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, 2024 – May 31, 2025

Item 1. Report to Stockholders.

(a)

Alerian MLP ETF	ALPS ETF TRUST
NYSE ARCA: AMLP	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about Alerian MLP ETF (the "Fund" or "AMLP") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Alerian MLP ETF	$41	0.84%*

^* Annualized

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

Management's Discussion of Fund Performance

The Fund delivered a total return of -3.23% (-3.08% NAV) for the Period. This compares to the Alerian MLP Infrastructure Index (the "Underlying Index"), which fell 6.75% on a price-return basis and 3.28% on a total-return basis. The difference in performance between the Fund and its Underlying Index is primarily attributable to the Fund's operating expenses and the tax impact of the Fund's C-Corporation structure, including the accrual of approximately $96.4 million in income tax benefit during the Period.

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

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

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

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$10,171,573,648
Number of Portfolio Holdings	13
Portfolio Turnover Rate	12%
Total Advisory Fees Paid	$42,730,722

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Pipeline Transportation | Petroleum	28.60%
Pipeline Transportation | Natural Gas	24.08%
Gathering + Processing	21.21%
Marketing & Distribution	17.30%
Liquefaction	4.95%
Compression	3.85%
Money Market Fund	0.01%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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.

HOUSEHOLDING

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

SAR-AMLP-053125

Alerian Energy Infrastructure ETF	ALPS ETF TRUST
NYSE ARCA: ENFR	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about Alerian Energy Infrastructure ETF (the "Fund" or "ENFR") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Alerian Energy Infrastructure ETF	$17	0.35%*

^* Annualized

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

Management's Discussion of Fund Performance

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

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

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

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

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$297,483,488
Number of Portfolio Holdings	25
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$482,541

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Pipeline Transportation | Natural Gas	37.85%
Gathering + Processing	26.95%
Pipeline Transportation | Petroleum	26.84%
Liquefaction	6.25%
Storage	2.11%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/enfr.

HOUSEHOLDING

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

SAR-ENFR-053125

ALPS Active Equity Opportunity ETF	ALPS ETF TRUST
NYSE ARCA: RFFC	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Active Equity Opportunity ETF (the "Fund" or "RFFC") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Active Equity Opportunity ETF	$23	0.48%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$21,641,948
Number of Portfolio Holdings	59
Portfolio Turnover Rate	30%
Total Advisory Fees Paid	$61,574

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*^

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

Sector Allocation*

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

*	% of Total Investments (excluding investments purchased with collateral from securities loaned).
^	Excludes Money Market Fund.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/rffc.

HOUSEHOLDING

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

SAR-RFFC-053125

ALPS Active REIT ETF	ALPS ETF TRUST
NASDAQ: REIT	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Active REIT ETF (the "Fund" or "REIT") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Active REIT ETF	$33	0.68%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$43,610,577
Number of Portfolio Holdings	30
Portfolio Turnover Rate	35%
Total Advisory Fees Paid	$145,192

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

REIT Sector Allocation*

Real Estate	96.63%
Money Market Fund	3.37%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/reit.

HOUSEHOLDING

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

SAR-REIT-053125

ALPS Equal Sector Weight ETF	ALPS ETF TRUST
NYSE ARCA: EQL	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Equal Sector Weight ETF (the "Fund" or "EQL") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/eql. You can also request this information by contacting us at 1-866-759-5679.

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

WHAT WERE THE FUND COSTS FOR THE PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Equal Sector Weight ETF	$8	0.16%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$508,595,668
Number of Portfolio Holdings	11
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$377,045

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Consumer Discretionary	9.66%
Industrials	9.65%
Technology	9.63%
Consumer Staples	9.33%
Utilities	9.29%
Communication Services	9.28%
Financials	9.20%
Materials	8.99%
Real Estate	8.98%
Healthcare	8.08%
Energy	7.88%
Money Market Fund	0.03%
Total	100.00%

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

Holdings are subject to change.

HOW HAS THE FUND CHANGED OVER THE PERIOD?

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

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

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

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 https://www.alpsfunds.com/exchange-traded-funds/eql.

HOUSEHOLDING

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

SAR-EQL-053125

ALPS Intermediate Municipal Bond ETF	ALPS ETF TRUST
NYSE ARCA: MNBD	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Intermediate Municipal Bond ETF (the "Fund" or "MNBD") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Intermediate Municipal Bond ETF	$25	0.50%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$37,217,017
Number of Portfolio Holdings	130
Portfolio Turnover Rate	60%
Total Advisory Fees Paid	$87,935

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Revenue Bonds	78.74%
General Obligation Unltd	15.51%
Government	4.21%
General Obligation Ltd	1.35%
Money Market Fund	0.19%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/mnbd.

HOUSEHOLDING

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

SAR-MNBD-053125

ALPS Clean Energy ETF	ALPS ETF TRUST
NYSE ARCA: ACES	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Clean Energy ETF (the "Fund" or "ACES") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Clean Energy ETF	$26	0.55%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$87,072,698
Number of Portfolio Holdings	36
Portfolio Turnover Rate	22%
Total Advisory Fees Paid	$279,656

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Clean Energy Segment Allocation*

Solar	25.47%
Electric Vehicles	23.50%
Wind	16.57%
Energy Management & Storage	10.56%
Hydro/Geothermal	10.25%
Bioenergy	10.08%
Fuel Cell/Hydrogen	1.98%
Energy	1.44%
Money Market Fund	0.15%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/aces.

HOUSEHOLDING

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

SAR-ACES-053125

ALPS Disruptive Technologies ETF	ALPS ETF TRUST
NYSE ARCA: DTEC	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Disruptive Technologies ETF (the "Fund" or "DTEC") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Disruptive Technologies ETF	$25	0.50%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$88,394,995
Number of Portfolio Holdings	100
Portfolio Turnover Rate	15%
Total Advisory Fees Paid	$219,288

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Thematic Allocation*

Cybersecurity	10.64%
Cloud Computing	10.58%
Data & Analytics	10.26%
Clean Energy & Smart Grid	10.13%
Healthcare Innovation	10.06%
3D Printing	9.83%
Internet of Things	9.66%
FinTech	9.57%
Robotics & Artificial Intelligence	9.14%
Mobile Payments	8.99%
Consumer, Non-cyclical	1.05%
Money Market Fund	0.09%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/dtec.

HOUSEHOLDING

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

SAR-DTEC-053125

ALPS Electrification Infrastructure ETF	ALPS ETF TRUST
NASDAQ: ELFY	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Electrification Infrastructure ETF (the "Fund" or "ELFY") for the period of April 9, 2025 (inception) to May 31, 2025 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/elfy. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Electrification Infrastructure ETF	$9^	0.50%*

*	Annualized
^	ALPS Electrification Infrastructure ETF commenced operations on April 9, 2025. Actual expenses on this Fund are equal to the Fund's annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the Fund launched (52) divided by 365.

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

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

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

	Since Inception (04/09/2025)
ALPS Electrification Infrastructure ETF - NAV	13.63%
Ladenburg Thalmann Electrification Infrastructure Index	13.70%
Bloomberg US 1000 Index‡	8.88%

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

^‡ Broad-based securities market index.

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

Net Assets	$22,121,825
Number of Portfolio Holdings	79
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$8,432

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Utilities	38.99%
Industrials	31.14%
Information Technology	13.76%
Energy	13.35%
Materials	2.73%
Money Market Fund	0.03%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/elfy.

HOUSEHOLDING

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

SAR-C000259393-053125

ALPS Medical Breakthroughs ETF	ALPS ETF TRUST
NYSE ARCA: SBIO	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Medical Breakthroughs ETF (the "Fund" or "SBIO") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Medical Breakthroughs ETF	$22	0.50%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$81,196,624
Number of Portfolio Holdings	97
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$232,689

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Biotechnology	81.29%
Pharmaceuticals	17.98%
Health Care Providers & Services	0.57%
Money Market Fund	0.16%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/sbio.

HOUSEHOLDING

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

SAR-SBIO-053125

ALPS Sector Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: SDOG	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS Sector Dividend Dogs ETF (the "Fund" or "SDOG") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Sector Dividend Dogs ETF	$17	0.36%*

^* Annualized

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

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

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

	1 Year	5 Year	10 Year
ALPS Sector Dividend Dogs ETF - NAV	8.67%	13.95%	8.03%
S-Network® Sector Dividend Dogs Index	9.01%	14.34%	8.46%
S&P 500® Index‡	13.52%	15.94%	12.86%

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

^‡ Broad-based securities market index.

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

Net Assets	$1,174,234,940
Number of Portfolio Holdings	50
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$2,149,229

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Information Technology	10.80%
Consumer Discretionary	10.66%
Utilities	10.43%
Consumer Staples	10.25%
Financials	10.16%
Communication Services	9.95%
Industrials	9.81%
Energy	9.28%
Health Care	9.27%
Materials	9.20%
Money Market Fund	0.19%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/sdog.

HOUSEHOLDING

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

SAR-SDOG-053125

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

This semi-annual shareholder report contains important information about ALPS International Sector Dividend Dogs ETF (the "Fund" or "IDOG") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS International Sector Dividend Dogs ETF	$27	0.50%*

^* Annualized

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

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

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

	1 Year	5 Year	10 Year
ALPS International Sector Dividend Dogs ETF - NAV	12.97%	14.12%	6.54%
S-Network® International Sector Dividend Dogs Index	13.33%	14.56%	6.94%
Morningstar Developed Markets ex-North America Index‡	13.27%	10.93%	5.89%

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

^‡ Broad-based securities market index.

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

Net Assets	$338,122,393
Number of Portfolio Holdings	50
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$729,421

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Communication Services	10.89%
Utilities	10.66%
Consumer Staples	10.40%
Energy	10.39%
Industrials	9.97%
Financials	9.86%
Information Technology	9.82%
Health Care	9.38%
Materials	9.09%
Consumer Discretionary	8.89%
Money Market Fund	0.65%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/idog.

HOUSEHOLDING

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

SAR-IDOG-053125

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

This semi-annual shareholder report contains important information about ALPS Emerging Sector Dividend Dogs ETF (the "Fund" or "EDOG") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS Emerging Sector Dividend Dogs ETF	$31	0.60%*

^* Annualized

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

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

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

	1 Year	5 Year	10 Year
ALPS Emerging Sector Dividend Dogs ETF - NAV	9.62%	9.92%	3.62%
S-Network® Emerging Sector Dividend Dogs Index	9.87%	10.60%	4.36%
Morningstar Emerging Markets Index‡	11.08%	8.11%	4.44%

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

^‡ Broad-based securities market index.

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

Net Assets	$26,287,756
Number of Portfolio Holdings	51
Portfolio Turnover Rate	62%
Total Advisory Fees Paid	$77,690

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Consumer Staples	11.17%
Utilities	10.57%
Industrials	10.27%
Communication Services	10.06%
Financials	10.06%
Consumer Discretionary	9.84%
Energy	9.56%
Health Care	9.46%
Information Technology	9.30%
Materials	7.32%
Building Materials	2.03%
Money Market Fund	0.36%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/edog.

HOUSEHOLDING

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

SAR-EDOG-053125

ALPS REIT Dividend Dogs ETF	ALPS ETF TRUST
NYSE ARCA: RDOG	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS REIT Dividend Dogs ETF (the "Fund" or "RDOG") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS REIT Dividend Dogs ETF	$16	0.35%*

^* Annualized

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

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

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

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

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

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

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

Net Assets	$11,582,559
Number of Portfolio Holdings	45
Portfolio Turnover Rate	43%
Total Advisory Fees Paid	$21,813

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Technology REITs	12.45%
Specialized REITs	11.68%
Retail REITs	11.64%
Diversified REITs	11.21%
Residential REITs	10.96%
Industrial REITs	10.81%
Hotel & Resort REITs	10.64%
Office REITs	10.59%
Health Care REITs	9.96%
Money Market Fund	0.06%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/rdog.

HOUSEHOLDING

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

SAR-RDOG-053125

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

This semi-annual shareholder report contains important information about ALPS | O'Shares U.S. Quality Dividend ETF (the "Fund" or "OUSA") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares U.S. Quality Dividend ETF	$24	0.48%*

^* Annualized

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

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

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

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

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

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

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

Net Assets	$804,392,935
Number of Portfolio Holdings	100
Portfolio Turnover Rate	1%
Total Advisory Fees Paid	$1,924,324

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**

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

Sector Allocation**

Information Technology	22.74%
Financials	17.03%
Health Care	14.26%
Consumer Discretionary	14.11%
Industrials	12.52%
Communication Services	10.49%
Consumer Staples	8.81%
Money Market Fund	0.04%
Total	100.00%

** % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/ousa.

HOUSEHOLDING

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

SAR-OUSA-053125

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

This semi-annual shareholder report contains important information about ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (the "Fund" or "OUSM") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF	$23	0.48%*

^* Annualized

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

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

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

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

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

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

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

Net Assets	$896,762,251
Number of Portfolio Holdings	110
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$2,098,156

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**

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

Sector Allocation**

Financials	22.99%
Industrials	21.52%
Consumer Discretionary	18.05%
Information Technology	15.49%
Health Care	9.64%
Consumer Staples	5.03%
Utilities	4.23%
Communication Services	2.96%
Money Market Fund	0.09%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/ousm.

HOUSEHOLDING

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

SAR-OUSM-053125

ALPS | O'Shares Global Internet Giants ETF	ALPS ETF TRUST
Cboe BZX: OGIG	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS | O'Shares Global Internet Giants ETF (the "Fund" or "OGIG") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares Global Internet Giants ETF	$25	0.48%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$153,047,986
Number of Portfolio Holdings	71
Portfolio Turnover Rate	17%
Total Advisory Fees Paid	$327,940

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Information Technology	49.90%
Communication Services	24.89%
Consumer Discretionary	18.68%
Industrials	4.40%
Real Estate	1.22%
Health Care	0.89%
Money Market Fund	0.02%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/ogig.

HOUSEHOLDING

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

SAR-OGIG-053125

ALPS | O'Shares Europe Quality Dividend ETF	ALPS ETF TRUST
Cboe BZX: OEUR	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS | O'Shares Europe Quality Dividend ETF (the "Fund" or "OEUR") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares Europe Quality Dividend ETF	$26	0.48%*

^* Annualized

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

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

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

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

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

*	The O'Shares Europe Quality Dividend Index performance information reflects the blended performance of the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index through May 31, 2020 and the O'Shares Europe Quality Dividend Index thereafter.
‡	Broad-based securities market index.

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

Net Assets	$37,410,568
Number of Portfolio Holdings	50
Portfolio Turnover Rate	1%
Total Advisory Fees Paid	$85,389

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**

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

Sector Allocation**

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

Country Exposure**

Great Britain	23.02%
France	18.04%
Switzerland	17.21%
Germany	15.18%
Netherlands	7.60%
Sweden	5.93%
Spain	5.69%
Finland	3.15%
Denmark	2.40%
Ireland	1.45%
United States	0.33%
Total	100.00%

** % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/oeur.

HOUSEHOLDING

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

SAR-OEUR-053125

Barron's 400SM ETF	ALPS ETF TRUST
NYSE ARCA: BFOR	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about Barron's 400^SM ETF (the "Fund" or "BFOR") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Barron's 400 ETF	$31	0.65%*

^* Annualized

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

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

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

	1 Year	5 Year	10 Year
Barron's 400 ETF - NAV	11.17%	15.06%	9.31%
Barron's 400 IndexSM	11.76%	15.77%	10.00%
Bloomberg US 1000 Index‡	13.46%	15.49%	12.52%

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

^‡ Broad-based securities market index.

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

Net Assets	$153,330,063
Number of Portfolio Holdings	398
Portfolio Turnover Rate	47%
Total Advisory Fees Paid	$483,533

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Financials	21.74%
Industrials	21.42%
Information Technology	14.26%
Consumer Discretionary	12.18%
Health Care	9.97%
Consumer Staples	5.50%
Energy	4.47%
Communication Services	4.38%
Materials	3.86%
Utilities	2.00%
Money Market Fund	0.22%
Total	100.00%

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/bfor.

HOUSEHOLDING

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

SAR-BFOR-053125

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

This semi-annual shareholder report contains important information about Level Four Large Cap Growth Active ETF (the "Fund" or "LGRO") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Level Four Large Cap Growth Active ETF	$25	0.50%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$95,028,241
Number of Portfolio Holdings	45
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$231,073

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Information Technology	42.77%
Consumer Discretionary	16.09%
Communication Services	12.33%
Financials	11.48%
Industrials	7.97%
Health Care	4.56%
Consumer Staples	1.55%
Energy	1.02%
Money Market Fund	2.23%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/lgro.

HOUSEHOLDING

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

SAR-LGRO-053125

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

This semi-annual shareholder report contains important information about RiverFront Dynamic Core Income ETF (the "Fund" or "RFCI") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
RiverFront Dynamic Core Income ETF	$26	0.51%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$21,217,997
Number of Portfolio Holdings	46
Portfolio Turnover Rate	4%
Total Advisory Fees Paid	$55,788

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*^

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

Asset Allocation*

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

*	% of Total Investments.
^	Excludes Money Market Fund.

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 https://www.alpsfunds.com/exchange-traded-funds/rfci.

HOUSEHOLDING

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

SAR-RFCI-053125

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

This semi-annual shareholder report contains important information about RiverFront Dynamic US Dividend Advantage ETF (the "Fund" or "RFDA") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
RiverFront Dynamic US Dividend Advantage ETF	$25	0.52%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$73,917,933
Number of Portfolio Holdings	72
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$198,024

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Asset Allocation*

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

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

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/rfda.

HOUSEHOLDING

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

SAR-RFDA-053125

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

This semi-annual shareholder report contains important information about RiverFront Strategic Income Fund (the "Fund" or "RIGS") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST six months?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
RiverFront Strategic Income Fund	$23	0.46%*

^* Annualized

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

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

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

	1 Year	5 Year	10 Year
RiverFront Strategic Income Fund - NAV	5.67%	2.28%	2.87%
Bloomberg US Aggregate Bond Index‡	5.46%	-0.90%	1.49%

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

^‡ Broad-based securities market index.

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

Net Assets	$88,594,265
Number of Portfolio Holdings	86
Portfolio Turnover Rate	4%
Total Advisory Fees Paid	$195,034

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*^

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

^{^} Excludes Money Market Fund

Asset Allocation*

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

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/rigs.

HOUSEHOLDING

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

SAR-RIGS-053125

ALPS | Smith Core Plus Bond ETF	ALPS ETF TRUST
NYSE ARCA: SMTH	Semi-Annual Shareholder Report May 31, 2025

This semi-annual shareholder report contains important information about ALPS | Smith Core Plus Bond ETF (the "Fund" or "SMTH") for the period of December 1, 2024 to May 31, 2025 (the "Period"). You can find additional information about the Fund at 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 PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS | Smith Core Plus Bond ETF	$30	0.59%*

^* Annualized

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

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

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

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

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

^‡ Broad-based securities market index.

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

Net Assets	$1,821,227,284
Number of Portfolio Holdings	809
Portfolio Turnover Rate	79%
Total Advisory Fees Paid	$4,510,583

WHAT DID THE FUND INVEST IN?

Top Ten Holdings*

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

Sector Allocation*

Government	41.54%
Mortgage Securities	18.52%
Financials	11.67%
Industrials	4.87%
Energy	4.76%
Consumer Discretionary	4.66%
Health Care	4.52%
Consumer Staples	3.14%
Communications	2.24%
Technology	2.19%
Utilities	1.23%
Materials	0.57%
Money Market Fund	0.09%
Total	100.00%

* % of Total Investments.

Holdings are subject to change.

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 https://www.alpsfunds.com/exchange-traded-funds/smth.

HOUSEHOLDING

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

SAR-SMTH-053125

(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

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Alerian MLP ETF
Schedule of Investments	1
Statement of Assets and Liabilities	2
Statement of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	5
Alerian Energy Infrastructure ETF
Schedule of Investments	6
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	22
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	24
Proxy Disclosures for Open-End Management Investment Companies	25
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	26
Statement Regarding Basis for Approval of Investment Advisory Contract	27

alpsfunds.com

Alerian MLP ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (104.48%)
Compression (4.03%)
USA Compression Partners LP(a)		16,272,243	$	410,060,524
Gathering + Processing (22.16%)
Hess Midstream LP, Class A(a)		26,415,568		977,376,016
Western Midstream Partners LP(a)		34,128,345		1,276,400,103
Total Gathering + Processing				2,253,776,119
Liquefaction (5.17%)
Cheniere Energy Partners LP		9,167,755		525,954,104
Marketing & Distribution (18.07%)
Global Partners LP(a)		5,684,730		298,562,020
Suburban Propane Partners LP(a)		14,392,291		271,150,762
Sunoco LP(a)		23,522,612		1,268,809,691
Total Marketing & Distribution				1,838,522,473
Pipeline Transportation | Natural Gas (25.16%)
Energy Transfer LP		74,256,791		1,298,008,707
Enterprise Products Partners LP		40,922,600		1,261,234,532
Total Pipeline Transportation | Natural Gas				2,559,243,239
Pipeline Transportation | Petroleum (29.89%)
Delek Logistics Partners LP(a)		4,365,086		182,373,293
Genesis Energy LP(a)		24,305,472		383,297,294
MPLX LP		25,775,479		1,314,549,429
Plains All American Pipeline LP(a)		70,110,860		1,159,633,624
Total Pipeline Transportation | Petroleum				3,039,853,640
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $5,363,449,671)				10,627,410,099

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.01%)
Money Market Fund (0.01%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		837,245	$	837,245
TOTAL SHORT TERM INVESTMENTS
(Cost $837,245)							837,245
TOTAL INVESTMENTS (104.49%)
(Cost $5,364,286,916)						$	10,628,247,344
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.49%)							(456,673,696	)
NET ASSETS - 100.00%						$	10,171,573,648

^(a)  Affiliated Company. See Note 8 in Notes to Financial Statement.

See Notes to Financial Statements and Financial Highlights. 

1 | May 31, 2025

Alerian MLP ETF

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

ASSETS:
Investments, at value	$	4,400,584,017
Investments in affiliates, at value		6,227,663,327
Receivable for investments sold		2,456,987
Total Assets		10,630,704,331
LIABILITIES:
Payable for shares redeemed		2,390,697
Deferred tax liability (Note 2)		449,486,942
Payable to adviser		7,253,044
Total Liabilities		459,130,683
NET ASSETS	$	10,171,573,648
NET ASSETS CONSIST OF:
Paid-in capital	$	10,352,750,325
Distributable earnings/(accumulated losses)		(181,176,677	)
NET ASSETS	$	10,171,573,648
INVESTMENTS, AT COST	$	1,494,991,588
INVESTMENTS IN AFFILIATES, AT COST		3,869,295,328
PRICING OF SHARES
Net Assets	$	10,171,573,648
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		212,732,420
Net Asset Value, offering and redemption price per share	$	47.81

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

Alerian MLP ETF

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

INVESTMENT INCOME:
Distributions from master limited partnerships	$	394,345,877	(a)
Dividends		225,372
Less return of capital distributions		(379,071,080	)
Total Investment Income		15,500,169
EXPENSES:
Investment adviser fee		42,730,722
Total Expenses		42,730,722
NET INVESTMENT LOSS, BEFORE INCOME TAXES		(27,230,553	)
Current income tax benefit/(expense)		6,248,216
NET INVESTMENT LOSS		(20,982,337	)
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments, before income taxes		53,284,876
Net realized gain on affiliated investments, before income taxes		416,260,811
Current income tax benefit/(expense)		(107,764,494	)
Net realized gain		361,781,193
Net change in unrealized depreciation on investments, before income taxes		(267,047,016	)
Net change in unrealized depreciation on affiliated investments, before income taxes		(595,389,421	)
Deferred income tax benefit/(expense)		197,915,675
Net change in unrealized depreciation		(664,520,762	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(302,739,569	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(323,721,906	)

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

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2025

Alerian MLP ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment loss	$	(20,982,337	)	$	(44,219,440	)
Net realized gain		361,781,193			74,296,129
Net change in unrealized appreciation/(depreciation)		(664,520,762	)		1,973,436,066
Net increase/(decrease) in net assets resulting from operations		(323,721,906	)		2,003,512,755
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(404,397,969	)		(647,326,416	)
From tax return of capital		–			(35,219,362	)
Total distributions		(404,397,969	)		(682,545,778	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,155,347,038			2,517,052,803
Cost of shares redeemed		(486,194,747	)		(1,107,287,794	)
Net increase from share transactions		669,152,291			1,409,765,009
Net increase/(decrease) in net assets		(58,967,584	)		2,730,731,986
NET ASSETS:
Beginning of period		10,230,541,232			7,499,809,246
End of period	$	10,171,573,648		$	10,230,541,232
OTHER INFORMATION:
SHARE TRANSACTIONS:
Beginning shares		199,607,420			169,807,420
Shares sold		22,950,000			53,700,000
Shares redeemed		(9,825,000	)		(23,900,000	)
Shares outstanding, end of period		212,732,420			199,607,420

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025

Alerian MLP ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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)
NET ASSET VALUE, BEGINNING OF PERIOD	$	51.25		$	44.17		$	40.01		$	31.63		$	25.02		$	39.15
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(b)		(0.10	)		(0.24	)		(0.24	)		(0.28	)		(0.27	)		(0.24	)
Net realized and unrealized gain/(loss) on investments		(1.39	)		11.03			7.74			11.59			9.68			(10.73	)
Total from investment operations		(1.49	)		10.79			7.50			11.31			9.41			(10.97	)
DISTRIBUTIONS:
From net investment income		(1.95	)		(3.52	)		(3.34	)		–			–			–
From tax return of capital		–			(0.19	)		–			(2.93	)		(2.80	)		(3.16	)
Total distributions		(1.95	)		(3.71	)		(3.34	)		(2.93	)		(2.80	)		(3.16	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(3.44	)		7.08			4.16			8.38			6.61			(14.13	)
NET ASSET VALUE, END OF PERIOD	$	47.81		$	51.25		$	44.17		$	40.01		$	31.63		$	25.02
TOTAL RETURN(c)		(3.08	)%		25.74	%		19.82	%		36.31	%		37.97	%		(28.36	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	10,171,574		$	10,230,541		$	7,499,809		$	6,679,200		$	4,980,175		$	3,880,137
RATIO TO AVERAGE NET ASSETS:
Expenses (excluding net current and deferred tax expenses/benefits and franchise tax expense)		0.84	%(d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Expenses (including current and deferred tax expenses/benefits)(e)		0.72	%(d)		0.72	%		0.79	%		0.74	%		0.85	%		0.85	%
Expenses (including net current and deferred tax expenses/benefits)(f)		(1.05	)%(d)		6.39	%		2.67	%		5.03	%		0.87	%		0.90	%
Net investment loss (excluding deferred tax expenses/benefits and franchise tax expense)		(0.84	)%(d)		(0.65	)%		(0.65	)%		(0.85	)%		(0.85	)%		(0.85	)%
Net investment loss (including deferred tax expenses/benefits)(e)		(0.41	)%(d)		(0.53	)%		(0.59	)%		(0.74	)%		(0.85	)%		(0.85	)%
PORTFOLIO TURNOVER RATE(g)		12	%		18	%		40	%		26	%		20	%		23	%

^(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.

5 | May 31, 2025

Alerian Energy Infrastructure ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
CANADIAN ENERGY INFRASTRUCTURE COMPANIES (29.67%)
Gathering + Processing (4.87%)
Keyera Corp.		475,570	$	14,495,641
Pipeline Transportation | Natural Gas (5.44%)
TC Energy Corp.		319,154		16,172,237
Pipeline Transportation | Petroleum (17.25%)
Enbridge, Inc.(a)		522,001		24,294,243
Pembina Pipeline Corp.		386,491		14,484,083
South Bow Corp.		483,730		12,537,819
Total Pipeline Transportation | Petroleum				51,316,145
Storage (2.11%)
Gibson Energy, Inc.(a)		379,909		6,272,990
TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES
(Cost $80,202,580)				88,257,013

Security Description	Shares		Value
U.S. ENERGY INFRASTRUCTURE COMPANIES (27.24%)
Gathering + Processing (4.90%)
Aris Water Solutions, Inc.		51,362		1,132,019
Summit Midstream Corp.(a)(b)		22,938		576,661
Targa Resources Corp.		81,336		12,845,394
Total Gathering + Processing				14,554,074
Liquefaction (6.24%)
Cheniere Energy, Inc.		70,216		16,640,490
NextDecade Corp.(a)(b)		232,939		1,928,735
Total Liquefaction				18,569,225
Pipeline Transportation | Natural Gas (16.10%)
DT Midstream, Inc.		159,184		16,672,932
Kinder Morgan, Inc.		520,026		14,581,529
Kinetik Holdings, Inc.		85,227		3,796,011
ONEOK, Inc.		158,955		12,849,922
Total Pipeline Transportation | Natural Gas				47,900,394
TOTAL U.S. ENERGY INFRASTRUCTURE COMPANIES
(Cost $57,088,643)				81,023,693

Security Description	Shares		Value
U.S. ENERGY INFRASTRUCTURE MLPS (27.27%)
Gathering + Processing (5.71%)
Delek Logistics Partners LP		14,759		616,631
Hess Midstream LP, Class A		268,865		9,948,005
Western Midstream Partners LP		171,490		6,413,726
Total Gathering + Processing				16,978,362

Security Description	Shares		Value
Pipeline Transportation | Natural Gas (16.25%)
Energy Transfer LP		1,533,146	$	26,799,392
Enterprise Products Partners LP		699,284		21,551,933
Total Pipeline Transportation | Natural Gas				48,351,325
Pipeline Transportation | Petroleum (5.31%)
Genesis Energy LP		84,136		1,326,825
MPLX LP		283,796		14,473,596
Total Pipeline Transportation | Petroleum				15,800,421
TOTAL U.S. ENERGY INFRASTRUCTURE MLPS
(Cost $71,848,432)				81,130,108

Security Description	Shares		Value
U.S. GENERAL PARTNERS (15.68%)
Gathering + Processing (11.44%)
Antero Midstream Corp.		777,476		14,600,999
The Williams Cos., Inc.		321,107		19,430,185
Total Gathering + Processing				34,031,184
Pipeline Transportation | Petroleum (4.24%)
Plains GP Holdings LP, Class A		716,736		12,614,554
TOTAL U.S. GENERAL PARTNERS
(Cost $33,249,293)				46,645,738

	7 Day Yield	Shares		Value
SHORT TERM INVESTMENTS (0.19%)
Investments Purchased with Collateral from Securities Loaned (0.19%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $571,113)			571,113		571,113
TOTAL SHORT TERM INVESTMENTS
(Cost $571,113)					571,113
TOTAL INVESTMENTS (100.05%)
(Cost $242,960,061)				$	297,627,665
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.05%)					(144,177	)
NET ASSETS - 100.00%				$	297,483,488

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

^(b)  Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2025

Alerian Energy Infrastructure ETF

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

ASSETS:
Investments, at value*	$	297,627,665
Foreign currency, at value (Cost $157,952)		158,942
Receivable for investments sold		1,995,973
Dividends receivable		300,776
Total Assets		300,083,356
LIABILITIES:
Payable for investments purchased		1,815,525
Payable to adviser		86,860
Payable to custodian for overdraft		126,370
Payable for collateral upon return of securities loaned		571,113
Total Liabilities		2,599,868
NET ASSETS	$	297,483,488
NET ASSETS CONSIST OF:
Paid-in capital	$	235,473,254
Distributable earnings		62,010,234
NET ASSETS	$	297,483,488
INVESTMENTS, AT COST	$	242,960,061
PRICING OF SHARES
Net Assets	$	297,483,488
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		9,500,000
Net Asset Value, offering and redemption price per share	$	31.31

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

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2025

Alerian Energy Infrastructure ETF

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

INVESTMENT INCOME:
Dividend Income*	$	7,089,312
Securities lending income		5,435
Total Investment Income		7,094,747
EXPENSES:
Investment adviser fees		482,541
Total expenses		482,541
NET INVESTMENT INCOME		6,612,206
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments(a)		6,009,252
Net realized loss on foreign currency transactions		(3,458	)
Net realized gain		6,005,794
Net change in unrealized depreciation on investments		(20,702,975	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		4,719
Net change in unrealized depreciation		(20,698,256	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCIES		(14,692,462	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,080,256	)
* Net of foreign tax withholding.	$	333,151

^(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, 2025

Alerian Energy Infrastructure ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	6,612,206		$	7,017,638
Net realized gain		6,005,794			2,379,363
Net change in unrealized appreciation/(depreciation)		(20,698,256	)		60,655,556
Net increase/(decrease) in net assets resulting from operations		(8,080,256	)		70,052,557
DISTRIBUTIONS:
From distributable earnings		(6,663,411	)		(4,193,460	)
From tax return of capital		–			(4,060,038	)
Total distributions		(6,663,411	)		(8,253,498	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		93,452,435			46,196,532
Cost of shares redeemed		(16,765,917	)		(4,729,155	)
Net increase from share transactions		76,686,518			41,467,377
Net increase in net assets		61,942,851			103,266,436
NET ASSETS:
Beginning of period		235,540,637			132,274,201
End of period	$	297,483,488		$	235,540,637
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		7,125,000			5,700,000
Shares sold		2,900,000			1,625,000
Shares redeemed		(525,000	)		(200,000	)
Shares outstanding, end of period		9,500,000			7,125,000

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2025

Alerian Energy Infrastructure ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	33.06		$	23.21		$	22.64		$	18.59		$	14.51		$	19.19
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.76			1.18			0.97			0.61			1.08			0.90
Net realized and unrealized gain/(loss) on investments		(1.78	)		10.04			0.86			4.57			4.49			(4.50	)
Total from investment operations		(1.02	)		11.22			1.83			5.18			5.57			(3.60	)
DISTRIBUTIONS:
From net investment income		(0.73	)		(0.70	)		(0.33	)		(0.21	)		(0.74	)		(0.45	)
Tax return of capital		–			(0.67	)		(0.93	)		(0.92	)		(0.75	)		(0.63	)
Total distributions		(0.73	)		(1.37	)		(1.26	)		(1.13	)		(1.49	)		(1.08	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.75	)		9.85			0.57			4.05			4.08			(4.68	)
NET ASSET VALUE, END OF PERIOD	$	31.31		$	33.06		$	23.21		$	22.64		$	18.59		$	14.51
TOTAL RETURN(b)		(3.11	)%		50.02	%		8.63	%		28.21	%		38.93	%		(18.82	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	297,483		$	235,541		$	132,274		$	142,086		$	59,487		$	36,988
Ratio of expenses to average net assets		0.35	%(c)		0.35	%		0.35	%		0.35	%		0.51	%(d)		0.65	%
Ratio of net investment income to average net assets		4.80	%(c)		4.50	%		4.46	%		2.84	%		5.84	%		5.91	%
PORTFOLIO TURNOVER RATE(e)		11	%		33	%		28	%		26	%		34	%		34	%

^(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.

10 | May 31, 2025

Alerian Exchange Traded Funds

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the Alerian MLP ETF and the Alerian Energy Infrastructure ETF (each a “Fund” and collectively, the “Funds”).

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

11 | May 31, 2025

Alerian Exchange Traded Funds

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

B. Fair Value Measurements

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

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

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

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

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

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

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

12 | May 31, 2025

Alerian Exchange Traded Funds

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

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

Alerian MLP ETF
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*	$	10,627,410,099	$	–	$	–	$	10,627,410,099
Short Term Investments		837,245		–		–		837,245
Total	$	10,628,247,344	$	–	$	–	$	10,628,247,344

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*	$	88,257,013	$	–	$	–	$	88,257,013
U.S. Energy Infrastructure Companies*		81,023,693		–		–		81,023,693
U.S. Energy Infrastructure MLPs*		81,130,108		–		–		81,130,108
U.S. General Partners*		46,645,738		–		–		46,645,738
Short Term Investments		571,113		–		–		571,113
Total	$	297,627,665	$	–	$	–	$	297,627,665

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Foreign Currency Translation

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

D. Securities Transactions and Investment Income

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

E. Dividends and Distributions to Shareholders

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

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

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

13 | May 31, 2025

Alerian Exchange Traded Funds

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

F. Federal Income Taxation and Tax Basis Information

Alerian MLP ETF 

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

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

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

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

Alerian MLP ETF	Period ended May 31, 2025
	Current		Deferred			Total
Federal	$	3,778,849	$	(95,421,553	)	$	(91,642,704	)
State		–		(4,756,693	)		(4,756,693	)
Valuation Allowance		–		–			–
Total tax expense/(benefit)	$	3,778,849	$	(100,178,246	)	$	(96,399,397	)

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

14 | May 31, 2025

Alerian Exchange Traded Funds

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

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

Alerian MLP ETF	As of May 31, 2025			As of November 30, 2024
Deferred tax assets:
Capital loss carryforward	$	449,899,161		$	443,596,517
Net operating loss carryforward		23,295,532			23,290,244
Income recognized from MLP investments		1,776,003,505			1,874,687,034
Other deferred tax assets		13,423,012			13,488,405
Alternative Minimum Tax		27,417,818			83,538,587
Valuation allowance		(12,890,314	)		(12,890,314	)
Less Deferred tax liabilities:
Net unrealized gain on investment securities		(2,726,635,656	)		(2,975,307,956	)
Other deferred tax liabilities		–			(67,705	)
Net Deferred Tax Asset/(Liability)	$	(449,486,942	)	$	(549,665,188	)

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

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

Alerian MLP ETF	Period-Ended	Amount		Expiration
Federal	11/30/2020	$	516,043,002	11/30/2025
Federal	11/30/2021		673,784,686	11/30/2026
Federal	11/30/2022		818,305,027	11/30/2027
Total		$	2,008,132,715

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	$	346,810	Varies by State
State	11/30/2013		1,498,152	Varies by State
State	11/30/2014		476,877	Varies by State
State	11/30/2015		2,976,169	Varies by State
State	11/30/2016		5,570,406	Varies by State
State	11/30/2017		4,623,336	Varies by State
State	11/30/2018		1,664,819	Varies by State
State	11/30/2019		1,479,392	Varies by State
State	11/30/2020		1,665,387	Varies by State
State	11/30/2021		2,419,366	Varies by State
State	11/30/2022		362,172	Varies by State
State	11/30/2023		212,646	Varies by State
Total		$	23,295,532

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

15 | May 31, 2025

Alerian Exchange Traded Funds

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

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

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

Alerian MLP ETF	As of May 31, 2025
Income tax expense at statutory rate	$	(88,225,475	)
State income taxes (net of federal benefit)		(4,579,322	)
Permanent differences, net		(3,594,600	)
Effect of tax rate change (state level)		–
Valuation allowance		–
Net income tax expense	$	(96,399,397	)

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the period ended May 31, 2025, the Fund paid no penalties and interest.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. Tax periods ended November 30, 2021 through November 30, 2023 remain subject to examination by tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Under the Inflation Reduction Act of 2022, a 15% corporate alternative minimum tax on adjusted financial statement income is applicable to corporate entities with average annual adjusted financial statement income in excess of $1 billion for a three-taxable-year period. This corporate alternative minimum tax applies to the Fund for the current taxable year, the additional tax liability of approximately $13.7 million is the excess of the Fund’s corporate alternative minimum tax over regular income tax imposed for the year. The impact to current tax expense and amounts payable result in an offsetting deferred tax benefit, subject to realization.

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

Alerian Energy Infrastructure ETF

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

No provision for income taxes is included in the accompanying financial statements, as the Alerian Energy Infrastructure ETF intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Alerian Energy Infrastructure ETF evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, the Alerian Energy Infrastructure ETF did not have a liability for any unrecognized tax benefits. The Alerian Energy Infrastructure ETF files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. The Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

16 | May 31, 2025

Alerian Exchange Traded Funds

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

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
Alerian Energy Infrastructure ETF	$	4,193,460	$	–	$	4,060,038

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

	Short-Term		Long-Term
Alerian Energy Infrastructure ETF	$	–	$	812,221

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

	Alerian MLP ETF			Alerian Energy Infrastructure ETF
Cost of investments for income tax purposes	$	6,385,722,084		$	239,511,155
Gross appreciation (excess of value over tax cost)	$	4,313,275,142		$	63,317,698
Gross depreciation (excess of tax cost over value)		(70,749,882	)		(5,201,188	)
Net unrealized appreciation/(depreciation)	$	4,242,525,260		$	58,116,510

The difference between cost amounts for financial statement purposes is due primarily to the recognition of pass-through income from a Funds’ investments in master limited partnerships, and wash sales. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2025.

G. Lending of Portfolio Securities

The Alerian Energy Infrastructure ETF has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund's Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund's Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Alerian Energy Infrastructure ETF	$	4,414,404	$	571,113	$	3,992,154	$	4,563,267

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

17 | May 31, 2025

Alerian Exchange Traded Funds

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

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	$	571,113	$	–	$	–	$	–	$	571,113
Total Borrowings										571,113
Gross amount of recognized liabilities for securities lending (collateral received)									$	571,113

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

Fund		Advisory Fee
Alerian MLP ETF	0.85%	Average net assets up to and including $7 billion
	0.825%	Average net assets greater than $7 billion up to and including $8.5 billion
	0.80%	Average net assets greater than $8.5 billion up to and including $10.5 billion
	0.75%	Average net assets greater than $10.5 billion up to and including $12.5 billion
	0.70%	Average net assets greater than $12.5 billion up to and including $14.5 billion
	0.65%	Average net assets greater than $14.5 billion up to and including $16.5 billion
	0.60%	Average net assets greater than $16.5 billion up to and including $18.5 billion
	0.55%	Average net assets greater than $18.5 billion up to and including $20.5 billion
	0.50%	Average net assets greater than $20.5 billion up to and including $22.5 billion
	0.45%	Average net assets greater than $22.5 billion up to and including $25 billion
	0.40%	Average net assets greater than $25 billion

Fund		Advisory Fee
Alerian Energy Infrastructure ETF	0.35%

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

18 | May 31, 2025

Alerian Exchange Traded Funds

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

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
Alerian MLP ETF	$	1,335,550,014	$	1,880,486,369
Alerian Energy Infrastructure ETF		31,456,198		31,672,047

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

Fund	Purchases		Sales
Alerian MLP ETF	$	1,054,098,828	$	–
Alerian Energy Infrastructure ETF		93,410,823		16,769,613

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

Fund	Net Realized Gain/(Loss)
Alerian Energy Infrastructure ETF	$	6,929,424

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. MASTER LIMITED PARTNERSHIPS

MLPs are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include, among other things, natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is distributed to both common and subordinated units and generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

6. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. 

19 | May 31, 2025

Alerian Exchange Traded Funds

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

7. RELATED PARTY TRANSACTIONS

The Funds engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2025, were as follows:

Fund	Purchase Cost Paid		Sale Proceeds Received		Realized Gain/(Loss) on Sales
Alerian MLP ETF	$	708,624	$	–	$	–
Alerian Energy Infrastructure ETF		11,383		1,614,178		(157,481	)

8. AFFILIATED COMPANIES

As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund.

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

Security Name	Share Balance as of May 31, 2025		Market Value as of November 30, 2024		Purchases		Purchases In-Kind		Sales			Market Value as of May 31, 2025		Dividends*		Change in Unrealized Appreciation / (Depreciation)			Realized Gain/(Loss)
Delek Logistics Partners LP**		4,365,086	$	96,286,255	$	76,037,888	$	14,830,235	$	(7,399,227	)	$	182,373,293	$	–	$	12,240,662		$	(912,810	)
EnLink Midstream LLC		–		788,331,984		307,162		23,742,577		(718,492,675	)		–		–		(526,595,590	)		432,706,543
Genesis Energy LP		24,305,472		242,958,928		38,372,087		27,509,076		(13,383,237	)		383,297,294		–		97,076,144			(1,614,970	)
Global Partners LP		5,684,730		276,662,128		28,651,458		27,189,648		(13,147,935	)		298,562,020		–		(11,509,301	)		(1,111,530	)
Hess Midstream LP, Class A		26,415,568		652,095,499		328,855,318		85,979,785		(42,206,020	)		977,376,016		15,274,797		(26,347,402	)		(2,651,762	)
Plains All American Pipeline LP		70,110,860		1,251,024,723		133,794,709		129,041,684		(204,666,755	)		1,159,633,624		–		(91,201,983	)		(3,623,731	)
Suburban Propane Partners LP		14,392,291		237,557,257		36,850,872		25,660,566		(12,509,662	)		271,150,762		–		(6,840,452	)		(670,589	)
Sunoco LP		23,522,612		1,152,052,693		117,974,429		120,347,579		(60,129,395	)		1,268,809,691		–		(18,363,964	)		(2,325,459	)
USA Compression Partners LP		16,272,243		320,598,737		59,370,561		36,749,010		(17,837,075	)		410,060,524		–		28,297,195			(1,553,894	)
Western Midstream Partners LP		34,128,345		1,222,175,509		136,995,702		127,079,523		(95,528,298	)		1,276,400,103		–		(52,144,730	)		(1,980,987	)
												$	6,227,663,327	$	15,274,797	$	(595,389,421	)	$	416,260,811

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

** Not an Affiliated Investment as of November 30, 2024.

9. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

20 | May 31, 2025

Alerian Exchange Traded Funds

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

10. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements. 

21 | May 31, 2025

Alerian Exchange Traded Funds

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Funds report the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction
Alerian MLP ETF	100.00%	100.00%
Alerian Energy Infrastructure ETF	97.37%	13.46%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

LICENSING AGREEMENTS

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

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

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

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

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

22 | May 31, 2025

Alerian Exchange Traded Funds

Additional Information May 31, 2025 (Unaudited)

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

23 | May 31, 2025

Alerian Exchange Traded Funds

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

Not applicable for this reporting period.

24 | May 31, 2025

Alerian Exchange Traded Funds

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

Not applicable for this reporting period. 

25 | May 31, 2025

Alerian Exchange Traded Funds

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

26 | May 31, 2025

Alerian Exchange Traded Funds

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

Not applicable for this reporting period.

27 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
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	13
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	14
Proxy Disclosures for Open-End Management Investment Companies	15
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	16
Statement Regarding Basis for Approval of Investment Advisory Contract	17

alpsfunds.com

ALPS Active Equity Opportunity ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (96.73%)
Communication Services (9.16%)
Alphabet, Inc., Class A		3,999	$	686,788
AT&T, Inc.		10,507		292,095
Meta Platforms, Inc., Class A		1,105		715,476
Walt Disney Co.		2,545		287,687
Total Communication Services				1,982,046
Consumer Discretionary (12.16%)
Amazon.com, Inc.(a)		4,492		920,905
Lowe's Cos., Inc.		1,195		269,747
Marriott International, Inc., Class A		848		223,728
McDonald's Corp.		1,068		335,192
O'Reilly Automotive, Inc.(a)		217		296,748
Tesla, Inc.(a)		966		334,680
Volkswagen AG, ADR		22,839		250,087
Total Consumer Discretionary				2,631,087
Consumer Staples (3.48%)
Costco Wholesale Corp.		334		347,420
Walmart, Inc.		4,115		406,233
Total Consumer Staples				753,653
Energy (4.62%)
Baker Hughes Co.		4,919		182,249
ConocoPhillips		4,770		407,120
Enbridge, Inc.(b)		8,826		410,232
Total Energy				999,601
Financials (15.41%)
American Express Co.		1,779		523,115
Aon PLC, Class A		818		304,361
Goldman Sachs Group, Inc.		648		389,092
Intercontinental Exchange, Inc.		2,033		365,533
JPMorgan Chase & Co.		2,245		592,680
Mastercard, Inc., Class A		850		497,760
S&P Global, Inc.		623		319,512
Wells Fargo & Co.		4,573		341,969
Total Financials				3,334,022
Health Care (8.49%)
Boston Scientific Corp.(a)		2,536		266,939
Gilead Sciences, Inc.		1,470		161,818
HCA Healthcare, Inc.		711		271,168
IQVIA Holdings, Inc.(a)		1,096		153,802
Johnson & Johnson		1,840		285,586
Thermo Fisher Scientific, Inc.		702		282,780
Vertex Pharmaceuticals, Inc.(a)		942		416,411
Total Health Care				1,838,504
Industrials (9.61%)
Caterpillar, Inc.		1,053		366,476
Deere & Co.		628		317,931
Old Dominion Freight Line, Inc.		1,538		246,342
RTX Corp.		2,005		273,642
Schneider Electric SE, ADR		5,303		265,945

Trane Technologies PLC	595	256,011
Waste Management, Inc.	1,470	354,226
Total Industrials		2,080,573
Information Technology (24.48%)
Amphenol Corp., Class A	3,898	350,547
Apple, Inc.	2,780	558,363
Atlassian Corp., Class A(a)	1,126	233,791
Fortinet, Inc.(a)	2,888	293,941
International Business Machines Corp.	1,312	339,887
Lam Research Corp.	2,178	175,961
Microsoft Corp.	1,757	808,852
Motorola Solutions, Inc.	642	266,674
NVIDIA Corp.	5,748	776,727
Salesforce.com, Inc.	833	221,053
ServiceNow, Inc.(a)	217	219,407
Synopsys, Inc.(a)	417	193,480
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	3,229	624,230
TE Connectivity PLC	1,467	234,823
Total Information Technology		5,297,736
Materials (2.17%)
Freeport-McMoRan, Inc.	4,597	176,892
Linde PLC	627	293,173
Total Materials		470,065
Real Estate (2.43%)
Equity LifeStyle Properties, Inc.	4,058	257,966
Welltower, Inc.	1,730	266,905
Total Real Estate		524,871
Utilities (4.72%)
Duke Energy Corp.	2,238	263,457
NRG Energy, Inc.	2,733	426,075
PPL Corp.	9,563	332,314
Total Utilities		1,021,846
TOTAL COMMON STOCKS
(Cost $18,436,130)		20,934,004

1 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (5.80%)
Money Market Fund (4.08%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $882,284)		4.24	%		882,284	$	882,284
Investments Purchased with Collateral from Securities Loaned (1.72%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $373,321)					373,321		373,321
TOTAL SHORT TERM INVESTMENTS
(Cost $1,255,605)							1,255,605
TOTAL INVESTMENTS (102.53%)
(Cost $19,691,735)						$	22,189,609
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.53%)							(547,661	)
NET ASSETS - 100.00%						$	21,641,948

^(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 $369,191.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

ASSETS:
Investments, at value(a)	$	22,189,609
Receivable for investments sold		294,693
Dividends receivable		46,291
Total Assets		22,530,593
LIABILITIES:
Payable for investments purchased		506,249
Payable to adviser		9,075
Payable for collateral upon return of securities loaned		373,321
Total Liabilities		888,645
NET ASSETS	$	21,641,948
NET ASSETS CONSIST OF:
Paid-in capital	$	38,736,194
Total distributable earnings/(accumulated losses)		(17,094,246	)
NET ASSETS	$	21,641,948
INVESTMENTS, AT COST	$	19,691,735
PRICING OF SHARES
Net Assets	$	21,641,948
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		375,002
Net Asset Value, offering and redemption price per share	$	57.71

^(a)  Includes $369,191 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

INVESTMENT INCOME:
Dividend Income*	$	206,909
Securities lending income		1,489
Total investment income		208,398
EXPENSES:
Investment adviser fees		61,574
Net expenses		61,574
NET INVESTMENT INCOME		146,824
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments(a)		2,389,294
Net realized loss on foreign currency transactions		(107	)
Total Net realized gain		2,389,187
Net change in unrealized depreciation on investments		(4,696,636	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		60
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(2,307,389	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,160,565	)

^*  Net of foreign tax withholding of $4,755.

