ALPS Active REIT ETF NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-22175

ALPS ETF TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill

ALPS ETF Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s Telephone Number, including Area Code: 877-398-8461

Date of fiscal year end: November 30

Date of reporting period: December 1, 2023– May 31, 2024

Item 1.

Report to Stockholders.

(a)

Alerian MLP ETF	ALPS ETF TRUST
NYSEArcaNYSE ARCA: AMLP	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about Alerian MLP ETF (the "Fund" or "AMLP") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at www.alpsfunds.com/exchange-traded-funds/amlp. 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
Alerian MLP ETF	$44	0.85%

HOW DID THE FUND PERFORM FOR THE PERIOD?

Management's Discussion of Fund Performance

The Alerian MLP ETF delivered a total return of 8.14% (8.00% NAV) for the six-month period ended May 31, 2024. This compares to the Fund's Underlying Index, which increased 5.86% on a price-return basis and 9.94% 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 $143.1 million in income tax expense during the period.

Pipeline Transportation | Petroleum was the best-performing subsector and included NuStar Energy, which was acquired during the period after receiving a buyout offer at a 32% premium to its prior closing price. Gathering & Processing and Pipeline Transportation | Natural Gas also performed well.

Liquefaction, which only includes Cheniere Energy Partner (CQP), was the worst-performing subsector as global prices for liquefied natural gas remained weak and CQP lowered the variable component of its distribution.

AMLP: Index Performance Attribution for Six Months Ended May 31, 2024
Compression	0.10%
Gathering & Processing	3.27%
Liquefaction	-1.22%
Marketing & Distribution	0.59%
Pipeline Transportation \| Natural Gas	3.24%
Pipeline Transportation \| Petroleum	3.95%
TOTAL	9.94%

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years with the performance of the Fund's benchmark indices. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	Alerian MLP ETF (NAV)	Alerian MLP ETF (Market Price)	Alerian MLP Infrastructure Index	Alerian MLP Index	Bloomberg US 1000 Index
05/31/2014	10000	10000	10000	10000	10000
06/30/2014	10411	10417	10599	10591	10235
07/31/2014	10132	10137	10203	10216	10066
08/31/2014	10753	10759	11109	11053	10480
09/30/2014	10669	10675	10999	10880	10291
10/31/2014	10352	10358	10542	10380	10543
11/30/2014	10232	10237	10358	10112	10814
12/31/2014	9887	9892	9865	9543	10788
01/31/2015	9661	9666	9547	9252	10494
02/28/2015	9803	9809	9756	9445	11097
03/31/2015	9527	9533	9358	9044	10960
04/30/2015	9895	9901	9910	9604	11031
05/31/2015	9695	9700	9625	9260	11182
06/30/2015	9110	9115	8778	8493	10969
07/31/2015	9010	9015	8637	8217	11182
08/31/2015	8640	8645	8101	7810	10511
09/30/2015	7452	7456	6847	6616	10223
10/31/2015	8133	8137	7480	7257	11045
11/30/2015	7486	7490	6885	6671	11083
12/31/2015	7327	7331	6734	6433	10891
01/31/2016	6361	6365	5852	5719	10300
02/29/2016	6356	6359	5854	5692	10292
03/31/2016	6897	6901	6353	6165	11004
04/30/2016	7722	7727	7119	6846	11063
05/31/2016	7870	7874	7262	7019	11269
06/30/2016	8217	8221	7660	7380	11295
07/31/2016	8242	8247	7700	7421	11728
08/31/2016	8202	8206	7652	7323	11743
09/30/2016	8300	8305	7802	7459	11756
10/31/2016	8058	8062	7472	7127	11524
11/30/2016	8216	8221	7669	7291	11975
12/31/2016	8437	8441	7996	7611	12199
01/31/2017	8677	8682	8360	7983	12446
02/28/2017	8731	8736	8441	8015	12925
03/31/2017	8649	8654	8324	7911	12937
04/30/2017	8548	8552	8184	7810	13077
05/31/2017	8285	8289	7797	7457	13248
06/30/2017	8250	8255	7749	7409	13345
07/31/2017	8292	8296	7820	7505	13607
08/31/2017	7893	7898	7381	7134	13645
09/30/2017	7936	7940	7423	7183	13939
10/31/2017	7562	7566	7080	6886	14262
11/30/2017	7455	7459	6978	6793	14696
12/31/2017	7778	7783	7291	7115	14856
01/31/2018	8224	8228	7724	7525	15679
02/28/2018	7415	7419	6955	6795	15105
03/31/2018	6873	6876	6451	6324	14765
04/30/2018	7408	7412	6960	6835	14811
05/31/2018	7719	7723	7260	7181	15192
06/30/2018	7614	7618	7169	7070	15289
07/31/2018	8129	8134	7657	7535	15816
08/31/2018	8259	8264	7823	7654	16345
09/30/2018	8130	8135	7670	7534	16401
10/31/2018	7460	7464	7042	6932	15229
11/30/2018	7414	7418	7005	6874	15555
12/31/2018	6792	6796	6420	6231	14132
01/31/2019	7670	7674	7253	7018	15327
02/28/2019	7671	7675	7264	7038	15853
03/31/2019	7956	7960	7536	7279	16120
04/30/2019	7845	7849	7443	7182	16770
05/31/2019	7764	7768	7371	7100	15716
06/30/2019	7957	7962	7560	7288	16811
07/31/2019	7917	7921	7527	7274	17082
08/31/2019	7494	7498	7123	6873	16777
09/30/2019	7543	7547	7177	6922	17059
10/31/2019	7040	7044	6703	6491	17416
11/30/2019	6614	6617	6289	6118	18073
12/31/2019	7197	7201	6850	6640	18585
01/31/2020	6766	6770	6445	6267	18616
02/29/2020	5807	5810	5528	5387	17098
03/31/2020	3003	3005	2871	2843	14845
04/30/2020	4422	4425	4236	4253	16806
05/31/2020	4807	4810	4602	4634	17708
06/30/2020	4410	4413	4226	4269	18103
07/31/2020	4248	4250	4073	4117	19138
08/31/2020	4248	4250	4077	4139	20541
09/30/2020	3680	3682	3534	3575	19796
10/31/2020	3848	3850	3697	3731	19332
11/30/2020	4738	4741	4579	4619	21606
12/31/2020	4856	4858	4694	4735	22511
01/31/2021	5123	5125	4956	5011	22342
02/28/2021	5520	5523	5345	5401	23003
03/31/2021	5902	5906	5720	5774	23846
04/30/2021	6339	6342	6147	6187	25122
05/31/2021	6780	6784	6588	6655	25215
06/30/2021	7198	7202	6998	7000	25892
07/31/2021	6719	6723	6536	6558	26445
08/31/2021	6538	6542	6366	6406	27219
09/30/2021	6732	6736	6560	6600	25977
10/31/2021	7086	7090	6909	6929	27785
11/30/2021	6537	6541	6380	6409	27417
12/31/2021	6773	6777	6615	6637	28480
01/31/2022	7521	7525	7351	7371	26825
02/28/2022	7913	7917	7740	7727	26077
03/31/2022	8060	8065	7890	7885	26935
04/30/2022	8024	8029	7860	7878	24498
05/31/2022	8646	8650	8468	8487	24436
06/30/2022	7409	7413	7262	7303	22421
07/31/2022	8336	8341	8176	8215	24520
08/31/2022	8656	8660	8506	8542	23580
09/30/2022	8002	8006	7869	7891	21388
10/31/2022	9148	9153	9002	9021	23088
11/30/2022	8911	8916	9118	9117	24323
12/31/2022	8474	8479	8692	8689	22903
01/31/2023	9004	9009	9220	9263	24446
02/28/2023	8828	8833	9053	9153	23856
03/31/2023	8758	8762	8988	9044	24616
04/30/2023	8905	8910	9141	9200	24907
05/31/2023	8690	8695	9140	9152	25046
06/30/2023	9096	9101	9548	9531	26739
07/31/2023	9676	9681	10129	10099	27662
08/31/2023	9744	9749	10203	10146	27174
09/30/2023	9980	9986	10444	10475	25901
10/31/2023	9942	9948	10413	10518	25268
11/30/2023	10677	10682	11140	11240	27641
12/31/2023	10287	10293	10757	10996	29010
01/31/2024	10752	10757	11227	11483	29409
02/29/2024	11256	11262	11766	11981	31008
03/31/2024	11693	11699	12343	12523	32005
04/30/2024	11567	11573	12180	12370	30626
05/31/2024	11531	11539	12247	12391	32071

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (08/24/2010)
Alerian MLP ETF - NAV	8.00%	32.68%	8.23%	1.43%	4.22%
Alerian MLP ETF - Market Price*	8.14%	32.86%	8.28%	1.44%	4.22%
Alerian MLP Infrastructure Index	9.94%	33.99%	10.69%	2.05%	6.59%
Alerian MLP Index	10.24%	35.39%	11.78%	2.17%	6.52%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.36%	14.45%

Total Expense Ratio (per the current prospectus) is 0.85%.

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679. The Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investment. This deferred tax liability is reflected in the daily Net Asset Value (NAV) and as a result the fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

Net Asset Value (NAV) is an exchange-traded fund's per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. Information detailing the number of days the Market Price of the Fund was greater than the Fund's NAV and the number of days it was less than the Fund's NAV can be obtained at www.alpsfunds.com.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The Alerian MLP Infrastructure Index is a composite of energy infrastructure Master Limited Partnerships (MLPs). The capped, float adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZI) and on a total return basis (AMZIX), which assumes reinvestment of any dividends and distributions realized during a given period.

The Alerian MLP Index is recognized as a leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is reported on a total-return basis (AMZX), which assumes reinvestment of any dividends and distributions realized during a given period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The Fund's shares are not individually redeemable. Investors buy and sell shares of the Fund on a secondary market. Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 25,000 shares.

The Alerian MLP ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$8,407,093,414
Number of Portfolio Holdings	15
Portfolio Turnover Rate^# (%)	16%
Total Advisory Fees Paid^# ($)	$33,501,399

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Western Midstream Partners LP	13.09%
Energy Transfer LP	12.48%
Enterprise Products Partners LP	12.27%
Plains All American Pipeline LP	12.23%
MPLX LP	12.12%
Sunoco LP	10.56%
EnLink Midstream LLC	6.31%
Hess Midstream LP	5.59%
Cheniere Energy Partners LP	3.95%
USA Compression Partners LP	2.80%
Total % of Top 10 Holding	91.40%

Sector Allocation**


Pipeline Transportation \| Petroleum	27.79%
Gathering + Processing	24.99%
Pipeline Transportation \| Natural Gas	24.75%
Marketing & Distribution	15.67%
Liquefaction	3.95%
Compression	2.80%
Money Market Fund	0.05%
Total	100.00%


#	During the period.


**	% of Total Investments

Holdings are subject to change

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 www.alpsfunds.com/exchange-traded-funds/amlp.

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-AMLP-053124

Alerian Energy Infrastructure ETF	ALPS ETF TRUST
NYSEArcaNYSE ARCA: ENFR	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about Alerian Energy Infrastructure ETF (the "Fund" or "ENFR") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/enfr. 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
Alerian Energy Infrastructure ETF	$19	0.35%

HOW DID THE FUND PERFORM FOR THE PERIOD?

Management's Discussion of Fund Performance

The Alerian Energy Infrastructure ETF delivered a total return of 14.38% (14.39% NAV) for the six-month period ended May 31, 2024. This compares to the Fund's Underlying Index, which increased 11.27% on a price-return basis and 14.79% on a total-return basis.

Oil prices gained modestly and natural gas prices fell during the period.

The best-performing subsector in the portfolio was Gathering & Processing, which includes companies that transport hydrocarbons from wells to central facilities and process natural gas. This subsector includes Equitrans Midstream (ETRN), which received a buyout offer in March at an 18% premium to its prior close.

Pipeline Transportation | Natural Gas also saw strong performance. US natural gas prices improved materially between mid-March and the end of May. Companies expect artificial intelligence and related data centers to drive incremental natural gas demand in the US, adding to a positive long-term demand picture for the commodity and related infrastructure.

Liquefaction was the worst-performing subsector as global prices for liquefied natural gas remained weak.

ENFR: Index Performance Attribution for Six Months Ended May 31, 2024
Gathering & Processing	6.02%
Liquefaction	-0.71%
Pipeline Transportation \| Natural Gas	5.83%
Pipeline Transportation \| Petroleum	3.30%
Storage	0.34%
TOTAL	14.78%

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years with the performance of the Fund's benchmark indexes. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	Alerian Energy Infrastructure ETF (NAV)	Alerian Energy Infrastructure ETF (Market Price)	Alerian Midstream Energy Select Index	Alerian MLP Index	Bloomberg US 1000 Index
05/31/2014	10000	10000	10000	10000	10000
06/30/2014	10719	10711	10743	10591	10235
07/31/2014	10375	10368	10405	10216	10066
08/31/2014	11044	11037	11086	11053	10480
09/30/2014	10684	10676	10731	10880	10291
10/31/2014	10495	10488	10544	10380	10543
11/30/2014	10167	10160	10231	10112	10814
12/31/2014	10180	10173	10254	9543	10788
01/31/2015	9486	9480	9556	9252	10494
02/28/2015	9712	9705	9788	9445	11097
03/31/2015	9641	9634	9721	9044	10960
04/30/2015	10177	10170	10255	9604	11031
05/31/2015	9681	9674	9761	9260	11182
06/30/2015	9204	9197	9298	8493	10969
07/31/2015	8830	8824	8934	8217	11182
08/31/2015	8210	8204	8274	7810	10511
09/30/2015	7070	7065	7132	6616	10223
10/31/2015	7564	7558	7641	7257	11045
11/30/2015	6931	6927	7010	6671	11083
12/31/2015	6384	6380	6446	6433	10891
01/31/2016	6095	6090	6151	5719	10300
02/29/2016	6150	6145	6212	5692	10292
03/31/2016	6793	6788	6889	6165	11004
04/30/2016	7481	7476	7585	6846	11063
05/31/2016	7648	7643	7764	7019	11269
06/30/2016	8063	8057	8178	7380	11295
07/31/2016	8089	8084	8223	7421	11728
08/31/2016	8326	8320	8472	7323	11743
09/30/2016	8773	8766	8932	7459	11756
10/31/2016	8378	8372	8538	7127	11524
11/30/2016	8708	8702	8878	7291	11975
12/31/2016	9063	9056	9253	7611	12199
01/31/2017	9184	9178	9376	7983	12446
02/28/2017	9249	9243	9459	8015	12925
03/31/2017	9290	9283	9498	7911	12937
04/30/2017	9129	9122	9341	7810	13077
05/31/2017	8807	8801	9022	7457	13248
06/30/2017	8919	8913	9142	7409	13345
07/31/2017	9175	9168	9405	7505	13607
08/31/2017	8876	8870	9101	7134	13645
09/30/2017	9114	9107	9356	7183	13939
10/31/2017	8793	8787	9039	6886	14262
11/30/2017	8726	8720	8976	6793	14696
12/31/2017	9055	9048	9324	7115	14856
01/31/2018	9086	9080	9361	7525	15679
02/28/2018	8129	8123	8377	6795	15105
03/31/2018	7852	7847	8092	6324	14765
04/30/2018	8252	8246	8514	6835	14811
05/31/2018	8659	8653	8944	7181	15192
06/30/2018	8823	8817	9118	7070	15289
07/31/2018	9146	9140	9455	7535	15816
08/31/2018	9011	9004	9329	7654	16345
09/30/2018	8855	8849	9169	7534	16401
10/31/2018	8188	8182	8492	6932	15229
11/30/2018	8179	8174	8485	6874	15555
12/31/2018	7399	7394	7676	6231	14132
01/31/2019	8573	8567	8909	7018	15327
02/28/2019	8690	8684	9031	7038	15853
03/31/2019	9015	9008	9381	7279	16120
04/30/2019	8920	8914	9275	7182	16770
05/31/2019	8733	8727	9105	7100	15716
06/30/2019	9000	8993	9396	7288	16811
07/31/2019	8804	8798	9205	7274	17082
08/31/2019	8551	8545	8933	6873	16777
09/30/2019	8766	8760	9163	6922	17059
10/31/2019	8441	8435	8829	6491	17416
11/30/2019	8269	8263	8649	6118	18073
12/31/2019	8967	8961	9391	6640	18585
01/31/2020	8605	8599	9013	6267	18616
02/29/2020	7714	7708	8088	5387	17098
03/31/2020	4536	4533	4734	2843	14845
04/30/2020	5983	5979	6286	4253	16806
05/31/2020	6414	6410	6733	4634	17708
06/30/2020	6218	6213	6532	4269	18103
07/31/2020	6182	6178	6503	4117	19138
08/31/2020	6340	6336	6683	4139	20541
09/30/2020	5626	5622	5936	3575	19796
10/31/2020	5630	5627	5945	3731	19332
11/30/2020	6713	6708	7104	4619	21606
12/31/2020	6787	6783	7191	4735	22511
01/31/2021	7112	7107	7543	5011	22342
02/28/2021	7637	7632	8107	5401	23003
03/31/2021	8168	8162	8681	5774	23846
04/30/2021	8647	8640	9196	6187	25122
05/31/2021	9224	9218	9803	6655	25215
06/30/2021	9627	9620	10267	7000	25892
07/31/2021	9267	9261	9887	6558	26445
08/31/2021	9130	9124	9743	6406	27219
09/30/2021	9553	9547	10200	6600	25977
10/31/2021	10069	10062	10770	6929	27785
11/30/2021	9326	9319	9955	6409	27417
12/31/2021	9475	9469	10122	6637	28480
01/31/2022	10239	10232	10947	7371	26825
02/28/2022	10705	10697	11450	7727	26077
03/31/2022	11492	11484	12301	7885	26935
04/30/2022	11238	11230	12033	7878	24498
05/31/2022	11968	11959	12822	8487	24436
06/30/2022	10387	10379	11131	7303	22421
07/31/2022	11509	11501	12340	8215	24520
08/31/2022	11507	11499	12353	8542	23580
09/30/2022	10262	10255	11018	7891	21388
10/31/2022	11481	11473	12334	9021	23088
11/30/2022	11957	11948	12858	9117	24323
12/31/2022	11212	11204	12061	8689	22903
01/31/2023	11772	11764	12669	9263	24446
02/28/2023	11297	11289	12163	9153	23856
03/31/2023	11227	11220	12092	9044	24616
04/30/2023	11490	11482	12379	9200	24907
05/31/2023	11076	11068	11937	9152	25046
06/30/2023	11864	11856	12800	9531	26739
07/31/2023	12375	12366	13353	10099	27662
08/31/2023	12307	12299	13286	10146	27174
09/30/2023	12208	12199	13187	10475	25901
10/31/2023	12142	12133	13120	10518	25268
11/30/2023	12989	12979	14045	11240	27641
12/31/2023	12899	12890	13965	10996	29010
01/31/2024	12977	12968	14058	11483	29409
02/29/2024	13510	13501	14632	11981	31008
03/31/2024	14431	14421	15643	12523	32005
04/30/2024	14346	14336	15552	12370	30626
05/31/2024	14858	14853	16122	12391	32071

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (10/31/2013)
Alerian Energy Infrastructure ETF - NAV	14.39%	34.15%	11.21%	4.04%	5.15%
Alerian Energy Infrastructure ETF - Market Price*	14.38%	34.40%	11.24%	4.04%	5.16%
Alerian Midstream Energy Select Index	14.79%	35.06%	12.11%	4.89%	6.03%
Alerian MLP Index	10.24%	35.39%	11.78%	2.17%	3.20%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.36%	12.72%

Total Expense Ratio (per the current prospectus) is 0.35%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The Alerian Midstream Energy Select Index is comprised of 25 equity securities of issuers headquartered or incorporated in the United States and Canada that engage in the transportation, storage, and processing of energy commodities. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The Alerian Energy Infrastructure ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$145,168,882
Number of Portfolio Holdings	26
Portfolio Turnover Rate^# (%)	13%
Total Advisory Fees Paid^# ($)	$236,306

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Energy Transfer LP	9.46%
Enbridge, Inc.	8.40%
Enterprise Products Partners LP	8.27%
The Williams Cos., Inc.	5.49%
Targa Resources Corp.	5.36%
Equitrans Midstream Corp.	5.21%
Kinder Morgan, Inc.	5.18%
Plains GP Holdings LP	4.89%
Pembina Pipeline Corp.	4.87%
Cheniere Energy, Inc.	4.86%
Total % of Top 10 Holdings	61.99%

Sector Allocation**


Pipeline Transportation \| Natural Gas	37.48%
Gathering + Processing	35.30%
Pipeline Transportation \| Petroleum	18.50%
Liquefaction	5.72%
Storage	2.11%
Exchange Traded Fund	0.67%
Money Market Fund	0.22%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-ENFR-053124

ALPS Active Equity Opportunity ETF (formerly, the RiverFront Dynamic US Flex-Cap ETF)	ALPS ETF TRUST
NYSE ARCA: RFFC NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Active Equity Opportunity ETF (formerly, the RiverFront Dynamic US Flex-Cap ETF) (the "Fund" or "RFFC") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rffc. 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 Active Equity Opportunity ETF	$26	0.48%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund since inception with the performance of the Fund's benchmark indices. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	ALPS Active Equity Opportunity ETF (NAV)	ALPS Active Equity Opportunity ETF (Market Price)	S&P Composite 1500® Index	Bloomberg US 1000 Index
06/06/2016	10000	10000	10000	10000
06/30/2016	9976	9976	9957	9953
07/31/2016	10353	10365	10333	10334
08/31/2016	10366	10366	10354	10348
09/30/2016	10355	10351	10353	10359
10/31/2016	10168	10168	10149	10155
11/30/2016	10745	10753	10584	10552
12/31/2016	10942	10946	10800	10749
01/31/2017	11189	11189	10995	10967
02/28/2017	11539	11539	11412	11390
03/31/2017	11530	11530	11420	11400
04/30/2017	11565	11570	11535	11523
05/31/2017	11685	11689	11669	11674
06/30/2017	11862	11874	11758	11759
07/31/2017	12081	12085	11986	11990
08/31/2017	11844	11852	11997	12024
09/30/2017	12377	12381	12280	12283
10/31/2017	12655	12659	12561	12568
11/30/2017	13117	13121	12953	12949
12/31/2017	13219	13219	13082	13091
01/31/2018	13878	13882	13792	13816
02/28/2018	13277	13362	13276	13310
03/31/2018	13005	13042	12988	13011
04/30/2018	13094	13138	13035	13051
05/31/2018	13656	13672	13380	13387
06/30/2018	13861	13897	13463	13473
07/31/2018	14323	14335	13943	13937
08/31/2018	14756	14752	14404	14403
09/30/2018	14662	14666	14452	14452
10/31/2018	13412	13457	13422	13419
11/30/2018	13400	13404	13703	13706
12/31/2018	11941	11921	12433	12453
01/31/2019	13105	13072	13458	13506
02/28/2019	13451	13468	13904	13969
03/31/2019	13530	13518	14130	14205
04/30/2019	14029	14021	14701	14778
05/31/2019	12769	12765	13742	13849
06/30/2019	13786	13761	14717	14813
07/31/2019	13885	13922	14925	15052
08/31/2019	13324	13303	14652	14783
09/30/2019	13663	13659	14943	15032
10/31/2019	13921	13921	15256	15346
11/30/2019	14403	14407	15801	15925
12/31/2019	14871	14859	16275	16376
01/31/2020	14663	14639	16226	16404
02/29/2020	13354	13354	14872	15067
03/31/2020	11121	11079	12927	13081
04/30/2020	12608	12600	14593	14809
05/31/2020	13238	13238	15308	15604
06/30/2020	13604	13604	15612	15952
07/31/2020	14252	14252	16477	16864
08/31/2020	15083	15070	17616	18100
09/30/2020	14677	14668	16948	17444
10/31/2020	14340	14344	16562	17035
11/30/2020	15807	15816	18434	19039
12/31/2020	16618	16609	19192	19836
01/31/2021	16510	16506	19063	19687
02/28/2021	16736	16732	19660	20270
03/31/2021	17414	17418	20518	21013
04/30/2021	18262	18241	21584	22137
05/31/2021	18382	18382	21737	22219
06/30/2021	18904	18887	22188	22815
07/31/2021	19292	19270	22660	23302
08/31/2021	19745	19745	23329	23985
09/30/2021	18697	18697	22266	22890
10/31/2021	19888	19884	23792	24483
11/30/2021	19546	19542	23586	24159
12/31/2021	20325	20330	24652	25096
01/31/2022	19546	19542	23335	23637
02/28/2022	19375	19358	22714	22979
03/31/2022	19933	19933	23508	23734
04/30/2022	18517	18522	21484	21587
05/31/2022	18621	18612	21539	21533
06/30/2022	17014	17031	19743	19757
07/31/2022	18590	18590	21585	21607
08/31/2022	17855	17863	20715	20778
09/30/2022	15975	15993	18804	18847
10/31/2022	17418	17414	20373	20345
11/30/2022	18377	18364	21510	21433
12/31/2022	17365	17357	20269	20182
01/31/2023	18444	18439	21593	21541
02/28/2023	17888	17884	21081	21021
03/31/2023	18050	18028	21720	21691
04/30/2023	18173	18168	22007	21948
05/31/2023	18195	18187	22046	22070
06/30/2023	19171	19171	23542	23562
07/31/2023	19831	19831	24324	24375
08/31/2023	19406	19406	23903	23945
09/30/2023	18625	18629	22750	22823
10/31/2023	18282	18264	22209	22265
11/30/2023	19813	19800	24224	24356
12/31/2023	20762	20757	25430	25563
01/31/2024	21142	21142	25770	25915
02/29/2024	22364	22350	27142	27324
03/31/2024	23209	23201	28051	28202
04/30/2024	22265	22265	26864	26987
05/31/2024	23271	23271	28188	28260

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception^ (06/06/2016)
ALPS Active Equity Opportunity ETF - NAV	17.45%	27.89%	12.75%	11.16%
ALPS Active Equity Opportunity ETF - Market Price*	17.53%	27.95%	12.76%	11.16%
S&P Composite 1500^® Index	16.36%	27.86%	15.45%	13.86%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	13.90%

Total Expense Ratio per the current prospectus is 0.48%.

Net Asset Value (NAV) is an exchange-traded fund's per-share value. The per-share dollar amount of the fund is derived by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. Information detailing the number of days the Market Price of the Fund was greater than the Fund's NAV and the number of days it was less than the Fund's NAV can be obtained at www.alpsfunds.com.

Effective June 1, 2023, RiverFront Investment Group, LLC ceased to serve as the Sub-Adviser to the RiverFront Dynamic US Flex-Cap ETF and ALPS Advisors, Inc. assumed all responsibility for selecting the investments of the Fund. In addition, the Fund changed its name from RiverFront Dynamic US Flex-Cap ETF to ALPS Active Equity Opportunity ETF. Performance figures shown above for periods before June 1, 2023 represent performance of the Fund during the times when the Fund's investments were selected by RiverFront Investment Group, LLC. Effective June 1, 2023, ALPS Advisors, Inc. agreed to limit expenses to 0.48% of average nets assets. Prior to June 1, 2023, ALPS Advisors, Inc. agreed to limit expenses to 0.52% of average net assets up to $600 million and 0.49% for average net assets of $600 million and over.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


^‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

S&P Composite 1500^® Index is the Standard & Poor's broad-based unmanaged capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The ALPS Active Equity Opportunity ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Active Equity Opportunity ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$21,191,430
Number of Portfolio Holdings	62
Portfolio Turnover Rate^# (%)	17%
Total Advisory Fees Paid^# ($)	$56,897

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**^


NVIDIA Corp.	5.81%
Microsoft Corp.	4.30%
Apple, Inc.	4.01%
Alphabet, Inc.	3.29%
JPMorgan Chase & Co.	3.27%
Amazon.com, Inc.	3.05%
Taiwan Semiconductor Manufacturing Co., Ltd.	2.25%
UnitedHealth Group, Inc.	2.24%
ConocoPhillips	2.21%
Walmart, Inc.	2.12%
Total % of Top 10 Holdings	32.55%

Sector Allocation**


Information Technology	25.98%
Financials	12.93%
Health Care	11.74%
Industrials	11.08%
Consumer Discretionary	10.03%
Communication Services	8.05%
Consumer Staples	5.87%
Energy	5.57%
Materials	2.65%
Real Estate	1.90%
Utilities	1.40%
Money Market Fund	2.80%
Total	100.00%


^#	During the period.


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


^	Excludes Money Market Fund

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-RFFC-053124

ALPS Active REIT ETF	ALPS ETF TRUST
NASDAQ: REIT	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Active REIT ETF (the "Fund" or "REIT") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/reit. 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 Active REIT ETF	$35	0.68%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund since inception with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	ALPS Active REIT ETF (NAV)	ALPS Active REIT ETF (Market Price)	S&P United States REIT Index	Bloomberg US 1000 Index
02/25/2021	10000	10000	10000	10000
02/28/2021	9870	9878	9861	9967
03/31/2021	10284	10390	10298	10333
04/30/2021	11124	11063	11126	10885
05/31/2021	11243	11238	11229	10926
06/30/2021	11579	11587	11527	11219
07/31/2021	12152	12148	12089	11458
08/31/2021	12222	12226	12315	11794
09/30/2021	11594	11594	11640	11256
10/31/2021	12362	12370	12541	12039
11/30/2021	12201	12217	12457	11880
12/31/2021	13213	13260	13549	12340
01/31/2022	12343	12338	12612	11623
02/28/2022	12031	12019	12211	11299
03/31/2022	12813	12813	13009	11671
04/30/2022	12296	12287	12433	10615
05/31/2022	11710	11710	11668	10588
06/30/2022	10931	10926	10813	9715
07/31/2022	11970	11996	11783	10625
08/31/2022	11317	11317	11082	10217
09/30/2022	9978	9982	9735	9268
10/31/2022	10395	10408	10215	10004
11/30/2022	10960	10968	10803	10539
12/31/2022	10448	10453	10248	9924
01/31/2023	11522	11522	11335	10593
02/28/2023	10988	10988	10795	10337
03/31/2023	10740	10744	10527	10666
04/30/2023	10824	10819	10609	10792
05/31/2023	10440	10440	10285	10853
06/30/2023	10933	10924	10806	11586
07/31/2023	11266	11280	11114	11986
08/31/2023	10893	10897	10777	11774
09/30/2023	10234	10239	10048	11223
10/31/2023	9727	9731	9614	10948
11/30/2023	10791	10796	10614	11977
12/31/2023	11883	11883	11660	12570
01/31/2024	11443	11439	11174	12743
02/29/2024	11557	11566	11397	13436
03/31/2024	11784	11812	11618	13868
04/30/2024	10915	10924	10796	13270
05/31/2024	11414	11427	11293	13896

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	3 Year	Since Inception (02/25/2021)
ALPS Active REIT ETF - NAV	5.77%	9.33%	0.50%	4.14%
ALPS Active REIT ETF - Market Price*	5.85%	9.46%	0.56%	4.18%
S&P United States REIT Index	6.40%	9.81%	0.19%	3.80%
Bloomberg US 1000 Index^‡	16.03%	28.05%	8.35%	10.62%

Total Expense Ratio (per the current prospectus) is 0.68%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The S&P United States REIT Index defines and measures the investable universe of publicly traded real estate investment trusts domiciled in the United States.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies

One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Active REIT ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Active REIT ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$25,450,951
Number of Portfolio Holdings	29
Portfolio Turnover Rate^# (%)	53%
Total Advisory Fees Paid^# ($)	$76,075

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Equinix, Inc.	8.82%
VICI Properties, Inc.	6.44%
AvalonBay Communities, Inc.	5.92%
Public Storage	5.78%
Simon Property Group, Inc.	5.07%
Welltower, Inc.	4.98%
Invitation Homes, Inc.	4.95%
Prologis, Inc.	4.01%
LXP Industrial Trust	3.82%
Healthpeak Properties, Inc.	3.64%
Total % of Top 10 Holdings	53.43%

Sector Allocation**


Specialized REITs	29.79%
Residential REITs	16.87%
Retail REITs	16.83%
Industrial REITs	12.94%
Health Care REITs	10.74%
Financial	7.25%
Office REITs	3.71%
Money Market Fund	1.87%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-REIT-053124

ALPS Equal Sector Weight ETF	ALPS ETF TRUST
NYSE ARCA: EQL NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Equal Sector Weight ETF (the "Fund" or "EQL") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/eql. 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 Equal Sector Weight ETF	$9	0.16%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years with the performance of the Fund's benchmark index. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	ALPS Equal Sector Weight ETF (NAV)	ALPS Equal Sector Weight ETF (Market Price)	NYSE® Equal Sector Weight Index	S&P 500® Index
05/31/2014	10000	10000	10000	10000
06/30/2014	10226	10223	10227	10207
07/31/2014	9987	9984	9993	10066
08/31/2014	10395	10391	10399	10468
09/30/2014	10222	10218	10229	10322
10/31/2014	10463	10460	10474	10574
11/30/2014	10687	10683	10702	10858
12/31/2014	10695	10691	10713	10831
01/31/2015	10446	10442	10465	10506
02/28/2015	10925	10921	10949	11109
03/31/2015	10733	10729	10762	10934
04/30/2015	10858	10854	10885	11039
05/31/2015	10930	10926	10958	11181
06/30/2015	10656	10652	10685	10964
07/31/2015	10814	10810	10845	11194
08/31/2015	10190	10186	10218	10519
09/30/2015	9924	9920	9952	10258
10/31/2015	10727	10723	10761	11124
11/30/2015	10738	10734	10773	11157
12/31/2015	10518	10514	10552	10981
01/31/2016	10047	10043	10084	10436
02/29/2016	10135	10131	10171	10422
03/31/2016	10843	10839	10884	11129
04/30/2016	10993	10989	11038	11172
05/31/2016	11106	11101	11152	11372
06/30/2016	11232	11228	11282	11402
07/31/2016	11555	11550	11604	11822
08/31/2016	11512	11508	11561	11839
09/30/2016	11520	11516	11575	11841
10/31/2016	11290	11285	11344	11625
11/30/2016	11664	11660	11724	12056
12/31/2016	11909	11905	11971	12294
01/31/2017	12101	12097	12166	12527
02/28/2017	12527	12523	12595	13025
03/31/2017	12500	12495	12569	13040
04/30/2017	12589	12585	12663	13174
05/31/2017	12723	12718	12797	13359
06/30/2017	12804	12799	12879	13442
07/31/2017	13028	13023	13107	13719
08/31/2017	13026	13021	13107	13761
09/30/2017	13291	13286	13374	14045
10/31/2017	13522	13517	13610	14372
11/30/2017	13935	13930	14027	14813
12/31/2017	14068	14063	14078	14978
01/31/2018	14619	14613	14631	15835
02/28/2018	13892	13887	13906	15252
03/31/2018	13724	13719	13674	14864
04/30/2018	13824	13819	13775	14921
05/31/2018	14039	14034	14140	15281
06/30/2018	14212	14207	14314	15375
07/31/2018	14686	14680	14794	15947
08/31/2018	14937	14932	15048	16466
09/30/2018	14989	14983	15103	16560
10/31/2018	14106	14100	14213	15428
11/30/2018	14444	14439	14555	15743
12/31/2018	13222	13217	13327	14321
01/31/2019	14302	14297	14418	15469
02/28/2019	14689	14684	14809	15966
03/31/2019	14979	14973	15104	16276
04/30/2019	15463	15457	15593	16935
05/31/2019	14588	14583	14710	15859
06/30/2019	15554	15548	15687	16976
07/31/2019	15713	15707	15848	17220
08/31/2019	15535	15529	15671	16948
09/30/2019	15876	15870	16016	17265
10/31/2019	16042	16036	16185	17639
11/30/2019	16447	16441	16595	18279
12/31/2019	16906	16900	17061	18831
01/31/2020	16754	16748	16910	18823
02/29/2020	15295	15289	15440	17274
03/31/2020	13137	13133	13280	15140
04/30/2020	14817	14811	14978	17081
05/31/2020	15485	15479	15654	17895
06/30/2020	15587	15581	15760	18250
07/31/2020	16376	16370	16559	19279
08/31/2020	17148	17142	17342	20665
09/30/2020	16602	16596	16788	19880
10/31/2020	16305	16299	16488	19351
11/30/2020	18153	18146	18362	21470
12/31/2020	18705	18698	18921	22295
01/31/2021	18538	18531	18753	22070
02/28/2021	19295	19288	19523	22679
03/31/2021	20417	20409	20659	23672
04/30/2021	21386	21378	21643	24935
05/31/2021	21720	21712	21985	25109
06/30/2021	21900	21892	22170	25696
07/31/2021	22231	22222	22508	26306
08/31/2021	22751	22743	23039	27106
09/30/2021	21856	21847	22130	25845
10/31/2021	23320	23311	23617	27656
11/30/2021	22854	22845	23146	27464
12/31/2021	24180	24171	24496	28695
01/31/2022	23420	23411	23726	27210
02/28/2022	23002	22994	23306	26395
03/31/2022	24118	24109	24439	27375
04/30/2022	22583	22574	22885	24988
05/31/2022	22847	22838	23155	25034
06/30/2022	20829	20821	21114	22968
07/31/2022	22495	22487	22806	25085
08/31/2022	21818	21810	22122	24062
09/30/2022	19767	19759	20039	21846
10/31/2022	21425	21417	21722	23615
11/30/2022	22718	22710	23036	24935
12/31/2022	21622	21614	21929	23498
01/31/2023	22918	22910	23243	24975
02/28/2023	22153	22144	22472	24365
03/31/2023	22604	22596	22932	25260
04/30/2023	22938	22929	23273	25654
05/31/2023	22309	22301	22637	25766
06/30/2023	23786	23777	24137	27468
07/31/2023	24572	24563	24939	28350
08/31/2023	24021	24012	24380	27899
09/30/2023	23003	22994	23344	26569
10/31/2023	22425	22417	22761	26010
11/30/2023	24179	24170	24544	28386
12/31/2023	25268	25259	25654	29675
01/31/2024	25197	25188	25585	30174
02/29/2024	26271	26262	26678	31785
03/31/2024	27311	27301	27740	32808
04/30/2024	26293	26283	26708	31468
05/31/2024	27265	27257	27700	33028

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (07/07/2009)
ALPS Equal Sector Weight ETF - NAV	12.76%	22.22%	13.32%	10.55%	13.27%
ALPS Equal Sector Weight ETF - Market Price*	12.78%	22.19%	13.31%	10.55%	13.28%
NYSE^® Equal Sector Weight Index	12.86%	22.37%	13.49%	10.73%	13.52%
S&P 500^® Index^‡	16.36%	28.19%	15.80%	12.69%	14.82%

Total Expense Ratio (per the current Prospectus) is 0.46%. Net Expense Ratio (per the current Prospectus) is 0.25%. Net expense ratio reflects the reimbursement of distribution fees for underlying sector ETFs. In addition, ALPS Advisors, Inc. (the "Adviser") has contractually agreed, through March 31, 2025, to reduce its advisory fee by 0.19%. This fee waiver may only be terminated by the Fund's Board of Trustees (and not by the Adviser) prior to such date. Please see the prospectus for additional information.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The NYSE^® Equal Sector Weight Indexâ„¢ consists of a strategy that holds all active Select Sector SPDR^® ETFs in an equal-weighted portfolio. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

S&P 500^® Index: the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. The indexes are reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Equal Sector Weight ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$344,428,131
Number of Portfolio Holdings	12
Portfolio Turnover Rate^# (%)	4%
Total Advisory Fees Paid^# ($)	$267,507

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Utilities Select Sector SPDR Fund	10.18%
Communication Services Select Sector SPDR Fund	9.33%
Consumer Staples Select Sector SPDR Fund	9.10%
Technology Select Sector SPDR Fund	9.08%
Financial Select Sector SPDR Fund	9.07%
Energy Select Sector SPDR Fund	9.04%
Industrial Select Sector SPDR Fund	8.99%
Materials Select Sector SPDR Fund	8.96%
Health Care Select Sector SPDR Fund	8.78%
Consumer Discretionary Select Sector SPDR Fund	8.78%
Total % of Top 10 Holdings	91.31%

Sector Allocation**


Utilities	10.18%
Communication Services	9.33%
Consumer Staples	9.10%
Technology	9.08%
Financials	9.07%
Energy	9.04%
Industrials	8.99%
Materials	8.96%
Healthcare	8.78%
Consumer Discretionary	8.78%
Real Estate	8.66%
Money Market Fund	0.03%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-EQL-053124

ALPS Intermediate Municipal Bond ETF	ALPS ETF TRUST
NYSE ARCA: MNBD	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Intermediate Municipal Bond ETF (the "Fund" or "MNBD") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/mnbd. 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 Intermediate Municipal Bond ETF	$25	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Intermediate Municipal Bond ETF (NAV)	ALPS Intermediate Municipal Bond ETF (Market Price)	Bloomberg Municipal Bond 1-15 Year Blend Index	Bloomberg Municipal Bond Index
05/19/2022	10000	10000	10000	10000
05/31/2022	10292	10320	10244	10332
06/30/2022	10192	10244	10158	10163
07/31/2022	10444	10484	10385	10431
08/31/2022	10237	10273	10205	10203
09/30/2022	9916	9937	9895	9811
10/31/2022	9871	9907	9858	9730
11/30/2022	10238	10319	10203	10185
12/31/2022	10305	10350	10251	10214
01/31/2023	10570	10624	10481	10507
02/28/2023	10363	10416	10284	10270
03/31/2023	10564	10626	10484	10497
04/30/2023	10551	10613	10455	10473
05/31/2023	10468	10526	10362	10383
06/30/2023	10562	10612	10441	10487
07/31/2023	10598	10635	10482	10528
08/31/2023	10520	10558	10376	10377
09/30/2023	10301	10352	10143	10073
10/31/2023	10244	10265	10101	9987
11/30/2023	10734	10759	10589	10621
12/31/2023	10971	11005	10790	10868
01/31/2024	10943	11015	10748	10812
02/29/2024	10977	11037	10759	10826
03/31/2024	10989	11028	10758	10826
04/30/2024	10898	10928	10648	10692
05/31/2024	10870	10917	10585	10660

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	Since Inception (05/19/2022)
ALPS Intermediate Municipal Bond ETF - NAV	1.27%	3.85%	4.19%
ALPS Intermediate Municipal Bond ETF - Market Price*	1.47%	3.72%	4.41%
Bloomberg Municipal Bond 1-15 Year Blend Index	-0.04%	2.15%	2.83%
Bloomberg Municipal Bond Index^‡	0.37%	2.67%	3.20%

Total Expense Ratio (per the current prospectus) is 0.50%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

Bloomberg Municipal Bond 1-15 Year Blend Index is an unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between 1 and 17 years. One cannot invest directly in an index. Index performance does not reflect fund performance.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade municipal bonds. Bonds in the index have remaining maturities of at least one year.

ALPS Intermediate Municipal Bond ETF's shares are not individually redeemable. Investors buy and sell shares of the Fund on a secondary market. Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 25,000 shares.

ALPS Intermediate Municipal Bond ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$32,199,339
Number of Portfolio Holdings	110
Portfolio Turnover Rate^# (%)	44%
Total Advisory Fees Paid^# ($)	$79,065

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Port Authority of New York & New Jersey	3.61%
New Jersey Transportation Trust Fund Authority	3.19%
Tennessee Housing Development Agency	3.09%
South Dakota Housing Development Authority	2.94%
Ohio Housing Finance Agency	2.90%
North Carolina Housing Finance Agency	2.52%
Central Plains Energy Project	2.36%
Salt Verde Financial Corp.	2.19%
Development Authority of Burke County	2.01%
San Mateo Union High School District	1.64%
Total % of Top 10 Holdings	26.45%

Sector Allocation**


Revenue Bonds	83.99%
General Obligation Bonds	16.01%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-MNBD-053124

ALPS Clean Energy ETF	ALPS ETF TRUST
NYSE ARCA: ACES NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Clean Energy ETF (the "Fund" or "ACES") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/aces. 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 Clean Energy ETF	$28	0.55%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Clean Energy ETF (NAV)	ALPS Clean Energy ETF (Market Price)	S&P 1000^® Index	CIBC Atlas Clean Energy Index	Bloomberg US 1000 Index
06/28/2018	10000	10000	10000	10000	10000
06/30/2018	10068	10100	9997	10067	10009
07/31/2018	10128	10140	10217	10144	10354
08/31/2018	10505	10533	10597	10562	10700
09/30/2018	10188	10269	10410	10273	10737
10/31/2018	9687	9727	9386	9786	9969
11/30/2018	10032	10092	9631	10132	10183
12/31/2018	9122	9138	8518	9210	9251
01/31/2019	10220	10264	9414	10319	10034
02/28/2019	10907	10964	9817	11017	10378
03/31/2019	10896	10896	9676	11008	10553
04/30/2019	11445	11449	10061	11560	10978
05/31/2019	10896	10875	9236	11015	10288
06/30/2019	12022	12034	9937	12166	11005
07/31/2019	12518	12603	10053	12674	11182
08/31/2019	12433	12433	9622	12580	10983
09/30/2019	12602	12643	9925	12755	11167
10/31/2019	12737	12774	10061	12899	11401
11/30/2019	13170	13223	10364	13334	11831
12/31/2019	13824	13869	10660	14004	12166
01/31/2020	14895	14927	10339	15095	12187
02/29/2020	15248	15268	9354	15453	11193
03/31/2020	11873	11828	7401	12003	9718
04/30/2020	13873	13869	8418	14069	11002
05/31/2020	14896	14896	8961	15096	11593
06/30/2020	16154	16158	9138	16377	11851
07/31/2020	18631	18673	9546	18950	12528
08/31/2020	22160	22189	9894	22496	13447
09/30/2020	22950	22954	9531	23304	12959
10/31/2020	22883	22912	9749	23251	12655
11/30/2020	29034	29055	11250	29520	14144
12/31/2020	33171	33225	12044	33745	14736
01/31/2021	38112	38079	12397	38784	14626
02/28/2021	33652	33631	13272	34255	15059
03/31/2021	32308	32342	13835	32895	15611
04/30/2021	30191	30199	14352	30740	16446
05/31/2021	28713	28705	14463	29270	16507
06/30/2021	31523	31519	14376	32110	16950
07/31/2021	30092	30063	14303	30658	17311
08/31/2021	29334	29322	14585	29897	17819
09/30/2021	27542	27547	14074	28091	17005
10/31/2021	33003	32991	14796	33673	18189
11/30/2021	30823	30819	14390	31460	17948
12/31/2021	26767	26771	15097	27329	18644
01/31/2022	22344	22323	14006	22816	17561
02/28/2022	23664	23706	14174	24165	17071
03/31/2022	26426	26443	14326	26991	17632
04/30/2022	20953	20933	13278	21400	16037
05/31/2022	22233	22208	13422	22712	15997
06/30/2022	20384	20380	12174	20819	14678
07/31/2022	24945	24957	13464	25485	16052
08/31/2022	26416	26450	12994	26989	15436
09/30/2022	23283	23304	11773	23784	14001
10/31/2022	22981	22972	13076	23474	15114
11/30/2022	23426	23393	13799	23935	15923
12/31/2022	19242	19204	12986	19661	14993
01/31/2023	22317	22308	14195	22799	16003
02/28/2023	20377	20377	13963	20809	15617
03/31/2023	19657	19645	13432	20067	16114
04/30/2023	17977	17955	13247	18346	16305
05/31/2023	18340	18335	12881	18712	16396
06/30/2023	19125	19117	14024	19513	17504
07/31/2023	20396	20413	14662	20807	18109
08/31/2023	17638	17630	14182	17990	17789
09/30/2023	15584	15563	13405	15897	16955
10/31/2023	12582	12578	12673	12815	16541
11/30/2023	13326	13322	13742	13574	18095
12/31/2023	15331	15323	15110	15624	18991
01/31/2024	12802	12819	14745	13045	19252
02/29/2024	12802	12802	15503	13041	20299
03/31/2024	12678	12665	16261	12913	20952
04/30/2024	11494	11490	15302	11660	20049
05/31/2024	13489	13494	16004	13686	20995

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (06/28/2018)
ALPS Clean Energy ETF - NAV	1.22%	-26.45%	4.36%	5.18%
ALPS Clean Energy ETF - Market Price*	1.29%	-26.41%	4.41%	5.19%
CIBC Atlas Clean Energy Index	0.82%	-26.87%	4.44%	5.44%
S&P 1000^® Index	16.46%	24.25%	11.62%	8.26%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	13.34%

Total Expense Ratio (per the current prospectus) is 0.55%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

CIBC Atlas Clean Energy Index is an adjusted market cap weighted index designed to provide exposure to a diverse set of U.S. or Canadian based companies involved in the clean energy sector including renewables and clean technology. The clean energy sector is comprised of companies that provide the products and services which enable the evolution of a more sustainable energy sector. Clean energy business segments include but are not limited to: solar, wind, hydro, geothermal, electric vehicles, LED, biomass, smart grid, energy efficiency and storage. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The S&P 1000^® Index combines the S&P MidCap 400^® and the S&P SmallCap 600^® to form an investable benchmark for the mid- to small-cap segment of the U.S. equity market. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Clean Energy ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Clean Energy ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$220,213,842
Number of Portfolio Holdings	41
Portfolio Turnover Rate^# (%)	18%
Total Advisory Fees Paid^# ($)	$663,146

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


First Solar, Inc.	8.30%
Brookfield Renewable Partners LP	5.89%
Itron, Inc.	5.16%
Enphase Energy, Inc.	4.76%
Rivian Automotive, Inc.	4.64%
Northland Power, Inc.	4.64%
NEXTracker, Inc.	4.64%
Darling Ingredients, Inc.	4.46%
Tesla, Inc.	4.24%
Ormat Technologies, Inc.	4.15%
Total % of Top 10 Holdings	50.88%

Clean Energy Segment Allocation**


Solar	29.64%
Electric Vehicles	24.13%
Wind	14.35%
Bioenergy	10.18%
Hydro/Geothermal	10.04%
Energy Management & Storage	7.70%
Fuel Cell/Hydrogen	3.92%
Money Market Fund	0.04%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-ACES-053124

ALPS Disruptive Technologies ETF	ALPS ETF TRUST
NYSE ARCA: DTEC NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Disruptive Technologies ETF (the "Fund" or "DTEC") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/dtec. 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 Disruptive Technologies ETF	$26	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Disruptive Technologies ETF (NAV)	ALPS Disruptive Technologies ETF (Market Price)	Indxx Disruptive Technologies Index	Morningstar Global Markets Index
12/28/2017	10000	10000	10000	10000
12/31/2017	9952	9984	9955	9993
01/31/2018	10662	10694	10683	10530
02/28/2018	10415	10482	10433	10093
03/31/2018	10522	10614	10554	9895
04/30/2018	10654	10710	10679	9995
05/31/2018	11005	11069	11029	10020
06/30/2018	11037	11093	11064	9957
07/31/2018	11188	11228	11221	10238
08/31/2018	11958	12002	12007	10332
09/30/2018	11798	11878	11841	10358
10/31/2018	10235	10279	10272	9557
11/30/2018	10447	10451	10483	9702
12/31/2018	9625	9577	9639	9011
01/31/2019	10837	10825	10872	9735
02/28/2019	11430	11474	11462	9999
03/31/2019	11590	11634	11621	10104
04/30/2019	12166	12194	12191	10437
05/31/2019	11354	11350	11373	9825
06/30/2019	12174	12182	12211	10451
07/31/2019	12150	12218	12199	10477
08/31/2019	11602	11594	11640	10223
09/30/2019	11594	11614	11636	10437
10/31/2019	11954	11950	11995	10730
11/30/2019	12754	12790	12800	10995
12/31/2019	12908	12925	12960	11376
01/31/2020	13218	13210	13269	11232
02/29/2020	12302	12370	12328	10313
03/31/2020	10679	10639	10705	8848
04/30/2020	12234	12189	12294	9810
05/31/2020	13519	13507	13589	10268
06/30/2020	13873	13893	13945	10584
07/31/2020	14913	14949	15018	11124
08/31/2020	15652	15677	15763	11799
09/30/2020	15444	15472	15554	11432
10/31/2020	15114	15150	15222	11182
11/30/2020	17272	17284	17410	12592
12/31/2020	18621	18613	18770	13204
01/31/2021	18762	18798	18922	13163
02/28/2021	18629	18653	18798	13504
03/31/2021	18081	18113	18245	13847
04/30/2021	18778	18782	18950	14446
05/31/2021	18629	18629	18790	14659
06/30/2021	19585	19589	19772	14822
07/31/2021	19940	19948	20137	14896
08/31/2021	20605	20609	20820	15268
09/30/2021	19528	19532	19738	14664
10/31/2021	20815	20847	21051	15368
11/30/2021	19448	19464	19636	14954
12/31/2021	19562	19558	19782	15554
01/31/2022	17456	17488	17664	14744
02/28/2022	16926	16817	17150	14414
03/31/2022	17290	17258	17515	14706
04/30/2022	15184	15144	15373	13547
05/31/2022	14760	14756	14942	13551
06/30/2022	13446	13446	13611	12382
07/31/2022	14877	14897	15067	13252
08/31/2022	14169	14141	14366	12785
09/30/2022	12759	12746	12938	11554
10/31/2022	13547	13531	13738	12249
11/30/2022	14117	14129	14287	13196
12/31/2022	13481	13457	13673	12726
01/31/2023	14893	14872	15121	13619
02/28/2023	14537	14516	14771	13240
03/31/2023	15058	15058	15297	13575
04/30/2023	14674	14670	14914	13760
05/31/2023	15167	15167	15408	13593
06/30/2023	15883	15899	16149	14379
07/31/2023	16381	16389	16669	14920
08/31/2023	15301	15297	15565	14501
09/30/2023	14355	14339	14617	13905
10/31/2023	13316	13336	13555	13451
11/30/2023	15552	15519	15846	14690
12/31/2023	16834	16826	17138	15441
01/31/2024	16376	16352	16693	15496
02/29/2024	17049	17021	17380	16142
03/31/2024	17142	17134	17479	16648
04/30/2024	16299	16242	16616	16096
05/31/2024	16688	16696	17008	16737

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (12/28/2017)
ALPS Disruptive Technologies ETF - NAV	7.31%	10.03%	8.01%	8.30%
ALPS Disruptive Technologies ETF - Market Price*	7.58%	10.08%	8.03%	8.31%
Indxx Disruptive Technologies Index	7.33%	10.38%	8.38%	8.62%
Morningstar Global Markets Index^‡	13.93%	23.13%	11.24%	8.35%

Total Expense Ratio (per the current prospectus) is 0.50%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

Indxx Disruptive Technologies Index (Ticker: IDTEC) is based around companies that enter traditional markets with new digital forms of production and distribution, are likely to disrupt an existing market and value network, displace established market leading firms, products and alliances and increasingly gain market share. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

The Morningstar Global Markets Index, measures the performance of the stocks located in the developed and emerging countries across the world. Stocks in the index are weighted by their float capital, which removes corporate cross ownership, government holdings and other locked-in shares.

One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Disruptive Technologies ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Disruptive Technologies ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$96,720,036
Number of Portfolio Holdings	96
Portfolio Turnover Rate^# (%)	15%
Total Advisory Fees Paid^# ($)	$254,433

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


First Solar, Inc.	1.79%
SenseTime Group, Inc.	1.68%
PROCEPT BioRobotics Corp.	1.42%
China Longyuan Power Group Corp., Ltd.	1.32%
Boston Scientific Corp.	1.31%
Goldwind Science & Technology Co., Ltd.	1.30%
Shanghai MicroPort MedBot Group Co., Ltd.	1.30%
ResMed, Inc.	1.25%
Sensata Technologies Holding PLC	1.24%
Netflix, Inc.	1.24%
Total % of Top 10 Holdings	13.85%

Thematic Allocation**


Clean Energy & Smart Grid	11.54%
Robotics & Artificial Intelligence	11.25%
Healthcare Innovation	10.55%
Internet of Things	10.41%
Cybersecurity	9.64%
Data & Analytics	9.54%
FinTech	9.29%
Cloud Computing	9.12%
3D Printing	8.96%
Mobile Payments	8.47%
Consumer, Non-cyclical	0.97%
Money Market Fund	0.26%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-DTEC-053124

ALPS Global Travel Beneficiaries ETF	ALPS ETF TRUST
NYSE ARCA: JRNY NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Global Travel Beneficiaries ETF (the "Fund" or "JRNY") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/jrny. 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 Global Travel Beneficiaries ETF	$34	0.65%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Global Travel Beneficiaries ETF (NAV)	ALPS Global Travel Beneficiaries ETF (Market Price)	Morningstar Global Markets Index	S-Network Global Travel Index
09/08/2021	10000	10000	10000	10000
09/30/2021	9908	9912	9582	9904
10/31/2021	10145	10173	10042	10153
11/30/2021	9466	9478	9771	9472
12/31/2021	10030	10046	10163	10049
01/31/2022	9676	9704	9634	9689
02/28/2022	9753	9737	9419	9786
03/31/2022	9712	9708	9610	9761
04/30/2022	9158	9134	8852	9189
05/31/2022	8647	8683	8855	8680
06/30/2022	7514	7534	8090	7540
07/31/2022	8217	8249	8659	8247
08/31/2022	8084	8076	8354	8126
09/30/2022	7288	7288	7550	7327
10/31/2022	7803	7807	8004	7849
11/30/2022	8494	8523	8622	8521
12/31/2022	8064	8060	8316	8111
01/31/2023	9326	9330	8899	9389
02/28/2023	9121	9117	8651	9195
03/31/2023	9133	9145	8870	9210
04/30/2023	9170	9178	8991	9245
05/31/2023	8763	8767	8882	8838
06/30/2023	9519	9531	9395	9603
07/31/2023	9829	9837	9749	9923
08/31/2023	9202	9210	9475	9296
09/30/2023	8598	8598	9086	8689
10/31/2023	8043	8068	8789	8131
11/30/2023	8920	8928	9599	9021
12/31/2023	9676	9664	10090	9790
01/31/2024	9680	9660	10126	9808
02/29/2024	10234	10226	10548	10362
03/31/2024	10412	10420	10878	10548
04/30/2024	9862	9850	10517	9992
05/31/2024	9830	9854	10936	9962

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	Since Inception (09/08/2021)
ALPS Global Travel Beneficiaries ETF - NAV	10.20%	12.17%	-0.63%
ALPS Global Travel Beneficiaries ETF - Market Price*	10.37%	12.40%	-0.54%
S-Network Global Travel Index	10.43%	12.71%	-0.14%
Morningstar Global Markets Index^‡	13.93%	23.13%	3.34%

Total Expense Ratio (per the current prospectus) is 0.65%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The S-Network Global Travel Index (Ticker: TRAVEL) is an Index of stocks listed on global recognized stock exchanges that are materially engaged in segments of the global travel industry, including Airlines & Airport Services; Hotels, Casinos, and Cruise Lines; Booking & Rental Agencies; and ancillary beneficiaries of global travel. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Global Travel Beneficiaries ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Global Travel Beneficiaries ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$6,082,292
Number of Portfolio Holdings	77
Portfolio Turnover Rate^# (%)	17%
Total Advisory Fees Paid^# ($)	$20,988

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Booking Holdings, Inc.	5.09%
American Express Co.	5.03%
Hilton Worldwide Holdings, Inc.	4.58%
Walt Disney Co.	4.41%
Marriott International, Inc.	4.38%
Airbnb, Inc.	4.15%
LVMH Moet Hennessy Louis Vuitton SE	4.05%
Estee Lauder Cos., Inc.	3.87%
Uber Technologies, Inc.	3.80%
Delta Air Lines, Inc.	3.80%
Total % of Top 10 Holdings	43.16%

Thematic Allocation**


Hotels, Casinos & Cruise Lines	33.05%
Global Travel Beneficiaries	28.74%
Airlines & Airport Services	17.86%
Booking & Rental Agencies	16.59%
Specialized REITs	2.04%
Hotel & Resort REITs	1.40%
Money Market Fund	0.32%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-JRNY-053124

ALPS Medical Breakthroughs ETF	ALPS ETF TRUST
NYSE ARCA: SBIO NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Medical Breakthroughs ETF (the "Fund" or "SBIO") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/sbio. 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 Medical Breakthroughs ETF	$28	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Medical Breakthroughs ETF (NAV)	ALPS Medical Breakthroughs ETF (Market Price)	S-Network^® Medical Breakthrough Index	NASDAQ Biotechnology Index	Bloomberg US 1000 Index
12/30/2014	10000	10000	10000	10000	10000
12/31/2014	10057	10065	10058	9978	9900
01/31/2015	10856	10869	10863	10566	9630
02/28/2015	11822	11834	11831	11088	10184
03/31/2015	12114	12131	12130	11302	10058
04/30/2015	11494	11494	11512	10992	10124
05/31/2015	13746	13754	13772	12012	10262
06/30/2015	14399	14403	14434	12153	10067
07/31/2015	15369	15377	15413	12588	10262
08/31/2015	13389	13385	13433	11261	9646
09/30/2015	11327	11319	11371	9974	9382
10/31/2015	12070	12070	12120	10733	10136
11/30/2015	13080	13080	13144	11014	10171
12/31/2015	12881	12869	12949	11152	9995
01/31/2016	9261	9257	9315	8809	9453
02/29/2016	8535	8531	8588	8385	9446
03/31/2016	8912	8904	8970	8600	10099
04/30/2016	9541	9550	9608	8847	10153
05/31/2016	10296	10304	10374	9226	10342
06/30/2016	9213	9209	9286	8504	10366
07/31/2016	10187	10179	10272	9561	10763
08/31/2016	9789	9777	9873	9281	10777
09/30/2016	10584	10580	10680	9566	10789
10/31/2016	8868	8864	8944	8477	10576
11/30/2016	9805	9805	9894	9057	10990
12/31/2016	9318	9322	9407	8771	11195
01/31/2017	9517	9521	9610	9206	11422
02/28/2017	10621	10609	10725	9837	11862
03/31/2017	10471	10471	10574	9722	11873
04/30/2017	10804	10800	10910	9865	12001
05/31/2017	9927	9923	10026	9481	12158
06/30/2017	11250	11250	11367	10292	12247
07/31/2017	11514	11518	11634	10591	12488
08/31/2017	12549	12545	12682	11077	12523
09/30/2017	12666	12666	12802	11090	12792
10/31/2017	12301	12305	12435	10445	13089
11/30/2017	12865	12861	13010	10508	13487
12/31/2017	13503	13520	13667	10669	13634
01/31/2018	14717	14725	14898	11411	14389
02/28/2018	14189	14296	14368	10807	13862
03/31/2018	14135	14189	14316	10675	13551
04/30/2018	14003	14073	14188	10359	13593
05/31/2018	15774	15774	15988	10850	13942
06/30/2018	15353	15304	15568	11004	14032
07/31/2018	15481	15456	15702	11682	14515
08/31/2018	15968	15968	16197	12251	15000
09/30/2018	16245	16241	16442	12236	15052
10/31/2018	13908	13916	14075	10450	13976
11/30/2018	13871	13875	14042	10948	14275
12/31/2018	11990	11923	12158	9723	12969
01/31/2019	13613	13558	13805	11026	14066
02/28/2019	14632	14696	14843	11326	14549
03/31/2019	15363	15354	15589	11235	14794
04/30/2019	14505	14492	14722	10693	15391
05/31/2019	13728	13736	13936	10048	14423
06/30/2019	15371	15295	15615	10982	15428
07/31/2019	14989	15078	15230	10644	15676
08/31/2019	14632	14603	14865	10370	15397
09/30/2019	13422	13418	13639	10035	15656
10/31/2019	14802	14807	15021	10811	15983
11/30/2019	16782	16786	17037	12054	16586
12/31/2019	17969	17977	18249	12165	17056
01/31/2020	16898	16856	17167	11483	17085
02/29/2020	16405	16393	16670	11525	15692
03/31/2020	13537	13520	13764	10915	13624
04/30/2020	16210	16214	16488	12555	15424
05/31/2020	17621	17638	17922	13623	16252
06/30/2020	17769	17761	18080	13852	16614
07/31/2020	16983	16983	17288	13616	17564
08/31/2020	17587	17582	17906	13746	18851
09/30/2020	17485	17468	17807	13738	18168
10/31/2020	18547	18577	18895	13226	17742
11/30/2020	20820	20837	21215	14707	19829
12/31/2020	21780	21785	22204	15379	20659
01/31/2021	23807	23799	24152	16341	20504
02/28/2021	23476	23480	23941	15969	21111
03/31/2021	21334	21338	21769	15295	21885
04/30/2021	21296	21270	21731	15750	23056
05/31/2021	19826	19817	20238	15446	23141
06/30/2021	20812	20795	21257	16694	23762
07/31/2021	18742	18721	19148	16661	24269
08/31/2021	19936	19919	20378	17355	24980
09/30/2021	19358	19358	19795	16515	23840
10/31/2021	19579	19571	20021	16202	25499
11/30/2021	18245	18224	18645	15574	25161
12/31/2021	17961	17961	18361	15383	26137
01/31/2022	14820	14799	15158	13557	24618
02/28/2022	14281	14260	14608	13022	23932
03/31/2022	14319	14302	14655	13588	24719
04/30/2022	12118	12118	12404	12265	22483
05/31/2022	10924	10920	11184	12123	22426
06/30/2022	11770	11765	12096	12259	20577
07/31/2022	12666	12671	13024	12763	22503
08/31/2022	13465	13461	13848	12641	21640
09/30/2022	12789	12785	13158	12343	19629
10/31/2022	13044	13044	13428	13443	21189
11/30/2022	13295	13282	13717	14244	22322
12/31/2022	12955	12942	13373	13825	21019
01/31/2023	13822	13813	14271	14310	22435
02/28/2023	12862	12849	13273	13390	21893
03/31/2023	11579	11587	11953	13566	22591
04/30/2023	12730	12730	13141	13770	22858
05/31/2023	13418	13410	13854	13414	22986
06/30/2023	13423	13418	13867	13437	24539
07/31/2023	13618	13627	14076	13612	25387
08/31/2023	12632	12628	13053	13579	24939
09/30/2023	11587	11583	11971	13057	23770
10/31/2023	10414	10414	10764	12201	23189
11/30/2023	11200	11192	11577	12808	25367
12/31/2023	14013	14009	14495	14461	26624
01/31/2024	14102	14102	14593	14508	26990
02/29/2024	15712	15712	16253	14671	28458
03/31/2024	15256	15244	15788	14689	29373
04/30/2024	13966	13966	14453	13801	28107
05/31/2024	14192	14247	14697	14615	29433

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (12/30/2014)
ALPS Medical Breakthroughs ETF - NAV	26.71%	5.76%	0.67%	3.79%
ALPS Medical Breakthroughs ETF - Market Price*	27.30%	6.24%	0.73%	3.83%
S-Network® Medical Breakthrough Index	26.94%	6.08%	1.07%	4.17%
NASDAQ Biotechnology Index	14.11%	8.95%	7.78%	4.11%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.15%

Total Expense Ratio (per the current prospectus) is 0.50%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

S-Network^® Medical Breakthroughs Index (Ticker: PMBI) is designed to capture research and development opportunities in the biotechnology industry. PMBI consists of small-cap and mid-cap biotechnology stocks listed on U.S. stock exchanges that have one or more drugs in either Phase II or Phase III U.S. FDA clinical trials. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

NASDAQ Biotechnology Index (Ticker: NBI) is a modified market capitalization-weighted index designed to measure the performance of all the NASDAQ stocks in the biotechnology sector. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

One cannot invest directly in an index. Index performance does not reflect fund performance.

