT COST** | $74606375 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $95028241 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 2738400 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $34.70 |

---

*See Notes to Financial Statements and Financial Highlights.*

2 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Statement of Operations *For the Period Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $334173 |
| &nbsp;&nbsp;&nbsp;Total investment income | 334173 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 231073 |
| &nbsp;&nbsp;&nbsp;Total expenses | 231073 |
| **NET INVESTMENT INCOME** | 103100 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments<sup>(a)</sup> | 2620082 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (3917731) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (1297649) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(1194549) |

---

*<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 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six <br>Months Ended <br>May 31, 2025 <br>(Unaudited)** | **For the <br>Year Ended <br>November 30, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $103100 | $358998 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2620082 | 3807777 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (3917731) | 19683905 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (1194549) | 23850680 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (138193) | (472605) |
| &nbsp;&nbsp;&nbsp;Total distributions | (138193) | (472605) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 13058086 | 17491395 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9342902) | (13367369) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 3715184 | 4124026 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 2382442 | 27502101 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 92645799 | 65143698 |
| &nbsp;&nbsp;&nbsp;End of period | $95028241 | $92645799 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 2628400 | 2473400 |
| &nbsp;&nbsp;&nbsp;Shares sold | 405000 | 605000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (295000) | (450000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2738400 | 2628400 |

---

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | |
|:---|:---|:---|:---|
| | **For the**<br> **Six Months**<br> **Ended**<br> **May 31, 2025**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **November 30,**<br> **2024** | **For the Period**<br> **August 22, 2023**<br> **(Commencement**<br> **of Operations) to**<br> **November 30,**<br> **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> | 0.04 | 0.14 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.54) | 8.95 | 1.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.50) | 9.09 | 1.34 |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.18) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.05) | (0.18) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.55) | 8.91 | 1.34 |
| **NET ASSET VALUE, END OF PERIOD** | $34.70 | $35.25 | $26.34 |
| **TOTAL RETURN<sup>(b)</sup>** | (1.42)% | 34.63% | 5.36% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $95028 | $92646 | $65144 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.50 %<sup>(c)</sup> | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.22 %<sup>(c)</sup> | 0.44% | 1.01 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 6% | 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 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 2025:

**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> | $92900734 | $– | $– | $92900734 |
| Short Term Investments | 2130510 | – | – | 2130510 |
| Total | $95031244 | $– | $– | $95031244 |

---

*\** *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 six months ended May 31, 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 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| Level Four Large Cap Growth Active ETF | $472605 | $– | $– |

---

The character of distributions made during the fiscal 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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Level Four Large Cap Growth Active ETF | $– $| 131843 |

---

As of May 31, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | |
|:---|:---|
| | **Level Four Large Cap**<br>**Growth Active ETF** |
| Gross appreciation (excess of value over tax cost) | $22900292 |
| Gross depreciation (excess of tax cost over value) | (2475462) |
| Net unrealized appreciation/(depreciation) | $20424830 |
| Cost of investments for income tax purposes | $74606414 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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 six months ended May 31, 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.

8 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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. During the six month period ended May 31, 2025, the Fund did not have any securities on loan.

**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.

9 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**4. PURCHASES AND SALES OF SECURITIES**

For the six month period ended May 31, 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 | $5732845 | $7563010 |

---

For the six month period ended May 31, 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 | $12755755 | $9096608 |

---

For the six month period ended May 31, 2025, the Fund had in-kind net realized gain of $2,491,191.

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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. 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.

10 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Additional Information *May 31, 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.

11 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

12 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

13 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**472500** | $**—** | $**472500** |

---

*<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.

14 \| May 31, 2025

Level Four Large Cap Growth Active ETF

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

15 \| May 31, 2025

![](levelfour_02.jpg)

![](riverfront_05.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;&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;Additional Information | 23 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 24 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 25 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 26 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 27 |

---

alpsfunds.com

RiverFront Dynamic Core Income ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (*73.10%*)** |  |  |
| ***Communications (1.18%)*** |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 | $48000 | $47994 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, 10/15/2028 | 204000 | 202703 |
| **Total Communications** |  | 250697 |
| ***Consumer Discretionary (16.34%)*** |  |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, 04/22/2030 | 279000 | 316839 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/04/2027 | 456000 | 469492 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, 01/09/2033 | 691000 | 713876 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 03/15/2027 | 203000 | 200336 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 04/23/2030 | 691000 | 704534 |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, 07/30/2030 | 250000 | 252425 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 04/15/2028<sup>(a)</sup> | 462000 | 455381 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.950%, 06/30/2025 | 353000 | 352844 |
| **Total Consumer Discretionary** |  | 3465727 |
| ***Energy (6.69%)*** |  |  |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2030<sup>(b)</sup> | 203000 | 193652 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 12/15/2028<sup>(b)</sup> | 804000 | 820508 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 06/15/2031 | 401000 | 406148 |
| **Total Energy** |  | 1420308 |
| ***Financials (22.84%)*** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/22/2026 | 282000 | 280874 |
| &nbsp;&nbsp;&nbsp;5Y US TI + 3.23%<sup>(c)(d)</sup> | 499000 | 503689 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 01/15/2029 | 784000 | 829096 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 367000 | 365548 |
| &nbsp;&nbsp;&nbsp;6.625%, 06/15/2032 | 120000 | 129169 |
| FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, 08/25/2025 | 419000 | 418682 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1D US SOFR + 1.135%, 10/23/2030<sup>(c)</sup> | 332000 | 330934 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2027<sup>(b)</sup> | 387000 | 382656 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Financials (continued)*** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/01/2027 | $240000 | $240045 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 11/24/2025 | 421000 | 421518 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5Y US TI + 3.238%<sup>(c)(d)</sup> | 499000 | 507224 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 11/01/2027 | 421000 | 436410 |
| **Total Financials** |  | 4845845 |
| ***Health Care (1.34%)*** |  |  |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, 03/25/2028 | 82000 | 81104 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 09/01/2026 | 203000 | 203922 |
| **Total Health Care** |  | 285026 |
| ***Industrials (6.01%)*** |  |  |
| Ingersoll Rand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 08/14/2033 | 691000 | 711502 |
| Johnson Controls International PLC / Tyco Fire & Security Finance SCA |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, 12/01/2032 | 284000 | 281034 |
| Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 284000 | 282802 |
| **Total Industrials** |  | 1275338 |
| ***Materials (0.97%)*** |  |  |
| DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.725%, 11/15/2028 | 203000 | 205647 |
| **Total Materials** |  | 205647 |
| ***Technology (9.35%)*** |  |  |
| Concentrix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, 08/02/2033 | 691000 | 707484 |
| Flex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2032 | 284000 | 282587 |
| HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 04/25/2030 | 250000 | 253235 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 02/15/2030 | 284000 | 284920 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 04/15/2028 | 447000 | 456251 |
| **Total Technology** |  | 1984477 |
| ***Utilities (8.38%)*** |  |  |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 06/01/2028 | 462000 | 459263 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/15/2027 | 456000 | 470154 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, 06/01/2033 | 407000 | 406143 |

---

*See Notes to Financial Statements and Financial Highlights.*

1 \| May 31, 2025

RiverFront Dynamic Core Income ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | | **Principal<br> Amount** | **Principal<br> Amount** | **Value** |
| ***Utilities (continued)*** |  |  |  |  |
| Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/15/2031<sup>(b)</sup> |  | $| 417000 | $442421 |
| **Total Utilities** |  |  |  | 1777981 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| (Cost $15,446,780) |  |  |  | 15511046 |
| **GOVERNMENT BONDS (*22.16%*)** | **GOVERNMENT BONDS (*22.16%*)** | **GOVERNMENT BONDS (*22.16%*)** |  |  |
| Mexico Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 05/13/2030 |  |  | 208000 | 214011 |
| United States Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/2034 |  |  | 332000 | 333011 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2037 |  |  | 499000 | 512489 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/2043 |  |  | 2503000 | 2454798 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2052 |  |  | 902000 | 772161 |
| &nbsp;&nbsp;&nbsp;3.625%, 05/15/2053 |  |  | 519000 | 414237 |
| **TOTAL GOVERNMENT BONDS** |  |  |  |  |
| (Cost $5,058,456) |  |  |  | 4700707 |
|  | **7 Day**<br> **Yield** | **Shares** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.68%)** | **SHORT TERM INVESTMENTS (3.68%)** | **SHORT TERM INVESTMENTS (3.68%)** | **SHORT TERM INVESTMENTS (3.68%)** |  |
| **Money Market Fund (3.68%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% |  | 781237 | $781237 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $781,237) |  |  |  | 781237 |
| **TOTAL INVESTMENTS (98.94%)** | **TOTAL INVESTMENTS (98.94%)** | **TOTAL INVESTMENTS (98.94%)** | **TOTAL INVESTMENTS (98.94%)** |  |
| (Cost $21,286,473) |  |  |  | $20992990 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.06%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (1.06%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (1.06%)** |  | 225007 |
| **NET ASSETS - 100.00%** |  |  |  | $21217997 |

---

***Investment Abbreviations:***

*SOFR - Secured Overnight Financing Rate*

*TI - Treasury Index*

***Reference Rates:*** 

*1D US SOFR - 1 Day SOFR as of May 31, 2025 was 4.35%* 

*5Y US TI - 5 Year US TI as of May 31, 2025 was 3.96%*

*<sup>(a)</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 May 31, 2025, the market value of those securities was $455,381, representing 2.15% of net assets.*

*<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 $1,839,238, representing 8.67% 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 May 31, 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 \| May 31, 2025

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (97.97%)** |  |  |
| ***Communication Services (3.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3548 | $609334 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 10224 | 1767218 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 27435 | 458713 |
| **Total Communication Services** |  | 2835265 |
| ***Consumer Discretionary (11.71%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 15999 | 3279955 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 16052 | 419439 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 22456 | 1278869 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 68967 | 2347637 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 7994 | 1014438 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 13915 | 319210 |
| **Total Consumer Discretionary** |  | 8659548 |
| ***Consumer Staples (2.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 11476 | 695560 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>(b)</sup> | 104878 | 441536 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 7696 | 554882 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2680 | 483981 |
| **Total Consumer Staples** |  | 2175959 |
| ***Energy (7.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 83002 | 1558778 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. | 76572 | 642439 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 8293 | 250946 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 8426 | 914811 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 7255 | 742186 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 42170 | 1182447 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc.<sup>(b)</sup> | 119297 | 378171 |
| **Total Energy** |  | 5669778 |
| ***Financials (18.00%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 14296 | 1138105 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 15950 | 826848 |
| &nbsp;&nbsp;&nbsp;First Horizon National Corp. | 41047 | 816014 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 28665 | 397584 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 27698 | 477790 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 36110 | 827641 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 68960 | 638570 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 33853 | 1279643 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc.<sup>(b)</sup> | 11244 | 582889 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp.<sup>(b)</sup> | 37700 | 168519 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | 15634 | 308772 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | 20260 | 628870 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 35866 | 973403 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 25702 | 1120350 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 53953 | 473707 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 19505 | 472021 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 3224 | 1177373 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 22450 | 620967 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ***Financials (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 40474 | $375599 |
| **Total Financials** |  | 13304665 |
| ***Health Care (1.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1846 | 531980 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | 41358 | 558747 |
| **Total Health Care** |  | 1090727 |
| ***Industrials (6.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 13375 | 516944 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 37679 | 537679 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd. | 37669 | 498738 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1024 | 493957 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co. Inc, Class A, Class A | 5199 | 422159 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3716 | 586793 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 137972 | 1421112 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1600 | 688432 |
| **Total Industrials** |  | 5165814 |
| ***Information Technology (33.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 27011 | 5425159 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 23434 | 1477279 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 65320 | 1128730 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 6440 | 1668347 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 14182 | 6528826 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 55670 | 7522687 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 5422 | 787274 |
| **Total Information Technology** |  | 24538302 |
| ***Materials (2.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Greif, Inc. | 6622 | 398975 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 62550 | 793760 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc.<sup>(b)</sup> | 56462 | 507860 |
| **Total Materials** |  | 1700595 |
| ***Real Estate (6.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 4040 | 474660 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | 21258 | 482344 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 94775 | 602769 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 13744 | 463173 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.<sup>(b)</sup> | 103111 | 471217 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A<sup>(a)</sup> | 33013 | 235052 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 10436 | 124397 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 27352 | 815090 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 21628 | 858848 |
| **Total Real Estate** |  | 4527550 |
| ***Utilities (3.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 40562 | 1248092 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 7014 | 465800 |