^(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, 2025

ALPS Active Equity Opportunity ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	146,824		$	241,344
Net realized gain		2,389,187			2,089,418
Net change in unrealized appreciation/(depreciation)		(4,696,576	)		4,576,189
Net increase/(decrease) in net assets resulting from operations		(2,160,565	)		6,906,951
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(111,387	)		(217,594	)
Total distributions		(111,387	)		(217,594	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		13,050,390			–
Cost of shares redeemed		(13,272,251	)		(6,333,452	)
Net decrease from capital share transactions		(221,861	)		(6,333,452	)
Net increase/(decrease) in net assets		(2,493,813	)		355,905
NET ASSETS:
Beginning of period		24,135,761			23,779,856
End of period	$	21,641,948		$	24,135,761
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		400,002			525,002
Shares sold		225,000			–
Shares redeemed		(250,000	)		(125,000	)
Shares outstanding, end of period		375,002			400,002

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2025

ALPS Active Equity Opportunity ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	60.34		$	45.29		$	42.66		$	45.99		$	37.58		$	34.70
INCOME FROM OPERATIONS:
Net investment income(a)		0.33			0.54			0.66			0.48			0.42			0.45
Net realized and unrealized gain/(loss)		(2.74	)		15.02			2.62			(3.23	)		8.43			2.87	(b)
Total from investment operations		(2.41	)		15.56			3.28			(2.75	)		8.85			3.32
DISTRIBUTIONS:
From net investment income		(0.22	)		(0.51	)		(0.65	)		(0.57	)		(0.44	)		(0.44	)
From tax return of capital		–			–			–			(0.01	)		–			–
Total distributions		(0.22	)		(0.51	)		(0.65	)		(0.58	)		(0.44	)		(0.44	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(2.63	)		15.05			2.63			(3.33	)		8.41			2.88
NET ASSET VALUE, END OF PERIOD	$	57.71		$	60.34		$	45.29		$	42.66		$	45.99		$	37.58
TOTAL RETURN(c)		(3.99	)%		34.50	%		7.81	%		(5.98	)%		23.65	%		9.75	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	21,642		$	24,136		$	23,780		$	28,799		$	51,735		$	71,400
Ratio of expenses to average net assets		0.48	%(d)		0.48	%		0.50	%(e)		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.14	%(d)		1.01	%		1.55	%		1.10	%		0.97	%		1.34	%
Portfolio turnover rate(f)		30	%		33	%		129	%		113	%		5	%		99	%

^(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.

6 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active Equity Opportunity ETF (the “Fund”).

The investment objective of the Fund is to seek to provide capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities and/or cash. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the "Adviser") is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

A. Portfolio Valuation 

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

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

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

7 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

B. Fair Value Measurements 

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

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

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

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

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

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

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

ALPS Active Equity Opportunity ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	20,934,004	$	–	$	–	$	20,934,004
Short Term Investments		1,255,605		–		–		1,255,605
Total	$	22,189,609	$	–	$	–	$	22,189,609

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the period ended May 31, 2025.

8 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders 

Dividends from net investment income for the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS Active Equity Opportunity ETF	$	217,594	$	–	$	–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Active Equity Opportunity ETF	$	13,369,543	$	8,659,220

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

Fund	ALPS Active Equity Opportunity ETF
Gross appreciation (excess of value over tax cost)	$	2,961,077
Gross depreciation (excess of tax cost over value)		(506,827	)
Net appreciation/(depreciation) of foreign currency		–
Net unrealized appreciation/(depreciation)		2,454,250
Cost of investments for income tax purposes	$	19,735,359

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

F. Income Taxes 

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

9 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

As of and during the six months ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. The Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. Lending of Portfolio Securities 

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Active Equity Opportunity ETF	$	369,191	$	373,321	$	–	$	373,321

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

ALPS Active Equity Opportunity	Remaining Contractual Maturity of the Agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Common Stocks	$	373,321	$	–	$	–	$	–	$	373,321
Total Borrowings										373,321
Gross amount of recognized liabilities for securities lending (collateral received)									$	373,321

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

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

10 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

Fund	Purchases		Sales
ALPS Active Equity Opportunity ETF	$	7,107,087	$	7,214,216

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

Fund	Purchases		Sales
ALPS Active Equity Opportunity ETF	$	12,695,580	$	12,658,553

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

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

11 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

12 | May 31, 2025

ALPS Active Equity Opportunity ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction
ALPS Active Equity Opportunity ETF	100.00%	86.44%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

13 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

Not applicable for this reporting period. 

14 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

Not applicable for this reporting period.

15 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾  Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Funds’ unitary fee arrangements, the Funds does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 | May 31, 2025

ALPS Active Equity Opportunity ETF

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

Not applicable for this reporting period.

17 | May 31, 2025

Table of Contents

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

alpsfunds.com

ALPS Active REIT ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (96.61%)
Data Center REITs (13.91%)
Digital Realty Trust, Inc.		11,968	$	2,052,751
Equinix, Inc.		4,519		4,016,577
Total Data Center REITs				6,069,328
Diversified REITs (2.73%)
Essential Properties Realty Trust, Inc.		36,608		1,189,760
Health Care REITs (13.73%)
Omega Healthcare Investors, Inc.		25,009		925,333
Ventas, Inc.		28,360		1,822,981
Welltower, Inc.		21,001		3,240,034
Total Health Care REITs				5,988,348
Hotel & Resort REITs (2.25%)
Host Hotels & Resorts, Inc.		63,387		981,865
Industrial REITs (12.40%)
Americold Realty Trust, Inc.		34,170		566,197
First Industrial Realty Trust, Inc.		34,427		1,701,727
Prologis, Inc.		28,916		3,140,277
Total Industrial REITs				5,408,201
Multi-Family Residential REITs (9.46%)
AvalonBay Communities, Inc.		7,059		1,459,589
Camden Property Trust		7,580		890,574
Essex Property Trust, Inc.		6,256		1,776,079
Total Multi-Family Residential REITs				4,126,242
Office REITs (2.90%)
BXP, Inc.		9,305		626,506
Cousins Properties, Inc.		22,670		636,347
Total Office REITs				1,262,853
Other Specialized REITs (6.32%)
Gaming and Leisure Properties, Inc.		16,310		761,677
VICI Properties, Inc.		62,876		1,993,798
Total Other Specialized REITs				2,755,475
Retail REITs (16.16%)
Agree Realty Corp.		8,740		658,122
Curbline Properties Corp.		38,688		877,831
Federal Realty Investment Trust		6,212		593,122

Security Description	Shares		Value
Retail REITs (continued)
InvenTrust Properties Corp.		19,667	$	552,446
Macerich Co.		61,995		1,003,079
Realty Income Corp.		29,688		1,680,934
Simon Property Group, Inc.		10,303		1,680,110
Total Retail REITs				7,045,644
Self-Storage REITs (8.37%)
CubeSmart		37,347		1,596,958
Public Storage		3,750		1,156,538
Smartstop Self Storage REIT, Inc.		24,620		899,615
Total Self-Storage REITs				3,653,111
Single-Family Residential REITs (6.11%)
Equity LifeStyle Properties, Inc.		17,755		1,128,685
Invitation Homes, Inc.		45,568		1,535,642
Total Single-Family Residential REITs				2,664,327
Telecom Tower REITs (2.27%)
American Tower Corp.		4,611		989,751
TOTAL COMMON STOCKS
(Cost $40,764,240)				42,134,905

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.37%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		1,468,630	$	1,468,630
TOTAL SHORT TERM INVESTMENTS
(Cost $1,468,630)							1,468,630
TOTAL INVESTMENTS (99.98%)
(Cost $42,232,870)						$	43,603,535
OTHER ASSETS IN EXCESS OF LIABILITIES (0.02%)							7,042
NET ASSETS - 100.00%						$	43,610,577

See Notes to Financial Statements and Financial Highlights.

1 | May 31, 2025

ALPS Active REIT ETF

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

ASSETS:
Investments, at value	$	43,603,535
Dividends receivable		32,009
Total Assets		43,635,544
LIABILITIES:
Payable to adviser		24,967
Total Liabilities		24,967
NET ASSETS	$	43,610,577
NET ASSETS CONSIST OF:
Paid-in capital	$	44,053,059
Total distributable earnings/(accumulated losses)		(442,482	)
NET ASSETS	$	43,610,577
INVESTMENTS, AT COST	$	42,232,870
PRICING OF SHARES
Net Assets	$	43,610,577
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,630,002
Net Asset Value, offering and redemption price per share	$	26.75

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

ALPS Active REIT ETF

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

INVESTMENT INCOME:
Dividend Income	$	826,133
Securities lending income		126
Total investment income		826,259
EXPENSES:
Investment adviser fees		145,192
Total expenses		145,192
NET INVESTMENT INCOME		681,067
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss on investments(a)		(772,216	)
Net change in unrealized depreciation on investments		(3,502,907	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(4,275,123	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,594,056	)

^(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.

3 | May 31, 2025

ALPS Active REIT ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	681,067		$	762,975
Net realized gain/(loss)		(772,216	)		765,969
Net change in unrealized appreciation/(depreciation)		(3,502,907	)		5,270,770
Net increase/(decrease) in net assets resulting from operations		(3,594,056	)		6,799,714
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(599,451	)		(771,459	)
Dividends to shareholders from tax return of capital		–			(103,014	)
Total distributions		(599,451	)		(874,473	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		9,125,860			17,722,714
Cost of shares redeemed		(2,698,219	)		(286,293	)
Net increase from capital share transactions		6,427,641			17,436,421
Net increase in net assets		2,234,134			23,361,662
NET ASSETS:
Beginning of period		41,376,443			18,014,781
End of period	$	43,610,577		$	41,376,443
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,400,002			750,002
Shares sold		330,000			660,000
Shares redeemed		(100,000	)		(10,000	)
Shares outstanding, end of period		1,630,002			1,400,002

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025

ALPS Active REIT ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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	$	29.55		$	24.02		$	25.23		$	29.56		$	24.62
INCOME FROM OPERATIONS:
Net investment income(a)		0.43			0.73			0.74			0.54			0.37
Net realized and unrealized gain/(loss)		(2.84	)		5.70			(1.16	)		(3.39	)		5.01
Total from investment operations		(2.41	)		6.43			(0.42	)		(2.85	)		5.38
DISTRIBUTIONS:
From net investment income		(0.39	)		(0.80	)		(0.70	)		(0.53	)		(0.38	)
From net realized gains		–			–			–			(0.83	)		(0.06	)
From tax return of capital		–			(0.10	)		(0.09	)		(0.12	)		–
Total distributions		(0.39	)		(0.90	)		(0.79	)		(1.48	)		(0.44	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(2.80	)		5.53			(1.21	)		(4.33	)		4.94
NET ASSET VALUE, END OF PERIOD	$	26.75		$	29.55		$	24.02		$	25.23		$	29.56
TOTAL RETURN(b)		(8.17	)%		27.28	%		(1.54	)%		(10.17	)%		22.01	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	43,611		$	41,376		$	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	%		0.68	%(c)
Ratio of net investment income to average net assets		3.19	%(c)		2.74	%		3.04	%		1.96	%		1.69	%(c)
Portfolio turnover rate(d)		35	%		79	%		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.

5 | May 31, 2025

ALPS Active REIT ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active REIT ETF (the “Fund”). The investment objective of the Fund is to seek total return through dividends and capital appreciation. The Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

The Fund’s Shares (“Shares”) are listed on the Nasdaq Stock Market LLC (“Nasdaq Exchange”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 5,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

6 | May 31, 2025

ALPS Active REIT ETF

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

B. Fair Value Measurements

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

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

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

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

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

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

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

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

ALPS Active REIT ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	42,134,905	$	–	$	–	$	42,134,905
Short Term Investments		1,468,630		–		–		1,468,630
Total	$	43,603,535	$	–	$	–	$	43,603,535

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Securities Transactions and Investment Income

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

7 | May 31, 2025

ALPS Active REIT ETF

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS Active REIT ETF	$	771,459	$	–	$	103,014

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Active REIT ETF	$	184,480	$	881,376

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

	ALPS Active REIT ETF
Gross appreciation (excess of value over tax cost)	$	2,901,851
Gross depreciation (excess of tax cost over value)		(1,569,849	)
Net unrealized appreciation/(depreciation)	$	1,332,002
Cost of investments for income tax purposes	$	42,271,533

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

F. Real Estate Investment Trusts (“REITs”)

As part of its investments in real estate related securities, the Fund will invest in REITs and is subject to certain risks associated with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investors’ capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate their investments in specific geographic areas or in specific property types, e.g., regional malls, shopping centers, office buildings, apartment buildings and industrial warehouses. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners or unitholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

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

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

8 | May 31, 2025

ALPS Active REIT ETF

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

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

G. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Code applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six month period ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

H. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations. During the six month period ended May 31, 2025, the Fund did not have any securities on loan.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.68% of the Fund’s average daily net assets.

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

9 | May 31, 2025

ALPS Active REIT ETF

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

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Active REIT ETF	$	14,661,632	$	15,191,654

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

Fund	Purchases		Sales
ALPS Active REIT ETF	$	8,974,996	$	2,615,462

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

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 5,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

10 | May 31, 2025

ALPS Active REIT ETF

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

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

11 | May 31, 2025

ALPS Active REIT ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Active REIT ETF	1.84%	0.00%	89.41%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

12 | May 31, 2025

ALPS Active REIT ETF

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

Not applicable for this reporting period.

13 | May 31, 2025

ALPS Active REIT ETF

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

Not applicable for this reporting period.

14 | May 31, 2025

ALPS Active REIT ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee(1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

15 | May 31, 2025

ALPS Active REIT ETF

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

Not applicable for this reporting period.

16 | May 31, 2025

Table of Contents

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

alpsfunds.com 

ALPS Equal Sector Weight ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
EXCHANGE TRADED FUNDS (99.99%)(a)
Communication Services (9.28%)
Communication Services Select Sector SPDR Fund		465,511	$	47,202,815
Consumer Discretionary (9.67%)
Consumer Discretionary Select Sector SPDR Fund(b)		229,945		49,162,241
Consumer Staples (9.33%)
Consumer Staples Select Sector SPDR Fund(b)		572,738		47,439,889
Energy (7.88%)
Energy Select Sector SPDR Fund(b)		491,397		40,063,597
Financials (9.20%)
Financial Select Sector SPDR Fund		918,730		46,818,481
Healthcare (8.09%)
Health Care Select Sector SPDR Fund		310,043		41,124,104
Industrials (9.65%)
Industrial Select Sector SPDR Fund		343,525		49,062,241
Materials (8.99%)
Materials Select Sector SPDR Fund(b)		529,619		45,727,304
Real Estate (8.98%)
Real Estate Select Sector SPDR Fund		1,094,675		45,680,788
Technology (9.63%)
Technology Select Sector SPDR Fund		212,224		49,004,642
Utilities (9.29%)
Utilities Select Sector SPDR Fund		577,059		47,272,673
TOTAL EXCHANGE TRADED FUNDS
(Cost $440,857,566)				508,558,775

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (4.66%)
Money Market Fund (0.02%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $104,623)		4.24	%		104,623	$	104,623
Investments Purchased with Collateral from Securities Loaned (4.64%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $23,595,602)					23,595,602	$	23,595,602
TOTAL SHORT TERM INVESTMENTS
(Cost $23,700,225)							23,700,225
TOTAL INVESTMENTS (104.65%)
(Cost $464,557,791)						$	532,259,000
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.65%)							(23,663,332	)
NET ASSETS - 100.00%						$	508,595,668

^(a) The financial statements of the Underlying Sector ETFs, including the portfolio of investments, are included in The Select Sector SPDR Trust's N-CSRS filing dated June 2,2025, available at www.sec.gov or can be found at www.ssga.com and should be read in conjunction with the Fund's financial statements.

^(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $38,913,637.

Common Abbreviations:

SPDR^® - Standard & Poor's Depositary Receipts

See Notes to Financial Statements and Financial Highlights.

1 | May 31, 2025

ALPS Equal Sector Weight ETF

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

ASSETS:
Investments, at value(a)	$	532,259,000
Receivable for investments sold		3,205,152
Dividends receivable		7,382
Total Assets		535,471,534
LIABILITIES:`
Payable for capital shares redeemed		3,205,435
Payable to adviser		74,829
Payable for collateral upon return of securities loaned		23,595,602
Total Liabilities		26,875,866
NET ASSETS	$	508,595,668
NET ASSETS CONSIST OF:
Paid-in capital	$	436,414,806
Total distributable earnings/(accumulated losses)		72,180,862
NET ASSETS	$	508,595,668
INVESTMENTS, AT COST	$	464,557,791
PRICING OF SHARES
Net Assets	$	508,595,668
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		11,900,000
Net Asset Value, offering and redemption price per share	$	42.74

^(a) Includes $38,913,637 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

ALPS Equal Sector Weight ETF

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

INVESTMENT INCOME:
Dividend Income	$	4,393,906
Securities lending income		16,926
Total investment income		4,410,832
EXPENSES:
Investment adviser fees		852,329
Total Expenses before waiver/reimbursement		852,329
Less fee waiver/reimbursement by investment adviser		(475,284	)
Net expenses		377,045
NET INVESTMENT INCOME		4,033,787
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments(a)		11,063,412
Net change in unrealized appreciation/(depreciation) on investments		(23,963,868	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(12,900,456	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,866,669	)

^(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.

3 | May 31, 2025

ALPS Equal Sector Weight ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	4,033,787		$	6,466,608
Net realized gain		11,063,412			11,379,895
Net change in unrealized appreciation/(depreciation)		(23,963,868	)		72,485,686
Net increase/(decrease) in net assets resulting from operations		(8,866,669	)		90,332,189
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(4,118,817	)		(6,466,608	)
From tax return of capital		–			(84,306	)
Total distributions		(4,118,817	)		(6,550,914	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		141,291,111			76,338,816
Cost of shares redeemed		(42,625,616	)		(61,468,556	)
Net increase from capital share transactions		98,665,495			14,870,260
Net increase in net assets		85,680,009			98,651,535
NET ASSETS:
Beginning of period		422,915,659			324,264,124
End of period	$	508,595,668		$	422,915,659
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,175,000			3,075,000
Shares sold		1,775,000			650,000
Shares redeemed		(900,000	)		(550,000	)
Stock split (Note 1)		7,850,000			–
Shares outstanding, end of period		11,900,000			3,175,000

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025

ALPS Equal Sector Weight ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)(a)			For the Year Ended November 30, 2024(a)			For the Year Ended November 30, 2023(a)			For the Year Ended November 30, 2022(a)			For the Year Ended November 30, 2021(a)			For the Year Ended November 30, 2020(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.40		$	35.15		$	33.79		$	34.65		$	28.06		$	26.11
INCOME FROM OPERATIONS:
Net investment income(b)		0.37			0.72			0.71			0.63			0.59			0.63
Net realized and unrealized gain/(loss)		(1.64	)		9.26			1.40			(0.85	)		6.60			1.95
Total from investment operations		(1.27	)		9.98			2.11			(0.22	)		7.19			2.58
DISTRIBUTIONS:
From net investment income		(0.39	)		(0.72	)		(0.74	)		(0.64	)		(0.59	)		(0.63	)
From tax return of capital		–			(0.01	)		(0.01	)		–			(0.01	)		–
Total distributions		(0.39	)		(0.73	)		(0.75	)		(0.64	)		(0.60	)		(0.63	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.66	)		9.25			1.36			(0.86	)		6.59			1.95
NET ASSET VALUE, END OF PERIOD	$	42.74		$	44.40		$	35.15		$	33.79		$	34.65		$	28.06
TOTAL RETURN(c)		(2.84	)%		28.68	%		6.43	%		(0.59	)%		25.89	%		10.37	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	508,596		$	422,916		$	324,264		$	342,099		$	207,896		$	164,141
Ratio of expenses excluding waiver/reimbursement to average net assets		0.37	%(d)		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Ratio of expenses including waiver/reimbursement to average net assets		0.16	%(d)		0.16	%		0.16	%		0.16	%		0.15	%		0.15	%
Ratio of net investment income excluding waiver/reimbursement to average net assets		1.54	%(d)		1.61	%		1.91	%		1.68	%		1.59	%		2.31	%
Ratio of net investment income including waiver/reimbursement to average net assets		1.75	%(d)		1.82	%		2.12	%		1.89	%		1.81	%		2.53	%
Portfolio turnover rate(e)		6	%		7	%		14	%		12	%		8	%		11	%

^(a) On April 1, 2025, the ALPS Equal Sector Weight ETF underwent a three-for-one stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 1.

^(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 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) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2025

ALPS Equal Sector Weight ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Equal Sector Weight ETF (the “Fund”). The investment objective of the Fund is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the NYSE^® Equal Sector Weight Index (the “Underlying Index”). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

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

The Trust’s Board of Trustees (“the Board”) authorized a three-for-one stock split of the Fund that was effective at the market open on April 1, 2025. The impact of the stock split was to increase the number of shares outstanding by a factor of three, while decreasing the NAV of shares outstanding by a factor of three, resulting in no effect to the net assets of the Fund. The financial statements of the Fund have been adjusted to reflect the stock split.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

6 | May 31, 2025

ALPS Equal Sector Weight ETF

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

B. Fair Value Measurements

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

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

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

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

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

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

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

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

ALPS Equal Sector Weight ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds*	$	508,558,775	$	–	$	–	$	508,558,775
Short Term Investments		23,700,225		–		–		23,700,225
Total	$	532,259,000	$	–	$	–	$	532,259,000

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

7 | May 31, 2025

ALPS Equal Sector Weight ETF

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

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS Equal Sector Weight ETF	$	6,466,608	$	–	$	84,306

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Equal Sector Weight ETF	$	1,099,090	$	4,708,245

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

	ALPS Equal Sector
	Weight ETF
Gross appreciation (excess of value over tax cost)	$	71,791,891
Gross depreciation (excess of tax cost over value)		(4,700,240	)
Net unrealized appreciation/(depreciation)	$	67,091,651
Cost of investments for income tax purposes	$	465,167,349

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

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

8 | May 31, 2025

ALPS Equal Sector Weight ETF

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

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Equal Sector Weight ETF	$	38,913,637	$	23,595,602	$	15,924,384	$	39,519,986

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

ALPS 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
ETFs	$	23,595,602	$	—	$	—	$	—	$	23,595,602
Total Borrowings										23,595,602
Gross amount of recognized liabilities for securities lending (collateral received)									$	23,595,602

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.37% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive 0.18% of its annual unitary fee payable by the Fund until at least March 31, 2026. The waiver may only be terminated by the Fund's Board of Trustees prior to such date.

9 | May 31, 2025

ALPS Equal Sector Weight ETF

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

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

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Equal Sector Weight ETF	$	25,863,654	$	25,989,005

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

Fund	Purchases		Sales
ALPS Equal Sector Weight ETF	$	141,285,678	$	42,620,883

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

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

10 | May 31, 2025

ALPS Equal Sector Weight ETF

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

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

11 | May 31, 2025

ALPS Equal Sector Weight ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income			Dividend Received Deduction			199A Dividends
ALPS Equal Sector Weight ETF		85.80	%		83.72	%		8.09	%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

LICENSING AGREEMENT

ICE Data Indices, LLC (the “Index Provider”) is not affiliated with the Fund or the Adviser. The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

The only relationship that the Index Provider has with the Fund, the Adviser or Distributor of the Fund in connection with the Fund is that the Index Provider has licensed certain of its intellectual property, including the determination of the component stocks of the Underlying Index and the name of the Underlying Index. The Underlying Index is selected and calculated without regard to the Adviser, Distributor or owners of the Fund. The Index Provider has no obligation to take the specific needs of the Adviser, Distributor or owners of the Fund into consideration in the determination and calculation of the Underlying Index. The Index Provider is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the net asset value of the Fund. The Index Provider has no obligation or liability in connection with the administration or trading of the Fund.

NYSE^® 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, 2025

ALPS Equal Sector Weight ETF

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

Not applicable for this reporting period.

13 | May 31, 2025

ALPS Equal Sector Weight ETF

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

Not applicable for this reporting period.

14 | May 31, 2025

ALPS Equal Sector Weight ETF

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

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

	Aggregate Regular Compensation		Aggregate Special Compensation		Total Compensation
	From the Trust		From the Trust		From the Trust
Mary K. Anstine, Trustee (1)	$	40,000		—	$	40,000
Edmund J. Burke, Trustee		86,500		—		86,500
Jeremy W. Deems, Trustee		88,500		—		88,500
Rick A. Pederson, Trustee		92,500		—		92,500
Joseph F. Keenan, Trustee		82,500		—		82,500
Susan K. Wold, Trustee		82,500		—		82,500
Laton Spahr, President and Trustee*		—		—
Total	$	472,500	$	—	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

15 | May 31, 2025

ALPS Equal Sector Weight ETF

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

Not applicable for this reporting period.

16 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
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
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	16
Proxy Disclosures for Open-End Management Investment Companies	17
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	18
Statement Regarding Basis for Approval of Investment Advisory Contract	19

alpsfunds.com

ALPS Intermediate Municipal Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
GOVERNMENT BONDS (4.26%)
United States Treasury Bill
4.40%, 06/17/2025	$	1,090,000	$	1,088,074
4.33%, 06/26/2025		500,000		498,592
Total				1,586,666
TOTAL GOVERNMENT BONDS
(Cost $1,586,496)				1,586,666

Security Description	Principal Amount		Value
MUNICIPAL BONDS (96.74%)
General Obligation Limited (1.37%)
Pennsylvania (1.37%)
School District of Philadelphia
5.00%, 09/01/2034		500,000		509,155
Total Pennsylvania				509,155
Total General Obligation Limited				509,155
General Obligation Unlimited (15.69%)
California (4.99%)
Allan Hancock Joint Community College District
0.00%, 08/01/2042(a)		350,000		285,119
Antelope Valley Community College District
5.00%, 08/01/2036(b)		295,000		318,499
Chaffey Joint Union High School District
0.00%, 08/01/2044(a)		250,000		102,137
Chino Valley Unified School District
0.00%, 08/01/2035(a)		245,000		163,482
Lake Tahoe Unified School District
0.00%, 08/01/2045(a)		150,000		120,375
Mount San Antonio Community College District
0.00%, 08/01/2043(a)		275,000		263,434
San Mateo County Community College District
0.00%, 09/01/2035(a)		110,000		76,014
San Mateo Union High School District
0.00%, 09/01/2041(a)		520,000		527,749
Total California				1,856,809
Minnesota (1.55%)
Morris Area Schools Independent School District No 2769
0.00%, 02/01/2033(a)		750,000		573,347
Total Minnesota				573,347

Security Description	Principal Amount		Value
General Obligation Unlimited (continued)
Oregon (5.54%)
Clackamas & Washington Counties School District No 3
0.00%, 06/15/2036(a)	$	600,000	$	372,225
Multnomah County School District No 40
0.00%, 06/15/2043(a)		1,000,000		407,931
Multnomah County School District No 7 Reynolds
0.00%, 06/15/2035(a)		500,000		324,617
Oregon Coast Community College District
0.00%, 06/15/2040(a)		400,000		423,254
Washington & Multnomah Counties School District No 48J Beaverton
0.00%, 06/15/2034(a)		200,000		136,472
0.00%, 06/15/2041(a)		150,000		69,868
0.00%, 06/15/2042(a)		750,000		328,184
Total Oregon				2,062,551
Texas (2.50%)
Fort Bend Independent School District
0.72%, 08/01/2051		65,000		62,574
4.00%, 08/01/2054		150,000		152,287
3.80%, 08/01/2055		300,000		302,924
North East Independent School District
3.75%, 08/01/2049		410,000		413,276
Total Texas				931,061
Washington (1.11%)
Washington Clackamas & Yamhill Counties School District No 88J
0.00%, 06/15/2037(a)		150,000		85,884
0.00%, 06/15/2039(a)		255,000		127,553
0.00%, 06/15/2040(a)		200,000		93,433
0.00%, 06/15/2041(a)		250,000		109,213
Total Washington				416,083
Total General Obligation Unlimited				5,839,851
Revenue Bonds (79.68%)
Alabama (1.35%)
Black Belt Energy Gas District
7D US MUNI + 0.65%, 04/01/2053(c)		100,000		97,084
Industrial Development Board of the City of Mobile Alabama
3.92%, 06/01/2034		65,000		65,128

17 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
Revenue Bonds (continued)
Southeast Energy Authority A Cooperative District
5.25%, 03/01/2055	$	170,000	$	175,533
5.00%, 10/01/2055		160,000		167,315
Total Alabama				505,060
Arizona (4.04%)
Maricopa County & Phoenix Industrial Development Authorities
6.00%, 09/01/2056		300,000		328,532
Salt Verde Financial Corp.
5.00%, 12/01/2032		675,000		710,320
5.00%, 12/01/2037		450,000		465,794
Total Arizona				1,504,646
California (6.71%)
California Community Choice Financing Authority
7D US MUNI + 0.45%, 02/01/2052(c)		210,000		199,146
City of Los Angeles Department of Airports
5.00%, 05/15/2033		405,000		434,837
Long Beach Bond Finance Authority
3M US SOFR + 1.45%, 11/15/2027(c)		430,000		434,896
Los Angeles Department of Water & Power
5.00%, 07/01/2032		225,000		228,922
5.25%, 07/01/2044		200,000		210,128
Modesto Irrigation District
3M US SOFR + 0.63%, 09/01/2037(c)		510,000		485,890
Northern California Energy Authority
5.00%, 12/01/2054		300,000		313,540
Northern California Gas Authority No 1
3M US SOFR + 0.72%, 07/01/2027(c)		185,000		184,829
Total California				2,492,188
Colorado (2.93%)
City & County of Denver Co. Airport System Revenue
5.25%, 11/15/2035		250,000		271,004
5.75%, 11/15/2036		250,000		287,945
Colorado Health Facilities Authority
5.00%, 11/15/2039		75,000		78,186

Security Description	Principal Amount		Value
Revenue Bonds (continued)
E-470 Public Highway Authority
0.00%, 09/01/2035(a)	$	300,000	$	181,446
0.00%, 09/01/2037(a)		500,000		272,467
Total Colorado				1,091,048
Connecticut (1.24%)
Connecticut Housing Finance Authority
4.00%, 11/15/2047		140,000		140,075
6.00%, 11/15/2054		295,000		321,442
Total Connecticut				461,517
District of Columbia (1.91%)
District of Columbia
5.00%, 07/15/2040		200,000		200,146
Metropolitan Washington Airports Authority Aviation Revenue
5.00%, 10/01/2031		245,000		248,224
5.00%, 10/01/2037		250,000		259,272
Total District of Columbia				707,642
Florida (4.18%)
City Of South Miami Health Facilities Authority, Inc.
5.00%, 08/15/2042		350,000		351,426
County of Broward FL Airport System Revenue
5.00%, 10/01/2031		200,000		208,916
County of Miami-Dade FL Aviation Revenue
5.00%, 10/01/2036		150,000		157,718
Florida Housing Finance Corp.
5.50%, 01/01/2054		135,000		140,844
Greater Orlando Aviation Authority
5.00%, 10/01/2033		300,000		311,950
5.00%, 10/01/2037		300,000		314,300
Hillsborough County Aviation Authority
5.00%, 10/01/2039		70,000		72,600
Total Florida				1,557,754
Georgia (1.29%)
Main Street Natural Gas, Inc.
5.00%, 12/01/2053		300,000		314,184
5.00%, 04/01/2054		160,000		167,458
Total Georgia				481,642
Illinois (3.11%)
Illinois Finance Authority
5.00%, 07/01/2029(b)		300,000		321,161
5.00%, 08/15/2035		225,000		236,867
5.00%, 02/15/2036		400,000		406,433

18 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
Revenue Bonds (continued)
Illinois Housing Development Authority
6.25%, 04/01/2054	$	180,000	$	194,498
Total Illinois				1,158,959
Indiana (0.41%)
Indiana Finance Authority
5.00%, 11/01/2043		150,000		151,532
Total Indiana				151,532
Kansas (1.17%)
State of Kansas Department of Transportation
5.00%, 09/01/2033		385,000		434,564
Total Kansas				434,564
Kentucky (2.04%)
County of Trimble KY
4.70%, 06/01/2054		300,000		301,947
Kentucky Public Energy Authority
1D US SOFR + 1.20%, 08/01/2052(c)		460,000		457,665
Total Kentucky				759,612
Louisiana (0.17%)
Louisiana Public Facilities Authority
3M US SOFR + 0.70%, 02/15/2036(c)		65,000		63,316
Total Louisiana				63,316
Massachusetts (0.29%)
Massachusetts Housing Finance Agency
3.00%, 12/01/2050		110,000		108,076
Total Massachusetts				108,076
Michigan (0.74%)
Michigan Finance Authority
7D US MUNI + 0.75%, 04/15/2047(c)		275,000		274,028
Total Michigan				274,028
Minnesota (2.18%)
Minnesota Housing Finance Agency
2.47%, 01/01/2050		214,553		169,694
3.50%, 07/01/2050		645,000		641,943
Total Minnesota				811,637

Security Description	Principal Amount		Value
Revenue Bonds (continued)
Missouri (0.90%)
Missouri Housing Development Commission
4.00%, 05/01/2050	$	170,000	$	170,445
6.00%, 05/01/2055		150,000		163,439
Total Missouri				333,884
Nebraska (1.21%)
Nebraska Investment Finance Authority
3.50%, 09/01/2046		110,000		109,636
3.00%, 09/01/2050		350,000		344,072
Total Nebraska				453,708
Nevada (0.74%)
County of Clark NV
3.75%, 01/01/2036		275,000		274,585
Total Nevada				274,585
New Jersey (2.76%)
New Jersey Transportation Trust Fund Authority
0.00%, 12/15/2031(a)		725,000		571,734
0.00%, 12/15/2034(a)		200,000		136,362
5.25%, 06/15/2041		300,000		316,555
Total New Jersey				1,024,651
New Mexico (1.60%)
City of Farmington NM
1.80%, 04/01/2029		375,000		337,854
New Mexico Mortgage Finance Authority
5.25%, 03/01/2053		245,000		256,045
Total New Mexico				593,899
New York (9.41%)
Metropolitan Transportation Authority
1D US SOFR + 0.43%, 11/01/2026(c)		40,000		39,970
1D US SOFR + 0.80%, 11/01/2032(c)		460,000		460,065
New York City Transitional Finance Authority
5.00%, 05/01/2042		250,000		261,598
5.00%, 05/01/2042		100,000		104,639
New York City Transitional Finance Authority Future Tax Secured Revenue
5.00%, 02/01/2044		145,000		149,191
New York State Dormitory Authority
4.00%, 07/01/2038		100,000		97,798

19 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
Revenue Bonds (continued)
New York State Housing Finance Agency
3.60%, 11/01/2044	$	200,000	$	197,707
3.95%, 11/01/2050		175,000		171,101
New York State Thruway Authority
5.00%, 03/15/2042		100,000		103,576
Port Authority of New York & New Jersey
5.00%, 11/01/2030		1,100,000		1,157,003
Triborough Bridge & Tunnel Authority
1D US SOFR + 1.05%, 04/01/2026(c)		250,000		250,022
0.00%, 11/15/2039(a)		1,000,000		513,868
Total New York				3,506,538
North Carolina (4.03%)
North Carolina Housing Finance Agency
6.25%, 01/01/2055		740,000		796,771
University of North Carolina at Chapel Hill
1D US SOFR + 1.05%, 12/01/2041(c)		700,000		702,308
Total North Carolina				1,499,079
North Dakota (1.52%)
North Dakota Housing Finance Agency
4.25%, 01/01/2049		270,000		270,895
5.75%, 07/01/2053		280,000		295,178
Total North Dakota				566,073
Ohio (0.53%)
Lancaster Port Authority
5.00%, 02/01/2055		190,000		198,564
Total Ohio				198,564
Oklahoma (1.13%)
Oklahoma Housing Finance Agency
5.00%, 03/01/2052		410,000		421,928
Total Oklahoma				421,928
Oregon (1.35%)
Port of Portland OR Airport Revenue
5.00%, 07/01/2036		200,000		210,802
4.00%, 07/01/2038		305,000		290,287
Total Oregon				501,089

Security Description	Principal Amount		Value
Revenue Bonds (continued)
Pennslyvania (2.81%)
Butler County General Authority
3M US SOFR + 0.70%, 10/01/2034(c)	$	350,000	$	337,529
Pennsylvania Turnpike Commission
0.00%, 12/01/2037(a)		750,000		709,709
Total Pennslyvania				1,047,238
South Carolina (3.09%)
South Carolina State Housing Finance & Development Authority
5.75%, 01/01/2054		150,000		160,827
6.00%, 01/01/2054		910,000		985,099
Total South Carolina				1,145,926
South Dakota (0.38%)
South Dakota Housing Development Authority
6.00%, 05/01/2054		135,000		143,259
Total South Dakota				143,259
Tennessee (0.89%)
New Memphis Arena Public Building Authority
0.00%, 04/01/2030(a)		350,000		332,891
Total Tennessee				332,891
Texas (6.50%)
City of Austin TX Airport System Revenue
5.00%, 11/15/2036		200,000		208,483
City of Houston TX Airport System Revenue
5.00%, 07/01/2036		135,000		142,291
5.25%, 07/01/2048		250,000		253,918
North Texas Tollway Authority
0.00%, 01/01/2038(a)		100,000		58,340
Texas Department of Housing & Community Affairs
2.15%, 07/01/2037		215,000		162,577
3.50%, 07/01/2052		405,000		400,368
Texas Municipal Gas Acquisition & Supply Corp. V
5.00%, 01/01/2055		320,000		337,077
Texas Municipal Gas Acquisition and Supply Corp. I
3M US SOFR + 0.70%, 12/15/2026(c)		330,000		329,890
6.25%, 12/15/2026		25,000		25,613

20 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
Revenue Bonds (continued)
Texas Municipal Gas Acquisition and Supply Corp. II
3M US SOFR + 1.06%, 09/15/2027(c)	$	330,000	$	331,196
3M US SOFR + 0.86%, 09/15/2027(c)		165,000		165,099
Total Texas				2,414,852
Virginia (2.10%)
City of Norfolk VA Water Revenue
5.00%, 11/01/2033(b)		300,000		332,265
Freddie Mac Multifamily ML Certificates
4.68%, 10/25/2040		148,909		149,637
York County Economic Development Authority
3.65%, 05/01/2033		300,000		302,285
Total Virginia				784,187
Washington (0.51%)
County of King WA Sewer Revenue
7D US MUNI + 0.23%, 01/01/2040(c)		115,000		113,593
Washington Health Care Facilities Authority
4.00%, 10/01/2042		75,000		75,671
Total Washington				189,264
Wisconsin (2.04%)
County of Milwaukee WI Airport Revenue
5.00%, 12/01/2030		125,000		126,672
Public Finance Authority
3.70%, 10/01/2046		455,000		453,415
Wisconsin Health & Educational Facilities Authority
4.00%, 11/15/2043		200,000		178,408
Total Wisconsin				758,495
Wyoming (2.42%)
Wyoming Community Development Authority
3.50%, 06/01/2052		910,000		902,241
Total Wyoming				902,241
Total Revenue Bonds				29,655,572
TOTAL MUNICIPAL BONDS
(Cost $35,973,193)				36,004,578

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.19%)
Money Market Fund
State Street Institutional US Government Money Market Fund (Premier Class)		4.251	%		69,910	$	69,910
TOTAL SHORT TERM INVESTMENTS
(Cost $69,910)							69,910
TOTAL INVESTMENTS (101.19%)
(Cost $37,629,599)						$	37,661,154
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.19%)							(444,137	)
NET ASSETS - 100.00%						$	37,217,017

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

Reference Rates:

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

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

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

^(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, 2025. Security description includes the reference rate and spread if published and available.

See Notes to Financial Statements and Financial Highlights.

21 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

ASSETS:
Investments, at value	$	37,661,154
Interest receivable		319,052
Receivable for shares sold		630,796
Total Assets		38,611,002
LIABILITIES:
Payable for investments purchased		979,295
Payable to adviser		15,532
Cash Overdraft		399,158
Total Liabilities		1,393,985
NET ASSETS	$	37,217,017
NET ASSETS CONSIST OF:
Paid-in capital	$	37,227,959
Total distributable earnings/(accumulated losses)		(10,942	)
NET ASSETS	$	37,217,017
INVESTMENTS, AT COST	$	37,629,599
PRICING OF SHARES
Net Assets	$	37,217,017
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,475,002
Net Asset Value, offering and redemption price per share	$	25.23

See Notes to Financial Statements and Financial Highlights.

22 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

INVESTMENT INCOME:
Interest	$	675,147
Dividend Income		2,647
Total investment income		677,794
EXPENSES:
Investment adviser fees		87,935
Net expenses		87,935
NET INVESTMENT INCOME		589,859
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss on investments		(40,590	)
Net change in unrealized depreciation on investments		(640,396	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(680,986	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,127	)

See Notes to Financial Statements and Financial Highlights.

23 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	589,859		$	1,118,723
Net realized gain/(loss)		(40,590	)		137,317
Net change in unrealized appreciation/(depreciation)		(640,396	)		484,514
Net increase/(decrease) in net assets resulting from operations		(91,127	)		1,740,554
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(731,109	)		(1,187,091	)
Total distributions		(731,109	)		(1,187,091	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		3,143,235			3,207,954
Net increase from capital share transactions		3,143,235			3,207,954
Net increase in net assets		2,320,999			3,761,417
NET ASSETS:
Beginning of period		34,896,018			31,134,601
End of period	$	37,217,017		$	34,896,018
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,350,002			1,225,002
Shares sold		125,000			125,000
Shares outstanding, end of period		1,475,002			1,350,002

See Notes to Financial Statements and Financial Highlights.

24 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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	$	25.85		$	25.42		$	25.24		$	25.00
INCOME FROM OPERATIONS:
Net investment income(a)		0.42			0.88			0.85			0.36
Net realized and unrealized gain/(loss)		(0.51	)		0.49			0.34			0.23
Total from investment operations		(0.09	)		1.37			1.19			0.59
DISTRIBUTIONS:
From net investment income		(0.43	)		(0.88	)		(1.01	)		(0.35	)
From net realized gains		(0.10	)		(0.06	)		–			–
Total distributions		(0.53	)		(0.94	)		(1.01	)		(0.35	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.62	)		0.43			0.18			0.24
NET ASSET VALUE, END OF PERIOD	$	25.23		$	25.85		$	25.42		$	25.24
TOTAL RETURN(b)		(0.35	)%		5.46	%		4.85	%		2.38	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	37,217		$	34,896		$	31,135		$	30,919
RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.50	%(c)		0.50	%		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		3.35	%(c)		3.43	%		3.28	%		2.67	%(c)
Portfolio turnover rate(d)		60	%(e)		98	%(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 18% during the six months ended May 31, 2025, 27% during the year ended November 30, 2024, and 50% during the year ended November 30, 2023.

See Notes to Financial Statements and Financial Highlights.

25 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Intermediate Municipal Bond ETF (the “Fund”). The investment objective of the Fund is to protect investor’s capital and generate attractive risk-adjusted returns. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the “Adviser”) is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

A. Portfolio Valuation

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

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

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Board, which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund’s debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund’s debt securities to determine the market price.

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

26 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

B. Fair Value Measurements

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

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

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

27 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

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

ALPS Intermediate Municipal Bond ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Government Bonds*	$	–	$	1,586,666	$	–	$	1,586,666
Municipal Bonds*		–		36,004,578		–		36,004,578
Short Term Investments		69,910		–		–		69,910
Total	$	69,910	$	37,591,244	$	–	$	37,661,154

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there was a transfer out of Level 3 during the six months ended May 31, 2025.

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Tax-Exempt Income		Short-Term Capital Gain		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS Intermediate Municipal Bond ETF	$	253,915	$	933,176	$	–	$	–	$	–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the Fund did not have any amounts available to carry forward to the next tax year.

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

	ALPS Intermediate Municipal Bond ETF
Gross appreciation (excess of value over tax cost)	$	319,824
Gross depreciation (excess of tax cost over value)		(288,381	)
Net unrealized appreciation/(depreciation)	$	31,443
Cost of investments for income tax purposes	$	37,629,711

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

28 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

G. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.50% of the Fund’s average daily net assets.

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

Brown Brothers Harriman & Co. (the “Sub-Adviser”) serves as the Fund’s sub-adviser pursuant to a sub-advisory agreement with the Trust (the ’’Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund’s average daily net assets. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Intermediate Municipal Bond ETF	$	26,189,902	$	22,186,977

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

29 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

30 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction
ALPS Intermediate Municipal Bond ETF	0%	0%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

31 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

Not applicable for this reporting period.

32 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

Not applicable for this reporting period.

33 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

¹ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund’s unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

34 | May 31, 2025

ALPS Intermediate Municipal Bond ETF

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

Not applicable for this reporting period.