Companies in the pharmaceuticals and biotechnology industry may be subject to extensive litigation based on product liability and similar claims. Legislation introduced or considered by certain governments on such industries or on the healthcare sector cannot be predicted.

Companies in the pharmaceuticals industry are subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. The profitability of some companies in the pharmaceuticals industry may be dependent on a relatively limited number of products. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the pharmaceuticals industry are subject to government approvals, regulation and reimbursement rates. The process of obtaining government approvals may be long and costly. Many companies in the pharmaceuticals industry are heavily dependent on patents and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

The development of new drugs generally has a high failure rate, and such failures may negatively impact the stock price of the company developing the failed drug. Biotechnology companies may have persistent losses during a new product's transition from development to production. In order to fund operations, biotechnology companies may require financing from the capital markets, which may not always be available on satisfactory terms or at all.

The ALPS Medical Breakthroughs ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS Medical Breakthroughs ETF.

ALPS Portfolio Solutions Distributor, Inc. is not affiliated with S-Network Global Indexes, Inc.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$104,163,663
Number of Portfolio Holdings	90
Portfolio Turnover Rate^# (%)	35%
Total Advisory Fees Paid^# ($)	$264,134

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Vaxcyte, Inc.	5.18%
Cerevel Therapeutics Holdings, Inc.	5.04%
Viking Therapeutics, Inc.	4.45%
REVOLUTION Medicines, Inc.	4.30%
Summit Therapeutics, Inc.	4.14%
Alkermes PLC	2.66%
Axsome Therapeutics, Inc.	2.37%
Crinetics Pharmaceuticals, Inc.	2.36%
Corcept Therapeutics, Inc.	2.13%
Merus NV	2.10%
Total % of Top 10 Holdings	34.73%

Sector Allocation**


Biotechnology	87.31%
Pharmaceuticals	11.36%
Health Care Providers & Services	1.11%
Money Market Fund	0.22%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-SBIO-053124

ALPS Sector Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: SDOG NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS Sector Dividend Dogs ETF (the "Fund" or "SDOG") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/sdog. 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 Sector Dividend Dogs ETF	$19	0.36%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Sector Dividend Dogs ETF (NAV)	ALPS Sector Dividend Dogs ETF (Market Price)	S-Network® Sector Dividend Dogs Index	S&P 500® Index
05/31/2014	10000	10000	10000	10000
06/30/2014	10252	10250	10259	10207
07/31/2014	10088	10085	10095	10066
08/31/2014	10452	10450	10467	10468
09/30/2014	10286	10283	10301	10322
10/31/2014	10509	10507	10533	10574
11/30/2014	10722	10719	10749	10858
12/31/2014	10609	10606	10641	10831
01/31/2015	10255	10252	10286	10506
02/28/2015	10723	10720	10762	11109
03/31/2015	10427	10425	10467	10934
04/30/2015	10861	10858	10906	11039
05/31/2015	10768	10765	10815	11181
06/30/2015	10395	10392	10442	10964
07/31/2015	10344	10341	10399	11194
08/31/2015	9992	9989	10045	10519
09/30/2015	9699	9696	9752	10258
10/31/2015	10509	10507	10572	11124
11/30/2015	10378	10375	10444	11157
12/31/2015	10269	10267	10340	10981
01/31/2016	9845	9842	9914	10436
02/29/2016	10391	10388	10472	10422
03/31/2016	11343	11340	11441	11129
04/30/2016	11506	11503	11612	11172
05/31/2016	11605	11602	11716	11372
06/30/2016	11722	11719	11839	11402
07/31/2016	12316	12313	12444	11822
08/31/2016	12213	12210	12345	11839
09/30/2016	12326	12322	12464	11841
10/31/2016	11913	11910	12049	11625
11/30/2016	12542	12539	12692	12056
12/31/2016	12566	12563	12723	12294
01/31/2017	12763	12760	12925	12527
02/28/2017	13113	13110	13286	13025
03/31/2017	12949	12945	13123	13040
04/30/2017	12870	12867	13049	13174
05/31/2017	12774	12770	12955	13359
06/30/2017	12988	12984	13178	13442
07/31/2017	13109	13106	13305	13719
08/31/2017	12969	12966	13167	13761
09/30/2017	13523	13519	13735	14045
10/31/2017	13553	13550	13774	14372
11/30/2017	13995	13991	14230	14813
12/31/2017	14158	14154	14400	14978
01/31/2018	14882	14878	15142	15835
02/28/2018	14034	14030	14284	15252
03/31/2018	13637	13633	13884	14864
04/30/2018	13749	13746	14004	14921
05/31/2018	13884	13880	14145	15281
06/30/2018	14012	14009	14282	15375
07/31/2018	14413	14409	14697	15947
08/31/2018	14532	14528	14824	16466
09/30/2018	14571	14567	14869	16560
10/31/2018	13850	13846	14137	15428
11/30/2018	14066	14062	14360	15743
12/31/2018	12559	12555	12825	14321
01/31/2019	13662	13659	13961	15469
02/28/2019	13848	13845	14155	15966
03/31/2019	13888	13885	14200	16276
04/30/2019	14325	14322	14655	16935
05/31/2019	13082	13078	13384	15859
06/30/2019	14204	14200	14543	16976
07/31/2019	14302	14298	14647	17220
08/31/2019	13671	13668	14004	16948
09/30/2019	14454	14450	14813	17265
10/31/2019	14599	14595	14966	17639
11/30/2019	15087	15083	15472	18279
12/31/2019	15584	15580	15996	18831
01/31/2020	14929	14925	15327	18823
02/29/2020	13453	13449	13806	17274
03/31/2020	10556	10553	10834	15140
04/30/2020	11884	11881	12206	17081
05/31/2020	12134	12131	12468	17895
06/30/2020	12411	12408	12755	18250
07/31/2020	12735	12732	13091	19279
08/31/2020	13274	13270	13640	20665
09/30/2020	13031	13028	13395	19880
10/31/2020	13086	13083	13458	19351
11/30/2020	15046	15042	15485	21470
12/31/2020	15526	15522	15990	22295
01/31/2021	15627	15623	16098	22070
02/28/2021	16714	16710	17226	22679
03/31/2021	18031	18026	18600	23672
04/30/2021	18641	18636	19238	24935
05/31/2021	19136	19130	19755	25109
06/30/2021	18736	18731	19349	25696
07/31/2021	18428	18423	19036	26306
08/31/2021	18743	18738	19366	27106
09/30/2021	18235	18230	18844	25845
10/31/2021	18614	18609	19240	27656
11/30/2021	18021	18016	18633	27464
12/31/2021	19314	19309	19988	28695
01/31/2022	19585	19579	20275	27210
02/28/2022	19556	19550	20254	26395
03/31/2022	20033	20028	20756	27375
04/30/2022	19637	19631	20345	24988
05/31/2022	20365	20359	21111	25034
06/30/2022	18436	18431	19105	22968
07/31/2022	19124	19118	19826	25085
08/31/2022	18660	18655	19349	24062
09/30/2022	16760	16756	17374	21846
10/31/2022	18625	18620	19312	23615
11/30/2022	19899	19893	20646	24935
12/31/2022	19289	19284	20019	23498
01/31/2023	20684	20678	21479	24975
02/28/2023	19597	19591	20354	24365
03/31/2023	19414	19409	20166	25260
04/30/2023	19501	19496	20264	25654
05/31/2023	17913	17908	18614	25766
06/30/2023	19136	19130	19897	27468
07/31/2023	19883	19878	20679	28350
08/31/2023	19300	19295	20060	27899
09/30/2023	18238	18233	18955	26569
10/31/2023	17493	17489	18186	26010
11/30/2023	18889	18884	19633	28386
12/31/2023	20072	20067	20882	29675
01/31/2024	19931	19926	20740	30174
02/29/2024	20213	20208	21040	31785
03/31/2024	21372	21366	22256	32808
04/30/2024	20587	20582	21449	31468
05/31/2024	21447	21453	22352	33028

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (06/29/2012)
ALPS Sector Dividend Dogs ETF - NAV	13.54%	19.73%	10.39%	7.93%	10.77%
ALPS Sector Dividend Dogs ETF - Market Price*	13.63%	19.79%	10.42%	7.93%	10.77%
S-Network^® Sector Dividend Dogs Index	13.85%	20.09%	10.80%	8.38%	11.24%
S&P 500^® Index^‡	16.36%	28.19%	15.80%	12.69%	14.19%

Total Expense Ratio (per the current prospectus) is 0.36%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The S-Network^® Sector Dividend Dogs Index is designed to serve as a fair, impartial and transparent measure of the performance of US large cap equities with above average dividend yields. The Underlying Index is a portfolio of fifty stocks derived from the S-Network US Equity WR Large-Cap 500 Index ("S-Net 500"). The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The S&P 500^® Index is an index of 500 stocks chosen for market size, liquidity and industry grouping among other factors. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Sector Dividend Dogs ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$1,155,068,694
Number of Portfolio Holdings	51
Portfolio Turnover Rate^# (%)	45%
Total Advisory Fees Paid^# ($)	$2,047,145

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


3M Co.	2.47%
International Paper Co.	2.41%
International Flavors & Fragrances, Inc.	2.37%
HP, Inc.	2.30%
RTX Corp.	2.30%
Williams Cos., Inc.	2.23%
Corning, Inc.	2.21%
Texas Instruments, Inc.	2.19%
Dominion Resources, Inc.	2.18%
Edison International	2.15%
Total % of Top 10 Holdings	22.81%

Sector Allocation**


Materials	10.80%
Energy	10.58%
Utilities	10.41%
Industrials	10.39%
Information Technology	10.30%
Financials	9.95%
Consumer Staples	9.77%
Communication Services	9.74%
Consumer Discretionary	9.30%
Health Care	8.59%
Money Market Fund	0.17%
Total	100.00%


#	During the period.


**	% of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-SDOG-053124

ALPS International Sector Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: IDOG NYSEArca	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/idog. 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 International Sector Dividend Dogs ETF	$26	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS International Sector Dividend Dogs ETF (NAV)	ALPS International Sector Dividend Dogs ETF (Market Price)	S-Network® International Sector Dividend Dogs Index	Morningstar Developed Markets ex-North America Index
05/31/2014	10000	10000	10000	10000
06/30/2014	10175	10114	10178	10105
07/31/2014	9850	9791	9858	9900
08/31/2014	9737	9678	9746	9884
09/30/2014	9279	9224	9288	9484
10/31/2014	9021	8966	9031	9340
11/30/2014	8946	8892	8961	9453
12/31/2014	8636	8584	8670	9153
01/31/2015	8685	8633	8721	9193
02/28/2015	9143	9088	9189	9744
03/31/2015	8922	8869	8971	9600
04/30/2015	9340	9284	9392	9998
05/31/2015	9095	9040	9143	9948
06/30/2015	8749	8696	8790	9684
07/31/2015	8873	8820	8916	9908
08/31/2015	8313	8263	8354	9221
09/30/2015	7914	7867	7956	8738
10/31/2015	8401	8350	8452	9400
11/30/2015	8251	8202	8303	9272
12/31/2015	8105	8056	8159	9178
01/31/2016	7643	7597	7694	8511
02/29/2016	7537	7491	7585	8370
03/31/2016	8152	8103	8213	8922
04/30/2016	8390	8339	8451	9174
05/31/2016	8162	8113	8223	9112
06/30/2016	8109	8060	8177	8786
07/31/2016	8447	8396	8520	9244
08/31/2016	8397	8347	8477	9238
09/30/2016	8530	8478	8613	9365
10/31/2016	8303	8253	8382	9164
11/30/2016	8101	8052	8175	8970
12/31/2016	8427	8376	8523	9271
01/31/2017	8544	8493	8646	9543
02/28/2017	8773	8720	8883	9691
03/31/2017	9158	9102	9280	9935
04/30/2017	9190	9135	9311	10210
05/31/2017	9660	9602	9781	10587
06/30/2017	9614	9556	9734	10560
07/31/2017	9909	9850	10040	10871
08/31/2017	9939	9879	10077	10875
09/30/2017	10194	10132	10333	11148
10/31/2017	10370	10307	10519	11322
11/30/2017	10377	10315	10532	11447
12/31/2017	10601	10537	10771	11637
01/31/2018	10915	10849	11096	12224
02/28/2018	10538	10475	10717	11694
03/31/2018	10263	10201	10446	11478
04/30/2018	10644	10580	10818	11738
05/31/2018	10397	10335	10559	11494
06/30/2018	10255	10193	10423	11343
07/31/2018	10509	10446	10680	11592
08/31/2018	10138	10077	10305	11391
09/30/2018	10274	10212	10447	11474
10/31/2018	9621	9563	9786	10535
11/30/2018	9602	9544	9768	10523
12/31/2018	9214	9158	9388	9990
01/31/2019	9933	9873	10126	10659
02/28/2019	10098	10038	10292	10917
03/31/2019	10186	10125	10385	10982
04/30/2019	10330	10268	10533	11282
05/31/2019	9797	9738	9973	10737
06/30/2019	10319	10257	10518	11345
07/31/2019	10172	10111	10369	11212
08/31/2019	9934	9874	10131	10926
09/30/2019	10358	10296	10574	11241
10/31/2019	10741	10677	10970	11666
11/30/2019	10733	10669	10968	11815
12/31/2019	11136	11069	11394	12214
01/31/2020	10746	10681	11000	11945
02/29/2020	9693	9634	9916	10850
03/31/2020	8245	8195	8434	9370
04/30/2020	8689	8637	8888	10015
05/31/2020	8854	8800	9061	10497
06/30/2020	9196	9141	9419	10812
07/31/2020	9217	9161	9445	11070
08/31/2020	9628	9570	9868	11687
09/30/2020	9045	8991	9270	11425
10/31/2020	8706	8653	8923	10976
11/30/2020	10403	10341	10673	12638
12/31/2020	10987	10920	11298	13262
01/31/2021	11024	10958	11344	13135
02/28/2021	11265	11197	11593	13428
03/31/2021	11603	11533	11948	13728
04/30/2021	11807	11736	12151	14149
05/31/2021	12309	12235	12591	14581
06/30/2021	12077	12004	12431	14408
07/31/2021	12115	12042	12472	14533
08/31/2021	12176	12102	12538	14831
09/30/2021	11968	11896	12321	14397
10/31/2021	12024	11952	12389	14711
11/30/2021	11540	11471	11893	14011
12/31/2021	12235	12161	12613	14714
01/31/2022	12498	12422	12902	13935
02/28/2022	12336	12261	12729	13692
03/31/2022	12488	12413	12883	13770
04/30/2022	12080	12007	12474	12864
05/31/2022	12479	12404	12897	12929
06/30/2022	11250	11182	11608	11710
07/31/2022	11317	11249	11682	12321
08/31/2022	10890	10825	11245	11746
09/30/2022	9778	9719	10085	10599
10/31/2022	10451	10388	10783	11144
11/30/2022	11762	11691	12149	12381
12/31/2022	11717	11647	12121	12501
01/31/2023	12514	12439	12953	13405
02/28/2023	12473	12398	12914	13113
03/31/2023	12758	12682	13211	13384
04/30/2023	13199	13120	13677	13751
05/31/2023	12452	12377	12884	13181
06/30/2023	13224	13144	13694	13761
07/31/2023	13741	13659	14238	14238
08/31/2023	13300	13220	13777	13707
09/30/2023	13043	12964	13515	13224
10/31/2023	12603	12527	13065	12665
11/30/2023	13727	13644	14240	13850
12/31/2023	14370	14283	14929	14611
01/31/2024	14095	14010	14691	14657
02/29/2024	14090	14005	14637	14890
03/31/2024	14403	14316	14977	15393
04/30/2024	14344	14258	14918	14990
05/31/2024	15170	15195	15776	15566

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (06/27/2013)
ALPS International Sector Dividend Dogs ETF - NAV	10.52%	21.83%	9.14%	4.26%	6.28%
ALPS International Sector Dividend Dogs ETF - Market Price*	11.02%	22.44%	9.41%	4.27%	6.36%
S-Network^® International Sector Dividend Dogs Index	10.79%	22.45%	9.61%	4.66%	6.69%
Morningstar Developed Markets ex-North America Index^‡	12.39%	18.09%	7.71%	4.52%	6.11%

Total Expense Ratio (per the current prospectus) is 0.50%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The S-Network^® International Sector Dividend Dogs Index is designed to serve as a fair, impartial and transparent measure of the performance of international large cap equities with above average dividend yields. The Underlying Index is a portfolio of fifty stocks derived from the S-Network Developed International Equity 1000 Index. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

Morningstar^® Developed Markets ex-North America Index measures the performance of companies in developed markets ex-North America. It covers approximately 97% of the full market capitalization in the Developed Markets ex-North America.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS International Sector Dividend Dogs ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$297,404,562
Number of Portfolio Holdings	51
Portfolio Turnover Rate^# (%)	46%
Total Advisory Fees Paid^# ($)	$658,974

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


A P Moller-Maersk A/S	2.50%
Norsk Hydro ASA	2.42%
NatWest Group PLC	2.38%
Fortum Oyj	2.23%
Credit Agricole SA	2.22%
Intesa Sanpaolo SpA	2.21%
OMV AG	2.20%
WPP PLC	2.20%
Imperial Brands PLC	2.18%
Mediobanca Banca di Credito Finanziario SpA	2.15%
Total % of Top 10 Holdings	22.69%

Sector Allocation**


Financials	10.96%
Industrials	10.34%
Communication Services	10.31%
Consumer Staples	10.25%
Materials	10.21%
Utilities	9.90%
Energy	9.72%
Information Technology	9.70%
Health Care	9.51%
Consumer Discretionary	7.35%
Automobiles	1.53%
Money Market Fund	0.22%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-IDOG-053124

ALPS Emerging Sector Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: EDOG NYSEArca	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/edog. 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 Emerging Sector Dividend Dogs ETF	$31	0.60%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS Emerging Sector Dividend Dogs ETF (NAV)	ALPS Emerging Sector Dividend Dogs ETF (Market Price)	S-Network^® Emerging Sector Dividend Dogs Index	Morningstar Emerging Markets Index
05/31/2014	10000	10000	10000	10000
06/30/2014	10180	10109	10221	10290
07/31/2014	10287	10214	10313	10464
08/31/2014	10590	10516	10623	10707
09/30/2014	10051	9980	10097	9960
10/31/2014	10108	10037	10145	10067
11/30/2014	10150	10079	10202	9967
12/31/2014	9412	9346	9489	9556
01/31/2015	9228	9163	9313	9660
02/28/2015	9662	9594	9754	9917
03/31/2015	9293	9228	9400	9800
04/30/2015	9934	9864	10072	10550
05/31/2015	9401	9335	9498	10188
06/30/2015	9263	9198	9385	9901
07/31/2015	8980	8917	9116	9211
08/31/2015	8587	8527	8714	8401
09/30/2015	8069	8012	8189	8183
10/31/2015	8534	8474	8670	8760
11/30/2015	8256	8197	8395	8438
12/31/2015	7833	7778	7984	8267
01/31/2016	7722	7667	7886	7727
02/29/2016	7905	7850	8064	7706
03/31/2016	8964	8901	9166	8690
04/30/2016	9301	9236	9507	8780
05/31/2016	8325	8266	8513	8447
06/30/2016	8784	8722	8998	8814
07/31/2016	9268	9203	9486	9255
08/31/2016	9073	9009	9296	9458
09/30/2016	9124	9059	9355	9549
10/31/2016	9275	9210	9517	9565
11/30/2016	8677	8616	8904	9141
12/31/2016	8993	8930	9244	9174
01/31/2017	9219	9154	9482	9643
02/28/2017	9491	9424	9764	9967
03/31/2017	9595	9528	9881	10238
04/30/2017	9814	9745	10113	10418
05/31/2017	9955	9885	10260	10678
06/30/2017	9873	9804	10178	10749
07/31/2017	10296	10224	10616	11295
08/31/2017	10484	10411	10822	11532
09/30/2017	10360	10287	10703	11482
10/31/2017	10410	10337	10760	11885
11/30/2017	10271	10199	10617	11961
12/31/2017	10778	10702	11170	12432
01/31/2018	11359	11279	11782	13378
02/28/2018	11045	10967	11455	12775
03/31/2018	10578	10504	11001	12548
04/30/2018	10275	10203	10669	12563
05/31/2018	9814	9745	10191	12084
06/30/2018	9267	9202	9622	11552
07/31/2018	9704	9635	10080	11814
08/31/2018	9250	9185	9608	11556
09/30/2018	9288	9222	9655	11467
10/31/2018	9103	9039	9467	10493
11/30/2018	9371	9305	9754	10952
12/31/2018	9076	9012	9458	10751
01/31/2019	10174	10102	10613	11632
02/28/2019	10009	9938	10443	11680
03/31/2019	9724	9656	10154	11759
04/30/2019	9950	9880	10399	11979
05/31/2019	9417	9350	9840	11200
06/30/2019	10038	9968	10500	11845
07/31/2019	9914	9844	10371	11677
08/31/2019	9367	9302	9799	11143
09/30/2019	9557	9490	10009	11370
10/31/2019	9701	9633	10161	11862
11/30/2019	9622	9554	10087	11853
12/31/2019	10228	10156	10744	12699
01/31/2020	9890	9821	10387	12107
02/29/2020	8938	8875	9392	11439
03/31/2020	7172	7121	7533	9557
04/30/2020	7781	7726	8178	10484
05/31/2020	8362	8303	8792	10646
06/30/2020	8659	8598	9117	11435
07/31/2020	9173	9108	9661	12406
08/31/2020	9298	9232	9799	12713
09/30/2020	8905	8842	9388	12465
10/31/2020	8837	8775	9329	12730
11/30/2020	10122	10051	10681	13998
12/31/2020	11038	10961	11689	15037
01/31/2021	10747	10672	11381	15411
02/28/2021	10946	10869	11588	15610
03/31/2021	11297	11218	11984	15418
04/30/2021	11502	11421	12192	15878
05/31/2021	12077	11992	12926	16235
06/30/2021	12077	11992	12823	16288
07/31/2021	11725	11643	12454	15279
08/31/2021	12508	12420	13306	15649
09/30/2021	12330	12243	13121	15110
10/31/2021	12285	12199	13068	15224
11/30/2021	11823	11740	12589	14659
12/31/2021	12372	12285	13208	14987
01/31/2022	12322	12235	13165	14653
02/28/2022	11569	11488	12419	14332
03/31/2022	11896	11813	12723	14096
04/30/2022	11160	11081	11931	13383
05/31/2022	11332	11253	12115	13407
06/30/2022	10170	10099	10879	12445
07/31/2022	10388	10315	11131	12477
08/31/2022	10435	10361	11171	12603
09/30/2022	9543	9476	10210	11206
10/31/2022	10186	10114	10918	10927
11/30/2022	11208	11130	12032	12396
12/31/2022	11083	11005	11917	12245
01/31/2023	11589	11507	12480	13102
02/28/2023	11248	11169	12114	12350
03/31/2023	11562	11481	12456	12680
04/30/2023	11643	11561	12552	12583
05/31/2023	11124	11046	11979	12422
06/30/2023	11598	11516	12495	12887
07/31/2023	12417	12329	13384	13679
08/31/2023	11807	11724	12733	12955
09/30/2023	11429	11348	12329	12673
10/31/2023	11085	11007	11892	12141
11/30/2023	11756	11673	12619	13128
12/31/2023	12339	12252	13275	13658
01/31/2024	12055	11970	12994	13123
02/29/2024	12055	11970	12979	13690
03/31/2024	12060	11975	12993	13962
04/30/2024	11980	11896	12910	14054
05/31/2024	12243	12190	13245	14156

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (03/28/2014)
ALPS Emerging Sector Dividend Dogs ETF - NAV	4.14%	10.05%	5.39%	2.04%	2.72%
ALPS Emerging Sector Dividend Dogs ETF - Market Price*	4.43%	9.99%	5.51%	2.00%	2.75%
S-Network^® Emerging Sector Dividend Dogs Index	4.96%	10.57%	6.12%	2.85%	3.51%
Morningstar Emerging Markets Index^‡	7.83%	13.96%	4.80%	3.54%	4.07%

Total Expense Ratio (per the current prospectus) is 0.60%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The S-Network^® Emerging Sector Dividend Dogs Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks in the S-Network^® Emerging Markets Liquid 500 Index, a universe of mainly large capitalization stocks domiciled in emerging markets on a sector-by-sector basis. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. The index is reported on a Net Total Return basis which assumes reinvestment of any dividends and distributions realized during a given time period (net of any amounts of withholding tax).

Morningstar^® Emerging Markets Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS Emerging Sector Dividend Dogs ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$26,264,287
Number of Portfolio Holdings	53
Portfolio Turnover Rate^# (%)	69%
Total Advisory Fees Paid^# ($)	$82,195

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Delta Electronics Thailand PCL	3.37%
COSCO SHIPPING Holdings Co., Ltd.	3.01%
Infosys, Ltd.	2.90%
Wipro, Ltd.	2.78%
Grupo Aeroportuario del Pacifico SAB de CV, Class B	2.65%
Grupo Mexico SAB de CV	2.47%
China Shenhua Energy Co., Ltd., Class H	2.44%
Cia Sud Americana de Vapores SA	2.41%
Grupo Aeroportuario del Centro Norte SAB de CV	2.40%
CEZ AS	2.29%
Total % of Top 10 Holdings	26.72%

Sector Allocation**


Industrials	12.55%
Energy	10.54%
Utilities	10.25%
Financials	10.17%
Communication Services	9.70%
Health Care	9.47%
Consumer Staples	9.38%
Materials	9.34%
Consumer Discretionary	9.14%
Information Technology	9.05%
Money Market Fund	0.41%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-EDOG-053124

ALPS REIT Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: RDOG NYSEArca	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS REIT Dividend Dogs ETF (the "Fund" or "RDOG") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rdog. 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 REIT Dividend Dogs ETF	$18	0.35%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS REIT Dividend Dogs ETF (NAV)	ALPS REIT Dividend Dogs ETF (Market Price)	S-Network® REIT Dividend Dogs Index / S&P United States REIT Index	Bloomberg US 1000 Index
05/31/2014	10000	10000	10000	10000
06/30/2014	10098	10110	10110	10235
07/31/2014	10215	10227	10111	10066
08/31/2014	10312	10324	10414	10480
09/30/2014	9651	9662	9791	10291
10/31/2014	10384	10396	10768	10543
11/30/2014	10422	10434	10986	10814
12/31/2014	10420	10432	11198	10788
01/31/2015	10950	10962	11947	10494
02/28/2015	10885	10898	11525	11097
03/31/2015	10886	10899	11726	10960
04/30/2015	10817	10829	11039	11031
05/31/2015	10638	10651	11015	11182
06/30/2015	10187	10199	10518	10969
07/31/2015	10525	10537	11107	11182
08/31/2015	9915	9927	10415	10511
09/30/2015	10073	10084	10737	10223
10/31/2015	10640	10653	11346	11045
11/30/2015	10382	10394	11280	11083
12/31/2015	10540	10552	11489	10891
01/31/2016	10053	10065	11091	10300
02/29/2016	9984	9996	11058	10292
03/31/2016	10967	10980	12215	11004
04/30/2016	10942	10955	11908	11063
05/31/2016	10917	10930	12171	11269
06/30/2016	11284	11297	13020	11295
07/31/2016	11816	11830	13598	11728
08/31/2016	11480	11493	13083	11743
09/30/2016	11374	11387	12848	11756
10/31/2016	10757	10770	12100	11524
11/30/2016	10446	10458	11912	11975
12/31/2016	10723	10735	12467	12199
01/31/2017	10805	10817	12426	12446
02/28/2017	11145	11158	12887	12925
03/31/2017	11007	11020	12537	12937
04/30/2017	11145	11158	12541	13077
05/31/2017	11293	11306	12433	13248
06/30/2017	11344	11357	12726	13345
07/31/2017	11573	11587	12869	13607
08/31/2017	11625	11638	12818	13645
09/30/2017	11502	11515	12829	13939
10/31/2017	11486	11500	12678	14262
11/30/2017	11780	11794	13023	14696
12/31/2017	11908	11922	13002	14856
01/31/2018	11913	11927	12432	15679
02/28/2018	11097	11110	11504	15105
03/31/2018	11367	11380	11941	14765
04/30/2018	11583	11597	12116	14811
05/31/2018	11655	11669	12635	15192
06/30/2018	11858	11871	13174	15289
07/31/2018	11957	11971	13262	15816
08/31/2018	12062	12076	13686	16345
09/30/2018	11839	11853	13314	16401
10/31/2018	11415	11428	12983	15229
11/30/2018	11953	11967	13612	15555
12/31/2018	11334	11347	12506	14132
01/31/2019	12512	12526	13976	15327
02/28/2019	12531	12546	14035	15853
03/31/2019	13079	13094	14478	16120
04/30/2019	12878	12893	14436	16770
05/31/2019	12911	12926	14437	15716
06/30/2019	13088	13103	14602	16811
07/31/2019	13077	13092	14801	17082
08/31/2019	13343	13359	15263	16777
09/30/2019	13549	13565	15701	17059
10/31/2019	13724	13740	15924	17416
11/30/2019	13507	13523	15684	18073
12/31/2019	13653	13669	15573	18585
01/31/2020	13495	13511	15447	18616
02/29/2020	12432	12447	14235	17098
03/31/2020	9023	9033	10335	14845
04/30/2020	10160	10172	11649	16806
05/31/2020	10151	10163	11638	17708
06/30/2020	10585	10597	12134	18103
07/31/2020	10626	10638	12183	19138
08/31/2020	10771	10784	12355	20541
09/30/2020	10160	10172	11654	19796
10/31/2020	9742	9754	11177	19332
11/30/2020	11920	11934	13706	21606
12/31/2020	12240	12254	14061	22511
01/31/2021	12231	12245	14052	22342
02/28/2021	12811	12826	14724	23003
03/31/2021	13275	13290	15206	23846
04/30/2021	14194	14211	16332	25122
05/31/2021	14240	14256	16388	25215
06/30/2021	14654	14671	16869	25892
07/31/2021	15188	15206	17485	26445
08/31/2021	15454	15472	17797	27219
09/30/2021	14693	14710	16922	25977
10/31/2021	15525	15543	17892	27785
11/30/2021	15377	15395	17728	27417
12/31/2021	16575	16595	19120	28480
01/31/2022	15544	15562	17932	26825
02/28/2022	15195	15213	17534	26077
03/31/2022	15969	15988	18432	26935
04/30/2022	14811	14828	17100	24498
05/31/2022	14597	14614	16858	24436
06/30/2022	13642	13658	15757	22421
07/31/2022	14708	14725	16999	24520
08/31/2022	13735	13751	15874	23580
09/30/2022	12090	12104	13965	21388
10/31/2022	12869	12884	14875	23088
11/30/2022	13369	13384	15456	24323
12/31/2022	12361	12376	14303	22903
01/31/2023	13913	13929	16109	24446
02/28/2023	12920	12935	14961	23856
03/31/2023	12037	12051	13940	24616
04/30/2023	11595	11608	13431	24907
05/31/2023	11415	11429	13225	25046
06/30/2023	12160	12175	14099	26739
07/31/2023	12804	12819	14855	27662
08/31/2023	12526	12541	14538	27174
09/30/2023	11581	11595	13433	25901
10/31/2023	11114	11127	12897	25268
11/30/2023	12411	12426	14409	27641
12/31/2023	13633	13649	15847	29010
01/31/2024	12656	12671	14711	29409
02/29/2024	12621	12636	14675	31008
03/31/2024	13189	13204	15340	32005
04/30/2024	12737	12752	14817	30626
05/31/2024	13106	13118	15212	32071

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (05/07/2008)
ALPS REIT Dividend Dogs ETF - NAV	5.60%	14.81%	0.30%	2.74%	2.37%
ALPS REIT Dividend Dogs ETF - Market Price*	5.78%	14.85%	0.29%	2.75%	2.37%
S-Network^® REIT Dividend Dogs Index	5.84%	15.27%	-	-	-
S-Network^® US Composite REIT Index	4.30%	9.46%	2.96%	-	-
S-Network^® REIT Dividend Dogs Index / S&P United States REIT Index**	5.84%	15.27%	1.03%	4.28%	5.00%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.36%	10.76%

Total Expense Ratio (per the current prospectus) is 0.35%.

Performance data quoted represents past performance. Past performance does not guarantee future results. On January 2, 2020, the Fund changed its underlying index and principal investment strategies. Consequently, the Fund's total returns shown above for the periods prior to January 2, 2020 are not necessarily indicative of the performance of the Fund, as it is currently managed. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.

The performance shown reflects a combination of the Fund's Underlying 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.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The S-Network^® REIT Dividend Dogs Index, like the S-Net U.S. REIT from which components of the Underlying Index are selected, divides into nine segments, eight of which are based on Global Industry Classification Standard ("GICS") Sub-Industries (excluding Technology REITs involved in cell towers and/or data centers) and a separate Technology REIT segment based on the research of the Underlying Index provider, S-Network^® Global Indexes, Inc. (the "Index Provider"). The Underlying Index generally consists of 45 REITs on each annual reconstitution date. The Underlying Index's REITs must be constituents of the S-Net U.S. REIT universe, which includes a universe of mainly REITs listed in the United States. The selection criteria for the universe also includes requirements for segment inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. The Underlying Index is rebalanced quarterly. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index commenced operations on October 29, 2019.

The S-Network^® Composite US REIT Index (the "S-Net U.S. REIT" or "SNREIT") is a benchmark index for the Real Estate Investment Trust component of the US stock market. The SNREIT provides the universe of stocks for RDOGX. The selection criteria for SNREIT include requirements for sector inclusion, primary exchange listing, minimum market capitalization, minimum average daily trading volume, and other factors. All constituents of RDOGX must be constituents of SNREIT. The index commenced operations on February 12, 2016.

The S&P United States REIT Index defines and measures the investable universe of publicly traded real estate investment trusts domiciled in the United States.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. Total return assumes reinvestment of any dividends and distributions realized during a given time period. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS REIT Dividend Dogs ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$11,891,845
Number of Portfolio Holdings	46
Portfolio Turnover Rate^# (%)	53%
Total Advisory Fees Paid^# ($)	$20,822

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Braemar Hotels & Resorts, Inc.	3.05%
Medical Properties Trust, Inc.	2.86%
Apartment Income REIT Corp.	2.68%
Healthcare Realty Trust, Inc.	2.66%
NexPoint Residential Trust, Inc.	2.64%
Elme Communities	2.54%
Innovative Industrial Properties, Inc.	2.48%
BRT Apartments Corp.	2.42%
Gladstone Commercial Corp.	2.42%
Armada Hoffler Properties, Inc.	2.38%
Total % of Top 10 Holdings	26.13%

Sector Allocation**


Residential REITs	12.34%
Health Care REITs	12.34%
Diversified REITs	11.77%
Office REITs	11.39%
Retail REITs	10.78%
Hotel & Resort REITs	10.75%
Industrial REITs	10.70%
Technology REITs	10.08%
Specialized REITs	9.53%
Money Market Fund	0.32%
Total	100.00%


#	During the period.


**	% of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-RDOG-053124

ALPS \| O'Shares U.S. Quality Dividend ETF	ALPS ETF TRUST
CboeBZXCboe BZX: OUSA	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ousa. 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 \| O'Shares U.S. Quality Dividend ETF	$25	0.48%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

The chart below compares historical performance of a hypothetical investment of $10,000 in the Fund since inception with the performance of the Fund's benchmark indexes. Results include the reinvestment of all dividends and capital gains distributions. The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	ALPS \| O'Shares U.S. Quality Dividend ETF (NAV)	ALPS \| O'Shares U.S. Quality Dividend ETF (Market Price)	Morningstar US Large-Mid Cap Broad Value Index	O'Shares U.S. Quality Dividend Index	Bloomberg US 1000 Index
07/13/2015	10000	10000	10000	10000	10000
07/31/2015	9968	10012	9949	9968	10020
08/31/2015	9441	9449	9379	9437	9418
09/30/2015	9404	9408	9156	9405	9161
10/31/2015	10168	10168	9836	10178	9897
11/30/2015	10144	10164	9872	10160	9931
12/31/2015	10132	10148	9737	10154	9758
01/31/2016	10037	10024	9318	10062	9229
02/29/2016	10123	10135	9373	10151	9222
03/31/2016	10757	10757	10018	10797	9860
04/30/2016	10805	10809	10158	10850	9913
05/31/2016	10934	10938	10285	10983	10098
06/30/2016	11339	11327	10414	11396	10121
07/31/2016	11548	11548	10726	11617	10509
08/31/2016	11350	11354	10809	11419	10522
09/30/2016	11272	11272	10827	11339	10533
10/31/2016	10958	10966	10670	11026	10326
11/30/2016	11085	11101	11242	11159	10730
12/31/2016	11379	11387	11520	11462	10931
01/31/2017	11431	11427	11637	11519	11152
02/28/2017	11981	11985	12091	12075	11582
03/31/2017	12016	12012	12007	12112	11592
04/30/2017	12049	12049	11973	12152	11717
05/31/2017	12312	12312	12006	12425	11871
06/30/2017	12246	12250	12160	12364	11958
07/31/2017	12426	12430	12336	12548	12193
08/31/2017	12504	12500	12309	12633	12227
09/30/2017	12726	12722	12665	12865	12490
10/31/2017	12802	12806	12884	12947	12780
11/30/2017	13333	13341	13306	13492	13168
12/31/2017	13516	13533	13494	13683	13312
01/31/2018	13867	13875	14034	14047	14049
02/28/2018	13149	13166	13385	13323	13535
03/31/2018	13000	13004	13098	13174	13230
04/30/2018	12897	12906	13067	13078	13271
05/31/2018	13082	13082	13202	13269	13613
06/30/2018	13185	13194	13225	13381	13700
07/31/2018	13689	13689	13799	13902	14172
08/31/2018	13946	13946	14097	14169	14646
09/30/2018	14195	14190	14143	14434	14696
10/31/2018	13654	13659	13444	13887	13646
11/30/2018	14244	14227	13774	14496	13938
12/31/2018	13103	13103	12479	13332	12663
01/31/2019	13833	13855	13394	14084	13734
02/28/2019	14490	14485	13815	14759	14205
03/31/2019	14771	14771	13938	15053	14445
04/30/2019	14977	14982	14426	15272	15027
05/31/2019	14242	14242	13449	14526	14082
06/30/2019	15072	15063	14414	15379	15063
07/31/2019	15213	15208	14605	15530	15306
08/31/2019	15126	15121	14268	15447	15033
09/30/2019	15446	15446	14800	15782	15286
10/31/2019	15625	15629	15096	15977	15605
11/30/2019	15970	15979	15567	16335	16194
12/31/2019	16410	16401	16007	16794	16653
01/31/2020	16178	16178	15651	16566	16681
02/29/2020	14697	14710	14130	15049	15321
03/31/2020	13072	13077	11935	13379	13302
04/30/2020	14554	14549	13284	14903	15059
05/31/2020	14998	14989	13765	15367	15867
06/30/2020	15053	15040	13807	15432	16221
07/31/2020	15871	15875	14369	16281	17148
08/31/2020	16997	16992	15071	17445	18406
09/30/2020	16506	16497	14696	16945	17738
10/31/2020	15727	15741	14362	16152	17322
11/30/2020	17128	17142	16231	17599	19360
12/31/2020	17539	17539	16877	18026	20170
01/31/2021	17156	17152	16671	17642	20020
02/28/2021	17136	17141	17457	17628	20612
03/31/2021	18328	18337	18529	18863	21367
04/30/2021	18891	18896	19223	19451	22511
05/31/2021	19149	19159	19641	19726	22594
06/30/2021	19395	19395	19553	19985	23200
07/31/2021	20055	20059	19770	20679	23695
08/31/2021	20397	20397	20148	21038	24390
09/30/2021	19316	19307	19398	19930	23276
10/31/2021	20398	20398	20421	21057	24896
11/30/2021	20280	20294	20001	20945	24567
12/31/2021	21687	21692	21344	22409	25519
01/31/2022	20709	20700	20869	21404	24036
02/28/2022	19994	19990	20456	20675	23366
03/31/2022	20572	20582	21099	21281	24135
04/30/2022	19716	19721	20004	20403	21951
05/31/2022	19868	19882	20350	20568	21896
06/30/2022	18934	18943	18667	19606	20090
07/31/2022	19733	19733	19813	20447	21971
08/31/2022	18908	18908	19279	19598	21129
09/30/2022	17483	17492	17617	18121	19165
10/31/2022	19046	19051	19532	19757	20688
11/30/2022	20498	20489	20716	21275	21794
12/31/2022	19688	19688	19865	20436	20522
01/31/2023	20180	20175	20789	20956	21905
02/28/2023	19411	19396	20068	20167	21376
03/31/2023	20112	20098	20188	20902	22057
04/30/2023	20533	20533	20516	21348	22318
05/31/2023	19966	19966	19891	20769	22443
06/30/2023	21107	21097	21114	21964	23959
07/31/2023	21518	21518	21967	22403	24786
08/31/2023	21260	21255	21437	22147	24349
09/30/2023	20208	20208	20697	21058	23208
10/31/2023	20001	19996	20083	20856	22641
11/30/2023	21469	21465	21556	22399	24767
12/31/2023	22291	22296	22713	23263	25994
01/31/2024	22843	22839	22910	23853	26352
02/29/2024	23474	23450	23763	24522	27785
03/31/2024	23994	23980	24855	25078	28678
04/30/2024	22907	22883	23855	23948	27442
05/31/2024	23754	23768	24644	24844	28737

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (07/13/2015)
ALPS \| O'Shares U.S. Quality Dividend ETF - NAV	10.64%	18.97%	10.77%	10.23%
ALPS \| O'Shares U.S. Quality Dividend ETF - Market Price*	10.73%	19.04%	10.79%	10.23%
O'Shares U.S. Quality Dividend Index**	10.92%	19.62%	11.33%	10.79%
Morningstar US Large-Mid Cap Broad Value Index	14.33%	23.90%	12.88%	10.68%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.62%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares U.S. Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Previously, the Predecessor Fund had adopted the historical performance of the O'Shares FTSE U.S. Quality Dividend ETF (the "Previous Predecessor Fund"), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same. Effective June 1, 2020, the Predecessor Fund's underlying index was changed to the O'Shares U.S. Quality Dividend Index (the "Underlying Index") from the FTSE USA Qual/Vol/Yield Factor 5% Capped Index (the "Former Index"). Thus, Predecessor Fund performance shown through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Index, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown reflects the blended performance of the Former Index through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

Net Asset Value (NAV) is an exchange-traded fund's per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of Fund shares outstanding. Market price is the price at which a share can currently be traded in the market. Information detailing the number of days the Market Price of the Fund was greater than the Fund's NAV and the number of days it was less than the Fund's NAV can be obtained at www.alpsfunds.com.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per shares, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


**	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.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The O'Shares U.S. Quality Dividend Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds. The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The Morningstar US Large-Mid Cap Broad Value Index is designed to provide comprehensive, consistent representation of the large-mid cap value segment of the US equity market. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS | O'Shares U.S. Quality Dividend ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$745,421,146
Number of Portfolio Holdings	101
Portfolio Turnover Rate^# (%)	0%
Total Advisory Fees Paid^# ($)	$1,731,417

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Microsoft Corp.	5.63%
Apple, Inc.	4.84%
JPMorgan Chase & Co.	4.52%
Verizon Communications, Inc.	4.33%
Visa, Inc.	3.91%
Broadcom, Inc.	3.83%
Comcast Corp.	3.79%
Eli Lilly & Co.	3.67%
Mastercard, Inc.	3.22%
Home Depot, Inc.	3.10%
Total % of Top 10 Holdings	40.84%

Sector Allocation**


Information Technology	26.54%
Health Care	18.23%
Financials	13.55%
Industrials	12.45%
Consumer Discretionary	9.37%
Consumer Staples	9.19%
Communication Services	8.12%
Utilities	2.52%
Money Market Fund	0.03%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-OUSA-053124

ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF	ALPS ETF TRUST
CboeBZXCboe BZX: OUSM	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ousm. 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 \| O'Shares U.S. Small-Cap Quality Dividend ETF	$26	0.48%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF (NAV)	ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF (Market Price)	Morningstar US Small-Cap Broad Value Extended Index	O'Shares U.S. Small Cap Quality Dividend Index	Bloomberg US 1000 Index
12/29/2016	10000	10000	10000	10000	10000
12/31/2016	9984	9984	9956	9983	9956
01/31/2017	10040	10048	10011	10043	10157
02/28/2017	10220	10228	10149	10222	10549
03/31/2017	10167	10167	10055	10176	10558
04/30/2017	10310	10310	10101	10323	10673
05/31/2017	10199	10203	9728	10212	10812
06/30/2017	10252	10268	10030	10273	10891
07/31/2017	10359	10359	10104	10383	11106
08/31/2017	10230	10226	9874	10258	11136
09/30/2017	10616	10624	10495	10655	11376
10/31/2017	10778	10786	10504	10821	11640
11/30/2017	11083	11095	10843	11136	11994
12/31/2017	11051	11067	10900	11107	12125
01/31/2018	11144	11144	11042	11203	12796
02/28/2018	10535	10539	10425	10594	12328
03/31/2018	10683	10683	10495	10748	12051
04/30/2018	10703	10711	10605	10774	12088
05/31/2018	11108	11116	11140	11188	12399
06/30/2018	11215	11228	11256	11299	12478
07/31/2018	11605	11601	11443	11700	12908
08/31/2018	12018	12022	11721	12121	13340
09/30/2018	11791	11791	11438	11896	13386
10/31/2018	10728	10732	10376	10828	12429
11/30/2018	11087	11087	10503	11193	12695
12/31/2018	9915	9911	9220	10013	11534
01/31/2019	10777	10772	10355	10888	12509
02/28/2019	11309	11304	10742	11428	12938
03/31/2019	11185	11185	10425	11311	13156
04/30/2019	11735	11735	10809	11869	13687
05/31/2019	10790	10790	9841	10917	12826
06/30/2019	11624	11624	10518	11767	13720
07/31/2019	11867	11871	10594	12016	13941
08/31/2019	11502	11502	9927	11649	13692
09/30/2019	11855	11855	10419	12021	13923
10/31/2019	12068	12063	10638	12238	14214
11/30/2019	12374	12382	10960	12553	14750
12/31/2019	12654	12654	11359	12846	15168
01/31/2020	12377	12377	10786	12569	15194
02/29/2020	11188	11201	9660	11365	13955
03/31/2020	9080	9080	6953	9218	12116
04/30/2020	10197	10188	8020	10362	13716
05/31/2020	10811	10819	8383	10993	14453
06/30/2020	10831	10836	8588	11023	14774
07/31/2020	11451	11443	8803	11659	15619
08/31/2020	11842	11855	9269	12063	16764
09/30/2020	11410	11402	8886	11626	16156
10/31/2020	11645	11654	9157	11871	15778
11/30/2020	12897	12915	10989	13154	17634
12/31/2020	13614	13623	11810	13893	18372
01/31/2021	13485	13485	12250	13766	18234
02/28/2021	14200	14209	13482	14503	18774
03/31/2021	14968	14973	14284	15294	19462
04/30/2021	15523	15523	14840	15869	20503
05/31/2021	15671	15676	15297	16017	20579
06/30/2021	15466	15471	15005	15812	21131
07/31/2021	15852	15852	14527	16217	21582
08/31/2021	16031	16036	14832	16407	22215
09/30/2021	15336	15340	14579	15700	21201
10/31/2021	16138	16138	15080	16530	22676
11/30/2021	15579	15579	14638	15963	22376
12/31/2021	16550	16550	15354	16967	23244
01/31/2022	15716	15716	14751	16115	21893
02/28/2022	15454	15449	15023	15852	21283
03/31/2022	15537	15537	15235	15946	21983
04/30/2022	14723	14718	14227	15117	19994
05/31/2022	15228	15232	14582	15642	19943
06/30/2022	14210	14206	13116	14601	18299
07/31/2022	15376	15371	14389	15813	20012
08/31/2022	14766	14770	13902	15190	19244
09/30/2022	13528	13528	12456	13919	17456
10/31/2022	14918	14927	14065	15357	18843
11/30/2022	15968	15973	14718	16445	19851
12/31/2022	15241	15241	13750	15699	18692
01/31/2023	16644	16644	15236	17152	19952
02/28/2023	16192	16201	14857	16695	19470
03/31/2023	16099	16099	13849	16603	20090
04/30/2023	16163	16168	13616	16670	20328
05/31/2023	15541	15546	13149	16034	20441
06/30/2023	16801	16805	14397	17345	21823
07/31/2023	17063	17068	15420	17619	22576
08/31/2023	16793	16793	14685	17347	22178
09/30/2023	16151	16155	13912	16692	21139
10/31/2023	15591	15595	13051	16115	20622
11/30/2023	16738	16743	14288	17312	22559
12/31/2023	18105	18114	15987	18739	23676
01/31/2024	17965	17965	15351	18598	24002
02/29/2024	18815	18806	15763	19488	25307
03/31/2024	19752	19743	16611	20468	26121
04/30/2024	18643	18653	15501	19327	24995
05/31/2024	19401	19406	16216	20119	26174

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (12/29/2016)
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF - NAV	15.91%	24.84%	12.45%	9.34%
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF - Market Price*	15.91%	24.83%	12.46%	9.35%
O'Shares U.S. Small Cap Quality Dividend Index**	16.21%	25.47%	13.00%	9.88%
Morningstar US Small-Cap Broad Value Extended Index	13.49%	23.33%	10.50%	6.73%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	13.85%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares U.S. Small-Cap Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Effective May 4, 2018, the Predecessor Fund's underlying index was changed from the FTSE USA Small Cap Qual/Vol/Yield Factor 3% Capped Index (the "Former Underlying Index 1") to the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index (the "Former Underlying Index 2" and together with the Former Underlying Index 1, the "Former Underlying Indexes"). Effective June 1, 2020, the Predecessor Fund's underlying index was changed from the Former Underlying Index 2 to the O'Shares U.S. Small Cap Quality Dividend Index (the "Underlying Index"). Thus, Predecessor Fund performance shown prior to May 4, 2018 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 1, Predecessor Fund performance shown from May 4, 2018 through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 2, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index.

In addition, the Underlying Index performance shown reflects the blended performance of the Former Underlying Index 1 through May 3, 2018, the Former Underlying Index 2 from May 4, 2018 through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

Net Asset Value (NAV) is an exchange-traded fund's per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of Fund shares outstanding. Market price is the price at which a share can currently be traded in the market. Information detailing the number of days the Market Price of the Fund was greater than the Fund's NAV and the number of days it was less than the Fund's NAV can be obtained at www.alpsfunds.com.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per shares, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


**	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.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The O'Shares U.S. Small-Cap Quality Dividend Index is designed to reflect the performance of publicly-listed small-capitalization dividend paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds. The quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

Morningstar US Small-Cap Broad Value Extended Index is designed to provide comprehensive, consistent representation of the small-cap value segment of the US equity market. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$614,902,447
Number of Portfolio Holdings	107
Portfolio Turnover Rate^# (%)	1%
Total Advisory Fees Paid^# ($)	$1,233,923

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Williams-Sonoma, Inc.	3.42%
Dick's Sporting Goods, Inc.	2.40%
Tradeweb Markets, Inc.	2.20%
Owens Corning	2.19%
Texas Roadhouse, Inc.	2.16%
Juniper Networks, Inc.	2.15%
Encompass Health Corp.	2.14%
Chemed Corp.	1.91%
Organon & Co.	1.89%
Old Republic International Corp.	1.88%
Total % of Top 10 Holdings	22.34%

Sector Allocation**


Consumer Discretionary	22.98%
Financials	22.00%
Industrials	21.31%
Information Technology	10.34%
Health Care	10.07%
Consumer Staples	5.17%
Utilities	4.85%
Communication Services	3.17%
Money Market Fund	0.11%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-OUSM-053124

ALPS \| O'Shares Global Internet Giants ETF	ALPS ETF TRUST
CboeBZXCboe BZX: OGIG	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ogig. 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 \| O'Shares Global Internet Giants ETF	$25	0.48%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS \| O'Shares Global Internet Giants ETF (NAV)	ALPS \| O'Shares Global Internet Giants ETF (Market Price)	NASDAQ 100 Index	O'Shares Global Internet Giants Index	Bloomberg US 1000 Index
06/04/2018	10000	10000	10000	10000	10000
06/30/2018	9624	9648	9860	9627	9912
07/31/2018	9480	9484	10133	9486	10253
08/31/2018	9748	9744	10741	9757	10596
09/30/2018	9440	9420	10710	9454	10632
10/31/2018	8156	8148	9787	8172	9872
11/30/2018	8356	8332	9778	8377	10083
12/31/2018	7668	7636	8914	7690	9161
01/31/2019	8844	8836	9731	8874	9936
02/28/2019	9500	9492	10016	9539	10277
03/31/2019	9660	9648	10420	9704	10450
04/30/2019	10184	10180	10993	10236	10872
05/31/2019	9380	9372	10086	9429	10188
06/30/2019	10016	10004	10863	10077	10898
07/31/2019	10204	10196	11119	10268	11073
08/31/2019	9804	9792	10912	9870	10876
09/30/2019	9360	9364	11003	9431	11059
10/31/2019	9552	9532	11483	9628	11290
11/30/2019	10212	10208	11954	10297	11716
12/31/2019	10476	10448	12432	10568	12048
01/31/2020	11160	11148	12805	11264	12068
02/29/2020	10844	10872	12066	10942	11084
03/31/2020	9896	9864	11152	9994	9624
04/30/2020	11760	11756	12851	11879	10895
05/31/2020	13572	13596	13662	13716	11480
06/30/2020	15140	15152	14532	15310	11735
07/31/2020	16448	16456	15608	16641	12406
08/31/2020	18020	18024	17350	18237	13316
09/30/2020	17580	17628	16366	17809	12833
10/31/2020	17968	17992	15849	18209	12532
11/30/2020	20308	20352	17609	20591	14006
12/31/2020	21708	21688	18508	22017	14593
01/31/2021	22564	22584	18568	22896	14484
02/28/2021	22852	22880	18561	23197	14912
03/31/2021	20792	20824	18834	21116	15459
04/30/2021	21924	21904	19948	22276	16286
05/31/2021	21176	21184	19716	21524	16346
06/30/2021	22816	22820	20977	23205	16785
07/31/2021	21876	21848	21568	22254	17143
08/31/2021	22660	22624	22485	23063	17645
09/30/2021	21196	21164	21207	21563	16840
10/31/2021	22540	22508	22890	22931	18012
11/30/2021	20852	20844	23322	21217	17773
12/31/2021	19740	19704	23599	20092	18463
01/31/2022	16776	16796	21596	17078	17390
02/28/2022	15848	15812	20614	16142	16905
03/31/2022	15092	15032	21497	15383	17461
04/30/2022	12480	12412	18629	12725	15881
05/31/2022	11348	11316	18343	11576	15841
06/30/2022	10832	10844	16702	11055	14535
07/31/2022	11584	11576	18807	11832	15895
08/31/2022	11568	11544	17846	11821	15286
09/30/2022	10168	10152	15964	10396	13865
10/31/2022	9984	9984	16604	10210	14967
11/30/2022	10044	10064	17536	10273	15768
12/31/2022	9748	9716	15957	9976	14847
01/31/2023	11080	11068	17659	11345	15848
02/28/2023	10680	10664	17593	10942	15465
03/31/2023	11528	11504	19271	11816	15957
04/30/2023	10924	10912	19372	11200	16146
05/31/2023	12244	12224	20870	12562	16237
06/30/2023	12832	12808	22236	13169	17334
07/31/2023	13808	13840	23090	14179	17932
08/31/2023	13096	13096	22744	13455	17616
09/30/2023	12388	12380	21601	12731	16790
10/31/2023	11996	11984	21161	12333	16380
11/30/2023	13804	13808	23451	14201	17918
12/31/2023	14584	14584	24754	15012	18806
01/31/2024	14672	14656	25222	15108	19065
02/29/2024	15524	15496	26585	15987	20102
03/31/2024	15376	15364	26913	15846	20748
04/30/2024	14812	14792	25720	15271	19854
05/31/2024	14836	14848	27364	15302	20790

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (06/04/2018)
ALPS \| O'Shares Global Internet Giants ETF - NAV	7.48%	21.17%	9.60%	6.81%
ALPS \| O'Shares Global Internet Giants ETF - Market Price*	7.53%	21.47%	9.64%	6.82%
O'Shares Global Internet Giants Index	7.75%	21.82%	10.17%	7.36%
NASDAQ 100 Index	16.69%	31.12%	22.09%	18.30%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	13.00%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares Global Internet Giants ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

Net Asset Value (NAV) is an exchange-traded fund's per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of Fund shares outstanding. Market price is the price at which a share can currently be traded in the market. Information detailing the number of days the Market Price of the Fund was greater than the Fund's NAV and the number of days it was less than the Fund's NAV can be obtained at www.alpsfunds.com.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per shares, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The O'Shares Global Internet Giants Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the internet technology and e-commerce business segments and pass screens for gross margin and cash burn sustainability. Companies included in the Underlying Index derive at least 50% of their revenues from a) internet technology companies whose principal business is to provide the technologies that support internet commerce; and b) internet commerce companies whose principal business is to sell products and services via the internet. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The NASDAQ 100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS | O'Shares Global Internet Giants ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$127,950,809
Number of Portfolio Holdings	73
Portfolio Turnover Rate^# (%)	24%
Total Advisory Fees Paid^# ($)	$343,196

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Alphabet, Inc.	6.73%
Microsoft Corp.	6.31%
Amazon.com, Inc.	6.05%
Meta Platforms, Inc.	5.66%
PDD Holdings, Inc.	3.30%
Meituan	1.96%
Full Truck Alliance Co., Ltd.	1.92%
MercadoLibre, Inc.	1.90%
Crowdstrike Holdings, Inc.	1.81%
ServiceNow, Inc.	1.79%
Total % of Top 10 Holdings	37.43%

Sector Allocation**


Information Technology	47.01%
Communication Services	25.44%
Consumer Discretionary	21.22%
Industrials	4.02%
Real Estate	1.35%
Health Care	0.72%
Money Market Fund	0.24%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-OGIG-053124

ALPS \| O'Shares Europe Quality Dividend ETF	ALPS ETF TRUST
CboeBZXCboe BZX: OEUR	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/oeur. 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 \| O'Shares Europe Quality Dividend ETF	$26	0.48%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS \| O'Shares Europe Quality Dividend ETF (NAV)	ALPS \| O'Shares Europe Quality Dividend ETF (Market Price)	EURO STOXX 50 Net Return USD Index	O'Shares Europe Quality Dividend Index	Morningstar Europe Index
08/18/2015	10000	10000	10000	10000	10000
08/31/2015	9476	9532	9499	9470	9522
09/30/2015	9187	9251	8982	9179	9100
10/31/2015	9756	9740	9808	9793	9725
11/30/2015	9536	9592	9630	9544	9554
12/31/2015	9281	9257	9237	9292	9335
01/31/2016	8939	9100	8588	8948	8718
02/29/2016	8819	8803	8346	8828	8594
03/31/2016	9315	9392	8935	9332	9180
04/30/2016	9546	9594	9098	9557	9409
05/31/2016	9519	9543	9060	9534	9374
06/30/2016	9494	9576	8482	9502	8931
07/31/2016	9644	9698	8923	9664	9317
08/31/2016	9541	9602	8989	9564	9355
09/30/2016	9541	9562	9016	9573	9449
10/31/2016	8939	8964	8959	8970	9130
11/30/2016	8568	8527	8670	8602	8934
12/31/2016	8952	8943	9302	8995	9413
01/31/2017	9036	9086	9367	9082	9624
02/28/2017	9290	9253	9475	9346	9735
03/31/2017	9631	9668	10076	9689	10117
04/30/2017	9944	10010	10460	10003	10529
05/31/2017	10574	10608	10907	10636	11038
06/30/2017	10366	10429	10734	10427	10925
07/31/2017	10461	10515	11128	10528	11280
08/31/2017	10511	10506	11141	10583	11311
09/30/2017	10713	10704	11649	10814	11674
10/31/2017	10653	10666	11739	10764	11723
11/30/2017	10759	10785	11682	10878	11752
12/31/2017	10881	10885	11559	11005	11954
01/31/2018	11252	11299	12363	11385	12628
02/28/2018	10505	10552	11546	10627	11918
03/31/2018	10522	10621	11389	10639	11783
04/30/2018	10743	10679	11838	10865	12077
05/31/2018	10402	10393	11149	10514	11720
06/30/2018	10421	10407	11129	10538	11646
07/31/2018	10839	10791	11592	10976	12017
08/31/2018	10631	10561	11099	10759	11691
09/30/2018	10610	10540	11110	10770	11726
10/31/2018	9997	9923	10202	10150	10812
11/30/2018	10069	10055	10123	10225	10696
12/31/2018	9613	9573	9681	9757	10201
01/31/2019	10177	10120	10252	10343	10927
02/28/2019	10404	10390	10624	10580	11262
03/31/2019	10590	10581	10667	10763	11327
04/30/2019	10744	10735	11214	10930	11750
05/31/2019	10331	10322	10534	10494	11153
06/30/2019	10958	10931	11411	11141	11895
07/31/2019	10751	10647	11147	10931	11673
08/31/2019	10677	10677	10907	10861	11358
09/30/2019	10927	10886	11256	11136	11665
10/31/2019	11226	11203	11644	11452	12083
11/30/2019	11360	11328	11829	11598	12293
12/31/2019	11778	11732	12187	12033	12819
01/31/2020	11640	11599	11711	11897	12492
02/29/2020	10504	10531	10626	10726	11316
03/31/2020	9344	9156	8894	9504	9575
04/30/2020	9755	9649	9351	9936	10221
05/31/2020	10104	10081	9946	10296	10743
06/30/2020	10362	10418	10685	10590	11152
07/31/2020	10818	10790	11069	11063	11616
08/31/2020	11236	11236	11552	11497	12122
09/30/2020	11066	11043	11063	11346	11720
10/31/2020	10290	10271	10186	10541	11054
11/30/2020	11433	11363	12352	11734	12965
12/31/2020	11800	11742	12858	12116	13666
01/31/2021	11719	11704	12527	12031	13490
02/28/2021	11633	11618	13085	11948	13839
03/31/2021	12138	12138	13668	12469	14232
04/30/2021	12766	12757	14255	13114	14925
05/31/2021	13418	13466	14811	13755	15577
06/30/2021	13442	13509	14464	13817	15346
07/31/2021	14017	14070	14567	14418	15671
08/31/2021	14209	14224	14883	14622	15963
09/30/2021	13234	13220	14114	13637	15210
10/31/2021	13799	13862	14819	14224	15866
11/30/2021	13401	13484	13789	13822	15009
12/31/2021	14321	14302	14741	14781	15951
01/31/2022	13038	13198	14127	13457	15126
02/28/2022	12733	12626	13317	13144	14536
03/31/2022	12729	12602	13131	13125	14393
04/30/2022	12152	11961	12191	12531	13547
05/31/2022	11971	11971	12488	12348	13651
06/30/2022	11117	11132	11119	11443	12233
07/31/2022	11815	11835	11652	12201	12867
08/31/2022	10851	10836	10905	11206	12045
09/30/2022	9996	9883	10033	10331	10933
10/31/2022	10669	10644	11041	11039	11737
11/30/2022	11980	12099	12618	12405	13080
12/31/2022	11743	11728	12521	12159	13127
01/31/2023	12736	12801	14001	13201	14254
02/28/2023	12518	12503	13932	12975	14181
03/31/2023	13420	13430	14551	13910	14456
04/30/2023	14004	14024	15029	14518	15062
05/31/2023	13510	13570	14192	13993	14216
06/30/2023	14092	14117	15154	14607	14885
07/31/2023	14213	14208	15581	14732	15395
08/31/2023	13669	13654	14750	14170	14784
09/30/2023	13032	12996	13987	13521	14178
10/31/2023	12667	12683	13594	13148	13625
11/30/2023	13896	13906	15160	14445	15008
12/31/2023	14670	14686	15841	15256	15798
01/31/2024	14774	14758	16034	15419	15753
02/29/2024	15293	15370	16779	15919	15971
03/31/2024	15594	15651	17471	16238	16585
04/30/2024	15125	15109	16875	15743	16326
05/31/2024	15823	15927	17496	16466	17191

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (08/18/2015)
ALPS \| O'Shares Europe Quality Dividend ETF - NAV	13.86%	17.12%	8.90%	5.36%
ALPS \| O'Shares Europe Quality Dividend ETF - Market Price*	14.53%	17.37%	9.06%	5.44%
O'Shares Europe Quality Dividend Index**	13.99%	17.68%	9.43%	5.84%
EURO STOXX 50 Net Return USD Index	15.41%	23.28%	10.68%	6.57%
Morningstar Europe Index^‡	14.54%	20.92%	9.04%	6.36%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares Europe Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Previously, the Predecessor Fund had adopted the historical performance of the O'Shares FTSE Europe Quality Dividend ETF (the "Previous Predecessor Fund"), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same.