---

*See Notes to Financial Statements and Financial Highlights.*

3 \| May 31, 2025

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | | **Shares** | **Shares** | **Value** |
| ***Utilities (continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  | 12766 | $1034429 |
| **Total Utilities** |  |  |  | 2748321 |
| **TOTAL COMMON STOCKS** |  |  |  |  |
| (Cost $63,993,419) |  |  |  | 72416524 |
|  | **7 Day**<br> **Yield** | **Shares** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (2.78%)** | **SHORT TERM INVESTMENTS (2.78%)** | **SHORT TERM INVESTMENTS (2.78%)** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) |  |  |  |  |
| (Cost $1,431,203) | 4.24% |  | 1431203 | $1431203 |
| **Investments Purchased with Collateral from Securities Loaned (0.84%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.34% |  |  |  |  |
| (Cost $623,997) |  |  | 623997 | 623997 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $2,055,200) |  |  |  | 2055200 |
| **TOTAL INVESTMENTS (100.75%)** | **TOTAL INVESTMENTS (100.75%)** | **TOTAL INVESTMENTS (100.75%)** |  |  |
| (Cost $66,048,619) |  |  |  | $74471724 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.75%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.75%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.75%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS (-0.75%)** | (553791) |
| **NET ASSETS - 100.00%** |  |  |  | $73917933 |

---

*<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 $1,898,117.*

*See Notes to Financial Statements and Financial Highlights.*

4 \| May 31, 2025

RiverFront Strategic Income Fund

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (*73.79%*)** |  |  |
| ***Communications (4.63%)*** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2026<sup>(a)</sup> | $387000 | $386281 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, 11/10/2026 | 1005000 | 1023032 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 11/15/2026 | 696000 | 697469 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/01/2027<sup>(a)</sup> | 800000 | 792221 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 | 1204000 | 1206142 |
| **Total Communications** |  | 4105145 |
| ***Consumer Discretionary (14.16%)*** |  |  |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 06/15/2029<sup>(a)</sup> | 928000 | 947511 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 03/06/2026 | 849000 | 854476 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 04/06/2026 | 790000 | 792479 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 05/31/2026 | 878000 | 879099 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 01/15/2030<sup>(a)</sup> | 964000 | 983536 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 05/01/2028<sup>(a)</sup> | 1005000 | 1009166 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/30/2027 | 815000 | 829160 |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 08/15/2029 | 904000 | 918554 |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 11/29/2027 | 820000 | 823197 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, 04/15/2029 | 790000 | 797341 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2027 | 856000 | 859584 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 09/15/2027 | 1005000 | 1010167 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 10/15/2032 | 1003000 | 997974 |
| Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 11/16/2030<sup>(a)</sup> | 805000 | 843824 |
| **Total Consumer Discretionary** |  | 12546068 |
| ***Consumer Staples (2.74%)*** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 01/23/2029 | 728000 | 738439 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Consumer Staples (continued)*** |  |  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 02/01/2028 | $800000 | $809238 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 02/15/2032<sup>(a)</sup> | 868000 | 883593 |
| **Total Consumer Staples** |  | 2431270 |
| ***Energy (7.97%)*** |  |  |
| Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.042%, 08/15/2028<sup>(a)</sup> | 849000 | 875226 |
| DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 07/15/2025 | 441000 | 441119 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 04/01/2029<sup>(a)</sup> | 1188000 | 1216731 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 06/01/2029<sup>(a)</sup> | 904000 | 923452 |
| Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 02/15/2035<sup>(a)</sup> | 1003000 | 930293 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 12/15/2028<sup>(a)</sup> | 849000 | 866432 |
| Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/01/2032 | 1003000 | 936063 |
| Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 09/15/2028<sup>(a)</sup> | 849000 | 870842 |
| **Total Energy** |  | 7060158 |
| ***Financials (17.68%)*** |  |  |
| Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 07/18/2028<sup>(a)</sup> | 849000 | 880099 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/05/2027 | 892000 | 923231 |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 01/15/2027 | 800000 | 824552 |
| Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 05/04/2028<sup>(a)</sup> | 862000 | 892594 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;5.147%, 08/18/2025 | 148000 | 148137 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 05/15/2032 | 880000 | 899899 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 01/15/2029 | 820000 | 867167 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 04/04/2029 | 813000 | 818208 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 1112000 | 1107601 |
| EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 12/15/2026 | 693000 | 689346 |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 06/15/2027<sup>(a)</sup> | 928000 | 956304 |
| HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.294%, 03/04/2027 | 868000 | 881081 |

---

*See Notes to Financial Statements and Financial Highlights.*

5 \| May 31, 2025

RiverFront Strategic Income Fund

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Financials (continued)*** |  |  |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2027<sup>(a)</sup> | $774000 | $765311 |
| KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, 11/15/2027 | 849000 | 871084 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, 03/26/2029<sup>(a)</sup> | 928000 | 960152 |
| Omega Healthcare Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2026 | 447000 | 447518 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 01/15/2028 | 904000 | 921371 |
| Penske Truck Leasing Co. Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 08/01/2028<sup>(a)</sup> | 849000 | 880630 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 11/01/2027 | 892000 | 924649 |
| **Total Financials** |  | 15658934 |
| ***Health Care (2.77%)*** |  |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2030<sup>(a)</sup> | 774000 | 723741 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, 11/15/2025 | 849000 | 851246 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 09/01/2028 | 856000 | 875861 |
| **Total Health Care** |  | 2450848 |
| ***Industrials (7.71%)*** |  |  |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 02/15/2029 | 856000 | 860024 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 07/31/2033 | 1068000 | 1082790 |
| MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2028<sup>(a)</sup> | 744000 | 730667 |
| Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 1256000 | 1250701 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 03/01/2029<sup>(a)</sup> | 868000 | 883231 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 07/15/2028<sup>(a)</sup> | 904000 | 939975 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 12/15/2029<sup>(a)</sup> | 1066000 | 1084792 |
| **Total Industrials** |  | 6832180 |
| ***Materials (9.74%)*** |  |  |
| Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 03/15/2031<sup>(a)</sup> | 856000 | 889195 |
| ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;6.550%, 11/29/2027 | 849000 | 880761 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/01/2031<sup>(a)</sup> | 1003000 | 1005198 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 06/15/2029 | 856000 | 874022 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| ***Materials (continued)*** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2026<sup>(a)</sup> | $368000 | $367091 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, 11/15/2030 | 849000 | 875574 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 391000 | 392154 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 10/15/2027 | 705000 | 699447 |
| Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 03/15/2032<sup>(a)</sup> | 564000 | 546313 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 09/18/2026 | 447000 | 438667 |
| Sealed Air Corp./Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 02/01/2028<sup>(a)</sup> | 856000 | 866111 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/2027<sup>(a)</sup> | 800000 | 795051 |
| **Total Materials** |  | 8629584 |
| ***Technology (2.57%)*** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.569%, 12/01/2031 | 8000 | 7259 |
| Concentrix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, 08/02/2028 | 1204000 | 1262753 |
| Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 07/15/2030<sup>(a)</sup> | 1000000 | 1004060 |
| **Total Technology** |  | 2274072 |
| ***Utilities (3.82%)*** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 11/01/2027 | 892000 | 918207 |
| AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 08/20/2026 | 749000 | 759216 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2028 | 800000 | 803361 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/15/2031<sup>(a)</sup> | 849000 | 900758 |
| **Total Utilities** |  | 3381542 |
| **TOTAL CORPORATE BONDS** |  |  |
| (Cost $65,068,538) |  | 65369801 |
| **GOVERNMENT BONDS (*23.04%*)** |  |  |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 05/13/2030 | 870000 | 895143 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 09/30/2030 | 1091000 | 1123069 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 \| May 31, 2025

RiverFront Strategic Income Fund

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | | **Principal<br> Amount** | **Principal<br> Amount** | **Value** |
| ***Utilities (continued)*** |  |  |  |  |
| United States Treasury Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/2034 |  | $| 1091000 | $1094324 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2037 |  |  | 1618000 | 1661737 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/2043 |  |  | 3849000 | 3774877 |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2044 |  |  | 4654000 | 4415119 |
| &nbsp;&nbsp;&nbsp;4.625%, 05/15/2044 |  |  | 1457000 | 1403159 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2052 |  |  | 7063000 | 6046314 |
| **TOTAL GOVERNMENT BONDS** |  |  |  |  |
| (Cost $22,347,224) |  |  |  | 20413742 |
|  | **7 Day**<br> **Yield** | **Shares** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (1.99%)** |  |  |  |  |
| **Money Market Fund (1.99%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund (Premier Class) | 4.24% |  | 1765063 | $1765063 |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |
| (Cost $1,765,063) |  |  |  | 1765063 |
| **TOTAL INVESTMENTS (98.82%)** | **TOTAL INVESTMENTS (98.82%)** | **TOTAL INVESTMENTS (98.82%)** | **TOTAL INVESTMENTS (98.82%)** |  |
| (Cost $89,180,825) |  |  |  | $87548606 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)** | **OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)** | 1045659 |
| **NET ASSETS - 100.00%** |  |  |  | $88594265 |

---

 

*<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 $27,600,382, representing 31.15% of net assets.*

