Table of Contents

Performance Overview
RiverFront Dynamic Core Income ETF	1
RiverFront Dynamic US Dividend Advantage ETF	3
RiverFront Dynamic US Flex-Cap ETF	5
RiverFront Strategic Income Fund	7
Disclosure of Fund Expenses	9
Financial Statements
Schedule of Investments
RiverFront Dynamic Core Income ETF	10
RiverFront Dynamic US Dividend Advantage ETF	13
RiverFront Dynamic US Flex-Cap ETF	15
RiverFront Strategic Income Fund	17
Statement of Assets and Liabilities	20
Statement of Operations	21
Statements of Changes in Net Assets
RiverFront Dynamic Core Income ETF	22
RiverFront Dynamic US Dividend Advantage ETF	23
RiverFront Dynamic US Flex-Cap ETF	24
RiverFront Strategic Income Fund	25
Financial Highlights	26
Notes to Financial Statements	30
Additional Information	38
Liquidity Risk Management Program	39

alpsfunds.com

RiverFront Dynamic Core Income ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic Core Income ETF (the “Fund” or "RFCI") seeks total return, with an emphasis on income as the source of that total return. The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic Core Income ETF – NAV	-6.91%	-6.25%	1.18%	1.08%
RiverFront Dynamic Core Income ETF – Market Price*	-6.83%	-6.14%	1.14%	1.09%
Bloomberg U.S. Aggregate Bond Total Return Index	-9.15%	-8.22%	1.18%	1.07%

Total Expense Ratio (per the current prospectus) is 0.51%.

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1.866.759.5679.

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

The Fund commenced operations on June 14, 2016.

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

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

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

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

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

1 | May 31, 2022

RiverFront Dynamic Core Income ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings*^ (as of May 31, 2022)

United States Treasury Bond	6.28	%
United States Treasury Note	3.18	%
Iron Mountain, Inc.	2.03	%
Dollar Tree, Inc.	1.97	%
Ball Corp.	1.97	%
Marathon Oil Corp.	1.96	%
Boeing Co.	1.95	%
Sabine Pass Liquefaction LLC	1.95	%
Citigroup, Inc.	1.94	%
HSBC Holdings PLC	1.94	%
Total % of Top 10 Holdings	25.17	%

% of Total Investments.

Excludes Money Market Fund

Future holdings are subject to change.

Asset Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

The chart above compares historical performance of a hypothetical investment of $10,000 in the Fund since inception with the performance of the Fund’s benchmark index. Results include the reinvestment of all dividends and capital gains distributions. Past performance does not guarantee future results. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

2 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic US Dividend Advantage ETF (the “Fund” or "RFDA") seeks to provide capital appreciation and dividend income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in a portfolio of equity securities of publicly traded U.S. companies with the potential for dividend income. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”).

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Dividend Advantage ETF – NAV	6.39%	12.71%	13.03%	13.27%
RiverFront Dynamic US Dividend Advantage ETF – Market Price*	6.27%	12.64%	13.02%	13.26%
S&P 500® Total Return Index	-8.85%	-0.30%	13.38%	13.98%

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

The Fund commenced operations on June 7, 2016.

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

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

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

3 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

Exxon Mobil Corp.	5.12	%
AbbVie, Inc.	4.29	%
Bristol-Myers Squibb Co.	3.57	%
Altria Group, Inc.	3.49	%
Merck & Co., Inc.	3.45	%
Coca-Cola Co.	3.40	%
International Business Machines Corp.	3.38	%
Southwest Gas Holdings, Inc.	3.07	%
Microsoft Corp.	2.94	%
Duke Energy Corp.	2.89	%
Total % of Top 10 Holdings	35.60	%

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

Asset Allocation* (as of May 31, 2022)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2022)

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

4 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic US Flex-Cap ETF (the “Fund” or "RFFC") seeks to provide capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in a portfolio of equity securities of publicly traded U.S. companies. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”).

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Flex-Cap ETF – NAV	-4.73%	1.30%	9.77%	10.95%
RiverFront Dynamic US Flex-Cap ETF – Market Price*	-4.75%	1.26%	9.75%	10.94%
S&P Composite 1500® Total Return Index	-8.68%	-0.91%	13.04%	13.68%

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

The Fund commenced operations on June 7, 2016.

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

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

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the RiverFront Dynamic US Flex-Cap ETF.