Effective June 1, 2020, the Predecessor Fund's underlying index was changed to the O'Shares Europe Quality Dividend Index (the "Underlying Index") from the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index (the "Former Index"). Thus, Predecessor Fund performance shown through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Index, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown reflects the blended performance of the Former Index through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month end performance data please visit www.alpsfunds.com or call 1-866-759-5679.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per shares, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


**	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.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The O'Shares Europe Quality Dividend Index is designed to reflect the performance of publicly-listed large-capitalization and mid-capitalization dividend paying issuers in Europe that meet certain market capitalization, liquidity, high quality, low volatility and high dividend yield thresholds. The quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a Net Total Return basis which assumes reinvestment of any dividends and distributions realized during a given time period (net of any amounts of withholding tax).

The EURO STOXX 50 Net Return USD Index represents the performance of the 50 largest companies among the 20 supersectors in terms of free-float market cap in Eurozone countries.

The Morningstar Europe Index measures the performance of large-, mid- and small-cap stocks in developed and emerging markets in Europe, representing the top 97% of the investable universe by market capitalization.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS | O'Shares Europe Quality Dividend ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$40,265,097
Number of Portfolio Holdings	51
Portfolio Turnover Rate^# (%)	4%
Total Advisory Fees Paid^# ($)	$89,579

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Novo Nordisk A/S	5.02%
ASML Holding NV	4.56%
SAP SE	3.95%
Nestle SA	3.94%
Schneider Electric SE	3.79%
Novartis AG	3.68%
LVMH Moet Hennessy Louis Vuitton SE	3.68%
Siemens AG	3.50%
Allianz SE	3.23%
Roche Holding AG	3.18%
Total % of Top 10 Holdings	38.53%

Sector Allocation**


Industrials	27.66%
Health Care	16.49%
Consumer Staples	14.21%
Consumer Discretionary	12.45%
Financials	12.45%
Information Technology	8.52%
Utilities	4.46%
Communication Services	3.69%
Money Market Fund	0.07%
Total	100.00%

Country Exposure**


France	19.36%
Great Britain	19.07%
Switzerland	18.18%
Germany	15.53%
Netherlands	8.93%
Sweden	6.26%
Denmark	5.26%
Spain	4.41%
Ireland	1.65%
Finland	1.28%
Money Market Fund	0.07%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-OEUR-053124

Barron's 400^SM ETF	ALPS ETF TRUST
NYSE ARCA: BFOR	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about Barron's 400^SM ETF (the "Fund" or "BFOR") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/bfor. 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
Barron's 400 ETF	$35	0.65%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	Barron's 400^SM ETF (NAV)	Barron's 400 Index^SM	Bloomberg US 1000 Index
05/31/2014	10000	10000	10000
06/30/2014	10387	10393	10235
07/31/2014	9993	10006	10066
08/31/2014	10436	10453	10480
09/30/2014	9980	10004	10291
10/31/2014	10387	10419	10543
11/30/2014	10453	10489	10814
12/31/2014	10484	10527	10788
01/31/2015	10182	10227	10494
02/28/2015	10880	10937	11097
03/31/2015	11047	11114	10960
04/30/2015	11017	11089	11031
05/31/2015	11077	11154	11182
06/30/2015	11057	11140	10969
07/31/2015	10970	11058	11182
08/31/2015	10371	10458	10511
09/30/2015	9869	9960	10223
10/31/2015	10454	10555	11045
11/30/2015	10564	10674	11083
12/31/2015	10091	10200	10891
01/31/2016	9356	9462	10300
02/29/2016	9504	9615	10292
03/31/2016	10152	10280	11004
04/30/2016	10202	10336	11063
05/31/2016	10350	10493	11269
06/30/2016	10212	10359	11295
07/31/2016	10736	10899	11728
08/31/2016	10870	11040	11743
09/30/2016	10840	11015	11756
10/31/2016	10521	10695	11524
11/30/2016	11528	11727	11975
12/31/2016	11851	12062	12199
01/31/2017	12003	12223	12446
02/28/2017	12301	12531	12925
03/31/2017	12392	12632	12937
04/30/2017	12605	12854	13077
05/31/2017	12558	12812	13248
06/30/2017	12771	13037	13345
07/31/2017	12903	13179	13607
08/31/2017	12754	13034	13645
09/30/2017	13423	13725	13939
10/31/2017	13677	13993	14262
11/30/2017	14049	14377	14696
12/31/2017	14095	14434	14856
01/31/2018	14677	15036	15679
02/28/2018	14099	14449	15105
03/31/2018	14136	14495	14765
04/30/2018	14088	14454	14811
05/31/2018	14677	15066	15192
06/30/2018	14701	15095	15289
07/31/2018	14997	15405	15816
08/31/2018	15653	16092	16345
09/30/2018	15303	15740	16401
10/31/2018	13629	14025	15229
11/30/2018	13752	14159	15555
12/31/2018	12199	12563	14132
01/31/2019	13525	13933	15327
02/28/2019	14126	14557	15853
03/31/2019	13779	14207	16120
04/30/2019	14353	14808	16770
05/31/2019	12893	13307	15716
06/30/2019	13906	14363	16811
07/31/2019	14003	14470	17082
08/31/2019	13257	13705	16777
09/30/2019	13656	14131	17059
10/31/2019	13889	14379	17416
11/30/2019	14439	14957	18073
12/31/2019	14797	15337	18585
01/31/2020	14313	14844	18616
02/29/2020	13027	13516	17098
03/31/2020	10817	11228	14845
04/30/2020	12394	12874	16806
05/31/2020	13383	13912	17708
06/30/2020	13570	14112	18103
07/31/2020	14327	14910	19138
08/31/2020	14932	15553	20541
09/30/2020	14514	15124	19796
10/31/2020	14656	15279	19332
11/30/2020	16364	17072	21606
12/31/2020	17380	18144	22511
01/31/2021	17663	18454	22342
02/28/2021	18641	19486	23003
03/31/2021	19671	20577	23846
04/30/2021	20380	21329	25122
05/31/2021	20670	21643	25215
06/30/2021	20740	21725	25892
07/31/2021	20956	21962	26445
08/31/2021	21330	22366	27219
09/30/2021	20571	21583	25977
10/31/2021	21898	22990	27785
11/30/2021	21793	22886	27417
12/31/2021	22695	23850	28480
01/31/2022	20859	21933	26825
02/28/2022	20842	21925	26077
03/31/2022	20901	22014	26935
04/30/2022	19400	20437	24498
05/31/2022	19961	21039	24436
06/30/2022	17758	18718	22421
07/31/2022	19777	20870	24520
08/31/2022	19055	20114	23580
09/30/2022	17314	18282	21388
10/31/2022	19266	20362	23088
11/30/2022	20447	21624	24323
12/31/2022	19098	20207	22903
01/31/2023	20731	21941	24446
02/28/2023	20420	21616	23856
03/31/2023	19520	20689	24616
04/30/2023	19116	20266	24907
05/31/2023	18714	19833	25046
06/30/2023	20495	21741	26739
07/31/2023	21688	23021	27662
08/31/2023	21054	22350	27174
09/30/2023	20205	21458	25901
10/31/2023	19295	20500	25268
11/30/2023	20789	22096	27641
12/31/2023	22571	24015	29010
01/31/2024	22422	23868	29409
02/29/2024	23645	25182	31008
03/31/2024	24624	26245	32005
04/30/2024	23297	24830	30626
05/31/2024	24276	25888	32071

Fund Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (06/03/2013)
Barron's 400^SM ETF - NAV	16.78%	29.72%	13.49%	9.27%	10.32%
Barron's 400^SM ETF - Market Price*	16.78%	29.72%	13.52%	9.27%	10.32%
Barron's 400 Index^SM	17.16%	30.53%	14.24%	9.98%	11.04%
Bloomberg US 1000 Index^‡	16.03%	28.05%	15.33%	12.36%	13.07%

Total Expense Ratio (per the current prospectus) is 0.65%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The Barron's 400 Index^SM, calculated by NYSE Arca or its affiliates, measures the performance of a diversified group of U.S. companies selected in part based on fundamentals-related, rules-based criteria. The index includes companies that have scored highest according to fundamentals-related rankings calculated by MarketGrader Capital, LLC. Additional rules-based screening provides for sector and market cap diversification. The Underlying Index has been licensed by MarketGrader for use with the Barron's 400^SM ETF.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies.

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect Fund performance.

Funds that emphasize investments in small/mid cap companies will generally experience greater price volatility.

Barron's 400^SM ETF shares are not individually redeemable. Investors buy and sell shares of the Barron's 400^SM ETF on a secondary market. Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 25,000 shares.

The Barron's 400^SM ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$140,522,203
Number of Portfolio Holdings	400
Portfolio Turnover Rate^# (%)	44%
Total Advisory Fees Paid^# ($)	$448,311

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Vistra Corp.	0.42%
First Solar, Inc.	0.41%
Abercrombie & Fitch Co.	0.36%
IES Holdings, Inc.	0.36%
Vertiv Holdings Co.	0.36%
Tenet Healthcare Corp.	0.34%
Teekay Tankers, Ltd., Class A	0.34%
AppLovin Corp.	0.33%
Boot Barn Holdings, Inc.	0.33%
UFP Technologies, Inc.	0.33%
Total % of Top 10 Holdings	3.58%

Sector Allocation**


Financials	20.52%
Industrials	18.37%
Consumer Discretionary	14.97%
Information Technology	13.27%
Health Care	10.15%
Energy	10.14%
Materials	4.30%
Consumer Staples	4.69%
Communication Services	2.03%
Utilities	1.19%
Real Estate	0.25%
Money Market Fund	0.12%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-BFOR-053124

Level Four Large Cap Growth Active ETF	ALPS ETF TRUST
NASDAQ: LGRO	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/lgro. 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
Level Four Large Cap Growth Active ETF	$27	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	Level Four Large Cap Growth Active ETF (NAV)	Level Four Large Cap Growth Active ETF (Market Price)	Bloomberg US 1000 Index	Bloomberg US 1000 Growth Index
08/22/2023	10000	10000	10000	10000
08/31/2023	10344	10368	10292	10342
09/30/2023	9740	9752	9809	9777
10/31/2023	9408	9416	9570	9559
11/30/2023	10536	10544	10468	10580
12/31/2023	11301	11309	10987	11081
01/31/2024	11441	11453	11138	11294
02/29/2024	11850	11846	11744	12033
03/31/2024	12241	12241	12121	12272
04/30/2024	11571	11579	11599	11739
05/31/2024	11964	11972	12146	12380

Fund Performance (as of May 31, 2024)

	6 Months	Since Inception (08/22/2023)
Level Four Large Cap Growth Active ETF - NAV	13.55%	19.64%
Level Four Large Cap Growth Active ETF - Market Price*	13.54%	19.72%
Bloomberg US 1000 Growth Index	17.01%	23.80%
Bloomberg US 1000 Index^‡	16.03%	21.46%

Total Expense Ratio (per the current prospectus) is 0.50%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance and has been added to comply with new regulatory requirements.

The Bloomberg US 1000 Growth Index provides exposure to companies with superior growth factor scores based on their earnings yield, valuation, dividend yield and growth.

The Bloomberg US 1000 Index is a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies

The Fund is new with limited operating history.

One cannot invest directly in an index. Index performance does not reflect fund performance.

The Level Four Large Cap Growth Active ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the Level Four Large Cap Growth Active ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$78,441,802
Number of Portfolio Holdings	49
Portfolio Turnover Rate^# (%)	6%
Total Advisory Fees Paid^# ($)	$193,238

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Apple, Inc.	7.81%
Microsoft Corp.	5.76%
Amazon.com, Inc.	5.48%
Alphabet, Inc.	4.96%
NVIDIA Corp.	3.72%
Booking Holdings, Inc.	3.17%
Meta Platforms, Inc.	3.13%
BlackRock, Inc.	2.98%
Lam Research Corp.	2.97%
PayPal Holdings, Inc.	2.83%
Total % of Top 10 Holdings	42.81%

Sector Allocation**


Information Technology	40.05%
Consumer Discretionary	15.64%
Financials	13.88%
Communication Services	10.98%
Industrials	7.56%
Health Care	5.79%
Consumer Staples	1.86%
Energy	1.39%
Real Estate	0.93%
Money Market Fund	1.92%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-LGRO-053124

RiverFront Dynamic Core Income ETF	ALPS ETF TRUST
NYSE ARCA: RFCI	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about RiverFront Dynamic Core Income ETF (the "Fund" or "RFCI") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rfci. 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
RiverFront Dynamic Core Income ETF	$26	0.51%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	RiverFront Dynamic Core Income ETF (NAV)	RiverFront Dynamic Core Income ETF (Market Price)	Bloomberg US Aggregate Bond Index
06/13/2016	10000	10000	10000
06/30/2016	10068	10088	10072
07/31/2016	10145	10137	10135
08/31/2016	10146	10138	10124
09/30/2016	10114	10139	10118
10/31/2016	10054	10078	10040
11/30/2016	9823	9839	9803
12/31/2016	9848	9868	9817
01/31/2017	9876	9929	9836
02/28/2017	9927	9955	9902
03/31/2017	9918	9942	9897
04/30/2017	9998	10026	9973
05/31/2017	10056	10076	10050
06/30/2017	10049	10069	10040
07/31/2017	10116	10140	10083
08/31/2017	10164	10193	10173
09/30/2017	10140	10164	10125
10/31/2017	10162	10170	10131
11/30/2017	10132	10144	10118
12/31/2017	10170	10162	10164
01/31/2018	10069	10111	10047
02/28/2018	9971	9992	9952
03/31/2018	9983	9975	10016
04/30/2018	9945	9928	9941
05/31/2018	10005	10009	10012
06/30/2018	9984	9988	10000
07/31/2018	10017	10030	10002
08/31/2018	10087	10092	10067
09/30/2018	10039	10044	10002
10/31/2018	9947	9947	9923
11/30/2018	9956	9956	9982
12/31/2018	10092	10080	10165
01/31/2019	10247	10260	10273
02/28/2019	10261	10244	10267
03/31/2019	10448	10448	10465
04/30/2019	10446	10454	10467
05/31/2019	10612	10625	10653
06/30/2019	10735	10752	10787
07/31/2019	10755	10764	10811
08/31/2019	11017	10995	11091
09/30/2019	10959	10937	11032
10/31/2019	10986	10990	11065
11/30/2019	10973	10964	11059
12/31/2019	10956	10939	11052
01/31/2020	11147	11138	11264
02/29/2020	11312	11281	11467
03/31/2020	11159	11207	11399
04/30/2020	11414	11454	11602
05/31/2020	11490	11560	11656
06/30/2020	11558	11536	11730
07/31/2020	11687	11674	11905
08/31/2020	11611	11584	11809
09/30/2020	11611	11575	11802
10/31/2020	11550	11519	11750
11/30/2020	11628	11614	11865
12/31/2020	11641	11632	11881
01/31/2021	11547	11534	11796
02/28/2021	11363	11363	11626
03/31/2021	11250	11259	11480
04/30/2021	11315	11324	11571
05/31/2021	11372	11363	11609
06/30/2021	11448	11444	11691
07/31/2021	11565	11560	11821
08/31/2021	11547	11552	11799
09/30/2021	11451	11451	11697
10/31/2021	11432	11432	11693
11/30/2021	11452	11448	11728
12/31/2021	11470	11451	11698
01/31/2022	11209	11204	11446
02/28/2022	11080	11071	11318
03/31/2022	10859	10845	11004
04/30/2022	10605	10582	10586
05/31/2022	10661	10666	10654
06/30/2022	10480	10485	10487
07/31/2022	10722	10736	10744
08/31/2022	10502	10474	10440
09/30/2022	10177	10168	9989
10/31/2022	10149	10121	9860
11/30/2022	10419	10443	10222
12/31/2022	10404	10386	10176
01/31/2023	10629	10653	10489
02/28/2023	10418	10418	10218
03/31/2023	10614	10652	10477
04/30/2023	10690	10690	10541
05/31/2023	10581	10586	10426
06/30/2023	10585	10609	10389
07/31/2023	10622	10632	10382
08/31/2023	10561	10571	10315
09/30/2023	10342	10328	10053
10/31/2023	10226	10207	9895
11/30/2023	10640	10626	10343
12/31/2023	11019	11014	10739
01/31/2024	11004	10994	10709
02/29/2024	10895	10900	10558
03/31/2024	11005	10990	10655
04/30/2024	10791	10791	10386
05/31/2024	10948	10958	10562

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (06/13/2016)
RiverFront Dynamic Core Income ETF - NAV	2.89%	3.47%	0.63%	1.14%
RiverFront Dynamic Core Income ETF - Market Price*	3.13%	3.51%	0.62%	1.16%
Bloomberg US Aggregate Bond Index^‡	2.12%	1.31%	-0.17%	0.69%

Total Expense Ratio (per the current prospectus) is 0.52%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS (agency and non-agency). The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The RiverFront Dynamic Core Income ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the RiverFront Dynamic Core Income ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$24,829,701
Number of Portfolio Holdings	45
Portfolio Turnover Rate^# (%)	13%
Total Advisory Fees Paid^# ($)	$65,522

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**^


U.S. Treasury Bond 11/15/2043 4.75%	10.84%
Blue Owl Credit Income Corp. 01/15/2029 7.75%	4.17%
Kinetik Holdings LP 12/15/2028 6.63%	4.05%
U.S. Treasury Bond 11/15/2052 4.00%	4.04%
U.S. Treasury Bond 08/15/2029 6.13%	3.71%
General Motors Financial Co., Inc. 01/09/2033 6.40%	3.56%
Ingersoll Rand, Inc. 08/14/2033 5.70%	3.52%
Hyatt Hotels Corp. 04/23/2030 5.75%	3.50%
Concentrix Corp. 08/02/2033 6.85%	3.38%
Bank of America Corp. 5Y US TI + 3.23%	2.49%
Total % of Top 10 Holdings	43.26%

Sector Allocation**


Financials	28.56%
Government	20.14%
Consumer Discretionary	15.50%
Energy	8.54%
Utilities	8.44%
Technology	5.45%
Industrials	5.17%
Consumer Staples	1.83%
Health Care	1.34%
Communications	1.16%
Materials	0.97%
Money Market Fund	2.90%
Total	100.00%


#	During the period


**	% of Total Investments


^	Excludes Money Market Fund

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-RFCI-053124

RiverFront Dynamic US Dividend Advantage ETF	ALPS ETF TRUST
NYSE ARCA: RFDA	Semi-Annual Shareholder Report May 31, 2024

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, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rfda. 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
RiverFront Dynamic US Dividend Advantage ETF	$28	0.52%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	RiverFront Dynamic US Dividend Advantage ETF (NAV)	RiverFront Dynamic US Dividend Advantage ETF (Market Price)	S&P 500^® Index
06/06/2016	10000	10000	10000
06/30/2016	10052	10052	9964
07/31/2016	10337	10337	10331
08/31/2016	10302	10306	10345
09/30/2016	10383	10383	10347
10/31/2016	10106	10106	10159
11/30/2016	10664	10672	10535
12/31/2016	10828	10832	10743
01/31/2017	10984	10988	10947
02/28/2017	11305	11305	11381
03/31/2017	11250	11250	11395
04/30/2017	11303	11303	11512
05/31/2017	11426	11426	11674
06/30/2017	11522	11538	11747
07/31/2017	11796	11804	11988
08/31/2017	11745	11749	12025
09/30/2017	12240	12240	12273
10/31/2017	12462	12466	12559
11/30/2017	12849	12845	12944
12/31/2017	12966	12970	13088
01/31/2018	13624	13628	13838
02/28/2018	13094	13172	13328
03/31/2018	12887	12912	12989
04/30/2018	12927	12964	13039
05/31/2018	13271	13284	13353
06/30/2018	13364	13410	13435
07/31/2018	13664	13676	13935
08/31/2018	14029	14025	14389
09/30/2018	13868	13877	14471
10/31/2018	12786	12831	13482
11/30/2018	13036	13023	13757
12/31/2018	11814	11785	12515
01/31/2019	12904	12874	13517
02/28/2019	13303	13324	13951
03/31/2019	13529	13521	14223
04/30/2019	13902	13894	14798
05/31/2019	12784	12784	13858
06/30/2019	13666	13636	14835
07/31/2019	13794	13836	15048
08/31/2019	13443	13422	14809
09/30/2019	13918	13914	15087
10/31/2019	14225	14229	15413
11/30/2019	14507	14512	15973
12/31/2019	14990	14960	16455
01/31/2020	14844	14819	16448
02/29/2020	13556	13569	15094
03/31/2020	11667	11650	13230
04/30/2020	13081	13068	14926
05/31/2020	13690	13699	15637
06/30/2020	14033	14041	15948
07/31/2020	14740	14731	16847
08/31/2020	15667	15672	18058
09/30/2020	15148	15144	17372
10/31/2020	14586	14581	16910
11/30/2020	16092	16092	18761
12/31/2020	16680	16685	19482
01/31/2021	16474	16456	19286
02/28/2021	16830	16826	19818
03/31/2021	17688	17696	20685
04/30/2021	18521	18517	21789
05/31/2021	18703	18703	21942
06/30/2021	19067	19067	22454
07/31/2021	19538	19525	22987
08/31/2021	19965	19957	23686
09/30/2021	18908	18899	22585
10/31/2021	20008	19999	24167
11/30/2021	19814	19823	23999
12/31/2021	20975	20975	25075
01/31/2022	20823	20814	23777
02/28/2022	20616	20611	23065
03/31/2022	21424	21420	23922
04/30/2022	20449	20458	21836
05/31/2022	21080	21066	21876
06/30/2022	19330	19361	20070
07/31/2022	20652	20666	21921
08/31/2022	19766	19766	21027
09/30/2022	17623	17641	19090
10/31/2022	19235	19230	20636
11/30/2022	20381	20386	21789
12/31/2022	19167	19167	20534
01/31/2023	20360	20337	21824
02/28/2023	19627	19604	21291
03/31/2023	19839	19830	22073
04/30/2023	19969	19955	22418
05/31/2023	20018	19976	22515
06/30/2023	21412	21398	24003
07/31/2023	22107	22102	24774
08/31/2023	21375	21370	24379
09/30/2023	20447	20437	23217
10/31/2023	19942	19928	22729
11/30/2023	21392	21383	24805
12/31/2023	22452	22443	25931
01/31/2024	22235	22230	26367
02/29/2024	22978	22916	27775
03/31/2024	24074	24041	28669
04/30/2024	23253	23248	27498
05/31/2024	24563	24563	28861

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	Since Inception (06/06/2016)
RiverFront Dynamic US Dividend Advantage ETF - NAV	14.82%	22.71%	13.95%	11.91%
RiverFront Dynamic US Dividend Advantage ETF - Market Price*	14.87%	22.96%	13.95%	11.91%
S&P 500^® Index^‡	16.36%	28.19%	15.80%	14.20%

Total Expense Ratio (per the current prospectus) is 0.52%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

S&P 500^® Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The RiverFront Dynamic US Dividend Advantage ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the RiverFront Dynamic US Dividend Advantage ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$76,109,932
Number of Portfolio Holdings	73
Portfolio Turnover Rate^# (%)	4%
Total Advisory Fees Paid^# ($)	$195,064

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


Microsoft Corp.	8.44%
NVIDIA Corp.	8.20%
Apple, Inc.	7.53%
Amazon.com, Inc.	4.05%
Alphabet, Inc.	3.47%
Exxon Mobil Corp.	2.47%
Equitrans Midstream Corp.	2.46%
Merck & Co., Inc.	2.12%
Booking Holdings, Inc.	2.12%
Antero Midstream Corp.	1.78%
Total % of Top 10 Holdings	42.64%

Sector Allocation**


Information Technology	28.93%
Financials	13.78%
Energy	12.68%
Consumer Discretionary	11.13%
Health Care	8.29%
Communication Services	6.22%
Real Estate	5.64%
Utilities	4.76%
Industrials	3.63%
Consumer Staples	3.42%
Materials	1.52%
Total	100.00%


#	During the period.


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

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-RFDA-053124

RiverFront Strategic Income Fund	ALPS ETF TRUST
NYSE ARCA: RIGS	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about RiverFront Strategic Income Fund (the "Fund" or "RIGS") for the period of December 1, 2023 to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rigs. 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
RiverFront Strategic Income Fund	$23	0.46%

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	RiverFront Strategic Income Fund (NAV)	RiverFront Strategic Income Fund (Market Price)	Bloomberg US Aggregate Bond Index
05/31/2014	10000	10000	10000
06/30/2014	10029	9998	10005
07/31/2014	9885	9854	9980
08/31/2014	10009	9977	10090
09/30/2014	9860	9829	10022
10/31/2014	10033	10002	10120
11/30/2014	10019	9987	10192
12/31/2014	9995	9964	10202
01/31/2015	10056	10025	10416
02/28/2015	10186	10154	10318
03/31/2015	10171	10139	10365
04/30/2015	10250	10217	10328
05/31/2015	10272	10239	10303
06/30/2015	10180	10148	10191
07/31/2015	10178	10146	10262
08/31/2015	10125	10093	10247
09/30/2015	9955	9924	10316
10/31/2015	10167	10135	10318
11/30/2015	10110	10078	10291
12/31/2015	10058	10026	10258
01/31/2016	10024	9992	10399
02/29/2016	10140	10108	10473
03/31/2016	10281	10249	10569
04/30/2016	10438	10405	10609
05/31/2016	10486	10453	10612
06/30/2016	10592	10559	10803
07/31/2016	10767	10733	10871
08/31/2016	10877	10843	10859
09/30/2016	10902	10868	10852
10/31/2016	10912	10878	10769
11/30/2016	10856	10822	10514
12/31/2016	10940	10905	10529
01/31/2017	10998	10964	10550
02/28/2017	11066	11032	10621
03/31/2017	11073	11038	10615
04/30/2017	11181	11146	10697
05/31/2017	11236	11201	10779
06/30/2017	11258	11223	10769
07/31/2017	11320	11285	10815
08/31/2017	11369	11333	10912
09/30/2017	11416	11380	10860
10/31/2017	11436	11400	10866
11/30/2017	11430	11394	10852
12/31/2017	11453	11417	10902
01/31/2018	11427	11391	10777
02/28/2018	11336	11300	10674
03/31/2018	11329	11294	10743
04/30/2018	11346	11310	10663
05/31/2018	11362	11327	10739
06/30/2018	11369	11333	10726
07/31/2018	11440	11404	10728
08/31/2018	11515	11478	10797
09/30/2018	11555	11519	10728
10/31/2018	11491	11455	10643
11/30/2018	11496	11460	10707
12/31/2018	11445	11409	10903
01/31/2019	11663	11627	11019
02/28/2019	11753	11716	11013
03/31/2019	11828	11791	11224
04/30/2019	11880	11843	11227
05/31/2019	11876	11839	11426
06/30/2019	11991	11953	11570
07/31/2019	12029	11991	11595
08/31/2019	12091	12052	11896
09/30/2019	12114	12076	11833
10/31/2019	12161	12123	11868
11/30/2019	12181	12143	11862
12/31/2019	12237	12199	11854
01/31/2020	12271	12233	12082
02/29/2020	12213	12175	12299
03/31/2020	11443	11407	12227
04/30/2020	11926	11888	12444
05/31/2020	12183	12144	12502
06/30/2020	12286	12248	12581
07/31/2020	12475	12436	12769
08/31/2020	12522	12483	12666
09/30/2020	12488	12449	12659
10/31/2020	12515	12476	12602
11/30/2020	12663	12623	12726
12/31/2020	12736	12696	12744
01/31/2021	12729	12689	12652
02/28/2021	12698	12658	12470
03/31/2021	12706	12666	12314
04/30/2021	12775	12735	12411
05/31/2021	12821	12780	12452
06/30/2021	12876	12836	12539
07/31/2021	12929	12888	12679
08/31/2021	12955	12914	12655
09/30/2021	12919	12879	12546
10/31/2021	12895	12854	12542
11/30/2021	12855	12815	12579
12/31/2021	12927	12886	12547
01/31/2022	12730	12690	12277
02/28/2022	12657	12618	12140
03/31/2022	12516	12477	11803
04/30/2022	12271	12233	11355
05/31/2022	12375	12336	11428
06/30/2022	12039	12001	11249
07/31/2022	12396	12357	11523
08/31/2022	12196	12158	11198
09/30/2022	11904	11867	10714
10/31/2022	11973	11936	10575
11/30/2022	12186	12148	10964
12/31/2022	12180	12142	10915
01/31/2023	12406	12367	11251
02/28/2023	12232	12194	10960
03/31/2023	12434	12395	11238
04/30/2023	12519	12479	11306
05/31/2023	12407	12368	11183
06/30/2023	12437	12398	11143
07/31/2023	12474	12435	11135
08/31/2023	12449	12410	11064
09/30/2023	12229	12190	10783
10/31/2023	12121	12083	10613
11/30/2023	12549	12510	11094
12/31/2023	12941	12900	11518
01/31/2024	12923	12882	11487
02/29/2024	12828	12788	11324
03/31/2024	12941	12900	11429
04/30/2024	12756	12716	11140
05/31/2024	12905	12853	11329

Performance (as of May 31, 2024)

	6 Months	1 Year	5 Year	10 Year	Since Inception (10/07/2013)
RiverFront Strategic Income Fund - NAV	2.83%	4.01%	1.68%	2.58%	2.97%
RiverFront Strategic Income Fund - Market Price*	3.06%	3.97%	1.51%	2.54%	2.96%
Bloomberg US Aggregate Bond Index^‡	2.12%	1.31%	-0.17%	1.26%	1.53%

Total Expense Ratio (per the current prospectus) is 0.47%. The Fund's management fees consist of a fee of 0.11% paid to the Fund's investment adviser and a fee of 0.35% paid to the Fund's sub-adviser.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

The RiverFront Strategic Income Fund is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

The Fund's shares are not individually redeemable. Investors buy and sell shares of the fund on a secondary market. Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 25,000 shares.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the distributor for the RiverFront Strategic Income Fund.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$96,978,317
Number of Portfolio Holdings	96
Portfolio Turnover Rate^# (%)	23%
Total Advisory Fees Paid^# ($)	$234,269

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**^


U.S. Treasury Bond 11/15/2052 4.00%	7.42%
U.S. Treasury Bond 11/15/2043 4.75%	4.52%
U.S. Treasury Bond 08/15/2029 6.13%	2.53%
U.S. Treasury Note 07/31/2030 4.00%	1.95%
Concentrix Corp. 08/02/2028 6.60%	1.43%
T-Mobile USA, Inc. 02/01/2028 4.75%	1.39%
Goldman Sachs Group, Inc. 10/21/2025 4.25%	1.28%
Bank of America Corp. 10/22/2026 4.25%	1.27%
JPMorgan Chase & Co. 10/01/2027 4.25%	1.27%
Citigroup, Inc. 09/29/2027 4.45%	1.27%
Total % of Top 10 Holdings	24.33%

Sector Allocation**


Financials	25.64%
Government	16.18%
Consumer Discretionary	13.33%
Industrials	8.97%
Materials	8.59%
Energy	6.21%
Utilities	5.64%
Communications	5.06%
Health Care	3.19%
Technology	2.92%
Consumer Staples	2.75%
Money Market Fund	1.52%
Total	100.00%


#	During the period.


**	% of Total Investments


^	Excludes Money Market Fund

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-RIGS-053124

ALPS \| Smith Core Plus Bond ETF	ALPS ETF TRUST
NYSE ARCA: SMTH	Semi-Annual Shareholder Report May 31, 2024

This semi-annual shareholder report contains important information about ALPS | Smith Core Plus Bond ETF (the "Fund" or "SMTH") for the period of December 5, 2023 (inception) to May 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/smth. 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 \| Smith Core Plus Bond ETF	$29^{^}	0.59%

^{^}	ALPS \| Smith Core Plus Bond ETF commenced operations on December 5, 2023. 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 (178) divided by 366.

HOW DID THE FUND PERFORM FOR THE PERIOD?

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

Date	ALPS \| Smith Core Plus Bond ETF (NAV)	ALPS \| Smith Core Plus Bond ETF (Market Price)	Bloomberg US Aggregate Bond Index
12/05/2023	10000	10000	10000
12/31/2023	10381	10425	10263
01/31/2024	10367	10375	10235
02/29/2024	10286	10314	10090
03/31/2024	10384	10396	10183
04/30/2024	10153	10181	9926
05/31/2024	10303	10348	10094

Fund Performance (as of May 31, 2024)

	1 Month	3 Months	Since Inception (12/05/2023)
ALPS \| Smith Core Plus Bond ETF - NAV	1.48%	0.16%	3.03%
ALPS \| Smith Core Plus Bond ETF - Market Price*	1.64%	0.32%	3.48%
Bloomberg US Aggregate Bond Index^‡	1.70%	0.04%	0.94%

Total Expense Ratio (per the current prospectus) is 0.59%.


*	Market Price means the official closing price of a share or, if it more accurately reflects the market value of a share at the time as of which the Fund calculates current net asset value per share, the price that is the midpoint of the bid-ask spread as of that time. It does not represent the returns an investor would receive if shares were traded at other times.


‡	This index represents a broad measure of market performance for purposes of new regulatory requirements.

Bloomberg US Aggregate Bond Index: a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and non-agency). One cannot invest directly in an index. Index performance does not reflect fund performance.

The Fund is new with limited operating history.

The ALPS | Smith Core Plus Bond ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the ALPS | Smith Core Plus Bond ETF.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets ($)	$732,204,178
Number of Portfolio Holdings	465
Portfolio Turnover Rate^# (%)	89%
Total Advisory Fees Paid^# ($)	$1,162,246

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


U.S. Treasury Note 10/31/2025 5.00%	5.11%
U.S. Treasury Bond 02/15/2044 4.50%	4.64%
U.S. Treasury Bond 05/15/2034 4.38%	4.58%
U.S. Treasury Note 04/30/2029 4.63%	4.55%
U.S. Treasury Bond 02/15/2054 4.25%	4.51%
U.S. Treasury Bond 05/15/2044 4.63%	4.06%
U.S. Treasury Note 09/30/2025 5.00%	4.01%
U.S. Treasury Note 11/30/2025 4.88%	3.94%
U.S. Treasury Note 08/31/2025 5.00%	3.76%
U.S. Treasury Bond 11/15/2053 4.75%	3.23%
Total % of Top 10 Holdings	42.40%

Sector Allocation**


Government	47.90%
Financials	12.53%
Mortgage Securities	11.86%
Energy	5.70%
Industrials	5.44%
Health Care	5.08%
Consumer Discretionary	5.03%
Utilities	1.76%
Consumer Staples	1.59%
Communications	1.07%
Technology	0.96%
Materials	0.65%
Money Market Fund	0.44%
Total	100.00%


#	During the period.


**	as a % of Total Investments

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

SAR-SMTH-053124

(b)

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.

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

(b) Not applicable to Registrant.

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

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Alerian MLP ETF
Schedule of Investments	2
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Alerian Energy Infrastructure ETF
Schedule of Investments	7
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements and Financial Highlights	13
Additional Information	24
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	26
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	27
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	28
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	29

alpsfunds.com

Alerian Exchange Traded Funds

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

Alerian MLP ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (104.74%)
Compression (2.93%)
USA Compression Partners LP^(a)		10,054,636	$	246,338,582

Gathering + Processing (26.19%)
EnLink Midstream LLC^(a)		43,816,316		556,029,050
Hess Midstream LP, Class A^(a)		14,174,596		492,567,211
Western Midstream Partners LP^(a)		30,904,453		1,153,354,186
Total Gathering + Processing				2,201,950,447

Liquefaction (4.14%)
Cheniere Energy Partners LP		7,215,908		347,590,288

Marketing & Distribution (16.42%)
Global Partners LP^(a)		4,604,567		222,538,723
Suburban Propane Partners LP^(a)		11,225,162		228,207,544
Sunoco LP^(a)		18,235,848		930,028,248
Total Marketing & Distribution				1,380,774,515

*Pipeline Transportation \| Natural Gas (25.94%)*
Energy Transfer LP		70,179,231		1,099,708,550
Enterprise Products Partners LP		37,935,280		1,081,155,480
Total Pipeline Transportation \| Natural Gas				2,180,864,030

*Pipeline Transportation \| Petroleum (29.12%)*
Delek Logistics Partners LP		1,601,511		63,451,866
Genesis Energy LP^(a)		19,167,891		239,981,995
MPLX LP		26,242,908		1,067,561,497
Plains All American Pipeline LP^(a)		63,338,417		1,077,386,473
Total Pipeline Transportation \| Petroleum				2,448,381,831

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $4,404,098,853)				8,805,899,693

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.06%)
Money Market Fund (0.06%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.26	%		4,667,374	$	4,667,374

TOTAL SHORT TERM INVESTMENTS

(Cost $4,667,374)							4,667,374

TOTAL INVESTMENTS (104.80%)
(Cost $4,408,766,227)						$	8,810,567,067
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.80%)							(403,473,653	)
NET ASSETS - 100.00%						$	8,407,093,414

^(a)

Affiliated Company. See Note 8 in Notes to Financial Statements and Financial Highlights.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

Alerian MLP ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value	$	3,664,135,055
Investments in affiliates, at value		5,146,432,012
Receivable for investments sold		2,317,298
Total Assets		8,812,884,365

LIABILITIES:
Payable for shares redeemed		2,291,293
Income tax payable		27,723,149
Deferred tax liability (Note 2)		369,713,780
Payable to adviser		6,062,729
Total Liabilities		405,790,951
NET ASSETS	$	8,407,093,414

NET ASSETS CONSIST OF:
Paid-in capital	$	8,933,403,824
Distributable earnings/(accumulated losses)		(526,310,410	)
NET ASSETS	$	8,407,093,414

INVESTMENTS, AT COST	$	1,534,250,754
INVESTMENTS IN AFFILIATES, AT COST		2,874,515,473

PRICING OF SHARES
Net Assets	$	8,407,093,414
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		183,457,420
Net Asset Value, offering and redemption price per share	$	45.83

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

Alerian MLP ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Distributions from master limited partnerships	$	318,177,461	^(a)
Less return of capital distributions		(311,089,897	)
Total Investment Income		7,087,564

EXPENSES:
Investment adviser fee		33,501,399
Total Expenses		33,501,399
NET INVESTMENT LOSS, BEFORE INCOME TAXES		(26,413,835	)
Current income tax benefit/(expense)		5,039,949
NET INVESTMENT LOSS		(21,373,886	)

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments, before income taxes		59,750,502
Net realized gain on affiliated investments, before income taxes		8,935,224
Current income tax benefit/(expense)		(13,109,195	)
Net realized gain		55,576,531
Net change in unrealized appreciation on investments, before income taxes		189,864,223
Net change in unrealized appreciation on affiliated investments, before income taxes		517,904,175
Deferred income tax benefit/(expense)		(135,043,808	)
Net change in unrealized appreciation		572,724,590
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		628,301,121
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	606,927,235

^(a)

Includes return of capital distributions and dividend income from affiliated investments in the amount of $170,128,318 and $7,087,564, respectively.

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2024

Alerian MLP ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment loss	$	(21,373,886	)	$	(39,353,289	)
Net realized gain		55,576,531			968,978,085
Net change in unrealized appreciation		572,724,590			321,187,085
Net increase in net assets resulting from operations		606,927,235			1,250,811,881

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(323,994,504	)		(559,281,783	)
Total distributions		(323,994,504	)		(559,281,783	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		954,401,433			1,459,261,841
Cost of shares redeemed		(330,049,996	)		(1,330,182,900	)
Net increase from share transactions		624,351,437			129,078,941

Net increase in net assets		907,284,168			820,609,039

NET ASSETS:
Beginning of period		7,499,809,246			6,679,200,207
End of period	$	8,407,093,414		$	7,499,809,246

OTHER INFORMATION:
SHARE TRANSACTIONS:
Beginning shares		169,807,420			166,932,420
Shares sold		20,925,000			36,325,000
Shares redeemed		(7,275,000	)		(33,450,000	)
Shares outstanding, end of period		183,457,420			169,807,420

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

Alerian MLP ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020 ^(a)			For the Year Ended November 30, 2019 ^(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.17		$	40.01		$	31.63		$	25.02		$	39.15		$	47.75

INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(b)		(0.12	)		(0.24	)		(0.28	)		(0.27	)		(0.24	)		(0.35	)
Net realized and unrealized gain/(loss) on investments		3.60			7.74			11.59			9.68			(10.73	)		(4.35	)
Total from investment operations		3.48			7.50			11.31			9.41			(10.97	)		(4.70	)

DISTRIBUTIONS:
Distributions from Income		(1.82	)		(3.34	)		–			–			–			–
From tax return of capital		–			–			(2.93	)		(2.80	)		(3.16	)		(3.90	)
Total distributions		(1.82	)		(3.34	)		(2.93	)		(2.80	)		(3.16	)		(3.90	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.66			4.16			8.38			6.61			(14.13	)		(8.60	)
NET ASSET VALUE, END OF PERIOD	$	45.83		$	44.17		$	40.01		$	31.63		$	25.02		$	39.15
TOTAL RETURN^(c)		8.00	%		19.82	%		36.31	%		37.97	%		(28.36	)%		(10.79	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	8,407,093		$	7,499,809		$	6,679,200		$	4,980,175		$	3,880,137		$	7,249,005

RATIO TO AVERAGE NET ASSETS:
Expenses (excluding net current and deferred tax expenses/benefits and franchise tax expense)		0.85	%^(d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Expenses (including current and deferred tax expenses/benefits)^(e)		0.72	%^(d)		0.79	%		0.74	%		0.85	%		0.85	%		0.85	%
Expenses (including net current and deferred tax expenses/benefits)^(f)		4.45	%^(d)		2.67	%		5.03	%		0.87	%		0.90	%		0.87	%
Net investment loss (excluding deferred tax expenses/benefits and franchise tax expense)		(0.67	)%^(d)		(0.65	)%		(0.85	)%		(0.85	)%		(0.85	)%		(0.77	)%
Net investment loss (including deferred tax expenses/benefits)^(e)		(0.54	)%^(d)		(0.59	)%		(0.74	)%		(0.85	)%		(0.85	)%		(0.77	)%
PORTFOLIO TURNOVER RATE^(g)		16	%		40	%		26	%		20	%		23	%		34	%

	^(a)	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.
	^(b)	Based on average shares outstanding during the period.
	^(c)	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.
	^(d)	Annualized.
	^(e)	Includes amount of current and deferred tax benefit associated with net investment income/(loss).
	^(f)	Includes amount of current and deferred taxes/benefits for all components of the Statement of Operations.
	^(g)	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.

6 | May 31, 2024

Alerian Energy Infrastructure ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
CANADIAN ENERGY INFRASTRUCTURE COMPANIES (24.66%)
Gathering + Processing (4.75%)
Keyera Corp.^(a)		260,561	$	6,899,480

Pipeline Transportation \| Natural Gas (4.54%)
TC Energy Corp.^(a)		170,973		6,593,302

Pipeline Transportation \| Petroleum (13.26%)
Enbridge, Inc.		333,232		12,183,096
Pembina Pipeline Corp.		190,173		7,064,426
Total Pipeline Transportation \| Petroleum				19,247,522

Storage (2.11%)
Gibson Energy, Inc.^(a)		183,253		3,062,844

TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES
(Cost $34,487,171)				35,803,148

Security Description	Shares		Value
EXCHANGE TRADED FUND (0.67%)
Exchange Traded Fund (0.67%)
Energy Select Sector SPDR Fund		10,500		978,600

TOTAL EXCHANGE TRADED FUND
(Cost $978,679)				978,600

Security Description	Shares		Value
U.S. ENERGY INFRASTRUCTURE COMPANIES (31.90%)
Gathering + Processing (11.00%)
Kinetik Holdings, Inc.		29,705		1,217,608
ONEOK, Inc.		86,192		6,981,552
Targa Resources Corp.		65,757		7,774,450
Total Gathering + Processing				15,973,610

Liquefaction (5.71%)
Cheniere Energy, Inc.		44,640		7,043,746
NextDecade Corp.^(a)(b)		117,126		838,622
Tellurian, Inc.^(a)(b)		798,519		410,519
Total Liquefaction				8,292,887

Pipeline Transportation \| Natural Gas (15.19%)
DT Midstream, Inc.		104,121		6,984,437
Equitrans Midstream Corp.		528,907		7,552,792
Kinder Morgan, Inc.		385,493		7,513,258
Total Pipeline Transportation \| Natural Gas				22,050,487

TOTAL U.S. ENERGY INFRASTRUCTURE COMPANIES
(Cost $34,378,668)				46,316,984

Security Description	Shares		Value
U.S. ENERGY INFRASTRUCTURE MLPS (25.76%)
Gathering + Processing (7.71%)
Hess Midstream LP, Class A		89,952	$	3,125,832
MPLX LP		132,821		5,403,158
Western Midstream Partners LP		71,298		2,660,842
Total Gathering + Processing				11,189,832

Pipeline Transportation \| Natural Gas (17.71%)
Energy Transfer LP		874,992		13,711,124
Enterprise Products Partners LP		421,024		11,999,184
Total Pipeline Transportation \| Natural Gas				25,710,308

Pipeline Transportation \| Petroleum (0.34%)
Genesis Energy LP		39,087		489,369

TOTAL U.S. ENERGY INFRASTRUCTURE MLPS
(Cost $30,460,134)				37,389,509

Security Description	Shares		Value
U.S. GENERAL PARTNERS (16.69%)
Gathering + Processing (11.80%)
Antero Midstream Corp.		385,237		5,643,721
EnLink Midstream LLC		277,966		3,527,389
The Williams Cos., Inc.		191,735		7,958,920
Total Gathering + Processing				17,130,030

Pipeline Transportation \| Petroleum (4.89%)
Plains GP Holdings LP, Class A		393,836		7,092,986

TOTAL U.S. GENERAL PARTNERS
(Cost $16,886,469)				24,223,016

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2024

Alerian Energy Infrastructure ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.44%)
Money Market Fund (0.21%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $298,755)		5.26	%		298,755	$	298,755

Investments Purchased with Collateral from Securities Loaned (1.23%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $1,783,990)					1,783,990	$	1,783,990
TOTAL SHORT TERM INVESTMENTS

(Cost $2,082,745)							2,082,745

TOTAL INVESTMENTS (101.12%)
(Cost $119,273,866)						$	146,794,002
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.12%)							(1,625,120	)
NET ASSETS - 100.00%						$	145,168,882

	^(a)	Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,459,132.
	^(b)	Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2024

Alerian Energy Infrastructure ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value*	$	146,794,002
Receivable for investments sold		991,335
Receivable for shares sold		1,290,392
Dividends receivable		188,293
Total Assets		149,264,022

LIABILITIES:
Payable for investments purchased		2,269,015
Payable to adviser		42,135
Payable for collateral upon return of securities loaned		1,783,990
Total Liabilities		4,095,140
NET ASSETS	$	145,168,882

NET ASSETS CONSIST OF:
Paid-in capital	$	118,262,705
Distributable earnings		26,906,177
NET ASSETS	$	145,168,882

INVESTMENTS, AT COST	$	119,273,866

PRICING OF SHARES
Net Assets	$	145,168,882
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		5,625,000
Net Asset Value, offering and redemption price per share	$	25.81

^*	Includes $1,459,132 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

Alerian Energy Infrastructure ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividends*	$	4,014,398
Securities lending income		8,073
Total Investment Income		4,022,471

EXPENSES:
Investment adviser fees		236,306
Total Expenses		236,306
NET INVESTMENT INCOME		3,786,165

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		1,706,426
Net realized gain on foreign currency transactions		1,792
Net realized gain		1,708,218
Net change in unrealized appreciation on investments		12,806,155
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(2,136	)
Net change in unrealized appreciation		12,804,019
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCIES		14,512,237
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,298,402
* Net of foreign tax withholding.	$	175,250

^(a)

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, 2024

Alerian Energy Infrastructure ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	3,786,165		$	5,563,949
Net realized gain		1,708,218			4,005,613
Net change in unrealized appreciation/(depreciation)		12,804,019			(93,168	)
Net increase in net assets resulting from operations		18,298,402			9,476,394

DISTRIBUTIONS:
From distributable earnings		(3,830,992	)		(1,902,116	)
From tax return of capital		–			(5,303,713	)
Total distributions		(3,830,992	)		(7,205,829	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,156,426			8,337,471
Cost of shares redeemed		(4,729,155	)		(20,419,761	)
Net decrease from share transactions		(1,572,729	)		(12,082,290	)
Net increase/(decrease) in net assets		12,894,681			(9,811,725	)

NET ASSETS:
Beginning of period		132,274,201			142,085,926
End of period	$	145,168,882		$	132,274,201

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		5,700,000			6,275,000
Shares sold		125,000			375,000
Shares redeemed		(200,000	)		(950,000	)
Shares outstanding, end of period		5,625,000			5,700,000

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2024

Alerian Energy Infrastructure ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.21		$	22.64		$	18.59		$	14.51		$	19.19		$	20.34

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.68			0.97			0.61			1.08			0.90			0.88
Net realized and unrealized gain/(loss) on investments		2.60			0.86			4.57			4.49			(4.50	)		(0.64	)
Total from investment operations		3.28			1.83			5.18			5.57			(3.60	)		0.24

DISTRIBUTIONS:
From net investment income		(0.68	)		(0.33	)		(0.21	)		(0.74	)		(0.45	)		(0.50	)
Tax return of capital		–			(0.93	)		(0.92	)		(0.75	)		(0.63	)		(0.89	)
Total distributions		(0.68	)		(1.26	)		(1.13	)		(1.49	)		(1.08	)		(1.39	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.60			0.57			4.05			4.08			(4.68	)		(1.15	)
NET ASSET VALUE, END OF PERIOD	$	25.81		$	23.21		$	22.64		$	18.59		$	14.51		$	19.19
TOTAL RETURN^(b)		14.39	%		8.63	%		28.21	%		38.93	%		(18.82	)%		1.09	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	145,169		$	132,274		$	142,086		$	59,487		$	36,988		$	51,809

Ratio of expenses to average net assets		0.35	%^(c)		0.35	%		0.35	%		0.51	%^(d)		0.65	%		0.65	%
Ratio of net investment income to average net assets		5.61	%^(c)		4.46	%		2.84	%		5.84	%		5.91	%		4.23	%
PORTFOLIO TURNOVER RATE^(e)		13	%		28	%		26	%		34	%		34	%		26	%

	^(a)	Based on average shares outstanding during the period.
	^(b)	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.
	^(c)	Annualized.
	^(d)	Effective July 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.35%.
	^(e)	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.

12 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

A. Portfolio Valuation

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

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

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

13 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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.

The following is a summary of the inputs used to value each Fund’s investments as of May 31, 2024:

Alerian MLP ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Master Limited Partnerships^*	$	8,805,899,693	$	–	$	–	$	8,805,899,693
Short Term Investments		4,667,374		–		–		4,667,374
Total	$	8,810,567,067	$	–	$	–	$	8,810,567,067

14 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

Alerian Energy Infrastructure ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Canadian Energy Infrastructure Companies^*	$	35,803,148	$	–	$	–	$	35,803,148
Exchange Traded Fund		978,600		–		–		978,600
U.S. Energy Infrastructure Companies^*		46,316,984		–		–		46,316,984
U.S. Energy Infrastructure MLPs^*		37,389,509		–		–		37,389,509
U.S. General Partners^*		24,223,016		–		–		24,223,016
Short Term Investments		2,082,745		–		–		2,082,745
Total	$	146,794,002	$	–	$	–	$	146,794,002

^*	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, 2024.

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

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.

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.

15 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

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, 2024
	Current		Deferred			Total
Federal	$	26,287,358	$	130,806,039		$	157,093,397
State		1,435,791		5,976,078			7,411,869
Valuation Allowance		–		(21,392,212	)		(21,392,212	)
Total tax expense/(benefit)	$	27,723,149	$	115,389,905		$	143,113,054

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.

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

Alerian MLP ETF	As of May 31, 2024			As of November 30, 2023
Deferred tax assets:
Capital loss carryforward	$	544,986,563		$	524,032,603
Net operating loss carryforward		18,199,275			24,884,154
Income recognized from MLP investments		1,731,500,559			1,632,443,967
Other deferred tax assets		8,386,755			9,788,597
Valuation allowance		(70,502,904	)		(91,895,116	)
Less Deferred tax liabilities:
Net unrealized gain on investment securities		(2,602,284,028	)		(2,352,863,780	)
Other deferred tax liabilities		–			(67,889	)
Net Deferred Tax Asset/(Liability)	$	(369,713,780	)	$	(253,677,464	)

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 speaking, 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.

16 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

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

Alerian MLP ETF	Period-Ended	Amount		Expiration
Federal	11/30/2020	$	719,704,371	11/30/2025
Federal	11/30/2021		673,784,686	11/30/2026
Federal	11/30/2022		818,305,025	11/30/2027
Total		$	2,211,794,082

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
State	11/30/2012	$	348,319	Varies by State
State	11/30/2013		1,709,988	Varies by State
State	11/30/2014		666,282	Varies by State
State	11/30/2015		3,032,279	Varies by State
State	11/30/2016		6,027,665	Varies by State
State	11/30/2017		5,100,371	Varies by State
State	11/30/2018		1,729,340	Varies by State
State	11/30/2019		1,535,401	Varies by State
State	11/30/2020		1,768,627	Varies by State
State	11/30/2021		2,599,259	Varies by State
State	11/30/2022		366,623	Varies by State
Total		$	24,884,154

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.

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 a portion of the Fund's capital loss carryforward asset not expected to be utilized. The Fund will continue to assess the need for a valuation allowance in the future. Significant increases in the fair value of its portfolio of investments may change the Fund’s assessment of the recoverability of these assets and may result in the removal of the valuation allowance against all or a portion of the Fund’s gross deferred tax assets.

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, 2024
Income tax expense at statutory rate	$	157,508,462
State income taxes (net of federal benefit)		10,038,752
Permanent differences, net		(3,041,948	)
Effect of tax rate change (state level)		–
Valuation allowance		(21,392,212	)
Net income tax expense	$	143,113,054

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period ended May 31, 2024, 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, 2020 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.

17 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

Under recently enacted tax laws, 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. If this corporate alternative minimum tax applies to the Fund for a particular taxable year, the potential additional tax liability would be 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 could be significant but would 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 less the fair market value of Fund share issuances (in excess of $1 million of fair market value) annually on a taxable year basis. For the six months ended May 31, 2024, 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, 2024.

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, 2024, 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.

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2023
Alerian Energy Infrastructure ETF	$	1,902,116	$	–	$	5,303,713

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, 2023, the following amounts are available as carry forwards to the next tax year:

		Short-Term				Long-Term
Alerian Energy Infrastructure ETF		$	–			$	1,304,632

18 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of May 31, 2024, 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 Infrastructure ETF
Cost of investments for income tax purposes	$	4,942,038,354		$	120,208,380
Gross appreciation (excess of value over tax cost)	$	3,889,532,820		$	31,283,034
Gross depreciation (excess of tax cost over value)		(21,004,107	)		(4,697,412	)
Net unrealized appreciation/(depreciation)	$	3,868,528,713		$	26,585,622

The difference between cost amounts for financial statement purposes is due primarily to the recognition of pass-through income from a Fund’s 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, 2024.

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, 2024:

Fund		Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
Alerian Energy Infrastructure ETF		$	1,459,132			$	1,783,990			$	28,865			$	1,812,855

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.

19 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024:

Alerian Energy Infrastructure ETF	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	$	1,783,990	$	–	$	–	$	–	$	1,783,990
Total Borrowings										1,783,990
Gross amount of recognized liabilities for securities lending (collateral received)									$	1,783,990

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 July 1, 2023, each Trustee receives (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 receives a quarterly retainer of $5,000, the Chairman of the Audit Committee receives a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,000, each in connection with their respective roles.

20 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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	$	1,299,818,469	$	1,725,781,226
Alerian Energy Infrastructure ETF		17,515,056		18,050,869

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
Alerian MLP ETF	$	946,218,475	$	–
Alerian Energy Infrastructure ETF		3,156,120		4,728,978

For the six months ended May 31, 2024, the in-kind net realized gains/(losses) were as follows:

Fund		Net Realized Gain/(Loss)
Alerian Energy Infrastructure ETF		$	1,300,780

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.