*See Notes to Financial Statements and Financial Highlights.*

7 \| May 31, 2025

RiverFront ETFs

Statements of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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> | $20992990 | $74471724 | $87548606 |
| &nbsp;&nbsp;&nbsp;Cash |  | 5650 | 21950 |
| &nbsp;&nbsp;&nbsp;Dividend receivable |  | 91197 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 234176 | 5357 | 1058258 |
| &nbsp;&nbsp;&nbsp;Total Assets | 21227166 | 74573928 | 88628814 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 9169 | 31998 | 34549 |
| &nbsp;&nbsp;&nbsp;Payable for collateral upon return of securities loaned |  | 623997 |  |
| &nbsp;&nbsp;&nbsp;Other Payables | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 9169 | 655995 | 34549 |
| **NET ASSETS** | $21217997 | $73917933 | $88594265 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $25105315 | $67480374 | $105767455 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (3887318) | 6437559 | (17173190) |
| **NET ASSETS** | $21217997 | $73917933 | $88594265 |
| **INVESTMENTS, AT COST** | $21286473 | $66048619 | $89180825 |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $21217997 | $73917933 | $88594265 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 950000 | 1350002 | 3875000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $22.33 | $54.75 | $22.86 |

---

*<sup>(a)</sup>* *Includes $-, $1,898,117 and $-, respectively, of securities on loan.*

*See Notes to Financial Statements and Financial Highlights.*

8 \| May 31, 2025

RiverFront ETFs

Statements of Operations *For the Six Months Ended May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $543674 | $– | $2172166 |
| &nbsp;&nbsp;&nbsp;Dividends | 14797 | 1178235 | 50138 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income | – | 2274 | – |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 558471 | 1180509 | 2222304 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser and sub-adviser fees (Note 3) | 55788 | 198024 | 195034 |
| &nbsp;&nbsp;&nbsp;Total expenses | 55788 | 198024 | 195034 |
| **NET INVESTMENT INCOME** | 502683 | 982485 | 2027270 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments<sup>(a)</sup> | (49594) | 1962627 | (92408) |
| **NET REALIZED GAIN/(LOSS)** | (49594) | 1962627 | (92408) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (242436) | (7274613) | (1024185) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | (242436) | (7274613) | (1024185) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (292030) | (5311986) | (1116593) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $210653 | $(4329501) | $910677 |

---

*<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 \| May 31, 2025

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $502683 | $1048338 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (49594) | (362460) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (242436) | 1207623 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 210653 | 1893501 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (493620) | (1052360) |
| &nbsp;&nbsp;&nbsp;Total distributions | (493620) | (1052360) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 554488 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1125504) | (4507572) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1125504) | (3953084) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (1408471) | (3111943) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22626468 | 25738411 |
| &nbsp;&nbsp;&nbsp;End of period | $21217997 | $22626468 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1000000 | 1175000 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 25000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (200000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 950000 | 1000000 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

10 \| May 31, 2025

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $982485 | $2073654 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1962627 | 5409430 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (7274613) | 12905982 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (4329501) | 20389066 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (885131) | (2072969) |
| &nbsp;&nbsp;&nbsp;Total distributions | (885131) | (2072969) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8526732 | 3992312 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7949810) | (16833938) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 576922 | (12841626) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (4637710) | 5474471 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 78555643 | 73081172 |
| &nbsp;&nbsp;&nbsp;End of period | $73917933 | $78555643 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 1350002 | 1600002 |
| &nbsp;&nbsp;&nbsp;Shares sold | 150000 | 75000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (150000) | (325000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1350002 | 1350002 |

---

*See Notes to Financial Statements and Financial Highlights.*

11 \| May 31, 2025

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended<br> May 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2027270 | $4239925 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (92408) | (2090548) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (1024185) | 4930029 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 910677 | 7079406 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2017348) | (4267963) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2017348) | (4267963) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 20043461 | 4613424 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10746909) | (38533107) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 9296552 | (33919683) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 8189881 | (31108240) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 80404384 | 111512624 |
| &nbsp;&nbsp;&nbsp;End of period | $88594265 | $80404384 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 3475000 | 4950000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 875000 | 200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (475000) | (1675000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3875000 | 3475000 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 \| May 31, 2025

RiverFront Dynamic Core Income ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the**<br> **Six Months**<br> **Ended**<br> **May 31,** <br> **2025**<br> **(Unaudited)** | **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**<br> **Year Ended**<br> **November 30,**<br> **2021** | **For the**<br> **Year Ended**<br> **November 30,**<br> **2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.63 | $21.91 | $22.23 | $25.35 | $26.21 | $25.22 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.51 | 0.95 | 0.75 | 0.47 | 0.47 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.31) | 0.73 | (0.29) | (2.71) | (0.87) | 0.99 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 | 1.68 | 0.46 | (2.24) | (0.40) | 1.49 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.96) | (0.78) | (0.50) | (0.46) | (0.50) |
| &nbsp;&nbsp;&nbsp;From net realized gains | – | – | – | (0.38) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.96) | (0.78) | (0.88) | (0.46) | (0.50) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.30) | 0.72 | (0.32) | (3.12) | (0.86) | 0.99 |
| **NET ASSET VALUE, END OF PERIOD** | $22.33 | $22.63 | $21.91 | $22.23 | $25.35 | $26.21 |
| **TOTAL RETURN<sup>(b)</sup>** | 0.91% | 7.80% | 2.12% | (9.02)% | (1.51)% | 5.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $21218 | $22626 | $25738 | $43341 | $117873 | $112724 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.51 %<sup>(c)</sup> | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.60 %<sup>(c)</sup> | 4.24% | 3.40% | 2.03% | 1.83% | 1.94% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 4% | 17% | 54% | 50% | 45% | 11% |

---

*<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>* *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.*

13 \| May 31, 2025

RiverFront Dynamic US Dividend Advantage ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> May 31,<br> 2025<br> (Unaudited)** | **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 <br>Year Ended<br> November 30, <br>2021** | **For the <br>Year Ended<br> November 30, <br>2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $58.19 | $45.68 | $44.76 | $44.92 | $37.03 | $33.98 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.70 | 1.41 | 1.25 | 1.46 | 0.62 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (3.51) | 12.50 | 0.89 | (0.21) | 7.90 | 3.08 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.81) | 13.91 | 2.14 | 1.25 | 8.52 | 3.64 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.63) | (1.40) | (1.22) | (1.41) | (0.63) | (0.59) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.63) | (1.40) | (1.22) | (1.41) | (0.63) | (0.59) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (3.44) | 12.51 | 0.92 | (0.16) | 7.89 | 3.05 |
| **NET ASSET VALUE, END OF PERIOD** | $54.75 | $58.19 | $45.68 | $44.76 | $44.92 | $37.03 |
| **TOTAL RETURN<sup>(b)</sup>** | (4.82)% | 30.90% | 4.96% | 2.86% | 23.13% | 10.92% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $73918 | $78556 | $73081 | $92881 | $132524 | $133294 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.52 %<sup>(c)</sup> | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.58 %<sup>(c)</sup> | 2.75% | 2.84% | 3.23% | 1.47% | 1.68% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 0% | 28% | 50% | 104% | 0% | 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 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>* *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.*

14 \| May 31, 2025

RiverFront Strategic Income Fund

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> May 31,<br> 2025<br> (Unaudited)** | **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**<br> **Year Ended**<br> **November 30,**<br> **2021** | **For the**<br> **Year Ended**<br> **November 30,**<br> **2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.14 | $22.53 | $22.65 | $24.53 | $24.79 | $24.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.55 | 1.01 | 0.78 | 0.55 | 0.55 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.29) | 0.63 | (0.12) | (1.82) | (0.18) | 0.13 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.26 | 1.64 | 0.66 | (1.27) | 0.37 | 0.94 |
| **DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.54) | (1.03) | (0.78) | (0.61) | (0.63) | (0.84) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.54) | (1.03) | (0.78) | (0.61) | (0.63) | (0.84) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.28) | 0.61 | (0.12) | (1.88) | (0.26) | 0.10 |
| **NET ASSET VALUE, END OF PERIOD** | $22.86 | $23.14 | $22.53 | $22.65 | $24.53 | $24.79 |
| **TOTAL RETURN<sup>(c)</sup>** | 1.16% | 7.42% | 2.98% | (5.20)% | 1.52% | 3.95% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $88594 | $80404 | $111513 | $104759 | $142893 | $118984 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses excluding waiver/reimbursement to average net assets | 0.46 %<sup>(d)</sup> | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses including waiver/reimbursement to average net assets | 0.46 %<sup>(d)</sup> | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income including expenses waiver/reimbursement to average net assets | 4.78 %<sup>(d)</sup> | 4.41% | 3.47% | 2.35% | 2.23% | 3.32% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 4% | 42% | 52% | 24% | 50% | 54% |

---

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

*<sup>(b)</sup>* *Net realized and unrealized gain on investments per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statements of Operations for the period(s) presented, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to the fluctuating market values for the Fund's portfolio.*

*<sup>(c)</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>(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 Financial Statements and Financial Highlights.*

15 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of May 31, 2025:

**RiverFront Dynamic Core Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted** <br> **and Unadjusted Prices** | **Level 2 - Other Significant<br> **Observable Inputs** | **Level 3 - Significant<br> **Unobservable Inputs** | **Total** |
| Corporate Bonds<sup>\*</sup> | $– | $15511046 | $– | $15511046 |
| Government Bonds<sup>\*</sup> |  | 4700707 |  | 4700707 |
| Short Term Investments | 781237 | – | – | 781237 |
| Total | $781237 | $20211753 | $– | $20992990 |

---

**RiverFront Dynamic US Dividend Advantage ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted** <br> **and Unadjusted Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks<sup>\*</sup> | $72416524 | $– | $– | $72416524 |
| Short Term Investments | 2055200 | – | – | 2055200 |
| Total | $74471724 | $– | $– | $74471724 |

---

**RiverFront Strategic Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted <br> and **Unadjusted Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Corporate Bonds<sup>\*</sup> | $– | $65369801 | $– | $65369801 |
| Government Bonds<sup>\*</sup> |  | 20413742 |  | 20413742 |
| Short Term Investments | 1765063 | – | – | 1765063 |
| Total | $1765063 | $85783543 | $– | $87548606 |

---

 

*\** *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 six months ended May 31, 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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| **November 30, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;RiverFront Dynamic Core Income ETF | $1052360 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– |
| &nbsp;&nbsp;&nbsp;RiverFront Dynamic US Dividend Advantage ETF | 2072969 |  |  |
| &nbsp;&nbsp;&nbsp;RiverFront Strategic Income Fund | 4267963 |  |  |

---

18 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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, 2024, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| RiverFront Dynamic Core Income ETF | $2105228 | $1435351 |
| RiverFront Dynamic US Dividend Advantage ETF | 4335814 |  |
| RiverFront Strategic Income Fund | 8098631 | 7258685 |

---

As of May 31, 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) | $277502 | $16454370 | $913734 |
| &nbsp;&nbsp;&nbsp;Gross depreciation (excess of tax cost over value) | (570985) | (8031265) | (2545953) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) | (293483) | 8423105 | (1632219) |
| Cost of investments for income tax purposes | $21286473 | $66048619 | $89180125 |

---

In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 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 six months ended May 31, 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.

19 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 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 | $1898117 | $623997 | $1339772 | $1963769 |

---

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 May 31, 2025, Riverfront Dynamic Core Income ETF and Riverfront Strategic Income ETF did not have any securities on loan.