35 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedules of Investments
ALPS Clean Energy ETF	1
ALPS Disruptive Technologies ETF	3
ALPS Electrification Infrastructure ETF	5
ALPS Medical Breakthroughs ETF	7
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets
ALPS Clean Energy ETF	11
ALPS Disruptive Technologies ETF	12
ALPS Electrification Infrastructure ETF	13
ALPS Medical Breakthroughs ETF	14
Financial Highlights	15
Notes to Financial Statements and Financial Highlights	19
Additional Information	27
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	31
Proxy Disclosures for Open-End Management Investment Companies	32
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	33
Statement Regarding Basis for Approval of Investment Advisory Contract	34

alpsfunds.com

ALPS Clean Energy ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (93.19%)
Consumer Discretionary (18.28%)
EVgo, Inc.(a)(b)		182,316	$	720,148
Lucid Group, Inc.(a)(b)		1,844,119		4,112,384
Rivian Automotive, Inc.(a)(b)		378,677		5,502,177
Tesla, Inc.(a)		16,082		5,571,769
Total Consumer Discretionary				15,906,478
Consumer Staples (6.69%)
Andersons, Inc.		48,857		1,734,912
Darling Ingredients, Inc.(a)		131,443		4,095,764
Total Consumer Staples				5,830,676
Energy (2.61%)
Clean Energy Fuels Corp.(a)(b)		253,645		454,025
Gevo, Inc.(a)(b)		346,335		439,845
Green Plains, Inc.(a)		95,229		396,153
REX American Resources Corp.(a)		23,337		983,421
Total Energy				2,273,444
Financials (4.07%)
HA Sustainable Infrastructure Capital, Inc.(b)		141,371		3,541,344
Industrials (21.09%)
Ameresco, Inc., Class A(a)(b)		48,450		667,641
American Superconductor Corp.(a)		57,206		1,616,641
Array Technologies, Inc.(a)(b)		229,861		1,517,083
Ballard Power Systems, Inc.(a)(b)		382,159		492,985
ChargePoint Holdings, Inc.(a)(b)		615,392		428,067
Eos Energy Enterprises, Inc.(a)(b)		335,172		1,394,316
Fluence Energy, Inc.(a)(b)		96,153		451,919
NEXTracker, Inc.(a)		101,806		5,771,382
Plug Power, Inc.(a)(b)		1,394,251		1,230,705
Shoals Technologies Group, Inc., Class A(a)		249,006		1,175,308
Sunrun, Inc.(a)(b)		333,719		2,499,555
Willdan Group, Inc.(a)		20,452		1,105,431
Total Industrials				18,351,033
Information Technology (14.40%)
Enphase Energy, Inc.(a)		68,611		2,839,809
First Solar, Inc.(a)		30,409		4,807,055
Itron, Inc.(a)		39,962		4,619,607
Wolfspeed, Inc.(a)(b)		233,679		278,078
Total Information Technology				12,544,549

Security Description	Shares		Value
Materials (4.39%)
Albemarle Corp.(b)		56,020	$	3,123,676
Aspen Aerogels, Inc.(a)(b)		121,661		700,767
Total Materials				3,824,443
Utilities (21.66%)
Boralex, Inc., Class A(b)		154,581		3,556,033
Clearway Energy, Inc., Class C		123,414		3,797,449
Innergex Renewable Energy, Inc.(b)		244,344		2,432,134
Northland Power, Inc.(b)		310,499		4,629,147
Ormat Technologies, Inc.		59,878		4,450,732
Total Utilities				18,865,495
TOTAL COMMON STOCKS
(Cost $218,024,143)				81,137,462

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (6.57%)
Utilities (6.57%)
Brookfield Renewable Partners LP		188,010		4,467,524
XPLR Infrastructure LP(a)		141,997		1,252,414
Total Utilities				5,719,938
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $13,076,212)				5,719,938

1 | May 31, 2025

ALPS Clean Energy ETF

Schedule of Investments May 31, 2025 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (14.29%)
Money Market Fund (0.14%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $124,347)		4.24	%		124,347	$	124,347
Investments Purchased with Collateral from Securities Loaned (14.14%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $12,315,640)					12,315,640	$	12,315,640
TOTAL SHORT TERM INVESTMENTS
(Cost $12,439,987)							12,439,987
TOTAL INVESTMENTS (114.04%)
(Cost $243,540,342)						$	99,297,387
LIABILITIES IN EXCESS OF OTHER ASSETS (-14.04%)							(12,224,689	)
NET ASSETS - 100.00%						$	87,072,698

^(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 $26,096,875.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.87%)
Communication Services (1.24%)
Netflix, Inc.(a)		908	$	1,096,165
Consumer Discretionary (3.25%)
ADT, Inc.		110,683		920,883
Garmin, Ltd.		3,868		785,088
Tesla, Inc.(a)		3,368		1,166,877
Total Consumer Discretionary				2,872,848
Financials (15.40%)
Adyen NV(a)(b)(c)		498		955,389
American Express Co.		3,156		928,022
Block, Inc.(a)		15,029		928,041
Corpay, Inc.(a)		2,464		801,071
Fidelity National Information Services, Inc.		11,564		920,610
Fiserv, Inc.(a)		3,852		627,067
Global Payments, Inc.		8,805		665,746
GMO Payment Gateway, Inc.(d)		15,700		966,036
Jack Henry & Associates, Inc.		4,615		836,100
LendingTree, Inc.(a)		17,361		607,982
Mastercard, Inc., Class A		1,560		913,536
Moody's Corp.		1,846		884,824
Pagseguro Digital, Ltd., Class A		108,159		963,697
PayPal Holdings, Inc.(a)		12,078		848,842
S&P Global, Inc.		1,688		865,708
Visa, Inc., Class A		2,465		900,193
Total Financials				13,612,864
Health Care (11.98%)
Align Technology, Inc.(a)		5,047		913,204
Boston Scientific Corp.(a)		8,518		896,605
Dexcom, Inc.(a)		11,781		1,010,810
DiaSorin SpA(d)		7,577		785,996
Globus Medical, Inc.(a)		11,672		690,749
HealthEquity, Inc.(a)		8,594		864,642
Hologic, Inc.(a)		13,386		832,208
Insulet Corp.(a)		3,308		1,075,198
Intuitive Surgical, Inc.(a)		1,705		941,740
PROCEPT BioRobotics Corp.(a)(d)		14,442		837,636
ResMed, Inc.		3,690		903,275
Smith & Nephew PLC, Sponsored ADR		28,754		832,716
Total Health Care				10,584,779
Industrials (15.56%)
AeroVironment, Inc.(a)		6,537		1,163,782
AutoStore Holdings, Ltd.(a)(b)(c)		863,515		452,594
Experian PLC		17,867		889,017

Security Description	Shares		Value
Industrials (continued)
FANUC Corp.(d)		28,196	$	757,929
Goldwind Science & Technology Co., Ltd., Class H		1,224,000		949,092
Proto Labs, Inc.(a)		22,713		839,927
RELX PLC, Sponsored ADR		16,904		911,464
Schneider Electric SE		3,319		834,169
Sensata Technologies Holding PLC		30,575		796,785
SS&C Technologies Holdings, Inc.		10,093		815,615
Stratasys, Ltd.(a)		84,126		869,021
Thomson Reuters Corp.(d)		4,738		941,351
TransUnion		10,048		860,410
Verisk Analytics, Inc.		2,801		879,907
Vestas Wind Systems A/S		53,362		841,853
Wolters Kluwer NV		5,311		942,546
Total Industrials				13,745,462
Information Technology (48.43%)
Adobe, Inc.(a)		2,138		887,462
Alarm.com Holdings, Inc.(a)		13,991		803,083
Allegro MicroSystems, Inc.(a)(d)		30,862		782,352
ANSYS, Inc.(a)		2,548		842,929
Autodesk, Inc.(a)		3,277		970,385
Cadence Design Systems, Inc.(a)		3,360		964,555
Check Point Software Technologies, Ltd.(a)		3,768		862,420
Cognex Corp.		26,753		801,787
Crowdstrike Holdings, Inc., Class A(a)		2,436		1,148,258
CyberArk Software, Ltd.(a)		2,516		963,075
Dassault Systemes SE		19,368		725,714
Datadog, Inc., Class A(a)		8,230		970,152
Dynatrace, Inc.(a)		17,163		926,974
First Solar, Inc.(a)		6,097		963,813
Fortinet, Inc.(a)		8,637		879,074
Gen Digital, Inc.		30,722		874,963
Guidewire Software, Inc.(a)		4,603		989,737
Intuit, Inc.		1,388		1,045,816
Itron, Inc.(a)		7,765		897,634
Keyence Corp.		2,037		859,844
Klaviyo, Inc.(a)		25,301		860,234
Nemetschek SE		6,742		936,229
Okta, Inc.(a)		7,593		783,370
Omron Corp.(d)		26,300		684,482
Open Text Corp.(d)		32,251		913,026
Palo Alto Networks, Inc.(a)		4,597		884,555
PTC, Inc.(a)		5,261		885,532
Qorvo, Inc.(a)		11,690		888,674

3 | May 31, 2025

ALPS Disruptive Technologies ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Information Technology (continued)
Qualys, Inc.(a)		6,659	$	922,604
Renishaw PLC		22,233		769,857
Salesforce, Inc.		2,975		789,476
Samsara, Inc., Class A(a)		21,827		1,015,829
SAP SE, Sponsored ADR		3,178		962,489
SenseTime Group, Inc.(a)(b)(c)(d)		3,723,000		664,728
ServiceNow, Inc.(a)		1,002		1,013,112
Silicon Laboratories, Inc.(a)		6,694		806,828
Skyworks Solutions, Inc.		12,035		830,776
Snowflake, Inc., Class A(a)		5,432		1,117,199
SolarEdge Technologies, Inc.(a)(d)		53,765		960,243
SoundHound AI, Inc.(a)(d)		90,866		918,655
Synopsys, Inc.(a)		1,892		877,850
Temenos AG(d)		10,372		769,393
Trend Micro, Inc.		11,983		901,463
Workday, Inc., Class A(a)		3,409		844,443
Xero, Ltd.(a)		8,228		977,431
Xinyi Solar Holdings, Ltd.(d)		1,956,000		591,208
Zoom Communications, Inc., Class A(a)		11,221		911,706
Zscaler, Inc.(a)		4,271		1,177,516
Total Information Technology				42,818,935
Real Estate (0.97%)
Equinix, Inc.		968		860,378
Utilities (2.04%)
China Longyuan Power Group Corp., Ltd., Class H		1,045,000		867,601
Enlight Renewable Energy, Ltd.(a)		47,715		933,114
Total Utilities				1,800,715
TOTAL COMMON STOCKS
(Cost $77,385,238)				87,392,146

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (0.95%)
Utilities (0.95%)
Brookfield Renewable Partners LP		35,422		841,703
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $981,612)				841,703

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (6.69%)
Money Market Fund (0.08%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $75,014)		4.24	%		75,014	$	75,014
Investments Purchased with Collateral from Securities Loaned (6.61%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $5,839,629)					5,839,629	$	5,839,629
TOTAL SHORT TERM INVESTMENTS
(Cost $5,914,643)							5,914,643
TOTAL INVESTMENTS (106.51%)
(Cost $84,281,493)						$	94,148,492
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.51%)							(5,753,497	)
NET ASSETS - 100.00%						$	88,394,995

^(a) Non-income producing security.

^(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $2,072,711, representing 2.34% of net assets.

^(c) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2025, the market value of those securities was $2,072,711, representing 2.34% of net assets.

^(d) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $7,854,230.

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.86%)
Energy (13.34%)
Antero Midstream Corp.		14,596	$	274,113
Cameco Corp.		6,347		371,489
Cheniere Energy, Inc.		1,131		268,036
DT Midstream, Inc.		2,623		274,732
Enbridge, Inc.		5,666		263,356
Kinder Morgan, Inc.		9,235		258,949
ONEOK, Inc.		2,958		239,125
Pembina Pipeline Corp.		6,588		246,918
Targa Resources Corp.		1,450		228,999
TC Energy Corp.		5,233		264,999
Williams Cos., Inc.		4,288		259,467
Total Energy				2,950,183
Industrials (31.10%)
Acuity, Inc.		1,044		271,325
AECOM		2,668		293,080
AMETEK, Inc.		1,537		274,723
Comfort Systems USA, Inc.		754		360,585
Eaton Corp. PLC		928		297,146
EMCOR Group, Inc.		667		314,731
Emerson Electric Co.		2,465		294,272
Fluor Corp.(a)		7,540		313,513
GE Vernova, Inc.		812		384,060
Generac Holdings, Inc.(a)		2,291		279,800
Hubbell, Inc.		725		282,446
Jacobs Solutions, Inc.		2,099		265,103
MasTec, Inc.(a)		2,175		339,148
NEXTracker, Inc.(a)		6,293		356,750
nVent Electric PLC		5,146		338,607
Parsons Corp.(a)		3,915		253,849
Quanta Services, Inc.		957		327,830
Regal Rexnord Corp.		2,465		328,930
Rockwell Automation, Inc.		1,073		338,585
Tetra Tech, Inc.		8,307		290,247
Valmont Industries, Inc.		870		276,695
Vertiv Holdings Co.		3,696		398,908
Total Industrials				6,880,333
Information Technology (13.74%)
Amphenol Corp., Class A		3,870		348,028
Badger Meter, Inc.		1,363		338,324
Coherent Corp.(a)		4,524		342,150
Corning, Inc.		5,945		294,813
Enphase Energy, Inc.(a)		4,698		194,450
First Solar, Inc.(a)		1,943		307,150
Keysight Technologies, Inc.(a)		1,827		286,912

Security Description	Shares		Value
Information Technology (continued)
TE Connectivity PLC		1,914	$	306,374
Trimble, Inc.(a)		4,218		300,617
Zebra Technologies Corp.(a)		1,102		319,327
Total Information Technology				3,038,145
Materials (2.73%)
Freeport-McMoRan, Inc.		7,966		306,532
Teck Resources, Ltd., Class B		8,015		296,956
Total Materials				603,488
Technology (0.01%)
Amentum Holdings, Inc.(a)		78		1,611
Utilities (38.94%)
AES Corp.		22,756		229,608
Alliant Energy Corp.		3,957		246,244
Ameren Corp.		2,465		238,809
American Electric Power Co., Inc.		2,291		237,096
CenterPoint Energy, Inc.		6,550		243,922
CMS Energy Corp.		3,316		232,883
Consolidated Edison, Inc.		2,204		230,296
Constellation Energy Corp.		1,247		381,768
Dominion Energy, Inc.		4,682		265,329
DTE Energy Co.		1,827		249,660
Duke Energy Corp.		2,001		235,558
Edison International		4,437		246,919
Entergy Corp.		2,942		245,010
Evergy, Inc.		3,607		239,541
Eversource Energy		4,292		278,164
Exelon Corp.		5,233		229,310
FirstEnergy Corp.		6,074		254,744
Fortis, Inc.		5,231		255,430
IDACORP, Inc.		2,059		244,918
NextEra Energy, Inc.		3,625		256,070
NiSource, Inc.		6,275		248,114
NRG Energy, Inc.		2,708		422,176
OGE Energy Corp.		5,510		245,030
PG&E Corp.		14,600		246,448
Pinnacle West Capital Corp.		2,614		238,475
PPL Corp.		6,942		241,235
Public Service Enterprise Group, Inc.		2,987		242,037
Sempra		3,654		287,167
Southern Co.		2,679		241,110
Talen Energy Corp.(a)		1,276		311,280
Vistra Corp.		2,275		365,297
WEC Energy Group, Inc.		2,262		243,029

5 | May 31, 2025

ALPS Electrification Infrastructure ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Utilities (continued)
Xcel Energy, Inc.		3,480	$	243,948
Total Utilities				8,616,625
TOTAL COMMON STOCKS
(Cost $20,540,098)				22,090,385

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.03%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		7,169	$	7,169
TOTAL SHORT TERM INVESTMENTS
(Cost $7,169)							7,169
TOTAL INVESTMENTS (99.89%)
(Cost $20,547,267)						$	22,097,554
NET LIABILITIES LESS OTHER ASSETS (0.11%)							24,271
NET ASSETS - 100.00%						$	22,121,825

^(a) Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.86%)
Biotechnology (81.31%)
4D Molecular Therapeutics, Inc.(a)(b)		31,952	$	115,665
ACADIA Pharmaceuticals, Inc.(a)		116,710		2,517,435
Agios Pharmaceuticals, Inc.(a)		41,314		1,325,766
Akero Therapeutics, Inc.(a)		56,780		2,819,127
Aldeyra Therapeutics, Inc.(a)(b)		42,656		91,710
Alector, Inc.(a)		72,973		97,054
Alkermes PLC(a)		113,203		3,465,144
Amicus Therapeutics, Inc.(a)		217,037		1,317,415
AnaptysBio, Inc.(a)(b)		22,522		500,664
Anavex Life Sciences Corp.(a)(b)		58,644		441,589
Annexon, Inc.(a)(b)		80,464		164,147
Apogee Therapeutics, Inc.(a)(b)		32,429		1,188,199
Arcturus Therapeutics Holdings, Inc.(a)(b)		19,427		243,420
Arcus Biosciences, Inc.(a)(b)		75,090		670,554
ArriVent Biopharma, Inc.(a)(b)		24,509		520,816
Astria Therapeutics, Inc.(a)		42,306		201,377
Aura Biosciences, Inc.(a)(b)		36,190		212,073
Aurinia Pharmaceuticals, Inc.(a)		96,765		758,638
Autolus Therapeutics PLC, ADR(a)		194,483		340,345
Avidity Biosciences, Inc.(a)(b)		85,552		2,650,401
BioCryst Pharmaceuticals, Inc.(a)		149,580		1,607,986
Capricor Therapeutics, Inc.(a)(b)		32,359		320,031
Cargo Therapeutics, Inc.(a)(b)		32,291		137,237
Cartesian Therapeutics, Inc.(a)(b)		18,885		180,541
Celcuity, Inc.(a)(b)		28,044		298,108
Celldex Therapeutics, Inc.(a)(b)		48,830		965,857
CG oncology, Inc.(a)(b)		55,122		1,412,226
Compass Pathways PLC, ADR(a)(b)		64,499		268,316
Crinetics Pharmaceuticals, Inc.(a)(b)		65,741		2,005,758
Day One Biopharmaceuticals, Inc.(a)		71,424		455,685
Denali Therapeutics, Inc.(a)		108,960		1,442,630
Dianthus Therapeutics, Inc.(a)(b)		23,065		401,100
Disc Medicine, Inc.(a)		24,912		1,162,892
Eledon Pharmaceuticals, Inc.(a)		43,269		129,807
Enanta Pharmaceuticals, Inc.(a)		15,831		93,878
Erasca, Inc.(a)(b)		204,768		286,675
Galapagos NV, Sponsored ADR(a)(b)		47,222		1,358,105
Ideaya Biosciences, Inc.(a)		60,074		1,194,872
Immunocore Holdings PLC, ADR(a)(b)		35,097		1,284,550

Security Description	Shares		Value
Biotechnology (continued)
Immunome, Inc.(a)(b)		60,908	$	533,554
Intellia Therapeutics, Inc.(a)(b)		75,304		517,338
Ironwood Pharmaceuticals, Inc.(a)(b)		113,801		68,178
iTeos Therapeutics, Inc.(a)		27,898		279,538
Keros Therapeutics, Inc.(a)(b)		28,956		409,727
Kyverna Therapeutics, Inc.(a)(b)		31,307		79,833
Larimar Therapeutics, Inc.(a)		46,227		104,011
MacroGenics, Inc.(a)(b)		47,373		64,427
MannKind Corp.(a)		215,007		892,279
Merus NV(a)		49,884		2,796,997
Mineralys Therapeutics, Inc.(a)		33,757		525,934
Mirum Pharmaceuticals, Inc.(a)(b)		34,688		1,542,228
MoonLake Immunotherapeutics(a)(b)		46,068		1,797,113
Newamsterdam Pharma Co. NV(a)		76,222		1,380,380
Novavax, Inc.(a)(b)		111,242		816,516
Olema Pharmaceuticals, Inc.(a)(b)		49,163		259,581
Praxis Precision Medicines, Inc.(a)(b)		14,548		560,825
ProKidney Corp.(a)		92,690		66,996
Protagonist Therapeutics, Inc.(a)		45,188		2,145,075
Prothena Corp. PLC(a)		36,962		169,656
PTC Therapeutics, Inc.(a)		56,067		2,720,371
Replimune Group, Inc.(a)		54,854		492,589
Rezolute, Inc.(a)(b)		41,945		172,813
Rhythm Pharmaceuticals, Inc.(a)		45,222		2,773,465
Rigel Pharmaceuticals, Inc.(a)		12,757		244,934
Savara, Inc.(a)(b)		112,723		257,008
Stoke Therapeutics, Inc.(a)(b)		38,848		370,610
Sutro Biopharma, Inc.(a)		59,610		53,512
Tourmaline Bio, Inc.(a)(b)		17,042		284,261
Upstream Bio, Inc.(a)(b)		38,055		351,248
UroGen Pharma, Ltd.(a)(b)		31,904		135,273
Vanda Pharmaceuticals, Inc.(a)		40,894		177,480
Vera Therapeutics, Inc.(a)(b)		45,295		858,340
Vericel Corp.(a)		35,376		1,460,852
Vir Biotechnology, Inc.(a)(b)		100,138		494,682
Viridian Therapeutics, Inc.(a)		59,869		833,376
Xencor, Inc.(a)(b)		50,111		400,888
Xenon Pharmaceuticals, Inc.(a)		54,085		1,560,352
Y-mAbs Therapeutics, Inc.(a)(b)		32,429		149,173
Zai Lab, Ltd., ADR(a)(b)		74,601		2,248,474
Zenas Biopharma, Inc.(a)(b)		27,396		260,810

7 | May 31, 2025

ALPS Medical Breakthroughs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Biotechnology (continued)
Zentalis Pharmaceuticals, Inc.(a)(b)		53,595	$	64,850
Total Biotechnology				66,023,340
Health Care Providers & Services (0.57%)
Fulgent Genetics, Inc.(a)(b)		22,157		459,093
Pharmaceuticals (17.98%)
Aclaris Therapeutics, Inc.(a)(b)		76,720		112,011
Amylyx Pharmaceuticals, Inc.(a)		65,829		339,019
Axsome Therapeutics, Inc.(a)		31,657		3,329,050
Edgewise Therapeutics, Inc.(a)		66,498		949,591
Liquidia Corp.(a)(b)		61,017		910,374
MBX Biosciences, Inc.(a)(b)		25,353		314,884
Neumora Therapeutics, Inc.(a)(b)		111,378		79,780
Nuvation Bio, Inc.(a)(b)		239,661		508,081
Pharvaris NV(a)(b)		35,675		592,205
Pliant Therapeutics, Inc.(a)(b)		44,069		59,493
Rapport Therapeutics, Inc.(a)(b)		25,443		210,414
Structure Therapeutics, Inc., ADR(a)(b)		42,251		919,381
Tarsus Pharmaceuticals, Inc.(a)		27,307		1,172,836
Theravance Biopharma, Inc.(a)		35,136		321,846
Verona Pharma PLC, ADR(a)		58,904		4,783,006
Total Pharmaceuticals				14,601,971
TOTAL COMMON STOCKS
(Cost $101,929,635)				81,084,404

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (7.13%)
Money Market Fund (0.16%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $130,293)		4.24	%		130,293	$	130,293
Investments Purchased with Collateral
from Securities Loaned (6.97%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $5,660,324)					5,660,324	$	5,660,324
TOTAL SHORT TERM INVESTMENTS
(Cost $5,790,617)							5,790,617
TOTAL INVESTMENTS (106.99%)
(Cost $107,720,252)						$	86,875,021
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.99%)							(5,678,397	)
NET ASSETS - 100.00%						$	81,196,624

^(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 $21,697,602.

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2025

ALPS ETF Trust

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

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Electrification Infrastructure ETF		ALPS Medical Breakthroughs ETF
ASSETS:
Investments, at value(a)	$	99,297,387		$	94,148,492		$	22,097,554	$	86,875,021
Cash		–			–			1,966		–
Foreign Currency, at value (Cost $–, $3, $– and $–)		–			3			–		–
Dividends receivable		145,575			125,980			28,305		16,218
Receivable for investments sold		11,423,051			532,423			–		–
Receivable for shares sold		–			2,357,197			–		–
Total Assets		110,866,013			97,164,095			22,127,825		86,891,239
LIABILITIES:
Payable to adviser		45,615			35,882			6,000		34,291
Payable for investments purchased		1,689,666			2,893,589			–		–
Payable for capital shares redeemed		9,742,394			–			–		–
Payable for collateral upon return of securities loaned		12,315,640			5,839,629			–		5,660,324
Total Liabilities		23,793,315			8,769,100			6,000		5,694,615
NET ASSETS	$	87,072,698		$	88,394,995		$	22,121,825	$	81,196,624
NET ASSETS CONSIST OF:
Paid-in capital	$	559,302,400		$	107,887,958		$	20,535,214	$	243,788,637
Total distributable earnings/(accumulated losses)		(472,229,702	)		(19,492,963	)		1,586,611		(162,592,013	)
NET ASSETS	$	87,072,698		$	88,394,995		$	22,121,825	$	81,196,624
INVESTMENTS, AT COST	$	243,540,342		$	84,281,493		$	20,547,267	$	107,720,252
PRICING OF SHARES
Net Assets	$	87,072,698		$	88,394,995		$	22,121,825	$	81,196,624
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		3,575,002			1,875,002			725,002		2,800,000
Net Asset Value, offering and redemption price per share	$	24.36		$	47.14		$	30.51	$	29.00

^(a) Includes $26,096,875, $7,854,230, $- and $21,697,602 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

9 | May 31, 2025

ALPS ETF Trust

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

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Electrification Infrastructure ETF(a)		ALPS Medical Breakthroughs ETF
INVESTMENT INCOME:
Dividend income*	$	647,384		$	309,529		$	44,702	$	3,571
Securities lending income		161,420			13,281			–		73,763
Total investment income		808,804			322,810			44,702		77,334
EXPENSES:
Investment adviser fees		279,656			219,288			8,432		232,689
Total expenses		279,656			219,288			8,432		232,689
NET INVESTMENT INCOME/(LOSS)		529,148			103,522			36,270		(155,355	)
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments(b)		(31,104,051	)		2,153,309			–		1,670,737
Net realized gain/(loss) on foreign currency transactions		(204	)		5,792			–		–
Total net realized gain/(loss)		(31,104,255	)		2,159,101			–		1,670,737
Net change in unrealized appreciation/(depreciation) on investments		15,492,971			(1,377,151	)		1,550,287		(27,973,168	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(20	)		1,947			54		–
Total net change in unrealized appreciation/(depreciation)		15,492,951			(1,375,204	)		1,550,341		(27,973,168	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(15,611,304	)		783,897			1,550,341		(26,302,431	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,082,156	)	$	887,419		$	1,586,611	$	(26,457,786	)
*Net of foreign tax withholding.	$	56,920		$	20,282		$	530	$	–

^(a) The ALPS Electrification Infrastructure ETF commenced operations on April 9, 2025.

^(b) Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).

See Notes to Financial Statements and Financial Highlights.

10 | May 31, 2025

ALPS Clean Energy ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	529,148		$	1,826,605
Net realized loss		(31,104,255	)		(147,618,871	)
Net change in unrealized appreciation/(depreciation)		15,492,951			122,946,030
Net decrease in net assets resulting from operations		(15,082,156	)		(22,846,236	)
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(534,065	)		(987,799	)
From tax return of capital		–			(1,743,750	)
Total distributions		(534,065	)		(2,731,549	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		42,468,272			136,265,280
Cost of shares redeemed		(67,690,233	)		(250,753,573	)
Net decrease from capital share transactions		(25,221,961	)		(114,488,293	)
Net decrease in net assets		(40,838,182	)		(140,066,078	)
NET ASSETS:
Beginning of period		127,910,880			267,976,958
End of period	$	87,072,698		$	127,910,880
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,550,002			8,550,002
Shares sold		1,750,000			4,550,000
Shares redeemed		(2,725,000	)		(8,550,000	)
Shares outstanding, end of period		3,575,002			4,550,002

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2025

ALPS Disruptive Technologies ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	103,522		$	296,642
Net realized gain		2,159,101			2,325,524
Net change in unrealized appreciation/(depreciation)		(1,375,204	)		16,074,225
Net increase in net assets resulting from operations		887,419			18,696,391
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(399,326	)		(292,162	)
Total distributions		(399,326	)		(292,162	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		5,686,164			3,055,072
Cost of shares redeemed		(11,132,661	)		(25,339,217	)
Net decrease from capital share transactions		(5,446,497	)		(22,284,145	)
Net decrease in net assets		(4,958,404	)		(3,879,916	)
NET ASSETS:
Beginning of period		93,353,399			97,233,315
End of period	$	88,394,995		$	93,353,399
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,000,002			2,525,002
Shares sold		125,000			75,000
Shares redeemed		(250,000	)		(600,000	)
Shares outstanding, end of period		1,875,002			2,000,002

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2025

ALPS Electrification Infrastructure ETF

Statements of Changes in Net Assets

	For the Period April 9, 2025 (Commencement of Operations) to May 31, 2025
OPERATIONS:
Net investment income	$	36,270
Net change in unrealized appreciation/(depreciation)		1,550,341
Net increase in net assets resulting from operations		1,586,611
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		20,535,214
Net increase from capital share transactions		20,535,214
Net increase in net assets		22,121,825
NET ASSETS:
Beginning of period		–
End of period	$	22,121,825
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		–
Shares sold		725,002
Shares outstanding, end of period		725,002

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2025

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment loss	$	(155,355	)	$	(400,845	)
Net realized gain		1,670,737			7,550,987
Net change in unrealized appreciation/(depreciation)		(27,973,168	)		31,240,527
Net increase/(decrease) in net assets resulting from operations		(26,457,786	)		38,390,669
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,667,062	)		(220,286	)
Total distributions		(3,667,062	)		(220,286	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		713,612			19,659,637
Cost of shares redeemed		(12,587,901	)		(18,323,776	)
Net increase/(decrease) from capital share transactions		(11,874,289	)		1,335,861
Net increase/(decrease) in net assets		(41,999,137	)		39,506,244
NET ASSETS:
Beginning of period		123,195,761			83,689,517
End of period	$	81,196,624		$	123,195,761
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,175,000			3,175,000
Shares sold		25,000			550,000
Shares redeemed		(400,000	)		(550,000	)
Shares outstanding, end of period		2,800,000			3,175,000

See Notes to Financial Statements and Financial Highlights. 

14 | May 31, 2025

ALPS Clean Energy ETF 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	28.11		$	31.34		$	55.74		$	73.94		$	70.05		$	32.23
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.25			0.47			0.39			0.20			0.25
Net realized and unrealized gain/(loss)		(3.76	)		(3.13	)		(24.38	)		(18.14	)		4.11			38.08
Total from investment operations		(3.63	)		(2.88	)		(23.91	)		(17.75	)		4.31			38.33
DISTRIBUTIONS:
From net investment income		(0.12	)		(0.13	)		(0.40	)		(0.19	)		(0.17	)		(0.18	)
Tax return of capital		–			(0.22	)		(0.09	)		(0.26	)		(0.25	)		(0.33	)
Total distributions		(0.12	)		(0.35	)		(0.49	)		(0.45	)		(0.42	)		(0.51	)
Net increase/(decrease) in net asset value		(3.75	)		(3.23	)		(24.40	)		(18.20	)		3.89			37.82
NET ASSET VALUE, END OF PERIOD	$	24.36		$	28.11		$	31.34		$	55.74		$	73.94		$	70.05
TOTAL RETURN(b)		(12.95	)%		(9.32	)%		(43.11	)%		(24.00	)%		6.16	%		120.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	87,073		$	127,911		$	267,977		$	707,911		$	1,014,767		$	609,457
Ratio of expenses to average net assets		0.55	%(c)		0.55	%		0.55	%		0.55	%		0.56	%(d)		0.65	%
Ratio of net investment income to average net assets		1.04	%(c)		0.85	%		1.09	%		0.69	%		0.26	%		0.57	%
Portfolio turnover rate(e)		22	%		32	%		38	%		44	%		39	%		34	%

^(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.

15 | May 31, 2025

ALPS Disruptive Technologies ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	46.68		$	38.51		$	34.92		$	48.23		$	42.99		$	31.88
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/ (loss)(a)		0.05			0.13			0.15			(0.02	)		0.15			0.25
Net realized and unrealized gain/(loss)		0.61			8.15			3.45			(13.17	)		5.26			11.00
Total from investment operations		0.66			8.28			3.60			(13.19	)		5.41			11.25
DISTRIBUTIONS:
From net investment income		(0.20	)		(0.11	)		(0.01	)		(0.12	)		(0.17	)		(0.14	)
Total distributions		(0.20	)		(0.11	)		(0.01	)		(0.12	)		(0.17	)		(0.14	)
Net increase/(decrease) in net asset value		0.46			8.17			3.59			(13.31	)		5.24			11.11
NET ASSET VALUE, END OF PERIOD	$	47.14		$	46.68		$	38.51		$	34.92		$	48.23		$	42.99
TOTAL RETURN(b)		1.42	%		21.54	%		10.31	%		(27.41	)%		12.60	%		35.42	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	88,395		$	93,353		$	97,233		$	122,214		$	237,546		$	150,459
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		0.24	%(c)		0.30	%		0.42	%		(0.05	)%		0.31	%		0.72	%
Portfolio turnover rate(d)		15	%		35	%		34	%		31	%		26	%		38	%

^(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.

16 | May 31, 2025

ALPS Electrification Infrastructure ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Period
	April 9, 2025
	(Commencement
	of Operations) to
	May 31, 2025
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.00
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09
Net realized and unrealized gain		5.42
Total from investment operations		5.51
Net increase in net asset value		5.51
NET ASSET VALUE, END OF PERIOD	$	30.51
TOTAL RETURN(b)		13.63	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	22,122
Ratio of expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		2.15	%(c)
Portfolio turnover rate(d)		0	%

^(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, 2025

ALPS Medical Breakthroughs ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	38.80		$	26.36		$	31.29		$	42.94		$	49.00		$	39.51
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.13	)		(0.10	)		(0.13	)		(0.18	)		(0.13	)
Net realized and unrealized gain/(loss)		(8.58	)		12.64			(4.83	)		(11.52	)		(5.88	)		9.64
Total from investment operations		(8.63	)		12.51			(4.93	)		(11.65	)		(6.06	)		9.51
DISTRIBUTIONS:
From net investment income		(1.17	)		(0.07	)		–			–			–			(0.02	)
Total distributions		(1.17	)		(0.07	)		–			–			–			(0.02	)
Net increase/(decrease) in net asset value		(9.80	)		12.44			(4.93	)		(11.65	)		(6.06	)		9.49
NET ASSET VALUE, END OF PERIOD	$	29.00		$	38.80		$	26.36		$	31.29		$	42.94		$	49.00
TOTAL RETURN(b)		(22.70	)%		47.50	%		(15.76	)%		(27.13	)%		(12.37	)%		24.07	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	81,197		$	123,196		$	83,690		$	115,009		$	188,929		$	242,542
Ratio of expenses to average net assets		0.50	%(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment loss to average net assets		(0.33	)%(c)		(0.37	)%		(0.34	)%		(0.39	)%		(0.36	)%		(0.33	)%
Portfolio turnover rate(d)		26	%		72	%		81	%		88	%		81	%		68	%

^(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, 2025

ALPS ETF Trust

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF and the ALPS Medical Breakthroughs ETF (each a “Fund” and collectively, the “Funds”).

The investment objective of the ALPS Clean Energy ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the CIBC Atlas Clean Energy Index. The investment objective of the ALPS Disruptive Technologies ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the Indxx Disruptive Technologies Index. The investment objective of the ALPS Electrification Infrastructure ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the Ladenburg Thalmann Electrification Infrastructure Index. The investment objective of the ALPS Medical Breakthroughs ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the S-Network Medical Breakthroughs Index.

ALPS Clean Energy ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF, and ALPS Medical Breakthroughs ETF have elected to qualify as a diversified series of the Trust under the 1940 Act.

With the exception of the ALPS Electrification Infrastructure ETF, each Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). ALPS Electrification Infrastructure ETF is listed on the Nasdaq Stock Market LLC (“NASDAQ”). Each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

19 | May 31, 2025

ALPS ETF Trust

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

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

B. Fair Value Measurements

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

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

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

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

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

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

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

20 | May 31, 2025

ALPS ETF Trust

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

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

ALPS Clean Energy ETF 

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	81,137,462	$	–	$	–	$	81,137,462
Master Limited Partnerships*		5,719,938		–		–		5,719,938
Short Term Investments		12,439,987		–		–		12,439,987
Total	$	99,297,387	$	–	$	–	$	99,297,387

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*		87,392,146		–		–		87,392,146
Master Limited Partnerships*		841,703		–		–		841,703
Short Term Investments		5,914,643		–		–		5,914,643
Total	$	94,148,492	$	–	$	–	$	94,148,492

ALPS Electrification 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
Common Stocks*		22,090,385		–		–		22,090,385
Short Term Investments		7,169		–		–		7,169
Total	$	22,097,554	$	–	$	–	$	22,097,554

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*	$	81,084,404	$	–	$	–	$	81,084,404
Short Term Investments		5,790,617		–		–		5,790,617
Total	$	86,875,021	$	–	$	–	$	86,875,021

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Foreign Investment Risk

The Funds may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of the Fund’s investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. The Fund will not enter into transactions to hedge against declines in the value of the Fund’s assets that are denominated in foreign currency.

Countries with emerging markets may have relatively unstable governments and may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. The economies of emerging markets countries also may be based on only a few industries, making them more vulnerable to changes in local or global trade conditions and more sensitive to debt burdens, inflation rates or adverse news and events.

21 | May 31, 2025

ALPS ETF Trust

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

Because foreign markets may be open on different days than the days during which investors may purchase the shares of the Fund, the value of the Funds’ securities may change on the days when investors are not able to purchase the shares of the Fund. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

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

F. Dividends and Distributions to Shareholders

Dividends from net investment income for the ALPS Disruptive Technologies ETF, the ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF, if any, are declared and paid annually or as the Board may determine from time to time. Dividends from net investment income for ALPS Clean Energy ETF, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

G. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS Clean Energy ETF	$	987,799	$	–	$	1,743,750
ALPS Disruptive Technologies ETF		292,162		–		–
ALPS Medical Breakthroughs ETF		220,286		–		–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Clean Energy ETF	$	119,474,159	$	167,576,848
ALPS Disruptive Technologies ETF		9,750,719		20,430,005
ALPS Medical Breakthroughs ETF		80,707,854		57,273,292

22 | May 31, 2025

ALPS ETF Trust

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

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

Fund	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETFo			ALPS Electrification Infrastructure ETF			ALPS Medical Breakthroughs ETF
Gross appreciation (excess of value over tax cost)	$	4,066,450		$	19,287,867		$	1,708,343		$	10,682,854
Gross depreciation (excess of tax cost over value)		(149,791,793	)		(10,460,370	)		(158,056	)		(32,222,312	)
Net unrealized appreciation/(depreciation)	$	(145,725,343	)	$	8,827,497		$	1,550,287		$	(21,539,458	)
Cost of investments for income tax purposes	$	245,022,730		$	85,320,995		$	20,547,267		$	108,414,479

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

H. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

I. Lending of Portfolio Securities

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend their portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. Each Funds’ securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with each Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by each Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to each Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in each Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in a Fund’s Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of each Fund, and each Fund does not have the ability to re-hypothecate these securities. Income earned by each Fund from securities lending activity is disclosed in the Statement of Operations.

23 | May 31, 2025

ALPS ETF Trust

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

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Clean Energy ETF	$	26,096,875	$	12,315,640	$	15,676,714	$	27,992,354
ALPS Disruptive Technologies ETF		7,854,230		5,839,629		2,332,635		8,172,264
ALPS Medical Breakthroughs ETF		21,697,602		5,660,324		17,117,731		22,778,055

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

ALPS Clean Energy ETF			Remaining Contractual Maturity of the Agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Common Stocks	$	12,315,640	$	–	$	–	$	–	$	12,315,640
Total Borrowings										12,315,640
Gross amount of recognized liabilities for securities lending (collateral received)									$	12,315,640

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	$	5,839,629	$	–	$	–	$	–	$	5,839,629
Total Borrowings										5,839,629
Gross amount of recognized liabilities for securities lending (collateral received)									$	5,839,629

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	$	5,660,324	$	–	$	–	$	–	$	5,660,324
Total Borrowings										5,660,324
Gross amount of recognized liabilities for securities lending (collateral received)									$	5,660,324

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund’s average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

Fund	Advisory Fee
ALPS Clean Energy ETF	0.55%
ALPS Disruptive Technologies ETF	0.50%
ALPS Electrification Infrastructure ETF	0.50%
ALPS Medical Breakthroughs ETF	0.50%

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

24 | May 31, 2025

ALPS ETF Trust

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Clean Energy ETF	$	22,585,367	$	22,276,649
ALPS Disruptive Technologies ETF		13,372,438		13,612,978
ALPS Medical Breakthroughs ETF		24,565,196		28,446,695

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

Fund	Purchases		Sales
ALPS Clean Energy ETF	$	42,472,192	$	67,680,760
ALPS Disruptive Technologies ETF		5,681,621		11,089,562
ALPS Electrification Infrastructure ETF		20,538,424		–
ALPS Medical Breakthroughs ETF		713,492		12,587,500

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

Fund	Net Realized Gain/(Loss)
ALPS Clean Energy ETF	$	(5,997,882	)
ALPS Disruptive Technologies ETF		2,825,987
ALPS Medical Breakthroughs ETF		2,319,336

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

25 | May 31, 2025

ALPS ETF Trust

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

6. RELATED PARTY TRANSACTIONS

The ALPS Disruptive Technologies ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the year ended May 31, 2025, were as follows:

	Purchase cost paid		Sale proceeds received		Realized gain/(loss) on sales
ALPS Disruptive Technologies ETF	$	–	$	100,362	$	(6,805	)

7. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

8. CONCENTRATION RISK

Each Fund seeks to track an underlying index, which itself may have concentration in certain regions, economies, countries, markets, industries or sectors. Underperformance or increased risk in such concentrated areas may result in underperformance or increased risk in the Funds.

9. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements

26 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

Fund	Qualified Dividend Income	Dividend Received Deduction
ALPS Clean Energy ETF	100.00%	35.14%
ALPS Disruptive Technologies ETF	100.00%	53.29%
ALPS Medical Breakthroughs ETF	0.00%	0.00%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

LICENSING AGREEMENT

ALPS Clean Energy ETF

CIBC NTC is the designer of the construction and methodology for the Underlying Index. “CIBC NTC” and “CIBC Atlas Clean Energy Index” are service marks or trademarks of the Index Provider. CIBC NTC acts as brand licensor for the Underlying Index and is not responsible for the descriptions of the Fund that appear herein.

The Fund is not sponsored by CIBC NTC or any of its affiliates. CIBC NTC makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities or commodities generally or in the Fund particularly. CIBC NTC does not guarantee the quality, accuracy or completeness of the Underlying Index or any Underlying Index data included herein or derived therefrom and assumes no liability in connection with their use. The Underlying Index is determined and composed without regard to the Adviser or the Fund. CIBC NTC has no obligation to take the needs of the Adviser, the Fund or the shareholders of the Fund into consideration in determining, composing or calculating the Underlying Index. CIBC NTC is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the NAV of the Fund.

CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund. CIBC NTC makes no warranty, express or implied, as to results to be obtained by the Adviser, the Fund, Fund shareholders or any other person or entity from the use of the Underlying Index or any data included therein. CIBC NTC makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall CIBC NTC have any liability for any special, punitive, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

All intellectual property rights in the Underlying Index vests in CIBC NTC.

The Underlying Index is the property of CIBC NTC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Underlying Index. The Underlying Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Underlying Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by CIBC NTC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. S&P Dow Jones Indices’ only relationship to CIBC NTC with respect to the Underlying Index is the licensing of certain trademarks, service marks and trade names of S&P Dow Jones Indices, and the provision of the calculation services related to the Underlying Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund may be converted into cash or other redemption mechanics. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Underlying Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it investment advice.

27 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CIBC NTC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

The Index Provider is not affiliated with the Trust, the Adviser or ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”). The Index Provider has entered into a license agreement with the Adviser (the “License Agreement”). The use of the Underlying Index by the Adviser and the Fund is subject to the terms of the License Agreement, which impose certain limitations and conditions on the Fund’s ability to use the Underlying Index.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

ALPS Disruptive Technologies ETF

“Indxx” is a service mark of Indxx, LLC (“Indxx” or the “Index Provider”) and has been licensed for use for certain purposes by ALPS Advisors, Inc. (the “Adviser”).

The ALPS Disruptive Technologies ETF is not sponsored, endorsed, sold or promoted by Indxx. Indxx makes no representation or warranty, express or implied, to the owners of the ALPS Disruptive Technologies ETF or any member of the public regarding the advisability of investing in securities generally or in the ALPS Disruptive Technologies ETF particularly. Indxx has no obligation to take the needs of ALPS Advisors, Inc. or the shareholders of ALPS Disruptive Technologies ETF into consideration in determining, composing, or calculating the Underlying Index. Indxx is not responsible for and has not participated in the determination of the timing, amount or pricing of the ALPS Disruptive Technologies ETF shares to be issued or in the determination or calculation of the equation by which the ALPS Disruptive Technologies ETF is to be converted into cash. Indxx has no obligation or liability in connection with the administration, marketing or trading of the ALPS Disruptive Technologies ETF.

INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE INDEX(ES), TRADING BASED ON THE INDEX(ES), OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE PRODUCTS, OR FOR ANY OTHER USE. INDXX EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS, EXPRESS, STATUTORY, OR IMPLIED, EXCEPT AS SET FORTH IN THIS AGREEMENT. EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT, INDXX HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX(ES) OR ANY DATA INCLUDED THEREIN. INDXX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE FUNDS, ITS SHAREHOLDERS OR AFFILIATES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL INDXX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

28 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

ALPS Electrification Infrastructure ETF

Ladenburg Thalmann Index, LLC (the “Index Provider”) is not affiliated with the ALPS Electrification Infrastructure ETF (the “Fund”) or ALPS Advisors, Inc. (the “Adviser”). The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

LADENBURG THALMANN INDEX, LLC DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE LADENBURG THALMANN ELECTRIFICATION INFRASTRUCTURE INDEX (THE “INDEX”) OR ANY DATA INCLUDED THEREIN AND LADENBURG THALMANN INDEX, LLC SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LADENBURG THALMANN INDEX, LLC MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE ALPS ELECTRIFICATION INFRASTRUCURE ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. LADENBURG THALMANN INDEX, LLC MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LADENBURG THALMANN INDEX, LLC HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

ALPS Medical Breakthroughs ETF

The Fund is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc. (“Licensor”). Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of the physical commodities market. Licensor’s only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Underlying Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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

Standard & Poor’s Custom Indexes serves as calculation agent for the Index. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) or its third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track general stock market performance. S&P’s and its third party licensor’s only relationship to S-Network Global Indexes, Inc. is the licensing of certain trademarks, service marks and trade names of S&P and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Fund.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

29 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

Standard & Poor’s^®, 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.

30 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

31 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

32 | May 31, 2025

ALPS ETF Trust

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000		–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Funds’ unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

33 | May 31, 2025

ALPS ETF Trust

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

At its meeting held on March 12, 2025, the Board of Trustees of the Trust (the “Board” or the “Trustees”), where five of the six Trustees were not an "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to approve the Investment Advisory Agreement (the “New Fund Advisory Agreement”) between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS Electrification Infrastructure ETF (the "New Fund"). In evaluating the New Fund Advisory Agreement, the Board, including the Independent Trustees, considered various factors, including (i) the nature, extent and quality of the services expected to be provided by the Adviser to the New Fund under the New Fund Advisory Agreement; (ii) the advisory fees and other expenses proposed to be paid by the New Fund compared to those of similar funds managed by other investment advisers; (iii) the expected costs of the services to be provided to the New Fund and the projected profitability to be realized by the Adviser and its affiliates from the Adviser’s relationship with the New Fund; (iv) the extent to which economies of scale would be realized if and as the New Fund’s assets increase and whether the fee level in the New Fund Advisory Agreement reflects these economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services to be provided by the Adviser under the New Fund Advisory Agreement, the Board considered and reviewed information concerning the services proposed to be provided under the New Fund Advisory Agreement, the proposed investment strategy for the New Fund, financial information regarding the Adviser and its parent company, information describing the Adviser’s current organization and the background and experience of the persons who would be responsible for the day-to-day management of the New Fund, the anticipated financial support of the New Fund, and the nature and quality of services provided to other ETFs, open-end and closed-end funds sponsored by the Adviser. Based upon their review, the Board concluded that the Adviser was qualified to oversee the services to be provided by other service providers and that the services to be provided by the Adviser to the New Fund are expected to be satisfactory.

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

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

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

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

In voting to approve the New Fund Advisory Agreement, the Board concluded that the terms of the New Fund Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Board considered relevant in the exercise of their reasonable business judgment. The Board did not identify any single factor or group of factors as all important or controlling and considered all factors together.