21 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

7. RELATED PARTY TRANSACTIONS

The Funds engaged in cross trades between other funds in the Trust during the six months ended May 31, 2024 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2024, were as follows:

Fund	Purchase Cost Paid		Sale Proceeds Received		Realized Gain/(Loss) on Sales
Alerian MLP ETF	$	324,799	$	4,864,342	$	429,458
Alerian Energy Infrastructure ETF		4,866,129		–		–

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, 2024, the Alerian MLP ETF held shares in the following affiliates, as defined by the Investment Company Act of 1940.

Security Name	Share Balance as of May 31, 2024		Market Value as of November 30, 2023		Purchases		Purchases In-Kind		Sales			Market Value as of May 31, 2024		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
EnLink Midstream LLC		43,816,316	$	587,354,365	$	12,953,478	$	62,301,450	$	(61,552,957	)	$	556,029,050	$	–	$	(31,351,961	)	$	(2,561,598	)
Genesis Energy LP		19,167,891		241,891,872		523,172		25,660,926		(26,034,855	)		239,981,995		–		4,409,049			(821,184	)
Global Partners LP		4,604,567		–		177,043,315		19,948,427		(12,908,860	)		222,538,723		–		44,983,890			(159,258	)
Hess Midstream LP, Class A		14,174,596		387,826,559		70,335,136		49,704,552		(39,283,240	)		492,567,211		7,087,564		85,849,634			(545,765	)
NuStar Energy LP		–		387,503,318		196,707		37,584,243		(274,952,975	)		–		–		(136,828,141	)		(1,220,278	)
Plains All American Pipeline LP		63,338,417		1,094,573,909		4,743,037		118,275,274		(199,421,664	)		1,077,386,473		–		105,189,997			(6,781,694	)
Suburban Propane Partners LP		11,225,162		–		187,875,603		20,906,125		(12,204,330	)		228,207,544		–		39,164,158			(407,403	)
Sunoco LP		18,235,848		–		785,385,368		65,958,589		(40,795,474	)		930,028,248		–		145,238,268			(1,778,113	)
USA Compression Partners LP		10,054,636		–		240,569,654		23,314,415		(13,149,882	)		246,338,582		–		6,120,394			(746,535	)
Western Midstream Partners LP		30,904,453		1,024,380,576		3,846,221		118,010,944		(226,717,542	)		1,153,354,186		–		255,128,887			23,957,052
												$	5,146,432,012	$	7,087,564	$	517,904,175		$	8,935,224

22 | May 31, 2024

Alerian Exchange Traded Funds

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

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.

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.

23 | May 31, 2024

Alerian Exchange Traded Funds

Additional Information

May 31, 2024 (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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
Alerian MLP ETF	100.00%	100.00%
Alerian Energy Infrastructure ETF	100.00%	30.65%

In early 2024, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

LICENSING AGREEMENTS

Alerian (the “Licensor”) has entered into an index licensing agreement with ALPS Advisors Inc. (the “Adviser”) with respect to each of the Alerian MLP ETF and the Alerian Energy Infrastructure ETF, to allow the Adviser’s use of AMZI and AMEI. The following disclosure relates to the Licensor:

VettaFi is the designer of the construction and methodology for the Underlying Index. “Alerian,” “Alerian MLP Infrastructure Index,” “Alerian Midstream Energy Select Index,” “Alerian MLP Index,” “Alerian Index Series,” “AMZI,” “AMEI,” and “AMZ” are service marks or trademarks of VettaFi. VettaFi acts as brand licensor for each Underlying Index. VettaFi is not responsible for the descriptions of either Underlying Index or the Funds that appear herein. VettaFi is not affiliated with the Trust, the Adviser or the Distributor.

Neither Fund is issued, sponsored, endorsed, sold or promoted by VettaFi (“Licensor”) or its affiliates. Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Alerian MLP Infrastructure Index or the Alerian Midstream Energy Select Index to track general market performance. Licensor’s only relationship to the Licensee is the licensing of the Index which is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the issuance, administration, marketing or trading of either Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of either Fund or in the determination or calculation of the NAV of the relevant Fund. Alerian MLP Infrastructure Index, Alerian MLP Infrastructure Total Return Index, AMZI, AMZIX, Alerian Midstream Energy Select Index, Alerian Midstream Energy Select Total Return Index, Alerian MLP Index, AMEI, AMEIX, AMNA and AMZ are trademarks of VettaFi and their general use is granted under a license from VettaFi.

LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF EACH INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS OF ANY KIND RELATED TO EACH INDEX OR DATA. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF EITHER FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF EACH INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED TO LICENSEE OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO EACH INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of either Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. Errors in respect of the quality, accuracy and completeness of the data used to compile the Underlying Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the indices are less commonly used as benchmarks by funds or managers. Such errors may negatively or positively impact the Fund and its shareholders. For example, during a period where the Underlying Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Underlying Index’s other constituents. The Adviser makes no warranty, express or implied, as to results to be obtained by either Fund, owners of the Shares of the relevant Fund or any other person or entity from the use of either Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to either Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of either Underlying Index, even if notified of the possibility of such damages.

24 | May 31, 2024

Alerian Exchange Traded Funds

Additional Information

May 31, 2024 (Unaudited)

Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Underlying Index in order, for example, to correct an error in the selection of index constituents. When the Underlying Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Underlying Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider or its agents to the Underlying Index may increase the costs to and the tracking error risk of the Fund.

25 | May 31, 2024

Alerian Exchange Traded Funds

Item 8 – Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

On March 14, 2023, BBD LLP (“BBD”) ceased to serve as the independent registered public accounting firm of the Funds. The Board approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”) acquisition of BBD’s investment management group.

The report of BBD on the financial statements of the Funds as of and for the fiscal year or period ended November 30, 2022 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Funds for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On March 7, 2023, upon the recommendation of the Funds’ Audit Committee, the Board approved the appointment of Cohen, effective upon the resignation of BBD, as the Funds’ independent registered public accounting firm for the fiscal year ending November 30, 2023.

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Funds regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds’ financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

26 | May 31, 2024

Alerian Exchange Traded Funds

Item 9 – Proxy Disclosures

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

27 | May 31, 2024

Alerian Exchange Traded Funds

Item 10 – Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

28 | May 31, 2024

Alerian Exchange Traded Funds

Item 11 – Statement Regarding Basis

for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

29 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements and Financial Highlights	8
Additional Information	13
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	14
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	15
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	16
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	17

alpsfunds.com

ALPS Active Equity Opportunity ETF

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Active Equity Opportunity ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.08%)
Communication Services (8.04%)
Alphabet, Inc., Class A		4,031	$	695,349
AT&T, Inc.		15,452		281,535
Meta Platforms, Inc., Class A		952		444,422
Walt Disney Co.		2,715		282,116
Total Communication Services				1,703,422

Consumer Discretionary (10.02%)
Amazon.com, Inc.^(a)		3,656		645,065
Carnival Corp.^(a)		12,232		184,458
Lowe's Cos., Inc.		1,275		282,145
Marriott International, Inc., Class A		1,045		241,573
McDonald's Corp.		1,064		275,459
NIKE, Inc., Class B		3,041		289,047
O'Reilly Automotive, Inc.^(a)		213		205,174
Total Consumer Discretionary				2,122,921

Consumer Staples (5.86%)
Campbell Soup Co.		4,734		210,095
Costco Wholesale Corp.		517		418,713
Target Corp.		1,044		163,031
Walmart, Inc.		6,838		449,667
Total Consumer Staples				1,241,506

Energy (5.56%)
Baker Hughes Co.		5,192		173,828
BP PLC, Sponsored ADR		5,133		192,847
ConocoPhillips		4,013		467,434
Enbridge, Inc.		9,414		344,364
Total Energy				1,178,473

Financials (12.91%)
American Express Co.		1,788		429,120
Goldman Sachs Group, Inc.		485		221,412
Intercontinental Exchange, Inc.		2,725		364,878
JPMorgan Chase & Co.		3,420		692,995
Mastercard, Inc., Class A		907		405,492
UBS Group AG^(b)		8,180		260,778
Wells Fargo & Co.		6,029		361,258
Total Financials				2,735,933

Health Care (11.72%)
Amgen, Inc.		732		223,882
Boston Scientific Corp.^(a)		3,595		271,674
HCA Healthcare, Inc.		1,208		410,418
IQVIA Holdings, Inc.^(a)		1,079		236,398
Pfizer, Inc.		5,716		163,820
Thermo Fisher Scientific, Inc.		664		377,139
UnitedHealth Group, Inc.		956		473,574
Vertex Pharmaceuticals, Inc.^(a)		718		326,934
Total Health Care				2,483,839

Industrials (11.06%)
Caterpillar, Inc.		1,097		371,356
Deere & Co.		670		251,089

Security Description	Shares		Value
Industrials (continued)
ITOCHU Corp., ADR		1,734	$	164,054
Lockheed Martin Corp.		712		334,882
Old Dominion Freight Line, Inc.		1,040		182,260
Schneider Electric SE, ADR^(b)		7,280		362,981
Trane Technologies PLC		1,060		347,107
Waste Management, Inc.		1,568		330,425
Total Industrials				2,344,154

Information Technology (25.95%)
Adobe, Inc.^(a)		513		228,162
Apple, Inc.		4,412		848,207
DocuSign, Inc.^(a)		2,143		117,308
Intel Corp.		4,955		152,862
International Business Machines Corp.		1,475		246,104
Microsoft Corp.		2,192		909,965
Motorola Solutions, Inc.		685		249,963
NVIDIA Corp.		1,122		1,230,082
Salesforce.com, Inc.		733		171,845
Synopsys, Inc.^(a)		690		386,952
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,160		477,286
TE Connectivity, Ltd.		1,565		234,280
Texas Instruments, Inc.		1,258		245,323
Total Information Technology				5,498,339

Materials (2.66%)
Freeport-McMoRan, Inc.		3,399		179,229
Linde PLC		620		270,022
Norsk Hydro ASA, ADR		16,875		114,413
Total Materials				563,664

Real Estate (1.89%)
Equity LifeStyle Properties, Inc.		3,656		229,487
Prologis, Inc.		1,554		171,702
Total Real Estate				401,189

Utilities (1.41%)
PPL Corp.		10,200		299,166

TOTAL COMMON STOCKS
(Cost $16,139,331)				20,572,606

2 | May 31, 2024

ALPS Active Equity Opportunity ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (4.28%)
Money Market Fund (2.80%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $593,420)		5.26	%		593,420	$	593,420

Investments Purchased with Collateral from Securities Loaned (1.48%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $313,737)					313,737	$	313,737
TOTAL SHORT TERM INVESTMENTS

(Cost $593,420)							907,157

TOTAL INVESTMENTS (101.36%)
(Cost $17,046,488)						$	21,479,763
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.36%)							(288,333	)
NET ASSETS - 100.00%						$	21,191,430

	^(a)	Non-income producing security.
	^(b)	Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $474,011.

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

ALPS Active Equity Opportunity ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value^(a)	$	21,479,763
Dividends receivable		34,137
Total Assets		21,513,900

LIABILITIES:
Payable to adviser		8,733
Payable for collateral upon return of securities loaned		313,737
Total Liabilities		322,470
NET ASSETS	$	21,191,430

NET ASSETS CONSIST OF:
Paid-in capital	$	37,375,158
Total distributable earnings/(accumulated losses)		(16,183,728	)
NET ASSETS	$	21,191,430

INVESTMENTS, AT COST	$	17,046,488

PRICING OF SHARES
Net Assets	$	21,191,430
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		400,002
Net Asset Value, offering and redemption price per share	$	52.98

^(a)

Includes $474,011 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2024

ALPS Active Equity Opportunity ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividends^*	$	192,286
Securities Lending Income		1,059
Total Investment Income		193,345

EXPENSES:
Investment adviser fees		56,897
Net Expenses		56,897
NET INVESTMENT INCOME		136,448

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		1,890,089
Net realized gain on foreign currency transactions		68
Total Net realized gain		1,890,157
Net change in unrealized appreciation on investments		1,814,979
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(49	)
Total net change in unrealized appreciation		1,814,930
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,705,087
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,841,535

^*	Net of foreign tax withholding of $7,441.
^(a)	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.

5 | May 31, 2024

ALPS Active Equity Opportunity ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	136,448		$	358,005
Net realized gain		1,890,157			311,875
Net change in unrealized appreciation/(depreciation)		1,814,930			856,275
Net increase in net assets resulting from operations		3,841,535			1,526,155

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(96,509	)		(350,422	)
Dividends to shareholders from tax return of capital		–			–
Total distributions		(96,509	)		(350,422	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			1,129,999
Cost of shares redeemed		(6,333,452	)		(7,324,460	)
Net decrease from capital share transactions		(6,333,452	)		(6,194,461	)
Net decrease in net assets		(2,588,426	)		(5,018,728	)

NET ASSETS:
Beginning of period		23,779,856			28,798,584
End of period	$	21,191,430		$	23,779,856

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		525,002			675,002
Shares sold		–			25,000
Shares redeemed		(125,000	)		(175,000	)
Shares outstanding, end of period		400,002			525,002

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2024

ALPS Active Equity Opportunity ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	45.29		$	42.66		$	45.99		$	37.58		$	34.70		$	32.79

INCOME FROM OPERATIONS:
Net investment income^(a)		0.29			0.66			0.48			0.42			0.45			0.48
Net realized and unrealized gain/(loss)		7.61			2.62			(3.23	)		8.43			2.87	^(b)		1.93
Total from investment operations		7.90			3.28			(2.75	)		8.85			3.32			2.41

DISTRIBUTIONS:
From net investment income		(0.21	)		(0.65	)		(0.57	)		(0.44	)		(0.44	)		(0.50	)
From tax return of capital		–			–			(0.01	)		–			–			–
Total distributions		(0.21	)		(0.65	)		(0.58	)		(0.44	)		(0.44	)		(0.50	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		7.69			2.63			(3.33	)		8.41			2.88			1.91
NET ASSET VALUE, END OF PERIOD	$	52.98		$	45.29		$	42.66		$	45.99		$	37.58		$	34.70
TOTAL RETURN^(c)		17.45	%		7.81	%		(5.98	)%		23.65	%		9.75	%		7.49	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	21,191		$	23,780		$	28,799		$	51,735		$	71,400		$	126,662

Ratio of expenses to average net assets		0.48	%^(d)		0.50	%^(e)		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.15	%^(d)		1.55	%		1.10	%		0.97	%		1.34	%		1.46	%
Portfolio turnover rate^(f)		17	%		129	%		113	%		5	%		99	%		98	%

	^(a)	Based on average shares outstanding during the period.
	^(b)	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.
	^(c)	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.
	^(d)	Annualized.
	^(e)	Effective June 1, 2023, the investment adviser fee changed from 0.52% to 0.48%.
	^(f)	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.

7 | May 31, 2024

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

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.

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.

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

8 | May 31, 2024

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024:

ALPS Active Equity Opportunity ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	20,572,606	$	–	$	–	$	20,572,606
Short Term Investments		907,157		–		–		907,157
Total	$	21,479,763	$	–	$	–	$	21,479,763

^*	For a detailed sector breakdown, see the accompanying Schedule of Investments.

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended May 31, 2024.

C. Securities Transactions and Investment Income

9 | May 31, 2024

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

D. Dividends and Distributions to Shareholders

Dividends from net investment income for 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 tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2023

ALPS Active Equity Opportunity ETF

350,422

–

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, 2023, the following amounts are available as carry forwards to the next tax year:

Fund		Short-Term				Long-Term
ALPS Active Equity Opportunity ETF		$	13,634,546			$	8,888,635

During the year ended November 30, 2023, the Fund did not utilize any capital loss carryovers.

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

Fund	ALPS Active Equity Opportunity ETF
Gross appreciation (excess of value over tax cost)	$	4,654,556
Gross depreciation (excess of tax cost over value)		(234,064	)
Net appreciation/(depreciation) of foreign currency		–
Net unrealized appreciation/(depreciation)		4,420,492
Cost of investments for income tax purposes	$	17,059,271

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, 2024.

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, 2024, 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.

10 | May 31, 2024

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024:

Fund		Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
ALPS Active Equity Opportunity ETF		$	474,011			$	313,737			$	165,644			$	479,381

ALPS Active Equity Opportunity

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

313,737

–

313,737

Total Borrowings

313,737

Gross amount of recognized liabilities for securities lending (collateral received)

313,737

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.48% of the Fund’s average daily net assets.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund's expenses and to compensate the Adviser for providing services for the Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Fund.

11 | May 31, 2024

ALPS Active Equity Opportunity ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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		$	4,091,137			$	3,908,127

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
ALPS Active Equity Opportunity ETF		$	–			$	6,175,447

For the six months ended May 31, 2024, the Fund had in-kind net realized gain of $1,580,907.

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 did not engage in cross trades between other funds in the Trust during the six months ended May 31, 2024 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7.

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.

12 | May 31, 2024

ALPS Active Equity Opportunity ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The ALPS Active Equity Opportunity 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
ALPS Active Equity Opportunity ETF	100.00%	98.16%

In early 2024, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2023 via Form 1099. The Fund will notify shareholders in early 2025 of amounts paid to them by the Fund, if any, during the calendar year 2024.

13 | May 31, 2024

ALPS Active Equity Opportunity ETF

Item 8 – Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

On March 14, 2023, BBD LLP (“BBD”) ceased to serve as the independent registered public accounting firm of the Fund. The Board approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”) acquisition of BBD’s investment management group.

The report of BBD on the financial statements of the Fund as of and for the fiscal year or period ended November 30, 2022 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On March 7, 2023, upon the recommendation of the Fund’s Audit Committee, the Board approved the appointment of Cohen, effective upon the resignation of BBD, as the Fund’s independent registered public accounting firm for the fiscal year ending November 30, 2023.

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

14 | May 31, 2024

ALPS Active Equity Opportunity ETF

Item 9 – Proxy Disclosures

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

15 | May 31, 2024

ALPS Active Equity Opportunity ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

16 | May 31, 2024

ALPS Active Equity Opportunity ETF

Item 11 – Statement Regarding Basis

for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

17 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements and Financial Highlights	7
Additional Information	12
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	13
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	14
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	15
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	16

alpsfunds.com

ALPS Active REIT ETF

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Active REIT ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.09%)
Diversified REITs (6.87%)
Broadstone Net Lease, Inc.		47,280	$	725,748
Empire State Realty Trust, Inc.		38,948		371,174
Essential Properties Realty Trust, Inc.		24,320		651,290
Total Diversified REITs				1,748,212

Health Care REITs (10.73%)
Healthpeak Properties, Inc.		46,531		925,967
Omega Healthcare Investors, Inc.		16,678		539,200
Welltower, Inc.		12,216		1,266,432
Total Health Care REITs				2,731,599

Hotel & Resort REITs (2.28%)
Apple Hospitality REIT, Inc.		40,162		579,939

Industrial REITs (15.83%)
Americold Realty Trust, Inc.		22,470		599,275
First Industrial Realty Trust, Inc.		14,890		701,617
LXP Industrial Trust		114,263		971,236
Prologis, Inc.		9,226		1,019,380
STAG Industrial, Inc.		21,030		737,312
Total Industrial REITs				4,028,820

Office REITs (4.32%)
Cousins Properties, Inc.		22,772		526,716
Kilroy Realty Corp.		17,098		573,296
Total Office REITs				1,100,012

Residential REITs (16.87%)
AvalonBay Communities, Inc.		7,820		1,506,758
Equity LifeStyle Properties, Inc.		10,255		643,706
Equity Residential		13,595		884,083
Invitation Homes, Inc.		36,171		1,258,389
Total Residential REITs				4,292,936

Retail REITs (14.26%)
Brixmor Property Group, Inc.		25,024		563,290
Macerich Co.		39,700		600,264
Realty Income Corp.		14,961		793,831
Retail Opportunity Investments Corp.		30,601		383,125
Simon Property Group, Inc.		8,522		1,289,463
Total Retail REITs				3,629,973

Security Description	Shares		Value
Specialized REITs (26.93%)
Digital Realty Trust, Inc.		5,487	$	797,481
Equinix, Inc.		2,941		2,243,925
Extra Space Storage, Inc.		4,856		703,003
Public Storage		5,370		1,470,467
VICI Properties, Inc.		57,082		1,638,824
Total Specialized REITs				6,853,700

TOTAL COMMON STOCKS
(Cost $24,567,181)				24,965,191

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.88%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.26	%		477,537		477,537

TOTAL SHORT TERM INVESTMENTS

(Cost $477,537)							477,537

TOTAL INVESTMENTS (99.97%)
(Cost $25,044,718)						$	25,442,728
OTHER ASSETS IN EXCESS OF LIABILITIES (0.03%)							8,223
NET ASSETS - 100.00%						$	25,450,951

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

ALPS Active REIT ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value	$	25,442,728
Receivable for investments sold		596,936
Dividends receivable		26,539
Total Assets		26,066,203

LIABILITIES:
Payable for investments purchased		601,043
Payable to adviser		14,209
Total Liabilities		615,252
NET ASSETS	$	25,450,951

NET ASSETS CONSIST OF:
Paid-in capital	$	27,052,387
Total distributable earnings/(accumulated losses)		(1,601,436	)
NET ASSETS	$	25,450,951

INVESTMENTS, AT COST	$	25,044,718

PRICING OF SHARES
Net Assets	$	25,450,951
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,020,002
Net Asset Value, offering and redemption price per share	$	24.95

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

ALPS Active REIT ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividends	$	512,729
Total Investment Income		512,729

EXPENSES:
Investment adviser fees		76,075
Total Expenses		76,075
NET INVESTMENT INCOME		436,654

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss on investments		(217,377	)
Net change in unrealized appreciation on investments		795,208
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		577,831
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,014,485

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2024

ALPS Active REIT ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	436,654		$	543,715
Net realized loss		(217,377	)		(839,274	)
Net change in unrealized appreciation		795,208			9,646
Net increase/(decrease) in net assets resulting from operations		1,014,485			(285,913	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(387,781	)		(519,658	)
Dividends to shareholders from tax return of capital		–			(65,789	)
Total distributions		(387,781	)		(585,447	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		6,809,466			1,702,242
Cost of shares redeemed		–			(856,387	)
Net increase from capital share transactions		6,809,466			845,855
Net increase/(decrease) in net assets		7,436,170			(25,505	)

NET ASSETS:
Beginning of period		18,014,781			18,040,286
End of period	$	25,450,951		$	18,014,781

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		750,002			715,002
Shares sold		270,000			70,000
Shares redeemed		–			(35,000	)
Shares outstanding, end of period		1,020,002			750,002

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

ALPS Active REIT ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Period February 25, 2021 (Commencement of Operations) to November 30, 2021
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.02		$	25.23		$	29.56		$	24.62

INCOME FROM OPERATIONS:
Net investment income^(a)		0.49			0.74			0.54			0.37
Net realized and unrealized gain/(loss)		0.91			(1.16	)		(3.39	)		5.01
Total from investment operations		1.40			(0.42	)		(2.85	)		5.38

DISTRIBUTIONS:
From net investment income		(0.47	)		(0.70	)		(0.53	)		(0.38	)
From net realized gains		–			–			(0.83	)		(0.06	)
From tax return of capital		–			(0.09	)		(0.12	)		–
Total distributions		(0.47	)		(0.79	)		(1.48	)		(0.44	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.93			(1.21	)		(4.33	)		4.94
NET ASSET VALUE, END OF PERIOD	$	24.95		$	24.02		$	25.23		$	29.56
TOTAL RETURN^(b)		5.77	%		(1.54	)%		(10.17	)%		22.01	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	25,451		$	18,015		$	18,040		$	24,238

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.68	%^(c)		0.68	%		0.68	%		0.68	%^(c)
Ratio of net investment income to average net assets		3.90	%^(c)		3.04	%		1.96	%		1.69	%^(c)
Portfolio turnover rate^(d)		53	%		68	%		120	%		92	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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, 2024

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024, 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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

7 | May 31, 2024

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

Valuation techniques used to value the Fund’s investments by major category are as follows:

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

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, 2024:

ALPS Active REIT ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	24,965,191	$	–	$	–	$	24,965,191
Short Term Investments		477,537		–		–		477,537
Total	$	25,442,728	$	–	$	–	$	25,442,728

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, 2024.

C. Securities Transactions and Investment Income

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.

8 | May 31, 2024

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

E. Federal Tax and Tax Basis Information

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2023
ALPS Active REIT ETF	$	519,658	$	–	$	65,789

Fund		Short-Term				Long-Term
ALPS Active REIT ETF		$	1,096,952			$	678,704

As of May 31, 2024, 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)	$	1,160,447
Gross depreciation (excess of tax cost over value)		(819,131	)
Net unrealized appreciation/(depreciation)	$	341,316
Cost of investments for income tax purposes	$	25,101,412

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, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

As REITs generally pay a higher rate of dividends than most other operating companies, to the extent application of the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of the Fund's portfolio that is comprised of REIT shares. Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital.

Dividend income from REITs is recognized on the ex-dividend date. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

The performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act. Due to the Fund's investments in REITs, the Fund may also make distributions in excess of the Fund's earnings and capital gains. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder.

9 | May 31, 2024

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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 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 period ended May 31, 2024, 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

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 period ended May 31, 2024, the Fund did not have any securities on loan.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services to the Fund.

GSI Capital Advisors LLC (the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.35% of the Fund's average daily net assets.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

10 | May 31, 2024

ALPS Active REIT ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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		$	11,706,651			$	11,717,234

For the six month period ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
ALPS Active REIT ETF		$	6,588,821			$	–

For the six month period ended May 31, 2024, there was no realized gain/(loss) on in-kind transactions.

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

7. SUBSEQUENT EVENTS

11 | May 31, 2024

ALPS Active REIT ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The ALPS Active REIT 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Active REIT ETF	2.82%	0.00%	89.34%

12 | May 31, 2024

ALPS Active REIT ETF

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

13 | May 31, 2024

ALPS Active REIT ETF

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

14 | May 31, 2024

ALPS Active REIT ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

15 | May 31, 2024

ALPS Active REIT ETF

Item 11 – Statement Regarding Basis
for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

16 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements and Financial Highlights	7
Additional Information	12
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	13
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	14
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	15
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	16

alpsfunds.com

ALPS Equal Sector Weight ETF

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Equal Sector Weight ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
EXCHANGE TRADED FUNDS (99.99%)^(a)
Communication Services (9.33%)
Communication Services Select Sector SPDR Fund^(b)		386,007	$	32,138,943

Consumer Discretionary (8.78%)
Consumer Discretionary Select Sector SPDR Fund^(b)		171,903		30,249,771

Consumer Staples (9.10%)
Consumer Staples Select Sector SPDR Fund^(b)		405,227		31,340,256

Energy (9.05%)
Energy Select Sector SPDR Fund		334,275		31,154,430

Financials (9.07%)
Financial Select Sector SPDR Fund		750,337		31,244,033

Healthcare (8.79%)
Health Care Select Sector SPDR Fund^(b)		210,552		30,256,322

Industrials (8.99%)
Industrial Select Sector SPDR Fund^(b)		250,792		30,975,320

Materials (8.96%)
Materials Select Sector SPDR Fund^(b)		337,080		30,852,933

Real Estate (8.66%)
Real Estate Select Sector SPDR Fund		783,979		29,830,401

Technology (9.08%)
Technology Select Sector SPDR Fund^(b)		148,846		31,281,475

Utilities (10.18%)
Utilities Select Sector SPDR Fund^(b)		482,292		35,072,274

TOTAL EXCHANGE TRADED FUNDS
(Cost $298,096,870)				344,396,158

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (7.18%)
Money Market Fund (0.02%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $69,051)	5.26	%		69,051	$	69,051

Investments Purchased with Collateral from Securities Loaned (7.16%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $24,671,368)				24,671,368	$	24,671,368
TOTAL SHORT TERM INVESTMENTS

(Cost $24,740,419)						24,740,419

TOTAL INVESTMENTS (107.17%)
(Cost $322,837,289)					$	369,136,577
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.17%)						(24,708,446	)
NET ASSETS - 100.00%					$	344,428,131

^(a)

The financial statements of the Underlying Sector ETFs, including the portfolio of investments, are included in The Select Sector SPDR Trust's N-CSR filing dated May 31, 2024, 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.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $31,985,572.

Common Abbreviations:

SPDR^®- Standard & Poor's Depositary Receipts

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

ALPS Equal Sector Weight ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value^(a)	$	369,136,577
Dividends receivable		9,077
Total Assets		369,145,654

LIABILITIES:
Payable to adviser		46,155
Payable for collateral upon return of securities loaned		24,671,368
Total Liabilities		24,717,523
NET ASSETS	$	344,428,131

NET ASSETS CONSIST OF:
Paid-in capital	$	296,218,974
Total distributable earnings/(accumulated losses)		48,209,157
NET ASSETS	$	344,428,131

INVESTMENTS, AT COST	$	322,837,289

PRICING OF SHARES
Net Assets	$	344,428,131
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,925,000
Net Asset Value, offering and redemption price per share	$	117.75

^(a)

Includes $31,985,572 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

ALPS Equal Sector Weight ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividend Income	$	3,485,541
Securities Lending Income		34,480
Total Investment Income		3,520,021

EXPENSES:
Investment adviser fees		618,610
Total Expenses before waiver/reimbursement		618,610
Less fee waiver/reimbursement by investment adviser		(351,103	)
Net Expenses		267,507
NET INVESTMENT INCOME		3,252,514

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		9,261,814
Net change in unrealized appreciation/(depreciation) on investments		27,119,897
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		36,381,711
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,634,225

^(a)

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, 2024

ALPS Equal Sector Weight ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	3,252,514		$	6,423,890
Net realized gain		9,261,814			51,178,678
Net change in unrealized appreciation/(depreciation)		27,119,897			(43,178,294	)
Net increase in net assets resulting from operations		39,634,225			14,424,274

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,303,660	)		(6,423,890	)
From tax return of capital		–			(82,622	)
Total distributions		(3,303,660	)		(6,506,512	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		38,806,210			159,340,355
Cost of shares redeemed		(54,972,768	)		(185,092,827	)
Net decrease from capital share transactions		(16,166,558	)		(25,752,472	)
Net increase/(decrease) in net assets		20,164,007			(17,834,710	)

NET ASSETS:
Beginning of period		324,264,124			342,098,834
End of period	$	344,428,131		$	324,264,124

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,075,000			3,375,000
Shares sold		350,000			1,600,000
Shares redeemed		(500,000	)		(1,900,000	)
Shares outstanding, end of period		2,925,000			3,075,000

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

ALPS Equal Sector Weight ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	105.45		$	101.36		$	103.95		$	84.17		$	78.33		$	70.34

INCOME FROM OPERATIONS:
Net investment income^(a)		1.10			2.14			1.89			1.76			1.91			1.53
Net realized and unrealized gain/(loss)		12.30			4.20			(2.55	)		19.82			5.84			8.03
Total from investment operations		13.40			6.34			(0.66	)		21.58			7.75			9.56

DISTRIBUTIONS:
From net investment income		(1.10	)		(2.22	)		(1.93	)		(1.78	)		(1.90	)		(1.57	)
From tax return of capital		–			(0.03	)		–			(0.02	)		(0.01	)		–
Total distributions		(1.10	)		(2.25	)		(1.93	)		(1.80	)		(1.91	)		(1.57	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		12.30			4.09			(2.59	)		19.78			5.84			7.99
NET ASSET VALUE, END OF PERIOD	$	117.75		$	105.45		$	101.36		$	103.95		$	84.17		$	78.33
TOTAL RETURN^(b)		12.76	%		6.43	%		(0.59	)%		25.89	%		10.37	%		13.86	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000s)	$	344,428		$	324,264		$	342,099		$	207,896		$	164,141		$	168,407

Ratio of expenses excluding waiver/reimbursement to average net assets		0.37	%^(c)		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Ratio of expenses including waiver/reimbursement to average net assets		0.16	%^(c)		0.16	%		0.16	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income excluding waiver/reimbursement to average net assets		1.74	%^(c)		1.91	%		1.68	%		1.59	%		2.31	%		1.89	%
Ratio of net investment income including waiver/reimbursement to average net assets		1.95	%^(c)		2.12	%		1.89	%		1.81	%		2.53	%		2.11	%
Portfolio turnover rate^(d)		4	%		14	%		12	%		8	%		11	%		4	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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, 2024

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024, 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^® Equal Sector Weight Index (the “Underlying Index”). 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 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.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Portfolio Valuation

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for 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.

7 | May 31, 2024

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

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.

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, 2024:

ALPS Equal Sector Weight ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds^*	$	344,396,158	$	–	$	–	$	344,396,158
Short Term Investments		24,740,419		–		–		24,740,419
Total	$	369,136,577	$	–	$	–	$	369,136,577

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

C. Securities Transactions and Investment Income

D. Dividends and Distributions to Shareholders

8 | May 31, 2024

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

E. Federal Tax and Tax Basis Information

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2023
ALPS Equal Sector Weight ETF	$	6,423,890	$	–	$	82,622

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Fund		Short-Term				Long-Term
ALPS Equal Sector Weight ETF		$	1,936,190			$	4,358,230

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	ALPS Equal Sector Weight ETF
Gross appreciation (excess of value over tax cost)	$	47,434,215
Gross depreciation (excess of tax cost over value)		(1,830,350	)
Net unrealized appreciation/(depreciation)	$	45,603,865
Cost of investments for income tax purposes	$	323,532,712

F. Income Taxes

As of and during the six months ended May 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. Lending of Portfolio Securities

9 | May 31, 2024

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024:

Market Value of

Securities on Loan

Cash

Collateral Received

Non-Cash

Collateral Received

Total

Collateral Received

ALPS Equal Sector Weight ETF

31,985,572

24,671,368

7,539,432

32,210,800

ALPS Equal Sector Weight ETF				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	$	24,671,368	$	–	$	–	$	–	$	24,671,368
Total Borrowings										24,671,368
Gross amount of recognized liabilities for securities lending (collateral received)									$	24,671,368

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

The Adviser has contractually agreed to waive 0.19% of its annual unitary fee payable by the Fund until at least March 31, 2025. The waiver may only be terminated by the Fund's Board of Trustees prior to such date.

ALPS Portfolio Solutions Distributor, Inc. (“APSD”) is both the distributor for the Fund as well as the Select Sector SPDR exchange traded funds (“Underlying Sector ETFs”) that the Fund invests in. As required by exemptive relief obtained by the Underlying Sector ETFs, the Adviser will reimburse the Fund an amount equal to the distribution fee received by APSD from the Underlying Sector ETFs attributable to the Fund’s investment in the Underlying Sector ETFs, for so long as APSD acts as the distributor to the Fund and the Underlying Sector ETFs. Such reimbursement is generally expected to be approximately 0.02% - 0.03% annually.

Out of the unitary management fees, the Adviser pays substantially all expenses of the Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services to the Fund.

10 | May 31, 2024

ALPS Equal Sector Weight ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024 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		$	13,033,863			$	13,100,884

For the six month period ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
ALPS Equal Sector Weight ETF		$	38,773,982			$	54,972,485

For the six months ended May 31, 2024, the ALPS Equal Sector Weight ETF had in-kind net realized gain of $9,169,256.

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

6. MARKET RISK

7. SUBSEQUENT EVENTS

11 | May 31, 2024

ALPS Equal Sector Weight ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The ALPS Equal Sector Weight 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction	199A Dividends
ALPS Equal Sector Weight ETF	85.98%	83.79%	10.15%

LICENSING AGREEMENT

ICE Data Indices, LLC (the “Index Provider”) is not affiliated with the ALPS Equal Sector Weight 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.

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^®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^® 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^® 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, 2024

ALPS Equal Sector Weight ETF

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

13 | May 31, 2024

ALPS Equal Sector Weight ETF

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

14 | May 31, 2024

ALPS Equal Sector Weight ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

15 | May 31, 2024

ALPS Equal Sector Weight ETF

Item 11 – Statement Regarding Basis
for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

16 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements and Financial Highlights	10
Additional Information	15
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	16
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	17
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	18
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	19

alpsfunds.com

ALPS Intermediate Municipal Bond ETF

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS (99.48%)
General Obligation Limited (2.20%)
Pennsylvania (2.20%)
School District of Philadelphia
5.00%, 09/01/2034	$	500,000	$	507,668
4.00%, 09/01/2036		200,000		201,076
Total Pennsylvania				708,744

Total General Obligation Limited				708,744

General Obligation Unlimited (13.72%)
California (6.33%)
Allan Hancock Joint Community College District
0.00%, 08/01/2042^(a)		350,000		284,094
Chaffey Joint Union High School District
0.00%, 08/01/2044^(a)		250,000		98,296
Chino Valley Unified School District
0.00%, 08/01/2035^(a)		135,000		87,615
Lake Tahoe Unified School District
0.00%, 08/01/2045^(a)		150,000		121,544
Mount San Antonio Community College District
0.00%, 08/01/2043^(a)		275,000		263,142
Rio Hondo Community College District
0.00%, 08/01/2036^(a)		300,000		187,307
0.00%, 08/01/2044^(a)		150,000		57,296
San Diego Unified School District
5.00%, 07/01/2034^(b)		300,000		338,832
San Mateo County Community College District
0.00%, 09/01/2035^(a)		110,000		72,774
San Mateo Union High School District
0.00%, 09/01/2041^(a)		520,000		526,772
Total California				2,037,672

Oregon (3.90%)
Clackamas & Washington Counties School District No 3
0.00%, 06/15/2036^(a)		600,000		357,300
Multnomah County School District No 40
0.00%, 06/15/2043^(a)		1,000,000		405,885
Multnomah County School District No 7 Reynolds
0.00%, 06/15/2035^(a)		500,000		295,860
Washington & Multnomah Counties School District No 48J Beaverton
0.00%, 06/15/2034^(a)		200,000		130,009
0.00%, 06/15/2041^(a)		150,000		66,325
Total Oregon				1,255,379

	Principal
Security Description	Amount		Value
General Obligation Unlimited (continued)

Texas (2.21%)
Fort Bend Independent School District
0.72%, 08/01/2051	$	65,000	$	59,591
3.65%, 08/01/2052		500,000		499,305
4.00%, 08/01/2054^(b)		150,000		151,255
Total Texas				710,151

Washington (1.28%)
Washington Clackamas & Yamhill Counties School District No 88J
0.00%, 06/15/2037^(a)		150,000		84,127
0.00%, 06/15/2039^(a)		255,000		127,134
0.00%, 06/15/2040^(a)		200,000		93,559
0.00%, 06/15/2041^(a)		250,000		110,541
Total Washington				415,361

Total General Obligation Unlimited				4,418,563

Revenue Bonds (83.56%)
Alabama (0.50%)
Black Belt Energy Gas District SIFMA Municipal Swap Index Yield + 0.65%, 04/01/2053^(c)		100,000		97,804
Industrial Development Board of the City of Mobile Alabama
3.92%, 06/01/2034		65,000		65,007
Total Alabama				162,811

Arizona (4.55%)
Chandler Industrial Development Authority
4.10%, 12/01/2037		175,000		173,672
4.00%, 06/01/2049^(b)		115,000		114,047
Salt Verde Financial Corp.
5.00%, 12/01/2032		675,000		702,208
5.00%, 12/01/2037		450,000		477,965
Total Arizona				1,467,892

California (5.04%)
Long Beach Bond Finance Authority 3M US SOFR + 1.45%,
11/15/2027^(c)		430,000		430,718
Modesto Irrigation District 3M US SOFR + 0.63%,
09/01/2037^(c)		510,000		476,141
Northern California Energy Authority
5.00%, 12/01/2054		300,000		317,387
Northern California Gas Authority No 1 3M US SOFR + 0.72%,
07/01/2027^(c)		230,000		228,763

2 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)
San Diego County Regional Airport Authority
5.25%, 07/01/2036	$	150,000	$	166,750
Total California				1,619,759

Colorado (2.49%)
City & County of Denver Co. Airport System Revenue
5.25%, 11/15/2035		250,000		279,008
5.75%, 11/15/2036		250,000		297,658
E-470 Public Highway Authority
0.00%, 09/01/2035^(a)		300,000		174,525
1D US SOFR + 0.35%, 09/01/2039^(c)		50,000		49,944
Total Colorado				801,135

Connecticut (1.78%)
Connecticut Housing Finance Authority
4.00%, 11/15/2047		250,000		247,774
6.00%, 11/15/2054		300,000		326,360
Total Connecticut				574,134

District of Columbia (2.23%)
Metropolitan Washington Airports Authority Aviation Revenue
5.00%, 10/01/2030		200,000		200,123
5.00%, 10/01/2031		245,000		249,818
5.00%, 10/01/2037		250,000		268,449
Total District of Columbia				718,390

Florida (3.03%)
City Of South Miami Health Facilities Authority, Inc.
5.00%, 08/15/2042		300,000		303,785
County of Broward FL Airport System Revenue
5.00%, 10/01/2031		200,000		209,961
Florida Housing Finance Corp.
5.50%, 01/01/2054		145,000		148,508
Greater Orlando Aviation Authority
5.00%, 10/01/2033		300,000		316,204
Total Florida				978,458

Georgia (5.30%)
Development Authority of Burke County
1.50%, 01/01/2040		255,000		247,926
1.70%, 12/01/2049		650,000		644,810
Main Street Natural Gas, Inc.
4.00%, 08/01/2049		500,000		499,840
5.00%, 12/01/2053		300,000		316,407
Total Georgia				1,708,983

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)

Illinois (2.68%)
Illinois Finance Authority
5.00%, 08/15/2035	$	225,000	$	242,571
5.00%, 02/15/2036		400,000		408,394
Illinois Housing Development Authority
6.25%, 04/01/2054		190,000		208,158
Total Illinois				859,123

Indiana (0.48%)
Indiana Finance Authority
5.00%, 11/01/2043		150,000		154,280
Total Indiana				154,280

Iowa (0.62%)
Iowa Finance Authority
3.85%, 07/01/2041		200,000		200,000
Total Iowa				200,000

Kentucky (2.97%)
County of Trimble KY
4.70%, 06/01/2054		300,000		300,280
Kentucky Public Energy Authority
4.00%, 12/01/2049		210,000		209,907
1D US SOFR + 1.20%, 08/01/2052^(c)		460,000		446,616
Total Kentucky				956,803

Louisiana (0.16%)
Louisiana Public Facilities Authority
3M US SOFR + 0.70%, 02/15/2036^(c)		55,000		51,828
Total Louisiana				51,828

Massachusetts (0.44%)
Massachusetts Housing Finance Agency
3.00%, 12/01/2050		145,000		140,195
Total Massachusetts				140,195

Minnesota (0.32%)
Minnesota Housing Finance Agency
2.47%, 01/01/2050		122,486		104,020
Total Minnesota				104,020

Mississippi (0.70%)
Mississippi State University Educational Building Corp.
5.00%, 08/01/2038		200,000		224,028
Total Mississippi				224,028

3 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)
Missouri (0.61%)
Missouri Housing Development Commission
4.00%, 05/01/2050	$	200,000	$	197,777
Total Missouri				197,777

Nebraska (2.86%)
Central Plains Energy Project
5.00%, 05/01/2053		725,000		754,706
Nebraska Investment Finance Authority
3.50%, 09/01/2046		170,000		167,239
Total Nebraska				921,945

New Jersey (4.75%)
New Jersey Economic Development Authority
5.00%, 06/15/2034		250,000		279,493
New Jersey Health Care Facilities Financing Authority
5.00%, 07/01/2045		220,000		224,923
New Jersey Transportation Trust Fund Authority
0.00%, 12/15/2031^(a)		1,375,000		1,021,542
Total New Jersey				1,525,958

New Mexico (1.89%)
City of Farmington NM
1.80%, 04/01/2029		375,000		327,586
New Mexico Mortgage Finance Authority
5.25%, 03/01/2053		270,000		278,670
Total New Mexico				606,256

New York (7.84%)
Metropolitan Transportation Authority
1D US SOFR + 0.43%, 11/01/2026^(c)		65,000		64,758
1D US SOFR + 0.80%, 11/01/2032^(c)		460,000		459,678
New York State Dormitory Authority
4.00%, 07/01/2038		100,000		101,099
Port Authority of New York & New Jersey
5.00%, 11/01/2030		1,100,000		1,156,352
Triborough Bridge & Tunnel Authority
1D US SOFR + 1.05%, 04/01/2026^(c)		250,000		250,555
0.00%, 11/15/2039^(a)		1,000,000		495,730
Total New York				2,528,172

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)
North Carolina (3.75%)
Charlotte-Mecklenburg Hospital Authority
4.00%, 01/15/2038	$	400,000	$	400,000
North Carolina Housing Finance Agency
6.25%, 01/01/2055		750,000		808,103
Total North Carolina				1,208,103

North Dakota (2.03%)
North Dakota Housing Finance Agency
4.25%, 01/01/2049		345,000		342,676
5.75%, 07/01/2053		300,000		313,752
Total North Dakota				656,428

Ohio (2.89%)
Ohio Housing Finance Agency
5.00%, 03/01/2052		920,000		929,044
Total Ohio				929,044

Oklahoma (1.49%)
Oklahoma Housing Finance Agency
5.00%, 03/01/2052		475,000		479,524
Total Oklahoma				479,524

Oregon (0.68%)
Port of Portland OR Airport Revenue
5.00%, 07/01/2036		200,000		217,400
Total Oregon				217,400

Pennslyvania (0.52%)
Butler County General Authority
3M US SOFR + 0.70%, 10/01/2034^(c)		175,000		167,451
Total Pennslyvania				167,451

South Carolina (0.50%)
South Carolina State Housing Finance & Development Authority
5.75%, 01/01/2054		150,000		159,625
Total South Carolina				159,625

South Dakota (3.41%)
South Dakota Housing Development Authority
5.00%, 05/01/2053		930,000		941,829
6.00%, 05/01/2054		150,000		158,473
Total South Dakota				1,100,302

4 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)
Tennessee (4.05%)
New Memphis Arena Public Building Authority
0.00%, 04/01/2030^(a)	$	350,000	$	313,929
Tennessee Housing Development Agency
5.00%, 01/01/2053		975,000		989,380
Total Tennessee				1,303,309

Texas (6.36%)
City of Austin TX Airport System Revenue
5.00%, 11/15/2036		200,000		214,479
City of Houston TX Airport System Revenue
5.00%, 07/01/2036		135,000		146,745
Permanent University Fund - University of Texas System
5.00%, 07/01/2036^(b)		180,000		209,782
Texas Department of Housing & Community Affairs
3.50%, 07/01/2052		430,000		415,225
Texas Municipal Gas Acquisition and Supply Corp. I
3M US SOFR + 0.70%, 12/15/2026^(c)		480,000		478,519
6.25%, 12/15/2026		35,000		35,965
Texas Municipal Gas Acquisition and Supply Corp. II
3M US SOFR + 1.06%, 09/15/2027^(c)		415,000		415,907
3M US SOFR + 0.86%, 09/15/2027^(c)		130,000		129,880
Total Texas				2,046,502

Virginia (1.87%)
Freddie Mac Structured Pass-Through Certificates
4.68%, 10/25/2040		150,000		154,657
Halifax County Industrial Development Authority
3.80%, 12/01/2041		80,000		79,492
Wise County Industrial Development Authority
3.80%, 11/01/2040		70,000		69,556
York County Economic Development Authority
3.65%, 05/01/2033		300,000		295,167
Total Virginia				598,872

Washington (1.64%)
District of Columbia
5.00%, 07/15/2040		200,000		202,098
Port of Seattle WA
5.00%, 04/01/2027		250,000		250,554

	Principal
Security Description	Amount		Value
Revenue Bonds (continued)
Washington Health Care Facilities Authority
4.00%, 10/01/2042	$	75,000	$	74,336
Total Washington				526,988

Wisconsin (3.13%)
County of Milwaukee WI Airport Revenue
5.00%, 12/01/2030		125,000		126,731
Public Finance Authority
3.70%, 10/01/2046		300,000		292,056
Wisconsin Health & Educational Facilities Authority
4.00%, 11/15/2043		200,000		190,490
4.10%, 04/01/2048		400,000		400,000
Total Wisconsin				1,009,277

Total Revenue Bonds				26,904,772

TOTAL MUNICIPAL BONDS
(Cost $32,027,657)				32,032,079

TOTAL INVESTMENTS (99.48%)
(Cost $32,027,657)			$	32,032,079
OTHER ASSETS IN EXCESS OF LIABILITIES (0.52%)				167,260
NET ASSETS - 100.00%			$	32,199,339

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

Reference Rates:

1D US SOFR - 1 Day SOFR as of May 31, 2024 was 5.33%

SIFMA Municipal Swap Index Yield - SIFMA Municipal Swap Index Yield as of May 31, 2024 was 3.36%

3M US SOFR - 3 Month SOFR as of May 31, 2024 was 5.34%

^(a)

Zero coupon bond.

^(b)

Represents a security purchased on a when-issued basis.

^(c)

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, 2024. Security description includes the reference rate and spread if published and available.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value	$	32,032,079
Cash		88,516
Receivable for investments sold		268,545
Interest receivable		289,972
Receivable for shares sold		631,359
Total Assets		33,310,471

LIABILITIES:
Payable for investments purchased		1,097,647
Payable to adviser		13,485
Total Liabilities		1,111,132
NET ASSETS	$	32,199,339

NET ASSETS CONSIST OF:
Paid-in capital	$	32,150,638
Total distributable earnings/(accumulated losses)		48,701
NET ASSETS	$	32,199,339

INVESTMENTS, AT COST	$	32,027,657

PRICING OF SHARES
Net Assets	$	32,199,339
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,275,002
Net Asset Value, offering and redemption price per share	$	25.25

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Interest	$	620,384
Dividends		1,552
Total Investment Income		621,936

EXPENSES:
Investment adviser fees		79,065
Net Expenses		79,065
NET INVESTMENT INCOME		542,871

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments		41,398
Net change in unrealized depreciation on investments		(183,015	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(141,617	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	401,254

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Statements of Changes in Net Assets

	For the Six			For the
	Months Ended			Year Ended
	May 31, 2024			November 30,
	(Unaudited)			2023
OPERATIONS:
Net investment income	$	542,871		$	1,016,296
Net realized gain		41,398			68,236
Net change in unrealized appreciation/(depreciation)		(183,015	)		375,330
Net increase in net assets resulting from operations		401,254			1,459,862

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(610,384	)		(1,244,614	)
Total distributions		(610,384	)		(1,244,614	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,273,868			–
Net increase from capital share transactions		1,273,868			–
Net increase in net assets		1,064,738			215,248

NET ASSETS:
Beginning of period		31,134,601			30,919,353
End of period	$	32,199,339		$	31,134,601

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,225,002			1,225,002
Shares sold		50,000			–
Shares outstanding, end of period		1,275,002			1,225,002

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Period May 19, 2022 (Commencement of Operations) to November 30, 2022
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.42		$	25.24		$	25.00

INCOME FROM OPERATIONS:
Net investment income^(a)		0.44			0.85			0.36
Net realized and unrealized gain/(loss)		(0.11	)		0.34			0.23
Total from investment operations		0.33			1.19			0.59

DISTRIBUTIONS:
From net investment income		(0.44	)		(1.01	)		(0.35	)
From net realized gains		(0.06	)		–			–
Total distributions		(0.50	)		(1.01	)		(0.35	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.17	)		0.18			0.24
NET ASSET VALUE, END OF PERIOD	$	25.25		$	25.42		$	25.24
TOTAL RETURN^(b)		1.27	%		4.85	%		2.38	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	32,199		$	31,135		$	30,919

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.50	%^(c)		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		3.43	%^(c)		3.28	%		2.67	%^(c)
Portfolio turnover rate^(d)		44	%^(e)		129	%^(e)		75	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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.

^(e)

The portfolio turnover rate excluding variable rate demand notes was 50% during the year ended November 30, 2023, and 10% during the six months ended May 31, 2024.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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.

10 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

Valuation techniques used to value the Fund’s investments by major category are as follows:

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

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.

11 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2024:

ALPS Intermediate Municipal Bond ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Municipal Bonds^*	$	–	$	32,032,079	$	–	$	32,032,079
Total	$	–	$	32,032,079	$	–	$	32,032,079

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

C. Securities Transactions and Investment Income

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 tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Ordinary

Tax-Exempt

Short-Term

Long-Term

Return

Fund

Income

Capital Gain

of Capital

November 30, 2023

ALPS Intermediate Municipal Bond ETF

446,400

798,214

–

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, 2023, the Fund did not have any amounts available to carry forward to the next tax year.

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	ALPS Intermediate Municipal Bond ETF
Gross appreciation (excess of value over tax cost)	$	366,316
Gross depreciation (excess of tax cost over value)		(362,006	)
Net unrealized appreciation/(depreciation)	$	4,310
Cost of investments for income tax purposes	$	32,027,769

12 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

G. Income Taxes

As of and during the six months ended May 31, 2024, 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

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.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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		$	16,548,264			$	13,909,549

For the six months ended May 31, 2024, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

5. CAPITAL SHARE TRANSACTIONS

13 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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

14 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The ALPS Intermediate Municipal Bond 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
ALPS Intermediate Municipal Bond ETF	0%	0%

15 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Item 8 – Changes in and Disagreements with Accountants	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

16 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Item 9 – Proxy Disclosures	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

Not applicable for this reporting period.

17 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others	May 31, 2024 (Unaudited)
of Open-End Management Investment Companies

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

18 | May 31, 2024

ALPS Intermediate Municipal Bond ETF

Item 11 – Statement Regarding Basis	May 31, 2024 (Unaudited)
for Approval of Investment Advisory Contract

Not applicable for this reporting period.

19 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedules of Investments
ALPS Clean Energy ETF	2
ALPS Disruptive Technologies ETF	4
ALPS Global Travel Beneficiaries ETF	6
ALPS Medical Breakthroughs ETF	8
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets
ALPS Clean Energy ETF	12
ALPS Disruptive Technologies ETF	13
ALPS Global Travel Beneficiaries ETF	14
ALPS Medical Breakthroughs ETF	15
Financial Highlights	16
Notes to Financial Statements and Financial Highlights	20
Additional Information	29
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	33
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	34
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	35
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	36

alpsfunds.com

ALPS ETF Trust

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (90.61%)
Consumer Discretionary (11.76%)
EVgo, Inc.^(a)(b)		224,985	$	456,720
Lucid Group, Inc.^(a)(b)		2,075,763		5,895,167
Rivian Automotive, Inc.^(a)(b)		935,113		10,211,433
Tesla, Inc.^(a)		52,396		9,330,680
Total Consumer Discretionary				25,894,000

Consumer Staples (6.24%)
Andersons, Inc.		74,968		3,923,825
Darling Ingredients, Inc.^(a)		243,013		9,817,725
Total Consumer Staples				13,741,550

Energy (2.68%)
Clean Energy Fuels Corp.^(a)(b)		395,700		1,238,541
Gevo, Inc.^(a)(b)		537,107		367,220
Green Plains, Inc.^(a)		146,407		2,513,809
REX American Resources Corp.^(a)		35,868		1,793,041
Total Energy				5,912,611

Financials (3.96%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(b)		261,685		8,711,494

Industrials (20.17%)
Ameresco, Inc., Class A^(a)		74,550		2,722,566
American Superconductor Corp.^(a)		80,875		1,551,183
Array Technologies, Inc.^(a)(b)		336,774		4,775,455
Ballard Power Systems, Inc.^(a)(b)		587,832		1,816,401
ChargePoint Holdings, Inc.^(a)(b)		896,346		1,505,861
Fluence Energy, Inc.^(a)		141,908		3,566,148
NEXTracker, Inc.^(a)		184,906		10,201,264
Nikola Corp.^(a)(b)		2,981,770		1,526,368
Plug Power, Inc.^(a)(b)		1,583,135		5,271,839
Shoals Technologies Group, Inc., Class A^(a)		394,477		3,104,534
Stem, Inc.^(a)(b)		352,013		468,177
SunPower Corp.^(a)(b)		199,840		667,466
Sunrun, Inc.^(a)(b)		499,572		7,223,811
Total Industrials				44,401,073

Information Technology (21.61%)
Enphase Energy, Inc.^(a)		81,872		10,471,429
First Solar, Inc.^(a)		67,133		18,244,064
Itron, Inc.^(a)		105,588		11,355,989
Wolfspeed, Inc.^(a)(b)		292,473		7,516,556
Total Information Technology				47,588,038

Security Description	Shares		Value
Materials (8.25%)
Albemarle Corp.^(b)		74,322	$	9,111,134
Arcadium Lithium PLC, Class A^(a)(b)		1,919,327		8,502,619
Piedmont Lithium, Inc.^(a)(b)		41,565		542,839
Total Materials				18,156,592

Utilities (15.94%)
Altus Power, Inc.^(a)		122,636		496,676
Boralex, Inc., Class A^(b)		238,780		6,059,944
Clearway Energy, Inc., Class C		190,915		5,345,620
Innergex Renewable Energy, Inc.^(b)		361,342		2,587,548
Northland Power, Inc.^(b)		597,263		10,210,372
Ormat Technologies, Inc.		120,999		9,123,325
Sunnova Energy International, Inc.^(a)(b)		248,572		1,297,546
Total Utilities				35,121,031

TOTAL COMMON STOCKS
(Cost $382,191,879)				199,526,389

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (9.22%)
Utilities (9.22%)
Brookfield Renewable Partners LP		464,129		12,957,268
NextEra Energy Partners LP		218,147		7,353,735
Total Utilities				20,311,003

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $29,781,692)				20,311,003

2 | May 31, 2024

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (13.38%)
Money Market Fund (0.04%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $78,188)		5.26	%		78,188	$	78,188

Investments Purchased with Collateral from Securities Loaned (13.34%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $29,387,154)					29,387,154	$	29,387,154
TOTAL SHORT TERM INVESTMENTS

(Cost $29,465,342)							29,465,342

TOTAL INVESTMENTS (113.21%)
(Cost $441,438,913)						$	249,302,734
LIABILITIES IN EXCESS OF OTHER ASSETS (-13.21%)							(29,088,892	)
NET ASSETS - 100.00%						$	220,213,842

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $61,303,491.

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.45%)
Communication Services (1.24%)
Netflix, Inc.^(a)		1,873	$	1,201,754

Consumer Discretionary (4.37%)
ADT, Inc.		152,032		1,080,948
Garmin, Ltd.		7,202		1,180,047
iRobot Corp.^(a)(b)		98,187		943,577
Tesla, Inc.^(a)		5,705		1,015,946
Total Consumer Discretionary				4,220,518

Financials (14.74%)
Adyen NV^(a)(c)(d)		634		815,047
American Express Co.		4,548		1,091,520
Block, Inc., Class A^(a)		13,217		846,945
Corpay, Inc.^(a)		3,487		933,365
Fidelity National Information Services, Inc.		14,754		1,119,534
Fiserv, Inc.^(a)		6,801		1,018,518
Global Payments, Inc.		7,895		804,106
GMO Payment Gateway, Inc.		14,000		603,478
Jack Henry & Associates, Inc.		5,882		968,648
Mastercard, Inc., Class A		2,190		979,083
Moody's Corp.		2,591		1,028,601
Pagseguro Digital, Ltd., Class A^(a)		77,529		949,730
PayPal Holdings, Inc.^(a)		17,430		1,097,916
S&P Global, Inc.		2,392		1,022,604
Visa, Inc., Class A		3,661		997,476
Total Financials				14,276,571

Health Care (13.03%)
Align Technology, Inc.^(a)		3,657		940,617
Boston Scientific Corp.^(a)		16,713		1,263,001
Dexcom, Inc.^(a)		8,498		1,009,307
DiaSorin SpA^(b)		10,889		1,168,983
HealthEquity, Inc.^(a)		12,707		1,037,908
Insulet Corp.^(a)		6,452		1,143,230
Intuitive Surgical, Inc.^(a)		2,879		1,157,703
PROCEPT BioRobotics Corp.^(a)(b)		20,717		1,375,610
ResMed, Inc.		5,874		1,211,982
Shanghai MicroPort MedBot Group Co., Ltd.^(a)		676,000		1,255,117
Smith & Nephew PLC, Sponsored ADR^(b)		41,168		1,042,786
Total Health Care				12,606,244

Industrials (17.92%)
3D Systems Corp.^(a)		234,207		824,409
AeroVironment, Inc.^(a)		5,734		1,159,128

Security Description	Shares		Value
Industrials (continued)
AutoStore Holdings, Ltd.^(a)(b)(c)(d)		630,330	$	888,778
Experian PLC		23,396		1,075,325
FANUC Corp.^(b)		33,426		934,989
Goldwind Science & Technology Co., Ltd., Class H^(b)		2,721,600		1,259,807
Proto Labs, Inc.^(a)		29,935		927,087
RELX PLC, Sponsored ADR		23,366		1,027,169
Schneider Electric SE		4,410		1,088,360
Sensata Technologies Holding PLC		29,099		1,202,371
SS&C Technologies Holdings, Inc.		16,334		1,013,525
Stratasys, Ltd.^(a)		90,581		784,431
Thomson Reuters Corp.^(b)		6,511		1,120,430
TransUnion		12,896		927,480
Verisk Analytics, Inc.		4,323		1,092,768
Vestas Wind Systems A/S^(a)		35,383		992,626
Wolters Kluwer NV		6,396		1,013,580
Total Industrials				17,332,263

Information Technology (43.82%)
Adobe, Inc.^(a)		2,044		909,089
Alarm.com Holdings, Inc.^(a)		13,684		895,070
Allegro MicroSystems, Inc.^(a)(b)		32,618		983,107
ANSYS, Inc.^(a)		3,346		1,062,188
Autodesk, Inc.^(a)		4,465		900,144
Check Point Software Technologies, Ltd.^(a)		6,450		970,725
Cognex Corp.		24,919		1,134,313
Crowdstrike Holdings, Inc., Class A^(a)		3,080		966,104
CyberArk Software, Ltd.^(a)		3,886		890,866
Dassault Systemes SE		24,488		984,972
Datadog, Inc., Class A^(a)		8,297		914,163
Dynatrace, Inc.^(a)		21,782		996,091
First Solar, Inc.^(a)		6,364		1,729,480
Fortinet, Inc.^(a)		13,971		828,760
Gen Digital, Inc.		46,617		1,157,501
Guidewire Software, Inc.^(a)		8,731		994,636
Intuit, Inc.		1,586		914,234
Itron, Inc.^(a)		10,633		1,143,579
Keyence Corp.		2,098		943,042
Nemetschek SE		11,781		1,068,013
Okta, Inc.^(a)		9,134		810,003
Omron Corp.^(b)		26,900		878,849
Palo Alto Networks, Inc.^(a)		3,574		1,054,008
PTC, Inc.^(a)		6,078		1,071,188
Qorvo, Inc.^(a)		8,584		844,580

4 | May 31, 2024

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Information Technology (continued)
Qualys, Inc.^(a)		6,076	$	854,407
Renishaw PLC		20,285		1,033,920
Salesforce, Inc.		3,743		877,509
Samsara, Inc., Class A^(a)		29,709		1,008,026
SAP SE, Sponsored ADR		5,790		1,056,328
SenseTime Group, Inc.^(a)(b)(c)(d)		9,609,000		1,621,897
ServiceNow, Inc.^(a)		1,468		964,373
Silicon Laboratories, Inc.^(a)		6,710		846,601
Skyworks Solutions, Inc.		9,446		875,266
Snowflake, Inc., Class A^(a)		6,740		917,853
SolarEdge Technologies, Inc.^(a)		13,573		664,941
Temenos AG		13,613		874,998
Trend Micro, Inc.		20,432		919,580
Workday, Inc., Class A^(a)		4,298		908,812
Xero, Ltd.^(a)		11,554		1,037,805
Xinyi Solar Holdings, Ltd.		1,474,000		968,794
Zoom Video Communications, Inc., Class A^(a)		16,912		1,037,382
Zscaler, Inc.^(a)		5,069		861,527
Total Information Technology				42,374,724

Real Estate (0.98%)
Equinix, Inc.		1,238		944,569

Utilities (2.35%)
China Longyuan Power Group Corp., Ltd., Class H^(b)		1,397,000		1,273,670
Enlight Renewable Energy, Ltd.^(a)		57,624		997,017
Total Utilities				2,270,687

TOTAL COMMON STOCKS
(Cost $95,165,548)				95,227,330

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (1.21%)
Utilities (1.21%)
Brookfield Renewable Partners LP		41,788		1,166,612

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,206,087)				1,166,612

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (5.99%)
Money Market Fund (0.26%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $249,964)		5.26	%		249,964	$	249,964

Investments Purchased with Collateral from Securities Loaned (5.73%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $5,540,198)					5,540,198	$	5,540,198
TOTAL SHORT TERM INVESTMENTS

(Cost $5,790,162)							5,790,162

TOTAL INVESTMENTS (105.65%)
(Cost $102,161,797)						$	102,184,104
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.65%)							(5,464,068	)
NET ASSETS - 100.00%						$	96,720,036

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $10,502,063.