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 May 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RiverFront Dynamic US Dividend Advantage 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 &**<br> **Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater than**<br> **90 Days** | **Total** |
| Common Stocks | $623997 | $– | $– | $– | $623997 |
| Total Borrowings |  |  |  |  | **623997** |
| 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) |  | $623997 |

---

**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% |

---

20 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

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 six months ended May 31, 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 | $1972931 | $– |
| RiverFront Dynamic US Dividend Advantage ETF | 678988 |  |
| RiverFront Strategic Income Fund | 3495265 | 3171443 |

---

For the six months ended May 31, 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 | $862887 | $773851 |
| RiverFront Strategic Income Fund | 2473986 |  |

---

For the six months ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RiverFront Dynamic Core Income ETF | $– | $1106616 |
| RiverFront Dynamic US Dividend Advantage ETF | 8361468 | 7780500 |
| RiverFront Strategic Income Fund | 19750867 | 10545871 |

---

For the six months ended May 31, 2025, the in-kind net realized gains/(losses) were as follows:

---

| | |
|:---|:---|
| **Fund** | **Net Realized Gain/(Loss)** |
| RiverFront Dynamic Core Income ETF | $3693 |
| RiverFront Dynamic US Dividend Advantage ETF | 1764989 |
| RiverFront Strategic Income Fund | 23629 |

---

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.

21 \| May 31, 2025

RiverFront ETFs

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. 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 \| May 31, 2025

RiverFront ETFs

Additional Information *May 31, 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.

23 \| May 31, 2025

RiverFront ETFs

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

24 \| May 31, 2025

RiverFront ETFs

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

25 \| May 31, 2025

RiverFront ETFs

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* |  |  |  |
| **Total** | $**472500** | $**—** | $**472500** |

---

 

*<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.

26 \| May 31, 2025

RiverFront ETFs

Statement Regarding Basis for Approval of Investment Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

27 \| May 31, 2025

![](riverfront_06.jpg)

![](smithcoreplus_01.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 | 17 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 18 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 19 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 20 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 21 |
| &nbsp;&nbsp;&nbsp;Additional Information | 26 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 27 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 28 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 29 |
| **Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract** | 30 |

---

alpsfunds.com

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **BANK LOANS (0.62%)** |  |  |
| ***Aerospace & Defense (0.43%)*** |  |  |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M SOFR + 2.50%, 02/28/2031 | $7822845 | $7831411 |
| ***Casinos & Gaming (0.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M SOFR + 2.25%, 02/06/2031 | 3477481 | 3472039 |
| **TOTAL BANK LOANS** |  |  |
| **(Cost $11,329,172)** |  | 11303450 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (4.70%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (4.70%)** |  |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-34, Class TZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 10/25/2030 | $91763 | $96562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-40, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.614%, 07/25/2030<sup>(a)</sup> | 33968 | 33946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-51, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/25/2031 | 94213 | 97881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-60, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.114%, 04/25/2032<sup>(a)</sup> | 6964 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-90, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/2042 | 176694 | 180710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-119, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2033 | 35634 | 34444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-18, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/25/2042 | 37539 | 38007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-30, Class JQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2033 | 2069 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-47, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/25/2033 | 28207 | 29159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-52, Class ZX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/25/2034 | 298566 | 312308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-92, Class TB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2034 | 7368 | 7619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-122, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/2036 | 22859 | 23735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-27, Class GH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 106876 | 106794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class CH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/25/2035 | 4132 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-48, Class TD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2035 | 66819 | 69262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-75, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/25/2035 | $136625 | $141335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-99, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2035 | 38000 | 38128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-125, Class KY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2037 | 195862 | 205359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-78, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/25/2036 | 312175 | 329534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-36, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2037 | 104668 | 108724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-55, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2047 | 29899 | 31473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-24, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/2038 | 76750 | 76746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/2038 | 169612 | 168133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-106, Class LK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2037 | 616209 | 620852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-106, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/25/2040 | 167378 | 163438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-77, Class NX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/2039 | 731592 | 734482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-123, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2040 | 90922 | 90608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2040 | 15681 | 15229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-2, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/25/2040 | 122502 | 120699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-41, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/25/2040 | 75920 | 77188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-85, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2040 | 332052 | 324167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-9, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/2040 | 24815 | 25060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-110, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2041 | 87716 | 85440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-121, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 12954 | 12559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-145, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 3894 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-148, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2041 | 142173 | 139761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-29, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2041 | 123259 | 118864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-103, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 8000 | 6752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 106966 | 97108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-111, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/25/2042 | 121462 | 109939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-111, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/25/2042 | 204927 | 219944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-112, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 180319 | 163948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-120, Class QC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2042 | 151000 | 104596 |

---

1 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-128, Class NP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2042 | $78170 | $50958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-128, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/25/2042 | 135397 | 121145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129, Class HT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2032 | 372368 | 331992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-133, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2042 | 129259 | 112430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-136, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2042 | 418000 | 391043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-137, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2042 | 164735 | 154985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-139, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/25/2042 | 50000 | 34513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-152, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/2043 | 19784 | 19082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-154, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 202611 | 176302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-16, Class K, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/25/2041 | 82113 | 81146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-17, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2041 | 71183 | 66927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-19, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 265000 | 245833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-26, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 42931 | 40275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-28, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2042 | 262196 | 250019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-29, Class NM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2042 | 50000 | 41197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-30, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2042 | 190784 | 184121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-35, Class EP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2040 | 85006 | 82711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-36, Class MB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/25/2041 | 422387 | 411717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-37, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/2040 | 123969 | 120665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-39, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2042 | 32000 | 29365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-47, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.514%, 05/25/2027<sup>(a)</sup> | 4556 | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-51, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 62156 | 52487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-56, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 118860 | 111156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-58, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/2042 | 235608 | 213661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-75, Class KE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/25/2042 | 200000 | 184991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-83, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2042 | 85000 | 75549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-90, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2042 | 65403 | 62593 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class TL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | $190000 | $151013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-10, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2033 | 136013 | 127107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-119, Class NU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 05/25/2043 | 201110 | 193913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-123, Class AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2033 | 770996 | 757397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-14, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/25/2043 | 219038 | 182355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-18, Class NG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2042 | 47022 | 41759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-35, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2033 | 90734 | 84767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2043 | 300000 | 274136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-41, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/25/2038 | 180144 | 164541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-44, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2043 | 718795 | 536921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-67, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2043 | 146188 | 120046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-7, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2043 | 191923 | 110185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-75, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.364%, 07/25/2042<sup>(a)</sup> | 123471 | 122982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class LG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2043 | 178000 | 149362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2043 | 176915 | 129683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-86, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2043 | 1320900 | 1217289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/25/2042 | 144929 | 152645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-14, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/2044 | 96708 | 94338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-8, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2034 | 125749 | 120529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-27, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2044 | 30000 | 28172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-47, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2045 | 81803 | 71876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-58, Class ZL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2045 | 268526 | 223801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-59, Class LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2045 | 127000 | 101787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-65, Class LD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/2036 | 124000 | 117884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-26, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2045 | 110519 | 103618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-28, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/25/2043 | 494202 | 377642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-37, Class BK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/2046 | 57703 | 55313 |

---

2 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-42, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2045 | $105174 | $99635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-6, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2044 | 112556 | 108261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-79, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2046 | 340168 | 263285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-8, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2046 | 48007 | 44091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.514%, 03/25/2047<sup>(a)</sup> | 25493 | 25184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-15, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2046 | 45023 | 43153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-25, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/2047 | 272308 | 238957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-38, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2047 | 61464 | 55222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-38, Class JG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2047 | 344655 | 302661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-98, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2047 | 150276 | 131133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-15, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2048 | 94689 | 80361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2045 | 88666 | 86899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-25, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2048 | 98000 | 85392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-28, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2048 | 97785 | 86452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2048 | 106000 | 91317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-50, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2047 | 95246 | 86550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2048 | 63788 | 55833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-8, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2047 | 89283 | 81071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-94, Class KD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2048 | 128601 | 118577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-36, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2049 | 100000 | 81635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-74, Class GL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2049 | 174253 | 120196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-81, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2050 | 119847 | 75601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-10, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2060 | 91319 | 81376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-38, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/25/2040 | 100132 | 92075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-59, Class H, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/25/2048 | 48820 | 39846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/25/2051 | 191229 | 106034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-66, Class HU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/25/2051 | 228998 | 105143 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-72, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/25/2051 | $98024 | $52563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-87, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2051 | 46230 | 26406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-94, Class PU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/2052 | 39318 | 24077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 405000 | 386687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-12, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2045 | 15335183 | 15561986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-42, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/2045 | 9092865 | 9238164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-39, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2047 | 133954 | 103952 |
|  |  | 43019980 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2034, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2028 | 4061 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2045, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 04/15/2028 | 80075 | 80728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2098, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2028 | 90320 | 91151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2104, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/15/2028 | 125249 | 128035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2412, Class OF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.064%, 12/15/2031<sup>(a)</sup> | 56572 | 57141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2422, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2032 | 237186 | 247660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2455, Class GK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2032 | 17295 | 18070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2489, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2032 | 295827 | 306349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2495, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2032 | 2319 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2513, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 1.114%, 02/15/2032<sup>(a)</sup> | 18055 | 17538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2554, Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2033 | 4471 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2624, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 15898 | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2646, Class ZN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 148624 | 148438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2673, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2033 | 138827 | 142586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2725, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2033 | 30688 | 30666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2768, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/2034 | 8175 | 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2944, Class OH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2035 | 46384 | 48125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2973, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | 206000 | 208535 |

---

3 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2978, Class CN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2035 | $135010 | $140082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3033, Class WY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2035 | 90379 | 93520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3034, Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/15/2035 | 483067 | 505812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3108, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2036 | 197306 | 207512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3137, Class XP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2036 | 2970 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3271, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2037 | 876435 | 886279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3388, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2037 | 232212 | 232584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3472, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2036 | 1287609 | 1350052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3485, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2036 | 34381 | 35756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3533, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2029 | 43206 | 42957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3575, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2037 | 161218 | 157191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3587, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2039 | 66153 | 65607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3626, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2040 | 30457 | 31092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3638, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 75000 | 72727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3645, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2040 | 15000 | 14698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3662, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2038 | 104361 | 104003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3674, Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/2036 | 363142 | 347886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3681, Class MT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.543%, 02/15/2038<sup>(a)</sup> | 87354 | 79107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3704, Class CT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/15/2036 | 559369 | 593741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3764, Class QY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2030 | 1111238 | 1106991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3772, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2040 | 172000 | 155286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3924, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2041 | 107159 | 102995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3943, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2026 | 62419 | 61687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3954, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2041 | 41808 | 40029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3957, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2041 | 167996 | 160561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3966, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2041 | 124169 | 120620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3968, Class G, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2026 | 70220 | 69405 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3985, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.367%, 01/15/2042 | $132383 | $112579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3990, Class GY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2042 | 97000 | 82472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3992, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2042 | 547711 | 522973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3994, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/2041 | 275591 | 264873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3997, Class EC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2042 | 62765 | 53520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4029, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2041 | 137135 | 133393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4050, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/2041 | 4760 | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4068, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2042 | 9588 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4075, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2042 | 23713 | 21574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4077, Class BE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2042 | 15000 | 13435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4093, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2042 | 63978 | 57975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4096, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2042 | 190000 | 152884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4101, Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2042 | 5492 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4112, Class CP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/15/2042 | 110429 | 106347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4116, Class UC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2042 | 40000 | 28571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4117, Class EB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/15/2042 | 83000 | 68923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4118, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2042 | 146513 | 124083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4125, Class KP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2041 | 90043 | 86590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4135, Class AU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2042 | 107799 | 80797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4138, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/15/2027 | 103845 | 101092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4147, Class LW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/15/2032 | 190733 | 175761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4160, Class HB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2032 | 8809 | 8275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2041 | 49913 | 48643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/15/2042 | 9832 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4161, Class ZW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2033 | 167872 | 140896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4171, Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2043 | 46000 | 33986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4193, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2043 | 80876 | 77266 |