34 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments
ALPS Sector Dividend Dogs ETF	1
ALPS International Sector Dividend Dogs ETF	2
ALPS Emerging Sector Dividend Dogs ETF	4
ALPS REIT Dividend Dogs ETF	6
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets
ALPS Sector Dividend Dogs ETF	10
ALPS International Sector Dividend Dogs ETF	11
ALPS Emerging Sector Dividend Dogs ETF	12
ALPS REIT Dividend Dogs ETF	13
Financial Highlights	14
Notes to Financial Statements and Financial Highlights	18
Additional Information	27
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	29
Proxy Disclosures for Open-End Management Investment Companies	30
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	31
Statement Regarding Basis for Approval of Investment Advisory Contract	32

alpsfunds.com

ALPS Sector Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.28%)
Communication Services (9.89%)
AT&T, Inc.		895,223	$	24,887,200
Comcast Corp., Class A		672,056		23,232,976
Omnicom Group, Inc.		294,537		21,630,797
T-Mobile US, Inc.		92,782		22,471,800
Verizon Communications, Inc.		545,137		23,964,223
Total Communication Services				116,186,996
Consumer Discretionary (10.61%)
Best Buy Co., Inc.		333,108		22,078,398
Darden Restaurants, Inc.		128,033		27,425,949
Ford Motor Co.		2,448,962		25,420,226
Genuine Parts Co.		195,145		24,689,746
McDonald's Corp.		79,431		24,929,419
Total Consumer Discretionary				124,543,738
Consumer Staples (10.20%)
Altria Group, Inc.		403,987		24,485,652
Archer-Daniels-Midland Co.		503,384		24,298,346
General Mills, Inc.		398,775		21,637,531
Kraft Heinz Co.		787,223		21,042,471
Philip Morris International, Inc.		156,675		28,293,938
Total Consumer Staples				119,757,938
Energy (9.23%)
Chevron Corp.		151,622		20,726,727
Exxon Mobil Corp.		212,722		21,761,460
Kinder Morgan, Inc.		876,452		24,575,714
ONEOK, Inc.		246,933		19,962,064
Phillips 66		187,920		21,325,162
Total Energy				108,351,127
Financials (10.11%)
KeyCorp		1,518,172		24,078,208
Prudential Financial, Inc.		219,414		22,794,921
T Rowe Price Group, Inc.		256,009		23,959,882
Truist Financial Corp.		587,170		23,193,215
US Bancorp		566,536		24,695,304
Total Financials				118,721,530
Health Care (9.22%)
AbbVie, Inc.		112,180		20,877,820
Bristol-Myers Squibb Co.		402,516		19,433,472
CVS Health Corp.		362,514		23,215,397
Pfizer, Inc.		925,535		21,740,817
Viatris, Inc.		2,615,960		22,994,288
Total Health Care				108,261,794
Industrials (9.76%)
Lockheed Martin Corp.		51,018		24,610,063
Paychex, Inc.		163,639		25,840,235
Southwest Airlines Co.		750,230		25,042,677
Stanley Black & Decker, Inc.		294,073		19,241,196

Security Description	Shares		Value
Industrials (continued)
United Parcel Service, Inc., Class B		203,446	$	19,844,123
Total Industrials				114,578,294
Information Technology (10.74%)
Cisco Systems, Inc.		393,447		24,802,899
HP, Inc.		838,193		20,871,006
International Business Machines Corp.		95,841		24,828,569
Seagate Technology Holdings PLC		270,729		31,929,778
Skyworks Solutions, Inc.		343,132		23,686,402
Total Information Technology				126,118,654
Materials (9.15%)
Amcor PLC		2,434,040		22,174,104
International Paper Co.		463,361		22,153,290
LyondellBasell Industries NV, Class A		321,107		18,139,335
Newmont Mining Corp.		515,013		27,151,485
The Dow Chemical Co.		643,876		17,861,119
Total Materials				107,479,333
Utilities (10.37%)
Dominion Resources, Inc.		435,345		24,671,001
Evergy, Inc.		352,128		23,384,821
Eversource Energy		387,841		25,135,975
Exelon Corp.		538,769		23,608,858
FirstEnergy Corp.		596,350		25,010,919
Total Utilities				121,811,574
TOTAL COMMON STOCKS
(Cost $1,131,877,496)				1,165,810,978

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.19%)
Money Market Fund (0.19%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		2,263,727	$	2,263,727
TOTAL SHORT TERM INVESTMENTS
(Cost $2,263,727)							2,263,727
TOTAL INVESTMENTS (99.47%)
(Cost $1,134,141,223)						$	1,168,074,705
OTHER ASSETS IN EXCESS OF LIABILITIES (0.53%)							6,160,235
NET ASSETS - 100.00%						$	1,174,234,940

See Notes to Financial Statements and Financial Highlights.

1 | May 31, 2025

ALPS International Sector Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.09%)
Australia (7.82%)
BHP Group, Ltd.		267,287	$	6,590,214
Fortescue, Ltd.		634,797		6,297,435
Origin Energy, Ltd.(a)		995,103		6,940,416
Woodside Energy Group, Ltd.(a)		461,521		6,619,294
Total Australia				26,447,359
Finland (9.81%)
Fortum Oyj		400,337		6,909,337
Neste Oyj(a)		665,599		7,141,864
Nokia Oyj		1,230,746		6,394,720
Nordea Bank Abp		460,769		6,678,380
UPM-Kymmene Oyj		218,630		6,054,644
Total Finland				33,178,945
France (17.63%)
BNP Paribas SA		79,272		6,943,310
Bouygues SA		167,691		7,309,622
Cap Gemini SA		40,823		6,779,035
Carrefour SA		464,582		6,944,649
Credit Agricole SA		367,442		6,719,185
Kering SA		26,884		5,261,353
Orange SA		507,900		7,574,873
Pernod Ricard SA		62,456		6,454,730
Sanofi SA		56,522		5,616,838
Total France				59,603,595
Germany (9.11%)
BASF SE		114,173		5,496,628
Bayerische Motoren Werke AG		73,159		6,487,627
Daimler Truck Holding AG		150,650		6,536,018
Deutsche Post AG		140,653		6,287,550
Mercedes-Benz Group AG		100,094		5,976,932
Total Germany				30,784,755
Hong Kong (4.22%)
China Resources Power
Holdings Co., Ltd.		2,779,500		7,231,358
Hong Kong & China Gas Co., Ltd.		7,998,796		7,038,769
Total Hong Kong				14,270,127
Italy (4.38%)
Enel SpA		852,969		7,830,335
Intesa Sanpaolo SpA		1,250,680		6,972,600
Total Italy				14,802,935
Japan (13.93%)
Astellas Pharma, Inc.		662,100		6,575,217
Canon, Inc.(a)		199,463		6,143,508
Honda Motor Co., Ltd.		670,100		6,836,282
Japan Tobacco, Inc.		248,300		7,658,052
Kyocera Corp.		575,600		7,046,245
Mitsui OSK Lines, Ltd.(a)		176,600		6,289,829

Security Description	Shares		Value
Japan (continued)
Takeda Pharmaceutical Co., Ltd.		218,800	$	6,559,667
Total Japan				47,108,800
Netherlands (1.60%)
Stellantis NV(a)		532,594		5,421,427
Norway (4.18%)
Aker BP ASA		302,196		6,957,311
Telenor ASA		468,455		7,186,948
Total Norway				14,144,259
Poland (3.92%)
ORLEN SA		372,698		7,322,427
Santander Bank Polska SA		44,338		5,929,818
Total Poland				13,252,245
Singapore (4.42%)
Singapore Airlines, Ltd.(a)		1,302,280		7,199,268
Singapore Telecommunications, Ltd.		2,624,500		7,752,933
Total Singapore				14,952,201
Spain (2.07%)
Repsol SA(a)		520,302		7,003,645
Sweden (4.10%)
Telefonaktiebolaget LM Ericsson, Class B		793,883		6,747,254
Telia Co. AB		1,838,369		7,102,696
Total Sweden				13,849,950
Switzerland (1.80%)
Roche Holding AG		18,888		6,093,273
United Kingdom (10.10%)
British American Tobacco PLC		159,608		7,169,672
GSK PLC		334,364		6,789,094
Imperial Brands PLC		181,438		6,869,318
Rio Tinto PLC		104,812		6,216,416
Vodafone Group PLC		6,860,064		7,105,925
Total United Kingdom				34,150,425
TOTAL COMMON STOCKS
(Cost $299,077,329)				335,063,941

2 | May 31, 2025

ALPS International Sector Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.47%)
Money Market Fund (0.21%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $694,899)		4.24	%		694,899	$	694,899
Investments Purchased with Collateral from Securities Loaned (1.26%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $4,264,967)					4,264,967	$	4,264,967
TOTAL SHORT TERM INVESTMENTS
(Cost $4,959,866)							4,959,866
TOTAL INVESTMENTS (100.56%)
(Cost $304,037,195)						$	340,023,807
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.56%)							(1,901,414	)
NET ASSETS - 100.00%						$	338,122,393

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

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.61%)
Brazil (7.82%)
Cia Siderurgica Nacional SA		285,661	$	412,047
Engie Brasil Energia SA		77,300		554,933
JBS S/A		87,879		616,436
Vale SA, ADR		51,826		473,171
Total Brazil				2,056,587
Chile (1.78%)
Empresas CMPC SA		293,319		468,115
China (10.02%)
China CITIC Bank Corp., Ltd.		636,100		560,566
China Minsheng Banking Corp., Ltd.		1,015,700		522,028
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		624,000		487,034
Sinotrans, Ltd.		1,085,100		525,867
Yankuang Energy Group Co., Ltd., Class H		453,400		538,915
Total China				2,634,410
Colombia (5.79%)
Cementos Argos SA		213,258		535,840
Grupo Cibest SA, ADR		11,750		486,802
Interconexion Electrica SA ESP		107,262		498,749
Total Colombia				1,521,391
Czech Republic (4.16%)
CEZ AS		10,802		594,553
Komercni banka A.S.		10,777		498,898
Total Czech Republic				1,093,451
Hungary (2.00%)
Richter Gedeon Nyrt		18,032		524,628
India (9.32%)
Infosys, Ltd., Sponsored ADR		69,087		1,256,692
Wipro, Ltd., ADR(a)		413,851		1,191,891
Total India				2,448,583
Indonesia (9.55%)
Alamtri Resources Indonesia Tbk PT		4,591,300		620,065
Indofood Sukses Makmur Tbk PT		1,158,200		559,903
Kalbe Farma Tbk PT		7,914,500		736,063
Telkom Indonesia Persero Tbk PT		3,434,000		594,468
Total Indonesia				2,510,499
Malaysia (10.12%)
Genting Malaysia Bhd		1,269,700		542,900
MISC Bhd		321,500		567,997
Petronas Gas Bhd		135,700		572,577

Security Description	Shares		Value
Malaysia (continued)
Sime Darby Bhd		1,102,400	$	440,287
Telekom Malaysia Bhd		350,400		537,557
Total Malaysia				2,661,318
Mexico (6.72%)
Banco del Bajio SA(a)(b)(c)		222,094		580,197
Grupo Aeroportuario del Centro Norte SAB de CV		50,065		619,179
Kimberly-Clark de Mexico SAB de CV, Class A		317,400		563,747
Total Mexico				1,763,123
Philippines (10.03%)
Aboitiz Equity Ventures, Inc.		892,700		551,988
Globe Telecom, Inc.		13,815		438,257
Manila Electric Co.		57,240		564,244
PLDT, Inc.		21,410		466,611
Universal Robina Corp.		406,960		616,330
Total Philippines				2,637,430
Russia (0.00%)(d)
Mobile TeleSystems PJSC, Sponsored ADR(e)(f)(g)		64,600		646
Novolipetsk Steel PJSC, GDR(c)(e)(f)(g)		17,594		176
Severstal PAO, GDR(c)(e)(f)(g)		23,283		233
X5 Retail Group NV, GDR(c)(e)(f)(g)		17,785		178
Total Russia				1,233
South Africa (7.96%)
Aspen Pharmacare Holdings, Ltd.		51,590		347,567
Valterra Platinum Limited(a)		14,669		574,866
Vodacom Group, Ltd.		79,809		611,444
Woolworths Holdings, Ltd.		171,685		559,474
Total South Africa				2,093,351
Thailand (9.32%)
Bangkok Dusit Medical
Services PCL		713,400		467,233
Bumrungrad Hospital Pcl		97,300		414,957
Home Product Center PCL		2,209,200		518,189
PTT Exploration & Production PCL		155,600		464,513
PTT Oil & Retail Business PCL(b)(c)		1,630,600		586,127
Total Thailand				2,451,019
Turkey (3.02%)
Tofas Turk Otomobil Fabrikasi A.S.		85,443		385,664

4 | May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Turkey (continued)
Turkiye Petrol Rafinerileri AS		129,024	$	407,991
Total Turkey				793,655
TOTAL COMMON STOCKS
(Cost $26,909,026)				25,658,793

Security Description	Shares		Value
PREFERRED STOCK (2.23%)
Chile (2.23%)
Embotelladora Andina SA, Series B		137,842		586,166
TOTAL PREFERRED STOCK
(Cost $439,694)				586,166

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (4.93%)
Money Market Fund (0.09%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $24,050)		4.24	%		24,050	$	24,050
Investments Purchased with Collateral from Securities Loaned (4.84%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $1,271,351)					1,271,351		1,271,351
TOTAL SHORT TERM INVESTMENTS
(Cost $1,295,401)							1,295,401
TOTAL INVESTMENTS (104.76%)
(Cost $28,644,121)						$	27,540,360
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.76%)							(1,252,604	)
NET ASSETS - 100.00%						$	26,287,756

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

^(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $1,166,324, representing 4.44% of net assets.

^(c) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2025, the market value of those securities was $1,166,911, representing 4.44% of net assets.

^(d) Less than 0.005%.

^(e) Security deemed to be illiquid under the procedures utilized by the Valuation Designee. As of May 31, 2025, the fair value of illiquid securities in the aggregate was $1,233, representing less than 0.005% of the Fund's net assets.

^(f) Non-income producing security.

^(g) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2025

ALPS REIT Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.88%)
Data Center REITs (2.50%)
Equinix, Inc.		326	$	289,755
Diversified REITs (11.20%)
Alpine Income Property Trust, Inc.		16,893		258,801
Armada Hoffler Properties, Inc.		35,967		250,330
Broadstone Net Lease, Inc.		16,007		254,671
CTO Realty Growth, Inc.		14,693		270,645
Gladstone Commercial Corp.		18,340		263,179
Total Diversified REITs				1,297,626
Health Care REITs (9.96%)
Community Healthcare Trust,
Inc.		14,885		243,221
Global Medical REIT, Inc.		31,036		197,389
Healthcare Realty Trust, Inc.		16,410		237,945
Medical Properties Trust, Inc.		46,574		212,843
Universal Health Realty Income Trust		6,587		261,570
Total Health Care REITs				1,152,968
Hotel & Resort REITs (10.63%)
Apple Hospitality REIT, Inc.		20,179		233,875
Host Hotels & Resorts, Inc.		18,320		283,777
RLJ Lodging Trust		31,248		228,110
Ryman Hospitality Properties, Inc.		2,828		274,627
Summit Hotel Properties, Inc.		48,235		211,269
Total Hotel & Resort REITs				1,231,658
Industrial REITs (10.81%)
Innovative Industrial Properties, Inc.		3,928		216,904
LXP Industrial Trust		30,146		258,653
Plymouth Industrial REIT, Inc.		16,103		260,869
Rexford Industrial Realty, Inc.		6,838		240,971
STAG Industrial, Inc.		7,709		274,286
Total Industrial REITs				1,251,683
Multi-Family Residential REITs (8.76%)
BRT Apartments Corp.(a)		15,436		243,271
Centerspace		4,338		276,548
Elme Communities		15,831		254,246
NexPoint Residential Trust, Inc.		7,074		240,516
Total Multi-Family Residential REITs				1,014,581
Office REITs (10.58%)
Brandywine Realty Trust		60,295		255,048
City Office REIT, Inc.		53,895		263,007
Easterly Government Properties, Inc.		10,323		224,319
Orion Properties, Inc.		113,925		217,597

Security Description	Shares		Value
Office REITs (continued)
Postal Realty Trust, Inc.		19,192	$	265,617
Total Office REITs				1,225,588
Retail REITs (11.63%)
Getty Realty Corp.		8,915		260,853
NETSTREIT Corp.		17,935		288,753
NNN REIT, Inc.		6,460		269,770
Realty Income Corp.		4,821		272,965
Saul Centers, Inc.		7,572		255,025
Total Retail REITs				1,347,366
Self-Storage REITs (2.22%)
National Storage Affiliates Trust		7,454		256,418
Single-Family Residential REITs (2.19%)
UMH Properties, Inc.		15,124		253,932
Specialized REITs (9.46%)
EPR Properties		5,285		294,322
Gaming and Leisure Properties, Inc.		5,497		256,710
Outfront Media, Inc.		16,671		275,405
VICI Properties, Inc.		8,482		268,964
Total Specialized REITs				1,095,401
Technology REITs (5.02%)
Crown Castle, Inc.		2,648		265,727
Digital Realty Trust, Inc.		1,842		315,940
Total Technology REITs				581,667
Telecom Tower REITs (4.92%)
American Tower Corp.		1,295		277,972
SBA Communications Corp.		1,257		291,485
Total Telecom Tower REITs				569,457
TOTAL COMMON STOCKS
(Cost $12,995,074)				11,568,100

6 | May 31, 2025

ALPS REIT Dividend Dogs ETF

Schedule of Investments May 31, 2025 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.29%)
Money Market Fund (0.05%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $6,006)		4.24	%		6,006	$	6,006
Investments Purchased with Collateral from Securities Loaned (1.24%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $143,748)					143,748	$	143,748
TOTAL SHORT TERM INVESTMENTS
(Cost $149,754)							149,754
TOTAL INVESTMENTS (101.17%)
(Cost $13,144,828)						$	11,717,854
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.17%)							(135,295	)
NET ASSETS - 100.00%						$	11,582,559

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

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2025

ALPS ETF Trust

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

				ALPS
	ALPS Sector			International			ALPS Emerging			ALPS REIT
	Dividend Dogs			Sector Dividend			Sector Dividend			Dividend Dogs
	ETF			Dogs ETF			Dogs ETF			ETF
ASSETS:
Investments, at value*	$	1,168,074,705		$	340,023,807		$	27,540,360		$	11,717,854
Foreign tax reclaims		–			1,003,149			6,600			1,335
Dividends receivable		6,518,056			1,731,371			46,072			10,532
Receivable for investments sold		–			4,231,902			–			–
Receivable for shares sold		–			4,195,068			–			–
Total Assets		1,174,592,761			351,185,297			27,593,032			11,729,721
LIABILITIES:
Payable for investments purchased		–			8,661,883			20,435			–
Payable to adviser		357,821			136,054			13,490			3,414
Payable for collateral upon return of securities loaned		–			4,264,967			1,271,351			143,748
Total Liabilities		357,821			13,062,904			1,305,276			147,162
NET ASSETS	$	1,174,234,940		$	338,122,393		$	26,287,756		$	11,582,559
NET ASSETS CONSIST OF:
Paid-in capital	$	1,281,685,093		$	341,003,283		$	36,668,437		$	23,582,774
Total Distributable earnings/(accumulated losses)		(107,450,153	)		(2,880,890	)		(10,380,681	)		(12,000,215	)
NET ASSETS	$	1,174,234,940		$	338,122,393		$	26,287,756		$	11,582,559
INVESTMENTS, AT COST	$	1,134,141,223		$	304,037,195		$	28,644,121		$	13,144,828
PRICING OF SHARES:
Net Assets	$	1,174,234,940		$	338,122,393		$	26,287,756		$	11,582,559
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		20,734,141			10,075,000			1,200,000			325,000
Net Asset Value, offering and redemption price per share	$	56.63		$	33.56		$	21.91		$	35.64

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

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2025

ALPS ETF Trust

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

				ALPS
	ALPS Sector			International			ALPS Emerging			ALPS REIT
	Dividend Dogs			Sector Dividend			Sector Dividend			Dividend Dogs
	ETF			Dogs ETF			Dogs ETF			ETF
INVESTMENT INCOME:
Dividend Income*	$	26,514,554		$	9,251,937		$	707,160		$	387,231
Securities lending income		3,218			12,676			3,299			148
Total investment income		26,517,772			9,264,613			710,459			387,379
EXPENSES:
Investment adviser fees		2,149,229			729,421			77,690			21,813
Total expenses		2,149,229			729,421			77,690			21,813
NET INVESTMENT INCOME		24,368,543			8,535,192			632,769			365,566
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments(a)		78,704,468			3,638,750			473,919			(414,318	)
Net realized loss on foreign currency transactions		–			(54,476	)		(23,786	)		–
Total net realized gain/(loss)		78,704,468			3,584,274			450,133			(414,318	)
Net change in unrealized appreciation/(depreciation) on investments		(176,059,794	)		31,086,781			454,951			(1,679,920	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		–			110,742			1,354			92
Total net change in unrealized appreciation/(depreciation)		(176,059,794	)		31,197,523			456,305			(1,679,828	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(97,355,326	)		34,781,797			906,438			(2,094,146	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(72,986,783	)	$	43,316,989		$	1,539,207		$	(1,728,580	)
*Net of foreign tax withholding:	$	–		$	1,404,334		$	118,933		$	–

^(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.

9 | May 31, 2025

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	24,368,543		$	46,806,967
Net realized gain/(loss)		78,704,468			(33,976,902	)
Net change in unrealized appreciation/(depreciation)		(176,059,794	)		301,432,766
Net increase/(decrease) in net assets resulting from operations		(72,986,783	)		314,262,831
Net Equalization (Debits)		(247,132	)		(870,038	)
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(22,922,717	)		(47,603,187	)
Total distributions		(22,922,717	)		(47,603,187	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		30,190,242			22,489,013
Cost of shares redeemed		(39,514,809	)		(105,057,796	)
Net income equalization (Note 2)		247,132			870,038
Net decrease from share transactions		(9,077,435	)		(81,698,745	)
Net increase/(decrease) in net assets		(105,234,067	)		184,090,861
NET ASSETS:
Beginning of period		1,279,469,007			1,095,378,146
End of period	$	1,174,234,940		$	1,279,469,007
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		20,909,141			22,484,141
Shares sold		525,000			425,000
Shares redeemed		(700,000	)		(2,000,000	)
Shares outstanding, end of period		20,734,141			20,909,141

See Notes to Financial Statements and Financial Highlights.

10 | May 31, 2025

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	8,535,192		$	13,401,105
Net realized gain		3,584,274			13,896,949
Net change in unrealized appreciation/(depreciation)		31,197,523			(7,897,339	)
Net increase in net assets resulting from operations		43,316,989			19,400,715
Net Equalization Credits		468,251			827,847
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(5,119,750	)		(13,409,585	)
Total distributions		(5,119,750	)		(13,409,585	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		26,909,107			51,675,875
Cost of shares redeemed		(14,704,243	)		(6,612,472	)
Net income equalization (Note 2)		(468,251	)		(827,847	)
Net increase from share transactions		11,736,613			44,235,556
Net increase in net assets		50,402,103			51,054,533
NET ASSETS:
Beginning of period		287,720,290			236,665,757
End of period	$	338,122,393		$	287,720,290
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		9,750,000			8,250,000
Shares sold		825,000			1,725,000
Shares redeemed		(500,000	)		(225,000	)
Shares outstanding, end of period		10,075,000			9,750,000

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	632,769		$	1,409,389
Net realized gain		450,133			915,724
Net change in unrealized appreciation/(depreciation)		456,305			(318,660	)
Net increase in net assets resulting from operations		1,539,207			2,006,453
Net Equalization (Debits)		(17,015	)		(15,965	)
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(949,840	)		(1,258,329	)
Total distributions		(949,840	)		(1,258,329	)
CAPITAL SHARE TRANSACTIONS:
Cost of shares redeemed		(526,095	)		(4,767,074	)
Net income equalization (Note 2)		17,015			15,965
Net decrease from share transactions		(509,080	)		(4,751,109	)
Net increase/(decrease) in net assets		63,272			(4,018,950	)
NET ASSETS:
Beginning of period		26,224,484			30,243,434
End of period	$	26,287,756		$	26,224,484
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,225,000			1,450,000
Shares sold		–			–
Shares redeemed		(25,000	)		(225,000	)
Shares outstanding, end of period		1,200,000			1,225,000

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2025

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	365,566		$	382,746
Net realized loss		(414,318	)		(717,319	)
Net change in unrealized appreciation/(depreciation)		(1,679,828	)		3,029,621
Net increase/(decrease) in net assets resulting from operations		(1,728,580	)		2,695,048
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(412,315	)		(463,643	)
From tax return of capital		–			(312,295	)
Total distributions		(412,315	)		(775,938	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			2,116,950
Cost of shares redeemed		(949,025	)		(1,019,933	)
Net increase/(decrease) from share transactions		(949,025	)		1,097,017
Net increase/(decrease) in net assets		(3,089,920	)		3,016,127
NET ASSETS:
Beginning of period		14,672,479			11,656,352
End of period	$	11,582,559		$	14,672,479
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		350,000			325,000
Shares sold		–			50,000
Shares redeemed		(25,000	)		(25,000	)
Shares outstanding, end of period		325,000			350,000

See Notes to Financial Statements and Financial Highlights.

13 | May 31, 2025

ALPS Sector Dividend Dogs ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	61.19		$	48.72		$	53.58		$	50.47		$	43.69		$	45.78
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (a)		1.16			2.18			2.06			2.02			1.75			1.70
Net realized and unrealized gain/(loss)		(4.63	)		12.49			(4.79	)		3.11			6.84			(2.14	)
Total from investment operations		(3.47	)		14.67			(2.73	)		5.13			8.59			(0.44	)
DISTRIBUTIONS:
From net investment income		(1.09	)		(2.20	)		(2.13	)		(2.02	)		(1.81	)		(1.65	)
Total distributions		(1.09	)		(2.20	)		(2.13	)		(2.02	)		(1.81	)		(1.65	)
Net increase/(decrease) in net asset value		(4.56	)		12.47			(4.86	)		3.11			6.78			(2.09	)
NET ASSET VALUE, END OF PERIOD	$	56.63		$	61.19		$	48.72		$	53.58		$	50.47		$	43.69
TOTAL RETURN(b)		(5.68	)%		30.83	%		(5.07	)%		10.42	%		19.77	%		(0.27	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,174,235		$	1,279,469		$	1,095,378		$	1,302,568		$	1,134,743		$	1,007,514
Ratio of expenses to average net assets		0.36	%(c)		0.36	%		0.37	%(d)		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		4.08	%(c)		4.01	%		4.10	%		3.84	%		3.43	%		4.27	%
Portfolio turnover rate(e)		42	%		52	%		51	%		53	%		54	%		77	%
Undistributed net investment income included in price of units issued and redeemed(a)(f)	$	(0.01	)	$	(0.04	)	$	(0.10	)	$	0.06		$	(0.02	)	$	0.12

^(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.

14 | May 31, 2025

ALPS International Sector Dividend Dogs ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	29.51		$	28.69		$	25.85		$	26.47		$	24.82		$	26.88
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.90			1.44			1.41			1.15			1.09			0.75
Net realized and unrealized gain/(loss)		3.69			0.82			2.80			(0.68	)		1.65			(1.66	)
Total from investment operations		4.59			2.26			4.21			0.47			2.74			(0.91	)
DISTRIBUTIONS:
From net investment income		(0.54	)		(1.44	)		(1.37	)		(1.07	)		(1.08	)		(1.11	)
Tax return of capital		–			–			–			(0.02	)		(0.01	)		(0.04	)
Total distributions		(0.54	)		(1.44	)		(1.37	)		(1.09	)		(1.09	)		(1.15	)
Net increase/(decrease) in net asset value		4.05			0.82			2.84			(0.62	)		1.65			(2.06	)
NET ASSET VALUE, END OF PERIOD	$	33.56		$	29.51		$	28.69		$	25.85		$	26.47		$	24.82
TOTAL RETURN(b)		15.75	%		7.86	%		16.71	%		1.92	%		10.93	%		(3.08	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	338,122		$	287,720		$	236,666		$	169,951		$	157,489		$	146,431
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		5.85	%(c)		4.79	%		5.12	%		4.43	%		3.92	%		3.22	%
Portfolio turnover rate(d)		48	%		55	%		62	%		54	%		61	%		79	%
Undistributed net investment income included in price of units issued and redeemed(a)(e)	$	0.05		$	0.09		$	0.21		$	0.03		$	(0.25	)	$	0.00	(f)

^(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.

15 | May 31, 2025

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	21.41		$	20.86		$	21.27		$	23.56		$	20.96		$	20.67
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.52			1.12			1.39			1.11			1.04			0.56
Net realized and unrealized gain/(loss)		0.76			0.43			(0.39	)		(2.41	)		2.50			0.42
Total from investment operations		1.28			1.55			1.00			(1.30	)		3.54			0.98
DISTRIBUTIONS:
From net investment income		(0.78	)		(1.00	)		(1.41	)		(0.99	)		(0.94	)		(0.69	)
Total distributions		(0.78	)		(1.00	)		(1.41	)		(0.99	)		(0.94	)		(0.69	)
Net increase/(decrease) in net asset value		0.50			0.55			(0.41	)		(2.29	)		2.60			0.29
NET ASSET VALUE, END OF PERIOD	$	21.91		$	21.41		$	20.86		$	21.27		$	23.56		$	20.96
TOTAL RETURN(b)		6.15	%		7.55	%		4.88	%		(5.20	)%		16.81	%		5.20	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	26,288		$	26,224		$	30,243		$	28,182		$	24,742		$	20,958
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		4.89	%(c)		5.22	%		6.54	%		5.17	%		4.32	%		2.92	%
Portfolio turnover rate(d)		62	%		83	%		85	%		90	%		84	%		93	%
Undistributed net investment income included in price of units issued and redeemed(a)(e)	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	0.06		$	0.02		$	0.02

^(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.

16 | May 31, 2025

ALPS REIT Dividend Dogs ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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)
NET ASSET VALUE, BEGINNING OF PERIOD	$	41.92		$	35.87		$	41.51		$	49.89		$	40.49		$	48.42
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (b)		1.09			1.16			1.51			1.49			1.21			1.29
Net realized and unrealized gain/(loss)		(6.15	)		7.32			(4.62	)		(7.86	)		10.25			(7.26	)
Total from investment operations		(5.06	)		8.48			(3.11	)		(6.37	)		11.46			(5.97	)
DISTRIBUTIONS:
From net investment income		(1.22	)		(1.44	)		(1.46	)		(1.51	)		(1.36	)		(1.57	)
Tax return of capital		–			(0.99	)		(1.07	)		(0.50	)		(0.70	)		(0.39	)
Total distributions		(1.22	)		(2.43	)		(2.53	)		(2.01	)		(2.06	)		(1.96	)
Net increase/(decrease) in net asset value		(6.28	)		6.05			(5.64	)		(8.38	)		9.40			(7.93	)
NET ASSET VALUE, END OF PERIOD	$	35.64		$	41.92		$	35.87		$	41.51		$	49.89		$	40.49
TOTAL RETURN(c)		(12.20	)%		24.51	%		(7.16	)%		(13.06	)%		29.03	%		(11.77	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	11,583		$	14,672		$	11,656		$	20,754		$	28,689		$	26,320
Ratio of expenses to average net assets		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.38	%(e)
Ratio of net investment income to average net assets		5.87	%(d)		3.05	%		4.09	%		3.23	%		2.60	%		3.26	%
Portfolio turnover rate(f)		43	%		57	%		89	%		85	%		78	%		148	%

^(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.

17 | May 31, 2025

ALPS ETF Trust

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (each a “Fund” and collectively, the “Funds”).

The investment objective of the ALPS Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Sector Dividend Dogs Index. The investment objective of the ALPS International Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® International Sector Dividend Dogs Index. The investment objective of the ALPS Emerging Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Emerging Sector Dividend Dogs Index. The investment objective of the ALPS REIT Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® REIT Dividend Dogs Index. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

18 | May 31, 2025

ALPS ETF Trust

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

B. Fair Value Measurements

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

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

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

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

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

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

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.

19 | May 31, 2025

ALPS ETF Trust

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

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

ALPS Sector Dividend Dogs ETF

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*	$	1,165,810,978	$	–	$	–	$	1,165,810,978
Short Term Investments		2,263,727		–		–		2,263,727
Total	$	1,168,074,705	$	–	$	–	$	1,168,074,705

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*	$	335,063,941	$	–	$	–	$	335,063,941
Short Term Investments		4,959,866		–		–		4,959,866
Total	$	340,023,807	$	–	$	–	$	340,023,807

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*		25,657,560		–		–		25,657,560
Preferred Stock*		586,166		–		–		586,166
Short Term Investments		1,295,401		–		–		1,295,401
Total	$	27,539,127		$ – $		1,233	$	27,540,360

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*	$	11,568,100	$	–	$	–	$	11,568,100
Short Term Investments		149,754		–		–		149,754
Total	$	11,717,854	$	–	$	–	$	11,717,854

* For a detailed sector/country breakdown, see the accompanying Schedules of Investments.

The Funds, except for the ALPS Emerging Sector Dividend Dogs ETF, did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025. The Adviser has determined that the value of Level 3 securities is not material; therefore, a reconciliation of assets of the ALPS Emerging Sector Dividend Dogs ETF for Level 3 investments for which significant unobservable inputs were used to determine fair value is not presented for the six months ended May 31, 2025.

C. Foreign Securities

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of the Fund’s investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which a Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

20 | May 31, 2025

ALPS ETF Trust

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

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Interest income, if any, is recorded on the accrual basis, including any amortization of premiums and accretion of discounts. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

F. Dividends and Distributions to Shareholders

Dividends from net investment income for each Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

G. Equalization

The ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, and the ALPS Emerging Sector Dividend Dogs ETF utilize the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Funds’ shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of the Funds’ shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

H. Foreign Taxes

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the Funds invest. These foreign taxes, if any, are paid by these Funds and are disclosed in each Fund’s Statement of Operations. Foreign taxes accrued as of May 31, 2025, if any, are reflected in each Fund’s Statement of Assets and Liabilities.

I. Real Estate Investment Trusts (“REITs”)

As part of its investments in real estate related securities, the ALPS REIT Dividend Dogs ETF (“RDOG”) will invest in REITs and is subject to certain risks associated with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investors’ capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate their investments in specific geographic areas or in specific property types, e.g., regional malls, shopping centers, office buildings, apartment buildings and industrial warehouses. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners or unitholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

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

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

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

21 | May 31, 2025

ALPS ETF Trust

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

J. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Return of Capital
November 30, 2024
ALPS Sector Dividend Dogs ETF	$	47,603,187	$	–
ALPS International Sector Dividend Dogs ETF		13,409,585		–
ALPS Emerging Sector Dividend Dogs ETF		1,258,329		–
ALPS REIT Dividend Dogs ETF		463,643		312,295

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Sector Dividend Dogs ETF	$	6,050,332	$	211,995,387
ALPS International Sector Dividend Dogs ETF		–		45,792,374
ALPS Emerging Sector Dividend Dogs ETF		931,990		8,831,792
ALPS REIT Dividend Dogs ETF		7,062,815		2,852,957

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

	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	$	140,307,202	$	(110,445,696	)	$	29,861,506		$	1,138,213,199
ALPS International Sector Dividend Dogs ETF		48,228,621		(13,299,417	)		34,929,204			305,094,603
ALPS Emerging Sector Dividend Dogs ETF		2,788,545		(3,998,590	)		(1,210,045	)		28,750,405
ALPS REIT Dividend Dogs ETF		681,817		(2,231,011	)		(1,549,194	)		13,267,048

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

K. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Code, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

22 | May 31, 2025

ALPS ETF Trust

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

L. Lending of Portfolio Securities

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statements of Operations.

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS International Sector Dividend Dogs ETF	$	16,057,231	$	4,264,967	$	12,689,271	$	16,954,238
ALPS Emerging Sector Dividend Dogs ETF		1,769,990		1,271,351		598,844		1,870,195
ALPS REIT Dividend Dogs ETF		139,413		143,748		–		143,748

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

23 | May 31, 2025

ALPS ETF Trust

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

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	$	4,264,967	$	–	$	–	$	–	$	4,264,967
Total Borrowings										4,264,967
Gross amount of recognized liabilities for securities lending (collateral received)									$	4,264,967

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	$	1,271,351	$	–	$	–	$	–	$	1,271,351
Total Borrowings										1,271,351
Gross amount of recognized liabilities for securities lending (collateral received)									$	1,271,351

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	$	143,748	$	–	$	–	$	–	$	143,748
Total Borrowings										143,748
Gross amount of recognized liabilities for securities lending (collateral received)									$	143,748

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund’s average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

Fund	Advisory Fee
ALPS Sector Dividend Dogs ETF	0.36%
ALPS International Sector Dividend Dogs ETF	0.50%
ALPS Emerging Sector Dividend Dogs ETF	0.60%
ALPS REIT Dividend Dogs ETF	0.35%

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

24 | May 31, 2025

ALPS ETF Trust

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

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	507,876,821	$	507,210,622
ALPS International Sector Dividend Dogs ETF		142,697,345		139,463,716
ALPS Emerging Sector Dividend Dogs ETF		16,056,488		16,325,908
ALPS REIT Dividend Dogs ETF		5,488,632		5,481,135

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

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	30,183,111	$	39,504,201
ALPS International Sector Dividend Dogs ETF		25,878,306		14,294,613
ALPS Emerging Sector Dividend Dogs ETF		–		342,894
ALPS REIT Dividend Dogs ETF		–		948,752

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

Fund	Net Realized Gain/(Loss)
ALPS Sector Dividend Dogs ETF	$	5,419,321
ALPS International Sector Dividend Dogs ETF		1,411,945
ALPS Emerging Sector Dividend Dogs ETF		49,135
ALPS REIT Dividend Dogs ETF		52,212

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. RELATED PARTY TRANSACTIONS

The ALPS Sector Dividend Dogs ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2025, were as follows:

	Purchase cost paid		Sale proceeds received		Realized gain/(loss) on sales
ALPS Sector Dividend Dogs ETF	$	4,580,400	$	4,691,105	$	728,444

25 | May 31, 2025

ALPS ETF Trust

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

7. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

8. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

26 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Sector Dividend Dogs ETF	100.00%	93.81%	0.00%
ALPS International Sector Dividend Dogs ETF	88.49%	0.00%	0.00%
ALPS Emerging Sector Dividend Dogs ETF	39.62%	0.00%	0.00%
ALPS REIT Dividend Dogs ETF	1.29%	0.00%	98.71%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

LICENSING AGREEMENTS

ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF

The Funds are not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc.^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.

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

The Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) or its third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of each Fund or any member of the public regarding the advisability of investing in securities generally or in each Fund particularly or the ability of each Underlying Index to track general stock market performance. S&P’s and its third party licensor’s only relationship to the Index Provider is the licensing of certain trademarks, service marks and trade names of S&P and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of each Fund or the timing of the issuance or sale of each Fund or in the determination or calculation of the equation by which each Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of each Fund.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF EACH UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, EACH UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

27 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

Standard & Poor’s^® 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.

28 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

29 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

30 | May 31, 2025

ALPS ETF Trust

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000		–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

^* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Funds’ unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

31 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

32 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	17
Notes to Financial Statements and Financial Highlights	21
Additional Information	29
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	31
Proxy Disclosures for Open-End Management Investment Companies	32
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	33
Statement Regarding Basis for Approval of Investment Advisory Contract	34

alpsfunds.com

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.89%)
Aerospace & Defense (1.43%)
General Dynamics Corp.		8,899	$	2,478,283
Lockheed Martin Corp.		16,464		7,941,904
Northrop Grumman Corp.		2,214		1,073,281
Total Aerospace & Defense				11,493,468
Air Freight & Logistics (0.65%)
Expeditors International of Washington, Inc.		10,803		1,217,822
United Parcel Service, Inc., Class B		41,169		4,015,624
Total Air Freight & Logistics				5,233,446
Banks (0.52%)
JPMorgan Chase & Co.		15,856		4,185,984
Beverages (1.58%)
Coca-Cola Co.		101,640		7,328,244
PepsiCo, Inc.		41,079		5,399,835
Total Beverages				12,728,079
Biotechnology (1.55%)
AbbVie, Inc.		43,218		8,043,302
Amgen, Inc.		8,549		2,463,651
Gilead Sciences, Inc.		17,509		1,927,391
Total Biotechnology				12,434,344
Broadline Retail (0.40%)
eBay, Inc.		43,842		3,207,919
Building Products (0.27%)
Trane Technologies PLC		5,117		2,201,692
Capital Markets (3.09%)
Blackrock, Inc.		4,347		4,259,582
Cboe Global Markets, Inc.		12,853		2,944,879
Moody's Corp.		10,972		5,259,099
MSCI, Inc.		7,377		4,160,776
S&P Global, Inc.		7,061		3,621,304
T Rowe Price Group, Inc.		48,941		4,580,388
Total Capital Markets				24,826,028
Commercial Services & Supplies (1.63%)
Cintas Corp.		42,558		9,639,387
Waste Management, Inc.		14,526		3,500,330
Total Commercial Services & Supplies				13,139,717
Communications Equipment (3.76%)
Cisco Systems, Inc.		438,557		27,646,634
Motorola Solutions, Inc.		6,264		2,601,940
Total Communications Equipment				30,248,574
Consumer Staples Distribution & Retail (1.69%)
Costco Wholesale Corp.		7,441		7,739,979

Security Description	Shares		Value
Consumer Staples Distribution & Retail (continued)
Kroger Co.		11,487	$	783,758
Target Corp.		5,779		543,284
Walmart, Inc.		45,879		4,529,175
Total Consumer Staples Distribution & Retail				13,596,196
Diversified Telecommunication Services (1.76%)
AT&T, Inc.		278,599		7,745,053
Verizon Communications, Inc.		145,288		6,386,860
Total Diversified Telecommunication Services				14,131,913
Electrical Equipment (0.43%)
AMETEK, Inc.		6,230		1,113,550
Eaton Corp. PLC		7,402		2,370,121
Total Electrical Equipment				3,483,671
Electronic Equipment, Instruments & Components (1.05%)
Amphenol Corp., Class A		49,031		4,409,358
TE Connectivity PLC		25,177		4,030,082
Total Electronic Equipment, Instruments & Components				8,439,440
Entertainment (0.51%)
Electronic Arts, Inc.		28,321		4,071,993
Financial Services (9.92%)
Mastercard, Inc., Class A		62,146		36,392,698
Visa, Inc., Class A		118,937		43,434,603
Total Financial Services				79,827,301
Food Products (0.54%)
General Mills, Inc.		13,685		742,548
Hershey Co.		10,587		1,701,225
Mondelez International, Inc.,
Class A		28,675		1,935,276
Total Food Products				4,379,049
Ground Transportation (0.99%)
CSX Corp.		68,155		2,153,016
Union Pacific Corp.		26,083		5,781,558
Total Ground Transportation				7,934,574
Health Care Equipment & Supplies (2.34%)
Abbott Laboratories		105,018		14,028,304
Medtronic PLC		27,292		2,264,690
Stryker Corp.		6,634		2,538,434
Total Health Care Equipment & Supplies				18,831,428
Health Care Providers & Services (1.15%)
Elevance Health, Inc.		3,825		1,468,188

1 | May 31, 2025

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		25,819	$	7,795,014
Total Health Care Providers & Services				9,263,202
Hotels, Restaurants & Leisure (4.90%)
McDonald's Corp.		94,108		29,535,796
Starbucks Corp.		57,666		4,841,061
Yum! Brands, Inc.		35,130		5,056,612
Total Hotels, Restaurants & Leisure				39,433,469
Household Durables (0.52%)
Garmin, Ltd.		20,429		4,146,474
Household Products (3.30%)
Church & Dwight Co., Inc.		4,511		443,476
Colgate-Palmolive Co.		29,563		2,747,585
Kimberly-Clark Corp.		12,578		1,808,213
Procter & Gamble Co.		126,801		21,542,222
Total Household Products				26,541,496
Industrial Conglomerates (0.73%)
Honeywell International, Inc.		25,806		5,849,446
Insurance (3.49%)
Aon PLC, Class A		8,482		3,155,983
Chubb, Ltd.		19,943		5,927,060
Marsh & McLennan Cos., Inc.		81,201		18,973,425
Total Insurance				28,056,468
Interactive Media & Services (4.01%)
Alphabet, Inc., Class A		188,388		32,353,755
IT Services (3.68%)
Accenture PLC, Class A		64,346		20,386,100
Cognizant Technology Solutions Corp., Class A		42,276		3,423,933
International Business Machines Corp.		22,351		5,790,250
Total IT Services				29,600,283
Life Sciences Tools & Services (0.25%)
Agilent Technologies, Inc.		10,377		1,161,394
Thermo Fisher Scientific, Inc.		2,029		817,322
Total Life Sciences Tools & Services				1,978,716
Machinery (3.60%)
Caterpillar, Inc.		12,955		4,508,729
Cummins, Inc.		3,544		1,139,325
Deere & Co.		4,341		2,197,675
Graco, Inc.		14,482		1,226,046
IDEX Corp.		5,960		1,078,224
Illinois Tool Works, Inc.		40,581		9,945,590
Otis Worldwide Corp.		41,293		3,937,288
PACCAR, Inc.		30,270		2,840,840

Security Description	Shares		Value
Machinery (continued)
Snap-on, Inc.		6,260	$	2,007,895
Total Machinery				28,881,612
Media (3.08%)
Comcast Corp., Class A		717,077		24,789,352
Personal Care Products (0.09%)
Kenvue, Inc.		28,747		686,191
Pharmaceuticals (8.96%)
Eli Lilly & Co.		10,014		7,387,027
Johnson & Johnson		226,579		35,167,326
Merck & Co., Inc.		335,927		25,812,631
Zoetis, Inc.		22,273		3,755,896
Total Pharmaceuticals				72,122,880
Professional Services (1.62%)
Automatic Data Processing,
Inc.		21,000		6,836,130
Paychex, Inc.		30,683		4,845,153
Verisk Analytics, Inc.		4,331		1,360,540
Total Professional Services				13,041,823
Semiconductors & Semiconductor Equipment (3.53%)
Analog Devices, Inc.		5,661		1,211,341
Broadcom, Inc.		20,498		4,961,951
QUALCOMM, Inc.		31,768		4,612,714
Texas Instruments, Inc.		96,258		17,600,775
Total Semiconductors & Semiconductor Equipment				28,386,781
Software (6.19%)
Intuit, Inc.		1,939		1,460,978
Microsoft Corp.		94,250		43,388,929
Oracle Corp.		30,222		5,002,648
Total Software				49,852,555
Specialty Retail (7.96%)
Home Depot, Inc.		107,480		39,583,809
Lowe's Cos., Inc.		45,211		10,205,479
TJX Cos., Inc.		95,354		12,100,423
Tractor Supply Co.		45,726		2,213,138
Total Specialty Retail				64,102,849
Technology Hardware, Storage & Peripherals (4.51%)
Apple, Inc.		180,649		36,283,352
Textiles, Apparel & Luxury Goods (0.32%)
NIKE, Inc., Class B		42,123		2,552,233
Tobacco (1.61%)
Altria Group, Inc.		97,527		5,911,111

2 | May 31, 2025

ALPS | O’Shares U.S. Quality Dividend ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Tobacco (continued)
Philip Morris International, Inc.		38,763	$	7,000,211
Total Tobacco				12,911,322
Trading Companies & Distributors (1.16%)
Fastenal Co.		172,876		7,146,693
WW Grainger, Inc.		2,019		2,195,784
Total Trading Companies & Distributors				9,342,477
Wireless Telecommunication Services (1.12%)
T-Mobile US, Inc.		37,032		8,969,150
TOTAL COMMON STOCKS
(Cost $669,129,367)				803,540,702

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.03%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		242,405	$	242,405
TOTAL SHORT TERM INVESTMENTS
(Cost $242,405)							242,405
TOTAL INVESTMENTS (99.92%)
(Cost $669,371,772)						$	803,783,107
OTHER ASSETS IN EXCESS OF LIABILITIES (0.08%)							609,828
NET ASSETS - 100.00%						$	804,392,935

See Notes to the Financial Statements and Financial Highlights.