^(c)

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 $3,325,722, representing 3.44% of net assets.

^(d)

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, 2024, the market value of those securities was $3,325,722, representing 3.44% of net assets.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.62%)
Communication Services (4.81%)
Travelzoo^(a)		1,697	$	13,406
TripAdvisor, Inc.^(a)		599		10,992
Walt Disney Co.		2,582		268,296
Total Communication Services				292,694

Consumer Discretionary (48.34%)
Accor SA		367		15,885
Airbnb, Inc., Class A^(a)		1,741		252,323
Amadeus IT Group SA		854		60,546
Avolta AG		389		15,761
Booking Holdings, Inc.		82		309,660
Caesars Entertainment, Inc.^(a)		1,510		53,696
Churchill Downs, Inc.		504		65,268
Cie Financiere Richemont SA, Class A		969		154,690
Expedia Group, Inc.^(a)		1,073		121,099
Flight Centre Travel Group, Ltd.^(b)		1,131		14,185
Galaxy Entertainment Group, Ltd.		9,000		43,156
H World Group, Ltd., ADR		1,180		43,931
Hilton Worldwide Holdings, Inc.		1,389		278,634
InterContinental Hotels Group PLC		281		28,287
Las Vegas Sands Corp.		2,213		99,651
LVMH Moet Hennessy Louis Vuitton SE		309		246,396
Marriott International, Inc., Class A		1,153		266,539
MGM Resorts International^(a)		1,786		71,744
OneSpaWorld Holdings, Ltd.^(a)		1,232		19,158
Oriental Land Co., Ltd.		8,100		225,954
Royal Caribbean Cruises, Ltd.^(a)		539		79,600
Sabre Corp.^(a)		7,253		22,702
Samsonite International SA^(c)(d)		10,800		34,249
Sega Sammy Holdings, Inc.		1,400		19,687
Tongcheng Travel Holdings, Ltd.^(d)		7,400		16,900
Trainline PLC^(a)(c)(d)		3,906		15,997
Trip.com Group, Ltd., ADR		3,311		170,550
TUI AG^(a)		2,133		14,673
Vail Resorts, Inc.		333		62,844
WH Smith PLC		1,001		14,668
Wyndham Hotels & Resorts, Inc.		701		49,603

Security Description	Shares		Value
Consumer Discretionary (continued)
Wynn Resorts, Ltd.		546	$	51,804
Total Consumer Discretionary				2,939,840

Consumer Staples (10.11%)
Estee Lauder Cos., Inc., Class A		1,905		235,001
Hormel Foods Corp.		2,271		70,356
L'Oreal SA		437		214,370
Shiseido Co., Ltd.		3,000		94,827
Total Consumer Staples				614,554

Financials (5.53%)
American Express Co.		1,275		306,000
Shift4 Payments, Inc.^(a)		450		30,276
Total Financials				336,276

Industrials (26.01%)
Aena SME SA^(c)(d)		134		26,113
Aeroports de Paris SA		115		16,359
AerSale Corp.^(a)(b)		1,680		12,718
Airbus SE		860		145,476
Alaska Air Group, Inc.^(a)		1,170		49,163
American Airlines Group, _Inc.(a)(b)		5,458		62,767
ANA Holdings, Inc.		2,800		53,271
Avis Budget Group, Inc.		140		15,922
Delta Air Lines, Inc.		4,525		230,867
Deutsche Lufthansa AG		2,081		14,501
Elis SA		699		17,641
Eva Airways Corp.^(a)		37,000		40,890
Grab Holdings, Ltd.^(a)		4,938		18,122
Grupo Aeroportuario del Pacifico SAB de CV		1,861		35,015
Grupo Aeroportuario del Sureste SAB de CV, ADR		117		39,264
Hertz Global Holdings, Inc.^(a)(b)		2,106		9,182
International Consolidated Airlines Group SA^(a)		8,119		17,732
Japan Airlines Co., Ltd.		2,300		38,720
Korean Air Lines Co., Ltd.		2,370		35,690
Latam Airlines Group SA		1,450,000		19,507
Localiza Rent a Car SA		2,333		18,985
Lyft, Inc., Class A^(a)		876		13,674
Qantas Airways, Ltd.^(a)		15,424		63,113
Ryanair Holdings PLC, ADR		227		27,612
Singapore Airlines, Ltd.		7,900		39,582
Sixt SE		167		13,663
Southwest Airlines Co.		4,412		118,418
Turk Hava Yollari AO^(a)		3,415		32,085
Uber Technologies, Inc.^(a)		3,581		231,190

6 | May 31, 2024

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Industrials (continued)
United Airlines Holdings, Inc.^(a)		2,360	$	125,056
Total Industrials				1,582,298

Information Technology (0.53%)
Agilysys, Inc.^(a)		200		19,094
Clear Secure, Inc.		794		13,411
Total Information Technology				32,505

Real Estate (4.29%)
Gaming and Leisure Properties, Inc.		2,761		123,969
Host Hotels & Resorts, Inc.		4,746		85,143
Ryman Hospitality Properties, Inc.		492		51,694
Total Real Estate				260,806

TOTAL COMMON STOCKS
(Cost $6,005,136)				6,058,973

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.76%)
Money Market Fund (0.32%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $19,569)	5.26	%		19,569	$	19,569

Investments Purchased with Collateral from Securities Loaned (1.44%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $87,841)				87,841		87,841
TOTAL SHORT TERM INVESTMENTS

(Cost $107,410)						107,410

TOTAL INVESTMENTS (101.38%)
(Cost $6,112,546)					$	6,166,383
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.38%)						(84,091	)
NET ASSETS - 100.00%					$	6,082,292

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $85,057.

^(c)

^(d)

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2024

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.84%)
Biotechnology (87.77%)
4D Molecular Therapeutics, Inc.^(a)		35,240	$	844,703
89bio, Inc.^(a)		66,249		523,367
ACADIA Pharmaceuticals, Inc.^(a)		116,725		1,762,548
ACELYRIN, Inc.^(a)(b)		68,373		281,697
Aerovate Therapeutics, Inc.^(a)		19,649		342,875
Agios Pharmaceuticals, Inc.^(a)(b)		39,779		1,445,569
Akero Therapeutics, Inc.^(a)		39,844		749,864
Alector, Inc.^(a)		67,833		333,738
Alkermes PLC^(a)		118,697		2,777,510
Allogene Therapeutics, Inc.^(a)(b)		118,161		295,403
AnaptysBio, Inc.^(a)		18,851		451,293
Anavex Life Sciences Corp.^(a)		57,671		234,144
Arcellx, Inc.^(a)		37,549		1,952,548
Arcturus Therapeutics Holdings, Inc.^(a)(b)		18,944		735,217
Arcus Biosciences, Inc.^(a)		64,400		970,508
ARS Pharmaceuticals, Inc.^(a)		68,004		603,876
Aura Biosciences, Inc.^(a)(b)		34,543		253,891
Aurinia Pharmaceuticals, Inc.^(a)(b)		102,460		555,333
Avidity Biosciences, Inc.^(a)(b)		56,489		1,517,295
BioCryst Pharmaceuticals, Inc.^(a)(b)		145,981		943,037
Biomea Fusion, Inc.^(a)		25,086		263,905
Catalyst Pharmaceuticals, Inc.^(a)		83,441		1,349,241
Celldex Therapeutics, Inc.^(a)		45,644		1,519,945
Cerevel Therapeutics Holdings, Inc.^(a)		128,892		5,251,059
Compass Pathways PLC, ADR^(a)(b)		45,104		332,868
Crinetics Pharmaceuticals, Inc.^(a)		55,421		2,461,247
Day One Biopharmaceuticals, Inc.^(a)(b)		61,870		821,015
Deciphera Pharmaceuticals, Inc.^(a)		57,227		1,461,578
Denali Therapeutics, Inc.^(a)		98,526		1,828,643
Disc Medicine, Inc.^(a)		17,138		581,835
Enanta Pharmaceuticals, Inc.^(a)		14,945		186,364
Galapagos NV, Sponsored ADR^(a)		46,926		1,305,481
Geron Corp.^(a)(b)		386,752		1,372,970
Ideaya Biosciences, Inc.^(a)		52,228		1,908,933
Immunocore Holdings PLC, ADR^(a)		35,267		1,727,378
Inhibrx Biosciences Inc^(a)		2,067		33,589

Security Description	Shares		Value
Biotechnology (continued)
Inozyme Pharma, Inc.^(a)(b)		43,372	$	209,053
Intellia Therapeutics, Inc.^(a)(b)		68,074		1,455,422
Ironwood Pharmaceuticals, Inc.^(a)		110,895		698,639
iTeos Therapeutics, Inc.^(a)		25,381		424,878
Keros Therapeutics, Inc.^(a)		25,471		1,193,825
Kiniksa Pharmaceuticals, Ltd., Class A^(a)		28,355		539,029
Kura Oncology, Inc.^(a)(b)		53,942		1,111,745
MacroGenics, Inc.^(a)		43,960		179,796
MannKind Corp.^(a)(b)		191,570		894,632
Merus NV^(a)		41,128		2,189,655
MiMedx Group, Inc.^(a)		104,103		744,336
Mineralys Therapeutics, Inc.^(a)		28,867		368,632
Mirum Pharmaceuticals, Inc.^(a)(b)		33,036		793,855
MoonLake Immunotherapeutics^(a)		42,478		1,727,155
Morphic Holding, Inc.^(a)(b)		35,419		1,075,675
Olema Pharmaceuticals, Inc.^(a)(b)		39,074		378,236
Protagonist Therapeutics, Inc.^(a)		41,241		1,160,934
Prothena Corp. PLC^(a)(b)		38,033		791,467
RAPT Therapeutics, Inc.^(a)(b)		24,388		97,796
Reneo Pharmaceuticals, Inc.^(a)		22,749		37,763
Replimune Group, Inc.^(a)(b)		43,117		227,227
REVOLUTION Medicines, Inc.^(a)		116,961		4,483,114
Rhythm Pharmaceuticals, Inc.^(a)(b)		42,620		1,520,682
Savara, Inc.^(a)		95,826		391,928
Soleno Therapeutics, Inc.^(a)		21,630		910,190
SpringWorks Therapeutics, Inc.^(a)		52,492		2,176,318
Summit Therapeutics, Inc.^(a)(b)		497,027		4,316,679
Syndax Pharmaceuticals, Inc.^(a)		60,168		1,159,437
Travere Therapeutics, Inc.^(a)(b)		53,914		400,042
Vanda Pharmaceuticals, Inc.^(a)		40,392		206,403
Vaxcyte, Inc.^(a)		76,838		5,399,405
Vera Therapeutics, Inc.^(a)(b)		38,949		1,479,673
Vericel Corp.^(a)		34,231		1,632,819
Viking Therapeutics, Inc.^(a)		74,500		4,638,370
Vir Biotechnology, Inc.^(a)		95,613		981,946
Viridian Therapeutics, Inc.^(a)(b)		44,468		531,393
Xencor, Inc.^(a)		43,335		1,029,640
Xenon Pharmaceuticals, Inc.^(a)		53,658		2,042,760
Zai Lab, Ltd., ADR^(a)(b)		70,074		1,245,916

8 | May 31, 2024

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Biotechnology (continued)
Zentalis Pharmaceuticals, Inc.^(a)(b)		50,311	$	597,695
Total Biotechnology				91,424,627

Health Care Providers & Services (0.65%)
OPKO Health, Inc.^(a)(b)		493,720		676,396

Pharmaceuticals (11.42%)
Amylyx Pharmaceuticals, Inc.^(a)		46,288		79,615
Arvinas, Inc.^(a)		48,196		1,597,215
Atea Pharmaceuticals, Inc.^(a)		59,078		216,816
Axsome Therapeutics, Inc.^(a)(b)		33,654		2,471,213
Corcept Therapeutics, Inc.^(a)		73,489		2,217,163
Edgewise Therapeutics, Inc.^(a)		65,981		1,130,254
Fulcrum Therapeutics, Inc.^(a)		43,890		344,537
Liquidia Corp.^(a)(b)		53,717		691,338
Neumora Therapeutics, Inc.^(a)		108,132		1,070,507
Pliant Therapeutics, Inc.^(a)(b)		42,684		517,757
Tarsus Pharmaceuticals, Inc.^(a)		26,556		875,286
Verona Pharma PLC, ADR^(a)(b)		57,238		690,863
Total Pharmaceuticals				11,902,564

TOTAL COMMON STOCKS
(Cost $107,261,076)				104,003,587

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (5.67%)
Money Market Fund (0.22%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $228,879)	5.26	%		228,879	$	228,879

Investments Purchased with Collateral from Securities Loaned (5.45%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $5,673,864)				5,673,864	$	5,673,864
TOTAL SHORT TERM INVESTMENTS

(Cost $5,902,743)						5,902,743

TOTAL INVESTMENTS (105.51%)
(Cost $113,163,819)					$	109,906,330
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.51%)						(5,742,667	)
NET ASSETS - 100.00%					$	104,163,663

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $22,242,734.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
ASSETS:
Investments, at value^(a)	$	249,302,734		$	102,184,104		$	6,166,383		$	109,906,330
Foreign Currency, at value (Cost $7,263, $700, $83 and $–)		7,263			701			83			–
Dividends receivable		386,043			117,135			7,067			8,492
Receivable for shares sold		6,314,376			–			–			833,302
Total Assets		256,010,416			102,301,940			6,173,533			110,748,124

LIABILITIES:
Payable to adviser		99,337			41,706			3,400			45,686
Payable for investments purchased		6,310,083			–			–			864,911
Payable for collateral upon return of securities loaned		29,387,154			5,540,198			87,841			5,673,864
Total Liabilities		35,796,574			5,581,904			91,241			6,584,461
NET ASSETS	$	220,213,842		$	96,720,036		$	6,082,292		$	104,163,663

NET ASSETS CONSIST OF:
Paid-in capital	$	701,440,710		$	122,389,845		$	6,896,493		$	249,011,433
Total distributable earnings/(accumulated losses)		(481,226,868	)		(25,669,809	)		(814,201	)		(144,847,770	)
NET ASSETS	$	220,213,842		$	96,720,036		$	6,082,292		$	104,163,663

INVESTMENTS, AT COST	$	441,438,913		$	102,161,797		$	6,112,546		$	113,163,819

PRICING OF SHARES
Net Assets	$	220,213,842		$	96,720,036		$	6,082,292		$	104,163,663
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		6,975,002			2,350,002			250,002			3,125,000
Net Asset Value, offering and redemption price per share	$	31.57		$	41.16		$	24.33		$	33.33

^(a)

Includes $61,303,491, $10,502,063, $85,057 and $22,242,734 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

10 | May 31, 2024

ALPS ETF Trust

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
INVESTMENT INCOME:
Dividends*	$	1,681,943		$	384,013		$	45,402		$	749
Securities Lending Income		902,743			10,421			38			57,510
Total Investment Income		2,584,686			394,434			45,440			58,259

EXPENSES:
Investment adviser fees		663,146			254,433			20,988			264,134
Total Expenses		663,146			254,433			20,988			264,134
NET INVESTMENT INCOME/(LOSS)		1,921,540			140,001			24,452			(205,875	)

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(a)		(91,235,011	)		2,104,396			172,908			998,337
Net realized gain/(loss) on foreign currency transactions		(5,770	)		3,393			(92	)		–
Total net realized gain/(loss)		(91,240,781	)		2,107,789			172,816			998,337
Net change in unrealized appreciation on investments		90,545,917			4,853,441			449,367			20,855,101
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(160	)		(1,592	)		(122	)		–
Total net change in unrealized appreciation		90,545,757			4,851,849			449,245			20,855,101
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(695,024	)		6,959,638			622,061			21,853,438
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,226,516		$	7,099,639		$	646,513		$	21,647,563
*Net of foreign tax withholding.	$	121,734		$	32,138		$	3,236		$	–

^(a)

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.

11 | May 31, 2024

ALPS Clean Energy ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	1,921,540		$	5,226,077
Net realized loss		(91,240,781	)		(93,867,475	)
Net change in unrealized appreciation/(depreciation)		90,545,757			(179,381,813	)
Net increase/(decrease) in net assets resulting from operations		1,226,516			(268,023,211	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,505,283	)		(4,542,388	)
From tax return of capital		–			(973,150	)
Total distributions		(1,505,283	)		(5,515,538	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		96,766,315			172,062,512
Cost of shares redeemed		(144,250,664	)		(338,457,659	)
Net decrease from capital share transactions		(47,484,349	)		(166,395,147	)
Net decrease in net assets		(47,763,116	)		(439,933,896	)

NET ASSETS:
Beginning of period		267,976,958			707,910,854
End of period	$	220,213,842		$	267,976,958

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		8,550,002			12,700,002
Shares sold		3,175,000			4,250,000
Shares redeemed		(4,750,000	)		(8,400,000	)
Shares outstanding, end of period		6,975,002			8,550,002

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2024

ALPS Disruptive Technologies ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	140,001		$	453,989
Net realized gain/(loss)		2,107,789			(5,188,326	)
Net change in unrealized appreciation/(depreciation)		4,851,849			14,917,184
Net increase in net assets resulting from operations		7,099,639			10,182,847

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(292,162	)		(25,708	)
Total distributions		(292,162	)		(25,708	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,054,498			1,675,949
Cost of shares redeemed		(10,375,254	)		(36,813,357	)
Net decrease from capital share transactions		(7,320,756	)		(35,137,408	)
Net decrease in net assets		(513,279	)		(24,980,269	)

NET ASSETS:
Beginning of period		97,233,315			122,213,584
End of period	$	96,720,036		$	97,233,315

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,525,002			3,500,002
Shares sold		75,000			50,000
Shares redeemed		(250,000	)		(1,025,000	)
Shares outstanding, end of period		2,350,002			2,525,002

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2024

ALPS Global Travel Beneficiaries ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	24,452		$	24,929
Net realized gain		172,816			121,178
Net change in unrealized appreciation/(depreciation)		449,245			322,399
Net increase in net assets resulting from operations		646,513			468,506

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(30,390	)		(3,090	)
Total distributions		(30,390	)		(3,090	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			576,398
Cost of shares redeemed		(633,220	)		(2,863,139	)
Net decrease from capital share transactions		(633,220	)		(2,286,741	)
Net decrease in net assets		(17,097	)		(1,821,325	)

NET ASSETS:
Beginning of period		6,099,389			7,920,714
End of period	$	6,082,292		$	6,099,389

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		275,002			375,002
Shares sold		0			25,000
Shares redeemed		(25,000	)		(125,000	)
Shares outstanding, end of period		250,002			275,002

See Notes to Financial Statements and Financial Highlights.

14 | May 31, 2024

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment loss	$	(205,875	)	$	(352,913	)
Net realized gain/(loss)		998,337			(4,825,859	)
Net change in unrealized appreciation/(depreciation)		20,855,101			(11,906,628	)
Net increase/(decrease) in net assets resulting from operations		21,647,563			(17,085,400	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(220,286	)		–
Total distributions		(220,286	)		–

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		13,821,347			5,897,730
Cost of shares redeemed		(14,774,478	)		(20,131,389	)
Net decrease from capital share transactions		(953,131	)		(14,233,659	)
Net increase/(decrease) in net assets		20,474,146			(31,319,059	)

NET ASSETS:
Beginning of period		83,689,517			115,008,576
End of period	$	104,163,663		$	83,689,517

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,175,000			3,675,000
Shares sold		400,000			200,000
Shares redeemed		(450,000	)		(700,000	)
Shares outstanding, end of period		3,125,000			3,175,000

See Notes to Financial Statements and Financial Highlights.

15 | May 31, 2024

ALPS Clean Energy ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	31.34		$	55.74		$	73.94		$	70.05		$	32.23		$	25.03

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.24			0.47			0.39			0.20			0.25			0.32
Net realized and unrealized gain/(loss)		0.17			(24.38	)		(18.14	)		4.11			38.08			7.42
Total from investment operations		0.41			(23.91	)		(17.75	)		4.31			38.33			7.74
DISTRIBUTIONS:
From net investment income		(0.18	)		(0.40	)		(0.19	)		(0.17	)		(0.18	)		(0.23	)
Tax return of capital		–			(0.09	)		(0.26	)		(0.25	)		(0.33	)		(0.31	)
Total distributions		(0.18	)		(0.49	)		(0.45	)		(0.42	)		(0.51	)		(0.54	)

Net increase/(decrease) in net asset value		0.23			(24.40	)		(18.20	)		3.89			37.82			7.20
NET ASSET VALUE, END OF PERIOD	$	31.57		$	31.34		$	55.74		$	73.94		$	70.05		$	32.23
TOTAL RETURN^(b)		1.22	%		(43.11	)%		(24.00	)%		6.16	%		120.45	%		31.28	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	220,214		$	267,977		$	707,911		$	1,014,767		$	609,457		$	106,359

Ratio of expenses to average net assets		0.55	%^(c)		0.55	%		0.55	%		0.56	%^(d)		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.59	%^(c)		1.09	%		0.69	%		0.26	%		0.57	%		1.10	%
Portfolio turnover rate^(e)		18	%		38	%		44	%		39	%		34	%		15	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

Effective January 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.55%.

^(e)

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, 2024

ALPS Disruptive Technologies ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	38.51		$	34.92		$	48.23		$	42.99		$	31.88		$	26.21

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/ (loss)^(a)		0.06			0.15			(0.02	)		0.15			0.25			0.14
Net realized and unrealized gain/(loss)		2.70			3.45			(13.17	)		5.26			11.00			5.61
Total from investment operations		2.76			3.60			(13.19	)		5.41			11.25			5.75
DISTRIBUTIONS:
From net investment income		(0.11	)		(0.01	)		(0.12	)		(0.17	)		(0.14	)		(0.08	)
Total distributions		(0.11	)		(0.01	)		(0.12	)		(0.17	)		(0.14	)		(0.08	)

Net increase/(decrease) in net asset value		2.65			3.59			(13.31	)		5.24			11.11			5.67
NET ASSET VALUE, END OF PERIOD	$	41.16		$	38.51		$	34.92		$	48.23		$	42.99		$	31.88
TOTAL RETURN^(b)		7.17	%		10.31	%		(27.41	)%		12.60	%		35.42	%		22.04	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	96,720		$	97,233		$	122,214		$	237,546		$	150,459		$	74,910

Ratio of expenses to average net assets		0.50	%^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income/(loss) to average net assets		0.28	%^(c)		0.42	%		(0.05	)%		0.31	%		0.72	%		0.48	%
Portfolio turnover rate^(d)		15	%		34	%		31	%		26	%		38	%		42	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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, 2024

ALPS Global Travel Beneficiaries ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Period September 8, 2021 (Commencement of Operations) to November 30, 2021
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.18		$	21.12		$	23.58		$	24.91

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.09			0.08			(0.04	)		0.05
Net realized and unrealized gain/(loss)		2.17			0.99			(2.39	)		(1.38	)
Total from investment operations		2.26			1.07			(2.43	)		(1.33	)

DISTRIBUTIONS:
From net investment income		(0.11	)		(0.01	)		(0.03	)		–
Total distributions		(0.11	)		(0.01	)		(0.03	)		–

Net increase/(decrease) in net asset value		2.15			1.06			(2.46	)		(1.33	)
NET ASSET VALUE, END OF PERIOD	$	24.33		$	22.18		$	21.12		$	23.58
TOTAL RETURN^(b)		10.20	%		5.06	%		(10.27	)%		(5.34	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	6,082		$	6,099		$	7,921		$	7,665

Ratio of expenses to average net assets		0.65	%^(c)		0.65	%		0.65	%		0.65	%^(c)
Ratio of net investment income/(loss) to average net assets		0.76	%^(c)		0.38	%		(0.18	)%		0.82	%^(c)
Portfolio turnover rate^(d)		17	%		54	%		57	%		19	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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, 2024

ALPS Medical Breakthroughs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	26.36		$	31.29		$	42.94		$	49.00		$	39.51		$	33.59

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/ (loss)^(a)		(0.07	)		(0.10	)		(0.13	)		(0.18	)		(0.13	)		0.03
Net realized and unrealized gain/(loss)		7.11			(4.83	)		(11.52	)		(5.88	)		9.64			6.67
Total from investment operations		7.04			(4.93	)		(11.65	)		(6.06	)		9.51			6.70

DISTRIBUTIONS:
From net investment income		(0.07	)		–			–			–			(0.02	)		(0.78	)
Total distributions		(0.07	)		–			–			–			(0.02	)		(0.78	)

Net increase/(decrease) in net asset value		6.97			(4.93	)		(11.65	)		(6.06	)		9.49			5.92
NET ASSET VALUE, END OF PERIOD	$	33.33		$	26.36		$	31.29		$	42.94		$	49.00		$	39.51
TOTAL RETURN^(b)		26.71	%		(15.76	)%		(27.13	)%		(12.37	)%		24.07	%		20.99	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	104,164		$	83,690		$	115,009		$	188,929		$	242,542		$	197,570

Ratio of expenses to average net assets		0.50	%^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income/(loss) to average net assets		(0.39	)%^(c)		(0.34	)%		(0.39	)%		(0.36	)%		(0.33	)%		0.09	%
Portfolio turnover rate^(d)		35	%		81	%		88	%		81	%		68	%		88	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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.

19 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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 Global Travel Beneficiaries ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the S-Network Global Travel 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 Global Travel Beneficiaries ETF and ALPS Medical Breakthroughs ETF have 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

20 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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:

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.

21 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2024:

ALPS Clean Energy ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	199,526,389	$	–	$	–	$	199,526,389
Master Limited Partnerships^*		20,311,003		–		–		20,311,003
Short Term Investments		29,465,342		–		–		29,465,342
Total	$	249,302,734	$	–	$	–	$	249,302,734

ALPS Disruptive Technologies ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	95,227,330	$	–	$	–	$	95,227,330
Master Limited Partnerships^*		1,166,612		–		–		1,166,612
Short Term Investments		5,790,162		–		–		5,790,162
Total	$	102,184,104	$	–	$	–	$	102,184,104

ALPS Global Travel Beneficiaries ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	6,058,973	$	–	$	–	$	6,058,973
Short Term Investments		107,410		–		–		107,410
Total	$	6,166,383	$	–	$	–	$	6,166,383

ALPS Medical Breakthroughs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	104,003,587	$	–	$	–	$	104,003,587
Short Term Investments		5,902,743		–		–		5,902,743
Total	$	109,906,330	$	–	$	–	$	109,906,330

For a detailed sector breakdown, see the accompanying Schedule of Investments.

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 than for U.S. issuers. In addition, adverse political, economic or social 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.

22 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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

E. Securities Transactions and Investment Income

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, 2024.

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2023

ALPS Clean Energy ETF

4,542,388

–

973,150

ALPS Disruptive Technologies ETF

25,708

–

ALPS Global Travel Beneficiaries ETF

3,090

–

ALPS Medical Breakthroughs ETF

–

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, 2023, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Clean Energy ETF	$	109,296,745	$	80,552,476
ALPS Disruptive Technologies ETF		9,947,890		16,664,129
ALPS Global Travel Beneficiaries ETF		847,251		204,158
ALPS Medical Breakthroughs ETF		83,931,519		57,387,807

23 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of May 31, 2024, 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 Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
Gross appreciation (excess of value over tax cost)	$	13,252,092		$	15,897,821		$	899,179		$	19,843,531
Gross depreciation (excess of tax cost over value)		(207,548,644	)		(17,256,998	)		(850,357	)		(24,118,564	)
Net unrealized appreciation/(depreciation)	$	(194,296,552	)	$	(1,359,177	)	$	48,822		$	(4,275,033	)
Cost of investments for income tax purposes	$	443,599,286		$	103,543,281		$	6,117,561		$	114,181,363

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales, C-Corp basis adjustments, investments in passive foreign investment companies (PFICs), 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, 2024.

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, 2024, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

I. Lending of Portfolio Securities

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend their portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. Each Funds’ securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in each Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in a Fund’s Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Income earned by each Fund from securities lending activity is disclosed in the Statement of Operations.

24 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Clean Energy ETF	$	61,303,491	$	29,387,154	$	34,495,396	$	63,882,550
ALPS Disruptive Technologies ETF		10,502,063		5,540,198		5,399,684		10,939,882
ALPS Global Travel Beneficiaries ETF		85,057		87,841		–		87,841
ALPS Medical Breakthroughs ETF		22,242,734		5,673,864		17,901,030		23,574,894

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, 2024:

ALPS Clean Energy ETF	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	$	29,387,154	$	–	$	–	$	–	$	29,387,154
Total Borrowings										29,387,154
Gross amount of recognized liabilities for securities lending (collateral received)									$	29,387,154

ALPS Disruptive Technologies ETF	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	$	5,540,198	$	–	$	–	$	–	$	5,540,198
Total Borrowings										5,540,198
Gross amount of recognized liabilities for securities lending (collateral received)									$	5,540,198

ALPS Global Travel Beneficiaries ETF	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	$	87,841	$	–	$	–	$	–	$	87,841
Total Borrowings										87,841
Gross amount of recognized liabilities for securities lending (collateral received)									$	87,841

ALPS Medical Breakthroughs ETF	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	$	5,673,864	$	–	$	–	$	–	$	5,673,864
Total Borrowings										5,673,864
Gross amount of recognized liabilities for securities lending (collateral received)									$	5,673,864

25 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

Fund	Advisory Fee
ALPS Clean Energy ETF	0.55%
ALPS Disruptive Technologies ETF	0.50%
ALPS Global Travel Beneficiaries ETF	0.65%
ALPS Medical Breakthroughs ETF	0.50%

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including licensing fees to the Underlying Index provider, the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of each Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of each Fund's expenses and to compensate the Adviser for providing services for each Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Funds.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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	$	44,664,756	$	43,560,967
ALPS Disruptive Technologies ETF		14,921,577		15,481,407
ALPS Global Travel Beneficiaries ETF		1,076,669		1,103,999
ALPS Medical Breakthroughs ETF		36,611,928		37,067,922

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
ALPS Clean Energy ETF	$	96,504,123	$	143,623,764
ALPS Disruptive Technologies ETF		3,025,085		9,930,012
ALPS Global Travel Beneficiaries ETF		–		621,073
ALPS Medical Breakthroughs ETF		13,823,515		14,777,339

26 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

For the six months ended May 31, 2024, the in-kind net realized gain/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
ALPS Clean Energy ETF	$	(111,758,871	)
ALPS Disruptive Technologies ETF		2,623,585
ALPS Global Travel Beneficiaries ETF		125,426
ALPS Medical Breakthroughs ETF		4,153,249

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

6. RELATED PARTY TRANSACTIONS

The ALPS Clean Energy ETF and ALPS Disruptive Technologies ETF engaged in cross trades between other funds in the Trust during the six months ended May 31, 2024 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2024, were as follows:

		Purchase cost paid				Sale proceeds received				Realized gain/(loss) on sales
ALPS Clean Energy ETF		$	164,502			$	147,253			$	(229,029	)

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.

27 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

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

28 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (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, 2023:

Fund	Qualified Dividend Income	Dividend Received Deduction
ALPS Clean Energy ETF	46.93%	0.00%
ALPS Disruptive Technologies ETF	100.00%	52.16%
ALPS Global Travel Beneficiaries ETF	100.00%	93.56%
ALPS Medical Breakthroughs ETF	0.00%	0.00%

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.

29 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (Unaudited)

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.

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.

30 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (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. 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 Global Travel Beneficiaries ETF

S-Network and S-Network Global Travel Index are service marks of S-Network Global Indexes, Inc. ("S-Network") and have been licensed for use by the ALPS Advisors, Inc. (“ALPS” or the “Adviser”). The Fund is not issued, sponsored, endorsed, sold or promoted by S-Network or its affiliates. S-Network makes no representation or warranty, express or implied, to the purchasers or 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 Index to track general market performance. S-Network's only relationship to the Fund is the licensing of the service marks and the Index, which is determined, composed and calculated by S-Network without regard to ALPS or the Fund. S-Network is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund issued by ALPS. S-Network has no obligation or liability in connection with the issuance, administration, marketing or trading of the Fund.

S-NETWORK DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED THEREIN AND S-NETWORK SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S-NETWORK 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 S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED 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 THE S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, UNLESS ARISING AS A RESULT OF S-NETWORK'S (i) GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, (ii) BREACH OF ITS CONFIDENTIALITY OBLIGATIONS: OR (iii) INDEMNIFICATION OBLIGATIONS, S-NETWORK SHALL NOT 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.

31 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (Unaudited)

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.

Standard & Poor’s^®, and S&P^® 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.

32 | May 31, 2024

ALPS ETF Trust

Item 8 – Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

33 | May 31, 2024

ALPS ETF Trust

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

34 | May 31, 2024

ALPS ETF Trust

Item 10 – Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

35 | May 31, 2024

ALPS ETF Trust

Item 11 – Statement Regarding Basis
for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

36 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments
ALPS Sector Dividend Dogs ETF	2
ALPS International Sector Dividend Dogs ETF	3
ALPS Emerging Sector Dividend Dogs ETF	5
ALPS REIT Dividend Dogs ETF	7
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets
ALPS Sector Dividend Dogs ETF	11
ALPS International Sector Dividend Dogs ETF	12
ALPS Emerging Sector Dividend Dogs ETF	13
ALPS REIT Dividend Dogs ETF	14
Financial Highlights	15
Notes to Financial Statements and Financial Highlights	19
Additional Information	28
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	30
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	31
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	32
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	33

alpsfunds.com

ALPS ETF Trust

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.41%)
Communication Services (9.70%)
AT&T, Inc.		1,296,185	$	23,616,491
Comcast Corp., Class A		522,574		20,918,637
Interpublic Group of Cos., Inc.		689,790		21,638,712
Omnicom Group, Inc.		243,139		22,602,202
Verizon Communications, Inc.		564,268		23,219,628
Total Communication Services				111,995,670

Consumer Discretionary (9.26%)
Best Buy Co., Inc.		283,720		24,065,130
Darden Restaurants, Inc.		129,957		19,544,233
Ford Motor Co.		1,826,906		22,160,370
Genuine Parts Co.		147,448		21,253,155
Home Depot, Inc.		59,650		19,974,996
Total Consumer Discretionary				106,997,884

Consumer Staples (9.73%)
Altria Group, Inc.		532,422		24,624,517
Conagra Brands, Inc.		792,488		23,679,541
Kraft Heinz Co.		639,875		22,632,379
Philip Morris International, Inc.		240,591		24,391,116
Walgreens Boots Alliance, Inc.		1,051,305		17,052,167
Total Consumer Staples				112,379,720

Energy (10.53%)
Chevron Corp.		148,758		24,143,423
Exxon Mobil Corp.		205,745		24,125,659
Kinder Morgan, Inc.		1,248,022		24,323,949
ONEOK, Inc.		288,968		23,406,408
Williams Cos., Inc.		618,411		25,670,240
Total Energy				121,669,679

Financials (9.91%)
Citizens Financial Group, Inc.		649,607		22,924,631
Huntington Bancshares, Inc.		1,651,403		22,987,530
Prudential Financial, Inc.		200,330		24,109,715
Regions Financial Corp.		1,132,239		21,908,825
Truist Financial Corp.		595,416		22,476,954
Total Financials				114,407,655

Health Care (8.55%)
AbbVie, Inc.		124,409		20,059,707
Bristol-Myers Squibb Co.		413,647		16,996,755
Gilead Sciences, Inc.		296,812		19,076,108
Pfizer, Inc.		817,468		23,428,633
Viatris, Inc.		1,814,962		19,238,597
Total Health Care				98,799,800

Industrials (10.35%)
3M Co.		283,937		28,433,451
Cummins, Inc.		82,885		23,351,191
RTX Corp.		245,334		26,449,459
Stanley Black & Decker, Inc.		243,272		21,206,020

Security Description	Shares		Value
Industrials (continued)
United Parcel Service, Inc.,
Class B		144,782	$	20,114,563
Total Industrials				119,554,684

Information Technology (10.26%)
Corning, Inc.		681,592		25,396,118
HP, Inc.		725,228		26,470,822
International Business Machines Corp.		113,722		18,974,516
Seagate Technology Holdings PLC		240,528		22,426,831
Texas Instruments, Inc.		129,439		25,241,899
Total Information Technology				118,510,186

Materials (10.75%)
Amcor PLC		2,381,772		24,222,621
International Flavors & Fragrances, Inc.		283,136		27,232,021
International Paper Co.		615,205		27,739,593
LyondellBasell Industries NV, Class A		224,939		22,363,435
The Dow Chemical Co.		393,106		22,654,699
Total Materials				124,212,369

Utilities (10.37%)
Dominion Resources, Inc.		464,475		25,044,492
Duke Energy Corp.		234,866		24,325,072
Edison International		321,869		24,735,633
Evergy, Inc.		432,402		23,635,093
Eversource Energy		371,039		21,976,640
Total Utilities				119,716,930

TOTAL COMMON STOCKS
(Cost $1,074,547,667)				1,148,244,577

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.18%)
Money Market Fund (0.18%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.26	%		2,065,171		2,065,171

TOTAL SHORT TERM INVESTMENTS
(Cost $2,065,171)							2,065,171

TOTAL INVESTMENTS (99.59%)
(Cost $1,076,612,838)						$	1,150,309,748
OTHER ASSETS IN EXCESS OF LIABILITIES (0.41%)							4,758,946
NET ASSETS - 100.00%						$	1,155,068,694

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

ALPS International Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.17%)
Australia (7.38%)
BHP Group, Ltd.		194,322	$	5,754,787
Coles Group, Ltd.		509,956		5,571,287
Fortescue, Ltd.		329,085		5,416,983
Woodside Energy Group, Ltd.^(a)		282,727		5,210,708
Total Australia				21,953,765

Austria (2.19%)
OMV AG		129,625		6,503,613

Denmark (2.49%)
A P Moller-Maersk A/S		4,082		7,401,791

Finland (4.25%)
Fortum Oyj^(a)		432,821		6,581,874
Nokia Oyj		1,558,227		6,071,475
Total Finland				12,653,349

France (10.03%)
Cie Generale des Etablissements Michelin SCA		152,239		6,136,671
Credit Agricole SA		404,907		6,557,190
Engie SA		339,230		5,718,125
Orange SA		487,780		5,676,353
Sanofi SA		59,033		5,749,443
Total France				29,837,782

Germany (7.25%)
BASF SE		105,985		5,567,082
Bayer AG		196,834		6,031,328
Bayerische Motoren Werke AG		47,998		4,852,817
Mercedes-Benz Group AG		70,918		5,109,432
Total Germany				21,560,659

Great Britain (4.47%)
NatWest Group PLC		1,756,522		7,050,440
Unilever PLC		114,724		6,255,307
Total Great Britain				13,305,747

Hong Kong (3.82%)
CITIC, Ltd.		5,546,000		5,602,450
Hong Kong & China Gas Co., Ltd.		7,422,996		5,761,545
Total Hong Kong				11,363,995

Italy (8.25%)
Enel SpA		843,845		6,094,304
Eni SpA		351,862		5,534,376
Intesa Sanpaolo SpA		1,667,218		6,523,283
Mediobanca Banca di Credito Finanziario SpA^(a)		404,312		6,369,881
Total Italy				24,521,844

Security Description	Shares		Value
Japan (7.41%)
Canon, Inc.^(a)		180,763	$	5,232,144
Isuzu Motors, Ltd.		421,892		5,625,584
Japan Tobacco, Inc.^(a)		216,000		6,114,724
Takeda Pharmaceutical Co., Ltd.^(a)		191,300		5,076,113
Total Japan				22,048,565

Netherlands (7.25%)
BE Semiconductor Industries NV^(a)		34,473		5,049,646
NN Group NV		127,235		5,907,408
NXP Semiconductors NV		22,417		6,099,666
Stellantis NV		206,054		4,516,277
Total Netherlands				21,572,997

Norway (6.39%)
Aker BP ASA		225,362		5,773,448
Norsk Hydro ASA		1,057,224		7,143,310
Telenor ASA		521,095		6,076,620
Total Norway				18,993,378

Poland (1.92%)
ORLEN SA		353,232		5,700,024

Singapore (1.99%)
Singapore Airlines, Ltd.^(a)		1,180,905		5,916,760

Spain (4.09%)
ACS Actividades de Construccion y Servicios SA		132,345		5,904,848
Telefonica SA		1,344,895		6,252,984
Total Spain				12,157,832

Sweden (2.09%)
Telefonaktiebolaget LM Ericsson, Class B		1,014,695		6,226,655

Switzerland (3.72%)
Kuehne + Nagel International AG		20,257		5,735,761
Roche Holding AG		20,829		5,332,187
Total Switzerland				11,067,948

United Kingdom (14.18%)
British American Tobacco PLC		192,495		5,923,640
GSK PLC		263,094		5,922,113
Imperial Brands PLC		260,048		6,431,779
National Grid Plc		454,492		5,110,270
Rio Tinto PLC		90,368		6,305,655
Vodafone Group PLC		6,205,156		5,979,177
WPP PLC		623,660		6,491,061
Total United Kingdom				42,163,695

TOTAL COMMON STOCKS
(Cost $275,674,781)				294,950,399

3 | May 31, 2024

ALPS International Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.98%)
Money Market Fund (0.23%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $672,795)		5.26	%		672,795	$	672,795

Investments Purchased with Collateral from Securities Loaned (1.75%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $5,213,355)					5,213,355	$	5,213,355
TOTAL SHORT TERM INVESTMENTS

(Cost $5,886,150)							5,886,150

TOTAL INVESTMENTS (101.15%)
(Cost $281,560,931)						$	300,836,549
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.15%)							(3,431,987	)
NET ASSETS - 100.00%						$	297,404,562

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $8,671,859.

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2024

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.20%)
Brazil (9.13%)
Ambev SA		203,000	$	446,910
BB Seguridade Participacoes SA		79,500		489,031
Cia Siderurgica Nacional SA		159,783		398,020
Gerdau SA		147,183		507,624
Petroleo Brasileiro SA		75,192		555,466
Total Brazil				2,397,051

Chile (6.46%)
Cencosud SA		301,284		565,771
Cia Sud Americana de Vapores SA		9,737,001		630,777
Enel Chile SA		8,729,225		500,261
Total Chile				1,696,809

China (11.62%)
China Shenhua Energy Co., Ltd., Class H		131,500		638,129
China Zheshang Bank Co., Ltd.		1,876,000		542,141
Chongqing Rural Commercial Bank Co., Ltd.		1,251,000		575,879
COSCO SHIPPING Holdings Co., Ltd.		471,000		786,566
Yankuang Energy Group Co., Ltd., Class H^(a)		204,000		509,191
Total China				3,051,906

Colombia (4.27%)
Bancolombia SA, ADR		16,044		568,920
Interconexion Electrica SA ESP		111,717		553,478
Total Colombia				1,122,398

Czech Republic (2.28%)
CEZ AS^(a)		14,357		598,451

Hungary (1.87%)
Richter Gedeon Nyrt		19,356		490,461

India (7.44%)
Dr Reddy's Laboratories, Ltd., ADR		6,802		467,161
Infosys, Ltd., Sponsored ADR		45,319		759,093
Wipro, Ltd., ADR^(a)		141,316		727,778
Total India				1,954,032

Indonesia (8.95%)
Adaro Energy Indonesia Tbk PT		3,054,700		520,709
Gudang Garam Tbk PT		407,800		469,284
Indofood Sukses Makmur Tbk PT		1,284,400		464,360
Kalbe Farma Tbk PT		5,663,900		519,336

Security Description	Shares		Value
Indonesia (continued)
Telkom Indonesia Persero Tbk PT		2,113,000	$	377,089
Total Indonesia				2,350,778

Malaysia (10.00%)
Axiata Group Bhd		897,800		534,064
Genting Malaysia Bhd		851,000		479,105
Maxis Bhd		700,300		540,066
Petronas Gas Bhd		136,600		529,916
Sime Darby Bhd		921,400		544,188
Total Malaysia				2,627,339

Mexico (11.05%)
Grupo Aeroportuario del Centro Norte SAB de CV		61,422		627,017
Grupo Aeroportuario del Pacifico SAB de CV, Class B		36,871		693,740
Grupo Financiero Banorte SAB de CV, Class O		51,075		485,779
Grupo Mexico SAB de CV, Series B		104,325		644,895
Orbia Advance Corp. SAB de CV		277,324		452,113
Total Mexico				2,903,544

Philippines (4.06%)
Manila Electric Co.		79,660		499,849
PLDT, Inc.		22,405		566,633
Total Philippines				1,066,482

*Russia (0.00%)^(b)*
Mobile TeleSystems PJSC, Sponsored ADR^(c)(d)		64,600		646
Novolipetsk Steel PJSC, GDR^(c)(d)(e)		17,594		176
Severstal PAO, GDR^(c)(d)(e)		23,283		233
X5 Retail Group NV, GDR^(c)(d)(e)		17,785		178
Total Russia				1,233

South Africa (9.13%)
Exxaro Resources, Ltd.		55,320		534,294
Pepkor Holdings, Ltd.^(e)(f)		506,307		457,657
Sasol, Ltd.		66,721		440,781
Vodacom Group, Ltd.		105,333		518,394
Woolworths Holdings, Ltd.		153,794		445,786
Total South Africa				2,396,912

Thailand (10.69%)
Bangkok Dusit Medical Services PCL		639,000		468,959
Bumrungrad Hospital Pcl		80,600		530,177
Delta Electronics Thailand PCL		439,600		881,231
Home Product Center PCL		1,654,500		418,235
Thai Beverage PCL		1,387,200		508,188
Total Thailand				2,806,790

5 | May 31, 2024

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Turkey (2.25%)
Tofas Turk Otomobil Fabrikasi A.S.		61,694	$	591,127

TOTAL COMMON STOCKS
(Cost $27,415,957)				26,055,313

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (2.53%)
Money Market Fund (0.40%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $104,726)		5.26	%		104,726	$	104,726

Investments Purchased with Collateral from Securities Loaned (2.13%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $559,883)					559,883		559,883
TOTAL SHORT TERM INVESTMENTS

(Cost $664,609)							664,609

TOTAL INVESTMENTS (101.73%)
(Cost $28,080,566)						$	26,719,922
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.73%)							(455,635	)
NET ASSETS - 100.00%						$	26,264,287

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,649,805.

^(b)

Less than 0.005%.

^(c)

Non-income producing security.

^(d)

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.

^(e)

^(f)

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2024

ALPS REIT Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.53%)
Data Center REITs (1.85%)
Equinix, Inc.		288	$	219,738

Diversified REITs (11.75%)
Armada Hoffler Properties, Inc.		24,920		282,593
Broadstone Net Lease, Inc.		17,871		274,320
CTO Realty Growth, Inc.		15,509		275,440
Gladstone Commercial Corp.		19,940		286,937
One Liberty Properties, Inc.		11,854		278,213
Total Diversified REITs				1,397,503

Health Care REITs (12.32%)
Global Medical REIT, Inc.		29,768		276,545
Healthcare Realty Trust, Inc.		19,497		316,436
Medical Properties Trust, Inc.		63,299		339,283
Sabra Health Care REIT, Inc.		19,025		277,384
Universal Health Realty Income Trust		6,810		255,920
Total Health Care REITs				1,465,568

Hotel & Resort REITs (10.73%)
Apple Hospitality REIT, Inc.		15,683		226,462
Braemar Hotels & Resorts, Inc.		129,705		361,877
Host Hotels & Resorts, Inc.		12,670		227,300
Park Hotels & Resorts, Inc.		15,413		244,450
Service Properties Trust		40,147		215,991
Total Hotel & Resort REITs				1,276,080

Industrial REITs (10.69%)
Innovative Industrial Properties, Inc.		2,731		294,347
LXP Industrial Trust		28,945		246,032
Plymouth Industrial REIT, Inc.		12,066		251,697
STAG Industrial, Inc.		7,001		245,455
Terreno Realty Corp.		4,120		233,110
Total Industrial REITs				1,270,641

Multi-Family Residential REITs (10.26%)
Apartment Income REIT Corp.		8,228		318,835
BRT Apartments Corp.		16,411		287,193
Elme Communities		19,540		301,111
NexPoint Residential Trust, Inc.		8,540		313,162
Total Multi-Family Residential REITs				1,220,301

Office REITs (11.37%)
Brandywine Realty Trust		58,881		271,441
Easterly Government Properties, Inc.		22,425		265,512
Highwoods Properties, Inc.		10,670		277,100
Office Properties Income Trust^(a)		117,082		268,118
SL Green Realty Corp.		5,100		270,147
Total Office REITs				1,352,318

Security Description	Shares		Value
Retail REITs (10.76%)
CBL & Associates Properties, Inc.		11,381	$	251,520
Getty Realty Corp.		9,725		268,507
Saul Centers, Inc.		6,858		249,563
Simon Property Group, Inc.		1,749		264,641
The Macerich Co.		16,250		245,700
Total Retail REITs				1,279,931

Self-Storage REITs (2.13%)
National Storage Affiliates Trust		6,936		253,719

Single-Family Residential REITs (2.06%)
UMH Properties, Inc.		16,242		245,579

Specialized REITs (7.38%)
EPR Properties		6,195		254,243
Gaming and Leisure Properties, Inc.		5,717		256,694
Outfront Media, Inc.		16,547		239,104
Uniti Group, Inc.		40,333		127,452
Total Specialized REITs				877,493

Technology REITs (4.18%)
Crown Castle, Inc.		2,339		239,748
Digital Realty Trust, Inc.		1,766		256,670
Total Technology REITs				496,418

Telecom Tower REITs (4.05%)
American Tower Corp.		1,273		249,177
SBA Communications Corp.		1,180		232,082
Total Telecom Tower REITs				481,259

TOTAL COMMON STOCKS
(Cost $13,678,859)				11,836,548

7 | May 31, 2024

ALPS REIT Dividend Dogs ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.90%)
Money Market Fund (0.32%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $38,263)		5.26	%		38,263	$	38,263

Investments Purchased with Collateral from Securities Loaned (0.58%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $68,675)					68,675	$	68,675
TOTAL SHORT TERM INVESTMENTS

(Cost $106,938)							106,938

TOTAL INVESTMENTS (100.43%)
(Cost $13,785,797)						$	11,943,486
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.43%)							(51,641	)
NET ASSETS - 100.00%						$	11,891,845

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $198,394.

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2024

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	ALPS Sector Dividend Dogs ETF			ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
ASSETS:
Investments, at value*	$	1,150,309,748		$	300,836,549		$	26,719,922		$	11,943,486
Foreign currency, at value (Cost $–, $416,198, $– and $–)		–			416,204			–			–
Foreign tax reclaims		–			859,431			6,271			1,276
Dividends receivable		5,109,016			633,082			111,505			19,270
Receivable for investments sold		–			1,861,705			–			–
Receivable for shares sold		–			1,561,181			–			–
Total Assets		1,155,418,764			306,168,152			26,837,698			11,964,032

LIABILITIES:
Payable for investments purchased		–			3,427,661			–			–
Payable to adviser		350,070			122,574			13,528			3,512
Payable for collateral upon return of securities loaned		–			5,213,355			559,883			68,675
Total Liabilities		350,070			8,763,590			573,411			72,187
NET ASSETS	$	1,155,068,694		$	297,404,562		$	26,264,287		$	11,891,845

NET ASSETS CONSIST OF:
Paid-in capital	$	1,300,750,725		$	320,729,048		$	36,862,385		$	23,713,932
Total Distributable earnings/(accumulated losses)		(145,682,031	)		(23,324,486	)		(10,598,098	)		(11,822,087	)
NET ASSETS	$	1,155,068,694		$	297,404,562		$	26,264,287		$	11,891,845

INVESTMENTS, AT COST	$	1,076,612,838		$	281,560,931		$	28,080,566		$	13,785,797

PRICING OF SHARES:
Net Assets	$	1,155,068,694		$	297,404,562		$	26,264,287		$	11,891,845
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		21,334,141			9,525,000			1,225,000			325,000
Net Asset Value, offering and redemption price per share	$	54.14		$	31.22		$	21.44		$	36.59

Includes $-, $8,671,859, $1,649,805, and $198,394 respectively of securities on loan.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

ALPS ETF Trust

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

	ALPS Sector Dividend Dogs ETF			ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
INVESTMENT INCOME:
Dividends*	$	24,960,340		$	7,458,032		$	739,296		$	409,645
Securities Lending Income		75,433			9,750			2,195			1,335
Total Investment Income		25,035,773			7,467,782			741,491			410,980

EXPENSES:
Investment adviser fees		2,047,145			658,974			82,195			20,822
Total Expenses		2,047,145			658,974			82,195			20,822
NET INVESTMENT INCOME		22,988,628			6,808,808			659,296			390,158

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(a)		(44,513,131	)		13,704,592			639,198			(665,034	)
Net realized loss on foreign currency transactions		–			(89,505	)		(4,936	)		–
Total net realized gain/(loss)		(44,513,131	)		13,615,087			634,262			(665,034	)
Net change in unrealized appreciation/(depreciation) on investments		165,136,400			6,529,177			(119,286	)		934,401
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		–			(24,561	)		(1,589	)		(4	)
Total net change in unrealized appreciation/(depreciation)		165,136,400			6,504,616			(120,875	)		934,397
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		120,623,269			20,119,703			513,387			269,363
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	143,611,897		$	26,928,511		$	1,172,683		$	659,521
*Net of foreign tax withholding:	$	–		$	1,022,917		$	132,809		$	–

^(a)

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, 2024

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	22,988,628		$	49,158,065
Net realized gain/(loss)		(44,513,131	)		40,887,629
Net change in unrealized appreciation/(depreciation)		165,136,400			(159,451,318	)
Net increase/(decrease) in net assets resulting from operations		143,611,897			(69,405,624	)

Net Equalization (Debits)		(331,566	)		(2,391,020	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(24,785,137	)		(51,058,930	)
Total distributions		(24,785,137	)		(51,058,930	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		18,114,066			48,739,416
Cost of shares redeemed		(77,250,278	)		(135,465,114	)
Net income equalization (Note 2)		331,566			2,391,020
Net decrease from share transactions		(58,804,646	)		(84,334,678	)
Net increase/(decrease) in net assets		59,690,548			(207,190,252	)

NET ASSETS:
Beginning of period		1,095,378,146			1,302,568,398
End of period	$	1,155,068,694		$	1,095,378,146

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		22,484,141			24,309,141
Shares sold		350,000			950,000
Shares redeemed		(1,500,000	)		(2,775,000	)
Shares outstanding, end of period		21,334,141			22,484,141

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2024

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	6,808,808		$	10,480,699
Net realized gain/(loss)		13,615,087			(3,493,809	)
Net change in unrealized appreciation/(depreciation)		6,504,616			24,007,949
Net increase in net assets resulting from operations		26,928,511			30,994,839

Net Equalization Credits		486,726			1,593,144

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,991,888	)		(10,066,812	)
Total distributions		(3,991,888	)		(10,066,812	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		38,540,293			60,732,845
Cost of shares redeemed		(738,111	)		(14,945,757	)
Net income equalization (Note 2)		(486,726	)		(1,593,144	)
Net increase from share transactions		37,315,456			44,193,944
Net increase in net assets		60,738,805			66,715,115

NET ASSETS:
Beginning of period		236,665,757			169,950,642
End of period	$	297,404,562		$	236,665,757

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		8,250,000			6,575,000
Shares sold		1,300,000			2,225,000
Shares redeemed		(25,000	)		(550,000	)
Shares outstanding, end of period		9,525,000			8,250,000

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2024

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	659,296		$	1,931,973
Net realized gain/(loss)		634,262			(1,181,193	)
Net change in unrealized appreciation/(depreciation)		(120,875	)		561,215
Net increase in net assets resulting from operations		1,172,683			1,311,995

Net Equalization (Debits)		(15,965	)		(7,348	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(384,757	)		(1,969,818	)
Total distributions		(384,757	)		(1,969,818	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			3,780,259
Cost of shares redeemed		(4,767,073	)		(1,060,988	)
Net income equalization (Note 2)		15,965			7,348
Net increase/(decrease) from share transactions		(4,751,108	)		2,726,619
Net increase/(decrease) in net assets		(3,979,147	)		2,061,448

NET ASSETS:
Beginning of period		30,243,434			28,181,986
End of period	$	26,264,287		$	30,243,434

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,450,000			1,325,000
Shares sold		–			175,000
Shares redeemed		(225,000	)		(50,000	)
Shares outstanding, end of period		1,225,000			1,450,000

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2024

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	390,158		$	630,900
Net realized loss		(665,034	)		(3,144,755	)
Net change in unrealized appreciation/(depreciation)		934,397			955,305
Net increase/(decrease) in net assets resulting from operations		659,521			(1,558,550	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(424,028	)		(651,314	)
From tax return of capital		–			(442,862	)
Total distributions		(424,028	)		(1,094,176	)

CAPITAL SHARE TRANSACTIONS:
Cost of shares redeemed		–			(6,444,564	)
Net decrease from share transactions		–			(6,444,564	)
Net increase/(decrease) in net assets		235,493			(9,097,290	)

NET ASSETS:
Beginning of period		11,656,352			20,753,642
End of period	$	11,891,845		$	11,656,352

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		325,000			500,000
Shares sold		–			–
Shares redeemed		–			(175,000	)
Shares outstanding, end of period		325,000			325,000

See Notes to Financial Statements and Financial Highlights.

14 | May 31, 2024

ALPS Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	48.72		$	53.58		$	50.47		$	43.69		$	45.78		$	44.26

INCOME/(LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income ^(a)		1.05			2.06			2.02			1.75			1.70			1.71
Net realized and unrealized gain/(loss)		5.49			(4.79	)		3.11			6.84			(2.14	)		1.34
Total from investment operations		6.54			(2.73	)		5.13			8.59			(0.44	)		3.05

DISTRIBUTIONS:
From net investment income		(1.12	)		(2.13	)		(2.02	)		(1.81	)		(1.65	)		(1.53	)
Total distributions		(1.12	)		(2.13	)		(2.02	)		(1.81	)		(1.65	)		(1.53	)

Net increase/(decrease) in net asset value		5.42			(4.86	)		3.11			6.78			(2.09	)		1.52
NET ASSET VALUE, END OF PERIOD	$	54.14		$	48.72		$	53.58		$	50.47		$	43.69		$	45.78
TOTAL RETURN^(b)		13.54	%		(5.07	)%		10.42	%		19.77	%		(0.27	)%		7.26	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,155,069		$	1,095,378		$	1,302,568		$	1,134,743		$	1,007,514		$	1,746,784

Ratio of expenses to average net assets		0.36	%^(c)		0.37	%^(d)		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		4.04	%^(c)		4.10	%		3.84	%		3.43	%		4.27	%		3.97	%
Portfolio turnover rate^(e)		45	%		51	%		53	%		54	%		77	%		55	%
Undistributed net investment income included in price of units issued and redeemed^(a)(f)	$	(0.02	)	$	(0.10	)	$	0.06		$	(0.02	)	$	0.12		$	0.06

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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

^(e)

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.

^(f)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements and Financial Highlights.

15 | May 31, 2024

ALPS International Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	28.69		$	25.85		$	26.47		$	24.82		$	26.88		$	25.14

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.76			1.41			1.15			1.09			0.75			1.20
Net realized and unrealized gain/(loss)		2.23			2.80			(0.68	)		1.65			(1.66	)		1.69
Total from investment operations		2.99			4.21			0.47			2.74			(0.91	)		2.89

DISTRIBUTIONS:
From net investment income		(0.46	)		(1.37	)		(1.07	)		(1.08	)		(1.11	)		(1.15	)
Tax return of capital		–			–			(0.02	)		(0.01	)		(0.04	)		–
Total distributions		(0.46	)		(1.37	)		(1.09	)		(1.09	)		(1.15	)		(1.15	)

Net increase/(decrease) in net asset value		2.53			2.84			(0.62	)		1.65			(2.06	)		1.74
NET ASSET VALUE, END OF PERIOD	$	31.22		$	28.69		$	25.85		$	26.47		$	24.82		$	26.88
TOTAL RETURN^(b)		10.52	%		16.71	%		1.92	%		10.93	%		(3.08	)%		11.79	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	297,405		$	236,666		$	169,951		$	157,489		$	146,431		$	221,741

Ratio of expenses to average net assets		0.50	%^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		5.17	%^(c)		5.12	%		4.43	%		3.92	%		3.22	%		4.65	%
Portfolio turnover rate^(d)		46	%		62	%		54	%		61	%		79	%		58	%
Undistributed net investment income included in price of units issued and redeemed^(a)(e)	$	0.05		$	0.21		$	0.03		$	(0.25	)	$	0.00	^(f)	$	0.04

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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.

^(e)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

^(f)

Less than $0.005.

See Notes to Financial Statements and Financial Highlights.