---

4 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4224, Class KC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2032 | $44144 | $43718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4224, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2042 | 375799 | 363786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4229, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2043 | 124370 | 120067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4247, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2042 | 59349 | 59113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4330, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2043 | 152477 | 147363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4383, Class WT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.225%, 09/15/2029<sup>(a)</sup> | 172813 | 169941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4410, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2033 | 98003 | 97648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4447, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2044 | 69004 | 64915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4472, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2045 | 109768 | 102323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4491, Class CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2040 | 214934 | 181556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4614, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2046 | 124086 | 114720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4616, Class HP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2046 | 71944 | 64365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4619, Class GP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2046 | 387631 | 342441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4619, Class MC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2043 | 124597 | 120778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4621, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2045 | 110016 | 103194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4624, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/15/2036 | 191970 | 175170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4670, Class TY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2047 | 222000 | 177692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4734, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.724%, 01/15/2041<sup>(a)</sup> | 240842 | 249811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4760, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2044 | 71961 | 70795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4792, Class BD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2048 | 92355 | 84305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4813, Class CJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 176623 | 151433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4819, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2048 | 861015 | 807403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4824, Class KQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2046 | 112452 | 111505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4825, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2044 | 53434 | 53288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4827, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/2044 | 128419 | 127306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4839, Class AE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2051 | 118248 | 114225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4879, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2049 | 126393 | 112453 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4888, Class NW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2049 | $174400 | $128672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4919, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2049 | 493909 | 416165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4926, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2049 | 279452 | 241527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4932, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2049 | 300210 | 287302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4988, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/25/2050 | 135310 | 105521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.464%, 08/15/2040<sup>(a)</sup> | 33809 | 33265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.464%, 10/15/2040<sup>(a)</sup> | 31393 | 30884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5002, Class TJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 132347 | 110908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5005, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/25/2050 | 142756 | 59796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5036, Class NL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2050 | 111000 | 62810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5058, Class LW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/25/2051 | 48315 | 22076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5080, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2051 | 30270 | 16202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5083, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2051 | 231266 | 130848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5085, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/25/2051 | 235175 | 123531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5092, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/2036 | 1391 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5094, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 214644 | 143384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5116, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/25/2051 | 31738 | 16569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5206, Class ZY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2052 | 150658 | 111770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5407, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/25/2054 | 9033173 | 9239350 |
|  |  | 26479230 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-349, Class 300, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2046 | 99615 | 92918 |
| Freddie Mac Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-41, Class 3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.458%, 07/25/2032<sup>(a)</sup> | 13054 | 11869 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-40, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/16/2033 | 334423 | 333612 |

---

5 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-52, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–%, 06/16/2033<sup>(b)</sup> | $13110 | $11570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-1, Class TE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2033 | 42001 | 41934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-87, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/2034 | 5270 | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-13, Class BG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2035 | 64035 | 64240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-20, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/16/2035 | 176898 | 176197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-51, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2035 | 3409 | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-73, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/20/2035 | 114864 | 114562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-17, Class NZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/20/2036 | 194276 | 196631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-20, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/20/2036 | 195460 | 197035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-38, Class ZK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/20/2036 | 139082 | 138698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-57, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/2037 | 228413 | 230959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-38, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2038 | 15050 | 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-50, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2038 | 109607 | 112629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-55, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/20/2038 | 16463 | 16493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-60, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2038 | 46762 | 46848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-7, Class PQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2038 | 4959 | 4945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-7, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2038 | 144724 | 144337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-15, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 1.154%, 03/20/2039<sup>(a)</sup> | 36432 | 36453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-45, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2039 | 388874 | 406860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-47, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2039 | 70242 | 70150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-61, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2039 | 35090 | 34304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-94, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 10/16/2039<sup>(a)</sup> | 18600 | 18628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-29, Class AD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2039 | 85806 | 82928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H20, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.444%, 10/20/2060<sup>(a)</sup> | 15039 | 15066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.494%, 12/20/2060<sup>(a)</sup> | 99631 | 99899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-100, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/2041 | 22292 | 21692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-141, Class GH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/16/2041 | $56490 | $43600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-150, Class DW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2041 | 136884 | 121600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-71, Class ZC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/16/2034 | 43438 | 43795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H11, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.614%, 04/20/2061<sup>(a)</sup> | 15650 | 15731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2042 | 17000 | 13538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/16/2042 | 38000 | 29588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-116, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/16/2042 | 10000 | 7966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-124, Class LD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/20/2042 | 135144 | 102425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-32, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/16/2042 | 144000 | 129744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-40, Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2042 | 108201 | 105643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-61, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/16/2042 | 25000 | 20888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-65, Class LM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2042 | 119500 | 109831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-77, Class MU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/20/2042 | 156704 | 133174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-84, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/16/2042 | 123617 | 110476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-97, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2042 | 146000 | 112245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H14, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.694%, 07/20/2062<sup>(a)</sup> | 17094 | 17172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H20, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.982%, 07/20/2062<sup>(a)</sup> | 127487 | 127339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H30, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 12/20/2062<sup>(a)</sup> | 98885 | 99063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-117, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2043 | 151000 | 139530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-149, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2043 | 24000 | 20521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-150, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/16/2043 | 120000 | 111870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-152, Class HL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/20/2043 | 100000 | 91028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-22, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2042 | 78152 | 70214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-41, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2043 | 18086 | 16276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-44, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/16/2043 | 286782 | 223016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-58, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/2043 | 161384 | 135187 |

---

6 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class KY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2043 | $25000 | $22079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H06, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 01/20/2063<sup>(a)</sup> | 172908 | 172462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H22, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 08/20/2063<sup>(a)</sup> | 102314 | 103040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-129, Class KJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2039 | 100000 | 88487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-21, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/16/2044 | 22000 | 19446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-32, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2044 | 163826 | 138152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-72, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2044 | 266598 | 244260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H25, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.594%, 12/20/2064<sup>(a)</sup> | 96472 | 96775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-27, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.097%, 12/20/2044<sup>(a)</sup> | 74071 | 76595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-31, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/2045 | 200000 | 178337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.814%, 10/20/2065<sup>(a)</sup> | 473 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-163, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2046 | 40000 | 29363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-46, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2046 | 32820 | 21427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-66, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.425%, 08/20/2034<sup>(a)</sup> | 640724 | 667388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H08, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.834%, 02/20/2066<sup>(a)</sup> | 17355 | 17393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H24, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.864%, 10/20/2066<sup>(a)</sup> | 242342 | 242979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-107, Class T, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2047 | 80854 | 80116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-11, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2047 | 278968 | 215797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-134, Class CG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2047 | 160000 | 134520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H14, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.584%, 06/20/2067<sup>(a)</sup> | 19243 | 19315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class QJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2048 | 137000 | 89636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-115, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2048 | 107142 | 98409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-14, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/20/2046 | 601166 | 534475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H07, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 02/20/2068<sup>(a)</sup> | 4349 | 4358 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-108, Class NJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2049 | $114947 | $102598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-119, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2049 | 66225 | 58531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-145, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2049 | 193015 | 183977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-153, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2049 | 211573 | 185761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-158, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2049 | 290747 | 280535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-20, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/20/2049 | 196891 | 185238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-85, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2043 | 117419 | 113131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-116, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 08/20/2050 | 330943 | 142624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-122, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 08/20/2050 | 253959 | 109702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-149, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 10/20/2050 | 54095 | 22570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-15, Class JH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2050 | 241780 | 204084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-160, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/20/2050 | 249998 | 121070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class BK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/20/2050 | 231648 | 108500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class HM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/20/2050 | 330000 | 164141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-183, Class HY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/20/2050 | 146000 | 56775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-67, Class UA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/20/2050 | 126605 | 79380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-98, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2050 | 10926 | 9731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H04, Class FP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.614%, 06/20/2069<sup>(a)</sup> | 38795 | 38792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H13, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.564%, 07/20/2070<sup>(a)</sup> | 335439 | 332113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H20, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M CME TERM SOFR + 0.464%, 04/20/2070<sup>(a)</sup> | 161815 | 159708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-225, Class EU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/2051 | 42423 | 24049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7, Class TU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 01/16/2051 | 190000 | 94836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-76, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/20/2050 | 2315 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-97, Class JT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/20/2051 | 108851 | 53822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H08, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.30%, 01/20/2068<sup>(a)</sup> | 733280 | 730466 |

---

7 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value**<br> **(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H19, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30D US SOFR + 0.82%, 12/20/2071<sup>(a)</sup> | $184621 | $184036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-24, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2052 | 173720 | 162172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-36, Class UP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/2051 | 100000 | 59058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-113, Class JD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/2053 | 175000 | 179404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-170, Class HC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2041 | 1078726 | 1086471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-173, Class DX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2053 | 780000 | 801241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2053 | 582283 | 512811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.652%, 11/20/2051<sup>(a)</sup> | 102536 | 105363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-81, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/2040 | 275000 | 268302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-20, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/20/2054 | 237000 | 263330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-22, Class EL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/2054 | 120000 | 89451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-57, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/20/2051 | 105000 | 51653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-77, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/20/2052 | 255570 | 267655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-97, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 02/20/2054 | 336864 | 354198 |
|  |  | 16036524 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |
| **(Cost $84,854,588)** |  | 85640521 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.57%)** |  |  |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.944%, 07/25/2039 | 107320 | 96679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M15, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/25/2036 | 200000 | 186821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M16, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.180%, 07/25/2031<sup>(a)</sup> | 4845138 | 203568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M23, Class X3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.324%, 10/25/2031<sup>(a)(c)</sup> | 36795912 | 635407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M26, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.602%, 03/25/2030<sup>(a)(c)</sup> | 9939447 | 184505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M10, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.718%, 12/25/2030<sup>(a)(c)</sup> | 10196116 | 583331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M15, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.453%, 09/25/2031<sup>(a)(c)</sup> | 6426065 | 409689 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M19, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275%, 12/25/2032<sup>(a)(c)</sup> | $21395028 | $304064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M30, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.918%, 07/25/2031<sup>(a)(c)</sup> | 6273355 | 247644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M21, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.749%, 03/25/2028<sup>(a)(c)</sup> | 58081768 | 672105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M3, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.904%, 11/25/2033<sup>(a)(c)</sup> | 3643399 | 245445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M8, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.240%, 11/25/2035<sup>(a)(c)</sup> | 9425236 | 167388 |
|  |  | 3936646 |
| Freddie Mac Multiclass Certificates Series 2020-P003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-P003, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.956%, 09/25/2046 | 1400000 | 1054413 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KW03, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.770%, 06/25/2027<sup>(a)(c)</sup> | 35139304 | 420776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-Q006, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.485%, 04/25/2028<sup>(a)</sup> | 1995226 | 1921736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-Q007, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.426%, 10/25/2047<sup>(a)</sup> | 703256 | 702838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K094, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.874%, 06/25/2029<sup>(a)(c)</sup> | 1953269 | 58665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-Q010, Class APT3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458%, 02/25/2027<sup>(a)</sup> | 795453 | 782994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KG04, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.845%, 11/25/2030<sup>(a)(c)</sup> | 4932430 | 179283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-Q014, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.775%, 10/25/2055<sup>(a)(c)</sup> | 4341665 | 635005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-KJ45, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.660%, 01/25/2031 | 600000 | 603636 |
|  |  | 5304933 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $10,175,311)** |  | 10295992 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **MORTGAGE-BACKED SECURITIES (12.98%)** |  |  |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2034 | 25668 | 26581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2037 | 186569 | 189482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2037 | 363596 | 366946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-943003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 | 30718 | 30392 |