5 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

Apple, Inc.	5.76	%
Microsoft Corp.	4.77	%
Amazon.com, Inc.	2.95	%
UnitedHealth Group, Inc.	1.85	%
Exxon Mobil Corp.	1.75	%
Berkshire Hathaway, Inc.	1.65	%
Johnson & Johnson	1.63	%
Pfizer, Inc.	1.57	%
Visa, Inc.	1.52	%
Mastercard, Inc.	1.45	%
Total % of Top 10 Holdings	24.90	%

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

Asset Allocation* (as of May 31, 2022)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2022)

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

6 | May 31, 2022

RiverFront Strategic Income Fund

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

The RiverFront Strategic Income Fund (the “Fund” or "RIGS") seeks total return, with an emphasis on income as the source of that total return. The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations. The Fund utilizes various investment strategies in a broad array of fixed income sectors.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Strategic Income Fund – NAV	-3.74%	-3.48%	1.95%	3.16%
RiverFront Strategic Income Fund – Market Price*	-3.66%	-3.44%	1.90%	3.16%
Bloomberg U.S. Aggregate Bond Total Return Index	-9.15%	-8.22%	1.18%	1.99%

Total Expense Ratio (per the current prospectus) is 0.46%. The Fund’s management fees consist of a fee of 0.11% paid to the Fund’s investment adviser and a fee of 0.35% paid to the Fund’s sub-adviser. Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For most current month-end performance data please visit www.alpsfunds.com or call 1.866.759.5679.

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

The Fund commenced Investment Operations on October 8, 2013.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. The duration number is a calculation involving present value, yield, coupon, final maturity and call features. The bigger the duration number, the greater the interest-rate risk or reward for bond prices. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

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

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

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

7 | May 31, 2022

RiverFront Strategic Income Fund

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings*^ (as of May 31, 2022)

U.S. Treasury Note	3.72	%
T-Mobile USA, Inc.	1.32	%
DR Horton, Inc.	1.24	%
Vistra Operations Co. LLC	1.20	%
PulteGroup, Inc.	1.20	%
Goldman Sachs Group, Inc.	1.19	%
Bank of America Corp.	1.19	%
JPMorgan Chase & Co.	1.18	%
Citigroup, Inc.	1.18	%
WESCO Distribution, Inc.	1.11	%
Total % of Top 10 Holdings	14.53	%

% of Total Investments.

Excludes Money Market

Fund Future holdings are subject to change.

Asset Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

8 | May 31, 2022

RiverFront ETFs

Disclosure of Fund Expenses

May 31, 2022 (Unaudited)

Shareholder Expense Example: As a shareholder of a Fund, you incur certain ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at the beginning of the six month period and held through May 31, 2022.

Actual Return: The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical 5% Return: The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect any transaction costs, such as brokerage commissions and other fees to financial intermediaries. Therefore, the second line is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these costs were included, your costs would have been higher.

	Beginning Account Value 12/1/21		Ending Account Value 5/31/22		Expense Ratio^(a)			Expenses Paid During Period 12/1/21 - 5/31/22^(b)
RiverFront Dynamic Core Income ETF
Actual	$	1,000.00	$	930.90		0.51	%	$	2.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.39		0.51	%	$	2.57
RiverFront Dynamic US Dividend Advantage ETF
Actual	$	1,000.00	$	1,063.90		0.52	%	$	2.68
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.34		0.52	%	$	2.62
RiverFront Dynamic US Flex-Cap ETF
Actual	$	1,000.00	$	952.70		0.52	%	$	2.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.34		0.52	%	$	2.62
RiverFront Strategic Income Fund
Actual	$	1,000.00	$	962.60		0.46	%	$	2.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.64		0.46	%	$	2.32

^(a)

Annualized, based on the Fund's most recent fiscal half year expenses.

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182), divided by 365.

9 | May 31, 2022

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS (67.69%)
Communications (8.33%)
AT&T, Inc.
2.55%, 12/01/2033	$	1,449,000	$	1,234,870
Charter Communications
Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025		789,000		806,660
Comcast Corp.
4.15%, 10/15/2028		783,000		802,683
Discovery Communications LLC
3.95%, 03/20/2028		1,466,000		1,415,624
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		894,000		845,192
Verizon Communications, Inc.
2.36%, 03/15/2032^(a)		725,000		622,267
Walt Disney Co.
2.00%, 09/01/2029		894,000		789,839
Total Communications				6,517,135

Consumer Discretionary (5.09%)
Alibaba Group Holding, Ltd.
3.60%, 11/28/2024		173,000		172,942
3.40%, 12/06/2027		147,000		141,870
Amazon.com, Inc.
3.15%, 08/22/2027		299,000		296,255
CoreCivic, Inc.
4.63%, 05/01/2023		155,000		155,071
Ford Motor Co.
9.63%, 04/22/2030		1,129,000		1,372,225
General Motors Financial Co., Inc.
3.70%, 05/09/2023		250,000		251,355
3.60%, 06/21/2030		778,000		699,372
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		789,000		758,860
Marriott International, Inc.
4.00%, 04/15/2028^(b)		135,000		131,398
Total Consumer Discretionary				3,979,348