16 | May 31, 2024

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.86		$	21.27		$	23.56		$	20.96		$	20.67		$	21.33

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.51			1.39			1.11			1.04			0.56			0.89
Net realized and unrealized gain/(loss)		0.35			(0.39	)		(2.41	)		2.50			0.42			(0.33	)
Total from investment operations		0.86			1.00			(1.30	)		3.54			0.98			0.56

DISTRIBUTIONS:
From net investment income		(0.28	)		(1.41	)		(0.99	)		(0.94	)		(0.69	)		(1.22	)
Total distributions		(0.28	)		(1.41	)		(0.99	)		(0.94	)		(0.69	)		(1.22	)

Net increase/(decrease) in net asset value		0.58			(0.41	)		(2.29	)		2.60			0.29			(0.66	)
NET ASSET VALUE, END OF PERIOD	$	21.44		$	20.86		$	21.27		$	23.56		$	20.96		$	20.67
TOTAL RETURN^(b)		4.14	%		4.88	%		(5.20	)%		16.81	%		5.20	%		2.67	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	26,264		$	30,243		$	28,182		$	24,742		$	20,958		$	28,941

Ratio of expenses to average net assets		0.60	%^(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		4.81	%^(c)		6.54	%		5.17	%		4.32	%		2.92	%		4.16	%
Portfolio turnover rate^(d)		69	%		85	%		90	%		84	%		93	%		83	%
Undistributed net investment income included in price of units issued and redeemed^(a)(e)	$	(0.01	)	$	(0.01	)	$	0.06		$	0.02		$	0.02		$	0.01

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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.

^(e)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements and Financial Highlights.

17 | May 31, 2024

ALPS REIT Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020 ^(a)			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	35.87		$	41.51		$	49.89		$	40.49		$	48.42		$	44.18

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(b)		1.20			1.51			1.49			1.21			1.29			1.19
Net realized and unrealized gain/(loss)		0.82			(4.62	)		(7.86	)		10.25			(7.26	)		4.45
Total from investment operations		2.02			(3.11	)		(6.37	)		11.46			(5.97	)		5.64

DISTRIBUTIONS:
From net investment income		(1.30	)		(1.46	)		(1.51	)		(1.36	)		(1.57	)		(1.40	)
Tax return of capital		–			(1.07	)		(0.50	)		(0.70	)		(0.39	)		–
Total distributions		(1.30	)		(2.53	)		(2.01	)		(2.06	)		(1.96	)		(1.40	)

Net increase/(decrease) in net asset value		0.72			(5.64	)		(8.38	)		9.40			(7.93	)		4.24
NET ASSET VALUE, END OF PERIOD	$	36.59		$	35.87		$	41.51		$	49.89		$	40.49		$	48.42
TOTAL RETURN^(c)		5.60	%		(7.16	)%		(13.06	)%		29.03	%		(11.77	)%		13.00	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	11,892		$	11,656		$	20,754		$	28,689		$	26,320		$	53,265

Ratio of expenses to average net assets		0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.38	%^(e)		0.55	%
Ratio of net investment income to average net assets		6.56	%^(d)		4.09	%		3.23	%		2.60	%		3.26	%		2.56	%
Portfolio turnover rate^(f)		53	%		89	%		85	%		78	%		148	%		10	%

^(a)

Prior to January 2, 2020, the ALPS REIT Dividend Dogs ETF was known as the Cohen & Steers Global Realty Majors ETF.

^(b)

Based on average shares outstanding during the period.

^(c)

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.

^(d)

Annualized.

^(e)

Effective January 2, 2020 the Fund's Advisory Fee changed from 0.55% to 0.35%.

^(f)

Portfolio turnover for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

See Notes to Financial Statements and Financial Highlights.

18 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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

19 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

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

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

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, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2024:

ALPS Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	1,148,244,577	$	–	$	–	$	1,148,244,577
Short Term Investments		2,065,171		–		–		2,065,171
Total	$	1,150,309,748	$	–	$	–	$	1,150,309,748

ALPS International Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	294,950,399	$	–	$	–	$	294,950,399
Short Term Investments		5,886,150		–		–		5,886,150
Total	$	300,836,549	$	–	$	–	$	300,836,549

ALPS Emerging Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*
Russia	$	–	$	–	$	1,233	$	1,233
Other*		26,054,080		–		–		26,054,080
Short Term Investments		664,609		–		–		664,609
Total	$	26,718,689	$	–	$	1,233	$	26,719,922

ALPS REIT Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	11,836,548	$	–	$	–	$	11,836,548
Short Term Investments		106,938		–		–		106,938
Total	$	11,943,486	$	–	$	–	$	11,943,486

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, 2024. 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, 2024.

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 than for U.S. issuers. In addition, adverse political, economic or social 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.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

21 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

D. Foreign Currency Translation

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, 2024, 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, 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.

22 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024.

The tax character of distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund	Ordinary Income		Return of Capital
May 31, 2024
ALPS Sector Dividend Dogs ETF	$	51,058,930	$	–
ALPS International Sector Dividend Dogs ETF		10,066,812		–
ALPS Emerging Sector Dividend Dogs ETF		1,969,818		–
ALPS REIT Dividend Dogs ETF		651,314		442,862

The character of distributions made during the year may differ from its ultimate characterization for federal income tax purposes.

Fund	Short-Term		Long-Term
ALPS Sector Dividend Dogs ETF	$	–	$	168,036,590
ALPS International Sector Dividend Dogs ETF		6,656,571		51,316,726
ALPS Emerging Sector Dividend Dogs ETF		1,215,909		8,786,761
ALPS REIT Dividend Dogs ETF		7,002,786		2,117,277

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ALPS Sector Dividend Dogs ETF	$	127,941,859	$	(59,934,301	)	$	68,007,558		$	1,082,302,190
ALPS International Sector Dividend Dogs ETF		29,202,590		(11,383,338	)		17,819,252			283,017,297
ALPS Emerging Sector Dividend Dogs ETF		2,560,065		(4,019,326	)		(1,459,261	)		28,179,183
ALPS REIT Dividend Dogs ETF		552,293		(2,637,956	)		(2,085,663	)		14,029,149

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, 2024.

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.

23 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of and during the six months ended May 31, 2024, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

L. Lending of Portfolio Securities

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

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, 2024:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS International Sector Dividend Dogs ETF	$	8,671,859	$	5,213,355	$	3,891,779	$	9,105,134
ALPS Emerging Sector Dividend Dogs ETF		1,649,805		559,883		1,147,290		1,707,173
ALPS REIT Dividend Dogs ETF		198,394		68,675		135,991		204,666

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.

24 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

ALPS International Sector Dividend Dogs ETF				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	$	5,213,355	$	–	$	–	$	–	$	5,213,355
Total Borrowings										5,213,355
Gross amount of recognized liabilities for securities lending (collateral received)									$	5,213,355

ALPS Emerging Sector Dividend Dogs ETF				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	$	559,883	$	–	$	–	$	–	$	559,883
Total Borrowings										559,883
Gross amount of recognized liabilities for securities lending (collateral received)									$	559,883

ALPS REIT Dividend Dogs ETF				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	$	68,675	$	–	$	–	$	–	$	68,675
Total Borrowings										68,675
Gross amount of recognized liabilities for securities lending (collateral received)									$	68,675

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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%

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Funds.

25 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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	$	506,650,650	$	509,521,409
ALPS International Sector Dividend Dogs ETF		125,657,940		121,632,996
ALPS Emerging Sector Dividend Dogs ETF		18,587,325		19,815,043
ALPS REIT Dividend Dogs ETF		4,602,569		4,648,286

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	18,108,775	$	78,446,424
ALPS International Sector Dividend Dogs ETF		34,703,348		739,172
ALPS Emerging Sector Dividend Dogs ETF		–		3,284,333

For the six months ended May 31, 2024, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/ (Loss)
ALPS Sector Dividend Dogs ETF	$	8,953,594
ALPS International Sector Dividend Dogs ETF		107,590
ALPS Emerging Sector Dividend Dogs ETF		380,375

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 Funds did not engage in cross trades between other funds in the Trust during the six months ended May 31, 2024 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7.

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.

26 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

8. SUBSEQUENT EVENTS

27 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (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, 2023:

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Sector Dividend Dogs ETF	100.00%	90.11%	0.00%
ALPS International Sector Dividend Dogs ETF	85.49%	0.00%	0.00%
ALPS Emerging Sector Dividend Dogs ETF	48.41%	0.00%	0.00%
ALPS REIT Dividend Dogs ETF	0.93%	0.00%	91.80%

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.^SM (“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^SM, (ii) in the case of IDOG, S-Network International Sector Dividend Dogs^SM, (iii) in the case of EDOG, S-Network Emerging Sector Dividend Dogs Index^SM, and (iv) in the case of RDOG, S-Network REIT Dividend Dogs Index^SM (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.

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.

28 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (Unaudited)

Standard & Poor’s^® and S&P^® 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.

29 | May 31, 2024

ALPS ETF Trust

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

30 | May 31, 2024

ALPS ETF Trust

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

31 | May 31, 2024

ALPS ETF Trust

Item 10 – Remuneration Paid to Directors, Officers, and Others
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

32 | May 31, 2024

ALPS ETF Trust

Item 11 – Statement Regarding Basis
for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

33 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statements of Assets and Liabilities	12
Statements of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	18
Notes to Financial Statements and Financial Highlights	22
Additional Information	30
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	32
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	33
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	34
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	35

alpsfunds.com

ALPS ETF Trust

ITEM 7 – Financial Statements and Financial Highlights for

Open-End Management Investment Companies

1 | May 31, 2024

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.88%)
Aerospace & Defense (1.77%)
General Dynamics Corp.		12,649	$	3,791,791
Lockheed Martin Corp.		12,878		6,057,039
Northrop Grumman Corp.		7,472		3,368,153
Total Aerospace & Defense				13,216,983

Air Freight & Logistics (0.81%)
Expeditors International of Washington, Inc.		6,704		810,514
United Parcel Service, Inc., Class B		37,563		5,218,627
Total Air Freight & Logistics				6,029,141

Banks (4.52%)
JPMorgan Chase & Co.		166,208		33,678,727

Beverages (2.24%)
Brown-Forman Corp., Class B		10,589		485,612
Coca-Cola Co.		137,007		8,621,850
PepsiCo, Inc.		43,995		7,606,736
Total Beverages				16,714,198

Biotechnology (2.81%)
AbbVie, Inc.		70,414		11,353,553
Amgen, Inc.		21,182		6,478,515
Gilead Sciences, Inc.		48,317		3,105,334
Total Biotechnology				20,937,402

Building Products (0.74%)
Johnson Controls International PLC		28,885		2,077,120
Trane Technologies PLC		10,579		3,464,200
Total Building Products				5,541,320

Capital Markets (3.01%)
BlackRock, Inc.		8,151		6,292,817
Cboe Global Markets, Inc.		5,850		1,011,992
Moody's Corp.		10,383		4,121,947
MSCI, Inc.		4,166		2,062,920
S&P Global, Inc.		17,385		7,432,261
T Rowe Price Group, Inc.		12,752		1,502,568
Total Capital Markets				22,424,505

Commercial Services & Supplies (0.92%)
Cintas Corp.		3,980		2,698,321
Waste Management, Inc.		19,734		4,158,545
Total Commercial Services & Supplies				6,856,866

Communications Equipment (1.78%)
Cisco Systems, Inc.		220,854		10,269,711
Motorola Solutions, Inc.		8,129		2,966,353
Total Communications Equipment				13,236,064

Consumer Staples Distribution & Retail (3.02%)
Costco Wholesale Corp.		13,810		11,184,580

Security Description	Shares		Value
Consumer Staples Distribution & Retail (continued)
Dollar General Corp.		5,770	$	789,971
Target Corp.		12,770		1,994,163
Walmart, Inc.		130,179		8,560,571
Total Consumer Staples Distribution & Retail				22,529,285

Diversified Telecommunication Services (4.32%)
Verizon Communications, Inc.		783,227		32,229,791

Electric Utilities (2.05%)
NextEra Energy, Inc.		191,517		15,325,191

Electrical Equipment (0.79%)
Eaton Corp. PLC		17,631		5,868,478

Electronic Equipment, Instruments & Components (0.82%)
Amphenol Corp., Class A		29,324		3,881,618
TE Connectivity, Ltd.		15,113		2,262,416
Total Electronic Equipment, Instruments & Components				6,144,034

Financial Services (7.12%)
Mastercard, Inc., Class A		53,664		23,991,564
Visa, Inc., Class A		106,803		29,099,545
Total Financial Services				53,091,109

Food Products (0.78%)
Archer-Daniels-Midland Co.		15,672		978,560
General Mills, Inc.		16,926		1,163,663
Hershey Co.		4,475		885,289
Mondelez International, Inc., Class A		40,238		2,757,510
Total Food Products				5,785,022

Ground Transportation (1.68%)
CSX Corp.		94,093		3,175,639
Norfolk Southern Corp.		10,179		2,288,239
Union Pacific Corp.		30,364		7,069,346
Total Ground Transportation				12,533,224

Health Care Equipment & Supplies (2.01%)
Abbott Laboratories		67,446		6,892,307
Medtronic PLC		49,612		4,036,928
Stryker Corp.		11,947		4,075,002
Total Health Care Equipment & Supplies				15,004,237

Health Care Providers & Services (3.50%)
Cigna Group		9,730		3,353,153
Elevance Health, Inc.		8,072		4,346,611
UnitedHealth Group, Inc.		37,081		18,368,814
Total Health Care Providers & Services				26,068,578

2 | May 31, 2024

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Hotels, Restaurants & Leisure (2.80%)
McDonald's Corp.		49,177	$	12,731,433
Starbucks Corp.		71,825		5,761,802
Yum! Brands, Inc.		17,326		2,381,112
Total Hotels, Restaurants & Leisure				20,874,347

Household Durables (0.20%)
Garmin, Ltd.		9,292		1,522,494

Household Products (2.16%)
Colgate-Palmolive Co.		24,226		2,252,049
Kimberly-Clark Corp.		9,665		1,288,345
Procter & Gamble Co.		76,142		12,528,404
Total Household Products				16,068,798

Industrial Conglomerates (0.91%)
Honeywell International, Inc.		33,389		6,750,922

Insurance (2.11%)
Aon PLC, Class A		11,345		3,195,206
Chubb, Ltd.		22,729		6,155,468
Marsh & McLennan Cos., Inc.		30,773		6,387,859
Total Insurance				15,738,533

IT Services (1.64%)
Accenture PLC, Class A		35,817		10,110,781
Amdocs, Ltd.		5,495		434,105
Cognizant Technology Solutions Corp., Class A		25,101		1,660,431
Total IT Services				12,205,317

Life Sciences Tools & Services (0.99%)
Agilent Technologies, Inc.		9,656		1,259,239
Danaher Corp.		23,874		6,130,843
Total Life Sciences Tools & Services				7,390,082

Machinery (3.30%)
Caterpillar, Inc.		24,196		8,190,829
Cummins, Inc.		6,316		1,779,407
Deere & Co.		12,100		4,534,596
Graco, Inc.		7,410		598,358
IDEX Corp.		3,275		683,296
Illinois Tool Works, Inc.		15,105		3,666,739
Otis Worldwide Corp.		19,543		1,938,666
PACCAR, Inc.		23,795		2,557,963
Snap-on, Inc.		2,370		646,678
Total Machinery				24,596,532

Media (3.79%)
Comcast Corp., Class A		704,870		28,215,946

Multi-Utilities (0.46%)
Public Service Enterprise Group, Inc.		45,020		3,410,715

Pharmaceuticals (8.90%)
Bristol-Myers Squibb Co.		82,496		3,389,761

Security Description	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Co.		33,321	$	27,334,549
Johnson & Johnson		96,027		14,084,280
Merck & Co., Inc.		96,308		12,090,506
Pfizer, Inc.		229,588		6,579,992
Zoetis, Inc.		17,012		2,884,555
Total Pharmaceuticals				66,363,643

Professional Services (0.93%)
Automatic Data Processing, Inc.		20,585		5,041,678
Paychex, Inc.		15,723		1,889,276
Total Professional Services				6,930,954

Semiconductors & Semiconductor Equipment (7.34%)
Analog Devices, Inc.		24,414		5,724,839
Broadcom, Inc.		21,495		28,557,183
QUALCOMM, Inc.		53,161		10,847,502
Texas Instruments, Inc.		49,467		9,646,560
Total Semiconductors & Semiconductor Equipment				54,776,084

Software (6.88%)
Microsoft Corp.		100,925		41,896,996
Oracle Corp.		79,947		9,368,989
Total Software				51,265,985

Specialty Retail (5.45%)
Home Depot, Inc.		68,899		23,072,208
Lowe's Cos., Inc.		37,278		8,249,249
TJX Cos., Inc.		72,612		7,486,297
Tractor Supply Co.		6,339		1,808,453
Total Specialty Retail				40,616,207

Technology Hardware, Storage & Peripherals (4.84%)
Apple, Inc.		187,505		36,047,836

Textiles, Apparel & Luxury Goods (0.91%)
NIKE, Inc., Class B		71,211		6,768,606

Tobacco (0.99%)
Altria Group, Inc.		54,717		2,530,661
Philip Morris International, Inc.		47,731		4,838,969
Total Tobacco				7,369,630

Trading Companies & Distributors (0.59%)
Fastenal Co.		27,839		1,836,817
Watsco, Inc.		1,460		693,354
WW Grainger, Inc.		2,035		1,875,171
Total Trading Companies & Distributors				4,405,342

TOTAL COMMON STOCKS
(Cost $601,243,236)				744,532,128

3 | May 31, 2024

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments

May 31, 2024 (Unaudited)

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.04%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)	5.26	%		288,510	$	288,510

TOTAL SHORT TERM INVESTMENTS

(Cost $288,510)						288,510

TOTAL INVESTMENTS (99.92%)
(Cost $601,531,746)					$	744,820,638
OTHER ASSETS IN EXCESS OF LIABILITIES (0.08%)						600,508
NET ASSETS - 100.00%					$	745,421,146

See Notes to the Financial Statements and Financial Highlights.

4 | May 31, 2024

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

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.81%)
Automobile Components (3.11%)
BorgWarner, Inc.		267,083	$	9,524,180
Gentex Corp.		274,826		9,618,910
Total Automobile Components				19,143,090

Building Products (6.98%)
A O Smith Corp.		126,526		10,582,635
AAON, Inc.		64,428		4,835,321
Owens Corning		74,157		13,427,608
Simpson Manufacturing Co., Inc.		42,062		6,978,927
UFP Industries, Inc.		59,384		7,095,200
Total Building Products				42,919,691

Capital Markets (11.01%)
Artisan Partners Asset Management, Inc., Class A		87,211		3,839,900
Cohen & Steers, Inc.		33,369		2,345,507
Diamond Hill Investment Group, Inc.		3,586		538,043
Evercore, Inc., Class A		46,180		9,371,769
Federated Hermes, Inc.		108,090		3,585,345
Hamilton Lane, Inc., Class A		43,553		5,465,466
Houlihan Lokey, Inc.		70,590		9,554,357
MarketAxess Holdings, Inc.		46,712		9,292,418
SEI Investments Co.		149,445		10,118,921
Tradeweb Markets, Inc.		124,098		13,527,924
Total Capital Markets				67,639,650

Commercial Services & Supplies (0.58%)
Brady Corp., Class A		44,759		3,055,697
Ennis, Inc.		24,238		509,725
Total Commercial Services & Supplies				3,565,422

Communications Equipment (2.15%)
Juniper Networks, Inc.		370,472		13,214,736

Consumer Finance (0.95%)
FirstCash Holdings, Inc.		49,740		5,865,341

Consumer Staples Distribution & Retail (1.74%)
Casey's General Stores, Inc.		29,894		9,918,231
Weis Markets, Inc.		12,342		809,018
Total Consumer Staples Distribution & Retail				10,727,249

Diversified Consumer Services (1.37%)
H&R Block, Inc.		169,633		8,420,582

Diversified Telecommunication Services (0.61%)
Cogent Communications Holdings, Inc.		63,226		3,744,244

Security Description	Shares		Value
Electric Utilities (1.39%)
ALLETE, Inc.		13,507	$	852,967
IDACORP, Inc.		12,174		1,162,252
MGE Energy, Inc.		8,494		680,624
OGE Energy Corp.		48,302		1,753,363
Otter Tail Corp.		9,742		881,359
Pinnacle West Capital Corp.		27,302		2,153,036
Portland General Electric Co.		24,065		1,072,336
Total Electric Utilities				8,555,937

Electronic Equipment, Instruments & Components (5.11%)
Avnet, Inc.		148,046		8,083,312
Badger Meter, Inc.		44,728		8,630,715
Littelfuse, Inc.		39,129		10,040,502
Vishay Intertechnology, Inc.		199,061		4,703,811
Total Electronic Equipment, Instruments & Components				31,458,340

Financial Services (4.69%)
Essent Group, Ltd.		137,361		7,788,369
MGIC Investment Corp.		375,588		7,887,349
Radian Group, Inc.		211,035		6,592,733
Western Union Co.		515,693		6,600,870
Total Financial Services				28,869,321

Food Products (2.71%)
Cal-Maine Foods, Inc.		33,339		2,056,016
Flowers Foods, Inc.		158,915		3,690,006
Ingredion, Inc.		52,073		6,122,743
J & J Snack Foods Corp.		11,650		1,895,572
Lancaster Colony Corp.		15,441		2,864,306
Total Food Products				16,628,643

Gas Utilities (0.74%)
Chesapeake Utilities Corp.		4,002		448,264
National Fuel Gas Co.		21,423		1,224,538
New Jersey Resources Corp.		23,266		1,011,140
Northwest Natural Holding Co.		8,202		306,919
ONE Gas, Inc.		12,946		797,862
Spire, Inc.		12,188		747,003
Total Gas Utilities				4,535,726

Ground Transportation (1.28%)
Landstar System, Inc.		36,507		6,645,369
Schneider National, Inc., Class B		54,715		1,229,993
Total Ground Transportation				7,875,362

Health Care Equipment & Supplies (1.75%)
Teleflex, Inc.		51,366		10,739,090

Health Care Providers & Services (6.42%)
Chemed Corp.		21,178		11,740,448
Encompass Health Corp.		151,926		13,124,887
Patterson Cos., Inc.		282,303		6,941,831

5 | May 31, 2024

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

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Health Care Providers & Services (continued)
Premier, Inc., Class A		405,922	$	7,680,044
Total Health Care Providers & Services				39,487,210

Hotels, Restaurants & Leisure (3.85%)
Choice Hotels International, Inc.		34,019		3,850,611
Texas Roadhouse, Inc.		77,010		13,297,316
Wyndham Hotels & Resorts, Inc.		92,000		6,509,920
Total Hotels, Restaurants & Leisure				23,657,847

Household Durables (0.28%)
La-Z-Boy, Inc.		46,514		1,745,205

Household Products (0.58%)
Reynolds Consumer Products, Inc.		42,213		1,200,538
WD-40 Co.		10,522		2,364,188
Total Household Products				3,564,726

Independent Power and Renewable Electricity Producers (1.38%)
Vistra Corp.		85,617		8,482,932

Insurance (5.33%)
AMERISAFE, Inc.		24,622		1,079,182
Employers Holdings, Inc.		33,175		1,399,322
Old Republic International Corp.		363,250		11,544,084
Primerica, Inc.		47,627		10,758,463
RLI Corp.		54,918		8,016,930
Total Insurance				32,797,981

Leisure Products (2.32%)
Acushnet Holdings Corp.		32,827		2,163,299
Brunswick Corp.		74,916		6,182,818
Polaris, Inc.		60,443		5,053,035
Sturm Ruger & Co., Inc.		19,164		851,648
Total Leisure Products				14,250,800

Machinery (8.51%)
Donaldson Co., Inc.		124,437		9,168,518
ITT, Inc.		83,649		11,115,279
Lincoln Electric Holdings, Inc.		58,135		11,415,389
Mueller Industries, Inc.		112,126		6,605,343
Toro Co.		107,262		8,601,340
Watts Water Technologies, Inc., Class A		27,267		5,429,678
Total Machinery				52,335,547

Media (2.56%)
New York Times Co., Class A		225,133		11,526,809
TEGNA, Inc.		283,311		4,224,167
Total Media				15,750,976

Security Description	Shares		Value
Multi-Utilities (0.84%)
Avista Corp.		17,560	$	649,369
Black Hills Corp.		15,713		886,999
NiSource, Inc.		100,166		2,910,824
Northwestern Energy Group, Inc.		14,022		728,583
Total Multi-Utilities				5,175,775

Pharmaceuticals (1.89%)
Organon & Co.		545,346		11,632,230

Professional Services (2.10%)
Exponent, Inc.		50,907		4,842,274
Kforce, Inc.		18,208		1,125,436
Robert Half, Inc.		107,731		6,919,562
Total Professional Services				12,887,272

Semiconductors & Semiconductor Equipment (1.08%)
Power Integrations, Inc.		87,116		6,621,687

Software (1.99%)
Dolby Laboratories, Inc., Class A		95,835		7,763,593
InterDigital, Inc.^(a)		39,331		4,478,621
Total Software				12,242,214

Specialty Retail (7.37%)
Dick's Sporting Goods, Inc.		64,855		14,763,592
Murphy USA, Inc.		21,746		9,541,058
Williams-Sonoma, Inc.		71,715		21,028,272
Total Specialty Retail				45,332,922

Textiles, Apparel & Luxury Goods (4.66%)
Carter's, Inc.		41,478		2,837,095
Columbia Sportswear Co.		39,500		3,381,990
Ralph Lauren Corp.		43,732		8,172,636
Steven Madden, Ltd.		79,297		3,524,752
Tapestry, Inc.		246,581		10,723,808
Total Textiles, Apparel & Luxury Goods				28,640,281

Tobacco (0.14%)
Universal Corp.		18,168		871,337

Trading Companies & Distributors (1.84%)
Applied Industrial Technologies, Inc.		37,732		7,282,276
MSC Industrial Direct Co., Inc., Class A		47,260		4,059,634
Total Trading Companies & Distributors				11,341,910

Water Utilities (0.50%)
American States Water Co.		8,684		639,056

6 | May 31, 2024

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

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Water Utilities (continued)
Essential Utilities, Inc.		63,796	$	2,407,023
Total Water Utilities				3,046,079

TOTAL COMMON STOCKS
(Cost $532,756,123)				613,767,355

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.21%)
Money Market Fund (0.10%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $605,280)	5.26	%	605,280	$	605,280

Investments Purchased with Collateral from Securities Loaned (0.11%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $672,684)			672,684		672,684
TOTAL SHORT TERM INVESTMENTS

(Cost $1,277,964)					1,277,964

TOTAL INVESTMENTS (100.02%)
(Cost $534,034,087)				$	615,045,319
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.02%)					(142,872	)
NET ASSETS - 100.00%				$	614,902,447

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $660,332.

See Notes to the Financial Statements and Financial Highlights.

7 | May 31, 2024

ALPS | O’Shares Global Internet Giants ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.77%)
Broadline Retail (13.72%)
Alibaba Group Holding, Ltd., Sponsored ADR		10,479	$	820,925
Allegro.eu SA^(a)(b)(c)		191,814		1,839,286
Amazon.com, Inc.^(a)		43,870		7,740,422
JD.com, Inc., ADR		17,262		511,300
MercadoLibre, Inc.^(a)		1,407		2,427,891
PDD Holdings, Inc., ADR^(a)		28,191		4,222,448
Total Broadline Retail				17,562,272

Diversified Consumer Services (1.26%)
Duolingo, Inc.^(a)		8,399		1,607,569

Entertainment (6.34%)
NetEase, Inc., ADR		9,015		802,605
Netflix, Inc.^(a)		3,513		2,254,012
ROBLOX Corp., Class A^(a)		45,168		1,518,548
Spotify Technology SA^(a)		4,866		1,444,131
Take-Two Interactive Software, Inc.^(a)		13,011		2,086,444
Total Entertainment				8,105,740

Ground Transportation (3.28%)
Full Truck Alliance Co., Ltd., ADR		278,381		2,460,888
Uber Technologies, Inc.^(a)		26,996		1,742,862
Total Ground Transportation				4,203,750

Health Care Technology (0.72%)
Veeva Systems, Inc., Class A^(a)		5,303		924,048

Hotels, Restaurants & Leisure (6.24%)
Airbnb, Inc., Class A^(a)		7,018		1,017,119
Amadeus IT Group SA^(d)		11,118		788,232
Booking Holdings, Inc.		225		849,679
DoorDash, Inc., Class A^(a)		10,450		1,150,650
Meituan, Class B^(a)(b)(c)		186,717		2,509,328
Trip.com Group, Ltd., ADR		32,441		1,671,036
Total Hotels, Restaurants & Leisure				7,986,044

Interactive Media & Services (19.10%)
Alphabet, Inc., Class A		49,902		8,608,096
Baidu, Inc., Sponsored ADR^(a)		5,198		505,246
CAR Group, Ltd.^(d)		69,802		1,620,386
Kuaishou Technology^(a)(b)(c)		208,500		1,478,355
LY Corp.		224,800		533,036
Meta Platforms, Inc., Class A		15,523		7,246,602
Pinterest, Inc., Class A^(a)		36,578		1,517,621
Snap, Inc., Class A^(a)		84,519		1,269,475
Tencent Holdings, Ltd.		36,117		1,661,666
Total Interactive Media & Services				24,440,483

IT Services (5.10%)
Cloudflare, Inc., Class A^(a)		19,295		1,306,079
MongoDB, Inc.^(a)		4,608		1,087,764
Okta, Inc.^(a)		8,478		751,829

Security Description	Shares		Value
IT Services (continued)
Shopify, Inc., Class A^(a)		28,578	$	1,690,388
Snowflake, Inc., Class A^(a)		12,409		1,689,858
Total IT Services				6,525,918

Media (1.58%)
Trade Desk, Inc., Class A^(a)		21,742		2,017,223

Professional Services (0.74%)
Paychex, Inc.		3,917		470,667
Wolters Kluwer NV		2,992		474,145
Total Professional Services				944,812

Real Estate Management & Development (1.35%)
CoStar Group, Inc.^(a)		13,798		1,078,589
Zillow Group, Inc.^(a)		15,790		646,601
Total Real Estate Management & Development				1,725,190

Software (40.34%)
Adobe, Inc.^(a)		3,503		1,557,994
AppLovin Corp., Class A^(a)		20,524		1,672,296
Atlassian Corp., Class A^(a)		8,824		1,384,133
Confluent, Inc., Class A^(a)		49,445		1,284,087
Crowdstrike Holdings, Inc., Class A^(a)		7,393		2,318,961
CyberArk Software, Ltd.^(a)		6,025		1,381,231
Datadog, Inc., Class A^(a)		14,534		1,601,356
Dynatrace, Inc.^(a)		28,497		1,303,168
Elastic NV^(a)		13,372		1,391,357
Fortinet, Inc.^(a)		11,890		705,315
Gitlab, Inc., Class A^(a)		30,182		1,424,289
HubSpot, Inc.^(a)		2,358		1,440,856
Intuit, Inc.		2,245		1,294,108
Microsoft Corp.		19,437		8,068,881
Monday.com, Ltd.^(a)		7,627		1,723,016
Nice, Ltd., ADR^(d)		3,563		654,060
Nutanix, Inc.^(a)		22,020		1,218,036
Open Text Corp.		30,888		903,785
Oracle Corp.		12,408		1,454,094
Palantir Technologies, Inc., Class A^(a)		68,692		1,489,243
Palo Alto Networks, Inc.^(a)		5,164		1,522,915
PTC, Inc.^(a)		3,949		695,972
Salesforce, Inc.		5,917		1,387,181
Samsara, Inc., Class A^(a)		54,042		1,833,645
SAP SE		6,479		1,166,701
SentinelOne, Inc., Class A^(a)		64,919		1,092,587
ServiceNow, Inc.^(a)		3,491		2,293,342
UiPath, Inc., Class A^(a)		64,938		796,140
WiseTech Global, Ltd.^(d)		29,232		1,880,182
Workday, Inc., Class A^(a)		5,883		1,243,960
Xero, Ltd.^(a)		19,230		1,727,280

8 | May 31, 2024

ALPS | O’Shares Global Internet Giants ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Software (continued)
Zscaler, Inc.^(a)		9,997	$	1,699,090
Total Software				51,609,261

TOTAL COMMON STOCKS
(Cost $114,025,674)				127,652,310

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.06%)
Money Market Fund (0.23%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $298,557)	5.26	%	298,557	$	298,557

Investments Purchased with Collateral from Securities Loaned (0.82%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $1,054,413)			1,054,413		1,054,413
TOTAL SHORT TERM INVESTMENTS

(Cost $1,352,970)					1,352,970

TOTAL INVESTMENTS (100.82%)
(Cost $115,378,644)				$	129,005,280
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.82%)					(1,054,471	)
NET ASSETS - 100.00%				$	127,950,809

^(a)

Non-income producing security.

^(b)

^(c)

^(d)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,443,195.

See Notes to the Financial Statements and Financial Highlights.

9 | May 31, 2024

ALPS | O’Shares Europe Quality Dividend ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.92%)
Aerospace & Defense (1.70%)
BAE Systems PLC		38,624	$	685,091

Air Freight & Logistics (1.30%)
DHL Group		12,518		525,103

Automobile Components (0.87%)
Cie Generale des Etablissements Michelin SCA		8,695		350,491

Automobiles (3.44%)
Bayerische Motoren Werke AG		3,610		364,988
Stellantis NV^(a)		46,517		1,019,556
Total Automobiles				1,384,544

Banks (2.50%)
HSBC Holdings PLC		114,800		1,007,752

Beverages (2.34%)
Carlsberg AS		690		93,247
Diageo PLC		18,320		614,067
Pernod Ricard SA		1,565		232,554
Total Beverages				939,868

Building Products (0.60%)
Geberit AG		398		242,765

Capital Markets (1.98%)
3i Group PLC		12,507		456,275
Partners Group Holding AG		257		343,483
Total Capital Markets				799,758

Construction & Engineering (1.90%)
Vinci SA		6,151		763,853

Consumer Staples Distribution & Retail (0.58%)
Koninklijke Ahold Delhaize NV		7,580		234,731

Diversified Telecommunication Services (3.01%)
Deutsche Telekom AG		43,038		1,040,903
Swisscom AG		309		170,603
Total Diversified Telecommunication Services				1,211,506

Electric Utilities (2.65%)
Iberdrola SA^(a)		81,502		1,070,044

Electrical Equipment (7.40%)
ABB, Ltd.		20,247		1,108,441
Legrand SA		3,323		357,316
Schneider Electric SE		6,122		1,510,871
Total Electrical Equipment				2,976,628

Security Description	Shares		Value
Financial Services (2.41%)
Industrivarden AB, Class C		3,701	$	129,451
Investor AB		31,184		842,719
Total Financial Services				972,170

Food Products (3.91%)
Nestle SA		14,843		1,571,892

Household Products (0.82%)
Reckitt Benckiser Group PLC		5,812		329,711

Industrial Conglomerates (3.47%)
Siemens AG		7,304		1,396,891

Insurance (5.42%)
Allianz SE		4,420		1,286,741
Zurich Insurance Group AG		1,706		895,586
Total Insurance				2,182,327

Machinery (5.05%)
Atlas Copco AB		50,004		954,091
Kone Oyj, Class B		10,025		508,962
Volvo AB		21,206		568,236
Total Machinery				2,031,289

Marine Transportation (0.44%)
Kuehne + Nagel International AG		627		177,535

Multi-Utilities (1.76%)
National Grid PLC		62,892		707,152

Personal Care Products (5.22%)
L'Oreal SA		1,942		952,647
Unilever PLC		21,017		1,145,948
Total Personal Care Products				2,098,595

Pharmaceuticals (16.32%)
GSK PLC		36,746		827,134
Novartis AG		14,219		1,468,150
Novo Nordisk A/S, Class B		14,840		2,001,822
Roche Holding AG		4,952		1,267,703
Sanofi SA		10,347		1,007,733
Total Pharmaceuticals				6,572,542

Professional Services (5.53%)
Experian PLC		14,344		659,278
RELX PLC		24,799		1,079,454
Wolters Kluwer NV		3,073		486,981
Total Professional Services				2,225,713

Semiconductors & Semiconductor Equipment (4.52%)
ASML Holding NV		1,925		1,818,853

10 | May 31, 2024

ALPS | O’Shares Europe Quality Dividend ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Software (3.91%)
SAP SE		8,754	$	1,576,370

Specialty Retail (1.71%)
Industria de Diseno Textil SA^(a)		14,545		687,464

Textiles, Apparel & Luxury Goods (6.30%)
Hermes International SCA		327		772,067
Kering SA		875		301,154
LVMH Moet Hennessy Louis Vuitton SE		1,841		1,468,013
Total Textiles, Apparel & Luxury Goods				2,541,234

Tobacco (1.22%)
British American Tobacco PLC		15,963		491,229

Wireless Telecommunication Services (0.64%)
Vodafone Group PLC		268,611		258,829

TOTAL COMMON STOCKS
(Cost $34,550,516)				39,831,930

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.96%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $30,311)	5.26	%	30,311	$	30,311

Investments Purchased with Collateral from Securities Loaned (1.89%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $759,214)			759,214		759,214
TOTAL SHORT TERM INVESTMENTS

(Cost $789,525)					789,525

TOTAL INVESTMENTS (100.88%)
(Cost $35,340,041)				$	40,621,455
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.88%)					(356,358	)
NET ASSETS - 100.00%				$	40,265,097

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $710,581.

See Notes to the Financial Statements and Financial Highlights.

11 | May 31, 2024

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	ALPS \| O'Shares U.S. Quality Dividend ETF		ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		ALPS \| O'Shares Global Internet Giants ETF			ALPS \| O'Shares Europe Quality Dividend ETF
ASSETS:
Investments, at value^(a)	$	744,820,638	$	615,045,319	$	129,005,280		$	40,621,455
Foreign Currency, at value (Cost $–, $–, $16,487 and $399)		–		–		16,487			399
Dividends and foreign tax reclaims receivable		901,709		771,480		40,252			418,585
Receivable for investments sold		–		–		–			113
Receivable for shares sold		–		3,131,080		–			–
Total Assets		745,722,347		618,947,879		129,062,019			41,040,552

LIABILITIES:
Payable to adviser		301,201		243,468		56,788			16,241
Payable for investments purchased		–		3,129,280		9			–
Payable for collateral upon return of securities loaned		–		672,684		1,054,413			759,214
Total Liabilities		301,201		4,045,432		1,111,210			775,455
NET ASSETS	$	745,421,146	$	614,902,447	$	127,950,809		$	40,265,097

NET ASSETS CONSIST OF:
Paid-in capital	$	654,977,736	$	543,565,900	$	308,341,658		$	44,790,503
Total distributable earnings/(accumulated losses)		90,443,410		71,336,547		(180,390,849	)		(4,525,406	)
NET ASSETS	$	745,421,146	$	614,902,447	$	127,950,809		$	40,265,097

INVESTMENTS, AT COST	$	601,531,746	$	534,034,087	$	115,378,644		$	35,340,041

PRICING OF SHARES
Net Assets	$	745,421,146	$	614,902,447	$	127,950,809		$	40,265,097
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		15,300,000		14,729,000		3,450,000			1,325,000
Net Asset Value, offering and redemption price per share	$	48.72	$	41.75	$	37.09		$	30.39

^(a)

Includes $-, $660,332, $4,443,195 and $710,581 of securities on loan.

See Notes to the Financial Statements and Financial Highlights.

12 | May 31, 2024

ALPS ETF Trust

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

	ALPS \| O'Shares U.S. Quality Dividend ETF		ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		ALPS \| O'Shares Global Internet Giants ETF			ALPS \| O'Shares Europe Quality Dividend ETF
INVESTMENT INCOME:
Dividends*	$	7,745,147	$	4,995,900	$	218,712		$	861,935
Securities Lending Income		5,030		408		1,619			92
Total Investment Income		7,750,177		4,996,308		220,331			862,027

EXPENSES:
Investment adviser fees		1,731,417		1,233,923		343,196			89,579
Total Expenses		1,731,417		1,233,923		343,196			89,579
NET INVESTMENT INCOME/(LOSS)		6,018,760		3,762,385		(122,865	)		772,448

REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain/(loss) on investments^(a)		5,568,811		2,255,472		(2,962,820	)		696,364
Net realized gain/(loss) on foreign currency transactions		–		–		(5,084	)		610
Total net realized gain/(loss)		5,568,811		2,255,472		(2,967,904	)		696,974
Net change in unrealized appreciation on investments		59,561,136		63,782,232		14,105,741			3,356,919
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		–		–		(311	)		(4,495	)
Total net change in unrealized appreciation		59,561,136		63,782,232		14,105,430			3,352,424
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		65,129,947		66,037,704		11,137,526			4,049,398
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,148,707	$	69,800,089	$	11,014,661		$	4,821,846
*Net of foreign tax withholding.	$	–	$	–	$	13,585		$	111,284

^(a)

Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

See Notes to the Financial Statements and Financial Highlights.

13 | May 31, 2024

ALPS | O’Shares U.S. Quality Dividend ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	6,018,760		$	12,795,006
Net realized gain		5,568,811			23,476,172
Net change in unrealized appreciation/depreciation		59,561,136			(8,472,160	)
Net increase in net assets resulting from operations		71,148,707			27,799,018

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(6,154,106	)		(13,050,503	)
Total distributions		(6,154,106	)		(13,050,503	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		40,917,805			3,278,989
Cost of shares redeemed		(16,704,354	)		(109,935,912	)
Net increase/(decrease) from capital share transactions		24,213,451			(106,656,923	)
Net increase/(decrease) in net assets		89,208,052			(91,908,408	)

NET ASSETS:
Beginning of period		656,213,094			748,121,502
End of period	$	745,421,146		$	656,213,094

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		14,775,000			17,300,000
Shares sold		875,000			75,000
Shares redeemed		(350,000	)		(2,600,000	)
Shares outstanding, end of period		15,300,000			14,775,000

See Notes to the Financial Statements and Financial Highlights.

14 | May 31, 2024

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

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	3,762,385		$	5,483,755
Net realized gain		2,255,472			9,694,745
Net change in unrealized appreciation/depreciation		63,782,232			(1,765,903	)
Net increase in net assets resulting from operations		69,800,089			13,412,597

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,583,983	)		(5,299,690	)
Total distributions		(3,583,983	)		(5,299,690	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		161,743,715			240,930,245
Cost of shares redeemed		(4,937,131	)		(39,107,309	)
Net increase from capital share transactions		156,806,584			201,822,936
Net increase in net assets		223,022,690			209,935,843

NET ASSETS:
Beginning of period		391,879,757			181,943,914
End of period	$	614,902,447		$	391,879,757

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		10,804,000			5,154,000
Shares sold		4,050,000			6,750,000
Shares redeemed		(125,000	)		(1,100,000	)
Shares outstanding, end of period		14,729,000			10,804,000

See Notes to the Financial Statements and Financial Highlights.

15 | May 31, 2024

ALPS | O’Shares Global Internet Giants ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment loss	$	(122,865	)	$	(407,384	)
Net realized loss		(2,967,904	)		(47,732,850	)
Net change in unrealized appreciation/depreciation		14,105,430			91,319,441
Net increase in net assets resulting from operations		11,014,661			43,179,207

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		11,586,699			811,157
Cost of shares redeemed		(30,960,840	)		(60,193,182	)
Net decrease from capital share transactions		(19,374,141	)		(59,382,025	)
Net decrease in net assets		(8,359,480	)		(16,202,818	)

NET ASSETS:
Beginning of period		136,310,289			152,513,107
End of period	$	127,950,809		$	136,310,289

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,950,000			6,075,000
Shares sold		325,000			25,000
Shares redeemed		(825,000	)		(2,150,000	)
Shares outstanding, end of period		3,450,000			3,950,000

See Notes to the Financial Statements and Financial Highlights.

16 | May 31, 2024

ALPS | O’Shares Europe Quality Dividend ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	772,448		$	1,035,243
Net realized gain/(loss)		696,974			(205,170	)
Net change in unrealized appreciation/depreciation		3,352,424			4,438,644
Net increase in net assets resulting from operations		4,821,846			5,268,717

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,057,154	)		(795,232	)
Total distributions		(1,057,154	)		(795,232	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		2,233,921			3,889,048
Cost of shares redeemed		(2,149,353	)		(7,610,784	)
Net increase/(decrease) from capital share transactions		84,568			(3,721,736	)
Net increase in net assets		3,849,260			751,749

NET ASSETS:
Beginning of period		36,415,837			35,664,088
End of period	$	40,265,097		$	36,415,837

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,325,000			1,475,000
Shares sold		75,000			150,000
Shares redeemed		(75,000	)		(300,000	)
Shares outstanding, end of period		1,325,000			1,325,000

See Notes to the Financial Statements and Financial Highlights.

17 | May 31, 2024

ALPS | O’Shares U.S. Quality Dividend ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.41		$	43.24		$	40.29		$	42.00		$	33.16		$	34.13		$	30.69

INCOME FROM OPERATIONS:
Net investment income^(b)		0.40			0.81			0.36			0.77			0.69	^(c)		0.93			0.89	^(c)
Net realized and unrealized gain/(loss)		4.31			1.19			2.95			(1.72	)		8.81			(0.96	)		3.44
Total from investment operations		4.71			2.00			3.31			(0.95	)		9.50			(0.03	)		4.33

DISTRIBUTIONS:
From net investment income		(0.40	)		(0.83	)		(0.36	)		(0.76	)		(0.66	)		(0.94	)		(0.89	)
Total distributions		(0.40	)		(0.83	)		(0.36	)		(0.76	)		(0.66	)		(0.94	)		(0.89	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		4.31			1.17			2.95			(1.71	)		8.84			(0.97	)		3.44
NET ASSET VALUE, END OF PERIOD	$	48.72		$	44.41		$	43.24		$	40.29		$	42.00		$	33.16		$	34.13
TOTAL RETURN^(d)		10.64	%		4.74	%		8.27	%		(2.38	)%		28.84	%		(0.12	)%		14.31	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	745,421		$	656,213		$	748,122		$	737,229		$	688,720		$	479,121		$	496,574

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.67	%^(e)		1.90	%		2.11	%^(e)		1.78	%		1.81	%		2.71	%		2.76	%
Portfolio turnover rate^(f)		0	%		34	%		25	%		15	%		26	%		64	%^(g)		15	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

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 and $0.88 during the year ended June 30, 2019.

^(d)

^(e)

Annualized.

^(f)

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.

^(g)

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, 2024

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

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	36.27		$	35.30		$	31.67		$	35.08		$	24.99		$	27.45		$	27.07

INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(b)		0.29			0.73			0.31			0.59			0.64	^(c)		0.64	^(c)		0.58	^(c)
Net realized and unrealized gain/(loss)		5.47			0.94			3.59			(3.38	)		9.98			(2.48	)		0.38	^(d)
Total from investment operations		5.76			1.67			3.90			(2.79	)		10.62			(1.84	)		0.96

DISTRIBUTIONS:
From net investment income		(0.28	)		(0.70	)		(0.27	)		(0.62	)		(0.53	)		(0.57	)		(0.58	)
From tax return of capital		–			–			–			–			–			(0.05	)		–
Total distributions		(0.28	)		(0.70	)		(0.27	)		(0.62	)		(0.53	)		(0.62	)		(0.58	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		5.48			0.97			3.63			(3.41	)		10.09			(2.46	)		0.38
NET ASSET VALUE, END OF PERIOD	$	41.75		$	36.27		$	35.30		$	31.67		$	35.08		$	24.99		$	27.45
TOTAL RETURN^(e)		15.91	%		4.82	%		12.39	%		(8.12	)%		42.79	%		(6.82	)%		3.65	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	614,902		$	391,880		$	181,944		$	155,318		$	149,215		$	93,812		$	97,570

Ratio of expenses to average net assets		0.48	%^(f)		0.48	%		0.48	%^(f)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.46	%^(f)		2.05	%		2.28	%^(f)		1.69	%		2.08	%^(g)		2.38	%^(g)		2.16	%^(g)
Portfolio turnover rate^(h)		1	%		64	%		34	%		34	%		60	%		101	%⁽ⁱ⁾		52	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

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, $0.62 during the year ended June 30, 2020 and $0.54 during the year ended June 30, 2019.

^(d)

The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

^(e)

^(f)

Annualized.

^(g)

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, 2.30% during the year ended June 30, 2020 and 2.03% during the year ended June 30, 2019.

^(h)

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.

⁽ⁱ⁾

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.

19 | May 31, 2024

ALPS | O’Shares Global Internet Giants ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	34.51		$	25.11		$	27.08		$	57.04		$	37.85		$	25.04		$	24.06

INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(b)		(0.03	)		(0.09	)		(0.04	)		(0.15	)		(0.21	)		(0.10	)		(0.06	)^(c)
Net realized and unrealized gain/(loss)		2.61			9.49			(1.93	)		(29.81	)		19.40			12.91			1.04
Total from investment operations		2.58			9.40			(1.97	)		(29.96	)		19.19			12.81			0.98

NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.58			9.40			(1.97	)		(29.96	)		19.19			12.81			0.98
NET ASSET VALUE, END OF PERIOD	$	37.09		$	34.51		$	25.11		$	27.08		$	57.04		$	37.85		$	25.04
TOTAL RETURN^(d)		7.48	%		37.44	%		(7.27	)%		(52.52	)%		50.70	%		51.16	%		4.07	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	127,951		$	136,310		$	152,513		$	209,867		$	718,766		$	272,512		$	48,834

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment loss to average net assets		(0.17	)%^(e)		(0.29	)%		(0.37	)%^(e)		(0.32	)%		(0.40	)%		(0.34	)%		(0.28	)%^(f)
Portfolio turnover rate^(g)		24	%		51	%		22	%		51	%		48	%		38	%		55	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

The net investment loss per share excluding the impact of large, non-recurring dividends (special dividends) was $(0.07) during the year ended June 30, 2019.

^(d)

^(e)

Annualized.

^(f)

The ratio of net investment loss, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was (0.31)% during the year ended June 30, 2019.

^(g)

Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

See Notes to the Financial Statements and Financial Highlights.

20 | May 31, 2024

ALPS | O’Shares Europe Quality Dividend ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	27.48		$	24.18		$	22.62		$	28.00		$	22.28		$	24.28		$	23.94

INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(b)		0.60			0.71			0.03			0.58			0.55	^(c)		0.64	^(c)		0.76	^(c)
Net realized and unrealized gain/(loss)		3.15			3.13			1.71			(5.33	)		5.97			(1.95	)		0.44
Total from investment operations		3.75			3.84			1.74			(4.75	)		6.52			(1.31	)		1.20

DISTRIBUTIONS:
From net investment income		(0.84	)		(0.54	)		(0.18	)		(0.63	)		(0.80	)		(0.69	)		(0.86	)
Total distributions		(0.84	)		(0.54	)		(0.18	)		(0.63	)		(0.80	)		(0.69	)		(0.86	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.91			3.30			1.56			(5.38	)		5.72			(2.00	)		0.34
NET ASSET VALUE, END OF PERIOD	$	30.39		$	27.48		$	24.18		$	22.62		$	28.00		$	22.28		$	24.28
TOTAL RETURN^(d)		13.86	%		15.99	%		7.78	%		(17.29	)%		29.72	%		(5.44	)%		5.16	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	40,265		$	36,416		$	35,664		$	40,716		$	26,597		$	17,821		$	25,498

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		4.14	%^(e)		2.68	%		0.29	%^(e)		2.20	%		2.18	%		2.72	%		3.23	%
Portfolio turnover rate^(f)		4	%		40	%		38	%		22	%		42	%		72	%^(g)		35	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

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, $0.63 during the year ended June 30, 2020 and $0.74 during the year ended June 30, 2019.

^(d)

^(e)

Annualized.

^(f)

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.

^(g)

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.

21 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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

22 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

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

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

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 –

Level 3 –

23 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2024:

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

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	744,532,128	$	–	$	–	$	744,532,128
Short Term Investments		288,510		–		–		288,510
Total	$	744,820,638	$	–	$	–	$	744,820,638

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

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	613,767,355	$	–	$	–	$	613,767,355
Short Term Investments		1,277,964	$	–		–		1,277,964
Total	$	615,045,319	$	–	$	–	$	615,045,319

ALPS | O'Shares Global Internet Giants ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	127,652,310	$	–	$	–	$	127,652,310
Short Term Investments		1,352,970		–		–		1,352,970
Total	$	129,005,280	$	–	$	–	$	129,005,280

ALPS | O'Shares Europe Quality Dividend ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	39,831,930	$	–	$	–	$	39,831,930
Short Term Investments		789,525	$	–		–		789,525
Total	$	40,621,455	$	–	$	–	$	40,621,455

For a detailed sector breakdown, see the accompanying Schedule of Investments.

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the period ended May 31, 2024.

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 than for U.S. issuers. In addition, adverse political, economic or social 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.

24 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

D. Foreign Currency Translation

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 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, 2024.

The tax character of the distributions paid for the fiscal year ended November 30, 2023, was as follows:

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2023

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

13,050,503

–

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

5,299,690

–

ALPS | O'Shares Global Internet Giants ETF

–

ALPS | O'Shares Europe Quality Dividend ETF

795,232

–

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, 2023, 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	$	11,045,741	$	47,422,582
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		4,866,524		7,698,845
ALPS \| O'Shares Global Internet Giants ETF		96,217,310		92,829,191
ALPS \| O'Shares Europe Quality Dividend ETF		2,661,501		8,164,028

The ALPS | O’Shares Global Internet Giants ETF elects to defer to the period ending November 29, 2024, late year ordinary losses in the amount of $329,880.

25 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

		ALPS \| O'Shares U.S. Quality Dividend ETF			ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF			ALPS \| O'Shares Global Internet Giants ETF			ALPS \| O'Shares Europe Quality Dividend ETF
Gross appreciation (excess of value over tax cost)	$	166,265,862		$	97,758,755		$	23,042,304		$	7,414,016
Gross depreciation (excess of tax cost over value)		(23,211,198	)		(16,783,995	)		(11,040,038	)		(2,160,501	)
Net unrealized appreciation (depreciation)	$	143,054,664		$	80,974,760		$	12,002,266		$	5,253,515
Cost of investments for income tax purposes	$	601,765,974		$	534,070,559		$	117,003,014		$	35,367,940

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, 2024.

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, 2024, 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.

26 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the Funds' securities lending agreement and related cash and non-cash collateral received as of May 31, 2024:

		Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF	$	660,332	$	672,684	$	–	$	672,684
ALPS \| O'Shares Global Internet Giants ETF	$	4,443,195	$	1,054,413	$	3,609,118	$	4,663,531
ALPS \| O'Shares Europe Quality Dividend ETF	$	710,581	$	759,214	$	–	$	759,214

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.

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

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

672,684

–

672,684

Total Borrowings

672,684

Gross amount of recognized liabilities for securities lending (collateral received)

672,684

ALPS | O'Shares Global Internet Giants ETF

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

1,054,413

–

1,054,413

Total Borrowings

1,054,413

Gross amount of recognized liabilities for securities lending (collateral received)

1,054,413

ALPS | O'Shares Europe Quality Dividend ETF

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

759,214

–

759,214

Total Borrowings

759,214

Gross amount of recognized liabilities for securities lending (collateral received)

759,214

27 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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	$	–	$	–
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		3,834,055		3,883,446
ALPS \| O'Shares Global Internet Giants ETF		32,894,348		33,831,904
ALPS \| O'Shares Europe Quality Dividend ETF		1,538,025		1,842,786

For the six months ended May 31, 2024, 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	$	40,920,675	$	16,706,257
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		161,765,018		4,938,124
ALPS \| O'Shares Global Internet Giants ETF		11,313,856		30,082,039
ALPS \| O'Shares Europe Quality Dividend ETF		2,194,708		2,143,498

28 | May 31, 2024

ALPS ETF Trust

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

For the six months ended May 31, 2024, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
ALPS \| O'Shares U.S. Quality Dividend ETF	$	5,568,810
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		1,264,886
ALPS \| O'Shares Global Internet Giants ETF		7,241,004
ALPS \| O'Shares Europe Quality Dividend ETF		344,397

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

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 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

29 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
ALPS \| O’Shares U.S. Quality Dividend ETF	100%	100%
ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF	100%	100%
ALPS \| O’Shares Global Internet Giants ETF	0%	0%
ALPS \| O’Shares Europe Quality Dividend ETF	100%	0%

LICENSING AGREEMENTS

O’Shares Investment Advisers, LLC ( “O’Shares”) has entered into an index licensing agreement with ALPS Advisors Inc. (the “Adviser”) with respect to each of ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, ALPS | O’Shares Global Internet Giants ETF, and ALPS | O’Shares Europe Quality Dividend ETF (each, a “Fund”), 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.

30 | May 31, 2024

ALPS ETF Trust

Additional Information

May 31, 2024 (Unaudited)

NEITHER S-NETWORK GLOBAL INDEXES, INC. (“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.^SM, and SNGI^SM 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.^SM, 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.