---

8 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.340%, 08/01/2038 | $1207486 | $1203657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 354445 | 353250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/01/2037 | 144116 | 143686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2037 | 291187 | 295446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2028 | 500330 | 500780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM1671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 12/01/2027 | 11826 | 11491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2033 | 365893 | 344479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 362631 | 321441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.830%, 04/01/2030 | 219591 | 205097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.410%, 01/01/2032 | 142107 | 133679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2030 | 171797 | 168267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2040 | 580246 | 538405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.548%, 03/01/2038 | 542051 | 559316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/2033 | 187346 | 170337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2039 | 197259 | 192343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2032 | 181702 | 170651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2047 | 166977 | 139611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2027 | 1333140 | 1298208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 11/01/2032 | 60000 | 54180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.260%, 08/01/2029 | 143806 | 138317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 01/01/2037 | 677692 | 602485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.910%, 05/01/2048 | 669274 | 688796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/01/2030 | 389706 | 399780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN6670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 09/01/2027 | 27677 | 26922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7060, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/2027 | 195000 | 188701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2048 | 276649 | 243330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.485%, 04/01/2028 | 750000 | 735146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.545%, 04/01/2028 | 484754 | 475966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2040 | 422149 | 402304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.220%, 11/01/2028 | 216521 | 215907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2040 | 99183 | 96200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2040 | 128493 | 122620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2041 | 476294 | 461975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2048 | 83910 | 84758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387770, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2028 | 115000 | 113048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387983, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 08/01/2028 | 199501 | 193954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8272, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.170%, 02/01/2028 | 200000 | 194652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 05/01/2031 | 232710 | 220614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.490%, 03/01/2029 | 11000 | 10698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 01/01/2029 | 102985 | 101397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2048 | 123982 | 116307 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.010%, 04/01/2030 | $187436 | $168674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.270%, 12/01/2029 | 185107 | 161745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2051 | 1020643 | 806957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2051 | 1294659 | 1066912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/2039 | 244072 | 248771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.010%, 04/01/2032 | 105000 | 96069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680%, 04/01/2032 | 310000 | 288962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.890%, 07/01/2032 | 200000 | 190646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2044 | 328004 | 300235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.070%, 07/01/2033 | 120000 | 115014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490%, 06/01/2028 | 40000 | 40307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.520%, 07/01/2033 | 220000 | 217715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.610%, 11/01/2030 | 177110 | 178633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.670%, 07/01/2030 | 185000 | 186490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.775%, 03/01/2035 | 349527 | 347533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 03/01/2028 | 200000 | 202651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.920%, 08/01/2028 | 200000 | 202379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.980%, 08/01/2028 | 198257 | 200400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 10/01/2028 | 40000 | 40933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.320%, 02/01/2033 | 250000 | 257079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 07/01/2033 | 1356000 | 1364487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.470%, 11/01/2033 | 1965346 | 2014462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.555%, 01/01/2030 | 1000000 | 1026449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/2028 | 3295000 | 3461883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.220%, 06/01/2032 | 2100000 | 2198938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/2053 | 1214446 | 1256094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2053 | 5584856 | 5774229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2053 | 1996283 | 2059193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2053 | 128990 | 132866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/01/2053 | 805399 | 830076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2054 | 3240835 | 3539823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.340%, 07/01/2029 | 4500000 | 4613759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.790%, 01/01/2029 | 750000 | 775474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.810%, 06/01/2031 | 1079000 | 1116616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.810%, 03/01/2034 | 1574000 | 1648061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2054 | 1354253 | 1375771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2054 | 1713057 | 1732065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.470%, 01/01/2034 | 1170000 | 1198796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2054 | 1367151 | 1411598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/01/2054 | 3122526 | 3304378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 05/01/2054 | 1553497 | 1623626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2053 | 259346 | 276593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2054 | 214319 | 223054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 03/01/2054 | 273417 | 284583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2040 | 4307776 | 4417861 |
|  |  | 66230442 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2034 | 70534 | 71074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2035 | 96348 | 98311 |

---

9 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2034 | $206441 | $210978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 1326155 | 1158830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2034 | 459235 | 462304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2047 | 1840040 | 1541440 |
|  |  | 3542937 |
| Freddie Mac Non Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.24%, 06/01/2045<sup>(a)</sup> | 414094 | 404422 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 313778 | 276247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2043 | 309970 | 285726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2036 | 16545 | 15983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2033 | 104143 | 104719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2049 | 233231 | 195815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/01/2045 | 3711232 | 2802405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2050 | 661829 | 506505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2036 | 144187 | 123982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/01/2036 | 4037979 | 3514420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2051 | 319023 | 267840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2052 | 719199 | 720219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2052 | 241399 | 246003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 01/01/2033 | 1000000 | 977894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 04/01/2030 | 1000000 | 992414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/01/2028 | 1150000 | 1167611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/01/2053 | 993226 | 1025115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2053 | 938131 | 968593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2053 | 4545288 | 4701565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2053 | 118126 | 121707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2053 | 426951 | 449524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.030%, 02/01/2029 | 5000000 | 5047729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2054 | 3996497 | 4120307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2054 | 1710379 | 1769501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/01/2054 | 1717283 | 1769717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/01/2054 | 2309298 | 2375959 |
|  |  | 34547500 |
| Ginnie Mae I Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2041 | 600276 | 579242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2043 | 558866 | 508399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2043 | 120373 | 109942 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2045 | $649868 | $571413 |
|  |  | 1768996 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2041 | 401213 | 370115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/20/2042 | 265008 | 232645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2042 | 127384 | 114112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2042 | 134645 | 120147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/20/2042 | 166612 | 149143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/20/2042 | 983832 | 969871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2043 | 3274176 | 2748150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2043 | 647411 | 566786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2043 | 427811 | 384560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 02/20/2065<sup>(a)</sup> | 167295 | 167037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2046 | 385931 | 336630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/20/2046 | 116275 | 105948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/20/2046 | 127754 | 116488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/2047 | 1066222 | 929905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/20/2047 | 2546393 | 2260251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2047 | 327170 | 299969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/20/2048 | 661826 | 629222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/20/2048 | 785764 | 741714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2048 | 43799 | 41946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/20/2049 | 840541 | 794965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2049 | 675541 | 658685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/20/2049 | 109041 | 112230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2050 | 2689379 | 2309254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2050 | 1836649 | 1580381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2049 | 865742 | 753034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/2039 | 213795 | 223688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/20/2051 | 609044 | 482147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/20/2051 | 2834481 | 2243852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2036 | 482527 | 434802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2051 | 2836377 | 2332485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2051 | 3443067 | 2836631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/20/2051 | 350274 | 290208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/20/2051 | 30288 | 26750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2051 | 504249 | 452710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/20/2036 | 167830 | 174244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2051 | 293920 | 307525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2044 | 8216 | 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2051 | 1306190 | 1126256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2052 | 108602 | 94624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2051 | 321027 | 288938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/20/2052 | 263360 | 256112 |

---

10 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2035 | $188615 | $191639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/2052 | 4677921 | 4569073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/2062 | 5697302 | 5630038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/20/2037 | 104000 | 107504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/20/2052 | 267853 | 279706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/2053 | 132366 | 131921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/20/2053 | 2042533 | 2093687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2053 | 797237 | 827289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2053 | 40882 | 42366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/20/2053 | 1982315 | 2050308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/20/2053 | 45083 | 46114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/20/2063 | 225587 | 231662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2063 | 1194236 | 1245161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2050 | 4534392 | 3911450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/20/2054 | 333060 | 341754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/20/2054 | 4119943 | 4227760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2054 | 2941153 | 3004114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2064 | 15521513 | 15665867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/2054 | 8262426 | 8551384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/20/2054 | 3353029 | 3424397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/20/2064 | 750665 | 766692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/2064 | 3224820 | 3293670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/20/2064 | 1660626 | 1693456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2064 | 3598088 | 3674908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/20/2064 | 2276164 | 2324763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/20/2054 | 1750487 | 1801595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/20/2063 | 412473 | 422704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2053 | 662612 | 686446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 08/20/2054 | 3805656 | 3999504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 09/20/2054 | 1366822 | 1444111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 10/20/2059 | 122764 | 126827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/20/2063 | 1668836 | 1725518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/20/2054 | 1227168 | 1331582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/20/2064 | 814078 | 831467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/20/2064 | 1264609 | 1291621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/2065 | 18441261 | 18835170 |
|  |  | 129894534 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $235,975,205)** |  | 236388831 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE BONDS (36.27%)** |  |  |
| ***Aerospace & Defense (4.11%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | 5450000 | 5354502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | 8854000 | 9453931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | 12391000 | 13248533 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 08/15/2035 | 4350000 | 4281760 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/2029 | 4062000 | 3864850 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | $12406000 | $12493590 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2035 | 9000000 | 9033769 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2034 | 15958000 | 17007562 |
| **Total *Aerospace & Defense*** |  | 74738497 |
| ***Airlines (0.94%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2027<sup>(d)</sup> | 3213610 | 3198570 |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/2029<sup>(d)</sup> | 7093000 | 6950198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/2031<sup>(d)</sup> | 4400000 | 4282776 |
| &nbsp;&nbsp;&nbsp;British Airways 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2032<sup>(d)</sup> | 355788 | 336573 |
| &nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 20-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 | 2320183 | 2363577 |
| **Total *Airlines*** |  | 17131694 |
| ***Apparel & Textile Products (0.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/23/2030 | 1560000 | 1303590 |
| ***Auto Parts Manufacturing (0.07%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030 | 1350000 | 1352994 |
| ***Automobiles Manufacturing (2.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/13/2025 | 3870000 | 3839731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/07/2035 | 14000000 | 13660038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 05/12/2028 | 5700000 | 5821350 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2035 | 8700000 | 8809797 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/24/2026<sup>(d)</sup> | 2942000 | 2957424 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/18/2030<sup>(d)</sup> | 1000000 | 1002883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/18/2035<sup>(d)</sup> | 662000 | 654809 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/06/2025<sup>(d)</sup> | 1000000 | 999897 |
| **Total *Automobiles Manufacturing*** |  | 37745929 |
| ***Banks (3.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.65%, 05/15/2031<sup>(a)(d)</sup> | 4335000 | 4374754 |
| &nbsp;&nbsp;&nbsp;Capital One NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 1.73%, 08/09/2028<sup>(a)</sup> | 5550000 | 5663580 |