3 | May 31, 2025

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

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.85%)
Automobile Components (3.85%)
BorgWarner, Inc.		213,155	$	7,053,299
Gentex Corp.		628,475		13,556,205
Lear Corp.		104,706		9,467,517
Phinia, Inc.		101,634		4,410,916
Total Automobile Components				34,487,937
Building Products (2.60%)
A O Smith Corp.		227,917		14,657,342
Simpson Manufacturing Co., Inc.		20,137		3,135,331
UFP Industries, Inc.		56,162		5,479,165
Total Building Products				23,271,838
Capital Markets (12.10%)
Artisan Partners Asset
Management, Inc., Class A		182,111		7,339,073
Cohen & Steers, Inc.		70,124		5,388,328
Diamond Hill Investment Group, Inc.		31,688		4,476,247
Evercore, Inc., Class A		35,017		8,106,085
Federated Hermes, Inc.		136,382		5,755,320
Hamilton Lane, Inc., Class A		43,446		6,473,454
Houlihan Lokey, Inc.		119,498		20,873,911
MarketAxess Holdings, Inc.		46,710		10,108,511
SEI Investments Co.		271,600		23,156,616
Tradeweb Markets, Inc.		52,197		7,539,857
Victory Capital Holdings, Inc.		151,178		9,374,548
Total Capital Markets				108,591,950
Commercial Services & Supplies (1.10%)
Brady Corp., Class A		99,416		6,936,255
Ennis, Inc.		157,557		2,941,589
Total Commercial Services & Supplies				9,877,844
Communications Equipment (1.88%)
Juniper Networks, Inc.		470,423		16,902,298
Consumer Finance (1.26%)
FirstCash Holdings, Inc.		88,062		11,264,010
Consumer Staples Distribution & Retail (0.77%)
Casey's General Stores, Inc.		8,484		3,713,956
PriceSmart, Inc.		18,228		1,968,259
Weis Markets, Inc.		15,589		1,181,646
Total Consumer Staples Distribution & Retail				6,863,861
Diversified Consumer Services (3.59%)
H&R Block, Inc.		288,385		16,423,526
Service Corp. International		201,904		15,748,512
Total Diversified Consumer Services				32,172,038

Security Description	Shares		Value
Electric Utilities (1.43%)
ALLETE, Inc.		20,118	$	1,308,475
IDACORP, Inc.		18,342		2,181,781
MGE Energy, Inc.		12,584		1,136,587
OGE Energy Corp.		61,319		2,726,855
Otter Tail Corp.		17,816		1,375,039
Pinnacle West Capital Corp.		31,303		2,855,772
Portland General Electric Co.		28,686		1,216,286
Total Electric Utilities				12,800,795
Electronic Equipment, Instruments & Components (6.80%)
Avnet, Inc.		361,834		18,095,319
Badger Meter, Inc.		40,787		10,124,149
Littelfuse, Inc.		51,247		10,508,710
TD SYNNEX Corp.		132,407		16,066,265
Vishay Intertechnology, Inc.		433,055		6,093,084
Total Electronic Equipment, Instruments & Components				60,887,527
Entertainment (0.48%)
Warner Music Group Corp., Class A		162,749		4,283,554
Financial Services (5.18%)
Essent Group, Ltd.		144,439		8,377,462
MGIC Investment Corp.		436,975		11,557,989
Radian Group, Inc.		363,407		12,410,349
Western Union Co.		1,528,662		14,185,983
Total Financial Services				46,531,783
Food Products (3.63%)
Cal-Maine Foods, Inc.		93,373		8,957,272
Flowers Foods, Inc.		209,631		3,542,764
Ingredion, Inc.		102,968		14,324,908
J & J Snack Foods Corp.		11,511		1,325,722
Lancaster Colony Corp.		26,944		4,510,426
Total Food Products				32,661,092
Gas Utilities (1.36%)
Chesapeake Utilities Corp.		5,850		714,812
National Fuel Gas Co.		49,359		4,074,092
New Jersey Resources Corp.		29,651		1,360,684
ONE Gas, Inc.		18,359		1,372,519
Spire, Inc.		17,652		1,328,843
UGI Corp.		92,858		3,348,459
Total Gas Utilities				12,199,409
Ground Transportation (0.85%)
Landstar System, Inc.		55,871		7,666,619
Health Care Providers & Services (8.72%)
Chemed Corp.		31,815		18,288,535
Encompass Health Corp.		195,390		23,622,651
National HealthCare Corp.		146,756		15,283,170

4 | May 31, 2025

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

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Health Care Providers & Services (continued)
Premier, Inc., Class A		914,636	$	21,018,335
Total Health Care Providers & Services				78,212,691
Hotels, Restaurants & Leisure (5.63%)
Choice Hotels International, Inc.		28,495		3,609,747
Texas Roadhouse, Inc.		106,099		20,711,586
Vail Resorts, Inc.		101,748		16,296,977
Wendy's Co.		369,399		4,211,149
Wyndham Hotels & Resorts, Inc.		69,080		5,718,442
Total Hotels, Restaurants & Leisure				50,547,901
Household Durables (0.35%)
Whirlpool Corp.(a)		40,382		3,153,430
Household Products (0.41%)
Reynolds Consumer Products, Inc.		89,936		1,985,787
WD-40 Co.		6,959		1,695,421
Total Household Products				3,681,208
Insurance (4.42%)
AMERISAFE, Inc.		105,941		5,029,019
Globe Life, Inc.		48,336		5,890,708
RenaissanceRe Holdings, Ltd.		61,632		15,372,254
RLI Corp.		173,468		13,334,485
Total Insurance				39,626,466
IT Services (2.18%)
Amdocs, Ltd.		213,112		19,555,157
Leisure Products (0.32%)
Polaris, Inc.		72,756		2,853,490
Machinery (9.97%)
Crane Co.		39,358		6,745,961
Donaldson Co., Inc.		258,309		17,965,390
Federal Signal Corp.		43,950		4,134,377
Franklin Electric Co., Inc.		80,558		6,959,406
ITT, Inc.		91,669		13,799,851
Lincoln Electric Holdings, Inc.		102,607		19,863,688
Mueller Industries, Inc.		143,296		11,158,460
Watts Water Technologies, Inc., Class A		35,939		8,701,551
Total Machinery				89,328,684
Media (2.48%)
New York Times Co., Class A		251,627		14,372,934
TEGNA, Inc.		471,118		7,877,093
Total Media				22,250,027
Multi-Utilities (0.90%)
Avista Corp.		21,769		838,324
Black Hills Corp.		18,256		1,067,428

Security Description	Shares		Value
Multi-Utilities (continued)
NiSource, Inc.		127,536	$	5,042,774
Northwestern Energy Group, Inc.		20,123		1,113,406
Total Multi-Utilities				8,061,932
Pharmaceuticals (0.92%)
Organon & Co.		892,200		8,226,084
Professional Services (4.32%)
Exponent, Inc.		72,666		5,547,322
Genpact, Ltd.		421,630		18,151,171
Kforce, Inc.		42,203		1,721,882
Robert Half, Inc.		291,839		13,363,308
Total Professional Services				38,783,683
Semiconductors & Semiconductor Equipment (0.45%)
Universal Display Corp.		28,376		4,067,700
Software (4.18%)
Dolby Laboratories, Inc., Class A		259,516		19,271,659
InterDigital, Inc.(a)		54,471		11,834,369
Progress Software Corp.		103,181		6,351,822
Total Software				37,457,850
Specialty Retail (0.73%)
Dick's Sporting Goods, Inc.		17,814		3,194,763
Murphy USA, Inc.		7,817		3,336,217
Total Specialty Retail				6,530,980
Textiles, Apparel & Luxury Goods (3.57%)
Carter's, Inc.		162,569		5,099,790
Columbia Sportswear Co.		80,719		5,148,258
Ralph Lauren Corp.		34,511		9,552,990
Steven Madden, Ltd.		134,694		3,320,207
Tapestry, Inc.		113,613		8,924,301
Total Textiles, Apparel & Luxury Goods				32,045,546
Tobacco (0.21%)
Universal Corp.		28,278		1,849,098
Trading Companies & Distributors (2.67%)
Applied Industrial
Technologies, Inc.		23,070		5,225,816
MSC Industrial Direct Co., Inc., Class A		230,301		18,700,442
Total Trading Companies & Distributors				23,926,258
Water Utilities (0.54%)
American States Water Co.		12,494		985,402
California Water Service Group		19,602		926,195

5 | May 31, 2025

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

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Water Utilities (continued)
Essential Utilities, Inc.		76,274	$	2,938,837
Total Water Utilities				4,850,434
TOTAL COMMON STOCKS
(Cost $882,279,778)				895,471,174

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.46%)
Money Market Fund (0.10%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $783,302)		4.24	%		783,302	$	783,302
Investments Purchased with Collateral from Securities Loaned (1.36%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $12,217,566)					12,217,566		12,217,566
TOTAL SHORT TERM INVESTMENTS
(Cost $13,000,868)							13,000,868
TOTAL INVESTMENTS (101.31%)
(Cost $895,280,646)						$	908,472,042
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.31%)							(11,709,791	)
NET ASSETS - 100.00%						$	896,762,251

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

See Notes to the Financial Statements and Financial Highlights.

6 | May 31, 2025

ALPS | O’Shares Global Internet Giants ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (100.00%)
Broadline Retail (10.02%)
Alibaba Group Holding, Ltd., Sponsored ADR		10,695	$	1,217,519
Amazon.com, Inc.(a)		35,822		7,343,869
JD.com, Inc., ADR		13,437		435,493
MercadoLibre, Inc.(a)		1,073		2,750,410
Naspers, Ltd.		4,090		1,174,481
PDD Holdings, Inc., ADR(a)		25,034		2,416,031
Total Broadline Retail				15,337,803
Diversified Consumer Services (2.23%)
Duolingo, Inc.(a)		6,571		3,414,357
Entertainment (8.72%)
Live Nation Entertainment, Inc.(a)		7,998		1,097,246
NetEase, Inc., ADR		6,256		761,731
Netflix, Inc.(a)		2,836		3,423,704
ROBLOX Corp., Class A(a)		28,594		2,487,106
Spotify Technology SA(a)		3,360		2,234,870
Take-Two Interactive Software, Inc.(a)		9,360		2,117,981
Tencent Music Entertainment Group, ADR		72,589		1,222,399
Total Entertainment				13,345,037
Ground Transportation (3.42%)
Full Truck Alliance Co., Ltd., ADR		141,610		1,646,924
Grab Holdings, Ltd.(a)		331,308		1,613,470
Uber Technologies, Inc.(a)		23,439		1,972,627
Total Ground Transportation				5,233,021
Health Care Technology (0.89%)
Veeva Systems, Inc., Class A(a)		4,884		1,366,055
Hotels, Restaurants & Leisure (6.43%)
Airbnb, Inc., Class A(a)		7,262		936,798
Amadeus IT Group SA(b)		8,441		703,297
Booking Holdings, Inc.		173		954,775
Delivery Hero SE(a)(c)(d)		63,166		1,748,575
DoorDash, Inc., Class A(a)		10,671		2,226,504
Meituan, Class B(a)(c)(d)		109,117		1,920,412
Trip.com Group, Ltd., ADR		21,595		1,352,927
Total Hotels, Restaurants & Leisure				9,843,288
Interactive Media & Services (14.74%)
Alphabet, Inc., Class A		46,367		7,963,068
Kuaishou Technology(a)(c)(d)		95,500		649,163
Meta Platforms, Inc., Class A		13,403		8,678,307
Pinterest, Inc., Class A(a)		34,850		1,084,184
Reddit, Inc.(a)		15,996		1,797,151
Snap, Inc., Class A(a)		111,170		917,153
Tencent Holdings, Ltd.		23,117		1,468,785
Total Interactive Media & Services				22,557,811

Security Description	Shares		Value
IT Services (6.61%)
Cloudflare, Inc., Class A(a)		17,643	$	2,926,797
MongoDB, Inc.(a)		8,221		1,552,371
Shopify, Inc., Class A(a)		27,411		2,939,008
Snowflake, Inc., Class A(a)		13,132		2,700,858
Total IT Services				10,119,034
Media (1.43%)
Trade Desk, Inc., Class A(a)		29,113		2,189,880
Professional Services (0.98%)
Paychex, Inc.		3,330		525,840
Recruit Holdings Co., Ltd.		7,100		428,729
Wolters Kluwer NV		3,102		550,513
Total Professional Services				1,505,082
Real Estate Management & Development (1.22%)
CoStar Group, Inc.(a)		10,746		790,476
Zillow Group, Inc.(a)		16,128		1,082,350
Total Real Estate Management & Development				1,872,826
Software (43.31%)
Adobe, Inc.(a)		3,350		1,390,552
AppLovin Corp., Class A(a)		8,193		3,219,849
Atlassian Corp., Class A(a)		8,530		1,771,084
Confluent, Inc., Class A(a)		58,655		1,350,825
Crowdstrike Holdings, Inc., Class A(a)		6,937		3,269,893
CyberArk Software, Ltd.(a)		5,460		2,089,979
Datadog, Inc., Class A(a)		16,407		1,934,057
Dynatrace, Inc.(a)		23,068		1,245,903
Fair Isaac Corp.(a)		760		1,311,973
Fortinet, Inc.(a)		12,455		1,267,670
Gitlab, Inc., Class A(a)		34,669		1,577,786
Guidewire Software, Inc.(a)		7,071		1,520,406
HubSpot, Inc.(a)		2,008		1,184,519
Intuit, Inc.		2,440		1,838,467
Microsoft Corp.		20,911		9,626,587
Monday.com, Ltd.(a)		7,079		2,105,932
Nutanix, Inc.(a)		21,040		1,613,558
Oracle Corp.		19,630		3,249,354
Palantir Technologies, Inc., Class A(a)		40,904		5,390,328
Palo Alto Networks, Inc.(a)		8,729		1,679,634
Salesforce, Inc.		4,858		1,289,167
Samsara, Inc., Class A(a)		49,522		2,304,754
SAP SE		7,756		2,341,657
ServiceNow, Inc.(a)		3,099		3,133,368
Tyler Technologies, Inc.(a)		1,138		656,615
WiseTech Global, Ltd.		28,866		1,993,742
Workday, Inc., Class A(a)		4,828		1,195,944
Xero, Ltd.(a)		18,031		2,141,962

7 | May 31, 2025

ALPS | O’Shares Global Internet Giants ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Software (continued)
Zscaler, Inc.(a)		9,310	$	2,566,767
Total Software				66,262,332
TOTAL COMMON STOCKS
(Cost $107,991,324)				153,046,526

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.44%)
Money Market Fund (0.01%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $16,019)		4.24	%		16,019	$	16,019
Investments Purchased with Collateral from Securities Loaned (0.43%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $660,092)					660,092		660,092
TOTAL SHORT TERM INVESTMENTS
(Cost $676,111)							676,111
TOTAL INVESTMENTS (100.44%)
(Cost $108,667,435)						$	153,722,637
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.44%)							(674,651	)
NET ASSETS - 100.00%						$	153,047,986

^(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 $633,173.

^(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 $4,318,150, representing 2.82% 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, 2025, the market value of those securities was $4,318,150, representing 2.82% of net assets.

See Notes to the Financial Statements and Financial Highlights.

8 | May 31, 2025

ALPS | O’Shares Europe Quality Dividend ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.87%)
Aerospace & Defense (3.38%)
BAE Systems PLC		49,451	$	1,266,923
Air Freight & Logistics (1.88%)
Deutsche Post AG		15,721		702,769
Automobile Components (2.03%)
Cie Generale des Etablissements Michelin SCA		19,891		760,669
Banks (2.38%)
HSBC Holdings PLC		75,650		891,947
Beverages (1.45%)
Diageo PLC		15,768		428,511
Pernod Ricard SA		1,103		113,993
Total Beverages				542,504
Building Products (1.07%)
Assa Abloy AB, Class B		4,882		154,756
Geberit AG		330		245,796
Total Building Products				400,552
Capital Markets (2.88%)
3i Group PLC		19,632		1,077,088
Construction & Engineering (2.47%)
Vinci SA		6,454		922,251
Consumer Staples Distribution & Retail (0.60%)
Koninklijke Ahold Delhaize NV		5,337		225,306
Diversified Telecommunication Services (7.19%)
Deutsche Telekom AG		30,095		1,137,221
Koninklijke KPN NV		182,237		856,238
Swisscom AG		1,010		693,991
Total Diversified Telecommunication Services				2,687,450
Electric Utilities (3.25%)
Iberdrola SA		66,506		1,214,266
Electrical Equipment (6.27%)
ABB, Ltd.		13,880		784,903
Legrand SA		5,701		692,307
Schneider Electric SE		3,455		868,350
Total Electrical Equipment				2,345,560
Financial Services (3.07%)
Industrivarden AB, Class C		6,233		225,149

Security Description	Shares		Value
Financial Services (continued)
Investor AB		31,184	$	917,927
Total Financial Services				1,143,076
Food Products (4.62%)
Danone SA		2,030		173,425
Nestle SA		14,645		1,560,591
Total Food Products				1,734,016
Health Care Equipment & Supplies (0.97%)
EssilorLuxottica SA		1,303		362,031
Household Products (1.78%)
Essity AB, Class B		3,774		110,343
Reckitt Benckiser Group PLC		8,220		557,303
Total Household Products				667,646
Independent Power and Renewable Electricity Producers (1.39%)
RWE AG		13,858		521,302
Industrial Conglomerates (3.64%)
Siemens AG		5,666		1,362,604
Insurance (2.07%)
Sampo Oyj		72,635		774,919
Machinery (3.18%)
Atlas Copco AB		16,180		259,739
Kone Oyj, Class B		6,342		394,903
Volvo AB		19,243		533,716
Total Machinery				1,188,358
Marine Transportation (0.70%)
Kuehne + Nagel International AG		1,166		262,173
Multi-Utilities (1.89%)
National Grid PLC		50,069		705,972
Personal Care Products (5.88%)
L'Oreal SA		2,461		1,040,611
Unilever PLC		18,306		1,160,958
Total Personal Care Products				2,201,569
Pharmaceuticals (13.82%)
AstraZeneca PLC		4,118		594,785
GSK PLC		27,308		554,475
Novartis AG		12,053		1,377,088
Novo Nordisk A/S, Class B		12,907		891,212
Roche Holding AG		4,541		1,464,928
Sanofi SA		2,943		292,459
Total Pharmaceuticals				5,174,947
Professional Services (6.65%)
Experian PLC		10,815		538,127
RELX PLC		20,283		1,091,489

9 | May 31, 2025

ALPS | O’Shares Europe Quality Dividend ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Professional Services (continued)
Wolters Kluwer NV		4,824	$	856,117
Total Professional Services				2,485,733
Semiconductors & Semiconductor Equipment (2.36%)
ASML Holding NV		1,188		882,054
Software (5.11%)
SAP SE		6,326		1,909,917
Specialty Retail (2.40%)
Industria de Diseno Textil SA		16,579		898,309
Textiles, Apparel & Luxury Goods (3.93%)
Hermes International SCA		176		485,209
LVMH Moet Hennessy Louis Vuitton SE		1,811		983,423
Total Textiles, Apparel & Luxury Goods				1,468,632
Tobacco (0.56%)
Imperial Brands PLC		5,561		210,542
TOTAL COMMON STOCKS
(Cost $30,749,924)				36,991,085

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.15%)
Money Market Fund (0.15%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		54,524	$	54,524
TOTAL SHORT TERM INVESTMENTS
(Cost $54,524)							54,524
TOTAL INVESTMENTS (99.02%)
(Cost $30,804,448)						$	37,045,609
OTHER ASSETS IN EXCESS OF LIABILITIES (0.98%)							364,959
NET ASSETS - 100.00%						$	37,410,568

See Notes to the Financial Statements and Financial Highlights.

10 | May 31, 2025

ALPS ETF Trust

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

			ALPS | O'Shares
	ALPS | O'Shares		U.S. Small-Cap		ALPS | O'Shares			ALPS | O'Shares
	U.S. Quality		Quality Dividend		Global Internet			Europe Quality
	Dividend ETF		ETF		Giants ETF			Dividend ETF
ASSETS:
Investments, at value(a)	$	803,783,107	$	908,472,042	$	153,722,637		$	37,045,609
Foreign Currency, at value (Cost $–, $–, $12,928 and $–)		–		–		12,928			–
Dividends and foreign tax reclaims receivable		933,362		869,469		26,148			97,857
Tax reclaims receivable		–		–		5,459			306,890
Total Assets		804,716,469		909,341,511		153,767,172			37,450,356
LIABILITIES:
Payable to adviser		323,534		361,694		59,094			15,019
Payable for investments purchased		–		–		–			24,769
Payable for collateral upon return of securities loaned		–		12,217,566		660,092			–
Total Liabilities		323,534		12,579,260		719,186			39,788
NET ASSETS	$	804,392,935	$	896,762,251	$	153,047,986		$	37,410,568
NET ASSETS CONSIST OF:
Paid-in capital	$	700,101,037	$	882,095,446	$	305,715,101		$	40,824,973
Total distributable earnings/(accumulated losses)		104,291,898		14,666,805		(152,667,115	)		(3,414,405	)
NET ASSETS	$	804,392,935	$	896,762,251	$	153,047,986		$	37,410,568
INVESTMENTS, AT COST	$	669,371,772	$	895,280,646	$	108,667,435		$	30,804,448
PRICING OF SHARES
Net Assets	$	804,392,935	$	896,762,251	$	153,047,986		$	37,410,568
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		15,075,000		21,079,000		3,025,000			1,150,000
Net Asset Value, offering and redemption price per share	$	53.36	$	42.54	$	50.59		$	32.53

^(a) Includes $-, $12,112,945, $633,173 and $- of securities on loan.

See Notes to the Financial Statements and Financial Highlights.

11 | May 31, 2025

ALPS ETF Trust

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

				ALPS | O'Shares
	ALPS | O'Shares			U.S. Small-Cap			ALPS | O'Shares			ALPS | O'Shares
	U.S. Quality			Quality Dividend			Global Internet			Europe Quality
	Dividend ETF			ETF			Giants ETF			Dividend ETF
INVESTMENT INCOME:
Dividends*	$	7,789,785		$	10,604,822		$	209,062		$	739,496
Securities Lending Income		2			10,921			506			806
Total Investment Income		7,789,787			10,615,743			209,568			740,302
EXPENSES:
Investment adviser fees		1,924,324			2,098,156			327,940			85,389
Total Expenses		1,924,324			2,098,156			327,940			85,389
NET INVESTMENT INCOME/(LOSS)		5,865,463			8,517,587			(118,372	)		654,913
REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain on investments(a)		4,342,910			14,275,970			4,913,321			262,895
Net realized gain/(loss) on foreign currency transactions		–			–			10,653			(2,393	)
Total net realized gain		4,342,910			14,275,970			4,923,974			260,502
Net change in unrealized appreciation/(depreciation) on investments		(35,882,829	)		(99,943,656	)		4,761,346			3,890,895
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		–			–			471			20,292
Total net change in unrealized appreciation/(depreciation)		(35,882,829	)		(99,943,656	)		4,761,817			3,911,187
NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS		(31,539,919	)		(85,667,686	)		9,685,791			4,171,689
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,674,456	)	$	(77,150,099	)	$	9,567,419		$	4,826,602
*Net of foreign tax withholding.	$	–		$	–		$	7,763		$	95,424

^(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 the Financial Statements and Financial Highlights.

12 | May 31, 2025

ALPS | O’Shares U.S. Quality Dividend ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	5,865,463		$	11,723,718
Net realized gain		4,342,910			81,467,840
Net change in unrealized appreciation/depreciation		(35,882,829	)		86,566,408
Net increase/(decrease) in net assets resulting from operations		(25,674,456	)		179,757,966
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(5,850,818	)		(12,150,470	)
Total distributions		(5,850,818	)		(12,150,470	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		24,226,479			131,293,184
Cost of shares redeemed		(10,488,433	)		(132,933,611	)
Net increase/(decrease) from capital share transactions		13,738,046			(1,640,427	)
Net increase/(decrease) in net assets		(17,787,228	)		165,967,069
NET ASSETS:
Beginning of period		822,180,163			656,213,094
End of period	$	804,392,935		$	822,180,163
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		14,825,000			14,775,000
Shares sold		450,000			2,575,000
Shares redeemed		(200,000	)		(2,525,000	)
Shares outstanding, end of period		15,075,000			14,825,000

See Notes to the Financial Statements and Financial Highlights.

13 | May 31, 2025

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

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	8,517,587		$	9,572,979
Net realized gain		14,275,970			55,188,441
Net change in unrealized appreciation/depreciation		(99,943,656	)		95,906,052
Net increase/(decrease) in net assets resulting from operations		(77,150,099	)		160,667,472
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(8,718,331	)		(9,548,300	)
Total distributions		(8,718,331	)		(9,548,300	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		190,066,310			497,341,585
Cost of shares redeemed		(70,085,336	)		(177,690,807	)
Net increase from capital share transactions		119,980,974			319,650,778
Net increase in net assets		34,112,544			470,769,950
NET ASSETS:
Beginning of period		862,649,707			391,879,757
End of period	$	896,762,251		$	862,649,707
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		18,404,000			10,804,000
Shares sold		4,350,000			11,650,000
Shares redeemed		(1,675,000	)		(4,050,000	)
Shares outstanding, end of period		21,079,000			18,404,000

See Notes to the Financial Statements and Financial Highlights.

14 | May 31, 2025

ALPS | O’Shares Global Internet Giants ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment loss	$	(118,372	)	$	(274,377	)
Net realized gain		4,923,974			1,640,489
Net change in unrealized appreciation/depreciation		4,761,817			40,772,793
Net increase in net assets resulting from operations		9,567,419			42,138,905
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		15,178,113			11,587,640
Cost of shares redeemed		(6,807,897	)		(54,926,483	)
Net increase/(decrease) from capital share transactions		8,370,216			(43,338,843	)
Net increase/(decrease) in net assets		17,937,635			(1,199,938	)
NET ASSETS:
Beginning of period		135,110,351			136,310,289
End of period	$	153,047,986		$	135,110,351
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,850,000			3,950,000
Shares sold		325,000			325,000
Shares redeemed		(150,000	)		(1,425,000	)
Shares outstanding, end of period		3,025,000			2,850,000

See Notes to the Financial Statements and Financial Highlights.

15 | May 31, 2025

ALPS | O’Shares Europe Quality Dividend ETF

Statements of Changes in Net Assets

	For the Six
	Months Ended			For the
	May 31, 2025			Year Ended
	(Unaudited)			November 30, 2024
OPERATIONS:
Net investment income	$	654,913		$	893,550
Net realized gain		260,502			2,435,167
Net change in unrealized appreciation/depreciation		3,911,187			417,582
Net increase in net assets resulting from operations		4,826,602			3,746,299
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,041,972	)		(1,395,572	)
Total distributions		(1,041,972	)		(1,395,572	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			3,762,013
Cost of shares redeemed		(1,545,042	)		(7,357,597	)
Net decrease from capital share transactions		(1,545,042	)		(3,595,584	)
Net increase/(decrease) in net assets		2,239,588			(1,244,857	)
NET ASSETS:
Beginning of period		35,170,980			36,415,837
End of period	$	37,410,568		$	35,170,980
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,200,000			1,325,000
Shares sold		–			125,000
Shares redeemed		(50,000	)		(250,000	)
Shares outstanding, end of period		1,150,000			1,200,000

See Notes to the Financial Statements and Financial Highlights.

16 | May 31, 2025

ALPS | O’Shares U.S. Quality Dividend ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	55.46		$	44.41		$	43.24		$	40.29		$	42.00		$	33.16		$	34.13
INCOME FROM OPERATIONS:
Net investment income(b)		0.39			0.78			0.81			0.36			0.77			0.69	(c)		0.93
Net realized and unrealized gain/(loss)		(2.10	)		11.07			1.19			2.95			(1.72	)		8.81			(0.96	)
Total from investment operations		(1.71	)		11.85			2.00			3.31			(0.95	)		9.50			(0.03	)
DISTRIBUTIONS:
From net investment income		(0.39	)		(0.80	)		(0.83	)		(0.36	)		(0.76	)		(0.66	)		(0.94	)
Total distributions		(0.39	)		(0.80	)		(0.83	)		(0.36	)		(0.76	)		(0.66	)		(0.94	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(2.10	)		11.05			1.17			2.95			(1.71	)		8.84			(0.97	)
NET ASSET VALUE, END OF PERIOD	$	53.36		$	55.46		$	44.41		$	43.24		$	40.29		$	42.00		$	33.16
TOTAL RETURN(d)		(3.09	)%		26.90	%		4.74	%		8.27	%		(2.38	)%		28.84	%		(0.12	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	804,393		$	822,180		$	656,213		$	748,122		$	737,229		$	688,720		$	479,121
Ratio of expenses to average net assets		0.48	%(e)		0.48	%		0.48	%		0.48	%(e)		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.46	%(e)		1.56	%		1.90	%		2.11	%(e)		1.78	%		1.81	%		2.71	%
Portfolio turnover rate(f)		1	%		32	%		34	%		25	%		15	%		26	%		64	%(g)

^(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.

^(d) 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.

^(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.

17 | May 31, 2025

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

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	46.87		$	36.27		$	35.30		$	31.67		$	35.08		$	24.99		$	27.45
INCOME/(LOSS) FROM OPERATIONS:
Net investment income(b)		0.42			0.68			0.73			0.31			0.59			0.64	(c)		0.64	(c)
Net realized and unrealized gain/(loss)		(4.32	)		10.56			0.94			3.59			(3.38	)		9.98			(2.48	)
Total from investment operations		(3.90	)		11.24			1.67			3.90			(2.79	)		10.62			(1.84	)
DISTRIBUTIONS:
From net investment income		(0.43	)		(0.64	)		(0.70	)		(0.27	)		(0.62	)		(0.53	)		(0.57	)
From tax return of capital		–			–			–			–			–			–			(0.05	)
Total distributions		(0.43	)		(0.64	)		(0.70	)		(0.27	)		(0.62	)		(0.53	)		(0.62	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(4.33	)		10.60			0.97			3.63			(3.41	)		10.09			(2.46	)
NET ASSET VALUE, END OF PERIOD	$	42.54		$	46.87		$	36.27		$	35.30		$	31.67		$	35.08		$	24.99
TOTAL RETURN(d)		(8.34	)%		31.17	%		4.82	%		12.39	%		(8.12	)%		42.79	%		(6.82	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	896,762		$	862,650		$	391,880		$	181,944		$	155,318		$	149,215		$	93,812
Ratio of expenses to average net assets		0.48	%(e)		0.48	%		0.48	%		0.48	%(e)		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		1.95	%(e)		1.63	%		2.05	%		2.28	%(e)		1.69	%		2.08	%(f)		2.38	%(f)
Portfolio turnover rate(g)		0	%		37	%		64	%		34	%		34	%		60	%		101	%(h)

^(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 and $0.62 during the year ended June 30, 2020.

^(d) 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.

^(e) Annualized.

^(f) The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 1.84% during the year ended June 30, 2021 and 2.30% during the year ended June 30, 2020.

^(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.

^(h) Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.

See Notes to the Financial Statements and Financial Highlights.

18 | May 31, 2025

ALPS | O’Shares Global Internet Giants ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	47.41		$	34.51		$	25.11		$	27.08		$	57.04		$	37.85		$	25.04
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(b)		(0.04	)		(0.08	)		(0.09	)		(0.04	)		(0.15	)		(0.21	)		(0.10	)
Net realized and unrealized gain/(loss)		3.22			12.98			9.49			(1.93	)		(29.81	)		19.40			12.91
Total from investment operations		3.18			12.90			9.40			(1.97	)		(29.96	)		19.19			12.81
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.18			12.90			9.40			(1.97	)		(29.96	)		19.19			12.81
NET ASSET VALUE, END OF PERIOD	$	50.59		$	47.41		$	34.51		$	25.11		$	27.08		$	57.04		$	37.85
TOTAL RETURN(c)		6.71	%		37.38	%		37.44	%		(7.27	)%		(52.52	)%		50.70	%		51.16	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	153,048		$	135,110		$	136,310		$	152,513		$	209,867		$	718,766		$	272,512
Ratio of expenses to average net assets		0.48	%(d)		0.48	%		0.48	%		0.48	%(d)		0.48	%		0.48	%		0.48	%
Ratio of net investment loss to average net assets		(0.17	)%(d)		(0.21	)%		(0.29	)%		(0.37	)%(d)		(0.32	)%		(0.40	)%		(0.34	)%
Portfolio turnover rate(e)		17	%		44	%		51	%		22	%		51	%		48	%		38	%

^(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) 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) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

See Notes to the Financial Statements and Financial Highlights.

19 | May 31, 2025

ALPS | O’Shares Europe Quality Dividend ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	29.31		$	27.48		$	24.18		$	22.62		$	28.00		$	22.28		$	24.28
INCOME/(LOSS) FROM OPERATIONS:
Net investment income(b)		0.55			0.69			0.71			0.03			0.58			0.55	(c)		0.64	(c)
Net realized and unrealized gain/(loss)		3.54			2.24			3.13			1.71			(5.33	)		5.97			(1.95	)
Total from investment operations		4.09			2.93			3.84			1.74			(4.75	)		6.52			(1.31	)
DISTRIBUTIONS:
From net investment income		(0.87	)		(1.10	)		(0.54	)		(0.18	)		(0.63	)		(0.80	)		(0.69	)
Total distributions		(0.87	)		(1.10	)		(0.54	)		(0.18	)		(0.63	)		(0.80	)		(0.69	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.22			1.83			3.30			1.56			(5.38	)		5.72			(2.00	)
NET ASSET VALUE, END OF PERIOD	$	32.53		$	29.31		$	27.48		$	24.18		$	22.62		$	28.00		$	22.28
TOTAL RETURN(d)		14.40	%		10.72	%		15.99	%		7.78	%		(17.29	)%		29.72	%		(5.44	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	37,411		$	35,171		$	36,416		$	35,664		$	40,716		$	26,597		$	17,821
Ratio of expenses to average net assets		0.48	%(e)		0.48	%		0.48	%		0.48	%(e)		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		3.68	%(e)		2.30	%		2.68	%		0.29	%(e)		2.20	%		2.18	%		2.72	%
Portfolio turnover rate(f)		1	%		29	%		40	%		38	%		22	%		42	%		72	%(g)

^(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 and $0.63 during the year ended June 30, 2020.

^(d) 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.

^(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.

20 | May 31, 2025

ALPS ETF Trust

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

1. ORGANIZATION

ALPS ETF Trust (the ‘‘Trust’’), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS | O’Shares U.S. Quality Dividend ETF, the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, the ALPS | O’Shares Global Internet Giants ETF and the ALPS | O’Shares Europe Quality Dividend ETF (each a “Fund” and collectively, the “Funds”).

The investment objective of the ALPS | O’Shares U.S. Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Quality Dividend Index. The investment objective of the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Small-Cap Quality Dividend Index. The investment objective of the ALPS | O’Shares Global Internet Giants ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares Global Internet Giants Index. The investment objective of the ALPS | O’Shares Europe Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares Europe Quality Dividend Index.

ALPS | O’Shares Global Internet Giants ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF and ALPS | O’Shares Europe Quality Dividend ETF have each elected to qualify as a diversified series of the Trust under the 1940 Act.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

21 | May 31, 2025

ALPS ETF Trust

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

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

B. Fair Value Measurements

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

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

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

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

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

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

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

22 | May 31, 2025

ALPS ETF Trust

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

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

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

	Level 1 - Quoted and		Level 2 - Other Significant		Level 3 - Significant
Investments in Securities at Value	Unadjusted Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks*	$	803,540,702	$	–	$	–	$	803,540,702
Short Term Investments		242,405		–	$	–		242,405
Total	$	803,783,107	$	–		–	$	803,783,107

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

	Level 1 - Quoted and		Level 2 - Other Significant		Level 3 - Significant
Investments in Securities at Value	Unadjusted Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks*	$	895,471,174	$	–	$	–	$	895,471,174
Short Term Investments		13,000,868		–		–		13,000,868
Total	$	908,472,042	$	–	$	–	$	908,472,042

ALPS | O'Shares Global Internet Giants ETF

	Level 1 - Quoted and		Level 2 - Other Significant		Level 3 - Significant
Investments in Securities at Value	Unadjusted Prices		Observable Inputs		$ Unobservable Inputs		Total
Common Stocks*	$	153,046,526	$	–		–	$	153,046,526
Short Term Investments		676,111		–	$	–		676,111
Total	$	153,722,637	$	–		–	$	153,722,637

ALPS | O'Shares Europe Quality Dividend ETF

	Level 1 - Quoted and		Level 2 - Other Significant		Level 3 - Significant
Investments in Securities at Value	Unadjusted Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks*	$	36,991,085	$	–	$	–	$	36,991,085
Short Term Investments		54,524		–		–		54,524
Total	$	37,045,609	$	–	$	–	$	37,045,609

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Foreign Investment Risk

The ALPS | O’Shares Global Internet Giants ETF and the ALPS | O’Shares Europe Quality Dividend ETF may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of a Fund’s investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which a Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors.

Countries with emerging markets may have relatively unstable governments and may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. The economies of emerging markets countries also may be based on only a few industries, making them more vulnerable to changes in local or global trade conditions and more sensitive to debt burdens, inflation rates or adverse news and events.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

23 | May 31, 2025

ALPS ETF Trust

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

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the specific identification in accordance with GAAP. Dividend income and capital gains distributions, if any, are recorded on the ex-dividend date, net of any foreign taxes withheld. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

F. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid monthly, except for ALPS | O’Shares Europe Quality Dividend ETF, which declares and pays dividends from net investment income quarterly. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

G. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains and net operating losses available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS | O'Shares U.S. Quality Dividend ETF	$	12,150,470	$	–	$	–
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF		9,548,300		–		–
ALPS | O'Shares Global Internet Giants ETF		–		–		–
ALPS | O'Shares Europe Quality Dividend ETF		1,395,572		–		–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS | O'Shares U.S. Quality Dividend ETF	$	7,724,349	$	26,522,379
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF		2,710,472		10,031,764
ALPS | O'Shares Global Internet Giants ETF		94,448,378		106,695,356
ALPS | O'Shares Europe Quality Dividend ETF		2,521,082		7,242,260

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

24 | May 31, 2025

ALPS ETF Trust

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

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

				ALPS | O'Shares U.S.
	ALPS | O'Shares U.S.			Small-Cap Quality			ALPS | O'Shares Global			ALPS | O'Shares Europe
	Quality Dividend ETF			Dividend ETF			Internet Giants ETF			Quality Dividend ETF
Gross appreciation (excess of value over tax cost)	$	168,768,601		$	95,443,303		$	47,466,011		$	8,097,938
Gross depreciation (excess of tax cost over value)		(34,582,160	)		(82,626,656	)		(3,436,431	)		(1,874,516	)
Net unrealized appreciation (depreciation)	$	134,186,441		$	12,816,647		$	44,029,580		$	6,223,422
Cost of investments for income tax purposes	$	669,596,666		$	895,655,395		$	109,693,057		$	30,822,187

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

H. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Funds’ tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

I. Lending of Portfolio Securities

Effective June 20, 2022, the Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Funds' securities held at SSB as custodian shall be available to be lent except those securities the Funds or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Funds collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Funds' Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

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

	Market Value of		Cash Collateral		Non-Cash Collateral		Total Collateral
Fund	Securities on Loan		Received		Received		Received
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF	$	12,112,945	$	12,217,566	$	–	$	12,217,566
ALPS | O'Shares Global Internet Giants ETF		633,173		660,092		–		660,092

25 | May 31, 2025

ALPS ETF Trust

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF	Remaining contractual maturity of the agreements
	Overnight &						Greater than
Securities Lending Transactions	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Common Stocks	$	12,217,566	$	–	$	–	$	–	$	12,217,566
Total Borrowings										12,217,566
Gross amount of recognized liabilities for securities lending (collateral received)									$	12,217,566

ALPS | O'Shares Global Internet Giants ETF	Remaining contractual maturity of the agreements
	Overnight &						Greater than
Securities Lending Transactions	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Common Stocks	$	660,092	$	–	$	–	$	–	$	660,092
Total Borrowings										660,092
Gross amount of recognized liabilities for securities lending (collateral received)									$	660,092

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Funds’ investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of each Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, each Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis as a percentage of the relevant Fund’s average daily net assets as set out below. From time to time, the Adviser may waive all or a portion of its fee.

Fund	Advisory Fee
ALPS | O’Shares U.S. Quality Dividend ETF	Average net assets up to and including $2 billion	0.48%
	Average net assets greater than $2 billion up to and including $3 billion	0.44%
	Average net assets greater than $3 billion up to and including $4 billion	0.40%
	Average net assets greater than $4 billion up to and including $5 billion	0.36%
	Average net assets greater than $5 billion	0.32%
ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF	Average net assets up to and including $2 billion	0.48%
	Average net assets greater than $2 billion up to and including $3 billion	0.44%
	Average net assets greater than $3 billion up to and including $4 billion	0.40%
	Average net assets greater than $4 billion up to and including $5 billion	0.36%
	Average net assets greater than $5 billion	0.32%
ALPS | O’Shares Global Internet Giants ETF		0.48%
ALPS | O’Shares Europe Quality Dividend ETF		0.48%

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

26 | May 31, 2025

ALPS ETF Trust

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

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS | O'Shares U.S. Quality Dividend ETF	$	7,084,442	$	7,004,873
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF		–		–
ALPS | O'Shares Global Internet Giants ETF		23,006,775		22,905,183
ALPS | O'Shares Europe Quality Dividend ETF		452,751		927,722

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

Fund	Purchases		Sales
ALPS | O'Shares U.S. Quality Dividend ETF	$	24,201,988	$	10,472,535
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF		190,006,147		70,076,491
ALPS | O'Shares Global Internet Giants ETF		14,936,068		6,813,456
ALPS | O'Shares Europe Quality Dividend ETF		–		1,545,677
For the six months ended May 31, 2025, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
ALPS | O'Shares U.S. Quality Dividend ETF	$	3,438,377
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF		14,275,969
ALPS | O'Shares Global Internet Giants ETF		2,458,529
ALPS | O'Shares Europe Quality Dividend ETF		341,610

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

27 | May 31, 2025

ALPS ETF Trust

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

6. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of each Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

On June 18, 2025, the Board approved, based on a recommendation from the Adviser, a change to the ALPS | O’Shares Europe Quality Dividend ETF’s name, ticker, and underlying index effective on or around October 1, 2025.

28 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction	199A Dividends
ALPS | O’Shares U.S. Quality Dividend ETF	100%	100%	0%
ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF	100%	100%	0%
ALPS | O’Shares Global Internet Giants ETF	0%	0%	0%
ALPS | O’Shares Europe Quality Dividend ETF	100%	0%	0%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

LICENSING AGREEMENTS

O’Shares Investment Advisers, LLC ( “O’Shares”) has entered into an index licensing agreement with the Advisor with respect to each of the Funds, to allow the Adviser’s use of the O'Shares U.S. Quality Dividend Index, the O'Shares U.S. Small-Cap Quality Dividend Index, the O'Shares Global Internet Giants Index, and the O'Shares Europe Quality Dividend Index (each, an “Underlying Index”). The following disclosure relates to O’Shares.

The Funds are not sponsored, endorsed, sold or promoted by O’Shares or its third party licensors. Neither O’Shares nor its third party licensors make any representation or warranty, express or implied, to shareholders of a Fund or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the Underlying Index to track general stock market performance. O’Shares’ and its third party licensor’s only relationship to the Adviser and each Fund is the licensing of certain trademarks, service marks and trade names of O’Shares and/or its third party licensors and for the providing the Underlying Index. Neither O’Shares nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of a Fund or the timing of the issuance or sale of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash. O’Shares has no obligation or liability in connection with the administration, marketing or trading of the Funds.

NEITHER O’SHARES, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. O’SHARES, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. O’SHARES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL O’SHARES, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

O’Shares Investments is a registered trademark and registered service mark of O’Shares Investment, Inc. and has been licensed for use by the Adviser and the Funds.

The Funds are not sponsored, endorsed, sold or promoted by O’Shares, its affiliates or their third party licensors, and neither O’Shares, its affiliates nor its third party licensors make any representation regarding the advisability of investing in the Funds.

O’Shares has entered into an agreement with S-Network Global Indexes Inc. (“S-Network”), pursuant to which S-Network calculates each Underlying Index. The following disclosure relates to O’Shares.

The Funds are not sponsored, endorsed, sold or promoted by or its third party licensors. Neither S-Network nor its third party licensors make any representation or warranty, express or implied, to the owners of a Fund or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the Underlying Index to track general stock market performance. S-Network's and its third party licensor’s only relationship to the Adviser is the licensing of certain trademarks, service marks and trade names of S-Network Global Indexes, Inc. and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S-Network nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of a Fund or the timing of the issuance or sale of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash. S-Network has no obligation or liability in connection with the administration, marketing or trading of the Funds.

29 | May 31, 2025

ALPS ETF Trust

Additional Information May 31, 2025 (Unaudited)

NEITHER S-NETWORK, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE CUSTOM INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S-NETWORK, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S-NETWORK MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE CUSTOM INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S-NETWORK, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

S-Network Global Indexes, Inc.^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.

30 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

31 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

32 | May 31, 2025

ALPS ETF Trust

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

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

	Aggregate Regular Compensation		Aggregate Special Compensation
	From the Trust		From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Funds’ unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

33 | May 31, 2025

ALPS ETF Trust

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

Not applicable for this reporting period.