31 | May 31, 2024

ALPS ETF Trust

Item 8 – Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

32 | May 31, 2024

ALPS ETF Trust

Item 9 – Proxy Disclosures

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

33 | May 31, 2024

ALPS ETF Trust

Item 10 – Remuneration Paid to Directors, Officers, and Others

for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

34 | May 31, 2024

ALPS ETF Trust

Item 11 – Statement Regarding Basis

for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

35 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements and Financial Highlights	11
Additional Information	17
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	19
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	20
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	21
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	22

alpsfunds.com

Barron’s 400^SM ETF

ITEM 7 – Financial Statements and Financial Highlights for

Open-End Management Investment Companies

1 | May 31, 2024

Barron’s 400^SM ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.11%)
*Communication Services (2.03%)*
Alphabet, Inc., Class A		2,510	$	432,975
Comcast Corp., Class A		7,940		317,838
Electronic Arts, Inc.		2,530		336,187
Interpublic Group of Cos., Inc.		10,490		329,071
Meta Platforms, Inc., Class A		712		332,383
Netflix, Inc.^(a)		573		367,648
New York Times Co., Class A		7,851		401,971
Yelp, Inc.^(a)		9,032		333,913
Total Communication Services				2,851,986

*Consumer Discretionary (15.23%)*
Abercrombie & Fitch Co., Class A^(a)		2,965		512,560
Academy Sports & Outdoors, Inc.		5,020		289,604
Acushnet Holdings Corp.^(b)		5,485		361,461
Airbnb, Inc., Class A^(a)		2,110		305,802
Amazon.com, Inc.^(a)		2,011		354,821
Bloomin' Brands, Inc.^(b)		11,996		261,513
Booking Holdings, Inc.		97		366,306
Boot Barn Holdings, Inc.^(a)		3,931		467,514
Boyd Gaming Corp.		5,455		290,861
Buckle, Inc.		9,126		351,716
Build-A-Bear Workshop, Inc.		14,179		383,826
Burlington Stores, Inc.^(a)		1,611		386,721
Caleres, Inc.		9,289		322,143
Chipotle Mexican Grill, Inc.^(a)		131		409,967
Coupang, Inc.^(a)		18,653		424,169
Crocs, Inc.^(a)		2,726		424,275
Darden Restaurants, Inc.		2,014		302,885
Deckers Outdoor Corp.^(a)		381		416,784
Dick's Sporting Goods, Inc.		1,917		436,386
Dillard's, Inc., Class A		849		379,800
DR Horton, Inc.		2,253		332,993
Dream Finders Homes, Inc.^(a)		9,015		256,116
eBay, Inc.		6,703		363,437
Five Below, Inc.^(a)		1,690		233,440
Frontdoor, Inc.^(a)		10,920		386,240
General Motors Co.		8,744		393,393
Gentex Corp.		9,593		335,755
Genuine Parts Co.		2,268		326,910
Grand Canyon Education, Inc.^(a)		2,598		370,111
Green Brick Partners, Inc.^(a)		6,601		360,415
Guess?, Inc.^(b)		13,586		316,146
Harley-Davidson, Inc.		8,857		317,789
Hibbett Sports, Inc.		4,650		402,597
Installed Building Products, Inc.		1,462		309,710
JAKKS Pacific, Inc.^(a)		14,655		272,143
Las Vegas Sands Corp.		6,572		295,937
Lennar Corp., Class B^(b)		2,321		339,469
MGM Resorts International^(a)		8,103		325,497
Modine Manufacturing Co.^(a)		4,250		428,910
NIKE, Inc., Class B		3,419		324,976
NVR, Inc.^(a)		44		337,952
Oxford Industries, Inc.		3,277		362,731
Perdoceo Education Corp.		19,581		440,572

Security Description	Shares		Value
*Consumer Discretionary (continued)*
PulteGroup, Inc.		3,117	$	365,686
Ralph Lauren Corp.		1,929		360,492
Ross Stores, Inc.		2,371		331,371
Royal Caribbean Cruises, Ltd.^(a)		2,706		399,622
Signet Jewelers, Ltd.^(b)		3,597		393,836
Stride, Inc.^(a)		5,643		387,448
Tapestry, Inc.		7,397		321,696
Texas Roadhouse, Inc.		2,332		402,666
TJX Cos., Inc.		3,581		369,201
Toll Brothers, Inc.		2,898		352,513
TopBuild Corp.^(a)		865		361,527
Tractor Supply Co.		1,381		393,985
Ulta Beauty, Inc.^(a)		632		249,697
Under Armour, Inc., Class A^(a)		41,644		299,420
Universal Technical Institute, Inc.^(a)		23,322		368,721
Visteon Corp.^(a)		2,975		331,326
Williams-Sonoma, Inc.		1,465		429,567
Total Consumer Discretionary				21,401,127

*Consumer Staples (4.43%)*
Cal-Maine Foods, Inc.		5,908		364,346
Casey's General Stores, Inc.		1,156		383,538
Celsius Holdings, Inc.^(a)(b)		4,052		324,079
Church & Dwight Co., Inc.		3,330		356,343
Coca-Cola Co.		5,738		361,092
Coca-Cola Consolidated, Inc.		419		411,056
Colgate-Palmolive Co.		3,923		364,682
Constellation Brands, Inc., Class A		1,314		328,802
Costco Wholesale Corp.		483		391,177
elf Beauty, Inc.^(a)		1,784		333,447
Hershey Co.		1,729		342,048
Ingredion, Inc.		2,940		345,685
Lamb Weston Holdings, Inc.		3,364		297,008
Mondelez International, Inc., Class A		4,773		327,094
Monster Beverage Corp.^(a)		5,842		303,317
PepsiCo, Inc.		2,099		362,917
Sysco Corp.		4,319		314,510
WD-40 Co.		1,374		308,724
Total Consumer Staples				6,219,865

*Energy (8.37%)*
Archrock, Inc.		19,137		387,333
Baker Hughes Co.		11,040		369,619
ChampionX Corp.		10,831		353,307
CVR Energy, Inc.^(b)		10,510		292,809
Diamondback Energy, Inc.		1,873		373,214
Dorian LPG, Ltd.		9,150		463,081
Exxon Mobil Corp.		3,284		385,082
Granite Ridge Resources, Inc.^(b)		58,088		380,476
Gulfport Energy Corp.^(a)		2,374		384,137
Halliburton Co.		9,430		346,081
Helmerich & Payne, Inc.		8,696		330,970
International Seaways, Inc.		6,680		430,326
Liberty Energy, Inc., Class A		16,182		399,534

2 | May 31, 2024

Barron’s 400^SM ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
*Energy (continued)*
Magnolia Oil & Gas Corp., Class A		14,565	$	377,962
Marathon Petroleum Corp.		1,903		336,089
Matador Resources Co.		5,341		338,886
New Fortress Energy, Inc.^(b)		10,585		268,330
Par Pacific Holdings, Inc.^(a)		9,624		261,195
Peabody Energy Corp.^(b)		13,247		328,261
Phillips 66		2,310		328,274
RPC, Inc.^(b)		45,538		311,024
Seadrill, Ltd.^(a)		7,362		381,867
SM Energy Co.^(b)		7,618		384,176
Targa Resources Corp.		3,304		390,632
Teekay Tankers, Ltd., Class A		6,488		472,521
Texas Pacific Land Corp.		669		410,973
US Silica Holdings, Inc.^(a)		28,851		446,902
Valero Energy Corp.		2,296		360,793
Viper Energy, Inc.		9,743		374,716
Vital Energy, Inc.^(a)(b)		6,809		332,620
Weatherford International PLC^(a)		3,098		372,813
Williams Cos., Inc.		9,433		391,564
Total Energy				11,765,567

*Financials (20.79%)*
1st Source Corp.		6,675		343,229
Amalgamated Financial Corp.		14,272		360,796
American Express Co.		1,564		375,360
Apollo Global Management, Inc.		3,177		369,040
Arch Capital Group, Ltd.^(a)		3,829		392,970
Artisan Partners Asset
Management, Inc., Class A^(b)		7,713		339,603
AssetMark Financial Holdings, Inc.^(a)		9,695		333,411
Axos Financial, Inc.^(a)		6,811		366,909
Bain Capital Specialty Finance, Inc.		21,850		366,862
Bancorp, Inc.^(a)		9,375		314,906
Bank of NT Butterfield & Son, Ltd.		11,454		390,238
Bank OZK		7,961		333,407
BOK Financial Corp.		4,014		363,749
Bread Financial Holdings, Inc.		9,467		395,342
Brown & Brown, Inc.		4,071		364,395
Byline Bancorp, Inc.		16,402		378,886
Cathay General Bancorp		8,637		318,187
Cincinnati Financial Corp.		2,947		346,508
CION Investment Corp.^(b)		31,277		391,275
City Holding Co.		3,342		341,619
CNA Financial Corp.		7,886		362,283
Corpay, Inc.^(a)		1,174		314,245
CrossFirst Bankshares, Inc.^(a)		26,465		346,427
Cullen/Frost Bankers, Inc.		3,222		327,291
Customers Bancorp, Inc.^(a)		6,428		291,188
East West Bancorp, Inc.		4,527		335,858
Enstar Group, Ltd.^(a)		1,146		358,858
Enterprise Financial Services Corp.		8,705		336,796

Security Description	Shares		Value
*Financials (continued)*
Everest Group, Ltd.		909	$	355,355
FactSet Research Systems, Inc.		725		293,089
Federal Agricultural Mortgage Corp., Class C		1,828		319,297
Fifth Third Bancorp		9,412		352,197
First BanCorp		20,477		363,057
First Citizens BancShares, Inc., Class A		228		387,242
First Commonwealth Financial Corp.		25,527		344,870
First Financial Bancorp		15,683		349,731
Globe Life, Inc.		2,792		231,066
Home BancShares, Inc.		14,408		338,876
Huntington Bancshares, Inc.		25,680		357,466
Interactive Brokers Group, Inc.		3,210		403,561
International Bancshares Corp.		6,387		362,973
Jack Henry & Associates, Inc.		1,994		328,372
JPMorgan Chase & Co.		1,837		372,231
Kinsale Capital Group, Inc.		685		262,780
Loews Corp.		4,546		349,133
LPL Financial Holdings, Inc.		1,309		374,649
M&T Bank Corp.		2,418		366,569
Mastercard, Inc., Class A		737		329,491
Mercantile Bank Corp.		9,393		359,846
Merchants Bancorp		7,886		315,834
Metropolitan Bank Holding Corp.^(a)		8,711		366,298
Moody's Corp.		899		356,894
MSCI, Inc.		611		302,555
National Bank Holdings Corp., Class A		9,938		362,439
OFG Bancorp		9,452		351,236
Old National Bancorp		20,621		352,413
Old Second Bancorp, Inc.		25,246		365,057
Pathward Financial, Inc.		6,806		362,828
Patria Investments, Ltd., Class A		23,243		302,159
PayPal Holdings, Inc.^(a)		5,751		362,255
PNC Financial Services Group, Inc.		2,260		355,701
Preferred Bank		4,687		350,213
Premier Financial Corp.		17,136		337,751
QCR Holdings, Inc.		6,051		342,910
Regions Financial Corp.		17,663		341,779
Reinsurance Group of America, Inc.		1,888		396,102
RenaissanceRe Holdings, Ltd.		1,472		335,410
Runway Growth Finance Corp.^(b)		29,192		349,720
S&T Bancorp, Inc.		10,918		348,393
Shift4 Payments, Inc.^(a)(b)		4,068		273,695
SLM Corp.		16,607		356,386
Stellar Bancorp, Inc.		14,290		322,811
Stock Yards Bancorp, Inc.		7,584		355,310
Synchrony Financial		8,123		355,787
T Rowe Price Group, Inc.		2,940		346,420
The Hartford Financial Services Group, Inc.		3,523		364,454

3 | May 31, 2024

Barron’s 400^SM ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
*Financials (continued)*
Towers Watson & Co., Class A		3,350	$	365,184
Visa, Inc., Class A		1,231		335,398
Webster Financial Corp.		7,080		313,078
Wells Fargo & Co.		6,056		362,876
Wintrust Financial Corp.		3,587		353,714
WisdomTree, Inc.^(b)		40,615		404,932
WR Berkley Corp.		4,072		329,954
WSFS Financial Corp.		7,893		347,766
Total Financials				29,207,201

*Health Care (10.15%)*
23andMe Holding Co.		17,639		249,592
Agilent Technologies, Inc.		2,335		304,507
Amphastar Pharmaceuticals, Inc.^(a)		7,889		333,941
Amylyx Pharmaceuticals, Inc.^(a)		90,357		155,414
Arcturus Therapeutics Holdings, Inc.^(a)(b)		9,120		353,947
Boston Scientific Corp.^(a)		5,228		395,080
Bristol-Myers Squibb Co.		6,359		261,291
Bruker Corp.		3,775		247,300
Catalyst Pharmaceuticals, Inc.^(a)		21,469		347,154
Cencora, Inc.		1,453		329,206
Collegium Pharmaceutical, Inc.^(a)		9,215		305,385
Corcept Therapeutics, Inc.^(a)		14,552		439,034
DaVita, Inc.^(a)		2,545		374,420
Dexcom, Inc.^(a)		2,596		308,327
Doximity, Inc., Class A^(a)		12,476		345,959
Gilead Sciences, Inc.		4,590		294,999
Halozyme Therapeutics, Inc.^(a)		8,388		371,505
Harmony Biosciences Holdings, Inc.^(a)		11,228		330,103
IDEXX Laboratories, Inc.^(a)		631		313,575
Incyte Corp.^(a)		5,687		328,652
Insulet Corp.^(a)		1,907		337,901
Intuitive Surgical, Inc.^(a)		913		367,136
IQVIA Holdings, Inc.^(a)		1,339		293,362
iRadimed Corp.		8,000		339,760
Lantheus Holdings, Inc.^(a)		5,509		450,801
Medpace Holdings, Inc.^(a)		858		331,480
Molina Healthcare, Inc.^(a)		860		270,539
Neurocrine Biosciences, Inc.^(a)		2,491		337,306
ResMed, Inc.		1,823		376,140
Royalty Pharma PLC, Class A		11,488		314,886
Semler Scientific, Inc.^(a)		11,245		329,816
Stryker Corp.		972		331,539
Teleflex, Inc.		1,522		318,205
Tenet Healthcare Corp.^(a)		3,563		481,789
UFP Technologies, Inc.^(a)		1,789		465,784
United Therapeutics Corp.^(a)		1,380		379,679
Veeva Systems, Inc., Class A^(a)		1,518		264,512
Vertex Pharmaceuticals, Inc.^(a)		832		378,843
Voyager Therapeutics, Inc.^(a)		38,149		320,452
West Pharmaceutical Services, Inc.		968		320,805
Zoetis, Inc.		1,876		318,095

Security Description	Shares		Value
*Health Care (continued)*
Zymeworks, Inc.^(a)		31,277	$	265,229
Zynex, Inc.^(a)(b)		27,236		276,445
Total Health Care				14,259,895

*Industrials (18.85%)*
AAON, Inc.		4,333		325,192
Acuity Brands, Inc.		1,360		353,070
Advanced Drainage Systems, Inc.		2,144		371,963
Alamo Group, Inc.		1,710		324,883
Allison Transmission Holdings, Inc.		4,638		351,607
AO Smith Corp.		4,052		338,909
Apogee Enterprises, Inc.		6,087		395,472
Applied Industrial Technologies, Inc.		1,893		365,349
Atkore, Inc.		2,048		311,603
Automatic Data Processing, Inc.		1,416		346,807
Brady Corp., Class A		6,003		409,825
Broadridge Financial Solutions, Inc.		1,708		342,915
Builders FirstSource, Inc.^(a)		1,793		288,296
Caterpillar, Inc.		1,033		349,691
Cintas Corp.		555		376,273
Comfort Systems USA, Inc.		1,163		380,696
Copart, Inc.^(a)		6,339		336,347
Core & Main, Inc.^(a)		7,156		411,899
DNOW, Inc.^(a)		23,737		346,323
Donaldson Co., Inc.		4,823		355,359
Dover Corp.		2,021		371,500
Dycom Industries, Inc.^(a)		2,500		449,900
EMCOR Group, Inc.		1,094		425,194
Encore Wire Corp.		1,568		452,729
Esab Corp.		3,498		359,664
ExlService Holdings, Inc.^(a)		10,996		328,341
Fastenal Co.		4,653		307,005
Federal Signal Corp.		4,437		408,293
FTI Consulting, Inc.^(a)		1,695		364,086
Genpact, Ltd.		10,194		337,014
GMS, Inc.^(a)		3,823		359,209
Graco, Inc.		3,732		301,359
H&E Equipment Services, Inc.		6,091		288,531
Hubbell, Inc.		894		347,668
Hyster-Yale Materials Handling, Inc.		5,974		433,653
IES Holdings, Inc.^(a)		3,361		512,384
Jacobs Solutions, Inc.		2,338		325,777
Janus International Group, Inc.^(a)		23,785		330,136
Kadant, Inc.		1,067		305,173
Lennox International, Inc.		749		376,447
Limbach Holdings, Inc.^(a)(b)		7,076		403,898
Lincoln Electric Holdings, Inc.		1,369		268,817
Mueller Industries, Inc.		6,651		391,810
Old Dominion Freight Line, Inc.		1,585		277,771
Oshkosh Corp.		2,994		340,508
Owens Corning		2,214		400,889

4 | May 31, 2024

Barron’s 400^SM ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
*Industrials (continued)*
PACCAR, Inc.		3,032	$	325,940
Parker-Hannifin Corp.		645		342,830
Parsons Corp.^(a)		4,304		327,750
Paychex, Inc.		2,841		341,375
Paycom Software, Inc.		1,874		272,330
Paylocity Holding Corp.^(a)		2,036		289,458
Powell Industries, Inc.		2,276		409,361
Rollins, Inc.		7,556		345,234
Saia, Inc.^(a)(b)		599		245,279
Shoals Technologies Group, Inc., Class A^(a)		26,431		208,012
Simpson Manufacturing Co., Inc.		1,671		277,252
Snap-on, Inc.		1,176		320,883
Sterling Infrastructure, Inc.^(a)		3,181		390,849
Tecnoglass, Inc.		7,743		407,359
Tennant Co.		3,114		319,683
Terex Corp.		5,914		352,888
Thermon Group Holdings, Inc.^(a)		12,195		411,703
Titan International, Inc.^(a)(b)		27,362		226,284
Trex Co., Inc.^(a)		3,681		318,333
TriNet Group, Inc.		2,807		291,844
United Airlines Holdings, Inc.^(a)		8,060		427,099
United Rentals, Inc.		518		346,754
Veralto Corp.		3,894		383,871
Verra Mobility Corp.^(a)		15,332		408,444
Vertiv Holdings Co.		5,159		505,943
Wabash National Corp.		12,593		284,728
Woodward, Inc.		2,332		434,918
WW Grainger, Inc.		360		331,726
Xylem, Inc.		2,737		385,972
Total Industrials				26,484,337

*Information Technology (12.30%)*
ACM Research, Inc., Class A^(a)(b)		12,120		261,792
Adobe, Inc.^(a)		618		274,862
Agilysys, Inc.^(a)		4,625		441,549
Amdocs, Ltd.		3,703		292,537
Amphenol Corp., Class A		3,147		416,568
Apple, Inc.		2,002		384,884
Applied Materials, Inc.		1,716		369,077
AppLovin Corp., Class A^(a)		5,756		468,999
Arista Networks, Inc.^(a)		1,274		379,206
Autodesk, Inc.^(a)		1,331		268,330
Badger Meter, Inc.		2,192		422,968
Belden, Inc.		3,939		376,923
Bentley Systems, Inc., Class B^(b)		7,091		356,252
Broadcom, Inc.		268		356,051
Cadence Design Systems, Inc.^(a)		1,125		322,099
Cirrus Logic, Inc.^(a)		3,726		427,372
Cisco Systems, Inc.		6,880		319,920
Cognizant Technology Solutions Corp., Class A		4,493		297,212
F5, Inc.^(a)		1,784		301,442
First Solar, Inc.^(a)		2,130		578,849
Fortinet, Inc.^(a)		4,836		286,872
GigaCloud Technology Inc^(a)(b)		11,206		348,955

Security Description	Shares		Value
*Information Technology (continued)*
GoDaddy, Inc., Class A^(a)		3,014	$	420,845
InterDigital, Inc.^(b)		3,296		375,316
International Business Machines Corp.		1,804		300,997
Intuit, Inc.		529		304,937
Jabil, Inc.		2,339		278,107
Keysight Technologies, Inc.^(a)		2,273		314,765
Manhattan Associates, Inc.^(a)		1,355		297,477
Microchip Technology, Inc.		3,818		371,224
Microsoft Corp.		856		355,351
Monolithic Power Systems, Inc.		478		351,631
Motorola Solutions, Inc.		1,021		372,573
Napco Security Technologies, Inc.		8,672		430,565
NetApp, Inc.		3,361		404,765
NVE Corp.		4,154		322,060
NVIDIA Corp.		401		439,628
ON Semiconductor Corp.^(a)		4,234		309,251
OSI Systems, Inc.^(a)		2,673		384,217
Palo Alto Networks, Inc.^(a)		1,215		358,316
Pegasystems, Inc.		5,341		306,894
Perficient, Inc.^(a)		5,519		409,234
Photronics, Inc.^(a)		11,933		326,368
QUALCOMM, Inc.		2,019		411,977
Qualys, Inc.^(a)		2,003		281,662
ServiceNow, Inc.^(a)		457		300,217
Super Micro Computer, Inc.^(a)		320		251,043
Synopsys, Inc.^(a)		613		343,770
Zoom Video Communications, Inc., Class A^(a)		4,961		304,308
Total Information Technology				17,280,217

*Materials (4.30%)*
Alpha Metallurgical Resources, Inc.^(b)		1,000		315,410
Cabot Corp.		3,920		401,016
CF Industries Holdings, Inc.		4,064		324,023
Eagle Materials, Inc.		1,376		319,769
Ecolab, Inc.		1,542		358,052
Freeport-McMoRan, Inc.		8,553		451,000
Graphic Packaging Holding Co.^(b)		12,625		357,540
Martin Marietta Materials, Inc.		580		331,806
NewMarket Corp.		564		301,780
Nucor Corp.		1,858		313,723
Packaging Corp. of America		1,844		338,356
Reliance, Inc.		1,081		325,143
Steel Dynamics, Inc.		2,658		355,827
Sylvamo Corp.		5,500		392,260
United States Lime & Minerals, Inc.		1,200		411,288
Vulcan Materials Co.		1,298		331,989
Warrior Met Coal, Inc.		6,068		415,233
Total Materials				6,044,215

*Real Estate (0.47%)*
Forestar Group, Inc.^(a)		9,428		320,646

5 | May 31, 2024

Barron’s 400^SM ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
*Real Estate (continued)*
RMR Group, Inc., Class A		14,709	$	346,103
Total Real Estate				666,749

*Utilities (1.19%)*
Genie Energy, Ltd.		20,155		307,565
Otter Tail Corp.^(b)		4,151		375,541
Public Service Enterprise Group, Inc.		5,322		403,195
Vistra Corp.		5,954		589,922
Total Utilities				1,676,223

TOTAL COMMON STOCKS
(Cost $113,109,849)				137,857,382

Security Description	Shares		Value
LIMITED PARTNERSHIPS (1.76%)
*Energy (1.76%)*
Cheniere Energy Partners LP		7,059		340,032
Dorchester Minerals LP		10,938		360,845
Enterprise Products Partners LP		12,275		349,838
Hess Midstream LP, Class A		9,734		338,257
KKR & Co., LP		3,548		364,876
MPLX LP		8,505		345,983
Western Midstream Partners LP		10,170		379,544
Total Energy				2,479,375

TOTAL LIMITED PARTNERSHIPS
(Cost $2,165,502)				2,479,375

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.68%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $150,123)		5.26	%		150,123	$	150,123

Investments Purchased with Collateral from Securities Loaned (0.57%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $806,325)					806,325		806,325
TOTAL SHORT TERM INVESTMENTS

(Cost $150,123)							956,448

TOTAL INVESTMENTS (100.55%)
(Cost $116,231,799)						$	141,293,205
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.55%)							(771,002	)
NET ASSETS - 100.00%						$	140,522,203

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $7,599,149.

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2024

Barron’s 400^SM ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value*	$	141,293,205
Dividends receivable		112,881
Total Assets		141,406,086

LIABILITIES:
Payable to adviser		77,558
Payable for collateral upon return of securities loaned		806,325
Total Liabilities		883,883
NET ASSETS	$	140,522,203

NET ASSETS CONSIST OF:
Paid-in capital	$	158,342,499
Total distributable earnings/(accumulated losses)		(17,820,296	)
NET ASSETS	$	140,522,203

INVESTMENTS, AT COST	$	116,231,799

PRICING OF SHARES
Net Assets	$	140,522,203
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,100,000
Net Asset Value, offering and redemption price per share	$	66.92

Includes $7,599,149 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2024

Barron’s 400^SM ETF

Statement of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividend Income^*	$	1,283,188
Securities Lending Income		17,752
Total Investment Income		1,300,940

EXPENSES:
Investment adviser and sub-adviser fees		448,311
Net Expenses		448,311
NET INVESTMENT INCOME		852,629

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		10,768,089
Net change in unrealized appreciation/(depreciation) on investments		9,618,430
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		20,386,519
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,239,148

Net of foreign tax withholding of $2,276.

^(a)

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, 2024

Barron’s 400^SM ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2024			Year Ended
	(Unaudited)			November 30, 2023
OPERATIONS:
Net investment income	$	852,629		$	2,107,673
Net realized gain/(loss)		10,768,089			(759,393	)
Net change in unrealized appreciation/(depreciation)		9,618,430			641,095
Net increase in net assets resulting from operations		21,239,148			1,989,375

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,760,535	)		(2,124,271	)
Total distributions		(1,760,535	)		(2,124,271	)

CAPITAL SHARE TRANSACTIONS:
Cost of shares redeemed		(10,943,413	)		(7,125,697	)
Net decrease from capital share transactions		(10,943,413	)		(7,125,697	)
Net increase/(decrease) in net assets		8,535,200			(7,260,593	)

NET ASSETS:
Beginning of period		131,987,003			139,247,596
End of period	$	140,522,203		$	131,987,003

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,275,000			2,400,000
Shares sold		–			–
Shares redeemed		(175,000	)		(125,000	)
Shares outstanding, end of period		2,100,000			2,275,000

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

Barron’s 400^SM ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	58.02		$	58.02		$	62.39		$	47.32		$	42.04		$	40.42

INCOME FROM OPERATIONS:
Net investment income^(a)		0.40			0.91			0.75			0.52			0.43			0.44
Net realized and unrealized gain/(loss)		9.28			(0.02	)		(4.55	)		15.05			5.14			1.51
Total from investment operations		9.68			0.89			(3.80	)		15.57			5.57			1.95

DISTRIBUTIONS:
From net investment income		(0.78	)		(0.89	)		(0.57	)		(0.50	)		(0.29	)		(0.33	)
Total distributions		(0.78	)		(0.89	)		(0.57	)		(0.50	)		(0.29	)		(0.33	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		8.90			0.00			(4.37	)		15.07			5.28			1.62
NET ASSET VALUE, END OF PERIOD	$	66.92		$	58.02		$	58.02		$	62.39		$	47.32		$	42.04
TOTAL RETURN^(b)		16.78	%		1.67	%		(6.18	)%		33.18	%		13.33	%		5.00	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000s)	$	140,522		$	131,987		$	139,248		$	155,968		$	118,293		$	147,150

Ratio of expenses to average net assets		0.65	%^(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.24	%^(c)		1.63	%		1.32	%		0.90	%		1.08	%		1.10	%
Portfolio turnover rate^(d)		44	%		83	%		94	%		91	%		83	%		109	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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.

10 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (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, 2024, 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^SM 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^SM (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.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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

11 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

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.

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 –

Level 3 –

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2024:

Barron's 400 ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	137,857,382	$	–	$	–	$	137,857,382
Limited Partnerships^*		2,479,375		–		–		2,479,375
Short Term Investments		956,448		–		–		956,448
Total	$	141,293,205	$	–	$	–	$	141,293,205

For a detailed sector breakdown, see the accompanying Schedule of Investments.

C. Securities Transactions and Investment Income

12 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

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

For the year ended May 31, 2024, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions, investment in partnerships, and prior year tax return true-up:

Fund		Paid-in Capital				Total Distributable Earnings/(Accumulated Losses)
Barron’s 400^℠ETF		$	1,188,080			$	(1,188,080	)

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2023

Barron’s 400^℠ETF

2,124,271

–

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 May 31, 2024, the following amounts are available as carry forwards to the next tax year:

Fund		Short-Term				Long-Term
Barron’s 400^℠ETF		$	46,856,074			$	7,255,774

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Barron’s 400^℠ ETF
Gross appreciation (excess of value over tax cost)	$	29,356,553
Gross depreciation (excess of tax cost over value)		(3,927,128	)
Net unrealized appreciation/(depreciation)	$	25,429,425
Cost of investments for income tax purposes	$	115,863,780

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, 2024.

F. Income Taxes

13 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of and during the six months ended May 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. Lending of Portfolio Securities

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2024:

	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Barron's 400 ^SM ETF	$	7,599,149	$	806,325	$	6,848,779	$	7,655,104

Barron's 400 ^SM ETF

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

806,325

–

806,325

Total Borrowings

806,325

Gross amount of recognized liabilities for securities lending (collateral received)

806,325

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

14 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

Out of the unitary management fees, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services to the Fund.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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		$	60,846,051			$	61,182,564

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
Barron's 400 ETF		$	–			$	10,953,483

For the six months ended May 31, 2024, the Fund had in-kind net realized gains of $2,302,186.

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 during the six months ended May 31, 2024 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2024, were as follows:

Fund		Purchase Cost Paid				Sale Proceeds Received				Realized Gain/(Loss) on Sales
Barron's 400 ^SM ETF		$	147,253			$	491,088			$	(122,049	)

15 | May 31, 2024

Barron’s 400^SM ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

7. MARKET RISK

8. SUBSEQUENT EVENTS

16 | May 31, 2024

Barron’s 400^SM ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The Barron’s 400 ^SM 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
Barron's 400 ^SM ETF	100%	100%

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 Barron’s 400 ^SM ETF (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℠” 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℠ 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^SM 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^SM 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^SMor 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^SM or the Product.

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BARRON’S 400 INDEX^SM 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^SM 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^SM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES AND ITS AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DJC AND THE LICENSEE, OTHER THAN THE LICENSORS OF MARKETGRADER.

17 | May 31, 2024

Barron’s 400^SM ETF

Additional Information

May 31, 2024 (Unaudited)

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

18 | May 31, 2024

Barron’s 400^SM ETF

Item 8 – Changes in and Disagreements with Accountants	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

During the fiscal year or period ended November 30, 2022, and during the subsequent interim period through March 14, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K.

19 | May 31, 2024

Barron’s 400^SM ETF

Item 9 – Proxy Disclosures	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

Not applicable for this reporting period.

20 | May 31, 2024

Barron’s 400^SM ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	—	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	—	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	—	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	—	$	92,500
Total	$	350,000	$	—	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

21 | May 31, 2024

Barron’s 400^SM ETF

Item 11 – Statement Regarding Basis	May 31, 2024 (Unaudited)
for Approval of Investment Advisory Contract

Not applicable for this reporting period.

22 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements and Financial Highlights	7
Additional Information	12
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	13
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	14
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	15
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	16

alpsfunds.com

Level Four Large Cap Growth Active ETF

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

1 | May 31, 2024

Level Four Large Cap Growth Active ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.06%)
Communication Services (10.98%)
Alphabet, Inc., Class A		22,554	$	3,890,565
Meta Platforms, Inc., Class A		5,265		2,457,860
Netflix, Inc.^(a)		2,413		1,548,229
Walt Disney Co.		6,902		717,187
Total Communication Services				8,613,841

Consumer Discretionary (15.64%)
Amazon.com, Inc.^(a)		24,362		4,298,431
Booking Holdings, Inc.		658		2,484,839
Etsy, Inc.^(a)		11,486		729,016
Home Depot, Inc.		4,621		1,547,434
McDonald's Corp.		2,814		728,516
PulteGroup, Inc.		6,778		795,195
RH^(a)		6,192		1,683,791
Total Consumer Discretionary				12,267,222

Consumer Staples (1.86%)
Constellation Brands, Inc., Class A		2,963		741,432
Estee Lauder Cos., Inc., Class A		5,806		716,228
Total Consumer Staples				1,457,660

Energy (1.39%)
Phillips 66		7,657		1,088,136

Financials (13.88%)
BlackRock, Inc.		3,032		2,340,796
Fidelity National Information Services, Inc.		11,011		835,515
Mastercard, Inc., Class A		3,349		1,497,237
Morgan Stanley		16,592		1,623,361
MSCI, Inc.		3,240		1,604,383
PayPal Holdings, Inc.^(a)		35,182		2,216,114
Visa, Inc., Class A		2,815		766,975
Total Financials				10,884,381

Health Care (5.79%)
AbbVie, Inc.		5,558		896,171
Biogen, Inc.^(a)		3,688		829,579
UnitedHealth Group, Inc.		3,895		1,929,466
Vertex Pharmaceuticals, Inc.^(a)		1,943		884,726
Total Health Care				4,539,942

Industrials (7.56%)
Fortive Corp.		10,167		756,831
Lockheed Martin Corp.		1,791		842,379
Paycom Software, Inc.		4,075		592,179
TransDigm Group, Inc.		612		822,057
Uber Technologies, Inc.^(a)		33,590		2,168,571
United Rentals, Inc.		1,117		747,731
Total Industrials				5,929,748

Information Technology (40.03%)
Apple, Inc.		31,870		6,127,008
Applied Materials, Inc.		7,605		1,635,683

Security Description	Shares		Value
Information Technology (continued)
Broadcom, Inc.		633	$	840,972
Cognizant Technology Solutions Corp., Class A		11,570		765,356
DocuSign, Inc.^(a)		27,092		1,483,016
Dropbox, Inc.^(a)		64,335		1,449,468
Lam Research Corp.		2,502		2,332,965
Micron Technology, Inc.		13,527		1,690,875
Microsoft Corp.		10,882		4,517,444
Monolithic Power Systems, Inc.		2,282		1,678,708
NVIDIA Corp.		2,658		2,914,044
Palo Alto Networks, Inc.^(a)		2,645		780,037
Salesforce, Inc.		5,650		1,324,586
ServiceNow, Inc.^(a)		2,134		1,401,889
Snowflake, Inc., Class A^(a)		7,372		1,003,919
Twilio, Inc., Class A^(a)		25,451		1,460,887
Total Information Technology				31,406,857

Real Estate (0.93%)
Zillow Group, Inc.^(a)		17,775		727,886

TOTAL COMMON STOCKS
(Cost $66,064,642)				76,915,673

	7 Day Yield		Shares		Value
SHORT TERM INVESTMENTS (1.92%)
Money Market Fund (1.92%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.26%		1,509,622		1,509,622

TOTAL SHORT TERM INVESTMENTS

(Cost $1,509,622)						1,509,622

TOTAL INVESTMENTS (99.98%)
(Cost $67,574,264)					$	78,425,295
OTHER ASSETS IN EXCESS OF LIABILITIES (0.02%)						16,507
NET ASSETS - 100.00%					$	78,441,802

^(a)

Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

Level Four Large Cap Growth Active ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value	$	78,425,295
Cash		5,174
Dividends receivable		44,683
Total Assets		78,475,152

LIABILITIES:
Payable to adviser		33,350
Total Liabilities		33,350
NET ASSETS	$	78,441,802

NET ASSETS CONSIST OF:
Paid-in capital	$	64,727,713
Total distributable earnings/(accumulated losses)		13,714,089
NET ASSETS	$	78,441,802

INVESTMENTS, AT COST	$	67,574,264

PRICING OF SHARES
Net Assets	$	78,441,802
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,633,400
Net Asset Value, offering and redemption price per share	$	29.79

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

Level Four Large Cap Growth Active ETF

Statement of Operations

For the Period Ended May 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividends^*	$	388,051
Securities Lending Income		8
Total Investment Income		388,059

EXPENSES:
Investment adviser fees		193,238
Net Expenses		193,238
NET INVESTMENT INCOME		194,821

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		3,051,674
Net realized loss on foreign currency transactions		(6	)
Total Net realized gain		3,051,668
Net change in unrealized appreciation on investments		6,192,336
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		9,244,004
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,438,825

Net of foreign tax withholding of $47.

^(a)

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, 2024

Level Four Large Cap Growth Active ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Period August 22, 2023 (Commencement of Operations) to November 30, 2023
OPERATIONS:
Net investment income	$	194,821		$	159,824
Net realized gain		3,051,668			9,283,702
Net change in unrealized appreciation/(depreciation)		6,192,336			(5,880,533	)
Net increase in net assets resulting from operations		9,438,825			3,562,993

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(309,444	)		–
Dividends to shareholders from tax return of capital		–			–
Total distributions		(309,444	)		–

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		13,629,011			79,064,503	*
Cost of shares redeemed		(9,460,288	)		(17,483,798	)
Net increase from capital share transactions		4,168,723			61,580,705
Net increase in net assets		13,298,104			65,143,698

NET ASSETS:
Beginning of period		65,143,698			–
End of period	$	78,441,802		$	65,143,698

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,473,400			–
Shares sold		480,000			3,183,400
Shares redeemed		(320,000	)		(710,000	)
Shares outstanding, end of period		2,633,400			2,473,400

On August 22, 2023, the Fund received securities in connection with an in-kind subscription transaction. The seed shares totaled 883,398 with a NAV of $25. For financial reporting purposes, these transactions were treated as purchases of securities and recognized based on the market value of the securities. The value of the initial in-kind subscription was $22,084,950.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

Level Four Large Cap Growth Active ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Period August 22, 2023 (Commencement of Operations) to November 30, 2023
NET ASSET VALUE, BEGINNING OF PERIOD	$	26.34		$	25.00

INCOME FROM OPERATIONS:
Net investment income^(a)		0.07			0.07
Net realized and unrealized gain		3.50			1.27
Total from investment operations		3.57			1.34

DISTRIBUTIONS:
From net investment income		(0.12	)		–
Total distributions		(0.12	)		–

NET INCREASE IN NET ASSET VALUE		3.45			1.34
NET ASSET VALUE, END OF PERIOD	$	29.79		$	26.34
TOTAL RETURN^(b)		13.55	%		5.36	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	78,442		$	65,144

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.50	%^(c)		0.50	%^(c)
Ratio of net investment income to average net assets		0.50	%^(c)		1.01	%^(c)
Portfolio turnover rate^(d)		6	%		0	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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, 2024

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

The Sub-Adviser manages multiple separately managed accounts (the “SMAs”) that contributed specific assets to the Fund (the “Contribution”). The Adviser and Sub-Adviser paid all costs surrounding the Contribution. The Contribution was tax free, and the cost basis of the SMAs were carried forward to the Fund for tax and financial reporting purposes. The Contribution resulted in seed shares totaling 883,398 with a Net Asset Value of $25. The details of the Contribution are shown below:

Net Assets				Market Value of Investments				Cost of Investments				Unrealized Appreciation
$	22,084,950			$	22,084,950			$	11,545,722			$	10,539,228

2. SIGNIFICANT ACCOUNTING POLICIES

A. Portfolio Valuation

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

7 | May 31, 2024

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

Valuation techniques used to value the Fund’s investments by major category are as follows:

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

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 –

Level 3 –

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2024:

Level Four Large Cap Growth Active ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	76,915,673	$	–	$	–	$	76,915,673
Short Term Investments		1,509,622		–		–		1,509,622
Total	$	78,425,295	$	–	$	–	$	78,425,295

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

8 | May 31, 2024

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

C. Securities Transactions and Investment Income

D. Dividends and Distributions to Shareholders

E. Federal Tax and Tax Basis Information

The character of distributions made during the fiscal year may differ from its ultimate characterization for federal income tax purposes.

Fund		Short-Term				Long-Term
Level Four Large Cap Growth Active ETF		$	47,999			$	185,802

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Level Four Large Cap Growth Active ETF
Gross appreciation (excess of value over tax cost)	$	12,600,968
Gross depreciation (excess of tax cost over value)		(1,749,976	)
Net unrealized appreciation/(depreciation)	$	10,850,992
Cost of investments for income tax purposes	$	67,574,303

F. Income Taxes

G. Lending of Portfolio Securities

9 | May 31, 2024

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024 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		$	7,757,100			$	4,403,339

For the six month period ended May 31, 2024, 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		$	12,817,751			$	9,349,838

10 | May 31, 2024

Level Four Large Cap Growth Active ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

For the six months ended May 31, 2024, the Level Four Large Cap Growth Active ETF had in-kind net realized gain of $2,846,788.

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

6. MARKET RISK

7. SUBSEQUENT EVENTS

11 | May 31, 2024

Level Four Large Cap Growth Active ETF

Additional Information

May 31, 2024 (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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
Level Four Large Cap Growth Active ETF	100.00%	90.18%

12 | May 31, 2024

Level Four Large Cap Growth Active ETF

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

13 | May 31, 2024

Level Four Large Cap Growth Active ETF

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

14 | May 31, 2024

Level Four Large Cap Growth Active ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	—	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	—	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	—	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	—	$	92,500
Total	$	350,000	$	—	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

15 | May 31, 2024

Level Four Large Cap Growth Active ETF

Item 11 – Statement Regarding Basis

for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

16 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments
RiverFront Dynamic Core Income ETF	2
RiverFront Dynamic US Dividend Advantage ETF	4
RiverFront Strategic Income Fund	6
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets
RiverFront Dynamic Core Income ETF	11
RiverFront Dynamic US Dividend Advantage ETF	12
RiverFront Strategic Income Fund	13
Financial Highlights	14
Notes to Financial Statements and Financial Highlights	17
Additional Information	24
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	25
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	26
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	27
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract	28

alpsfunds.com

RiverFront ETFs

ITEM 7 – Financial Statements and Financial Highlights

for Open-End Management Investment Companies

1 | May 31, 2024

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Principal Amount		Value
*CORPORATE BONDS (76.11%)*
Communications (1.15%)
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025	$	55,000	$	54,444
Comcast Corp.
4.15%, 10/15/2028		239,000		230,520
Total Communications				284,964

Consumer Discretionary (15.33%)
Ford Motor Co.
9.63%, 04/22/2030		335,000		387,741
Ford Motor Credit Co. LLC
7.35%, 11/04/2027		540,000		562,103
General Motors Financial Co., Inc.
6.40%, 01/09/2033		824,000		849,172
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		238,000		228,798
Hyatt Hotels Corp.
5.75%, 04/23/2030		824,000		834,019
Marriott International, Inc.
4.00%, 04/15/2028^(a)		553,000		528,079
Toyota Motor Credit Corp.
3.95%, 06/30/2025		423,000		417,170
Total Consumer Discretionary				3,807,082

Consumer Staples (1.81%)
Dollar Tree, Inc.
4.00%, 05/15/2025		455,000		448,558
Total Consumer Staples				448,558

Energy (8.44%)
Hess Midstream Operations LP
4.25%, 02/15/2030^(b)		238,000		216,543
Kinetik Holdings LP
6.63%, 12/15/2028^(b)		958,000		966,468
Marathon Oil Corp.
4.40%, 07/15/2027		451,000		440,847
Phillips 66 Co.
5.25%, 06/15/2031		478,000		472,948
Total Energy				2,096,806

Financials (28.25%)
Bank of America Corp.
4.25%, 10/22/2026		338,000		329,300
5Y US TI + 3.23%^(c)(d)		595,000		594,906
Blue Owl Credit Income Corp.
7.75%, 01/15/2029^(b)		958,000		995,246
Citigroup, Inc.
4.45%, 09/29/2027		437,000		425,055
6.63%, 06/15/2032		141,000		149,931
FNB Corp.
5.15%, 08/25/2025		496,000		488,551

Security Description	Principal Amount		Value
Financials (continued)
FS KKR Capital Corp.
4.25%, 02/14/2025^(b)	$	459,000	$	453,030
Goldman Sachs Group, Inc.
5.70%, 11/01/2024		540,000		540,122
Host Hotels & Resorts LP
4.00%, 06/15/2025		300,000		294,358
HSBC Holdings PLC
4.38%, 11/23/2026		437,000		425,194
Iron Mountain, Inc.
4.88%, 09/15/2027^(b)		462,000		445,708
JPMorgan Chase & Co.
4.25%, 10/01/2027		282,000		274,631
Morgan Stanley
5.00%, 11/24/2025		502,000		498,039
PNC Financial Services Group, Inc.
5Y US TI + 3.238%^(c)(d)		595,000		586,325
Royal Bank of Canada
6.00%, 11/01/2027		502,000		514,007
Total Financials				7,014,403

Health Care (1.33%)
CVS Health Corp.
4.30%, 03/25/2028		96,000		92,440
HCA, Inc.
5.38%, 09/01/2026		238,000		237,145
Total Health Care				329,585

Industrials (5.11%)
Boeing Co.
4.88%, 05/01/2025		435,000		430,225
Ingersoll Rand, Inc.
5.70%, 08/14/2033		824,000		838,809
Total Industrials				1,269,034

Materials (0.95%)
DuPont de Nemours, Inc.
4.73%, 11/15/2028		238,000		236,221
Total Materials				236,221

Technology (5.39%)
Concentrix Corp.
6.85%, 08/02/2033		824,000		805,911
Micron Technology, Inc.
5.38%, 04/15/2028		531,000		532,522
Total Technology				1,338,433

Utilities (8.35%)
Dominion Energy, Inc.
4.25%, 06/01/2028		553,000		531,843
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		540,000		548,922
Southern California Gas Co.
5.20%, 06/01/2033		484,000		479,538

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2024

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Principal Amount		Value
Utilities (continued)
Vistra Operations Co. LLC
7.75%, 10/15/2031^(b)	$	494,000	$	513,309
Total Utilities				2,073,612

TOTAL CORPORATE BONDS
(Cost $19,262,373)				18,898,698

*GOVERNMENT BONDS (19.92%)*
United States Treasury Bond
6.13%, 08/15/2029		824,000		884,158
4.75%, 11/15/2043		2,584,000		2,584,000
4.00%, 11/15/2052		1,075,000		962,461
3.63%, 05/15/2053		617,000		515,316
TOTAL GOVERNMENT BONDS
(Cost $5,289,359)				4,945,935


	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (2.87%)
Money Market Fund (2.87%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.26	%		712,647		712,647

TOTAL SHORT TERM INVESTMENTS
(Cost $712,647)							712,647

TOTAL INVESTMENTS (98.90%)
(Cost $25,264,379)						$	24,557,280
OTHER ASSETS IN EXCESS OF LIABILITIES (1.10%)							272,421
NET ASSETS - 100.00%						$	24,829,701

Investment Abbreviations:

TI - Treasury Index

Reference Rates:

5Y US TI - 5 Year US TI as of May 31, 2024 was 4.52%

^(a)

^(b)

^(c)

^(d)

Securities are perpetual and thus do not have a predetermined maturity date.

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2024

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.99%)
Communication Services (6.22%)
Alphabet, Inc., Class A		3,927	$	677,408
Alphabet, Inc., Class C		11,292		1,964,356
AT&T, Inc.		39,824		725,593
Meta Platforms, Inc., Class A		1,963		916,387
TEGNA, Inc.		30,247		450,983
Total Communication Services				4,734,727

Consumer Discretionary (11.13%)
Amazon.com, Inc.^(a)		17,464		3,081,348
Booking Holdings, Inc.		427		1,612,501
Ethan Allen Interiors, Inc.		17,653		513,879
H&R Block, Inc.		24,975		1,239,759
Nordstrom, Inc.^(b)		31,125		687,863
Perdoceo Education Corp.		36,494		821,115
Upbound Group, Inc.		15,659		513,928
Total Consumer Discretionary				8,470,393

Consumer Staples (3.42%)
Altria Group, Inc.		12,628		584,045
Coca-Cola Co.		8,574		539,562
Philip Morris International, Inc.		2,962		300,288
Vector Group, Ltd.		107,296		1,177,037
Total Consumer Staples				2,600,932

Energy (12.67%)
Antero Midstream Corp.		92,650		1,357,323
Berry Corp.		81,602		568,766
Coterra Energy, Inc.		18,581		529,930
Devon Energy Corp.		9,219		452,469
EnLink Midstream LLC		70,699		897,170
EOG Resources, Inc.		9,342		1,163,546
Equitrans Midstream Corp.		131,347		1,875,635
Exxon Mobil Corp.		16,019		1,878,388
Kinder Morgan, Inc.		47,360		923,046
Total Energy				9,646,273

Financials (13.78%)
Bank of America Corp.		19,985		799,200
Fidelity National Information Services, Inc.		15,944		1,209,831
First Horizon National Corp.		45,185		715,731
FNB Corp.		31,925		439,607
Fulton Financial Corp.		30,560		514,630
Horizon Bancorp, Inc.		48,890		597,436
New York Community Bancorp, Inc.^(b)		39,949		131,432
Old Republic International Corp.		37,844		1,202,682
OneMain Holdings, Inc.		12,575		617,684
Ready Capital Corp.		42,195		350,219
Starwood Property Trust, Inc.		17,325		336,798
US Bancorp		28,350		1,149,593
Valley National Bancorp		60,602		432,092
Veritex Holdings, Inc.		21,853		445,801
Visa, Inc., Class A		3,565		971,320

Security Description	Shares		Value
Financials (continued)
Western Union Co.		44,825	$	573,760
Total Financials				10,487,816

Health Care (8.29%)
Amgen, Inc.		2,036		622,711
Bristol-Myers Squibb Co.		17,472		717,924
Cigna Group		3,540		1,219,955
CVS Health Corp.		18,642		1,111,063
Merck & Co., Inc.		12,857		1,614,068
Pfizer, Inc.		18,229		522,443
Viatris, Inc.		46,965		497,829
Total Health Care				6,305,993

Industrials (3.63%)
3M Co.		4,912		491,888
ACCO Brands Corp.		74,013		376,726
Lockheed Martin Corp.		1,148		539,951
MSC Industrial Direct Co. Inc, Class A, Class A		5,788		497,189
Paychex, Inc.		4,130		496,261
Resources Connection, Inc.		31,654		362,438
Total Industrials				2,764,453

Information Technology (28.93%)
Apple, Inc.		29,798		5,728,665
Cisco Systems, Inc.		25,863		1,202,629
Hewlett Packard Enterprise Co.		70,417		1,242,860
International Business Machines Corp.		7,070		1,179,630
Microsoft Corp.		15,467		6,420,816
NVIDIA Corp.		5,694		6,242,503
Total Information Technology				22,017,103

Materials (1.52%)
Greif, Inc.		7,385		481,871
Mercer International, Inc.		71,410		678,395
Total Materials				1,160,266

Real Estate (5.64%)
Camden Property Trust		4,382		449,812
Invitation Homes, Inc.		15,422		536,531
Medical Properties Trust, Inc.		112,946		605,391
Piedmont Office Realty Trust, Inc., Class A		36,971		269,519
SITE Centers Corp.		47,162		680,076
Tanger, Inc.		30,603		849,233
Universal Health Realty Income Trust		23,973		900,905
Total Real Estate				4,291,467

Utilities (4.76%)
Clearway Energy, Inc., Class C		44,661		1,250,508
Evergy, Inc.		7,792		425,911
Public Service Enterprise Group, Inc.		14,235		1,078,444

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2024

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Shares		Value
Utilities (continued)
Spire, Inc.		14,157	$	867,682
Total Utilities				3,622,545

TOTAL COMMON STOCKS
(Cost $65,084,294)				76,101,968

		Shares		Value
SHORT TERM INVESTMENTS (0.04%)
Investments Purchased with Collateral from Securities Loaned (0.04%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%
(Cost $32,250)		32,250		32,250
TOTAL SHORT TERM INVESTMENTS

(Cost $32,250)				32,250

TOTAL INVESTMENTS (100.03%)
(Cost $65,116,544)			$	76,134,218
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.03%)				(24,286	)
NET ASSETS - 100.00%			$	76,109,932

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $151,439.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2024

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Principal Amount		Value
*CORPORATE BONDS (80.98%)*
Communications (4.98%)
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026^(a)	$	408,000	$	403,231
Charter Communications Operating LLC / Charter Communications Operating Capital
6.15%, 11/10/2026		1,099,000		1,107,128
Netflix, Inc.
4.38%, 11/15/2026		755,000		740,564
Sirius XM Radio, Inc.
5.00%, 08/01/2027^(a)		880,000		836,458
T-Mobile USA, Inc.
4.75%, 02/01/2028		1,332,000		1,307,572
Warnermedia Holdings, Inc.
6.41%, 03/15/2026		431,000		430,980
Total Communications				4,825,933

Consumer Discretionary (13.12%)
Ford Motor Credit Co. LLC
6.95%, 03/06/2026		924,000		938,956
General Motors Financial Co., Inc.
5.40%, 04/06/2026		870,000		867,199
Goodyear Tire & Rubber Co.
5.00%, 05/31/2026		974,000		950,077
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/2028^(a)		1,099,000		1,089,538
Hyatt Hotels Corp.
5.75%, 01/30/2027		895,000		902,499
International Game Technology PLC
6.50%, 02/15/2025^(a)		220,000		220,611
Las Vegas Sands Corp.
6.00%, 08/15/2029		1,000,000		1,002,990
Lennar Corp.
4.75%, 11/29/2027		900,000		888,235
Marriott International, Inc.
4.90%, 04/15/2029		870,000		854,521
MGM Resorts International
5.50%, 04/15/2027		952,000		937,103
Newell Brands, Inc.
6.38%, 09/15/2027		1,099,000		1,082,514
Nissan Motor Co., Ltd.
3.52%, 09/17/2025^(a)		900,000		871,744
PulteGroup, Inc.
5.50%, 03/01/2026		1,190,000		1,190,071
Volkswagen Group of America Finance LLC
6.45%, 11/16/2030^(a)		885,000		926,260
Total Consumer Discretionary				12,722,318

Security Description	Principal Amount		Value
Consumer Staples (2.71%)
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 01/23/2029	$	808,000	$	801,788
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl
5.13%, 02/01/2028		880,000		866,376
Post Holdings, Inc.
6.25%, 02/15/2032^(a)		964,000		959,495
Total Consumer Staples				2,627,659

Energy (6.11%)
Columbia Pipelines Holding Co. LLC
6.04%, 08/15/2028^(a)		924,000		940,026
DCP Midstream Operating LP
5.38%, 07/15/2025		489,000		487,786
EQM Midstream Partners LP
6.38%, 04/01/2029^(a)		860,000		859,025
Hess Midstream Operations LP
6.50%, 06/01/2029^(a)		1,000,000		1,010,988
Kinetik Holdings LP
6.63%, 12/15/2028^(a)		938,000		946,291
Reliance Industries, Ltd.
4.13%, 01/28/2025^(a)		744,000		736,275
Sunoco LP / Sunoco Finance Corp.
7.00%, 09/15/2028^(a)		924,000		940,878
Total Energy				5,921,269

Financials (25.23%)
Aircastle, Ltd.
6.50%, 07/18/2028^(a)		945,000		961,197
American Express Co.
5.85%, 11/05/2027		988,000		1,010,393
Ares Capital Corp.
7.00%, 01/15/2027		880,000		898,688
Avolon Holdings Funding, Ltd.
6.38%, 05/04/2028^(a)		958,000		970,197
Banco Santander SA
5.15%, 08/18/2025		880,000		872,421
Bank of America Corp.
4.25%, 10/22/2026		1,224,000		1,192,494
Blackstone Secured Lending Fund
3.63%, 01/15/2026		892,000		855,525
Block, Inc.
6.50%, 05/15/2032^(a)		976,000		984,173
Blue Owl Credit Income Corp.
7.75%, 01/15/2029^(a)		880,000		914,213
Blue Owl Technology Finance Corp. II
6.75%, 04/04/2029^(a)		952,000		935,514
Capital One Financial Corp.
4.20%, 10/29/2025		808,000		791,817
Citigroup, Inc.
4.45%, 09/29/2027		1,224,000		1,190,544
EPR Properties
4.75%, 12/15/2026		761,000		734,824

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2024

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description	Principal Amount		Value
Financials (continued)
FS KKR Capital Corp.
3.40%, 01/15/2026	$	900,000	$	856,256
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		1,224,000		1,202,107
HSBC USA, Inc.
5.29%, 03/04/2027		964,000		965,864
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 09/15/2024		953,000		953,614
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		854,000		823,884
JPMorgan Chase & Co.
4.25%, 10/01/2027		1,224,000		1,192,017
KeyBank NA/Cleveland OH
5.85%, 11/15/2027		941,000		934,775
Omega Healthcare Investors, Inc.
5.25%, 01/15/2026		495,000		489,694
OneMain Finance Corp.
6.63%, 01/15/2028		1,000,000		994,228
Penske Truck Leasing Co. Lp / PTL Finance Corp.
6.05%, 08/01/2028^(a)		945,000		964,239
Royal Bank of Canada
6.00%, 11/01/2027		988,000		1,011,632
Starwood Property Trust, Inc.
4.75%, 03/15/2025		755,000		742,840
VICI Properties LP / VICI Note Co., Inc.
4.25%, 12/01/2026^(a)		1,063,000		1,022,521
Total Financials				24,465,671

Health Care (3.14%)
DaVita, Inc.
4.63%, 06/01/2030^(a)		854,000		765,217
GE HealthCare Technologies, Inc.
5.60%, 11/15/2025		941,000		941,642
HCA, Inc.
5.38%, 02/01/2025		384,000		382,758
5.63%, 09/01/2028		952,000		956,586
Total Health Care				3,046,203

Industrials (8.82%)
Boeing Co.
4.88%, 05/01/2025		900,000		890,121
Hillenbrand, Inc.
6.25%, 02/15/2029		952,000		947,797
L3Harris Technologies, Inc.
5.40%, 07/31/2033		1,180,000		1,168,848
MasTec, Inc.
4.50%, 08/15/2028^(a)		824,000		777,287
Sensata Technologies BV
5.00%, 10/01/2025^(a)		755,000		761,132
TransDigm, Inc.
6.38%, 03/01/2029^(a)		964,000		963,367
Trinity Industries, Inc.
7.75%, 07/15/2028^(a)		1,000,000		1,032,115

Security Description	Principal Amount		Value
Industrials (continued)
United Rentals North America, Inc.
6.00%, 12/15/2029^(a)	$	924,000	$	920,213
WESCO Distribution, Inc.
7.13%, 06/15/2025^(a)		1,093,000		1,093,683
Total Industrials				8,554,563

Materials (8.45%)
Alcoa Nederland Holding BV
4.13%, 03/31/2029^(a)		521,000		480,011
7.13%, 03/15/2031^(a)		952,000		974,348
ArcelorMittal SA
6.55%, 11/29/2027		941,000		971,688
Ball Corp.
6.00%, 06/15/2029		952,000		953,848
Berry Global, Inc.
4.88%, 07/15/2026^(a)		400,000		393,642
Celanese US Holdings LLC
6.55%, 11/15/2030		945,000		985,768
Freeport-McMoRan, Inc.
5.00%, 09/01/2027		423,000		417,402
Methanex Corp.
5.13%, 10/15/2027		785,000		759,012
Sasol Financing USA LLC
4.38%, 09/18/2026		495,000		463,827
Sealed Air Corp./Sealed Air Corp US
6.13%, 02/01/2028^(a)		952,000		945,647
Standard Industries, Inc.
5.00%, 02/15/2027^(a)		880,000		853,680
Total Materials				8,198,873

Technology (2.87%)
CDW LLC / CDW Finance Corp.
3.57%, 12/01/2031		8,000		6,910
Concentrix Corp.
6.60%, 08/02/2028		1,332,000		1,341,945
Gen Digital, Inc.
5.00%, 04/15/2025^(a)		627,000		621,879
Microchip Technology, Inc.
4.25%, 09/01/2025		824,000		810,998
Total Technology				2,781,732

Utilities (5.55%)
American Electric Power Co., Inc.
5.75%, 11/01/2027		988,000		1,002,333
AmeriGas Partners LP / AmeriGas Finance Corp.
5.88%, 08/20/2026		829,000		802,370
Calpine Corp.
5.25%, 06/01/2026^(a)		408,000		403,264
NextEra Energy Operating Partners LP
4.25%, 07/15/2024^(a)		1,096,000		1,094,315

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2024

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2024 (Unaudited)

Security Description			Principal Amount		Value
Utilities (continued)
NRG Energy, Inc.
6.63%, 01/15/2027			$	258,000	$	257,912
5.75%, 01/15/2028				880,000		863,685
Vistra Operations Co. LLC
7.75%, 10/15/2031^(a)				924,000		960,117
Total Utilities						5,383,996

TOTAL CORPORATE BONDS
(Cost $79,920,191)						78,528,217

*GOVERNMENT BONDS (15.92%)*
U.S. Treasury Note
4.00%, 07/31/2030				1,891,000		1,836,818
United States Treasury Bond
6.13%, 08/15/2029				2,217,000		2,378,858
4.75%, 11/15/2043				4,248,000		4,248,000
4.00%, 11/15/2052				7,790,000		6,974,485
TOTAL GOVERNMENT BONDS
(Cost $17,054,351)						15,438,161

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.49%)
Money Market Fund (1.49%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)	5.26	%		1,448,867		1,448,867

TOTAL SHORT TERM INVESTMENTS
(Cost $1,448,867)						1,448,867

TOTAL INVESTMENTS (98.39%)
(Cost $98,423,409)					$	95,415,245
OTHER ASSETS IN EXCESS OF LIABILITIES (1.61%)						1,563,072
NET ASSETS - 100.00%					$	96,978,317

^(a)

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2024

RiverFront ETFs

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF		RiverFront Strategic Income Fund
ASSETS:
Investments, at value^(a)	$	24,557,280		$	76,134,218	$	95,415,245
Cash		–			–		460,444
Dividend receivable		–			86,130		–
Interest receivable		283,164			535		1,140,805
Total Assets		24,840,444			76,220,883		97,016,494

LIABILITIES:
Payable to adviser		10,743			33,343		38,177
Payable to custodian for overdraft		–			45,358		–
Payable for collateral upon return of securities loaned		–			32,250		–
Total Liabilities		10,743			110,951		38,177
NET ASSETS	$	24,829,701		$	76,109,932	$	96,978,317

NET ASSETS CONSIST OF:
Paid-in capital	$	29,094,782		$	70,906,335	$	114,923,619
Total distributable earnings/(accumulated losses)		(4,265,081	)		5,203,597		(17,945,302	)
NET ASSETS	$	24,829,701		$	76,109,932	$	96,978,317

INVESTMENTS, AT COST	$	25,264,379		$	65,116,544	$	98,423,409

PRICING OF SHARES
Net Assets	$	24,829,701		$	76,109,932	$	96,978,317
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,125,000			1,475,002		4,275,000
Net Asset Value, offering and redemption price per share	$	22.07		$	51.60	$	22.68

^(a)

Includes $-, $151,439, and $-, respectively, of securities on loan.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2024

RiverFront ETFs

Statements of Operations

For the Six Months Ended May 31, 2024 (Unaudited)

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF		RiverFront Strategic Income Fund
INVESTMENT INCOME:
Interest	$	594,152		$	–	$	2,318,182
Dividends		18,359			1,182,598		62,093
Securities Lending Income		–			4,454		–
Total Investment Income		612,511			1,187,052		2,380,275

EXPENSES:
Investment adviser and sub-adviser fees (Note 3)		65,522			195,064		234,269
Total Expenses		65,522			195,064		234,269
NET INVESTMENT INCOME		546,989			991,988		2,146,006

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(a)		(351,720	)		1,207,420		(1,622,603	)
NET REALIZED GAIN/(LOSS)		(351,720	)		1,207,420		(1,622,603	)
Net change in unrealized appreciation on investments		551,571			8,225,938		2,529,899
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)		551,571			8,225,938		2,529,899
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		199,851			9,433,358		907,296
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	746,840		$	10,425,346	$	3,053,302

^(a)

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.

10 | May 31, 2024

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	546,989		$	1,118,562
Net realized loss		(351,720	)		(2,678,063	)
Net change in unrealized appreciation		551,571			2,316,487
Net increase in net assets resulting from operations		746,840			756,986

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(543,437	)		(1,130,961	)
Total distributions		(543,437	)		(1,130,961	)

CAPITAL SHARE TRANSACTIONS:
Shares redeemed		(1,112,113	)		(17,228,796	)
Net decrease from share transactions		(1,112,113	)		(17,228,796	)

Net decrease in net assets		(908,710	)		(17,602,771	)

NET ASSETS:
Beginning of period		25,738,411			43,341,182
End of period	$	24,829,701		$	25,738,411

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,175,000			1,950,000
Shares redeemed		(50,000	)		(775,000	)
Shares outstanding, end of period		1,125,000			1,175,000

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2024

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	991,988		$	2,186,831
Net realized gain		1,207,420			554,903
Net change in unrealized appreciation		8,225,938			189,124
Net increase in net assets resulting from operations		10,425,346			2,930,858

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,244,108	)		(2,143,621	)
Total distributions		(1,244,108	)		(2,143,621	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			2,355,358
Shares redeemed		(6,152,478	)		(22,942,546	)
Net decrease from share transactions		(6,152,478	)		(20,587,188	)

Net increase/(decrease) in net assets		3,028,760			(19,799,951	)

NET ASSETS:
Beginning of period		73,081,172			92,881,123
End of period	$	76,109,932		$	73,081,172

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,600,002			2,075,002
Shares sold		–			50,000
Shares redeemed		(125,000	)		(525,000	)
Shares outstanding, end of period		1,475,002			1,600,002

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2024

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023
OPERATIONS:
Net investment income	$	2,146,006		$	3,767,987
Net realized loss		(1,622,603	)		(1,911,709	)
Net change in unrealized appreciation		2,529,899			1,453,519
Net increase in net assets resulting from operations		3,053,302			3,309,797

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,156,511	)		(3,786,149	)
Total distributions		(2,156,511	)		(3,786,149	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,440,863			23,160,799
Shares redeemed		(18,871,961	)		(15,931,141	)
Net increase/(decrease) from share transactions		(15,431,098	)		7,229,658

Net increase/(decrease) in net assets		(14,534,307	)		6,753,306

NET ASSETS:
Beginning of period		111,512,624			104,759,318
End of period	$	96,978,317		$	111,512,624

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,950,000			4,625,000
Shares sold		150,000			1,025,000
Shares redeemed		(825,000	)		(700,000	)
Shares outstanding, end of period		4,275,000			4,950,000

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2024

RiverFront Dynamic Core Income ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	21.91		$	22.23		$	25.35		$	26.21		$	25.22		$	23.52

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.47			0.75			0.47			0.47			0.50			0.68
Net realized and unrealized gain/(loss)		0.16			(0.29	)		(2.71	)		(0.87	)		0.99			1.70
Total from investment operations		0.63			0.46			(2.24	)		(0.40	)		1.49			2.38

DISTRIBUTIONS:
From net investment income		(0.47	)		(0.78	)		(0.50	)		(0.46	)		(0.50	)		(0.68	)
From net realized gains		–			–			(0.38	)		–			–			–
Total distributions		(0.47	)		(0.78	)		(0.88	)		(0.46	)		(0.50	)		(0.68	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.16			(0.32	)		(3.12	)		(0.86	)		0.99			1.70
NET ASSET VALUE, END OF PERIOD	$	22.07		$	21.91		$	22.23		$	25.35		$	26.21		$	25.22
TOTAL RETURN^(b)		2.89	%		2.12	%		(9.02	)%		(1.51	)%		5.97	%		10.22	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	24,830		$	25,738		$	43,341		$	117,873		$	112,724		$	134,951

Ratio of expenses to average net assets		0.51	%^(c)		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		4.26	%^(c)		3.40	%		2.03	%		1.83	%		1.94	%		2.74	%
Portfolio turnover rate^(d)		13	%		54	%		50	%		45	%		11	%		6	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

Annualized.

^(d)

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, 2024

RiverFront Dynamic US Dividend Advantage ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	45.68		$	44.76		$	44.92		$	37.03		$	33.98		$	31.19

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.65			1.25			1.46			0.62			0.56			0.65
Net realized and unrealized gain/(loss)		6.08			0.89			(0.21	)		7.90			3.08			2.81
Total from investment operations		6.73			2.14			1.25			8.52			3.64			3.46

DISTRIBUTIONS:
From net investment income		(0.81	)		(1.22	)		(1.41	)		(0.63	)		(0.59	)		(0.67	)
Total distributions		(0.81	)		(1.22	)		(1.41	)		(0.63	)		(0.59	)		(0.67	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		5.92			0.92			(0.16	)		7.89			3.05			2.79
NET ASSET VALUE, END OF PERIOD	$	51.60		$	45.68		$	44.76		$	44.92		$	37.03		$	33.98
TOTAL RETURN^(b)		14.82	%		4.96	%		2.86	%		23.13	%		10.92	%		11.29	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	76,110		$	73,081		$	92,881		$	132,524		$	133,294		$	130,828

Ratio of expenses to average net assets		0.52	%^(c)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		2.64	%^(c)		2.84	%		3.23	%		1.47	%		1.68	%		2.05	%
Portfolio turnover rate^(d)		4	%		50	%		104	%		0	%		75	%		64	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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, 2024

RiverFront Strategic Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.53		$	22.65		$	24.53		$	24.79		$	24.69		$	24.27

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.48			0.78			0.55			0.55			0.81			0.94
Net realized and unrealized gain/(loss)		0.16			(0.12	)		(1.82	)		(0.18	)		0.13	^(b)		0.48
Total from investment operations		0.64			0.66			(1.27	)		0.37			0.94			1.42

DISTRIBUTIONS:
From net investment income		(0.49	)		(0.78	)		(0.61	)		(0.63	)		(0.84	)		(1.00	)
Total distributions		(0.49	)		(0.78	)		(0.61	)		(0.63	)		(0.84	)		(1.00	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.15			(0.12	)		(1.88	)		(0.26	)		0.10			0.42
NET ASSET VALUE, END OF PERIOD	$	22.68		$	22.53		$	22.65		$	24.53		$	24.79		$	24.69
TOTAL RETURN^(c)		2.83	%		2.98	%		(5.20	)%		1.52	%		3.95	%		5.96	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	96,978		$	111,513		$	104,759		$	142,893		$	118,984		$	167,889

Ratio of expenses excluding waiver/reimbursement to average net assets		0.46	%^(d)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Ratio of expenses including waiver/reimbursement to average net assets		0.46	%^(d)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Ratio of net investment income including expenses waiver/reimbursement to average net assets		4.21	%^(d)		3.47	%		2.35	%		2.23	%		3.32	%		3.83	%
Portfolio turnover rate^(e)		23	%		52	%		24	%		50	%		54	%		44	%

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

^(d)

Annualized.