---

11 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/21/2026 | $2250000 | $2227331 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.95%, 03/01/2028<sup>(a)(d)</sup> | 3838000 | 3897804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.35%, 09/11/2026<sup>(a)(d)</sup> | 3325000 | 3293882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.40%, 03/01/2030<sup>(a)(d)</sup> | 2370000 | 2443134 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.41%, 03/12/2031<sup>(a)</sup> | 2108000 | 2100230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.97%, 03/12/2040<sup>(a)</sup> | 9850000 | 9525157 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.777%, 03/18/2027<sup>(a)</sup> | 2143000 | 2152539 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.06%, 09/06/2035<sup>(a)</sup> | 4270000 | 4195359 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.347%, 11/01/2030<sup>(a)</sup> | 8700000 | 8816884 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.74%, 04/23/2036<sup>(a)</sup> | 2609000 | 2640472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.02%, 04/24/2034<sup>(a)</sup> | 7300000 | 7333540 |
| **Total *Banks*** |  | 58664666 |
| ***Biotechnology (1.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | 8200000 | 8278157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 03/02/2026 | 5200000 | 5201309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | 8000000 | 7568903 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | 4217000 | 4246957 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/02/2034 | 6375000 | 6350781 |
| **Total *Biotechnology*** |  | 31646107 |
| ***Cable & Satellite (0.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2027<sup>(d)</sup> | 4306000 | 4264131 |
| ***Casinos & Gaming (0.34%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 07/01/2027<sup>(d)</sup> | 2263000 | 2267739 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2028<sup>(d)</sup> | 4154000 | 4031364 |
| **Total *Casinos & Gaming*** |  | 6299103 |
| ***Chemicals (0.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | 4226000 | 4266883 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| ***Commercial Finance (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2025 | $5791000 | $5793546 |
| ***Consumer Finance (0.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.42%, 07/26/2035<sup>(a)</sup> | 1838000 | 1831667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.79%, 04/25/2036<sup>(a)</sup> | 1050000 | 1072529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.32%, 01/30/2036<sup>(a)</sup> | 2345000 | 2361354 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031<sup>(d)</sup> | 3550000 | 3758328 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/01/2041 | 2757000 | 1973439 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/02/2033 | 2500000 | 2546066 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 08/04/2026 | 1500000 | 1478263 |
| **Total *Consumer Finance*** |  | 15021646 |
| ***Consumer Products (0.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2035<sup>(d)</sup> | 4400000 | 4431895 |
| ***Consumer Services (0.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sodexo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 08/15/2035<sup>(d)</sup> | 4425000 | 4503454 |
| ***Diversified Banks (0.96%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.697%, 02/12/2036<sup>(a)</sup> | 3254000 | 3236848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.91%, 04/25/2034<sup>(a)</sup> | 4117000 | 4125498 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.93%, 04/22/2028<sup>(a)</sup> | 2434000 | 2479362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.62%, 01/23/2035<sup>(a)</sup> | 5676000 | 5713038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.68%, 04/22/2036<sup>(a)</sup> | 1733000 | 1763854 |
| **Total *Diversified Banks*** |  | 17318600 |
| ***Entertainment Content (1.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/19/2032 | 10175000 | 9174695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/19/2050 | 11800000 | 8898644 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | 4335000 | 3680040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | 5250000 | 3405315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | 6250000 | 4026186 |

---

12 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **Total *Entertainment Content*** |  | 29184880 |
| ***Exploration & Production (1.67%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028<sup>(d)</sup> | $3000000 | $2965748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035<sup>(d)</sup> | 7797000 | 7231796 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2031 | 11775000 | 12955796 |
| &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2032<sup>(d)</sup> | 4500000 | 4618958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 07/15/2031<sup>(d)</sup> | 2112000 | 2307943 |
| **Total *Exploration & Production*** |  | 30080241 |
| ***Financial Services (3.83%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.01%, 08/24/2034<sup>(a)</sup> | 3598000 | 3822676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.05%, 03/03/2027<sup>(a)(e)</sup> | 3718000 | 3740009 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.552%, 04/25/2035<sup>(a)</sup> | 1595000 | 1642033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.58%, 04/23/2031<sup>(a)</sup> | 3479000 | 3530636 |
| &nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032<sup>(d)</sup> | 1544000 | 1547644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033<sup>(d)</sup> | 3450000 | 3540414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031<sup>(d)</sup> | 10550000 | 11027789 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.418%, 01/18/2036<sup>(a)</sup> | 2010000 | 2030270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.757%, 04/17/2036<sup>(a)</sup> | 8240000 | 8377735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.05%, 11/01/2034<sup>(a)</sup> | 4593000 | 4985781 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.76%, 05/09/2036<sup>(a)(d)</sup> | 4393000 | 4397659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.92%, 08/12/2033<sup>(a)(d)</sup> | 16980000 | 18236094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.80%, 09/22/2029<sup>(a)(d)</sup> | 2750000 | 2878671 |
| **Total *Financial Services*** |  | 69757411 |
| ***Food & Beverage (1.46%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2035 | 4989000 | 5032764 |
| &nbsp;&nbsp;&nbsp;JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/25/2055<sup>(d)</sup> | 4600000 | 4577460 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030<sup>(d)</sup> | 2100000 | 2113857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035<sup>(d)</sup> | 1600000 | 1594602 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033 | 5600000 | 5811372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034 | 6692000 | 7219015 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **Total *Food & Beverage*** |  | 26349070 |
| ***Health Care Facilities & Services (1.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/2031 | $6600000 | $5648550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | 4500000 | 4456726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2033 | 3700000 | 3734300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | 4700000 | 4738823 |
| **Total *Health Care Facilities & Services*** |  | 18578399 |
| ***Manufactured Goods (0.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/01/2030<sup>(d)</sup> | 2310000 | 2414068 |
| ***Medical Equipment & Devices Manufacturing (1.28%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/06/2032<sup>(d)</sup> | 8400000 | 8500591 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 | 3850000 | 3942808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | 6650000 | 6709620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/30/2054 | 4355000 | 4182895 |
| **Total *Medical Equipment & Devices Manufacturing*** |  | 23335914 |
|  ***Metals & Mining (0.33%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2026 | 5900000 | 5898448 |
| ***Oil & Gas Services & Equipment (0.20%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Transocean Poseidon, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2027<sup>(d)</sup> | 3699675 | 3726191 |
| ***Pharmaceuticals (0.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | 3350000 | 3295609 |
| ***Pipeline (2.54%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028<sup>(d)</sup> | 4760000 | 4653624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029<sup>(d)</sup> | 5500000 | 5658483 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/01/2031<sup>(d)</sup> | 5349000 | 5603080 |
| &nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031<sup>(d)</sup> | 7300000 | 6387184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039<sup>(d)</sup> | 4750000 | 3649772 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/15/2025<sup>(d)</sup> | 4498000 | 4442357 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | 1400000 | 1427300 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 | 5800000 | 5811020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029 | 8572000 | 8737492 |
| **Total *Pipeline*** |  | 46370312 |

---

13 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| ***Power Generation (0.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2028<sup>(d)</sup> | $1044000 | $1024614 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2026<sup>(d)</sup> | 5600000 | 5608607 |
| **Total *Power Generation*** |  | 6633221 |
| ***Publishing & Broadcasting (0.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028<sup>(d)</sup> | 4150000 | 3995467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(d)</sup> | 2725000 | 2715807 |
| **Total *Publishing & Broadcasting*** |  | 6711274 |
| ***Real Estate (0.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 07/15/2030<sup>(d)</sup> | 3416000 | 3030774 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028<sup>(d)</sup> | 5528000 | 5555436 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2028<sup>(d)</sup> | 603000 | 596764 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | 5389000 | 5284431 |
| **Total *Real Estate*** |  | 14467405 |
| ***Refining & Marketing (0.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2030 | 2749000 | 2632566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | 1000000 | 995402 |
| **Total *Refining & Marketing*** |  | 3627968 |
| ***Restaurants (0.30%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 05/01/2029<sup>(d)</sup> | 1050000 | 1115586 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/15/2035 | 4394000 | 4405408 |
| **Total *Restaurants*** |  | 5520994 |
| ***Semiconductors (0.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/25/2036<sup>(d)</sup> | 4700000 | 4778749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 01/25/2039<sup>(d)</sup> | 8500000 | 8738785 |
| **Total *Semiconductors*** |  | 13517534 |
| ***Software & Services (1.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/15/2033<sup>(d)</sup> | 4335000 | 4337654 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2032 | 5981000 | 6026429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | 2033000 | 2027311 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | 3700000 | 3737466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | 2100000 | 2076420 |
| &nbsp;&nbsp;&nbsp;VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | 2550000 | 2179068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | 5360000 | 5331860 |
| **Total *Software & Services*** |  | 25716208 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| ***Supermarkets & Pharmacies (1.39%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2028<sup>(d)</sup> | $8100000 | $8269825 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | 17724000 | 17269175 |
| **Total *Supermarkets & Pharmacies*** |  | 25539000 |
| ***Transportation & Logistics (0.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/14/2035 | 2395000 | 2394359 |
| ***Travel & Lodging (0.35%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028<sup>(d)</sup> | 2134000 | 2063311 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032<sup>(d)</sup> | 4221000 | 4280622 |
| **Total *Travel & Lodging*** |  | 6343933 |
| ***Utilities (0.37%)*** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/01/2034 | 2658000 | 2655649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2035 | 4049000 | 4040415 |
| **Total *Utilities*** |  | 6696064 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $660,049,415)** |  | 660641238 |
| **GOVERNMENT BONDS (40.51%)** |  |  |
| ***U.S. Treasury Bonds (40.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. - United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2027 | 5862000 | 5925658 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 | 88279000 | 79357993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | 38859000 | 38485589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/2035 | 48371000 | 47830605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | 4951000 | 4622996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | 56537000 | 53939832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | 41533000 | 40553081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | 49701000 | 48435178 |
| &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029 | 18532700 | 18709893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035 | 117718669 | 118587709 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2029 | 19004000 | 18680709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/30/2030 | 8854000 | 8820106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 | 38798000 | 38870746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2029 | 90680000 | 91351244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2029 | 43366000 | 43702256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/31/2030 | 58914000 | 59652726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | 19807000 | 20183024 |