34 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
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	16
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	18
Proxy Disclosures for Open-End Management Investment Companies	19
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	20
Statement Regarding Basis for Approval of Investment Advisory Contract	21

alpsfunds.com

Barron’s 400^SM ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.47%)
Communication Services (4.65%)
Alphabet, Inc., Class A		2,215	$	380,404
Charter Communications, Inc., Class A(a)(b)		1,022		404,988
Cinemark Holdings, Inc.(b)		14,586		492,569
Comcast Corp., Class A		10,173		351,681
EverQuote, Inc.(a)		12,967		298,889
Fox Corp.		7,469		375,541
Integral Ad Science Holding Corp.(a)		40,770		331,868
Iridium Communications, Inc.		13,159		334,239
Meta Platforms, Inc., Class A		601		389,141
Netflix, Inc.(a)		384		463,576
New York Times Co., Class A		7,487		427,657
Nexstar Media Group, Inc., Class A		2,085		355,326
Pinterest, Inc., Class A(a)		11,337		352,694
TEGNA, Inc.		20,797		347,726
T-Mobile US, Inc.		1,397		338,353
Verizon Communications, Inc.		8,481		372,825
Walt Disney Co.		3,664		414,179
Warner Music Group Corp., Class A		11,193		294,600
Yelp, Inc.(a)		10,564		403,228
Total Communication Services				7,129,484
Consumer Discretionary (11.90%)
ADT, Inc.		49,073		408,287
Adtalem Global Education, Inc.(a)		3,735		493,132
Airbnb, Inc., Class A(a)		2,865		369,585
Amazon.com, Inc.(a)		1,858		380,909
Booking Holdings, Inc.		80		441,514
Boyd Gaming Corp.		5,243		393,068
Brinker International, Inc.(a)		2,571		443,832
Build-A-Bear Workshop, Inc.		10,337		527,600
Burlington Stores, Inc.(a)		1,552		354,275
Carnival Corp.(a)		17,409		404,237
Chewy, Inc., Class A(a)		11,012		498,293
Chipotle Mexican Grill, Inc.(a)		7,322		366,686
Crocs, Inc.(a)		3,497		356,694
Darden Restaurants, Inc.		1,934		414,282
Deckers Outdoor Corp.(a)		3,093		326,373
Dick’s Sporting Goods, Inc.		1,837		329,448
Dorman Products, Inc.(a)		2,875		371,766
Dream Finders Homes, Inc.(a)(b)		15,146		315,946
Duolingo, Inc.(a)		1,235		641,718
Expedia, Inc.		2,186		364,516
Frontdoor, Inc.(a)		9,603		528,261
Gap, Inc.		18,099		403,789
Green Brick Partners, Inc.(a)		6,267		366,306
Home Depot, Inc.		1,022		376,392
Las Vegas Sands Corp.		8,331		342,904
Laureate Education, Inc.(a)		19,224		432,540
Mattel, Inc.(a)		18,528		350,920
Monarch Casino & Resort, Inc.		4,343		363,683
Perdoceo Education Corp.		14,607		497,222
Ralph Lauren Corp.		1,658		458,951

Security Description	Shares		Value
Consumer Discretionary (continued)
Ross Stores, Inc.		2,893	$	405,280
Royal Caribbean Cruises, Ltd.		1,656		425,542
SharkNinja, Inc.(a)		4,039		371,305
Stride, Inc.(a)		2,982		451,445
Tapestry, Inc.		5,112		401,548
Taylor Morrison Home Corp., Class A(a)		6,195		348,655
Texas Roadhouse, Inc.		2,117		413,260
TJX Cos., Inc.		3,177		403,161
Tractor Supply Co.		6,843		331,201
Ulta Beauty, Inc.(a)		1,022		481,832
Universal Technical Institute, Inc.(a)		13,443		477,630
Valvoline, Inc.(a)		10,262		354,963
Visteon Corp.(a)		4,535		382,867
Williams-Sonoma, Inc.		2,125		343,740
YETI Holdings, Inc.(a)		10,898		333,043
Total Consumer Discretionary				18,248,601
Consumer Staples (5.29%)
BJ’s Wholesale Club Holdings, Inc.(a)		3,239		366,687
Brown-Forman Corp., Class A(b)		10,325		343,100
Cal-Maine Foods, Inc.		3,968		380,650
Casey’s General Stores, Inc.		913		399,675
Coca-Cola Co.		5,183		373,694
Coca-Cola Consolidated, Inc.		2,720		311,848
Colgate-Palmolive Co.		4,012		372,875
Hershey Co.		2,133		342,752
Inter Parfums, Inc.(b)		2,913		396,809
Kellogg Co.		4,413		364,646
Kimberly-Clark Corp.		2,601		373,920
Kroger Co.		5,476		373,627
Lancaster Colony Corp.		1,984		332,122
Molson Coors Brewing Co., Class B, Class B		6,124		328,185
Mondelez International, Inc., Class A		5,588		377,134
Monster Beverage Corp.(a)		6,468		413,629
National Beverage Corp.		8,898		402,457
PepsiCo, Inc.		2,403		315,874
Pilgrim’s Pride Corp.(b)		7,338		360,736
Procter & Gamble Co.		2,146		364,584
Sprouts Farmers Market, Inc.(a)		2,581		446,152
Vital Farms, Inc.(a)(b)		11,538		367,370
Total Consumer Staples				8,108,526
Energy (3.18%)
Baker Hughes Co.		8,289		307,107
Devon Energy Corp.		10,364		313,615
DHT Holdings, Inc.(b)		34,792		402,891
Diamondback Energy, Inc.		2,382		320,498
EOG Resources, Inc.		2,946		319,847
Hess Corp.		2,419		319,768
Matador Resources Co.		7,389		317,801
ONEOK, Inc.		3,694		298,623
Ovintiv, Inc.		8,847		316,899
Permian Resources Corp.		27,344		344,808

35 | May 31, 2025

Barron’s 400^SM ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Energy (continued)
Schlumberger Ltd.		8,776	$	290,047
Targa Resources Corp.		1,846		291,539
TechnipFMC PLC		12,865		400,745
Texas Pacific Land Corp.(b)		274		305,244
Viper Energy, Inc.		8,374		332,364
Total Energy				4,881,796
Financials (21.99%)
1st Source Corp.		5,795		350,945
Acadian Asset Management, Inc.		14,505		436,746
Amalgamated Financial Corp.		12,246		370,074
Artisan Partners Asset Management, Inc., Class A		8,999		362,660
Axos Financial, Inc.(a)		5,716		397,491
Bancorp, Inc.(a)		6,902		352,692
Bank OZK		8,213		364,082
Business First Bancshares, Inc.		14,769		351,355
Byline Bancorp, Inc.		13,919		360,085
Camden National Corp.		8,776		345,248
City Holding Co.		3,097		365,105
Coinbase Global, Inc.(a)		1,923		474,250
Columbia Banking System, Inc.		14,688		343,405
Community Trust Bancorp, Inc.		7,055		360,158
Corebridge Financial, Inc.		11,165		364,091
Cullen/Frost Bankers, Inc.		2,925		371,416
East West Bancorp, Inc.		4,093		373,282
Enova International, Inc.(a)		3,907		362,062
Enterprise Financial Services Corp.		6,418		339,769
Equity Bancshares, Inc.		9,110		354,743
Esquire Financial Holdings, Inc.(b)		5,102		462,955
Evercore, Inc., Class A		1,782		412,515
EZCORP, Inc., Class A(a)(b)		26,739		359,640
FactSet Research Systems, Inc.		832		381,272
First BanCorp		20,264		404,875
First Citizens BancShares, Inc., Class A		196		362,380
First Financial Bankshares, Inc.		10,173		358,700
First Mid Bancshares, Inc.		10,253		361,726
Goosehead Insurance, Inc., Class A		3,138		339,720
Hamilton Insurance Group, Ltd.(a)		18,305		398,317
Hamilton Lane, Inc., Class A(b)		2,509		373,841
Hancock Whitney Corp.		7,076		386,845
HCI Group, Inc.(b)		2,621		442,346
Home BancShares, Inc.		12,734		360,245
Independent Bank Corp.		11,731		369,878
Interactive Brokers Group, Inc.		2,083		436,763
International Bancshares Corp.		5,827		364,945
Jack Henry & Associates, Inc.		2,056		372,486
JPMorgan Chase & Co.		1,552		409,728
Kinsale Capital Group, Inc.		794		374,760
Lincoln National Corp.		9,819		325,402
Mastercard, Inc., Class A		682		399,379
Mercantile Bank Corp.		8,176		361,052

Security Description	Shares		Value
Financials (continued)
Merchants Bancorp		9,506	$	304,382
Moody’s Corp.		807		386,811
NewtekOne, Inc.		30,536		331,316
Nicolet Bankshares, Inc.		3,158		387,297
Northeast Bank		3,958		331,799
Northrim BanCorp, Inc.		4,919		450,580
OFG Bancorp		8,907		366,434
Old Second Bancorp, Inc.		22,464		371,555
Pacific Premier Bancorp, Inc.		16,287		345,284
Palomar Holdings, Inc.(a)		2,712		465,027
Park National Corp.		2,389		388,356
Pathward Financial, Inc.		5,044		393,684
Paymentus Holdings, Inc.(a)		12,822		489,672
PayPal Holdings, Inc.(a)		5,225		367,213
Peoples Bancorp, Inc.		12,205		357,851
PJT Partners, Inc., Class A		2,602		392,017
Popular, Inc.		4,019		416,087
Preferred Bank		4,434		370,727
Progressive Corp.		1,245		354,738
Renasant Corp.		21,113		740,011
SEI Investments Co.		4,849		413,426
Sezzle, Inc.(a)(b)		9,292		991,549
Shift4 Payments, Inc.(a)(b)		4,174		395,653
Shore Bancshares, Inc.		27,232		394,592
Southside Bancshares, Inc.		12,410		349,838
Stock Yards Bancorp, Inc.(b)		5,264		387,220
Synchrony Financial		6,809		392,539
The Hartford Financial Services Group, Inc.		3,015		391,468
Toast, Inc.(a)		10,446		440,612
TriCo Bancshares		8,898		355,030
Trinity Capital, Inc.(b)		23,152		337,093
UMB Financial Corp.		3,563		367,417
United Bankshares, Inc.		10,436		377,157
Unum Group		4,453		363,855
Victory Capital Holdings, Inc., Class A		6,114		379,129
Virtu Financial, Inc., Class A		10,081		405,155
Visa, Inc., Class A		1,089		397,692
Webster Financial Corp.		7,307		376,164
Westamerica BanCorp		7,255		348,603
World Acceptance Corp.(a)		2,996		462,822
WR Berkley Corp.		5,780		431,708
WSFS Financial Corp.		7,035		372,081
Zions Bancorp NA		7,590		359,462
Total Financials				33,720,535
Health Care (10.19%)
Abbott Laboratories		2,854		381,237
ACADIA Pharmaceuticals, Inc.(a)		21,646		466,904
ADMA Biologics, Inc.(a)		19,484		386,563
Agilent Technologies, Inc.		2,966		331,955
Amgen, Inc.		1,144		329,678
Biogen, Inc.(a)		2,531		328,498
BioMarin Pharmaceutical, Inc.(a)		5,081		295,054
Boston Scientific Corp.(a)		3,674		386,725

36 | May 31, 2025

Barron’s 400^SM ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Health Care (continued)
Catalyst Pharmaceuticals, Inc.(a)		16,678	$	416,283
Corcept Therapeutics, Inc.(a)		6,283		487,309
DaVita, Inc.(a)		2,432		331,384
Dexcom, Inc.(a)		5,102		437,752
Doximity, Inc., Class A(a)		5,826		303,476
Edwards Lifesciences Corp.(a)		5,152		402,989
Eli Lilly & Co.		445		328,263
Encompass Health Corp.		3,725		450,352
Exelixis, Inc.(a)		9,828		422,997
GE HealthCare Technologies, Inc.		4,413		311,293
Halozyme Therapeutics, Inc.(a)		5,756		322,739
Harmony Biosciences Holdings, Inc.(a)		10,601		365,735
Hims & Hers Health, Inc.(a)(b)		10,487		593,145
IDEXX Laboratories, Inc.(a)		860		441,490
Insulet Corp.(a)		1,393		452,767
Intuitive Surgical, Inc.(a)		740		408,732
iRadimed Corp.		6,977		403,829
Krystal Biotech, Inc.(a)		1,944		244,866
Lantheus Holdings, Inc.(a)(b)		3,544		267,785
LeMaitre Vascular, Inc.		4,272		351,158
Medpace Holdings, Inc.(a)		1,111		327,634
MiMedx Group, Inc.(a)		46,237		297,304
Molina Healthcare, Inc.(a)		1,154		352,016
Pfizer, Inc.		13,959		327,897
Protagonist Therapeutics, Inc.(a)		6,862		325,739
Quest Diagnostics, Inc.		2,095		363,147
Regeneron Pharmaceuticals, Inc.		536		262,790
ResMed, Inc.		1,619		396,315
Semler Scientific, Inc.(a)(b)		10,092		403,680
United Therapeutics Corp.(a)		1,130		360,301
Universal Health Services, Inc., Class B		2,083		396,499
Veeva Systems, Inc., Class A(a)		1,531		428,221
Waters Corp.(a)		982		342,954
Zoetis, Inc.		2,256		380,429
Total Health Care				15,615,884
Industrials (21.90%)
Acuity Brands, Inc.		1,356		352,411
Applied Industrial
Technologies, Inc.		1,601		362,659
Argan, Inc.		3,006		632,162
Armstrong World Industries, Inc.		2,570		399,969
Automatic Data Processing, Inc.		1,227		399,425
Axon Enterprise, Inc.(a)		658		493,737
Blue Bird Corp.(a)(b)		10,426		403,486
Booz Allen Hamilton Holding Corp.		3,158		335,537
Broadridge Financial Solutions, Inc.		1,576		382,700
Byrna Technologies, Inc.(a)(b)		18,818		501,688

Security Description	Shares		Value
Industrials (continued)
Carlisle Cos., Inc.		1,063	$	404,131
Cintas Corp.		1,867		422,876
Comfort Systems USA, Inc.		1,052		503,098
Copart, Inc.(a)		6,763		348,159
Core & Main, Inc.(a)		7,602		416,666
CRA International, Inc.		2,085		396,254
Crane Co.		2,358		404,161
CSG Systems International, Inc.		5,952		393,189
Cummins, Inc.		1,113		357,807
Curtiss-Wright Corp.		1,103		485,441
Delta Air Lines, Inc.		7,754		375,216
Dover Corp.		1,992		354,078
DXP Enterprises, Inc.(a)		4,322		357,343
EMCOR Group, Inc.		919		433,639
Emerson Electric Co.		3,199		381,897
Enerpac Tool Group Corp., Class A		8,300		355,904
EnerSys		3,745		313,194
ESCO Technologies, Inc.		2,278		412,865
ExlService Holdings, Inc.(a)		7,804		358,906
Expeditors International of Washington, Inc.		3,108		350,365
Fastenal Co.		9,568		395,541
Federal Signal Corp.		4,641		436,579
Genpact, Ltd.		7,219		310,778
Golden Ocean Group, Ltd.		47,634		366,782
Greenbrier Cos., Inc.		6,549		295,163
Griffon Corp.		5,152		354,200
HEICO Corp., Class A		1,771		417,673
Howmet Aerospace, Inc.		2,814		478,070
IBEX Holdings, Ltd.(a)		14,374		413,827
IES Holdings, Inc.(a)(b)		1,955		507,635
Illinois Tool Works, Inc.		1,417		347,278
Innodata, Inc.(a)(b)		7,916		312,445
Interface, Inc.		18,713		375,944
ITT, Inc.		2,652		399,232
Leidos Holdings, Inc.		2,632		390,905
Lennox International, Inc.		613		346,008
Lincoln Electric Holdings, Inc.		1,903		368,402
Liquidity Services, Inc.(a)		12,157		284,109
LSI Industries, Inc.		21,232		345,445
Matson, Inc.(b)		2,824		318,688
McGrath RentCorp		3,178		357,144
Mueller Industries, Inc.		4,465		347,690
Mueller Water Products, Inc.		13,066		320,509
NEXTracker, Inc.(a)		7,924		449,212
Norfolk Southern Corp.		1,549		382,789
Northrop Grumman Corp.		739		358,245
Old Dominion Freight Line, Inc.		2,188		350,452
Oshkosh Corp.		3,755		372,458
PACCAR, Inc.		3,593		337,203
Parker-Hannifin Corp.		586		389,514
Paychex, Inc.		2,458		388,143
Paycom Software, Inc.		1,684		436,308
Powell Industries, Inc.(b)		2,021		342,741
Pursuit Attractions and Hospitality, Inc.(a)		9,242		257,759
RB Global, Inc.		3,715		391,190

37 | May 31, 2025

Barron’s 400^SM ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Industrials (continued)
RBC Bearings, Inc.(a)		1,053	$	385,261
Republic Services, Inc.		1,539		395,969
REV Group, Inc.		12,135		454,941
Rollins, Inc.		7,019		401,838
SkyWest, Inc.(a)		4,120		417,974
Snap-on, Inc.		1,100		352,825
SS&C Technologies Holdings, Inc.		4,434		358,312
Sterling Infrastructure, Inc.(a)		3,022		568,166
Uber Technologies, Inc.(a)		5,001		420,884
UL Solutions, Inc.(b)		6,942		496,353
Union Pacific Corp.		1,529		338,918
United Airlines Holdings, Inc.(a)		4,922		391,028
Upwork, Inc.(a)		28,180		436,508
Valmont Industries, Inc.		1,113		353,979
Vertiv Holdings Co.		4,184		451,579
Waste Management, Inc.		1,639		394,950
Watts Water Technologies, Inc., Class A		1,746		422,742
Willis Lease Finance Corp.		2,044		274,591
Woodward, Inc.		2,040		441,313
WW Grainger, Inc.		375		407,835
Xylem, Inc.		3,002		378,372
Total Industrials				33,579,362
Information Technology (13.51%)
A10 Networks, Inc.		20,888		360,527
ACM Research, Inc., Class A(a)(b)		12,130		273,531
Adeia, Inc.		26,787		343,945
Adobe, Inc.(a)		910		377,732
Amphenol Corp., Class A		5,732		515,479
ANSYS, Inc.(a)		1,124		371,842
Appfolio, Inc., Class A(a)		1,680		354,766
AppLovin Corp., Class A(a)		1,186		466,098
Arista Networks, Inc.(a)		4,277		370,559
Autodesk, Inc.(a)		1,391		411,903
Badger Meter, Inc.		1,817		451,016
Cadence Design Systems, Inc.(a)		1,427		409,649
Cirrus Logic, Inc.(a)		3,625		356,555
Clear Secure, Inc.(b)		14,044		347,589
Climb Global Solutions, Inc.		3,249		357,959
Cognizant Technology Solutions Corp., Class A		4,550		368,504
Coherent Corp.(a)		5,426		410,368
Digi International, Inc.(a)		12,299		398,611
Docusign, Inc.(a)		4,363		386,605
Dolby Laboratories, Inc., Class A		4,424		328,526
Dynatrace, Inc.(a)		7,216		389,736
F5, Inc.(a)		1,362		388,688
Fabrinet(a)		1,639		381,674
Flex, Ltd.(a)		10,322		436,621
Fortinet, Inc.(a)		3,766		383,303
Gartner, Inc.(a)		790		344,772
GoDaddy, Inc., Class A(a)		2,016		367,214
Hewlett Packard Enterprise Co.		23,458		405,354
InterDigital, Inc.(b)		1,657		360,000

Security Description	Shares		Value
Information Technology (continued)
International Business Machines Corp.		1,442	$	373,565
Intuit, Inc.		607		457,356
Itron, Inc.(a)		3,411		394,312
KLA Corp.		506		382,981
Lam Research Corp.		4,646		375,350
Microsoft Corp.		937		431,357
Monolithic Power Systems, Inc.		563		372,650
NVIDIA Corp.		3,039		410,660
OneSpan, Inc.		23,023		366,756
Oracle Corp.		2,367		391,809
OSI Systems, Inc.(a)		1,922		421,129
Palantir Technologies, Inc., Class A(a)		4,159		548,073
Photronics, Inc.(a)		16,898		282,366
QUALCOMM, Inc.		2,304		334,541
Qualys, Inc.(a)		2,783		385,585
Rambus, Inc.(a)		6,670		356,645
Roper Technologies, Inc.		628		358,130
Salesforce, Inc.		1,296		343,920
Seagate Technology Plc		4,019		474,001
Super Micro Computer, Inc.(a)(b)		8,675		347,173
Synopsys, Inc.(a)		800		371,184
Trimble, Inc.(a)		5,173		368,680
Tyler Technologies, Inc.(a)		638		368,120
Verint Systems, Inc.(a)		16,125		282,832
Zoom Communications, Inc., Class A(a)		4,940		401,375
Total Information Technology				20,719,676
Materials (3.86%)
Air Products and Chemicals, Inc.		1,240		345,848
Alcoa Corp.		10,456		279,907
Axalta Coating Systems, Ltd.(a)		10,376		319,581
Carpenter Technology Corp.		1,974		463,890
CF Industries Holdings, Inc.		4,681		424,613
CRH PLC		3,735		340,483
Eastman Chemical Co.		3,988		312,540
Ecolab, Inc.		1,437		381,696
NewMarket Corp.		683		439,893
Newmont Corp.		7,653		403,466
Packaging Corp. of America		1,832		353,887
Royal Gold, Inc.		2,348		418,226
RPM International, Inc.		3,128		356,092
Sherwin-Williams Co.		1,063		381,415
Sylvamo Corp.		5,540		293,454
United States Lime & Minerals, Inc.		3,909		401,767
Total Materials				5,916,758
Utilities (2.00%)
Constellation Energy Corp.		1,660		508,209
NRG Energy, Inc.		3,786		590,237
Otter Tail Corp.		4,364		336,814
Southern Co.		4,048		364,320
Talen Energy Corp.(a)(b)		1,761		429,596

38 | May 31, 2025

Barron’s 400^SM ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
Utilities (continued)
Vistra Corp.		2,935	$	471,273
WEC Energy Group, Inc.		3,450		370,668
Total Utilities				3,071,117
TOTAL COMMON STOCKS
(Cost $126,725,998)				150,991,739

Security Description	Shares		Value
LIMITED PARTNERSHIPS (1.29%)
Energy (1.29%)
Cheniere Energy Partners LP		5,662		324,829
Enterprise Products Partners LP		10,722		330,452
Hess Midstream LP, Class A		8,427		311,799
MPLX LP		6,656		339,456
Natural Resource Partners LP		3,431		336,238
Western Midstream Partners LP		8,860		331,364
Total Energy				1,974,138
TOTAL LIMITED PARTNERSHIPS
(Cost $1,599,116)				1,974,138

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.08%)
Money Market Fund (0.20%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $308,536)		4.24	%		308,536	$	308,536
Investments Purchased with Collateral from Securities Loaned (0.88%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $1,347,565)					1,347,565		1,347,565
TOTAL SHORT TERM INVESTMENTS
(Cost $1,656,101)							1,656,101
TOTAL INVESTMENTS (100.84%)
(Cost $129,981,215)						$	154,621,978
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.84%)							(1,291,915	)
NET ASSETS - 100.00%						$	153,330,063

^(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 $11,226,835.

See Notes to Financial Statements and Financial Highlights.

39 | May 31, 2025

Barron’s 400^SM ETF

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

ASSETS:
Investments, at value*	$	154,621,978
Cash		17,476
Dividends receivable		121,092
Total Assets		154,760,546
LIABILITIES:
Payable to adviser		82,918
Payable for collateral upon return of securities loaned		1,347,565
Total Liabilities		1,430,483
NET ASSETS	$	153,330,063
NET ASSETS CONSIST OF:
Paid-in capital	$	160,105,941
Total distributable earnings/(accumulated losses)		(6,775,878	)
NET ASSETS	$	153,330,063
INVESTMENTS, AT COST	$	129,981,215
PRICING OF SHARES
Net Assets	$	153,330,063
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,075,000
Net Asset Value, offering and redemption price per share	$	73.89

* Includes $11,266,835 of securities on loan.

See Notes to Financial Statements and Financial Highlights.

40 | May 31, 2025

Barron’s 400^SM ETF

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

INVESTMENT INCOME:
Dividend Income*	$	1,164,100
Securities lending income		10,144
Total investment income		1,174,244
EXPENSES:
Investment adviser fees		483,533
Net expenses		483,533
NET INVESTMENT INCOME		690,711
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments(a)		4,365,048
Net change in unrealized appreciation/(depreciation) on investments		(15,084,384	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(10,719,336	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,028,625	)

^* Net of foreign tax withholding of $2,332.

^(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.

41 | May 31, 2025

Barron’s 400^SM ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	690,711		$	1,441,750
Net realized gain		4,365,048			20,657,427
Net change in unrealized appreciation/(depreciation)		(15,084,384	)		24,282,171
Net increase/(decrease) in net assets resulting from operations		(10,028,625	)		46,381,348
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,034,000	)		(1,760,535	)
Total distributions		(1,034,000	)		(1,760,535	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		5,614,639			–
Cost of shares redeemed		(3,522,456	)		(14,307,311	)
Net increase/(decrease) from capital share transactions		2,092,183			(14,307,311	)
Net increase/(decrease) in net assets		(8,970,442	)		30,313,502
NET ASSETS:
Beginning of period		162,300,505			131,987,003
End of period	$	153,330,063		$	162,300,505
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,050,000			2,275,000
Shares sold		75,000			–
Shares redeemed		(50,000	)		(225,000	)
Shares outstanding, end of period		2,075,000			2,050,000

See Notes to Financial Statements and Financial Highlights.

42 | May 31, 2025

Barron’s 400^SM ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	79.17		$	58.02		$	58.02		$	62.39		$	47.32		$	42.04
INCOME FROM OPERATIONS:
Net investment income(a)		0.34			0.69			0.91			0.75			0.52			0.43
Net realized and unrealized gain/(loss)		(5.12	)		21.24			(0.02	)		(4.55	)		15.05			5.14
Total from investment operations		(4.78	)		21.93			0.89			(3.80	)		15.57			5.57
DISTRIBUTIONS:
From net investment income		(0.50	)		(0.78	)		(0.89	)		(0.57	)		(0.50	)		(0.29	)
Total distributions		(0.50	)		(0.78	)		(0.89	)		(0.57	)		(0.50	)		(0.29	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(5.28	)		21.15			0.00			(4.37	)		15.07			5.28
NET ASSET VALUE, END OF PERIOD	$	73.89		$	79.17		$	58.02		$	58.02		$	62.39		$	47.32
TOTAL RETURN(b)		(6.03	)%		38.15	%		1.67	%		(6.18	)%		33.18	%		13.33	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	153,330		$	162,301		$	131,987		$	139,248		$	155,968		$	118,293
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		0.93	%(c)		1.03	%		1.63	%		1.32	%		0.90	%		1.08	%
Portfolio turnover rate(d)		47	%		90	%		83	%		94	%		91	%		83	%

^(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.

43 | May 31, 2025

Barron’s 400^SM ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Barron’s 400^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.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the “Adviser”) is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

A. Portfolio Valuation

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

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

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

44 | May 31, 2025

Barron’s 400^SM ETF

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

B. Fair Value Measurements

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

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

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

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

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

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

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

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

Barron’s 400 ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	150,991,739	$	–	$	–	$	150,991,739
Limited Partnerships*		1,974,138		–		–		1,974,138
Short Term Investments		1,656,101		–		–		1,656,101
Total	$	154,621,978	$	–	$	–	$	154,621,978

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

45 | May 31, 2025

Barron’s 400^SM ETF

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

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid annually or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
Barron’s 400SM ETF	$	1,760,535	$	–	$	–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
Barron’s 400SM ETF	$	36,595,146	$	–

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

	Barron’s 400SM ETF
Gross appreciation (excess of value over tax cost)	$	29,114,217
Gross depreciation (excess of tax cost over value)		(4,193,003	)
Net unrealized appreciation/(depreciation)	$	24,921,214
Cost of investments for income tax purposes	$	129,700,764

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

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

46 | May 31, 2025

Barron’s 400^SM ETF

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

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

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

	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Barron’s 400 SM ETF	$	11,226,835	$	1,347,565	$	10,126,977	$	11,474,542

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

Barron’s 400 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	$	1,347,565	$	$	–	$	–	$	1,347,565
Total Borrowings									1,347,565
Gross amount of recognized liabilities for securities lending (collateral received)								$	1,347,565

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.65% of the Fund’s average daily net assets. From time to time, the Adviser may waive all or a portion of its fee.

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

47 | May 31, 2025

Barron’s 400^SM ETF

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

Fund	Purchases		Sales
Barron’s 400 ETF	$	70,225,784	$	70,306,938

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

Fund	Purchases		Sales
Barron’s 400 ETF	$	5,601,491	$	3,513,182

For the six months ended May 31, 2025, the Fund had in-kind net realized gains of $663,275.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. RELATED PARTY TRANSACTIONS

The Fund engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2025 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the six months ended May 31, 2025, were as follows:

Fund	Purchase Cost Paid		Sale Proceeds Received		Realized Gain/(Loss) on Sales
Barron’s 400 SM ETF	$	584,100	$	417,117	$	50,223

48 | May 31, 2025

Barron’s 400^SM ETF

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

7. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

8. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

49 | May 31, 2025

Barron’s 400^SM ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction
Barron’s 400 SM ETF	100%	100%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

LICENSING AGREEMENT

MarketGrader Capital, LLC (the “Index Provider”) has entered into a license agreement with Dow Jones & Company to use the “Barron’s” name and certain related intellectual property in connection with the Underlying Index. The Index Provider also has entered into a license and services agreement with its parent company, MarketGrader.com, to use the methodology for constructing the Underlying Index. The Index Provider in turn has entered into the Sublicense Agreement with the Adviser to use the Underlying Index. The following disclosure relates to such licensing agreements:

The Fund is not sponsored, managed or advised by the Index Provider. The Index Provider makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of a market or sector. The Index Provider’s only relationship to the Adviser or the Fund is the licensing of certain service marks and trade names of the Index Provider and of the Underlying Index that is determined, composed and calculated by the Index Provider without regard to the Adviser or the Fund. The Index Provider has no obligation to take the needs of the Adviser or the Fund or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index.

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

“The Barron’s 400 Index^SM” 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^SM 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^SM or in the determination of the timing of, prices at, or quantities of the Fund to be sold or in the determination or calculation of the equation by which the Product are to be converted into cash. DJC and its affiliates have no obligation or liability in connection with the administration, marketing or trading of the Barron’s 400 Index^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.

50 | May 31, 2025

Barron’s 400^SM ETF

Additional Information May 31, 2025 (Unaudited)

The Adviser does not guarantee the accuracy and/or the completeness of the Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

51 | May 31, 2025

Barron’s 400^SM ETF

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

Not applicable for this reporting period.

52 | May 31, 2025

Barron’s 400^SM ETF

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

Not applicable for this reporting period.

53 | May 31, 2025

Barron’s 400^SM ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund’s unitary fee arrangements, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser. 

54 | May 31, 2025

Barron’s 400^SM ETF

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

Not applicable for this reporting period.

55 | May 31, 2025

Table of Contents

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

alpsfunds.com

Level Four Large Cap Growth Active ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.76%)
Communication Services (11.51%)
Alphabet, Inc., Class A		30,140	$	5,176,244
Meta Platforms, Inc., Class A		4,639		3,003,706
Netflix, Inc.(a)		1,584		1,912,252
Walt Disney Co.		7,448		841,922
Total Communication Services				10,934,124
Consumer Discretionary (16.09%)
Amazon.com, Inc.(a)		25,366		5,200,283
Booking Holdings, Inc.		534		2,947,109
Etsy, Inc.(a)		12,942		716,340
Home Depot, Inc.		4,793		1,765,214
McDonald's Corp.		2,951		926,171
PulteGroup, Inc.		7,284		714,051
RH(a)		16,680		3,020,915
Total Consumer Discretionary				15,290,083
Consumer Staples (1.55%)
Celsius Holdings, Inc.(a)		23,179		878,021
Constellation Brands, Inc., Class A		3,315		591,031
Total Consumer Staples				1,469,052
Energy (1.02%)
Phillips 66		8,511		965,828
Financials (11.48%)
Blackrock, Inc.		3,077		3,015,122
Mastercard, Inc., Class A		3,503		2,051,357
Morgan Stanley		16,978		2,173,693
PayPal Holdings, Inc.(a)		36,931		2,595,510
Visa, Inc., Class A		2,937		1,072,563
Total Financials				10,908,245
Health Care (4.56%)
AbbVie, Inc.		5,746		1,069,388
Dexcom, Inc.(a)		13,401		1,149,806
UnitedHealth Group, Inc.		4,129		1,246,586
Vertex Pharmaceuticals, Inc.(a)		1,956		864,650
Total Health Care				4,330,430
Industrials (7.97%)
Fortive Corp.		10,841		760,930
Lockheed Martin Corp.		1,935		933,405
Paycom Software, Inc.		4,258		1,103,205
TransDigm Group, Inc.		633		929,516
Uber Technologies, Inc.(a)		35,504		2,988,017
United Rentals, Inc.		1,218		862,807
Total Industrials				7,577,880
Information Technology (42.76%)
Apple, Inc.		29,226		5,870,043
Applied Materials, Inc.		8,471		1,327,829
Arista Networks, Inc.(a)		11,259		975,480
Broadcom, Inc.		10,236		2,477,829
Docusign, Inc.(a)		27,314		2,420,294

Security Description	Shares		Value
Information Technology (continued)
Lam Research Corp.		36,205	$	2,925,002
Micron Technology, Inc.		14,896		1,407,076
Microsoft Corp.		12,884		5,931,278
Monolithic Power Systems, Inc.		2,470		1,634,893
NVIDIA Corp.		33,103		4,473,208
Palo Alto Networks, Inc.(a)		5,422		1,043,301
Salesforce, Inc.		5,911		1,568,602
ServiceNow, Inc.(a)		2,203		2,227,431
Snowflake, Inc., Class A(a)		20,476		4,211,299
Twilio, Inc., Class A(a)		18,287		2,152,380
Total Information Technology				40,645,945
Real Estate (0.82%)
Zillow Group, Inc.(a)		11,610		779,147
TOTAL COMMON STOCKS
(Cost $72,475,865)				92,900,734

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (2.24%)
Money Market Fund (2.24%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		2,130,510	$	2,130,510
TOTAL SHORT TERM INVESTMENTS
(Cost $2,130,510)							2,130,510

TOTAL INVESTMENTS (100.00%)
(Cost $74,606,375)	$	95,031,244
LIABILITIES IN EXCESS OF OTHER ASSETS (0.00%(b))		(3,003	)
NET ASSETS - 100.00%	$	95,028,241

^(a) Non-income producing security.

^(b) Less than 0.005%.

See Notes to Financial Statements and Financial Highlights. 

1 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

ASSETS:
Investments, at value	$	95,031,244
Dividends receivable		36,558
Total Assets		95,067,802
LIABILITIES:
Payable to adviser		39,561
Total Liabilities		39,561
NET ASSETS	$	95,028,241
NET ASSETS CONSIST OF:
Paid-in capital	$	72,104,064
Total distributable earnings/(accumulated losses)		22,924,177
NET ASSETS	$	95,028,241
INVESTMENTS, AT COST	$	74,606,375
PRICING OF SHARES
Net Assets	$	95,028,241
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,738,400
Net Asset Value, offering and redemption price per share	$	34.70

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025

Level Four Large Cap Growth Active ETF

Statement of Operations For the Period Ended May 31, 2025 (Unaudited)

INVESTMENT INCOME:
Dividend Income	$	334,173
Total investment income		334,173
EXPENSES:
Investment adviser fees		231,073
Total expenses		231,073
NET INVESTMENT INCOME		103,100
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments(a)		2,620,082
Net change in unrealized depreciation on investments		(3,917,731	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(1,297,649	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,194,549	)

^(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.

3 | May 31, 2025

Level Four Large Cap Growth Active ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	103,100		$	358,998
Net realized gain		2,620,082			3,807,777
Net change in unrealized appreciation/(depreciation)		(3,917,731	)		19,683,905
Net increase/(decrease) in net assets resulting from operations		(1,194,549	)		23,850,680
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(138,193	)		(472,605	)
Total distributions		(138,193	)		(472,605	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		13,058,086			17,491,395
Cost of shares redeemed		(9,342,902	)		(13,367,369	)
Net increase from capital share transactions		3,715,184			4,124,026
Net increase in net assets		2,382,442			27,502,101
NET ASSETS:
Beginning of period		92,645,799			65,143,698
End of period	$	95,028,241		$	92,645,799
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,628,400			2,473,400
Shares sold		405,000			605,000
Shares redeemed		(295,000	)		(450,000	)
Shares outstanding, end of period		2,738,400			2,628,400

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025

Level Four Large Cap Growth Active ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			For the Period August 22, 2023 (Commencement of Operations) to November 30, 2023
NET ASSET VALUE, BEGINNING OF PERIOD	$	35.25		$	26.34		$	25.00
INCOME FROM OPERATIONS:
Net investment income(a)		0.04			0.14			0.07
Net realized and unrealized gain/(loss)		(0.54	)		8.95			1.27
Total from investment operations		(0.50	)		9.09			1.34
DISTRIBUTIONS:
From net investment income		(0.05	)		(0.18	)		–
Total distributions		(0.05	)		(0.18	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.55	)		8.91			1.34
NET ASSET VALUE, END OF PERIOD	$	34.70		$	35.25		$	26.34
TOTAL RETURN(b)		(1.42	)%		34.63	%		5.36	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	95,028		$	92,646		$	65,144
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		0.22	%(c)		0.44	%		1.01	%(c)
Portfolio turnover rate(d)		6	%		8	%		0	%

^(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.

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Level Four Large Cap Growth Active ETF (the “Fund”). The investment objective of the Fund is to seek maximum total return and above peer average risk-adjusted return. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund’s Shares (“Shares”) are listed on the Nasdaq Stock Market LLC (“Nasdaq Exchange”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 5,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

6 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

B. Fair Value Measurements

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

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

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

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

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

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

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

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

Level Four Large Cap Growth Active ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks*	$	92,900,734	$	–	$	–	$	92,900,734
Short Term Investments		2,130,510		–		–		2,130,510
Total	$	95,031,244	$	–	$	–	$	95,031,244

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Securities Transactions and Investment Income

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

7 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
Level Four Large Cap Growth Active ETF	$	472,605	$	–	$	–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
Level Four Large Cap Growth Active ETF	$	–	$	131,843

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

	Level Four Large Cap
	Growth Active ETF
Gross appreciation (excess of value over tax cost)	$	22,900,292
Gross depreciation (excess of tax cost over value)		(2,475,462	)
Net unrealized appreciation/(depreciation)	$	20,424,830
Cost of investments for income tax purposes	$	74,606,414

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

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

8 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations. During the six month period ended May 31, 2025, the Fund did not have any securities on loan.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.50% of the Fund’s average daily net assets.

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

Level Four Capital Management, LLC (“Level Four” or the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund's average daily net assets.

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

9 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

4. PURCHASES AND SALES OF SECURITIES

For the six month period ended May 31, 2025 the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
Level Four Large Cap Growth Active ETF	$	5,732,845	$	7,563,010

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

Fund	Purchases		Sales
Level Four Large Cap Growth Active ETF	$	12,755,755	$	9,096,608

For the six month period ended May 31, 2025, the Fund had in-kind net realized gain of $2,491,191.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 5,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

10 | May 31, 2025

Level Four Large Cap Growth Active ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Level Four Large Cap Growth Active ETF designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction	199A
Level Four Large Cap Growth Active ETF	100.00%	100.00%	0.00%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

11 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

Not applicable for this reporting period.

12 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

Not applicable for this reporting period.

13 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	—	$	40,000
Edmund J. Burke, Trustee		86,500		—		86,500
Jeremy W. Deems, Trustee		88,500		—		88,500
Rick A. Pederson, Trustee		92,500		—		92,500
Joseph F. Keenan, Trustee		82,500		—		82,500
Susan K. Wold, Trustee		82,500		—		82,500
Laton Spahr, President and Trustee*		—		—		—
Total	$	472,500	$	—	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

14 | May 31, 2025

Level Four Large Cap Growth Active ETF

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

Not applicable for this reporting period.

15 | May 31, 2025

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments
RiverFront Dynamic Core Income ETF	1
RiverFront Dynamic US Dividend Advantage ETF	3
RiverFront Strategic Income Fund	5
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets
RiverFront Dynamic Core Income ETF	10
RiverFront Dynamic US Dividend Advantage ETF	11
RiverFront Strategic Income Fund	12
Financial Highlights	13
Notes to Financial Statements and Financial Highlights	16
Additional Information	23
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	24
Proxy Disclosures for Open-End Management Investment Companies	25
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	26
Statement Regarding Basis for Approval of Investment Advisory Contract	27

alpsfunds.com

RiverFront Dynamic Core Income ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS (73.10%)
Communications (1.18%)
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, 07/23/2025	$	48,000	$	47,994
Comcast Corp.
4.150%, 10/15/2028		204,000		202,703
Total Communications				250,697
Consumer Discretionary (16.34%)
Ford Motor Co.
9.625%, 04/22/2030		279,000		316,839
Ford Motor Credit Co. LLC
7.350%, 11/04/2027		456,000		469,492
General Motors Financial Co., Inc.
6.400%, 01/09/2033		691,000		713,876
Goodyear Tire & Rubber Co.
4.875%, 03/15/2027		203,000		200,336
Hyatt Hotels Corp.
5.750%, 04/23/2030		691,000		704,534
Lennar Corp.
5.200%, 07/30/2030		250,000		252,425
Marriott International, Inc.
4.000%, 04/15/2028(a)		462,000		455,381
Toyota Motor Credit Corp.
3.950%, 06/30/2025		353,000		352,844
Total Consumer Discretionary				3,465,727
Energy (6.69%)
Hess Midstream Operations LP
4.250%, 02/15/2030(b)		203,000		193,652
Kinetik Holdings LP
6.625%, 12/15/2028(b)		804,000		820,508
Phillips 66 Co.
5.250%, 06/15/2031		401,000		406,148
Total Energy				1,420,308
Financials (22.84%)
Bank of America Corp.
4.250%, 10/22/2026		282,000		280,874
5Y US TI + 3.23%(c)(d)		499,000		503,689
Blue Owl Credit Income Corp.
7.750%, 01/15/2029		784,000		829,096
Citigroup, Inc.
4.450%, 09/29/2027		367,000		365,548
6.625%, 06/15/2032		120,000		129,169
FNB Corp.
5.150%, 08/25/2025		419,000		418,682
Goldman Sachs Group, Inc.
1D US SOFR + 1.135%, 10/23/2030(c)		332,000		330,934
Iron Mountain, Inc.
4.875%, 09/15/2027(b)		387,000		382,656

Security Description	Principal Amount		Value
Financials (continued)
JPMorgan Chase & Co.
4.250%, 10/01/2027	$	240,000	$	240,045
Morgan Stanley
5.000%, 11/24/2025		421,000		421,518
PNC Financial Services Group, Inc.
5Y US TI + 3.238%(c)(d)		499,000		507,224
Royal Bank of Canada
6.000%, 11/01/2027		421,000		436,410
Total Financials				4,845,845
Health Care (1.34%)
CVS Health Corp.
4.300%, 03/25/2028		82,000		81,104
HCA, Inc.
5.375%, 09/01/2026		203,000		203,922
Total Health Care				285,026
Industrials (6.01%)
Ingersoll Rand, Inc.
5.700%, 08/14/2033		691,000		711,502
Johnson Controls International PLC / Tyco Fire & Security Finance SCA
4.900%, 12/01/2032		284,000		281,034
Textron, Inc.
5.500%, 05/15/2035		284,000		282,802
Total Industrials				1,275,338
Materials (0.97%)
DuPont de Nemours, Inc.
4.725%, 11/15/2028		203,000		205,647
Total Materials				205,647
Technology (9.35%)
Concentrix Corp.
6.850%, 08/02/2033		691,000		707,484
Flex, Ltd.
5.250%, 01/15/2032		284,000		282,587
HP, Inc.
5.400%, 04/25/2030		250,000		253,235
Microchip Technology, Inc.
5.050%, 02/15/2030		284,000		284,920
Micron Technology, Inc.
5.375%, 04/15/2028		447,000		456,251
Total Technology				1,984,477
Utilities (8.38%)
Dominion Energy, Inc.
4.250%, 06/01/2028		462,000		459,263
Public Service Enterprise Group, Inc.
5.850%, 11/15/2027		456,000		470,154
Southern California Gas Co.
5.200%, 06/01/2033		407,000		406,143

See Notes to Financial Statements and Financial Highlights.

1 | May 31, 2025 

RiverFront Dynamic Core Income ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description				Principal Amount		Value
Utilities (continued)
Vistra Operations Co. LLC
7.750%, 10/15/2031(b)				$	417,000	$	442,421
Total Utilities							1,777,981
TOTAL CORPORATE BONDS
(Cost $15,446,780)							15,511,046
GOVERNMENT BONDS (22.16%)
Mexico Government International Bond
6.000%, 05/13/2030					208,000		214,011
United States Treasury Bond
4.375%, 05/15/2034					332,000		333,011
4.750%, 02/15/2037					499,000		512,489
4.750%, 11/15/2043					2,503,000		2,454,798
4.000%, 11/15/2052					902,000		772,161
3.625%, 05/15/2053					519,000		414,237
TOTAL GOVERNMENT BONDS
(Cost $5,058,456)							4,700,707
	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.68%)
Money Market Fund (3.68%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		781,237	$	781,237
TOTAL SHORT TERM INVESTMENTS
(Cost $781,237)							781,237
TOTAL INVESTMENTS (98.94%)
(Cost $21,286,473)						$	20,992,990
OTHER ASSETS IN EXCESS OF LIABILITIES (1.06%)							225,007
NET ASSETS - 100.00%						$	21,217,997

Investment Abbreviations: 

SOFR - Secured Overnight Financing Rate 

TI - Treasury Index

Reference Rates: 

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

5Y US TI - 5 Year US TI as of May 31, 2025 was 3.96%

^(a)  Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2025, the market value of those securities was $455,381, representing 2.15% of net assets.

^(b)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $1,839,238, representing 8.67% of net assets.

^(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, 2025. Security description includes the reference rate and spread if published and available.

^(d)  Securities are perpetual and thus do not have a predetermined maturity date.

See Notes to Financial Statements and Financial Highlights.

2 | May 31, 2025 

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.97%)
Communication Services (3.84%)
Alphabet, Inc., Class A		3,548	$	609,334
Alphabet, Inc., Class C		10,224		1,767,218
TEGNA, Inc.		27,435		458,713
Total Communication Services				2,835,265
Consumer Discretionary (11.71%)
Amazon.com, Inc.(a)		15,999		3,279,955
Ethan Allen Interiors, Inc.		16,052		419,439
H&R Block, Inc.		22,456		1,278,869
Perdoceo Education Corp.		68,967		2,347,637
TJX Cos., Inc.		7,994		1,014,438
Upbound Group, Inc.		13,915		319,210
Total Consumer Discretionary				8,659,548
Consumer Staples (2.94%)
Altria Group, Inc.		11,476		695,560
B&G Foods, Inc.(b)		104,878		441,536
Coca-Cola Co.		7,696		554,882
Philip Morris International, Inc.		2,680		483,981
Total Consumer Staples				2,175,959
Energy (7.67%)
Antero Midstream Corp.		83,002		1,558,778
Crescent Energy Co.		76,572		642,439
Devon Energy Corp.		8,293		250,946
EOG Resources, Inc.		8,426		914,811
Exxon Mobil Corp.		7,255		742,186
Kinder Morgan, Inc.		42,170		1,182,447
VAALCO Energy, Inc.(b)		119,297		378,171
Total Energy				5,669,778
Financials (18.00%)
Fidelity National Information Services, Inc.		14,296		1,138,105
First Financial Corp.		15,950		826,848
First Horizon National Corp.		41,047		816,014
FNB Corp.		28,665		397,584
Fulton Financial Corp.		27,698		477,790
Hanmi Financial Corp.		36,110		827,641
Heritage Commerce Corp.		68,960		638,570
Old Republic International Corp.		33,853		1,279,643
OneMain Holdings, Inc.(b)		11,244		582,889
Ready Capital Corp.(b)		37,700		168,519
Starwood Property Trust, Inc.		15,634		308,772
TrustCo Bank Corp. NY		20,260		628,870
Universal Insurance Holdings, Inc.		35,866		973,403
US Bancorp		25,702		1,120,350
Valley National Bancorp		53,953		473,707
Veritex Holdings, Inc.		19,505		472,021
Visa, Inc., Class A		3,224		1,177,373
Washington Trust Bancorp, Inc.		22,450		620,967

Security Description	Shares		Value
Financials (continued)
Western Union Co.		40,474	$	375,599
Total Financials				13,304,665
Health Care (1.48%)
Amgen, Inc.		1,846		531,980
National Research Corp.		41,358		558,747
Total Health Care				1,090,727
Industrials (6.99%)
Apogee Enterprises, Inc.		13,375		516,944
Deluxe Corp.		37,679		537,679
Genco Shipping & Trading, Ltd.		37,669		498,738
Lockheed Martin Corp.		1,024		493,957
MSC Industrial Direct Co. Inc, Class A, Class A		5,199		422,159
Paychex, Inc.		3,716		586,793
Pitney Bowes, Inc.		137,972		1,421,112
Trane Technologies PLC		1,600		688,432
Total Industrials				5,165,814
Information Technology (33.20%)
Apple, Inc.		27,011		5,425,159
Cisco Systems, Inc.		23,434		1,477,279
Hewlett Packard Enterprise Co.		65,320		1,128,730
International Business Machines Corp.		6,440		1,668,347
Microsoft Corp.		14,182		6,528,826
NVIDIA Corp.		55,670		7,522,687
QUALCOMM, Inc.		5,422		787,274
Total Information Technology				24,538,302
Materials (2.30%)
Greif, Inc.		6,622		398,975
Myers Industries, Inc.		62,550		793,760
Ramaco Resources, Inc.(b)		56,462		507,860
Total Materials				1,700,595
Real Estate (6.12%)
Camden Property Trust		4,040		474,660
Curbline Properties Corp.		21,258		482,344
Global Medical REIT, Inc.		94,775		602,769
Invitation Homes, Inc.		13,744		463,173
Medical Properties Trust, Inc.(b)		103,111		471,217
Piedmont Office Realty Trust, Inc., Class A(a)		33,013		235,052
SITE Centers Corp.		10,436		124,397
Tanger, Inc.		27,352		815,090
Universal Health Realty Income Trust		21,628		858,848
Total Real Estate				4,527,550
Utilities (3.72%)
Clearway Energy, Inc., Class C		40,562		1,248,092
Evergy, Inc.		7,014		465,800

See Notes to Financial Statements and Financial Highlights.

3 | May 31, 2025 

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description				Shares		Value
Utilities (continued)
Public Service Enterprise Group, Inc.					12,766	$	1,034,429
Total Utilities							2,748,321
TOTAL COMMON STOCKS
(Cost $63,993,419)							72,416,524
	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (2.78%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $1,431,203)		4.24	%		1,431,203	$	1,431,203
Investments Purchased with Collateral from Securities Loaned (0.84%)
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%
(Cost $623,997)					623,997		623,997
TOTAL SHORT TERM INVESTMENTS
(Cost $2,055,200)							2,055,200
TOTAL INVESTMENTS (100.75%)
(Cost $66,048,619)						$	74,471,724
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.75%)							(553,791	)
NET ASSETS - 100.00%						$	73,917,933

^(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 $1,898,117.

See Notes to Financial Statements and Financial Highlights.

4 | May 31, 2025 

RiverFront Strategic Income Fund

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS (73.79%)
Communications (4.63%)
CCO Holdings LLC / CCO Holdings Capital Corp.
5.500%, 05/01/2026(a)	$	387,000	$	386,281
Charter Communications Operating LLC / Charter Communications Operating Capital
6.150%, 11/10/2026		1,005,000		1,023,032
Netflix, Inc.
4.375%, 11/15/2026		696,000		697,469
Sirius XM Radio LLC
5.000%, 08/01/2027(a)		800,000		792,221
T-Mobile USA, Inc.
4.750%, 02/01/2028		1,204,000		1,206,142
Total Communications				4,105,145
Consumer Discretionary (14.16%)
Brink's Co.
6.500%, 06/15/2029(a)		928,000		947,511
Ford Motor Credit Co. LLC
6.950%, 03/06/2026		849,000		854,476
General Motors Financial Co., Inc.
5.400%, 04/06/2026		790,000		792,479
Goodyear Tire & Rubber Co.
5.000%, 05/31/2026		878,000		879,099
Group 1 Automotive, Inc.
6.375%, 01/15/2030(a)		964,000		983,536
Hilton Domestic Operating Co., Inc.
5.750%, 05/01/2028(a)		1,005,000		1,009,166
Hyatt Hotels Corp.
5.750%, 01/30/2027		815,000		829,160
Las Vegas Sands Corp.
6.000%, 08/15/2029		904,000		918,554
Lennar Corp.
4.750%, 11/29/2027		820,000		823,197
Marriott International, Inc.
4.900%, 04/15/2029		790,000		797,341
MGM Resorts International
5.500%, 04/15/2027		856,000		859,584
Newell Brands, Inc.
6.375%, 09/15/2027		1,005,000		1,010,167
Service Corp. International
5.750%, 10/15/2032		1,003,000		997,974
Volkswagen Group of America Finance LLC
6.450%, 11/16/2030(a)		805,000		843,824
Total Consumer Discretionary				12,546,068
Consumer Staples (2.74%)
Anheuser-Busch InBev Worldwide, Inc.
4.750%, 01/23/2029		728,000		738,439

Security Description	Principal Amount		Value
Consumer Staples (continued)
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl
5.125%, 02/01/2028	$	800,000	$	809,238
Post Holdings, Inc.
6.250%, 02/15/2032(a)		868,000		883,593
Total Consumer Staples				2,431,270
Energy (7.97%)
Columbia Pipelines Holding Co. LLC
6.042%, 08/15/2028(a)		849,000		875,226
DCP Midstream Operating LP
5.375%, 07/15/2025		441,000		441,119
EQT Corp.
6.375%, 04/01/2029(a)		1,188,000		1,216,731
Hess Midstream Operations LP
6.500%, 06/01/2029(a)		904,000		923,452
Hilcorp Energy I LP / Hilcorp Finance Co.
7.250%, 02/15/2035(a)		1,003,000		930,293
Kinetik Holdings LP
6.625%, 12/15/2028(a)		849,000		866,432
Murphy Oil Corp.
6.000%, 10/01/2032		1,003,000		936,063
Sunoco LP / Sunoco Finance Corp.
7.000%, 09/15/2028(a)		849,000		870,842
Total Energy				7,060,158
Financials (17.68%)
Aircastle, Ltd.
6.500%, 07/18/2028(a)		849,000		880,099
American Express Co.
5.850%, 11/05/2027		892,000		923,231
Ares Capital Corp.
7.000%, 01/15/2027		800,000		824,552
Avolon Holdings Funding, Ltd.
6.375%, 05/04/2028(a)		862,000		892,594
Banco Santander SA
5.147%, 08/18/2025		148,000		148,137
Block, Inc.
6.500%, 05/15/2032		880,000		899,899
Blue Owl Credit Income Corp.
7.750%, 01/15/2029		820,000		867,167
Blue Owl Technology Finance Corp.
6.750%, 04/04/2029		813,000		818,208
Citigroup, Inc.
4.450%, 09/29/2027		1,112,000		1,107,601
EPR Properties
4.750%, 12/15/2026		693,000		689,346
HAT Holdings I LLC / HAT Holdings II LLC
8.000%, 06/15/2027(a)		928,000		956,304
HSBC USA, Inc.
5.294%, 03/04/2027		868,000		881,081

See Notes to Financial Statements and Financial Highlights.