^(e)

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, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Portfolio Valuation

Corporate bonds and United States government bonds are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service.

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

17 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (Unaudited)

B. Fair Value Measurements

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

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.

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 –

Level 3 –

18 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2024:

RiverFront Dynamic Core Income ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds*	$	–	$	18,898,698	$	–	$	18,898,698
Government Bonds*		–		4,945,935		–		4,945,935
Short Term Investments		712,647		–		–		712,647
Total	$	712,647	$	23,844,633	$	–	$	24,557,280

RiverFront Dynamic US Dividend Advantage ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	76,101,968	$	–	$	–	$	76,101,968
Short Term Investments		32,250		–		–		32,250
Total	$	76,134,218	$	–	$	–	$	76,134,218

RiverFront Strategic Income Fund

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds*	$	–	$	78,528,217	$	–	$	78,528,217
Government Bonds*		–		15,438,161		–		15,438,161
Short Term Investments		1,448,867		–		–		1,448,867
Total	$	1,448,867	$	93,966,378	$	–	$	95,415,245

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

C. Securities Transactions and Investment Income

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, 2024.

The tax character of the distributions paid during the fiscal year ended November 30, 2023 was as follows:

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2023

RiverFront Dynamic Core Income ETF

1,130,961

–

RiverFront Dynamic US Dividend Advantage ETF

2,143,621

–

RiverFront Strategic Income Fund

3,786,149

–

19 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (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, 2023, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
RiverFront Dynamic Core Income ETF	$	1,831,505	$	1,365,315
RiverFront Dynamic US Dividend Advantage ETF		6,692,855		247,427
RiverFront Strategic Income Fund		7,813,865		5,272,021

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

Fund	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Strategic Income Fund
Gross appreciation (excess of value over tax cost)	$	150,034		$	16,284,657		$	428,390
Gross depreciation (excess of tax cost over value)		(857,133	)		(5,266,983	)		(3,436,554	)
Net unrealized appreciation/(depreciation)		(707,099	)		11,017,674			(3,008,164	)
Cost of investments for income tax purposes	$	25,264,379		$	65,116,544		$	98,423,409

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and difference between premium amortization due to Accounting Standards Update 2017-08. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2024.

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, 2024, 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.

20 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (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, 2024:

Fund		Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
RiverFront Dynamic US Dividend Advantage ETF		$	151,439			$	32,250			$	122,951			$	155,201

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, 2024, Riverfront Dynamic Core Income ETF and Riverfront Strategic Income ETF did not have any securities on loan.

RiverFront Dynamic US Dividend Advantage ETF			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	$	32,250	$	–	$	–	$	–	$	32,250
Total Borrowings										32,250
Gross amount of recognized liabilities for securities lending (collateral received)									$	32,250

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

Fund	Advisory Fee
RiverFront Dynamic Core Income ETF	0.51%^(a)
RiverFront Dynamic US Dividend Advantage ETF	0.52%^(b)
RiverFront Strategic Income Fund	0.11%

^(a)

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.

^(b)

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%

21 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (Unaudited)

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator for the Funds.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2024, 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
RiverFront Dynamic Core Income ETF	$	1,518,950	$	434,479
RiverFront Dynamic US Dividend Advantage ETF		2,684,482		2,716,788
RiverFront Strategic Income Fund		18,022,354		14,177,071

For the six months ended May 31, 2024, 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	$	2,786,809	$	2,785,911
RiverFront Strategic Income Fund		5,148,759		12,821,615

For the six months ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	–	$	1,081,474
RiverFront Dynamic US Dividend Advantage ETF		–		6,141,200
RiverFront Strategic Income Fund		3,352,210		16,862,418

For the six months ended May 31, 2024, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
RiverFront Dynamic Core Income ETF	$	(26,213	)
RiverFront Dynamic US Dividend Advantage ETF		809,401
RiverFront Strategic Income Fund		160,791

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.

22 | May 31, 2024

RiverFront ETFs
Notes to Financial Statements and Financial Highlights	May 31, 2024 (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 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

23 | May 31, 2024

RiverFront ETFs

Additional Information

May 31, 2024 (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, 2023:

	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	90.63%	83.19%	9.37%
RiverFront Strategic Income Fund	0.00%	0.00%	0.00%

24 | May 31, 2024

RiverFront ETFs

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

25 | May 31, 2024

RiverFront ETFs

Item 9 – Proxy Disclosures
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

26 | May 31, 2024

RiverFront ETFs

Item 10 – Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies

May 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	—	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	—	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	—	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	—	$	92,500
Total	$	350,000	$	—	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

27 | May 31, 2024

RiverFront ETFs

Item 11 – Statement Regarding Basis
for Approval of Investment Advisory Contract

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

28 | May 31, 2024

Table of Contents

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies	1
Schedule of Investments	2
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements and Financial Highlights	17
Additional Information	22
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies	23
Item 9 – Proxy Disclosures for Open-End Management Investment Companies	24
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	25
Item 11 – Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract	26

alpsfunds.com

ALPS | Smith Core Plus Bond ETF

ITEM 7 – Financial Statements and Financial Highlights
for Open-End Management Investment Companies

1 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

Secuirty Description	Principal Amount		Value (Note 2)
BANK LOANS (1.94%)

Aerospace & Defense (0.39%)
TransDigm, Inc.
1M US SOFR + 3.25%, 02/28/2031^(a)	$	2,757,175	$	2,771,306

Casinos & Gaming (0.20%)
Caesars Entertainment, Inc.
1M US SOFR + 2.75%, 02/06/2031^(a)		1,500,000		1,506,562

Consumer Finance (0.56%)
Boost Newco Borrower LLC
1D US SOFR + 3.00%, 01/31/2031^(a)		4,095,000		4,117,461

Financial Services (0.07%)
Jane Street Group LLC
1M US SOFR + 2.50%, 01/26/2028^(a)		527,000		529,337

Industrials (0.38%)
Chart Industries, Inc.
1M US SOFR + 3.25%, 03/18/2030^(a)		1,200,000		1,207,128
GFL Environmental, Inc.
3M US SOFR + 2.50%, 05/28/2027^(a)		1,595,990		1,607,298
Total Industrials				2,814,426

Pipeline (0.27%)
Buckeye Partners LP
1M US SOFR + 2.00%, 11/22/2030^(a)		1,985,000		1,991,818

Travel & Lodging (0.07%)
Carnival Corp.
1M US SOFR + 2.75%, 08/09/2027^(a)		492,500		496,317

TOTAL BANK LOANS
(Cost $14,210,833)				14,227,227

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (3.12%)

Fannie Mae
Series 2002-60, Class FV,
30D US SOFR + 1.114%, 04/25/2032^(a)	$	8,922	$	9,001

	Principal Amount		Value (Note 2)
Series 2003-18, Class A1,
6.500%, 12/25/2042	$	41,087	$	40,932
Series 2003-30, Class JQ,
5.500%, 04/25/2033		2,497		2,489
Series 2003-47, Class PE,
5.750%, 06/25/2033		39,697		39,957
Series 2005-122, Class PY,
6.000%, 01/25/2036		29,658		29,955
Series 2005-3, Class CH,
5.250%, 02/25/2035		4,659		4,664
Series 2005-48, Class TD,
5.500%, 06/25/2035		21,019		21,204
Series 2006-125, Class KY,
5.500%, 01/25/2037		207,815		206,952
Series 2006-78, Class BZ,
6.500%, 08/25/2036		344,617		353,634
Series 2008-6, Class A,
5.000%, 02/25/2038		195,616		189,372
Series 2009-106, Class DZ,
4.500%, 01/25/2040		150,825		143,989
Series 2010-141, Class AL,
4.000%, 12/25/2040		16,891		15,974
Series 2010-41, Class NB,
5.000%, 05/25/2040		80,310		79,429
Series 2010-85, Class NJ,
4.500%, 08/25/2040		441,800		426,402
Series 2010-9, Class ME,
5.000%, 02/25/2040		28,838		28,656
Series 2011-121, Class JP,
4.500%, 12/25/2041		15,622		15,043
Series 2011-145, Class JA,
4.500%, 12/25/2041		5,926		5,755
Series 2011-148, Class P,
4.000%, 09/25/2041		186,614		180,382
Series 2011-29, Class JC,
4.000%, 03/25/2041		230,280		214,988
Series 2012-103, Class PY,
3.000%, 09/25/2042		8,000		6,519
Series 2012-108, Class PL,
3.000%, 10/25/2042		25,000		21,877
Series 2012-111, Class B,
7.000%, 10/25/2042		4,433		4,655
Series 2012-112, Class DA,
3.000%, 10/25/2042		200,588		176,874
Series 2012-120, Class QC,
2.500%, 11/25/2042		151,000		103,536
Series 2012-128, Class NP,
2.500%, 11/25/2042		78,175		49,677
Series 2012-136, Class PL,
3.500%, 12/25/2042		418,000		374,574
Series 2012-137, Class CZ,
4.000%, 12/25/2042		158,286		143,531
Series 2012-139, Class GB,
2.500%, 12/25/2042		50,000		32,069
Series 2012-152, Class PB,
3.500%, 01/25/2043		22,000		20,675

2 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2012-16, Class K,
4.000%, 10/25/2041	$	101,460	$	97,744
Series 2012-17, Class JA,
3.500%, 12/25/2041		73,734		66,746
Series 2012-19, Class CB,
3.500%, 03/25/2042		265,000		235,084
Series 2012-26, Class MA,
3.500%, 03/25/2042		46,247		42,052
Series 2012-28, Class PT,
4.000%, 03/25/2042		330,432		307,436
Series 2012-29, Class NM,
3.500%, 04/25/2042		50,000		39,862
Series 2012-30, Class DZ,
4.000%, 04/25/2042		211,136		197,503
Series 2012-39, Class NB,
4.000%, 04/25/2042		32,000		26,293
Series 2012-47, Class HF,
30D US SOFR + 0.514%, 05/25/2027^(a)		11,703		11,705
Series 2012-51, Class HJ,
3.500%, 05/25/2042		62,156		51,413
Series 2012-56, Class WB,
3.500%, 05/25/2042		9,138		8,227
Series 2012-83, Class AC,
3.000%, 08/25/2042		85,000		70,774
Series 2012-90, Class PB,
2.500%, 01/25/2042		75,050		69,797
Series 2013-18, Class NG,
2.000%, 12/25/2042		50,895		43,707
Series 2013-35, Class KL,
2.000%, 04/25/2033		109,708		99,342
Series 2013-37, Class PK,
3.500%, 04/25/2043		300,000		263,883
Series 2013-41, Class JL,
1.500%, 04/25/2038		205,985		181,977
Series 2013-44, Class Z,
3.000%, 05/25/2043		697,578		503,546
Series 2013-67, Class KZ,
2.500%, 04/25/2043		142,582		110,532
Series 2013-7, Class PZ,
2.000%, 02/25/2043		188,126		103,631
Series 2013-86, Class LG,
3.500%, 08/25/2043		178,000		146,429
Series 2013-86, Class Z,
3.000%, 08/25/2043		171,693		119,517
Series 2013-9, Class BC,
6.500%, 07/25/2042		165,164		170,916
Series 2014-14, Class PA,
3.500%, 02/25/2044		109,387		104,182
Series 2014-6, Class Z,
2.500%, 02/25/2044		258,884		216,505
Series 2015-47, Class AY,
3.000%, 07/25/2045		87,788		75,150
Series 2015-58, Class ZL,
3.000%, 08/25/2045		260,600		212,629

	Principal Amount		Value (Note 2)
Series 2016-26, Class PA,
3.000%, 10/25/2045	$	130,037	$	118,004
Series 2016-28, Class TA,
3.250%, 07/25/2043		494,202		368,956
Series 2016-37, Class BK,
3.000%, 06/25/2046		69,664		64,897
Series 2016-42, Class DA,
3.000%, 07/25/2045		123,794		113,451
Series 2016-6, Class PA,
3.000%, 11/25/2044		133,808		124,428
Series 2017-10, Class FA,
30D US SOFR + 0.514%, 03/25/2047^(a)		29,527		29,006
Series 2017-25, Class QH,
3.000%, 04/25/2047		309,046		263,993
Series 2017-38, Class JA,
3.000%, 03/25/2047		63,645		55,423
Series 2017-38, Class JG,
2.500%, 03/25/2047		356,890		303,521
Series 2017-98, Class JC,
2.500%, 11/25/2047		160,178		135,647
Series 2018-15, Class KG,
2.500%, 01/25/2048		103,333		85,210
Series 2018-25, Class AL,
3.500%, 04/25/2048		98,000		82,952
Series 2018-35, Class LB,
3.500%, 05/25/2048		106,000		89,354
Series 2018-8, Class KL,
2.500%, 03/25/2047		100,914		86,844
Series 2018-94, Class KD,
3.500%, 12/25/2048		73,746		65,110
Series 2019-74, Class GL,
3.500%, 12/25/2049		174,253		122,853
Series 2019-81, Class ML,
2.500%, 01/25/2050		119,847		72,055
Series 2020-10, Class DA,
3.500%, 03/25/2060		101,052		86,390
Series 2021-6, Class KU,
1.500%, 02/25/2051		152,621		83,421
Series 2021-66, Class HU,
1.500%, 10/25/2051		99,999		46,149
Series 2021-72, Class NA,
1.500%, 10/25/2051		98,025		52,334
Series 2021-87, Class QB,
2.000%, 12/25/2051		46,342		26,406
Series 2021-94, Class PU,
2.000%, 01/25/2052		39,318		23,761
				9,019,512
Freddie Mac
Series 1998-2034, Class Z,
6.500%, 02/15/2028		6,711		6,754
Series 2002-2412, Class OF,
30D US SOFR + 1.064%, 12/15/2031^(a)		43,107		43,501
Series 2002-2455, Class GK,
6.500%, 05/15/2032		20,751		21,270

3 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2002-2489, Class PE,
6.000%, 08/15/2032	$	174,415	$	176,678
Series 2002-2495, Class ZB,
4.500%, 09/15/2032		2,850		2,715
Series 2003-2725, Class TA,
4.500%, 12/15/2033		37,494		36,585
Series 2004-2768, Class PW,
4.250%, 03/15/2034		9,968		9,591
Series 2005-2944, Class OH,
5.500%, 03/15/2035		50,650		50,680
Series 2005-2978, Class CN,
5.500%, 05/15/2035		169,734		171,327
Series 2006-3137, Class XP,
6.000%, 04/15/2036		3,439		3,517
Series 2008-3485, Class MA,
5.500%, 07/15/2036		39,974		40,031
Series 2009-3533, Class CB,
4.500%, 05/15/2029		62,579		61,234
Series 2009-3575, Class D,
4.500%, 03/15/2037		187,283		177,940
Series 2010-3626, Class ME,
5.000%, 01/15/2040		35,226		35,044
Series 2010-3638, Class DB,
5.000%, 02/15/2040		75,000		70,461
Series 2010-3645, Class WD,
4.500%, 02/15/2040		15,000		14,226
Series 2010-3662, Class QB,
5.000%, 03/15/2038		110,729		107,487
Series 2010-3674, Class QN,
5.750%, 05/15/2036		363,142		337,526
Series 2010-3681, Class MT,
4.708%, 02/15/2038^(a)(b)		100,931		88,051
Series 2010-3772, Class NE,
4.500%, 12/15/2040		172,000		152,771
Series 2011-3924, Class LC,
4.000%, 09/15/2041		125,334		118,534
Series 2011-3954, Class PG,
2.500%, 07/15/2041		50,965		47,287
Series 2011-3957, Class BZ,
4.000%, 11/15/2041		176,215		163,502
Series 2011-3966, Class NA,
4.000%, 12/15/2041		146,059		138,257
Series 2012-3990, Class GY,
3.500%, 01/15/2042		97,000		75,169
Series 2012-3992, Class HZ,
4.000%, 01/15/2042		608,552		567,321
Series 2012-3997, Class EC,
3.500%, 02/15/2042		62,765		51,658
Series 2012-4003, Class BG,
2.000%, 10/15/2026		5,363		5,343
Series 2012-4050, Class ND,
2.500%, 09/15/2041		10,472		10,138
Series 2012-4068, Class PE,
3.000%, 06/15/2042		10,000		8,721
Series 2012-4075, Class PB,
3.000%, 07/15/2042		24,878		21,952

	Principal Amount		Value (Note 2)
Series 2012-4077, Class BE,
4.000%, 07/15/2042	$	15,000	$	13,118
Series 2012-4093, Class PA,
3.000%, 08/15/2042		71,318		62,755
Series 2012-4096, Class BY,
2.000%, 08/15/2042		25,000		18,634
Series 2012-4101, Class QN,
3.500%, 09/15/2042		6,098		5,499
Series 2012-4116, Class UC,
2.500%, 10/15/2042		40,000		27,788
Series 2012-4117, Class EB,
3.500%, 10/15/2042		83,000		67,629
Series 2012-4118, Class PB,
2.500%, 10/15/2042		146,513		117,246
Series 2012-4147, Class LW,
2.000%, 12/15/2032		190,733		168,725
Series 2013-4160, Class HB,
2.500%, 12/15/2032		8,809		7,929
Series 2013-4161, Class ZW,
2.500%, 02/15/2033		163,731		129,912
Series 2013-4161, Class LT,
2.500%, 08/15/2042		9,832		8,597
Series 2013-4161, Class BA,
2.500%, 12/15/2041		76,655		73,053
Series 2013-4171, Class MN,
3.000%, 02/15/2043		46,000		33,397
Series 2013-4193, Class PK,
3.000%, 04/15/2043		94,388		87,381
Series 2013-4224, Class PA,
3.000%, 12/15/2042		91,537		85,964
Series 2013-4224, Class KC,
3.000%, 05/15/2032		98,721		96,093
Series 2013-4229, Class ZA,
4.000%, 07/15/2043		136,174		126,833
Series 2013-4247, Class AK,
4.500%, 12/15/2042		91,534		90,143
Series 2014-4391, Class MZ,
3.000%, 09/15/2044		133,594		114,219
Series 2015-4472, Class MA,
3.000%, 05/15/2045		121,865		110,366
Series 2016-4614, Class PB,
3.000%, 01/15/2046		4,395		3,937
Series 2016-4616, Class HP,
3.000%, 09/15/2046		82,136		71,567
Series 2018-4760, Class P,
3.000%, 02/15/2044		126,006		121,519
Series 2018-4792, Class BD,
3.500%, 02/15/2048		112,674		99,256
Series 2018-4813, Class CJ,
3.000%, 08/15/2048		181,724		153,908
Series 2018-4819, Class CB,
4.000%, 08/15/2048		928,382		851,672
Series 2018-4824, Class KQ,
4.000%, 06/15/2046		218,926		213,383
Series 2018-4827, Class LA,
3.500%, 08/15/2044		222,256		216,272

4 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2019-4888, Class NW,
3.000%, 05/15/2049	$	174,400	$	126,482
Series 2019-4926, Class BP,
3.000%, 10/25/2049		299,407		252,856
Series 2019-4932, Class CB,
3.500%, 03/25/2049		347,244		321,750
Series 2020-4989, Class FB,
30D US SOFR + 0.464%, 10/15/2040^(a)		38,222		38,448
Series 2020-4989, Class FA,
30D US SOFR + 0.464%, 08/15/2040^(a)		40,117		39,762
Series 2020-5058, Class LW,
1.250%, 01/25/2051		48,315		21,766
Series 2021-5080, Class CA,
2.000%, 02/25/2051		30,270		16,379
Series 2021-5083, Class MA,
2.000%, 03/25/2051		12,848		7,315
Series 2021-5085, Class HA,
1.500%, 03/25/2051		112,033		58,211
Series 2021-5092, Class BC,
2.500%, 06/25/2036		7,426		7,264
Series 2021-5116, Class HJ,
2.000%, 06/25/2051		31,738		17,128
Series 2022-5206, Class ZY,
3.500%, 03/25/2052		145,484		105,906
Series 2022-5224, Class HL,
4.000%, 04/25/2052		100,000		87,548
				7,092,881
Freddie Mac Strips
Series 2016-349, Class 300,
3.000%, 05/15/2046		113,200		103,426

Freddie Mac Structured Pass-Through Certificates
Series 2002-41, Class 3A,
4.358%, 07/25/2032^(a)		14,173		13,126

Ginnie Mae
Series 2003-52, Class AP,
–%, 06/16/2033^(c)		15,381		14,392
Series 2004-1, Class TE,
5.000%, 06/20/2033		50,446		49,624
Series 2004-87, Class BC,
4.500%, 10/20/2034		6,523		6,445
Series 2005-20, Class GZ,
5.000%, 02/16/2035		211,980		208,771
Series 2005-51, Class DC,
5.000%, 07/20/2035		3,965		3,904
Series 2005-73, Class PH,
5.000%, 09/20/2035		135,365		133,294
Series 2006-20, Class QB,
6.000%, 04/20/2036		228,849		229,617
Series 2006-38, Class ZK,
6.500%, 08/20/2036		162,163		161,625

	Principal Amount		Value (Note 2)
Series 2008-50, Class KB,
6.000%, 06/20/2038	$	56,997	$	58,200
Series 2008-60, Class JP,
5.500%, 07/20/2038		9,577		9,557
Series 2008-7, Class PQ,
5.000%, 02/20/2038		5,686		5,597
Series 2010-29, Class AD,
3.500%, 10/20/2039		99,558		93,909
Series 2011-150, Class DW,
3.000%, 07/16/2041		136,884		116,234
Series 2012-108, Class PB,
2.750%, 09/16/2042		38,000		29,265
Series 2012-108, Class CB,
2.500%, 09/20/2042		17,000		13,137
Series 2012-116, Class BY,
3.000%, 09/16/2042		10,000		7,734
Series 2012-124, Class LD,
2.000%, 10/20/2042		140,023		102,651
Series 2012-40, Class PW,
4.000%, 01/20/2042		115,004		110,224
Series 2012-61, Class MY,
3.000%, 05/16/2042		25,000		20,033
Series 2012-77, Class MU,
2.500%, 06/20/2042		156,704		128,194
Series 2012-97, Class BP,
2.500%, 08/20/2042		146,000		108,540
Series 2012-H14, Class FK,
1M CME TERM SOFR + 0.694%, 07/20/2062^(a)		34,687		34,659
Series 2012-H20, Class PT,
5.815%, 07/20/2062^(a)		461,062		459,474
Series 2013-117, Class ED,
4.000%, 08/20/2043		41,000		36,829
Series 2013-149, Class BP,
3.500%, 10/20/2043		24,000		19,831
Series 2013-152, Class HL,
4.000%, 06/20/2043		100,000		88,661
Series 2013-22, Class GB,
2.500%, 08/20/2042		78,152		69,002
Series 2013-41, Class MY,
3.000%, 03/20/2043		19,923		17,454
Series 2013-44, Class CE,
2.500%, 03/16/2043		189,592		150,278
Series 2013-58, Class C,
2.500%, 04/20/2043		161,384		129,439
Series 2013-9, Class KY,
3.000%, 01/20/2043		25,000		21,215
Series 2013-H06, Class KB,
4.700%, 01/20/2063^(a)		164,955		162,476
Series 2014-129, Class KJ,
3.000%, 07/16/2039		100,000		80,544
Series 2014-21, Class PB,
4.000%, 02/16/2044		22,000		19,010
Series 2014-32, Class DA,
3.500%, 02/20/2044		91,523		75,519

5 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2014-H25, Class FB,
1M CME TERM SOFR + 0.594%, 12/20/2064^(a)	$	152,676	$	152,453
Series 2015-H29, Class FA,
1M CME TERM SOFR + 0.814%, 10/20/2065^(a)		1,366		1,356
Series 2016-163, Class B,
3.000%, 10/20/2046		40,000		28,914
Series 2016-46, Class Z,
3.000%, 04/20/2046		31,851		21,679
Series 2016-H08, Class FT,
1M CME TERM SOFR + 0.834%, 02/20/2066^(a)		48,439		48,462
Series 2017-107, Class T,
3.000%, 01/20/2047		225,259		221,024
Series 2017-11, Class PZ,
4.000%, 01/20/2047		268,047		199,551
Series 2017-134, Class CG,
2.500%, 09/20/2047		160,000		129,513
Series 2018-115, Class CA,
3.500%, 08/20/2048		120,857		106,005
Series 2018-H07, Class FE,
1M CME TERM SOFR + 0.464%, 02/20/2068^(a)		10,313		10,287
Series 2019-108, Class NJ,
3.500%, 08/20/2049		131,491		114,601
Series 2019-119, Class JE,
3.000%, 09/20/2049		75,423		64,996
Series 2019-145, Class PA,
3.500%, 08/20/2049		238,271		220,093
Series 2019-153, Class JZ,
3.000%, 12/20/2049		225,025		193,402
Series 2019-158, Class LA,
3.500%, 04/20/2049		317,524		299,472
Series 2019-20, Class AB,
3.250%, 02/20/2049		233,585		213,286
Series 2019-85, Class KG,
3.000%, 06/20/2043		152,516		143,489
Series 2020-116, Class CA,
1.000%, 08/20/2050		120,343		51,453
Series 2020-149, Class WB,
1.000%, 10/20/2050		54,095		21,588
Series 2020-15, Class JH,
2.500%, 02/20/2050		80,351		66,474
Series 2020-67, Class UA,
2.000%, 05/20/2050		126,605		79,326
Series 2020-98, Class CE,
3.000%, 07/20/2050		12,239		10,558
Series 2020-H20, Class FA,
1M CME TERM SOFR + 0.464%, 04/20/2070^(a)		169,331		165,168
Series 2021-225, Class EU,
2.000%, 12/20/2051		55,535		32,183
Series 2021-76, Class ND,
1.250%, 08/20/2050		2,559		1,924

	Principal Amount		Value (Note 2)
Series 2021-97, Class JT,
2.000%, 06/20/2051	$	108,853	$	54,598
Series 2022-24, Class BC,
4.000%, 02/20/2052		193,895		177,662
Series 2022-36, Class UP,
2.000%, 11/20/2051		100,000		59,425
Series 2023-113, Class JD,
6.000%, 08/20/2053		175,000		174,451
Series 2023-19, Class WB,
5.676%, 11/20/2051^(a)		120,751		121,052
Series 2023-19, Class GZ,
5.000%, 02/20/2053		553,942		474,798
				6,634,581
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $22,732,109)				22,863,526

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.39%)

Fannie Mae-Aces
Series 2016-M11, Class AL,
2.944%, 07/25/2039		26,982		23,544
Series 2020-M10, Class X2,
1.716%, 12/25/2030^(a)(b)		5,511,565		366,662
Series 2020-M15, Class X1,
1.447%, 09/25/2031^(a)(b)		4,512,544		296,207
				686,413
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2017-KW03, Class X1,
0.787%, 06/25/2027^(a)(b)		36,211,039		665,494
Series 2018-Q007, Class APT2,
3.615%, 09/25/2024^(a)		862,200		853,361
Series 2020-Q014, Class X,
2.783%, 10/25/2055^(a)		4,464,709		677,583
				2,196,438
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $2,935,447)				2,882,851

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (8.28%)

Fannie Mae Pool
Series 2006-,
5.500%, 01/01/2037		235,921		234,761
Series 2007-943003,
5.500%, 08/01/2047		31,370		30,794
Series 2008-,
6.340%, 08/01/2038		1,258,950		1,253,997

6 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2009-,
5.000%, 12/01/2039	$	372,227	$	362,742
5.500%, 02/01/2037		350,400		348,015
Series 2012-AM1671,
2.100%, 12/01/2027		16,019		15,166
Series 2013-,
3.000%, 01/01/2043		409,244		358,673
Series 2015-,
3.500%, 06/01/2030		202,324		193,265
Series 2015-AM8674,
2.810%, 04/01/2025		27,390		26,722
Series 2016-,
4.500%, 01/01/2039		228,705		221,087
Series 2017-,
2.000%, 07/01/2032		211,501		191,103
2.500%, 01/01/2047		174,150		141,500
3.000%, 10/01/2027		1,368,942		1,290,733
3.210%, 11/01/2032		60,000		52,400
Series 2017-AN7060,
2.930%, 10/01/2027		70,000		65,385
Series 2018-,
3.000%, 01/01/2048		287,011		249,104
3.485%, 04/01/2028		750,000		711,471
3.545%, 04/01/2028		492,287		468,740
4.000%, 11/01/2040		485,763		458,083
4.500%, 07/01/2040		116,186		109,995
4.500%, 02/01/2041		546,868		523,126
5.500%, 12/01/2048		101,452		101,235
Series 2019-,
3.340%, 05/01/2031		61,784		56,543
4.000%, 08/01/2048		141,548		131,367
Series 2022-,
3.890%, 07/01/2032		200,000		185,180
Series 2023-,
4.490%, 06/01/2028		40,000		39,279
5.130%, 10/01/2028		40,000		40,243
5.470%, 11/01/2033		1,980,860		1,987,451
5.555%, 01/01/2030		1,000,000		1,007,676
6.220%, 06/01/2032		2,100,000		2,152,814
6.500%, 07/01/2053		4,594,543		4,646,059
7.000%, 04/01/2053		1,016,175		1,032,143
7.500%, 01/01/2054		3,064,383		3,272,030
Series 2024-,
5.810%, 03/01/2034		1,574,000		1,639,537
6.470%, 01/01/2034		1,170,000		1,225,842
7.000%, 02/01/2054		5,155,871		5,347,931
7.500%, 12/01/2053		1,517,614		1,575,155
				31,747,347
Freddie Mac Gold Pool
Series 2004-,
5.500%, 07/01/2034		76,188		75,259
Series 2005-,
5.500%, 11/01/2035		111,268		111,724
Series 2015-,
4.500%, 06/01/2034		554,392		543,041
				730,024

	Principal Amount		Value (Note 2)
Freddie Mac Pool
Series 2018-,
4.500%, 01/01/2036	$	17,960	$	17,046
5.500%, 07/01/2033		119,949		118,545
Series 2019-,
3.000%, 10/01/2049		240,045		198,280
Series 2020-,
2.000%, 06/01/2050		679,264		514,182
Series 2022-,
3.000%, 12/01/2051		340,354		281,134
				1,129,187
Ginnie Mae II Pool
Series 2012-,
3.500%, 05/20/2042		107,906		96,720
3.500%, 11/20/2042		194,973		174,787
Series 2013-,
3.000%, 03/20/2043		468,985		417,565
Series 2017-,
3.000%, 11/20/2047		1,098,634		948,501
Series 2018-,
4.500%, 02/20/2048		737,949		701,366
4.500%, 09/20/2048		49,159		47,020
Series 2021-,
2.000%, 03/20/2051		664,146		513,997
2.000%, 09/20/2051		2,486,615		1,918,005
2.500%, 09/20/2036		518,476		453,808
2.500%, 02/20/2051		2,911,646		2,368,100
2.500%, 12/20/2051		495,919		408,233
3.500%, 02/20/2051		561,558		504,154
Series 2022-,
4.000%, 12/20/2051		348,438		313,841
5.500%, 07/20/2035		208,414		213,299
6.000%, 12/20/2037		126,182		130,572
7.000%, 11/20/2052		368,688		382,133
Series 2023-,
6.500%, 11/20/2053		994,256		1,004,498
7.500%, 10/20/2063		226,496		232,580
8.000%, 12/20/2063		4,012,155		4,136,852
Series 2024-,
6.500%, 04/20/2064		3,082,258		3,117,053
6.500%, 05/20/2064		4,345,972		4,404,979
7.000%, 12/20/2063		417,142		423,665
8.000%, 12/20/2053		668,313		681,250
8.000%, 10/20/2059		123,373		127,207
8.000%, 12/20/2063		3,167,116		3,265,547
				26,985,732
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $60,925,428)				60,592,290

CORPORATE BONDS (36.28%)

Aerospace & Defense (3.15%)
BAE Systems PLC
5.30%, 03/26/2034^(d)		1,880,000		1,849,337

7 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Boeing Co.
2.20%, 02/04/2026	$	2,450,000	$	2,299,743
6.53%, 05/01/2034^(d)		6,383,000		6,463,551
Howmet Aerospace, Inc.
3.00%, 01/15/2029		1,812,000		1,634,169
L3Harris Technologies, Inc.
5.35%, 06/01/2034		3,400,000		3,350,610
5.40%, 07/31/2033		2,000,000		1,981,097
RTX Corp.
6.10%, 03/15/2034		5,224,000		5,460,847
Total Aerospace & Defense				23,039,354

Airlines (0.68%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(d)		1,425,885		1,387,908
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(d)		385,377		356,518
Southwest Airlines Co.
5.25%, 05/04/2025		1,750,000		1,743,072
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1
5.88%, 10/15/2027		1,487,587		1,489,197
Total Airlines				4,976,695

Automobiles Manufacturing (3.04%)
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		2,000,000		1,931,054
6.80%, 05/12/2028		2,700,000		2,775,691
7.35%, 03/06/2030		2,500,000		2,632,556
Series 571
6.13%, 03/08/2034		1,605,000		1,579,045
General Motors Financial Co., Inc.
5.80%, 01/07/2029		1,750,000		1,761,089
6.10%, 01/07/2034		2,972,000		2,987,996
SOFRINDX + 1.30%, 04/07/2025^(a)(e)		3,510,000		3,535,230
Nissan Motor Acceptance Co. LLC
7.05%, 09/15/2028^(d)		1,550,000		1,606,776
Volkswagen Group of America Finance LLC
3.95%, 06/06/2025^(d)		1,000,000		982,104
5.60%, 03/22/2034^(d)		2,485,000		2,463,141
Total Automobiles Manufacturing				22,254,682

Banks (2.76%)
Citizens Bank NA
1D US SOFR + 1.45%, 10/24/2025^(a)		3,424,000		3,425,080
Cooperatieve Rabobank UA
3.75%, 07/21/2026		1,250,000		1,201,263

	Principal Amount		Value (Note 2)
Danske Bank A/S
1Y US TI + 0.95%, 03/01/2028^(a)(d)	$	1,588,000	$	1,585,505
1Y US TI + 1.35%, 09/11/2026^(a)(d)		1,500,000		1,421,818
1Y US TI + 1.40%, 03/01/2030^(a)(d)		1,370,000		1,370,419
Goldman Sachs Bank USA
1D US SOFR + 0.777%, 03/18/2027^(a)		893,000		888,968
Intesa Sanpaolo SpA
1Y US TI + 2.75%, 06/01/2042^(a)(d)		930,000		697,560
1Y US TI + 3.90%, 06/20/2054^(a)(d)		1,400,000		1,497,430
Truist Bank
3.30%, 05/15/2026		950,000		909,763
Truist Financial Corp.
1D US SOFR + 2.361%, 06/08/2034^(a)		1,800,000		1,803,910
US Bancorp
1D US SOFR + 1.60%, 02/01/2034^(a)		2,350,000		2,210,847
Wells Fargo & Co.
1D US SOFR + 2.02%, 04/24/2034^(a)		3,300,000		3,242,969
Total Banks				20,255,532

Biotechnology (1.30%)
Amgen, Inc.
5.25%, 03/02/2033		3,600,000		3,567,245
5.51%, 03/02/2026		2,200,000		2,199,560
5.75%, 03/02/2063		3,800,000		3,731,255
Total Biotechnology				9,498,060

Cable & Satellite (0.47%)
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50%, 05/01/2032		500,000		396,845
4.50%, 06/01/2033^(d)		1,750,000		1,352,950
Sirius XM Radio, Inc.
5.00%, 08/01/2027^(d)		1,806,000		1,716,641
Total Cable & Satellite				3,466,436

Casinos & Gaming (0.15%)
Caesars Entertainment, Inc.
8.13%, 07/01/2027^(d)		1,051,000		1,071,186

Chemicals (0.32%)
Avient Corp.
5.75%, 05/15/2025^(d)		750,000		746,490
Celanese US Holdings LLC
6.38%, 07/15/2032		1,600,000		1,642,759
Total Chemicals				2,389,249

8 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Commercial Finance (0.49%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.50%, 07/15/2025	$	3,541,000	$	3,568,026

Consumer Finance (1.71%)
Ally Financial, Inc.
8.00%, 11/01/2031		1,000,000		1,093,512
Boost Newco Borrower LLC
7.50%, 01/15/2031^(d)		1,300,000		1,348,380
Discover Financial Services
SOFRINDX + 3.37%, 11/02/2034^(a)(e)		6,600,000		7,417,741
Fiserv, Inc.
5.60%, 03/02/2033		1,000,000		1,002,867
Synchrony Financial
3.70%, 08/04/2026		1,000,000		949,705
4.25%, 08/15/2024		750,000		747,385
Total Consumer Finance				12,559,590

Diversified Banks (1.75%)
Bank of America Corp.
1D US SOFR + 1.91%, 04/25/2034^(a)		3,753,000		3,689,767
5Y US TI + 1.20%, 09/21/2036^(a)		3,782,000		3,021,867
JPMorgan Chase & Co.
1D US SOFR + 0.93%, 04/22/2028^(a)		1,434,000		1,441,893
1D US SOFR + 1.07%, 12/15/2025^(a)		2,000,000		1,997,530
1D US SOFR + 1.62%, 01/23/2035^(a)		2,676,000		2,641,660
Total Diversified Banks				12,792,717

Electrical Equipment Manufacturing (0.09%)
Trimble, Inc.
4.75%, 12/01/2024		650,000		646,881

Entertainment Resources (0.11%)
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc.
6.63%, 05/01/2032^(d)		838,000		837,243
Vail Resorts, Inc.
6.50%, 05/15/2032^(d)		19,000		19,089
Total Entertainment Resources				856,332

Exploration & Production (1.60%)
Coterra Energy, Inc.
5.60%, 03/15/2034		3,992,000		3,965,045
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028^(d)		1,750,000		1,726,905
8.38%, 11/01/2033^(d)		694,000		742,778
Occidental Petroleum Corp.
7.88%, 09/15/2031		4,750,000		5,327,724
Total Exploration & Production				11,762,452

	Principal Amount		Value (Note 2)
Financial Services (3.34%)
Charles Schwab Corp.
1D US SOFR + 2.01%, 08/24/2034^(a)	$	3,000,000	$	3,100,410
1D US SOFR + 2.50%, 05/19/2034^(a)		1,300,000		1,319,230
SOFRINDX + 1.05%, 03/03/2027^(a)(e)		2,218,000		2,239,613
Goldman Sachs Group, Inc.
Series X
5Y US TI + 2.809%^(a)(f)		1,310,000		1,345,058
1D US SOFR + 1.552%, 04/25/2035^(a)		745,000		759,217
Morgan Stanley
1D US SOFR + 2.05%, 11/01/2034^(a)		2,093,000		2,244,767
5Y US TI + 1.80%, 02/07/2039^(a)		1,914,000		1,892,138
UBS Group AG
1D US SOFR + 1.73%, 05/14/2032^(a)(d)		2,100,000		1,787,469
1D US SOFR + 3.92%, 08/12/2033^(a)(d)		6,570,000		6,910,331
1Y US TI + 1.80%, 09/22/2029^(a)(d)		1,250,000		1,284,144
1Y US TI + 2.00%, 09/22/2034^(a)(d)		1,500,000		1,563,799
Total Financial Services				24,446,176

Food & Beverage (1.19%)
J M Smucker Co.
6.20%, 11/15/2033		1,750,000		1,825,679
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl
6.75%, 03/15/2034^(d)		750,000		788,353
7.25%, 11/15/2053^(d)		1,950,000		2,134,203
JDE Peet's NV
0.80%, 09/24/2024^(d)		300,000		295,117
Pilgrim's Pride Corp.
6.25%, 07/01/2033		2,600,000		2,629,608
6.88%, 05/15/2034		1,000,000		1,057,170
Total Food & Beverage				8,730,130

Government Agencies (0.01%)
Tennessee Valley Authority
2.22%, 05/01/2029^(a)		2,576		56,311

Health Care Facilities & Services (1.13%)
Cardinal Health, Inc.
5.45%, 02/15/2034		1,800,000		1,786,681
CVS Health Corp.
5.70%, 06/01/2034		1,520,000		1,509,583
HCA, Inc.
2.38%, 07/15/2031		3,100,000		2,527,112
5.38%, 02/01/2025		800,000		797,413
5.50%, 06/01/2033		1,700,000		1,679,169
Total Health Care Facilities & Services				8,299,958

9 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
Industrial Other (0.92%)
Honeywell International, Inc.
5.00%, 03/01/2035	$	3,575,000	$	3,520,850
Jacobs Engineering Group, Inc.
5.90%, 03/01/2033		2,500,000		2,481,824
Quanta Services, Inc.
0.95%, 10/01/2024		750,000		737,801
Total Industrial Other				6,740,475

Integrated Oils (0.41%)
TotalEnergies Capital SA
5.15%, 04/05/2034		947,000		943,277
5.49%, 04/05/2054		2,092,000		2,063,066
Total Integrated Oils				3,006,343

Leisure Products Manufacturing (0.38%)
Hasbro, Inc.
6.05%, 05/14/2034		1,252,000		1,245,372
Polaris, Inc.
6.95%, 03/15/2029		1,500,000		1,572,827
Total Leisure Products Manufacturing				2,818,199

Manufactured Goods (0.11%)
Chart Industries, Inc.
7.50%, 01/01/2030^(d)		810,000		835,129

Medical Equipment & Devices Manufacturing (1.55%)
Alcon Finance Corp.
5.38%, 12/06/2032^(d)		3,900,000		3,882,317
Revvity, Inc.
0.85%, 09/15/2024		654,000		644,582
Solventum Corp.
5.45%, 03/13/2031^(d)		1,850,000		1,822,514
5.60%, 03/23/2034^(d)		1,900,000		1,863,534
5.90%, 04/30/2054^(d)		1,855,000		1,778,818
6.00%, 05/15/2064^(d)		1,432,000		1,365,673
Total Medical Equipment & Devices Manufacturing				11,357,438

Metals & Mining (0.33%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		2,400,000		2,380,283

Pharmaceuticals (1.07%)
AbbVie, Inc.
5.05%, 03/15/2034		1,623,000		1,603,174
Bristol-Myers Squibb Co.
5.20%, 02/22/2034		1,750,000		1,735,991
5.55%, 02/22/2054		3,235,000		3,181,568
Pfizer Investment Enterprises Pte, Ltd.
4.75%, 05/19/2033		1,350,000		1,304,872
Total Pharmaceuticals				7,825,605

Pipeline (2.79%)
Buckeye Partners LP
4.50%, 03/01/2028^(d)		2,510,000		2,347,742
Cheniere Energy Partners LP
3.25%, 01/31/2032		2,000,000		1,696,315

	Principal Amount		Value (Note 2)
Energy Transfer LP
7.38%, 02/01/2031^(d)	$	1,639,000	$	1,702,757
EnLink Midstream LLC
5.63%, 01/15/2028^(d)		712,000		703,901
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(d)		3,300,000		2,713,191
4.32%, 12/30/2039^(d)		2,250,000		1,625,314
Gray Oak Pipeline LLC
2.60%, 10/15/2025^(d)		1,362,000		1,304,460
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.50%, 07/15/2027		4,050,000		4,077,933
6.88%, 01/15/2029		2,000,000		2,057,952
TransCanada PipeLines, Ltd.
6.20%, 03/09/2026		2,150,000		2,150,083
Total Pipeline				20,379,648

Power Generation (0.89%)
Vistra Operations Co. LLC
5.13%, 05/13/2025^(d)		1,700,000		1,693,173
5.50%, 09/01/2026^(d)		2,350,000		2,312,889
6.95%, 10/15/2033^(d)		2,350,000		2,505,051
Total Power Generation				6,511,113

Publishing & Broadcasting (0.45%)
Gray Television, Inc.
7.00%, 05/15/2027^(d)		750,000		662,603
Nexstar Media, Inc.
4.75%, 11/01/2028^(d)		1,650,000		1,456,312
5.63%, 07/15/2027^(d)		1,250,000		1,181,007
Total Publishing & Broadcasting				3,299,922

Real Estate (0.58%)
VICI Properties LP
5.13%, 05/15/2032		2,389,000		2,259,656
VICI Properties LP / VICI Note Co., Inc.
4.63%, 06/15/2025^(d)		2,000,000		1,974,338
Total Real Estate				4,233,994

Refining & Marketing (0.42%)
HF Sinclair Corp.
4.50%, 10/01/2030		1,703,000		1,582,642
5.00%, 02/01/2028^(d)		1,000,000		966,095
5.88%, 04/01/2026		500,000		501,490
Total Refining & Marketing				3,050,227

Retail - Consumer Discretionary (0.13%)
ERAC USA Finance LLC
5.20%, 10/30/2034^(d)		955,000		937,961

Software & Services (0.95%)
CoStar Group, Inc.
2.80%, 07/15/2030^(d)		2,200,000		1,862,582
Leidos, Inc.
5.75%, 03/15/2033		1,834,000		1,850,290

10 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
VMware LLC
2.20%, 08/15/2031	$	1,250,000	$	1,002,465
4.70%, 05/15/2030		2,360,000		2,265,987
Total Software & Services				6,981,324

Supermarkets & Pharmacies (0.39%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028^(d)		2,800,000		2,823,917

Transportation & Logistics (0.15%)
FedEx Corp. 2020-1 Class AA Pass Through Trust
1.88%, 02/20/2034		1,326,564		1,091,046

Travel & Lodging (0.24%)
Royal Caribbean Cruises, Ltd.
6.25%, 03/15/2032^(d)		1,721,000		1,714,788

Utilities (0.86%)
American Water Capital Corp.
5.15%, 03/01/2034		1,987,000		1,960,365
Dominion Energy, Inc.
3.07%, 08/15/2024^(g)		450,000		447,455
Entergy Corp.
5Y US TI + 2.67%, 12/01/2054^(a)		1,008,000		1,004,101
National Rural Utilities Cooperative Finance Corp.
3M CME TERM SOFR + 3.172%, 04/30/2043^(a)		1,200,000		1,200,024
5Y US TI + 3.533%, 09/15/2053^(a)		690,000		711,186
Sempra
5Y US TI + 2.868%, 04/01/2052^(a)		1,059,000		978,233
Total Utilities				6,301,364

Waste & Environment Services & Equipment (0.23%)
GFL Environmental, Inc.
5.13%, 12/15/2026^(d)		1,700,000		1,669,309

Wireless Telecommunications Services (0.14%)
AT&T, Inc.
5.54%, 02/20/2026		1,000,000		999,968

TOTAL CORPORATE BONDS
(Cost $266,266,165)				265,627,820

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (47.64%)

Government Agencies (0.28%)
Farm Credit Bank of Texas
Series 4
5Y US TI + 5.415%^(a)(d)(f)	$	1,060,000	$	1,042,078
5Y US TI + 3.291%^(a)(f)		1,008,000		1,014,441
Total Government Agencies				2,056,519

U.S. Treasury Bonds (47.36%)
U.S. - United States Treasury Notes
4.50%, 03/31/2026		1,648,000		1,635,415
4.50%, 05/15/2027		15,336,000		15,251,532
4.63%, 04/30/2029		32,400,000		32,516,438
4.88%, 11/30/2025		28,208,000		28,136,929
4.88%, 05/31/2026		10,805,000		10,801,623
5.00%, 08/31/2025		26,919,000		26,875,888
5.00%, 09/30/2025		28,655,000		28,619,741
5.00%, 10/31/2025		36,508,000		36,470,207
United States Treasury Bond
4.25%, 02/15/2054		34,403,000		32,172,180
4.38%, 05/15/2034		33,068,000		32,708,902
4.50%, 02/15/2044		34,247,000		33,144,675
4.63%, 05/15/2044		29,369,000		28,972,060
4.63%, 05/15/2054		16,422,000		16,351,437
4.75%, 11/15/2053		22,724,000		23,084,389
Total U.S. Treasury Bonds				346,741,416

TOTAL GOVERNMENT BONDS
(Cost $351,171,989)				348,797,935

	Shares		Value (Note 2)
PREFERRED STOCK (1.37%)

Energy (0.18%)
Pipeline (0.18%)
Energy Transfer LP, Series B, 3M US L + 4.16%^(a)(f)		600,000		566,575
Energy Transfer LP, Series F, 5Y US TI + 5.134%^(a)(f)		750,000		742,863
Total Energy				1,309,438

Financials (1.19%)
Banks (0.20%)
Wells Fargo & Co., Series S, 5.90%^(f)		1,500,000		1,500,670

Consumer Finance (0.22%)
American Express Co., 5Y US TI + 2.854%^(a)(f)		817,000		745,914
Synchrony Financial, 5Y US TI + 4.044%^(a)(f)		34,365		869,434
				1,615,348

11 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Schedule of Investments

May 31, 2024 (Unaudited)

	Shares		Value (Note 2)
Diversified Banks (0.68%)
Barclays PLC, 5Y US TI + 5.672%^(a)(f)		4,900,000	$	4,908,342

Life Insurance (0.09%)
Jackson Financial, Inc., 5Y US TI + 3.728%^(a)(f)		25,800		688,860

Total Financials				8,713,220

TOTAL PREFERRED STOCK
(Cost $9,927,535)				10,022,658

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.43%)

Money Market Fund (0.43%)
Morgan Stanley
Institutional Liquidity Funds - Government Portfolio		5.23	%		3,171,773		3,171,773

TOTAL SHORT TERM INVESTMENTS
(Cost $3,171,773)							3,171,773

TOTAL INVESTMENTS (99.45%)
(Cost $731,341,279)						$	728,186,080

Other Assets In Excess Of Liabilities (0.55%)							4,018,098

NET ASSETS (100.00%)						$	732,204,178

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

TI - Treasury Index

SOFRINDX - Secured Overnight Financing Rate Index

Reference Rates:

3M US L - 3 Month LIBOR as of May 31, 2024 was 5.60%

1D US SOFR - 1 Day SOFR as of May 31, 2024 was 5.33%

30D US SOFR - 30 Day SOFR as of May 31, 2024 was 5.32%

1M US SOFR - 1 Month SOFR as of May 31, 2024 was 5.33%

1M CME TERM SOFR – 1 Month SOFR as of May 31, 2024 was 5.33%

3M US SOFR - 3 Month SOFR as of May 31, 2024 was 5.34%

3M CME TERM SOFR – 3 Month SOFR as of May 31, 2024 was 5.34%

1Y US TI - 1 Year US Treasury Bill as of May 31, 2024 was 5.18%

5Y US TI - 5 Year US TI as of May 31, 2024 was 4.52%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(b)

Interest only security.

^(c)

Issued with zero coupon.

^(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2024, the aggregate market value of those securities was $90,754,595, representing 12.39% of net assets.

^(e)

The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.

^(f)

Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(g)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of May 31, 2024.

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Statement of Assets and Liabilities

May 31, 2024 (Unaudited)

ASSETS:
Investments, at value	$	728,186,080
Receivable for investments sold		10,839,820
Foreign tax reclaims		75,640
Interest receivable		6,282,653
Receivable for shares sold		2,522,656
Total Assets		747,906,849

LIABILITIES:
Payable for investments purchased		15,349,061
Payable to adviser		353,610
Total Liabilities		15,702,671
NET ASSETS	$	732,204,178

NET ASSETS CONSIST OF:
Paid-in capital	$	739,977,229
Total distributable earnings/(accumulated losses)		(7,773,051	)
NET ASSETS	$	732,204,178

INVESTMENTS, AT COST	$	731,341,279

PRICING OF SHARES
Net Assets	$	732,204,178
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		29,025,000
Net Asset Value, offering and redemption price per share	$	25.23

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Statement of Operations

For the Period Ended May 31, 2024 (Unaudited)^(a)

INVESTMENT INCOME:
Interest	$	10,344,064
Dividends^*		21,153
Total Investment Income		10,365,217

EXPENSES:
Investment adviser fees		1,162,246
Net Expenses		1,162,246
NET INVESTMENT INCOME		9,202,971

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss on investments		(4,596,225	)
Net change in unrealized depreciation on investments		(3,155,199	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(7,751,424	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,451,547

^*	Net of foreign tax withholding of $340.
^(a)	The ALPS Smith Core Plus Bond ETF commenced operations on December 5, 2023.

See Notes to Financial Statements and Financial Highlights.

14 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Statements of Changes in Net Assets

	For the Period December 05, 2023 (Commencement of Operations) to May 31, 2024
OPERATIONS:
Net investment income	$	9,202,971
Net realized loss		(4,596,225	)
Net change in unrealized depreciation		(3,155,199	)
Net increase in net assets resulting from operations		1,451,547

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(9,224,598	)
Total distributions		(9,224,598	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		742,477,229
Cost of shares redeemed		(2,500,000	)
Net increase from capital share transactions		739,977,229
Net increase in net assets		732,204,178

NET ASSETS:
Beginning of period		–
End of period	$	732,204,178

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		–
Shares sold		29,125,000
Shares redeemed		(100,000	)
Shares outstanding, end of period		29,025,000

See Notes to Financial Statements and Financial Highlights.

15 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Period December 05, 2023 (Commencement of Operations) to May 31, 2024
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.00

INCOME FROM OPERATIONS:
Net investment income^(a)		0.57
Net realized and unrealized gain		0.19
Total from investment operations		0.76

DISTRIBUTIONS:
From net investment income		(0.53	)
Total distributions		(0.53	)

NET INCREASE IN NET ASSET VALUE		0.23
NET ASSET VALUE, END OF PERIOD	$	25.23
TOTAL RETURN^(b)		3.03	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	732,204

RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.59	%^(c)
Ratio of net investment income to average net assets		4.67	%^(c)
Portfolio turnover rate^(d)		77	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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, 2024

ALPS | Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

1. ORGANIZATION

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.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Portfolio Valuation

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.

17 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

B. Fair Value Measurements

Valuation techniques used to value the Fund’s investments by major category are as follows:

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

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 –

Level 3 –

18 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2024:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Core Plus Bond ETF
Bank Loans	$	–	$	14,227,227	$	–	$	14,227,227
Collateralized Mortgage Obligations		–		22,863,526		–		22,863,526
Commercial Mortgage-Backed Securities		–		2,882,851		–		2,882,851
Mortgage-Backed Securities		–		60,592,290		–		60,592,290
Corporate Bonds^*		56,311		265,571,509		–		265,627,820
Government Bonds		–		348,797,935		–		348,797,935
Preferred Stock^*		1,558,294		8,464,364		–		10,022,658
Short Term Investments		3,171,773		–		–		3,171,773
Total	$	4,786,378	$	723,399,702	$	–	$	728,186,080

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

C. Securities Transactions and Investment Income

D. Dividends and Distributions to Shareholders

E. Federal Tax and Tax Basis Information

As of May 31, 2024, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	ALPS \| Smith Core Plus Bond ETF
Gross appreciation (excess of value over tax cost)	$	1,238,666
Gross depreciation (excess of tax cost over value)		(5,322,121	)
Net unrealized appreciation/(depreciation)	$	(4,083,455	)
Cost of investments for income tax purposes	$	732,269,535

G. Income Taxes

19 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

As of and during the year ended May 31, 2024, 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

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.

4. PURCHASES AND SALES OF SECURITIES

For the period ended May 31, 2024, 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	$1,073,876,100	$ 355,464,102

5. CAPITAL SHARE TRANSACTIONS

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.

20 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Notes to Financial Statements and Financial Highlights

May 31, 2024 (Unaudited)

7. SUBSEQUENT EVENTS

21 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Additional Information

May 31, 2024 (Unaudited)

TAX INFORMATION

The ALPS | Smith Core Plus Bond 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, 2023:

	Qualified Dividend Income	Dividend Received Deduction
ALPS \| Smith Core Plus Bond ETF	0%	0%

22 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Item 8 – Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

May 31, 2024 (Unaudited)

Not applicable for this reporting period.

23 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Item 9 – Proxy Disclosures	May 31, 2024 (Unaudited)
for Open-End Management Investment Companies

Not applicable for this reporting period.

24 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Item 10 – Remuneration Paid to Directors, Officers, and Others	May 31, 2024 (Unaudited)
of Open-End Management Investment Companies

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended May 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee	$	82,500	$	–	$	82,500
Edmund J. Burke, Trustee	$	86,500	$	–	$	86,500
Jeremy W. Deems, Trustee	$	88,500	$	–	$	88,500
Rick A. Pederson, Trustee	$	92,500	$	–	$	92,500
Total	$	350,000	$	–	$	350,000

Officers who are employed by the Adviser receive no compensation or expense reimbursements from the Trust.

25 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Item 11 – Statement Regarding Basis for Approval	May 31, 2024 (Unaudited)
of Investment Advisory and Sub-Advisory Contract

At meetings held on March 7, 2023 and September 22, 2023, the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), met in person and evaluated a proposal to approve the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and ALPS Advisors, Inc. (the “Adviser”) with respect to the ALPS | Smith Core Plus Bond ETF (the “Fund”). The Independent Trustees also met separately to consider the Advisory Agreement.

In evaluating the 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 Fund under the Advisory Agreement; (ii) the advisory fees and other expenses proposed to be paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the expected costs of the services to be provided to the Fund and the projected profitability to be realized by the Adviser and its affiliates from the Adviser’s relationship with the Fund; (iv) the extent to which economies of scale would be realized if and as the Fund’s assets increase and whether the fee level in the 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 Advisory Agreement, the Board considered and reviewed information concerning the services proposed to be provided under the Advisory Agreement, the proposed investment strategy for the 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 Fund, the anticipated financial support of the 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 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 Fund as well as the fact that the Adviser agreed to pay all of the 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 Fund’s business) out of the unitary advisory fee. Based on their review, the Board concluded that the expected profitability of the 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 Fund. The Trustees noted the proposed advisory fee for services to be provided to the Fund by the Adviser was 0.59% of the Fund’s average daily net assets. The Trustees also considered that the advisory fee with respect to the Fund was a unitary one and that, as set forth above, the Adviser had agreed to pay all of the 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 Fund’s business) out of the unitary fee. The Board considered that, taking into account the impact of the Fund’s unitary advisory fee, the Fund’s expense ratio was above the median of both of its FUSE gross advisory fees peer group and total net expenses peer group. With respect to the Fund, the Board took into account, among other things, the Adviser’s representations that (1) the actively managed multi-sector bond ETF peer group is relatively small, with only nine funds in the peer group holding more than $200 million in AUM, where total expense ratios vary between 0.29% and 0.85% across the peer group with an average of 0.55% and (2) that Smith Capital Investors, LLC 's (the "Sub-Adviser") strategy has a strong long-term track record of delivering above-average returns based on the stated investment philosophy of finding attractive yields in durable credits. The Board also took into account the Adviser's representation that it would benefit the Fund to commence operations with total expenses that are the same as the total expenses borne by a comparable mutual fund advised by the Adviser and sub-advised by the Sub-Adviser. Based on the foregoing and the other information available to them, the Board concluded that the advisory fees for the Fund were 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 Fund and concluded that the advisory fees were reasonable taking into account such benefits.

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

In voting to approve the Advisory Agreement, the Board concluded that the terms of the 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.

26 | May 31, 2024

ALPS | Smith Core Plus Bond ETF

Item 11 – Statement Regarding Basis for Approval	May 31, 2024 (Unaudited)
of Investment Advisory and Sub-Advisory Contract

At meetings held on March 7, 2023, October 16, 2023 and December 1, 2023, the Board also evaluated a proposal to approve the Investment Sub- Advisory Agreement (the “Sub-Advisory Agreement”) between the Trust, the Adviser, and the Sub-Adviser with respect to the Fund. The Independent Trustees also met separately to consider the Sub-Advisory Agreement.

In evaluating the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of the services expected to be provided by the Sub-Adviser with respect to the Fund under the Sub-Advisory Agreement; (ii) the advisory fees and other expenses proposed to be paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the projected profitability to the Sub-Adviser of its proposed sub-advisory relationship with the Fund and the reasonableness of compensation to the Sub-Adviser (iv) the extent to which economies of scale would be realized if, and as, the Fund’s assets increase, and whether the fee level in the Sub-Advisory Agreement reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services to be provided by the Sub-Adviser under the Sub-Advisory Agreement, the Board considered and reviewed information concerning the services to be provided under the Sub-Advisory Agreement, the proposed investment strategy, financial information regarding the Sub-Adviser, information describing the Sub-Adviser’s current organization and the background and experience of the persons who would be responsible for the day-to-day management of the Fund. Based upon their review, the Board concluded that the Sub-Adviser was qualified to oversee the portfolio management of the Fund. The Board considered that the contractual sub-advisory fee to be paid to the Sub-Adviser is 0.30% of the Fund’s average daily net assets out of a total management fee of 0.59% with respect to the Fund. Based on the consideration of all factors deemed relevant by them, the Board concluded that the sub-advisory fees to be received by the Sub-Adviser under the Sub-Advisory Agreement are reasonable under the circumstances and in light of the quality of services provided.

With respect to the costs of services provided and profits realized by the Sub-Adviser, the Board considered the resources involved in managing the Fund. Based on their review of the projected profitability of the Fund to the Sub-Adviser, the Board concluded that the projected profitability of the Fund to the Sub-Adviser was not unreasonable.

The Board also considered other benefits that have been and may be realized by the Sub-Adviser from its relationships with the Fund and concluded that the sub-advisory fees with respect to the Fund were reasonable taking into account such benefits.

In voting to approve the Sub-Advisory Agreement, the Board concluded that the terms of the Sub-Advisory Agreement are reasonable and fair in light of the services to be performed, 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.

27 | May 31, 2024

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in and Disagreements with Accountants 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.

Proxy Disclosures 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.

-2-

Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)	Not applicable.

(b)	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.

(a)

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.

(b)	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.

(a)	Not applicable.

-3-

(b)	Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable to this Report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.

-4-

(b)

Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT.

-5-

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 9, 2024

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 9, 2024

By:	/s/ Erich Rettinger
	Erich Rettinger (Principal Financial Officer)
	Treasurer

Date:	August 9, 2024

-6-

ALPS Active REIT ETF (REIT) N-CSRSCertified semi-annual shareholder report (management investment company)