---

14 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **Total *U.S. Treasury Bonds*** |  | 737709345 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $740,430,120)** |  | $737709345 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **PREFERRED STOCK (2.79%)** |  |  |
| ***Energy (0.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Pipeline (0.09%)* |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, Series B, 4.16%<sup>(a)(f)</sup> | 1712000 | $1692555 |
| **Total *Energy*** |  | 1692555 |
| ***Financials (1.57%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (0.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii., 8.000%<sup>(f)</sup> | 84678 | 2153362 |
| Wells Fargo & Co., Series U, 5.875%<sup>(a)(f)</sup> | 4067000 | 4067484 |
|  |  | 6220846 |
| &nbsp;&nbsp;&nbsp;*Consumer Finance (0.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc., Series C, 7Y US TI + 3.481%<sup>(a)(f)</sup> | 1500000 | 1313960 |
| &nbsp;&nbsp;&nbsp;American Express Co., 5Y US TI + 2.854%<sup>(a)(f)</sup> | 1817000 | 1761679 |
|  |  | 3075639 |
| &nbsp;&nbsp;&nbsp;*Diversified Banks (0.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., 5Y US TI + 2.684%<sup>(a)(f)</sup> | 3500000 | 3564218 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, 5Y US TI + 3.298%<sup>(a)(f)</sup> | 1589000 | 1603013 |
|  |  | 5167231 |
| &nbsp;&nbsp;&nbsp;*Financial Services (0.73%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 5Y US TI + 4.358%<sup>(a)(f)</sup> | 3500000 | 3487553 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., Series G, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 4.971%<sup>(a)(f)</sup> | 6619000 | 6618999 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series X, 5Y US TI + 2.809%<sup>(a)(f)</sup> | 2159000 | 2253763 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series Y, 10Y US TI + 2.40%<sup>(a)(f)</sup> | 1170000 | 1144327 |
|  |  | 13504642 |
| &nbsp;&nbsp;&nbsp;*Life Insurance (0.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., 5Y US TI + 3.728%<sup>(a)(f)</sup> | 16545 | 429839 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **Total *Financials*** |  | 28398197 |
| ***Government (0.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Government Agencies (0.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;CoBank ACB, Series M, 5Y US TI + 2.818%<sup>(a)(f)</sup> | 3545000 | $3611430 |
| &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4, 5Y US TI + 5.415%<sup>(a)(d)(f)</sup> | 3060000 | 3046111 |
| &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, 5Y US TI + 3.291%<sup>(a)(f)</sup> | 1008000 | 1045841 |
|  |  | 7703382 |
| **Total *Government*** |  | 7703382 |
| ***Health Care (0.23%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services (0.23%)* |  |  |
| &nbsp;&nbsp;&nbsp;CVS Health Corp.<sup>(a)(g)</sup> | 4200000 | 4241021 |
| **Total *Health Care*** |  | 4241021 |
| ***Utilities (0.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Power Generation (0.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;Vistra Corp.<sup>(a)(d)(f)(g)</sup> | 2175000 | 2233588 |
| &nbsp;&nbsp;&nbsp;*Utilities (0.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;Entergy Corp., 5Y US TI + 2.67%<sup>(a)</sup> | 1758000 | 1801743 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 3M CME TERM SOFR + 3.172%<sup>(a)</sup> | 1796000 | 1791496 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5Y US TI + 3.533%<sup>(a)</sup> | 300000 | 310803 |
| &nbsp;&nbsp;&nbsp;Sempra, 5Y US TI + 2.868%<sup>(a)</sup> | 2763000 | 2615145 |
| **Total *Utilities*** |  | 8752775 |
| **TOTAL PREFERRED STOCK** |  |  |
| **(Cost $50,439,604)** |  | 50787930 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (0.75%)** |  |  |  |
| ***Money Market Fund (0.75%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds - Government Portfolio | 4.20% | 13685032 | 13685032 |

---

15 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Schedule of Investments *May 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **TOTAL SHORT TERM INVESTMENTS** | **TOTAL SHORT TERM INVESTMENTS** |  |  |
| **(Cost $13,685,032)** |  |  | $13685032 |
| **TOTAL INVESTMENTS (99.19%)** |  |  |  |
| **(Cost $1,806,938,447)** |  |  | $1806452339 |
| **Other Assets In Excess Of Liabilities (0.81%)** |  |  | 14774945 |
| **NET ASSETS (100.00%)** |  |  | $1821227284 |

---

**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 May 31, 2025 was 4.35%

10Y US TI - 10 Year US TI as of May 31, 2025 was 4.41%

30D US SOFR - 30 Day SOFR as of May 31, 2025 was 4.31%

1M US SOFR - 1 Month SOFR as of May 31, 2025 was 4.32%

1M CME TERM SOFR – 1 Month CME TERM SOFR as of May 31, 2025 was 4.32%

3M CME TERM SOFR – 3 Month CME TERM SOFR as of May 31, 2025 was 4.32%

1Y US TI - 1 Year US Treasury Bill as of May 31, 2025 was 4.11%

5Y US TI - 5 Year US TI as of May 31, 2025 was 3.96%

*<sup>(a)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 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 May 31, 2025, the aggregate market value of those securities was $231,115,300, representing 12.69% 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.*

16 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Statement of Assets and Liabilities *May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $1806452339 |
| &nbsp;&nbsp;&nbsp;Cash | 54331 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3595146 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 16358937 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1826460753 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 4355000 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 878469 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 5233469 |
| **NET ASSETS** | $1821227284 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1833956585 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (12729301) |
| **NET ASSETS** | $1821227284 |
| **INVESTMENTS, AT COST** | $1806938447 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1821227284 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share) | 71400000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $25.51 |

---

*See Notes to Financial Statements and Financial Highlights.*

17 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Statement of Operations *For the Period Ended May 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $39152884 |
| &nbsp;&nbsp;&nbsp;Dividend Income | 299005 |
| &nbsp;&nbsp;&nbsp;Total investment income | 39451889 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 4510583 |
| &nbsp;&nbsp;&nbsp;Net expenses | 4510583 |
| **NET INVESTMENT INCOME** | 34941306 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments<sup>(a)</sup> | (9602587) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (10149689) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (19752276) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $15189030 |

---

*See Notes to Financial Statements and Financial Highlights.*

18 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> May 31, 2025<br> (Unaudited)** | **For the Period<br> December 05,<br> 2023<br> (Commencement<br> of Operations)<br> to November 30,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $34941306 | $30080552 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (9602587) | 178500 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (10149689) | 9663581 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 15189030 | 39922633 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (37702499) | (30138720) |
| &nbsp;&nbsp;&nbsp;Total distributions | (37702499) | (30138720) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 554385905 | 1279570935 |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 554385905 | 1279570935 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 531872436 | 1289354848 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1289354848 | – |
| &nbsp;&nbsp;&nbsp;End of period | $1821227284 | $1289354848 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 49800000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21600000 | 49800000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 71400000 | 49800000 |

---

*See Notes to Financial Statements and Financial Highlights.*

19 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Financial Highlights *For a Share Outstanding Throughout the Periods Presented*

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months<br> Ended<br> May 31, 2025<br> (Unaudited)** | **For the Period<br> December 05,<br> 2023<br> (Commencement<br> of Operations)<br> to November 30,<br> 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.89 | $25.00 |
| **INCOME FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.58 | 1.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.33) | 0.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.25 | 1.99 |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.59) | (1.10) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.63) | (1.10) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (0.38) | 0.89 |
| **NET ASSET VALUE, END OF PERIOD** | $25.51 | $25.89 |
| **TOTAL RETURN<sup>(b)</sup>** | 0.95% | 8.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1821227 | $1289355 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.59 %<sup>(c)</sup> | 0.59 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.57 %<sup>(c)</sup> | 4.57 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 79% | 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.*

20 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 May 31, 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. ALPS Advisors, Inc. (the "Adviser") 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 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.

21 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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.

22 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value the Fund's investments as of May 31, 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 | $– | $11303450 | $– | $11303450 |
| Collateralized Mortgage Obligations |  | 85640521 |  | 85640521 |
| Commercial Mortgage-Backed Securities |  | 10295992 |  | 10295992 |
| Mortgage-Backed Securities |  | 236388831 |  | 236388831 |
| Corporate Bonds |  | 660641238 |  | 660641238 |
| Government Bonds |  | 737709345 |  | 737709345 |
| Preferred Stock | 2583201 | 48204729 |  | 50787930 |
| Short Term Investments | 13685032 | – | – | 13685032 |
| Total | $16268233 | $1790184106 | $– | $1806452339 |

---

\* *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 period ended May 31, 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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

The tax character of the distributions paid during the period ended November 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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.

As of May 31, 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<br> Bond ETF** |
| Gross appreciation (excess of value over tax cost) | $9135844 |
| Gross depreciation (excess of tax cost over value) | (13961322) |
| Net unrealized appreciation/(depreciation) | $(4825478) |
| Cost of investments for income tax purposes | $1811277817 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025

23 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 period ended May 31, 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.

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 period ended May 31, 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 | $1741667912 | $1202664928 |

---

For the period ended May 31, 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 | $938554826 | $880118708 |

---

For the period ended May 31, 2025, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

24 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights *May 31, 2025 (Unaudited)*

**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 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, 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 the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**7. 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.

25 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Additional Information *May 31, 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.

26 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Changes in and Disagreements with Accountants for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period. 

27 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Proxy Disclosures for Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

28 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies *May 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 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 | 86500 |  | 86500 |
| Jeremy W. Deems, Trustee | 88500 |  | 88500 |
| Rick A. Pederson, Trustee | 92500 |  | 92500 |
| Joseph F. Keenan, Trustee | 82500 |  | 82500 |
| Susan K. Wold, Trustee | 82500 |  | 82500 |
| Laton Spahr, President and Trustee\* | – | – | – |
| **Total** | $**472500** | $**–** | $**472500** |

---

*<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.

29 \| May 31, 2025

ALPS \| Smith Core Plus Bond ETF

Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract *May 31, 2025 (Unaudited)*

Not applicable for this reporting period.

30 \| May 31, 2025

![](smithcoreplus_02.jpg)

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Any Changes in and Disagreements with Accountants information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

Any Proxy Disclosures information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Any Remuneration Paid to Directors, Officers, and Others information 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.**

Any Statement Regarding Basis for Approval of Investment Advisory Contract information 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.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; 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.**

No changes have occurred.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Based on an evaluation of the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are effective as of a date within 90 days of the filing date of this Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no significant changes in the Fund's internal control over financial reporting that occurred during the Fund's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Fund'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.**

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

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

Item 19. **Exhibits.**

(a)(1) Not applicable to this Report.

(a)(2) Not applicable to this Report.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.](fp0094010-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT.](fp0094010-1_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: | August 7, 2025 |

---

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: | August 7, 2025 |
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |
| Date: | August 7, 2025 |

---

## 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: | August 7, 2025 |

---

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.

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| | |
|:---|:---|
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |
| Date: | August 7, 2025 |

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## 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 May 31, 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.

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| | |
|:---|:---|
| Dated: | August 7, 2025 |
| 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 May 31, 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.

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| | |
|:---|:---|
| Dated: | August 7, 2025 |
| By: | /s/ Erich Rettinger |
|  | Erich Rettinger (Principal Financial Officer) |
|  | Treasurer |

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