5 | May 31, 2025 

RiverFront Strategic Income Fund

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value
Financials (continued)
Iron Mountain, Inc.
4.875%, 09/15/2027(a)	$	774,000	$	765,311
KeyBank NA/Cleveland OH
5.850%, 11/15/2027		849,000		871,084
Macquarie Airfinance Holdings, Ltd.
6.400%, 03/26/2029(a)		928,000		960,152
Omega Healthcare Investors, Inc.
5.250%, 01/15/2026		447,000		447,518
OneMain Finance Corp.
6.625%, 01/15/2028		904,000		921,371
Penske Truck Leasing Co. Lp / PTL Finance Corp.
6.050%, 08/01/2028(a)		849,000		880,630
Royal Bank of Canada
6.000%, 11/01/2027		892,000		924,649
Total Financials				15,658,934
Health Care (2.77%)
DaVita, Inc.
4.625%, 06/01/2030(a)		774,000		723,741
GE HealthCare Technologies, Inc.
5.600%, 11/15/2025		849,000		851,246
HCA, Inc.
5.625%, 09/01/2028		856,000		875,861
Total Health Care				2,450,848
Industrials (7.71%)
Hillenbrand, Inc.
6.250%, 02/15/2029		856,000		860,024
L3Harris Technologies, Inc.
5.400%, 07/31/2033		1,068,000		1,082,790
MasTec, Inc.
4.500%, 08/15/2028(a)		744,000		730,667
Textron, Inc.
5.500%, 05/15/2035		1,256,000		1,250,701
TransDigm, Inc.
6.375%, 03/01/2029(a)		868,000		883,231
Trinity Industries, Inc.
7.750%, 07/15/2028(a)		904,000		939,975
United Rentals North America, Inc.
6.000%, 12/15/2029(a)		1,066,000		1,084,792
Total Industrials				6,832,180
Materials (9.74%)
Alcoa Nederland Holding BV
7.125%, 03/15/2031(a)		856,000		889,195
ArcelorMittal SA
6.550%, 11/29/2027		849,000		880,761
Avient Corp.
6.250%, 11/01/2031(a)		1,003,000		1,005,198
Ball Corp.
6.000%, 06/15/2029		856,000		874,022

Security Description	Principal Amount		Value
Materials (continued)
Berry Global, Inc.
4.875%, 07/15/2026(a)	$	368,000	$	367,091
Celanese US Holdings LLC
7.050%, 11/15/2030		849,000		875,574
Freeport-McMoRan, Inc.
5.000%, 09/01/2027		391,000		392,154
Methanex Corp.
5.125%, 10/15/2027		705,000		699,447
Methanex US Operations, Inc.
6.250%, 03/15/2032(a)		564,000		546,313
Sasol Financing USA LLC
4.375%, 09/18/2026		447,000		438,667
Sealed Air Corp./Sealed Air Corp US
6.125%, 02/01/2028(a)		856,000		866,111
Standard Industries, Inc.
5.000%, 02/15/2027(a)		800,000		795,051
Total Materials				8,629,584
Technology (2.57%)
CDW LLC / CDW Finance Corp.
3.569%, 12/01/2031		8,000		7,259
Concentrix Corp.
6.600%, 08/02/2028		1,204,000		1,262,753
Seagate Data Storage Technology Pte, Ltd.
5.875%, 07/15/2030(a)		1,000,000		1,004,060
Total Technology				2,274,072
Utilities (3.82%)
American Electric Power Co., Inc.
5.750%, 11/01/2027		892,000		918,207
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 08/20/2026		749,000		759,216
NRG Energy, Inc.
5.750%, 01/15/2028		800,000		803,361
Vistra Operations Co. LLC
7.750%, 10/15/2031(a)		849,000		900,758
Total Utilities				3,381,542
TOTAL CORPORATE BONDS
(Cost $65,068,538)				65,369,801
GOVERNMENT BONDS (23.04%)
Mexico Government International Bond
6.000%, 05/13/2030		870,000		895,143
U.S. Treasury Note
4.625%, 09/30/2030		1,091,000		1,123,069

See Notes to Financial Statements and Financial Highlights.

6 | May 31, 2025 

RiverFront Strategic Income Fund

Schedule of Investments May 31, 2025 (Unaudited)

Security Description				Principal Amount		Value
Utilities (continued)
United States Treasury Bond
4.375%, 05/15/2034				$	1,091,000	$	1,094,324
4.750%, 02/15/2037					1,618,000		1,661,737
4.750%, 11/15/2043					3,849,000		3,774,877
4.500%, 02/15/2044					4,654,000		4,415,119
4.625%, 05/15/2044					1,457,000		1,403,159
4.000%, 11/15/2052					7,063,000		6,046,314
TOTAL GOVERNMENT BONDS
(Cost $22,347,224)							20,413,742
	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.99%)
Money Market Fund (1.99%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		4.24	%		1,765,063	$	1,765,063
TOTAL SHORT TERM INVESTMENTS
(Cost $1,765,063)							1,765,063
TOTAL INVESTMENTS (98.82%)
(Cost $89,180,825)						$	87,548,606
OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)							1,045,659
NET ASSETS - 100.00%						$	88,594,265

^(a)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $27,600,382, representing 31.15% of net assets.

See Notes to Financial Statements and Financial Highlights.

7 | May 31, 2025 

RiverFront ETFs

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

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF		RiverFront Strategic Income Fund
ASSETS:
Investments, at value(a)	$	20,992,990		$	74,471,724	$	87,548,606
Cash		–			5,650		21,950
Dividend receivable		–			91,197		–
Interest receivable		234,176			5,357		1,058,258
Total Assets		21,227,166			74,573,928		88,628,814
LIABILITIES:
Payable to adviser		9,169			31,998		34,549
Payable for collateral upon return of securities loaned		–			623,997		–
Other Payables		–			–		–
Total Liabilities		9,169			655,995		34,549
NET ASSETS	$	21,217,997		$	73,917,933	$	88,594,265
NET ASSETS CONSIST OF:
Paid-in capital	$	25,105,315		$	67,480,374	$	105,767,455
Total distributable earnings/(accumulated losses)		(3,887,318	)		6,437,559		(17,173,190	)
NET ASSETS	$	21,217,997		$	73,917,933	$	88,594,265
INVESTMENTS, AT COST	$	21,286,473		$	66,048,619	$	89,180,825
PRICING OF SHARES
Net Assets	$	21,217,997		$	73,917,933	$	88,594,265
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		950,000			1,350,002		3,875,000
Net Asset Value, offering and redemption price per share	$	22.33		$	54.75	$	22.86

^(a)  Includes $-, $1,898,117 and $-, respectively, of securities on loan.

See Notes to Financial Statements and Financial Highlights.

8 | May 31, 2025 

RiverFront ETFs

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

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Strategic Income Fund
INVESTMENT INCOME:
Interest	$	543,674		$	–		$	2,172,166
Dividends		14,797			1,178,235			50,138
Securities Lending Income		–			2,274			–
Total Investment Income		558,471			1,180,509			2,222,304
EXPENSES:
Investment adviser and sub-adviser fees (Note 3)		55,788			198,024			195,034
Total expenses		55,788			198,024			195,034
NET INVESTMENT INCOME		502,683			982,485			2,027,270
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments(a)		(49,594	)		1,962,627			(92,408	)
NET REALIZED GAIN/(LOSS)		(49,594	)		1,962,627			(92,408	)
Net change in unrealized depreciation on investments		(242,436	)		(7,274,613	)		(1,024,185	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)		(242,436	)		(7,274,613	)		(1,024,185	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(292,030	)		(5,311,986	)		(1,116,593	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	210,653		$	(4,329,501	)	$	910,677

^(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.

9 | May 31, 2025 

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	502,683		$	1,048,338
Net realized loss		(49,594	)		(362,460	)
Net change in unrealized appreciation/(depreciation)		(242,436	)		1,207,623
Net increase in net assets resulting from operations		210,653			1,893,501
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(493,620	)		(1,052,360	)
Total distributions		(493,620	)		(1,052,360	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			554,488
Shares redeemed		(1,125,504	)		(4,507,572	)
Net decrease from share transactions		(1,125,504	)		(3,953,084	)
Net decrease in net assets		(1,408,471	)		(3,111,943	)
NET ASSETS:
Beginning of period		22,626,468			25,738,411
End of period	$	21,217,997		$	22,626,468
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,000,000			1,175,000
Shares sold		–			25,000
Shares redeemed		(50,000	)		(200,000	)
Shares outstanding, end of period		950,000			1,000,000

See Notes to Financial Statements and Financial Highlights.

10 | May 31, 2025 

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	982,485		$	2,073,654
Net realized gain		1,962,627			5,409,430
Net change in unrealized appreciation/(depreciation)		(7,274,613	)		12,905,982
Net increase/(decrease) in net assets resulting from operations		(4,329,501	)		20,389,066
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(885,131	)		(2,072,969	)
Total distributions		(885,131	)		(2,072,969	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		8,526,732			3,992,312
Shares redeemed		(7,949,810	)		(16,833,938	)
Net increase/(decrease) from share transactions		576,922			(12,841,626	)
Net increase/(decrease) in net assets		(4,637,710	)		5,474,471
NET ASSETS:
Beginning of period		78,555,643			73,081,172
End of period	$	73,917,933		$	78,555,643
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,350,002			1,600,002
Shares sold		150,000			75,000
Shares redeemed		(150,000	)		(325,000	)
Shares outstanding, end of period		1,350,002			1,350,002

See Notes to Financial Statements and Financial Highlights.

11 | May 31, 2025 

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
OPERATIONS:
Net investment income	$	2,027,270		$	4,239,925
Net realized loss		(92,408	)		(2,090,548	)
Net change in unrealized appreciation/(depreciation)		(1,024,185	)		4,930,029
Net increase in net assets resulting from operations		910,677			7,079,406
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,017,348	)		(4,267,963	)
Total distributions		(2,017,348	)		(4,267,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		20,043,461			4,613,424
Shares redeemed		(10,746,909	)		(38,533,107	)
Net increase/(decrease) from share transactions		9,296,552			(33,919,683	)
Net increase/(decrease) in net assets		8,189,881			(31,108,240	)
NET ASSETS:
Beginning of period		80,404,384			111,512,624
End of period	$	88,594,265		$	80,404,384
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,475,000			4,950,000
Shares sold		875,000			200,000
Shares redeemed		(475,000	)		(1,675,000	)
Shares outstanding, end of period		3,875,000			3,475,000

See Notes to Financial Statements and Financial Highlights.

12 | May 31, 2025 

RiverFront Dynamic Core Income ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31,  2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.63		$	21.91		$	22.23		$	25.35		$	26.21		$	25.22
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.51			0.95			0.75			0.47			0.47			0.50
Net realized and unrealized gain/(loss)		(0.31	)		0.73			(0.29	)		(2.71	)		(0.87	)		0.99
Total from investment operations		0.20			1.68			0.46			(2.24	)		(0.40	)		1.49
DISTRIBUTIONS:
From net investment income		(0.50	)		(0.96	)		(0.78	)		(0.50	)		(0.46	)		(0.50	)
From net realized gains		–			–			–			(0.38	)		–			–
Total distributions		(0.50	)		(0.96	)		(0.78	)		(0.88	)		(0.46	)		(0.50	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.30	)		0.72			(0.32	)		(3.12	)		(0.86	)		0.99
NET ASSET VALUE, END OF PERIOD	$	22.33		$	22.63		$	21.91		$	22.23		$	25.35		$	26.21
TOTAL RETURN(b)		0.91	%		7.80	%		2.12	%		(9.02	)%		(1.51	)%		5.97	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	21,218		$	22,626		$	25,738		$	43,341		$	117,873		$	112,724
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		4.60	%(c)		4.24	%		3.40	%		2.03	%		1.83	%		1.94	%
Portfolio turnover rate(d)		4	%		17	%		54	%		50	%		45	%		11	%

^(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.

13 | May 31, 2025 

RiverFront Dynamic US Dividend Advantage ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	58.19		$	45.68		$	44.76		$	44.92		$	37.03		$	33.98
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.70			1.41			1.25			1.46			0.62			0.56
Net realized and unrealized gain/(loss)		(3.51	)		12.50			0.89			(0.21	)		7.90			3.08
Total from investment operations		(2.81	)		13.91			2.14			1.25			8.52			3.64
DISTRIBUTIONS:
From net investment income		(0.63	)		(1.40	)		(1.22	)		(1.41	)		(0.63	)		(0.59	)
Total distributions		(0.63	)		(1.40	)		(1.22	)		(1.41	)		(0.63	)		(0.59	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(3.44	)		12.51			0.92			(0.16	)		7.89			3.05
NET ASSET VALUE, END OF PERIOD	$	54.75		$	58.19		$	45.68		$	44.76		$	44.92		$	37.03
TOTAL RETURN(b)		(4.82	)%		30.90	%		4.96	%		2.86	%		23.13	%		10.92	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	73,918		$	78,556		$	73,081		$	92,881		$	132,524		$	133,294
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		2.58	%(c)		2.75	%		2.84	%		3.23	%		1.47	%		1.68	%
Portfolio turnover rate(d)		0	%		28	%		50	%		104	%		0	%		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 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, 2025 

RiverFront Strategic Income Fund

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024			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
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.14		$	22.53		$	22.65		$	24.53		$	24.79		$	24.69
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.55			1.01			0.78			0.55			0.55			0.81
Net realized and unrealized gain/(loss)		(0.29	)		0.63			(0.12	)		(1.82	)		(0.18	)		0.13	(b)
Total from investment operations		0.26			1.64			0.66			(1.27	)		0.37			0.94
DISTRIBUTIONS:
From net investment income		(0.54	)		(1.03	)		(0.78	)		(0.61	)		(0.63	)		(0.84	)
Total distributions		(0.54	)		(1.03	)		(0.78	)		(0.61	)		(0.63	)		(0.84	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.28	)		0.61			(0.12	)		(1.88	)		(0.26	)		0.10
NET ASSET VALUE, END OF PERIOD	$	22.86		$	23.14		$	22.53		$	22.65		$	24.53		$	24.79
TOTAL RETURN(c)		1.16	%		7.42	%		2.98	%		(5.20	)%		1.52	%		3.95	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	88,594		$	80,404		$	111,513		$	104,759		$	142,893		$	118,984
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		4.78	%(d)		4.41	%		3.47	%		2.35	%		2.23	%		3.32	%
Portfolio turnover rate(e)		4	%		42	%		52	%		24	%		50	%		54	%

^(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 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.

^(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.

15 | May 31, 2025 

RiverFront ETFs

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the RiverFront Dynamic Core Income ETF, the RiverFront Dynamic US Dividend Advantage ETF, and the RiverFront Strategic Income Fund (each a “Fund” and collectively, the “Funds”).

The investment objective of the RiverFront Dynamic Core Income ETF Fund is to seek total return, with an emphasis on income as the source of that total return. The investment objective of the RiverFront Dynamic US Dividend Advantage ETF Fund is to seek to provide capital appreciation and dividend income. The investment objective of the RiverFront Strategic Income Fund is to seek total return, with an emphasis on income as the source of that total return. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. ALPS Advisors, Inc. (the "Adviser") is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

A. Portfolio Valuation

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

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

Corporate bonds and United States government bonds are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service.

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

 16 | May 31, 2025

RiverFront ETFs

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

B. Fair Value Measurements 

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The RiverFront Dynamic Core Income ETF and the RiverFront Strategic Income Fund may invest a significant portion of their assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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

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

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

 17 | May 31, 2025

RiverFront ETFs

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

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

RiverFront Dynamic Core Income ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant  Observable Inputs		Level 3 - Significant  Unobservable Inputs		Total
Corporate Bonds*	$	–	$	15,511,046	$	–	$	15,511,046
Government Bonds*		–		4,700,707		–		4,700,707
Short Term Investments		781,237		–		–		781,237
Total	$	781,237	$	20,211,753	$	–	$	20,992,990

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*	$	72,416,524	$	–	$	–	$	72,416,524
Short Term Investments		2,055,200		–		–		2,055,200
Total	$	74,471,724	$	–	$	–	$	74,471,724

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*	$	–	$	65,369,801	$	–	$	65,369,801
Government Bonds*		–		20,413,742		–		20,413,742
Short Term Investments		1,765,063		–		–		1,765,063
Total	$	1,765,063	$	85,783,543	$	–	$	87,548,606

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2025.

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income for each Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
RiverFront Dynamic Core Income ETF	$	1,052,360	$	–	$	–
RiverFront Dynamic US Dividend Advantage ETF		2,072,969		–		–
RiverFront Strategic Income Fund		4,267,963		–		–

 18 | May 31, 2025

RiverFront ETFs

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

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2024, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
RiverFront Dynamic Core Income ETF	$	2,105,228	$	1,435,351
RiverFront Dynamic US Dividend Advantage ETF		4,335,814		–
RiverFront Strategic Income Fund		8,098,631		7,258,685

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

Fund	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Strategic Income Fund
Gross appreciation (excess of value over tax cost)	$	277,502		$	16,454,370		$	913,734
Gross depreciation (excess of tax cost over value)		(570,985	)		(8,031,265	)		(2,545,953	)
Net unrealized appreciation/(depreciation)		(293,483	)		8,423,105			(1,632,219	)
Cost of investments for income tax purposes	$	21,286,473		$	66,048,619		$	89,180,125

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

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Funds’ tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the six months ended May 31, 2025, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. Lending of Portfolio Securities

The RiverFront Dynamic US Dividend Advantage ETF has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund's lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 19 | May 31, 2025

RiverFront ETFs

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

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
RiverFront Dynamic US Dividend Advantage ETF	$	1,898,117	$	623,997	$	1,339,772	$	1,963,769

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received. As of May 31, 2025, Riverfront Dynamic Core Income ETF and Riverfront Strategic Income ETF did not have any securities on loan.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2025:

RiverFront Dynamic US Dividend Advantage ETF			Remaining Contractual Maturity of the Agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Common Stocks	$	623,997	$	–	$	–	$	–	$	623,997
Total Borrowings										623,997
Gross amount of recognized liabilities for securities lending (collateral received)									$	623,997

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

Fund	Advisory Fee
RiverFront Dynamic Core Income ETF	0.51%(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%

 20 | May 31, 2025

RiverFront ETFs

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

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, U.S. Government securities and short-term investments, were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	1,972,931	$	–
RiverFront Dynamic US Dividend Advantage ETF		678,988		–
RiverFront Strategic Income Fund		3,495,265		3,171,443

For the six months ended May 31, 2025, the cost of U.S. Government security purchases and proceeds from U.S. Government security sales were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	862,887	$	773,851
RiverFront Strategic Income Fund		2,473,986		–

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

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	–	$	1,106,616
RiverFront Dynamic US Dividend Advantage ETF		8,361,468		7,780,500
RiverFront Strategic Income Fund		19,750,867		10,545,871

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

Fund		Net Realized Gain/(Loss)
RiverFront Dynamic Core Income ETF	$	3,693
RiverFront Dynamic US Dividend Advantage ETF		1,764,989
RiverFront Strategic Income Fund		23,629

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from each Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

 21 | May 31, 2025

RiverFront ETFs

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

6. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of each Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

 22 | May 31, 2025

RiverFront ETFs

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction	199A Dividends
RiverFront Dynamic Core Income ETF	0.00%	0.00%	0.00%
RiverFront Dynamic US Dividend Advantage ETF	85.87%	80.21%	7.29%
RiverFront Strategic Income Fund	0.00%	0.00%	0.00%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

 23 | May 31, 2025

RiverFront ETFs

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

Not applicable for this reporting period.

 24 | May 31, 2025

RiverFront ETFs

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

Not applicable for this reporting period.

 25 | May 31, 2025

RiverFront ETFs

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000		—	$	40,000
Edmund J. Burke, Trustee		86,500		—		86,500
Jeremy W. Deems, Trustee		88,500		—		88,500
Rick A. Pederson, Trustee		92,500		—		92,500
Joseph F. Keenan, Trustee		82,500		—		82,500
Susan K. Wold, Trustee		82,500		—		82,500
Laton Spahr, President and Trustee*		—		—
Total	$	472,500	$	—	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

 26 | May 31, 2025

RiverFront ETFs

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

Not applicable for this reporting period.

 27 | May 31, 2025

 

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements and Financial Highlights	21
Additional Information	26
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	27
Proxy Disclosures for Open-End Management Investment Companies	28
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	29
Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract	30

alpsfunds.com

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
BANK LOANS (0.62%)
Aerospace & Defense (0.43%)
TransDigm, Inc.
3M SOFR + 2.50%, 02/28/2031	$	7,822,845	$	7,831,411
Casinos & Gaming (0.19%)
Caesars Entertainment, Inc.
1M SOFR + 2.25%, 02/06/2031		3,477,481		3,472,039
TOTAL BANK LOANS
(Cost $11,329,172)				11,303,450

Security Description	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (4.70%)
Fannie Mae
Series 2000-34, Class TZ,
8.500%, 10/25/2030	$	91,763	$	96,562
Series 2000-40, Class FA,
30D US SOFR + 0.614%, 07/25/2030(a)		33,968		33,946
Series 2001-51, Class PZ,
6.500%, 10/25/2031		94,213		97,881
Series 2002-60, Class FV,
30D US SOFR + 1.114%, 04/25/2032(a)		6,964		7,032
Series 2002-90, Class A1,
6.500%, 06/25/2042		176,694		180,710
Series 2003-119, Class ZP,
4.000%, 12/25/2033		35,634		34,444
Series 2003-18, Class A1,
6.500%, 12/25/2042		37,539		38,007
Series 2003-30, Class JQ,
5.500%, 04/25/2033		2,069		2,127
Series 2003-47, Class PE,
5.750%, 06/25/2033		28,207		29,159
Series 2004-52, Class ZX,
7.000%, 07/25/2034		298,566		312,308
Series 2004-92, Class TB,
5.500%, 12/25/2034		7,368		7,619
Series 2005-122, Class PY,
6.000%, 01/25/2036		22,859		23,735
Series 2005-27, Class GH,
5.500%, 04/25/2035		106,876		106,794
Series 2005-3, Class CH,
5.250%, 02/25/2035		4,132		4,222
Series 2005-48, Class TD,
5.500%, 06/25/2035		66,819		69,262

Security Description	Principal Amount		Value (Note 2)
Series 2005-75, Class ZP,
5.750%, 09/25/2035	$	136,625	$	141,335
Series 2005-99, Class AC,
5.500%, 12/25/2035		38,000		38,128
Series 2006-125, Class KY,
5.500%, 01/25/2037		195,862		205,359
Series 2006-78, Class BZ,
6.500%, 08/25/2036		312,175		329,534
Series 2007-36, Class PH,
5.500%, 04/25/2037		104,668		108,724
Series 2007-55, Class PH,
6.000%, 06/25/2047		29,899		31,473
Series 2008-24, Class WD,
5.500%, 02/25/2038		76,750		76,746
Series 2008-6, Class A,
5.000%, 02/25/2038		169,612		168,133
Series 2009-106, Class LK,
5.500%, 08/25/2037		616,209		620,852
Series 2009-106, Class DZ,
4.500%, 01/25/2040		167,378		163,438
Series 2009-77, Class NX,
5.500%, 10/25/2039		731,592		734,482
Series 2010-123, Class BP,
4.500%, 11/25/2040		90,922		90,608
Series 2010-141, Class AL,
4.000%, 12/25/2040		15,681		15,229
Series 2010-2, Class GZ,
5.000%, 01/25/2040		122,502		120,699
Series 2010-41, Class NB,
5.000%, 05/25/2040		75,920		77,188
Series 2010-85, Class NJ,
4.500%, 08/25/2040		332,052		324,167
Series 2010-9, Class ME,
5.000%, 02/25/2040		24,815		25,060
Series 2011-110, Class ED,
2.500%, 04/25/2041		87,716		85,440
Series 2011-121, Class JP,
4.500%, 12/25/2041		12,954		12,559
Series 2011-145, Class JA,
4.500%, 12/25/2041		3,894		3,850
Series 2011-148, Class P,
4.000%, 09/25/2041		142,173		139,761
Series 2011-29, Class JC,
4.000%, 03/25/2041		123,259		118,864
Series 2012-103, Class PY,
3.000%, 09/25/2042		8,000		6,752
Series 2012-108, Class PL,
3.000%, 10/25/2042		106,966		97,108
Series 2012-111, Class PB,
1.750%, 06/25/2042		121,462		109,939
Series 2012-111, Class B,
7.000%, 10/25/2042		204,927		219,944
Series 2012-112, Class DA,
3.000%, 10/25/2042		180,319		163,948
Series 2012-120, Class QC,
2.500%, 11/25/2042		151,000		104,596

1 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2012-128, Class NP,
2.500%, 11/25/2042	$	78,170	$	50,958
Series 2012-128, Class JE,
2.000%, 09/25/2042		135,397		121,145
Series 2012-129, Class HT,
2.000%, 12/25/2032		372,368		331,992
Series 2012-133, Class KA,
2.500%, 07/25/2042		129,259		112,430
Series 2012-136, Class PL,
3.500%, 12/25/2042		418,000		391,043
Series 2012-137, Class CZ,
4.000%, 12/25/2042		164,735		154,985
Series 2012-139, Class GB,
2.500%, 12/25/2042		50,000		34,513
Series 2012-152, Class PB,
3.500%, 01/25/2043		19,784		19,082
Series 2012-154, Class PW,
3.000%, 10/25/2042		202,611		176,302
Series 2012-16, Class K,
4.000%, 10/25/2041		82,113		81,146
Series 2012-17, Class JA,
3.500%, 12/25/2041		71,183		66,927
Series 2012-19, Class CB,
3.500%, 03/25/2042		265,000		245,833
Series 2012-26, Class MA,
3.500%, 03/25/2042		42,931		40,275
Series 2012-28, Class PT,
4.000%, 03/25/2042		262,196		250,019
Series 2012-29, Class NM,
3.500%, 04/25/2042		50,000		41,197
Series 2012-30, Class DZ,
4.000%, 04/25/2042		190,784		184,121
Series 2012-35, Class EP,
2.000%, 11/25/2040		85,006		82,711
Series 2012-36, Class MB,
2.000%, 08/25/2041		422,387		411,717
Series 2012-37, Class CA,
2.000%, 01/25/2040		123,969		120,665
Series 2012-39, Class NB,
4.000%, 04/25/2042		32,000		29,365
Series 2012-47, Class HF,
30D US SOFR + 0.514%, 05/25/2027(a)		4,556		4,557
Series 2012-51, Class HJ,
3.500%, 05/25/2042		62,156		52,487
Series 2012-56, Class WB,
3.500%, 05/25/2042		118,860		111,156
Series 2012-58, Class KB,
3.500%, 06/25/2042		235,608		213,661
Series 2012-75, Class KE,
4.000%, 07/25/2042		200,000		184,991
Series 2012-83, Class AC,
3.000%, 08/25/2042		85,000		75,549
Series 2012-90, Class PB,
2.500%, 01/25/2042		65,403		62,593

Security Description	Principal Amount		Value (Note 2)
Series 2012-93, Class TL,
3.000%, 09/25/2042	$	190,000	$	151,013
Series 2013-10, Class GD,
2.000%, 02/25/2033		136,013		127,107
Series 2013-119, Class NU,
1.750%, 05/25/2043		201,110		193,913
Series 2013-123, Class AG,
2.500%, 02/25/2033		770,996		757,397
Series 2013-14, Class PC,
1.250%, 03/25/2043		219,038		182,355
Series 2013-18, Class NG,
2.000%, 12/25/2042		47,022		41,759
Series 2013-35, Class KL,
2.000%, 04/25/2033		90,734		84,767
Series 2013-37, Class PK,
3.500%, 04/25/2043		300,000		274,136
Series 2013-41, Class JL,
1.500%, 04/25/2038		180,144		164,541
Series 2013-44, Class Z,
3.000%, 05/25/2043		718,795		536,921
Series 2013-67, Class KZ,
2.500%, 04/25/2043		146,188		120,046
Series 2013-7, Class PZ,
2.000%, 02/25/2043		191,923		110,185
Series 2013-75, Class FC,
30D US SOFR + 0.364%, 07/25/2042(a)		123,471		122,982
Series 2013-86, Class LG,
3.500%, 08/25/2043		178,000		149,362
Series 2013-86, Class Z,
3.000%, 08/25/2043		176,915		129,683
Series 2013-86, Class CY,
4.500%, 08/25/2043		1,320,900		1,217,289
Series 2013-9, Class BC,
6.500%, 07/25/2042		144,929		152,645
Series 2014-14, Class PA,
3.500%, 02/25/2044		96,708		94,338
Series 2014-8, Class Z,
3.000%, 03/25/2034		125,749		120,529
Series 2015-27, Class ME,
3.500%, 10/25/2044		30,000		28,172
Series 2015-47, Class AY,
3.000%, 07/25/2045		81,803		71,876
Series 2015-58, Class ZL,
3.000%, 08/25/2045		268,526		223,801
Series 2015-59, Class LP,
3.500%, 08/25/2045		127,000		101,787
Series 2015-65, Class LD,
3.500%, 01/25/2036		124,000		117,884
Series 2016-26, Class PA,
3.000%, 10/25/2045		110,519		103,618
Series 2016-28, Class TA,
3.250%, 07/25/2043		494,202		377,642
Series 2016-37, Class BK,
3.000%, 06/25/2046		57,703		55,313

2 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2016-42, Class DA,
3.000%, 07/25/2045	$	105,174	$	99,635
Series 2016-6, Class PA,
3.000%, 11/25/2044		112,556		108,261
Series 2016-79, Class JC,
2.500%, 11/25/2046		340,168		263,285
Series 2016-8, Class CB,
3.500%, 03/25/2046		48,007		44,091
Series 2017-10, Class FA,
30D US SOFR + 0.514%, 03/25/2047(a)		25,493		25,184
Series 2017-15, Class PE,
3.500%, 04/25/2046		45,023		43,153
Series 2017-25, Class QH,
3.000%, 04/25/2047		272,308		238,957
Series 2017-38, Class JA,
3.000%, 03/25/2047		61,464		55,222
Series 2017-38, Class JG,
2.500%, 03/25/2047		344,655		302,661
Series 2017-98, Class JC,
2.500%, 11/25/2047		150,276		131,133
Series 2018-15, Class KG,
2.500%, 01/25/2048		94,689		80,361
Series 2018-2, Class BA,
3.000%, 02/25/2045		88,666		86,899
Series 2018-25, Class AL,
3.500%, 04/25/2048		98,000		85,392
Series 2018-28, Class CA,
3.000%, 05/25/2048		97,785		86,452
Series 2018-35, Class LB,
3.500%, 05/25/2048		106,000		91,317
Series 2018-50, Class DY,
3.000%, 10/25/2047		95,246		86,550
Series 2018-6, Class PA,
3.000%, 02/25/2048		63,788		55,833
Series 2018-8, Class KL,
2.500%, 03/25/2047		89,283		81,071
Series 2018-94, Class KD,
3.500%, 12/25/2048		128,601		118,577
Series 2019-36, Class NJ,
3.000%, 07/25/2049		100,000		81,635
Series 2019-74, Class GL,
3.500%, 12/25/2049		174,253		120,196
Series 2019-81, Class ML,
2.500%, 01/25/2050		119,847		75,601
Series 2020-10, Class DA,
3.500%, 03/25/2060		91,319		81,376
Series 2020-38, Class LC,
1.500%, 06/25/2040		100,132		92,075
Series 2021-59, Class H,
2.000%, 06/25/2048		48,820		39,846
Series 2021-6, Class KU,
1.500%, 02/25/2051		191,229		106,034
Series 2021-66, Class HU,
1.500%, 10/25/2051		228,998		105,143

Security Description	Principal Amount		Value (Note 2)
Series 2021-72, Class NA,
1.500%, 10/25/2051	$	98,024	$	52,563
Series 2021-87, Class QB,
2.000%, 12/25/2051		46,230		26,406
Series 2021-94, Class PU,
2.000%, 01/25/2052		39,318		24,077
Series 2022-90, Class AY,
4.500%, 12/25/2041		405,000		386,687
Series 2023-12, Class GB,
6.000%, 06/25/2045		15,335,183		15,561,986
Series 2023-42, Class B,
6.000%, 07/25/2045		9,092,865		9,238,164
Series 2024-39, Class AZ,
3.000%, 11/25/2047		133,954		103,952
				43,019,980
Freddie Mac
Series 1998-2034, Class Z,
6.500%, 02/15/2028		4,061		4,121
Series 1998-2045, Class PD,
6.750%, 04/15/2028		80,075		80,728
Series 1998-2098, Class ZB,
6.000%, 11/15/2028		90,320		91,151
Series 1998-2104, Class QH,
6.500%, 12/15/2028		125,249		128,035
Series 2002-2412, Class OF,
30D US SOFR + 1.064%, 12/15/2031(a)		56,572		57,141
Series 2002-2422, Class TA,
6.500%, 02/15/2032		237,186		247,660
Series 2002-2455, Class GK,
6.500%, 05/15/2032		17,295		18,070
Series 2002-2489, Class PE,
6.000%, 08/15/2032		295,827		306,349
Series 2002-2495, Class ZB,
4.500%, 09/15/2032		2,319		2,264
Series 2002-2513, Class AF,
30D US SOFR + 1.114%, 02/15/2032(a)		18,055		17,538
Series 2003-2554, Class MN,
5.500%, 01/15/2033		4,471		4,579
Series 2003-2624, Class QH,
5.000%, 06/15/2033		15,898		16,130
Series 2003-2646, Class ZN,
5.000%, 07/15/2033		148,624		148,438
Series 2003-2673, Class PE,
5.500%, 09/15/2033		138,827		142,586
Series 2003-2725, Class TA,
4.500%, 12/15/2033		30,688		30,666
Series 2004-2768, Class PW,
4.250%, 03/15/2034		8,175		8,073
Series 2005-2944, Class OH,
5.500%, 03/15/2035		46,384		48,125
Series 2005-2973, Class GE,
5.500%, 05/15/2035		206,000		208,535

3 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2005-2978, Class CN,
5.500%, 05/15/2035	$	135,010	$	140,082
Series 2005-3033, Class WY,
5.500%, 09/15/2035		90,379		93,520
Series 2005-3034, Class ZM,
6.000%, 09/15/2035		483,067		505,812
Series 2006-3108, Class PZ,
6.000%, 02/15/2036		197,306		207,512
Series 2006-3137, Class XP,
6.000%, 04/15/2036		2,970		3,126
Series 2007-3271, Class PC,
6.000%, 02/15/2037		876,435		886,279
Series 2007-3388, Class DZ,
5.500%, 11/15/2037		232,212		232,584
Series 2008-3472, Class CZ,
6.000%, 08/15/2036		1,287,609		1,350,052
Series 2008-3485, Class MA,
5.500%, 07/15/2036		34,381		35,756
Series 2009-3533, Class CB,
4.500%, 05/15/2029		43,206		42,957
Series 2009-3575, Class D,
4.500%, 03/15/2037		161,218		157,191
Series 2009-3587, Class DA,
4.500%, 10/15/2039		66,153		65,607
Series 2010-3626, Class ME,
5.000%, 01/15/2040		30,457		31,092
Series 2010-3638, Class DB,
5.000%, 02/15/2040		75,000		72,727
Series 2010-3645, Class WD,
4.500%, 02/15/2040		15,000		14,698
Series 2010-3662, Class QB,
5.000%, 03/15/2038		104,361		104,003
Series 2010-3674, Class QN,
5.750%, 05/15/2036		363,142		347,886
Series 2010-3681, Class MT,
4.543%, 02/15/2038(a)		87,354		79,107
Series 2010-3704, Class CT,
7.000%, 12/15/2036		559,369		593,741
Series 2010-3764, Class QY,
4.000%, 11/15/2030		1,111,238		1,106,991
Series 2010-3772, Class NE,
4.500%, 12/15/2040		172,000		155,286
Series 2011-3924, Class LC,
4.000%, 09/15/2041		107,159		102,995
Series 2011-3943, Class LA,
3.000%, 10/15/2026		62,419		61,687
Series 2011-3954, Class PG,
2.500%, 07/15/2041		41,808		40,029
Series 2011-3957, Class BZ,
4.000%, 11/15/2041		167,996		160,561
Series 2011-3966, Class NA,
4.000%, 12/15/2041		124,169		120,620
Series 2011-3968, Class G,
3.000%, 12/15/2026		70,220		69,405

Security Description	Principal Amount		Value (Note 2)
Series 2012-3985, Class B,
2.367%, 01/15/2042	$	132,383	$	112,579
Series 2012-3990, Class GY,
3.500%, 01/15/2042		97,000		82,472
Series 2012-3992, Class HZ,
4.000%, 01/15/2042		547,711		522,973
Series 2012-3994, Class HJ,
2.000%, 06/15/2041		275,591		264,873
Series 2012-3997, Class EC,
3.500%, 02/15/2042		62,765		53,520
Series 2012-4029, Class NE,
2.500%, 03/15/2041		137,135		133,393
Series 2012-4050, Class ND,
2.500%, 09/15/2041		4,760		4,704
Series 2012-4068, Class PE,
3.000%, 06/15/2042		9,588		8,757
Series 2012-4075, Class PB,
3.000%, 07/15/2042		23,713		21,574
Series 2012-4077, Class BE,
4.000%, 07/15/2042		15,000		13,435
Series 2012-4093, Class PA,
3.000%, 08/15/2042		63,978		57,975
Series 2012-4096, Class BY,
2.000%, 08/15/2042		190,000		152,884
Series 2012-4101, Class QN,
3.500%, 09/15/2042		5,492		5,097
Series 2012-4112, Class CP,
2.000%, 01/15/2042		110,429		106,347
Series 2012-4116, Class UC,
2.500%, 10/15/2042		40,000		28,571
Series 2012-4117, Class EB,
3.500%, 10/15/2042		83,000		68,923
Series 2012-4118, Class PB,
2.500%, 10/15/2042		146,513		124,083
Series 2012-4125, Class KP,
2.500%, 05/15/2041		90,043		86,590
Series 2012-4135, Class AU,
2.000%, 11/15/2042		107,799		80,797
Series 2012-4138, Class HA,
1.250%, 12/15/2027		103,845		101,092
Series 2012-4147, Class LW,
2.000%, 12/15/2032		190,733		175,761
Series 2013-4160, Class HB,
2.500%, 12/15/2032		8,809		8,275
Series 2013-4161, Class BA,
2.500%, 12/15/2041		49,913		48,643
Series 2013-4161, Class LT,
2.500%, 08/15/2042		9,832		8,991
Series 2013-4161, Class ZW,
2.500%, 02/15/2033		167,872		140,896
Series 2013-4171, Class MN,
3.000%, 02/15/2043		46,000		33,986
Series 2013-4193, Class PK,
3.000%, 04/15/2043		80,876		77,266

4 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2013-4224, Class KC,
3.000%, 05/15/2032	$	44,144	$	43,718
Series 2013-4224, Class PA,
3.000%, 12/15/2042		375,799		363,786
Series 2013-4229, Class ZA,
4.000%, 07/15/2043		124,370		120,067
Series 2013-4247, Class AK,
4.500%, 12/15/2042		59,349		59,113
Series 2014-4330, Class PE,
3.000%, 11/15/2043		152,477		147,363
Series 2014-4383, Class WT,
3.225%, 09/15/2029(a)		172,813		169,941
Series 2014-4410, Class BH,
2.500%, 07/15/2033		98,003		97,648
Series 2015-4447, Class PA,
3.000%, 12/15/2044		69,004		64,915
Series 2015-4472, Class MA,
3.000%, 05/15/2045		109,768		102,323
Series 2015-4491, Class CD,
2.500%, 03/15/2040		214,934		181,556
Series 2016-4614, Class PB,
3.000%, 01/15/2046		124,086		114,720
Series 2016-4616, Class HP,
3.000%, 09/15/2046		71,944		64,365
Series 2016-4619, Class GP,
3.000%, 10/15/2046		387,631		342,441
Series 2016-4619, Class MC,
2.500%, 05/15/2043		124,597		120,778
Series 2016-4621, Class DA,
3.000%, 12/15/2045		110,016		103,194
Series 2016-4624, Class BA,
2.000%, 04/15/2036		191,970		175,170
Series 2017-4670, Class TY,
3.000%, 03/15/2047		222,000		177,692
Series 2017-4734, Class WA,
5.724%, 01/15/2041(a)		240,842		249,811
Series 2018-4760, Class P,
3.000%, 02/15/2044		71,961		70,795
Series 2018-4792, Class BD,
3.500%, 02/15/2048		92,355		84,305
Series 2018-4813, Class CJ,
3.000%, 08/15/2048		176,623		151,433
Series 2018-4819, Class CB,
4.000%, 08/15/2048		861,015		807,403
Series 2018-4824, Class KQ,
4.000%, 06/15/2046		112,452		111,505
Series 2018-4825, Class B,
4.000%, 07/15/2044		53,434		53,288
Series 2018-4827, Class LA,
3.500%, 08/15/2044		128,419		127,306
Series 2018-4839, Class AE,
4.000%, 04/15/2051		118,248		114,225
Series 2019-4879, Class BC,
3.000%, 04/15/2049		126,393		112,453

Security Description	Principal Amount		Value (Note 2)
Series 2019-4888, Class NW,
3.000%, 05/15/2049	$	174,400	$	128,672
Series 2019-4919, Class JL,
2.500%, 09/25/2049		493,909		416,165
Series 2019-4926, Class BP,
3.000%, 10/25/2049		279,452		241,527
Series 2019-4932, Class CB,
3.500%, 03/25/2049		300,210		287,302
Series 2020-4988, Class AK,
1.000%, 07/25/2050		135,310		105,521
Series 2020-4989, Class FA,
30D US SOFR + 0.464%, 08/15/2040(a)		33,809		33,265
Series 2020-4989, Class FB,
30D US SOFR + 0.464%, 10/15/2040(a)		31,393		30,884
Series 2020-5002, Class TJ,
2.000%, 07/25/2050		132,347		110,908
Series 2020-5005, Class DY,
1.500%, 08/25/2050		142,756		59,796
Series 2020-5036, Class NL,
2.500%, 11/25/2050		111,000		62,810
Series 2020-5058, Class LW,
1.250%, 01/25/2051		48,315		22,076
Series 2021-5080, Class CA,
2.000%, 02/25/2051		30,270		16,202
Series 2021-5083, Class MA,
2.000%, 03/25/2051		231,266		130,848
Series 2021-5085, Class HA,
1.500%, 03/25/2051		235,175		123,531
Series 2021-5092, Class BC,
2.500%, 06/25/2036		1,391		1,384
Series 2021-5094, Class Z,
2.000%, 07/25/2050		214,644		143,384
Series 2021-5116, Class HJ,
2.000%, 06/25/2051		31,738		16,569
Series 2022-5206, Class ZY,
3.500%, 03/25/2052		150,658		111,770
Series 2024-5407, Class LB,
6.000%, 05/25/2054		9,033,173		9,239,350
				26,479,230
Freddie Mac Strips
Series 2016-349, Class 300,
3.000%, 05/15/2046		99,615		92,918
Freddie Mac Structured Pass-Through Certificates
Series 2002-41, Class 3A,
4.458%, 07/25/2032(a)		13,054		11,869
Ginnie Mae
Series 2003-40, Class PZ,
5.500%, 05/16/2033		334,423		333,612

5 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2003-52, Class AP,
–%, 06/16/2033(b)	$	13,110	$	11,570
Series 2004-1, Class TE,
5.000%, 06/20/2033		42,001		41,934
Series 2004-87, Class BC,
4.500%, 10/20/2034		5,270		5,252
Series 2005-13, Class BG,
5.000%, 02/20/2035		64,035		64,240
Series 2005-20, Class GZ,
5.000%, 02/16/2035		176,898		176,197
Series 2005-51, Class DC,
5.000%, 07/20/2035		3,409		3,426
Series 2005-73, Class PH,
5.000%, 09/20/2035		114,864		114,562
Series 2006-17, Class NZ,
6.000%, 04/20/2036		194,276		196,631
Series 2006-20, Class QB,
6.000%, 04/20/2036		195,460		197,035
Series 2006-38, Class ZK,
6.500%, 08/20/2036		139,082		138,698
Series 2007-57, Class Z,
5.500%, 10/20/2037		228,413		230,959
Series 2008-38, Class PL,
5.500%, 05/20/2038		15,050		15,368
Series 2008-50, Class KB,
6.000%, 06/20/2038		109,607		112,629
Series 2008-55, Class PL,
5.500%, 06/20/2038		16,463		16,493
Series 2008-60, Class JP,
5.500%, 07/20/2038		46,762		46,848
Series 2008-7, Class PQ,
5.000%, 02/20/2038		4,959		4,945
Series 2008-7, Class PB,
5.000%, 02/20/2038		144,724		144,337
Series 2009-15, Class FM,
1M CME TERM SOFR + 1.154%, 03/20/2039(a)		36,432		36,453
Series 2009-45, Class ZB,
6.000%, 06/20/2039		388,874		406,860
Series 2009-47, Class LT,
5.000%, 06/20/2039		70,242		70,150
Series 2009-61, Class AP,
4.000%, 08/20/2039		35,090		34,304
Series 2009-94, Class FA,
1M CME TERM SOFR + 0.814%, 10/16/2039(a)		18,600		18,628
Series 2010-29, Class AD,
3.500%, 10/20/2039		85,806		82,928
Series 2010-H20, Class AF,
1M CME TERM SOFR + 0.444%, 10/20/2060(a)		15,039		15,066
Series 2010-H27, Class FA,
1M CME TERM SOFR + 0.494%, 12/20/2060(a)		99,631		99,899
Series 2011-100, Class MY,
4.000%, 07/20/2041		22,292		21,692

Security Description	Principal Amount		Value (Note 2)
Series 2011-141, Class GH,
3.000%, 10/16/2041	$	56,490	$	43,600
Series 2011-150, Class DW,
3.000%, 07/16/2041		136,884		121,600
Series 2011-71, Class ZC,
5.500%, 07/16/2034		43,438		43,795
Series 2011-H11, Class FB,
1M CME TERM SOFR + 0.614%, 04/20/2061(a)		15,650		15,731
Series 2012-108, Class CB,
2.500%, 09/20/2042		17,000		13,538
Series 2012-108, Class PB,
2.750%, 09/16/2042		38,000		29,588
Series 2012-116, Class BY,
3.000%, 09/16/2042		10,000		7,966
Series 2012-124, Class LD,
2.000%, 10/20/2042		135,144		102,425
Series 2012-32, Class PE,
3.500%, 03/16/2042		144,000		129,744
Series 2012-40, Class PW,
4.000%, 01/20/2042		108,201		105,643
Series 2012-61, Class MY,
3.000%, 05/16/2042		25,000		20,888
Series 2012-65, Class LM,
3.000%, 05/20/2042		119,500		109,831
Series 2012-77, Class MU,
2.500%, 06/20/2042		156,704		133,174
Series 2012-84, Class QH,
2.500%, 07/16/2042		123,617		110,476
Series 2012-97, Class BP,
2.500%, 08/20/2042		146,000		112,245
Series 2012-H14, Class FK,
1M CME TERM SOFR + 0.694%, 07/20/2062(a)		17,094		17,172
Series 2012-H20, Class PT,
4.982%, 07/20/2062(a)		127,487		127,339
Series 2012-H30, Class GA,
1M CME TERM SOFR + 0.464%, 12/20/2062(a)		98,885		99,063
Series 2013-117, Class ED,
4.000%, 08/20/2043		151,000		139,530
Series 2013-149, Class BP,
3.500%, 10/20/2043		24,000		20,521
Series 2013-150, Class PY,
3.500%, 10/16/2043		120,000		111,870
Series 2013-152, Class HL,
4.000%, 06/20/2043		100,000		91,028
Series 2013-22, Class GB,
2.500%, 08/20/2042		78,152		70,214
Series 2013-41, Class MY,
3.000%, 03/20/2043		18,086		16,276
Series 2013-44, Class CE,
2.500%, 03/16/2043		286,782		223,016
Series 2013-58, Class C,
2.500%, 04/20/2043		161,384		135,187

6 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2013-9, Class KY,
3.000%, 01/20/2043	$	25,000	$	22,079
Series 2013-H06, Class KB,
4.700%, 01/20/2063(a)		172,908		172,462
Series 2013-H22, Class FB,
1M CME TERM SOFR + 0.814%, 08/20/2063(a)		102,314		103,040
Series 2014-129, Class KJ,
3.000%, 07/16/2039		100,000		88,487
Series 2014-21, Class PB,
4.000%, 02/16/2044		22,000		19,446
Series 2014-32, Class DA,
3.500%, 02/20/2044		163,826		138,152
Series 2014-72, Class ML,
3.500%, 03/20/2044		266,598		244,260
Series 2014-H25, Class FB,
1M CME TERM SOFR + 0.594%, 12/20/2064(a)		96,472		96,775
Series 2015-27, Class GA,
3.097%, 12/20/2044(a)		74,071		76,595
Series 2015-31, Class B,
3.000%, 02/20/2045		200,000		178,337
Series 2015-H29, Class FA,
1M CME TERM SOFR + 0.814%, 10/20/2065(a)		473		474
Series 2016-163, Class B,
3.000%, 10/20/2046		40,000		29,363
Series 2016-46, Class Z,
3.000%, 04/20/2046		32,820		21,427
Series 2016-66, Class AB,
6.425%, 08/20/2034(a)		640,724		667,388
Series 2016-H08, Class FT,
1M CME TERM SOFR + 0.834%, 02/20/2066(a)		17,355		17,393
Series 2016-H24, Class FG,
1M CME TERM SOFR + 0.864%, 10/20/2066(a)		242,342		242,979
Series 2017-107, Class T,
3.000%, 01/20/2047		80,854		80,116
Series 2017-11, Class PZ,
4.000%, 01/20/2047		278,968		215,797
Series 2017-134, Class CG,
2.500%, 09/20/2047		160,000		134,520
Series 2017-H14, Class FD,
1M CME TERM SOFR + 0.584%, 06/20/2067(a)		19,243		19,315
Series 2018-1, Class QJ,
3.000%, 01/20/2048		137,000		89,636
Series 2018-115, Class CA,
3.500%, 08/20/2048		107,142		98,409
Series 2018-14, Class P,
2.250%, 08/20/2046		601,166		534,475
Series 2018-H07, Class FE,
1M CME TERM SOFR + 0.464%, 02/20/2068(a)		4,349		4,358

Security Description	Principal Amount		Value (Note 2)
Series 2019-108, Class NJ,
3.500%, 08/20/2049	$	114,947	$	102,598
Series 2019-119, Class JE,
3.000%, 09/20/2049		66,225		58,531
Series 2019-145, Class PA,
3.500%, 08/20/2049		193,015		183,977
Series 2019-153, Class JZ,
3.000%, 12/20/2049		211,573		185,761
Series 2019-158, Class LA,
3.500%, 04/20/2049		290,747		280,535
Series 2019-20, Class AB,
3.250%, 02/20/2049		196,891		185,238
Series 2019-85, Class KG,
3.000%, 06/20/2043		117,419		113,131
Series 2020-116, Class CA,
1.000%, 08/20/2050		330,943		142,624
Series 2020-122, Class MA,
1.000%, 08/20/2050		253,959		109,702
Series 2020-149, Class WB,
1.000%, 10/20/2050		54,095		22,570
Series 2020-15, Class JH,
2.500%, 02/20/2050		241,780		204,084
Series 2020-160, Class KU,
1.500%, 10/20/2050		249,998		121,070
Series 2020-183, Class BK,
1.250%, 12/20/2050		231,648		108,500
Series 2020-183, Class HM,
1.000%, 12/20/2050		330,000		164,141
Series 2020-183, Class HY,
1.000%, 12/20/2050		146,000		56,775
Series 2020-67, Class UA,
2.000%, 05/20/2050		126,605		79,380
Series 2020-98, Class CE,
3.000%, 07/20/2050		10,926		9,731
Series 2020-H04, Class FP,
1M CME TERM SOFR + 0.614%, 06/20/2069(a)		38,795		38,792
Series 2020-H13, Class FC,
1M CME TERM SOFR + 0.564%, 07/20/2070(a)		335,439		332,113
Series 2020-H20, Class FA,
1M CME TERM SOFR + 0.464%, 04/20/2070(a)		161,815		159,708
Series 2021-225, Class EU,
2.000%, 12/20/2051		42,423		24,049
Series 2021-7, Class TU,
1.000%, 01/16/2051		190,000		94,836
Series 2021-76, Class ND,
1.250%, 08/20/2050		2,315		1,786
Series 2021-97, Class JT,
2.000%, 06/20/2051		108,851		53,822
Series 2021-H08, Class AF,
30D US SOFR + 0.30%, 01/20/2068(a)		733,280		730,466

7 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2021-H19, Class FM,
30D US SOFR + 0.82%, 12/20/2071(a)	$	184,621	$	184,036
Series 2022-24, Class BC,
4.000%, 02/20/2052		173,720		162,172
Series 2022-36, Class UP,
2.000%, 11/20/2051		100,000		59,058
Series 2023-113, Class JD,
6.000%, 08/20/2053		175,000		179,404
Series 2023-170, Class HC,
6.000%, 11/20/2041		1,078,726		1,086,471
Series 2023-173, Class DX,
6.000%, 11/20/2053		780,000		801,241
Series 2023-19, Class GZ,
5.000%, 02/20/2053		582,283		512,811
Series 2023-19, Class WB,
5.652%, 11/20/2051(a)		102,536		105,363
Series 2023-81, Class AL,
4.500%, 08/20/2040		275,000		268,302
Series 2024-20, Class PL,
7.500%, 02/20/2054		237,000		263,330
Series 2024-22, Class EL,
3.000%, 02/20/2054		120,000		89,451
Series 2024-57, Class JL,
1.000%, 05/20/2051		105,000		51,653
Series 2024-77, Class PA,
7.500%, 11/20/2052		255,570		267,655
Series 2024-97, Class PA,
7.500%, 02/20/2054		336,864		354,198
				16,036,524
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $84,854,588)				85,640,521

Security Description	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.57%)
Fannie Mae-Aces
Series 2016-M11, Class AL,
2.944%, 07/25/2039		107,320		96,679
Series 2018-M15, Class 1A2,
3.700%, 01/25/2036		200,000		186,821
Series 2019-M16, Class X,
1.180%, 07/25/2031(a)		4,845,138		203,568
Series 2019-M23, Class X3,
0.324%, 10/25/2031(a)(c)		36,795,912		635,407
Series 2019-M26, Class X1,
0.602%, 03/25/2030(a)(c)		9,939,447		184,505
Series 2020-M10, Class X2,
1.718%, 12/25/2030(a)(c)		10,196,116		583,331
Series 2020-M15, Class X1,
1.453%, 09/25/2031(a)(c)		6,426,065		409,689

Security Description	Principal Amount		Value (Note 2)
Series 2020-M19, Class X2,
0.275%, 12/25/2032(a)(c)	$	21,395,028	$	304,064
Series 2020-M30, Class X,
0.918%, 07/25/2031(a)(c)		6,273,355		247,644
Series 2021-M21, Class X,
0.749%, 03/25/2028(a)(c)		58,081,768		672,105
Series 2021-M3, Class X1,
1.904%, 11/25/2033(a)(c)		3,643,399		245,445
Series 2021-M8, Class X,
0.240%, 11/25/2035(a)(c)		9,425,236		167,388
				3,936,646
Freddie Mac Multiclass Certificates Series 2020-P003
Series 2020-P003, Class A3,
1.956%, 09/25/2046		1,400,000		1,054,413
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2017-KW03, Class X1,
0.770%, 06/25/2027(a)(c)		35,139,304		420,776
Series 2017-Q006, Class A2,
3.485%, 04/25/2028(a)		1,995,226		1,921,736
Series 2018-Q007, Class APT2,
6.426%, 10/25/2047(a)		703,256		702,838
Series 2019-K094, Class X1,
0.874%, 06/25/2029(a)(c)		1,953,269		58,665
Series 2019-Q010, Class APT3,
3.458%, 02/25/2027(a)		795,453		782,994
Series 2020-KG04, Class X1,
0.845%, 11/25/2030(a)(c)		4,932,430		179,283
Series 2020-Q014, Class X,
2.775%, 10/25/2055(a)(c)		4,341,665		635,005
Series 2023-KJ45, Class A2,
4.660%, 01/25/2031		600,000		603,636
				5,304,933
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $10,175,311)				10,295,992

Security Description	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (12.98%)
Fannie Mae Pool
Series 2004-,
6.000%, 08/01/2034		25,668		26,581
Series 2006-,
5.500%, 01/01/2037		186,569		189,482
Series 2007-,
5.500%, 08/01/2037		363,596		366,946
Series 2007-943003,
5.500%, 08/01/2047		30,718		30,392

8 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2008-,
6.340%, 08/01/2038	$	1,207,486	$	1,203,657
Series 2009-,
5.000%, 12/01/2039		354,445		353,250
5.450%, 11/01/2037		144,116		143,686
5.500%, 02/01/2037		291,187		295,446
Series 2010-,
6.500%, 08/01/2028		500,330		500,780
Series 2012-AM1671,
2.100%, 12/01/2027		11,826		11,491
Series 2013-,
2.500%, 03/01/2033		365,893		344,479
3.000%, 01/01/2043		362,631		321,441
Series 2015-,
2.830%, 04/01/2030		219,591		205,097
3.410%, 01/01/2032		142,107		133,679
3.500%, 06/01/2030		171,797		168,267
3.600%, 02/01/2040		580,246		538,405
5.548%, 03/01/2038		542,051		559,316
Series 2016-,
3.100%, 03/01/2033		187,346		170,337
4.500%, 01/01/2039		197,259		192,343
Series 2017-,
2.000%, 07/01/2032		181,702		170,651
2.500%, 01/01/2047		166,977		139,611
3.000%, 10/01/2027		1,333,140		1,298,208
3.210%, 11/01/2032		60,000		54,180
3.260%, 08/01/2029		143,806		138,317
3.630%, 01/01/2037		677,692		602,485
5.910%, 05/01/2048		669,274		688,796
7.000%, 02/01/2030		389,706		399,780
Series 2017-AN6670,
3.210%, 09/01/2027		27,677		26,922
Series 2017-AN7060,
2.930%, 10/01/2027		195,000		188,701
Series 2018-,
3.000%, 01/01/2048		276,649		243,330
3.485%, 04/01/2028		750,000		735,146
3.545%, 04/01/2028		484,754		475,966
4.000%, 11/01/2040		422,149		402,304
4.220%, 11/01/2028		216,521		215,907
4.500%, 07/01/2040		99,183		96,200
4.500%, 09/01/2040		128,493		122,620
4.500%, 02/01/2041		476,294		461,975
5.500%, 12/01/2048		83,910		84,758
Series 2018-387770,
3.625%, 07/01/2028		115,000		113,048
Series 2018-387983,
3.630%, 08/01/2028		199,501		193,954
Series 2018-AN8272,
3.170%, 02/01/2028		200,000		194,652
Series 2019-,
3.340%, 05/01/2031		232,710		220,614
3.490%, 03/01/2029		11,000		10,698
3.800%, 01/01/2029		102,985		101,397
4.000%, 08/01/2048		123,982		116,307

Security Description	Principal Amount		Value (Note 2)
Series 2020-,
2.010%, 04/01/2030	$	187,436	$	168,674
Series 2021-,
1.270%, 12/01/2029		185,107		161,745
2.000%, 09/01/2051		1,020,643		806,957
2.500%, 09/01/2051		1,294,659		1,066,912
6.000%, 01/01/2039		244,072		248,771
Series 2022-,
3.010%, 04/01/2032		105,000		96,069
3.680%, 04/01/2032		310,000		288,962
3.890%, 07/01/2032		200,000		190,646
Series 2023-,
3.500%, 04/01/2044		328,004		300,235
4.070%, 07/01/2033		120,000		115,014
4.490%, 06/01/2028		40,000		40,307
4.520%, 07/01/2033		220,000		217,715
4.610%, 11/01/2030		177,110		178,633
4.670%, 07/01/2030		185,000		186,490
4.775%, 03/01/2035		349,527		347,533
4.790%, 03/01/2028		200,000		202,651
4.920%, 08/01/2028		200,000		202,379
4.980%, 08/01/2028		198,257		200,400
5.130%, 10/01/2028		40,000		40,933
5.320%, 02/01/2033		250,000		257,079
5.350%, 07/01/2033		1,356,000		1,364,487
5.470%, 11/01/2033		1,965,346		2,014,462
5.555%, 01/01/2030		1,000,000		1,026,449
6.000%, 10/01/2028		3,295,000		3,461,883
6.220%, 06/01/2032		2,100,000		2,198,938
6.500%, 06/01/2053		1,214,446		1,256,094
6.500%, 07/01/2053		5,584,856		5,774,229
6.500%, 08/01/2053		1,996,283		2,059,193
6.500%, 10/01/2053		128,990		132,866
7.000%, 04/01/2053		805,399		830,076
7.500%, 01/01/2054		3,240,835		3,539,823
Series 2024-,
5.340%, 07/01/2029		4,500,000		4,613,759
5.790%, 01/01/2029		750,000		775,474
5.810%, 06/01/2031		1,079,000		1,116,616
5.810%, 03/01/2034		1,574,000		1,648,061
6.000%, 06/01/2054		1,354,253		1,375,771
6.000%, 07/01/2054		1,713,057		1,732,065
6.470%, 01/01/2034		1,170,000		1,198,796
6.500%, 01/01/2054		1,367,151		1,411,598
7.000%, 02/01/2054		3,122,526		3,304,378
7.000%, 05/01/2054		1,553,497		1,623,626
7.500%, 12/01/2053		259,346		276,593
7.500%, 01/01/2054		214,319		223,054
7.500%, 03/01/2054		273,417		284,583
Series 2025-,
6.000%, 04/01/2040		4,307,776		4,417,861
				66,230,442
Freddie Mac Gold Pool
Series 2004-,
5.500%, 07/01/2034		70,534		71,074
Series 2005-,
5.500%, 11/01/2035		96,348		98,311

9 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Series 2006-,
6.500%, 12/01/2034	$	206,441	$	210,978
Series 2013-,
3.000%, 04/01/2043		1,326,155		1,158,830
Series 2015-,
4.500%, 06/01/2034		459,235		462,304
Series 2024-,
2.500%, 02/01/2047		1,840,040		1,541,440
				3,542,937
Freddie Mac Non Gold Pool
Series 2016-,
5Y US TI + 1.24%, 06/01/2045(a)		414,094		404,422
Freddie Mac Pool
Series 2018-,
3.000%, 06/01/2043		313,778		276,247
3.500%, 03/01/2043		309,970		285,726
4.500%, 01/01/2036		16,545		15,983
5.500%, 07/01/2033		104,143		104,719
Series 2019-,
3.000%, 10/01/2049		233,231		195,815
Series 2020-,
1.500%, 12/01/2045		3,711,232		2,802,405
2.000%, 06/01/2050		661,829		506,505
Series 2021-,
1.000%, 11/01/2036		144,187		123,982
1.500%, 10/01/2036		4,037,979		3,514,420
Series 2022-,
3.000%, 12/01/2051		319,023		267,840
5.500%, 09/01/2052		719,199		720,219
6.000%, 06/01/2052		241,399		246,003
Series 2023-,
4.350%, 01/01/2033		1,000,000		977,894
4.450%, 04/01/2030		1,000,000		992,414
5.100%, 06/01/2028		1,150,000		1,167,611
6.500%, 04/01/2053		993,226		1,025,115
6.500%, 07/01/2053		938,131		968,593
6.500%, 08/01/2053		4,545,288		4,701,565
6.500%, 11/01/2053		118,126		121,707
7.000%, 12/01/2053		426,951		449,524
Series 2024-,
5.030%, 02/01/2029		5,000,000		5,047,729
6.500%, 01/01/2054		3,996,497		4,120,307
6.500%, 02/01/2054		1,710,379		1,769,501
6.500%, 04/01/2054		1,717,283		1,769,717
7.000%, 08/01/2054		2,309,298		2,375,959
				34,547,500
Ginnie Mae I Pool
Series 2011-,
4.500%, 03/15/2041		600,276		579,242
Series 2013-,
3.500%, 02/15/2043		558,866		508,399
3.500%, 06/15/2043		120,373		109,942

Security Description	Principal Amount		Value (Note 2)
Series 2015-,
3.000%, 07/15/2045	$	649,868	$	571,413
				1,768,996
Ginnie Mae II Pool
Series 2011-,
4.000%, 10/20/2041		401,213		370,115
Series 2012-,
3.150%, 12/20/2042		265,008		232,645
3.500%, 04/20/2042		127,384		114,112
3.500%, 05/20/2042		134,645		120,147
3.500%, 11/20/2042		166,612		149,143
4.500%, 03/20/2042		983,832		969,871
Series 2013-,
2.500%, 02/20/2043		3,274,176		2,748,150
3.000%, 01/20/2043		647,411		566,786
3.000%, 03/20/2043		427,811		384,560
Series 2015-,
4.700%, 02/20/2065(a)		167,295		167,037
Series 2016-,
3.000%, 07/20/2046		385,931		336,630
3.750%, 09/20/2046		116,275		105,948
3.750%, 10/20/2046		127,754		116,488
Series 2017-,
3.000%, 11/20/2047		1,066,222		929,905
3.750%, 07/20/2047		2,546,393		2,260,251
4.000%, 09/20/2047		327,170		299,969
Series 2018-,
4.500%, 02/20/2048		661,826		629,222
4.500%, 05/20/2048		785,764		741,714
4.500%, 09/20/2048		43,799		41,946
Series 2019-,
4.500%, 11/20/2049		840,541		794,965
5.000%, 07/20/2049		675,541		658,685
6.000%, 05/20/2049		109,041		112,230
Series 2020-,
3.000%, 01/20/2050		2,689,379		2,309,254
3.000%, 03/20/2050		1,836,649		1,580,381
3.500%, 12/20/2049		865,742		753,034
6.500%, 05/20/2039		213,795		223,688
Series 2021-,
2.000%, 03/20/2051		609,044		482,147
2.000%, 09/20/2051		2,834,481		2,243,852
2.500%, 09/20/2036		482,527		434,802
2.500%, 02/20/2051		2,836,377		2,332,485
2.500%, 09/20/2051		3,443,067		2,836,631
2.500%, 12/20/2051		350,274		290,208
3.000%, 08/20/2051		30,288		26,750
3.500%, 02/20/2051		504,249		452,710
6.500%, 11/20/2036		167,830		174,244
6.500%, 09/20/2051		293,920		307,525
Series 2022-,
3.000%, 12/20/2044		8,216		7,146
3.000%, 06/20/2051		1,306,190		1,126,256
3.500%, 01/20/2052		108,602		94,624
4.000%, 12/20/2051		321,027		288,938
5.000%, 11/20/2052		263,360		256,112

10 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
5.500%, 07/20/2035	$	188,615	$	191,639
5.500%, 12/20/2052		4,677,921		4,569,073
5.500%, 08/20/2062		5,697,302		5,630,038
6.000%, 12/20/2037		104,000		107,504
7.000%, 11/20/2052		267,853		279,706
Series 2023-,
5.500%, 08/20/2053		132,366		131,921
6.000%, 09/20/2053		2,042,533		2,093,687
6.500%, 09/20/2053		797,237		827,289
6.500%, 10/20/2053		40,882		42,366
6.500%, 11/20/2053		1,982,315		2,050,308
7.000%, 11/20/2053		45,083		46,114
7.500%, 10/20/2063		225,587		231,662
8.000%, 12/20/2063		1,194,236		1,245,161
Series 2024-,
3.000%, 10/20/2050		4,534,392		3,911,450
6.000%, 01/20/2054		333,060		341,754
6.000%, 02/20/2054		4,119,943		4,227,760
6.000%, 06/20/2054		2,941,153		3,004,114
6.000%, 11/20/2064		15,521,513		15,665,867
6.500%, 01/20/2054		8,262,426		8,551,384
6.500%, 08/20/2054		3,353,029		3,424,397
6.500%, 04/20/2064		750,665		766,692
6.500%, 05/20/2064		3,224,820		3,293,670
6.500%, 09/20/2064		1,660,626		1,693,456
6.500%, 10/20/2064		3,598,088		3,674,908
6.500%, 12/20/2064		2,276,164		2,324,763
7.000%, 04/20/2054		1,750,487		1,801,595
7.000%, 12/20/2063		412,473		422,704
8.000%, 12/20/2053		662,612		686,446
8.000%, 08/20/2054		3,805,656		3,999,504
8.000%, 09/20/2054		1,366,822		1,444,111
8.000%, 10/20/2059		122,764		126,827
8.000%, 12/20/2063		1,668,836		1,725,518
8.500%, 06/20/2054		1,227,168		1,331,582
Series 2025-,
6.500%, 10/20/2064		814,078		831,467
6.500%, 12/20/2064		1,264,609		1,291,621
6.500%, 01/20/2065		18,441,261		18,835,170
				129,894,534
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $235,975,205)				236,388,831

	Principal		Value
CORPORATE BONDS (36.27%)
Aerospace & Defense (4.11%)
Boeing Co.
2.20%, 02/04/2026		5,450,000		5,354,502
6.53%, 05/01/2034		8,854,000		9,453,931
7.01%, 05/01/2064		12,391,000		13,248,533
General Dynamics Corp.
4.95%, 08/15/2035		4,350,000		4,281,760
Howmet Aerospace, Inc.
3.00%, 01/15/2029		4,062,000		3,864,850

Security Description	Principal Amount		Value (Note 2)
L3Harris Technologies, Inc.
5.35%, 06/01/2034	$	12,406,000	$	12,493,590
Northrop Grumman Corp.
5.25%, 07/15/2035		9,000,000		9,033,769
RTX Corp.
6.10%, 03/15/2034		15,958,000		17,007,562
Total Aerospace & Defense				74,738,497
Airlines (0.94%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027(d)		3,213,610		3,198,570
AS Mileage Plan IP, Ltd.
5.02%, 10/20/2029(d)		7,093,000		6,950,198
5.31%, 10/20/2031(d)		4,400,000		4,282,776
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032(d)		355,788		336,573
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1
5.88%, 10/15/2027		2,320,183		2,363,577
Total Airlines				17,131,694
Apparel & Textile Products (0.07%)
VF Corp.
2.95%, 04/23/2030		1,560,000		1,303,590
Auto Parts Manufacturing (0.07%)
Goodyear Tire & Rubber Co.
6.63%, 07/15/2030		1,350,000		1,352,994
Automobiles Manufacturing (2.08%)
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		3,870,000		3,839,731
6.50%, 02/07/2035		14,000,000		13,660,038
6.80%, 05/12/2028		5,700,000		5,821,350
General Motors Co.
6.25%, 04/15/2035		8,700,000		8,809,797
Hyundai Capital America
5.45%, 06/24/2026(d)		2,942,000		2,957,424
Stellantis Finance US, Inc.
5.75%, 03/18/2030(d)		1,000,000		1,002,883
6.45%, 03/18/2035(d)		662,000		654,809
Volkswagen Group of America Finance LLC
3.95%, 06/06/2025(d)		1,000,000		999,897
Total Automobiles Manufacturing				37,745,929
Banks (3.21%)
AIB Group PLC
1D US SOFR + 1.65%, 05/15/2031(a)(d)		4,335,000		4,374,754
Capital One NA
USISOA05 + 1.73%, 08/09/2028(a)		5,550,000		5,663,580

11 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Cooperatieve Rabobank UA
3.75%, 07/21/2026	$	2,250,000	$	2,227,331
Danske Bank A/S
1Y US TI + 0.95%, 03/01/2028(a)(d)		3,838,000		3,897,804
1Y US TI + 1.35%, 09/11/2026(a)(d)		3,325,000		3,293,882
1Y US TI + 1.40%, 03/01/2030(a)(d)		2,370,000		2,443,134
First Citizens BancShares, Inc.
1D US SOFR + 1.41%, 03/12/2031(a)		2,108,000		2,100,230
5Y US TI + 1.97%, 03/12/2040(a)		9,850,000		9,525,157
Goldman Sachs Bank USA
1D US SOFR + 0.777%, 03/18/2027(a)		2,143,000		2,152,539
Regions Financial Corp.
1D US SOFR + 2.06%, 09/06/2035(a)		4,270,000		4,195,359
Synovus Financial Corp.
1D US SOFR + 2.347%, 11/01/2030(a)		8,700,000		8,816,884
Wells Fargo & Co.
1D US SOFR + 1.74%, 04/23/2036(a)		2,609,000		2,640,472
1D US SOFR + 2.02%, 04/24/2034(a)		7,300,000		7,333,540
Total Banks				58,664,666
Biotechnology (1.74%)
Amgen, Inc.
5.25%, 03/02/2033		8,200,000		8,278,157
5.51%, 03/02/2026		5,200,000		5,201,309
5.75%, 03/02/2063		8,000,000		7,568,903
Biogen, Inc.
5.75%, 05/15/2035		4,217,000		4,246,957
Royalty Pharma PLC
5.40%, 09/02/2034		6,375,000		6,350,781
Total Biotechnology				31,646,107
Cable & Satellite (0.23%)
Sirius XM Radio LLC
5.00%, 08/01/2027(d)		4,306,000		4,264,131
Casinos & Gaming (0.34%)
Caesars Entertainment, Inc.
8.13%, 07/01/2027(d)		2,263,000		2,267,739
Station Casinos LLC
4.50%, 02/15/2028(d)		4,154,000		4,031,364
Total Casinos & Gaming				6,299,103
Chemicals (0.23%)
EIDP, Inc.
5.13%, 05/15/2032		4,226,000		4,266,883

Security Description	Principal Amount		Value (Note 2)
Commercial Finance (0.32%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.50%, 07/15/2025	$	5,791,000	$	5,793,546
Consumer Finance (0.83%)
American Express Co.
1D US SOFR + 1.42%, 07/26/2035(a)		1,838,000		1,831,667
1D US SOFR + 1.79%, 04/25/2036(a)		1,050,000		1,072,529
SOFRINDX + 1.32%, 01/30/2036(a)		2,345,000		2,361,354
Boost Newco Borrower LLC
7.50%, 01/15/2031(d)		3,550,000		3,758,328
Fidelity National Information Services, Inc.
3.10%, 03/01/2041		2,757,000		1,973,439
Fiserv, Inc.
5.60%, 03/02/2033		2,500,000		2,546,066
Synchrony Financial
3.70%, 08/04/2026		1,500,000		1,478,263
Total Consumer Finance				15,021,646
Consumer Products (0.24%)
L'Oreal SA
5.00%, 05/20/2035(d)		4,400,000		4,431,895
Consumer Services (0.25%)
Sodexo, Inc.
5.80%, 08/15/2035(d)		4,425,000		4,503,454
Diversified Banks (0.96%)
Bank of America Corp.
1D US SOFR + 1.697%, 02/12/2036(a)		3,254,000		3,236,848
1D US SOFR + 1.91%, 04/25/2034(a)		4,117,000		4,125,498
JPMorgan Chase & Co.
1D US SOFR + 0.93%, 04/22/2028(a)		2,434,000		2,479,362
1D US SOFR + 1.62%, 01/23/2035(a)		5,676,000		5,713,038
1D US SOFR + 1.68%, 04/22/2036(a)		1,733,000		1,763,854
Total Diversified Banks				17,318,600
Entertainment Content (1.61%)
Paramount Global
4.20%, 05/19/2032		10,175,000		9,174,695
4.95%, 05/19/2050		11,800,000		8,898,644
Warnermedia Holdings, Inc.
4.28%, 03/15/2032		4,335,000		3,680,040
5.14%, 03/15/2052		5,250,000		3,405,315
5.39%, 03/15/2062		6,250,000		4,026,186

12 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Total Entertainment Content				29,184,880
Exploration & Production (1.67%)
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028(d)	$	3,000,000	$	2,965,748
7.25%, 02/15/2035(d)		7,797,000		7,231,796
Occidental Petroleum Corp.
7.88%, 09/15/2031		11,775,000		12,955,796
Permian Resources Operating LLC
7.00%, 01/15/2032(d)		4,500,000		4,618,958
9.88%, 07/15/2031(d)		2,112,000		2,307,943
Total Exploration & Production				30,080,241
Financial Services (3.83%)
Charles Schwab Corp.
1D US SOFR + 2.01%, 08/24/2034(a)		3,598,000		3,822,676
SOFRINDX + 1.05%, 03/03/2027(a)(e)		3,718,000		3,740,009
Goldman Sachs Group, Inc.
1D US SOFR + 1.552%, 04/25/2035(a)		1,595,000		1,642,033
1D US SOFR + 1.58%, 04/23/2031(a)		3,479,000		3,530,636
Jane Street Group / JSG Finance, Inc.
6.13%, 11/01/2032(d)		1,544,000		1,547,644
6.75%, 05/01/2033(d)		3,450,000		3,540,414
7.13%, 04/30/2031(d)		10,550,000		11,027,789
Morgan Stanley
1D US SOFR + 1.418%, 01/18/2036(a)		2,010,000		2,030,270
1D US SOFR + 1.757%, 04/17/2036(a)		8,240,000		8,377,735
1D US SOFR + 2.05%, 11/01/2034(a)		4,593,000		4,985,781
UBS Group AG
1D US SOFR + 1.76%, 05/09/2036(a)(d)		4,393,000		4,397,659
1D US SOFR + 3.92%, 08/12/2033(a)(d)		16,980,000		18,236,094
1Y US TI + 1.80%, 09/22/2029(a)(d)		2,750,000		2,878,671
Total Financial Services				69,757,411
Food & Beverage (1.46%)
Flowers Foods, Inc.
5.75%, 03/15/2035		4,989,000		5,032,764
JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group
6.38%, 02/25/2055(d)		4,600,000		4,577,460
Mars, Inc.
4.80%, 03/01/2030(d)		2,100,000		2,113,857
5.20%, 03/01/2035(d)		1,600,000		1,594,602
Pilgrim's Pride Corp.
6.25%, 07/01/2033		5,600,000		5,811,372
6.88%, 05/15/2034		6,692,000		7,219,015

Security Description	Principal Amount		Value (Note 2)
Total Food & Beverage				26,349,070
Health Care Facilities & Services (1.02%)
HCA, Inc.
2.38%, 07/15/2031	$	6,600,000	$	5,648,550
5.45%, 09/15/2034		4,500,000		4,456,726
5.50%, 06/01/2033		3,700,000		3,734,300
5.75%, 03/01/2035		4,700,000		4,738,823
Total Health Care Facilities & Services				18,578,399
Manufactured Goods (0.13%)
Chart Industries, Inc.
7.50%, 01/01/2030(d)		2,310,000		2,414,068
Medical Equipment & Devices Manufacturing (1.28%)
Alcon Finance Corp.
5.38%, 12/06/2032(d)		8,400,000		8,500,591
Solventum Corp.
5.45%, 03/13/2031		3,850,000		3,942,808
5.60%, 03/23/2034		6,650,000		6,709,620
5.90%, 04/30/2054		4,355,000		4,182,895
Total Medical Equipment & Devices Manufacturing				23,335,914
Metals & Mining (0.33%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		5,900,000		5,898,448
Oil & Gas Services & Equipment (0.20%)
Transocean Poseidon, Ltd.
6.88%, 02/01/2027(d)		3,699,675		3,726,191
Pharmaceuticals (0.18%)
Pfizer Investment Enterprises Pte, Ltd.
4.75%, 05/19/2033		3,350,000		3,295,609
Pipeline (2.54%)
Buckeye Partners LP
4.50%, 03/01/2028(d)		4,760,000		4,653,624
6.88%, 07/01/2029(d)		5,500,000		5,658,483
Energy Transfer LP
7.38%, 02/01/2031(d)		5,349,000		5,603,080
Flex Intermediate Holdco LLC
3.36%, 06/30/2031(d)		7,300,000		6,387,184
4.32%, 12/30/2039(d)		4,750,000		3,649,772
Gray Oak Pipeline LLC
2.60%, 10/15/2025(d)		4,498,000		4,442,357
NuStar Logistics LP
6.38%, 10/01/2030		1,400,000		1,427,300
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.50%, 07/15/2027		5,800,000		5,811,020
6.88%, 01/15/2029		8,572,000		8,737,492
Total Pipeline				46,370,312

13 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
Power Generation (0.36%)
Calpine Corp.
4.50%, 02/15/2028(d)	$	1,044,000	$	1,024,614
Vistra Operations Co. LLC
5.50%, 09/01/2026(d)		5,600,000		5,608,607
Total Power Generation				6,633,221
Publishing & Broadcasting (0.37%)
Nexstar Media, Inc.
4.75%, 11/01/2028(d)		4,150,000		3,995,467
5.63%, 07/15/2027(d)		2,725,000		2,715,807
Total Publishing & Broadcasting				6,711,274
Real Estate (0.79%)
CoStar Group, Inc.
2.80%, 07/15/2030(d)		3,416,000		3,030,774
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028(d)		5,528,000		5,555,436
Iron Mountain, Inc.
5.25%, 03/15/2028(d)		603,000		596,764
VICI Properties LP
5.13%, 05/15/2032		5,389,000		5,284,431
Total Real Estate				14,467,405
Refining & Marketing (0.19%)
HF Sinclair Corp.
4.50%, 10/01/2030		2,749,000		2,632,566
5.00%, 02/01/2028		1,000,000		995,402
Total Refining & Marketing				3,627,968
Restaurants (0.30%)
Raising Cane's Restaurants LLC
9.38%, 05/01/2029(d)		1,050,000		1,115,586
Starbucks Corp.
5.40%, 05/15/2035		4,394,000		4,405,408
Total Restaurants				5,520,994
Semiconductors (0.74%)
Foundry JV Holdco LLC
6.10%, 01/25/2036(d)		4,700,000		4,778,749
6.30%, 01/25/2039(d)		8,500,000		8,738,785
Total Semiconductors				13,517,534
Software & Services (1.41%)
Fair Isaac Corp.
6.00%, 05/15/2033(d)		4,335,000		4,337,654
Leidos, Inc.
5.40%, 03/15/2032		5,981,000		6,026,429
5.50%, 03/15/2035		2,033,000		2,027,311
Synopsys, Inc.
4.85%, 04/01/2030		3,700,000		3,737,466
5.15%, 04/01/2035		2,100,000		2,076,420
VMware LLC
2.20%, 08/15/2031		2,550,000		2,179,068
4.70%, 05/15/2030		5,360,000		5,331,860
Total Software & Services				25,716,208

Security Description	Principal Amount		Value (Note 2)
Supermarkets & Pharmacies (1.39%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028(d)	$	8,100,000	$	8,269,825
Kroger Co.
5.00%, 09/15/2034		17,724,000		17,269,175
Total Supermarkets & Pharmacies				25,539,000
Transportation & Logistics (0.13%)
United Parcel Service, Inc.
5.25%, 05/14/2035		2,395,000		2,394,359
Travel & Lodging (0.35%)
Carnival Corp.
4.00%, 08/01/2028(d)		2,134,000		2,063,311
Royal Caribbean Cruises, Ltd.
6.25%, 03/15/2032(d)		4,221,000		4,280,622
Total Travel & Lodging				6,343,933
Utilities (0.37%)
American Water Capital Corp.
5.15%, 03/01/2034		2,658,000		2,655,649
5.25%, 03/01/2035		4,049,000		4,040,415
Total Utilities				6,696,064
TOTAL CORPORATE BONDS
(Cost $660,049,415)				660,641,238
GOVERNMENT BONDS (40.51%)
U.S. Treasury Bonds (40.51%)
U.S. - United States Treasury Notes
4.50%, 05/15/2027		5,862,000		5,925,658
United States Treasury Bonds
4.13%, 08/15/2044		88,279,000		79,357,993
4.25%, 11/15/2034		38,859,000		38,485,589
4.25%, 05/15/2035		48,371,000		47,830,605
4.50%, 11/15/2054		4,951,000		4,622,996
4.63%, 02/15/2055		56,537,000		53,939,832
4.75%, 02/15/2045		41,533,000		40,553,081
4.75%, 05/15/2055		49,701,000		48,435,178
United States Treasury Inflation Indexed Bonds
1.63%, 10/15/2029		18,532,700		18,709,893
2.13%, 01/15/2035		117,718,669		118,587,709
United States Treasury Notes
3.50%, 09/30/2029		19,004,000		18,680,709
3.88%, 04/30/2030		8,854,000		8,820,106
4.00%, 03/31/2030		38,798,000		38,870,746
4.13%, 10/31/2029		90,680,000		91,351,244
4.13%, 11/30/2029		43,366,000		43,702,256
4.25%, 01/31/2030		58,914,000		59,652,726
4.63%, 02/15/2035		19,807,000		20,183,024

14 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

Security Description	Principal Amount	Value (Note 2)
Total U.S. Treasury Bonds			737,709,345
TOTAL GOVERNMENT BONDS
(Cost $740,430,120)		$	737,709,345

	Shares		Value (Note 2)
PREFERRED STOCK (2.79%)
Energy (0.09%)
Pipeline (0.09%)
Energy Transfer LP, Series B, 4.16%(a)(f)		1,712,000	$	1,692,555
Total Energy				1,692,555
Financials (1.57%)
Banks (0.35%)
Bank of Hawaii., 8.000%(f)		84,678		2,153,362
Wells Fargo & Co., Series U, 5.875%(a)(f)		4,067,000		4,067,484
				6,220,846
Consumer Finance (0.17%)
Ally Financial, Inc., Series C, 7Y US TI + 3.481%(a)(f)		1,500,000		1,313,960
American Express Co., 5Y US TI + 2.854%(a)(f)		1,817,000		1,761,679
				3,075,639
Diversified Banks (0.30%)
Bank of America Corp., 5Y US TI + 2.684%(a)(f)		3,500,000		3,564,218
HSBC Holdings PLC, 5Y US TI + 3.298%(a)(f)		1,589,000		1,603,013
				5,167,231
Financial Services (0.73%)
Bank of New York Mellon Corp.,
Series G, 5Y US TI + 4.358%(a)(f)		3,500,000		3,487,553
Charles Schwab Corp., Series G,
5Y US TI + 4.971%(a)(f)		6,619,000		6,618,999
Goldman Sachs Group, Inc.,
Series X, 5Y US TI + 2.809%(a)(f)		2,159,000		2,253,763
Goldman Sachs Group, Inc.,
Series Y, 10Y US TI + 2.40%(a)(f)		1,170,000		1,144,327
				13,504,642
Life Insurance (0.02%)
Jackson Financial, Inc., 5Y US TI + 3.728%(a)(f)		16,545		429,839

	Shares		Value (Note 2)
Total Financials				28,398,197
Government (0.42%)
Government Agencies (0.42%)
CoBank ACB, Series M, 5Y US TI + 2.818%(a)(f)		3,545,000	$	3,611,430
Farm Credit Bank of Texas,
Series 4, 5Y US TI + 5.415%(a)(d)(f)		3,060,000		3,046,111
Farm Credit Bank of Texas, 5Y US TI + 3.291%(a)(f)		1,008,000		1,045,841
				7,703,382
Total Government				7,703,382
Health Care (0.23%)
Health Care Facilities & Services (0.23%)
CVS Health Corp.(a)(g)		4,200,000		4,241,021
Total Health Care				4,241,021
Utilities (0.48%)
Power Generation (0.12%)
Vistra Corp.(a)(d)(f)(g)		2,175,000		2,233,588
Utilities (0.36%)
Entergy Corp., 5Y US TI + 2.67%(a)		1,758,000		1,801,743
National Rural Utilities Cooperative Finance Corp., 3M CME TERM SOFR + 3.172%(a)		1,796,000		1,791,496
National Rural Utilities Cooperative Finance Corp., 5Y US TI + 3.533%(a)		300,000		310,803
Sempra, 5Y US TI + 2.868%(a)		2,763,000		2,615,145
Total Utilities				8,752,775
TOTAL PREFERRED STOCK
(Cost $50,439,604)				50,787,930

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.75%)
Money Market Fund (0.75%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio		4.20	%		13,685,032		13,685,032

15 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Schedule of Investments May 31, 2025 (Unaudited)

	7-Day Yield	Shares	Value (Note 2)
TOTAL SHORT TERM INVESTMENTS
(Cost $13,685,032)			$	13,685,032
TOTAL INVESTMENTS (99.19%)
(Cost $1,806,938,447)			$	1,806,452,339
Other Assets In Excess Of Liabilities (0.81%)				14,774,945
NET ASSETS (100.00%)			$	1,821,227,284

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

TI - Treasury Index

SOFRINDX - US SOFR Secured Overnight Financing Rate

Compounded Index

Reference Rates:

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

10Y US TI - 10 Year US TI as of May 31, 2025 was 4.41%

30D US SOFR - 30 Day SOFR as of May 31, 2025 was 4.31%

1M US SOFR - 1 Month SOFR as of May 31, 2025 was 4.32%

1M CME TERM SOFR – 1 Month CME TERM SOFR as of May 31, 2025 was 4.32%

3M CME TERM SOFR – 3 Month CME TERM SOFR as of May 31, 2025 was 4.32%

1Y US TI - 1 Year US Treasury Bill as of May 31, 2025 was 4.11%

5Y US TI - 5 Year US TI as of May 31, 2025 was 3.96%

^(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(b) Issued with zero coupon.

^(c) Interest only security.

^(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025, the aggregate market value of those securities was $231,115,300, representing 12.69% of net assets.

^(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) Non-Income Producing Security.

See Notes to Financial Statements and Financial Highlights.

16 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

ASSETS:
Investments, at value	$	1,806,452,339
Cash		54,331
Receivable for investments sold		3,595,146
Interest receivable		16,358,937
Total Assets		1,826,460,753
LIABILITIES:
Payable for investments purchased		4,355,000
Payable to adviser		878,469
Total Liabilities		5,233,469
NET ASSETS	$	1,821,227,284
NET ASSETS CONSIST OF:
Paid-in capital	$	1,833,956,585
Total distributable earnings/(accumulated losses)		(12,729,301	)
NET ASSETS	$	1,821,227,284
INVESTMENTS, AT COST	$	1,806,938,447
PRICING OF SHARES
Net Assets	$	1,821,227,284
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		71,400,000
Net Asset Value, offering and redemption price per share	$	25.51

See Notes to Financial Statements and Financial Highlights.

17 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Statement of Operations For the Period Ended May 31, 2025 (Unaudited)

INVESTMENT INCOME:
Interest	$	39,152,884
Dividend Income		299,005
Total investment income		39,451,889
EXPENSES:
Investment adviser fees		4,510,583
Net expenses		4,510,583
NET INVESTMENT INCOME		34,941,306
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss on investments(a)		(9,602,587	)
Net change in unrealized depreciation on investments		(10,149,689	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(19,752,276	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,189,030

See Notes to Financial Statements and Financial Highlights.

18 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Statement of Changes in Net Assets

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Period December 05, 2023 (Commencement of Operations) to November 30, 2024
OPERATIONS:
Net investment income	$	34,941,306		$	30,080,552
Net realized gain/(loss)		(9,602,587	)		178,500
Net change in unrealized appreciation/(depreciation)		(10,149,689	)		9,663,581
Net increase in net assets resulting from operations		15,189,030			39,922,633
DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(37,702,499	)		(30,138,720	)
Total distributions		(37,702,499	)		(30,138,720	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		554,385,905			1,279,570,935
Net increase from capital share transactions		554,385,905			1,279,570,935
Net increase in net assets		531,872,436			1,289,354,848
NET ASSETS:
Beginning of period		1,289,354,848			–
End of period	$	1,821,227,284		$	1,289,354,848
OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		49,800,000			–
Shares sold		21,600,000			49,800,000
Shares outstanding, end of period		71,400,000			49,800,000

See Notes to Financial Statements and Financial Highlights.

19 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Financial Highlights For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Period December 05, 2023 (Commencement of Operations) to November 30, 2024
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.89		$	25.00
INCOME FROM OPERATIONS:
Net investment income(a)		0.58			1.15
Net realized and unrealized gain/(loss)		(0.33	)		0.84
Total from investment operations		0.25			1.99
DISTRIBUTIONS:
From net investment income		(0.59	)		(1.10	)
From net realized gains		(0.04	)		–
Total distributions		(0.63	)		(1.10	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.38	)		0.89
NET ASSET VALUE, END OF PERIOD	$	25.51		$	25.89
TOTAL RETURN(b)		0.95	%		8.08	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	1,821,227		$	1,289,355
RATIOS TO AVERAGE NET ASSETS
Ratio of expenses to average net assets		0.59	%(c)		0.59	%(c)
Ratio of net investment income to average net assets		4.57	%(c)		4.57	%(c)
Portfolio turnover rate(d)		79	%		169	%

^(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.

See Notes to Financial Statements and Financial Highlights.

20 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2025, the Trust consisted of twenty-four separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS | Smith Core Plus Bond ETF (the “Fund”). The investment objective of the Fund is to seek above average total return from a combination of current income and capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. The Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. ALPS Advisors, Inc. (the "Adviser") is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

A. Portfolio Valuation

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

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

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Trust’s Board of Trustees (the “Board”), which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund’s debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund’s debt securities to determine the market price.

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

21 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

B. Fair Value Measurements

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

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

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

22 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

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

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS | Smith Core Plus Bond ETF
Bank Loans	$	–	$	11,303,450	$	–	$	11,303,450
Collateralized Mortgage Obligations		–		85,640,521		–		85,640,521
Commercial Mortgage-Backed Securities		–		10,295,992		–		10,295,992
Mortgage-Backed Securities		–		236,388,831		–		236,388,831
Corporate Bonds		–		660,641,238		–		660,641,238
Government Bonds		–		737,709,345		–		737,709,345
Preferred Stock		2,583,201		48,204,729		–		50,787,930
Short Term Investments		13,685,032		–		–		13,685,032
Total	$	16,268,233	$	1,790,184,106	$	–	$	1,806,452,339

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the period ended May 31, 2025.

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are distributed at least annually.

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2025.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
November 30, 2024
ALPS | Smith Core Plus Bond ETF	$	30,138,720	$	–	$	–

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

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

	ALPS | Smith Core Plus Bond ETF
Gross appreciation (excess of value over tax cost)	$	9,135,844
Gross depreciation (excess of tax cost over value)		(13,961,322	)
Net unrealized appreciation/(depreciation)	$	(4,825,478	)
Cost of investments for income tax purposes	$	1,811,277,817

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

23 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

G. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

As of and during the period ended May 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.59% of the Fund’s average daily net assets.

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

Smith Capital Investors, LLC (the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.30% of the Fund's average daily net assets.

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

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles. Prior to April 1, 2025, each Trustee received (1) a quarterly retainer of $25,000, (2) a per meeting fee of $15,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board received a quarterly retainer of $5,000, the Chairman of the Audit Committee received a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee received a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the period ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS | Smith Core Plus Bond ETF	$	1,741,667,912	$	1,202,664,928

For the period ended May 31, 2025, the cost of U.S. Government security purchases and proceeds from U.S. Government security sales were as follows:

Fund	Purchases		Sales
ALPS | Smith Core Plus Bond ETF	$	938,554,826	$	880,118,708

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

24 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. An additional variable charge for cash creations, redemptions, partial cash creations or partial cash redemptions may also be imposed to compensate the Fund for the costs associated with buying or selling the applicable securities.

6. MARKET RISK

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

7. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

25 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

Additional Information May 31, 2025 (Unaudited)

TAX INFORMATION

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

	Qualified Dividend Income	Dividend Received Deduction
ALPS | Smith Core Plus Bond ETF	0%	0%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

26 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

Not applicable for this reporting period. 

27 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

Not applicable for this reporting period.

28 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

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

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine, Trustee (1)	$	40,000	$	–	$	40,000
Edmund J. Burke, Trustee		86,500		–		86,500
Jeremy W. Deems, Trustee		88,500		–		88,500
Rick A. Pederson, Trustee		92,500		–		92,500
Joseph F. Keenan, Trustee		82,500		–		82,500
Susan K. Wold, Trustee		82,500		–		82,500
Laton Spahr, President and Trustee*		–		–		–
Total	$	472,500	$	–	$	472,500

⁽¹⁾ Effective December 31, 2024, Ms. Anstine retired as Trustee of the Trust.

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

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

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

29 | May 31, 2025

ALPS | Smith Core Plus Bond ETF

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

Not applicable for this reporting period. 

30 | May 31, 2025

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

Any Changes in and Disagreements with Accountants information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

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

Any Proxy Disclosures information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

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

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Any Remuneration Paid to Directors, Officers, and Others information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

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

Any Statement Regarding Basis for Approval of Investment Advisory Contract information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(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.

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Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this Report.

(a)(2) Not applicable to this Report.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.

(b) Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT.

-4-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALPS ETF TRUST

By:	/s/ Laton Spahr
	Laton Spahr (Principal Executive Officer)
	President
Date:	August 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Laton Spahr
	Laton Spahr (Principal Executive Officer)
	President
Date:	August 7, 2025
By:	/s/ Erich Rettinger
	Erich Rettinger (Principal Financial Officer)
	Treasurer
Date:	August 7, 2025

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