Consumer Staples (3.13%)
Anheuser-Busch InBev
Worldwide, Inc.
4.00%, 04/13/2028		908,000		916,955
Dollar Tree, Inc.
4.00%, 05/15/2025		1,520,000		1,534,003
Total Consumer Staples				2,450,958

Energy (8.45%)
Chevron Corp.
2.90%, 03/03/2024		250,000		250,972
Continental Resources, Inc.
3.80%, 06/01/2024		147,000		148,072
Enterprise Products Operating LLC
3.35%, 03/15/2023		250,000		251,033
Energy (continued)
Exxon Mobil Corp.
3.04%, 03/01/2026		345,000		343,489
Hess Midstream Operations LP
4.25%, 02/15/2030^(a)		789,000		725,174
Kinder Morgan Energy Partners LP
4.25%, 09/01/2024		147,000		148,929
Marathon Oil Corp.
4.40%, 07/15/2027		1,516,000		1,525,234
ONEOK Partners LP
3.38%, 10/01/2022		250,000		250,211
Ovintiv Exploration, Inc.
5.63%, 07/01/2024		147,000		154,743
Sabine Pass Liquefaction LLC
5.75%, 05/15/2024		1,466,000		1,515,430
Schlumberger Investment SA
3.65%, 12/01/2023		405,000		410,918
Shell International Finance BV
2.75%, 04/06/2030		789,000		731,852
Williams Cos., Inc.
3.90%, 01/15/2025		156,000		156,386
Total Energy				6,612,443

Financials (27.06%)
Aflac, Inc.
3.63%, 11/15/2024		173,000		175,468
Bank of America Corp.
4.25%, 10/22/2026		1,197,000		1,211,352
Berkshire Hathaway, Inc.
3.13%, 03/15/2026		250,000		249,886
Blackstone Private Credit Fund
3.25%, 03/15/2027^(a)		847,000		749,599
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		239,000		238,120
Citigroup, Inc.
3M US L + 1.43%,
09/01/2023^(c)		250,000		250,320
4.45%, 09/29/2027		1,502,000		1,508,815
6.63%, 06/15/2032		503,000		573,044
Credit Suisse Group AG
4.55%, 04/17/2026		222,000		222,069
CubeSmart LP
2.25%, 12/15/2028		1,643,000		1,446,109
Discover Bank
4.65%, 09/13/2028		135,000		134,450
FS KKR Capital Corp.
4.25%, 02/14/2025^(a)		1,567,000		1,507,363
Goldman Sachs Group, Inc.
3M US L + 0.75%,
02/23/2023^(c)		405,000		404,365
3M US L + 1.60%,
11/29/2023^(c)		250,000		252,428
5.95%, 01/15/2027		678,000		726,797
Host Hotels & Resorts LP
4.00%, 06/15/2025		1,078,000		1,068,184

See Notes to Financial Statements.

10 | May 31, 2022

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount		Value
Financials (continued)
HSBC Holdings PLC
4.30%, 03/08/2026	$	135,000	$	136,516
3.90%, 05/25/2026		173,000		171,151
4.38%, 11/23/2026		1,502,000		1,507,519
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		1,602,000		1,580,653
JPMorgan Chase & Co.
3M US L + 1.23%,
10/24/2023^(c)		559,000		560,394
4.25%, 10/01/2027		939,000		944,899
Lincoln National Corp.
3.35%, 03/09/2025		173,000		172,059
M&T Bank Corp.
3M US L + 0.68%,
07/26/2023^(c)		250,000		250,435
MetLife, Inc.
3.60%, 04/10/2024		241,000		244,049
Mitsubishi UFJ Financial Group,
Inc.
3.85%, 03/01/2026		173,000		172,430
Mizuho Financial Group, Inc.
3M US L + 1.00%,
09/11/2024^(c)		496,000		498,678
Morgan Stanley
3M US L + 1.40%,
10/24/2023^(c)		496,000		497,451
5.00%, 11/24/2025		291,000		301,587
3.63%, 01/20/2027		384,000		380,361
NatWest Markets PLC
3.48%, 03/22/2025^(a)		920,000		913,497
PNC Financial Services Group, Inc.
3.15%, 05/19/2027		173,000		168,909
3.45%, 04/23/2029		778,000		748,899
Truist Bank
3.30%, 05/15/2026		173,000		170,285
Wells Fargo & Co.
3.00%, 04/22/2026		1,075,000		1,043,536
Total Financials				21,181,677

Health Care (5.96%)
AbbVie, Inc.
3.20%, 11/21/2029		789,000		743,174
Bausch Health Cos., Inc.
6.13%, 02/01/2027^(a)		1,615,000		1,476,110
Cigna Corp.
3.00%, 07/15/2023		240,000		240,577
CVS Health Corp.
4.30%, 03/25/2028		289,000		293,121
HCA, Inc.
5.38%, 09/01/2026		789,000		822,556
Johnson & Johnson
2.45%, 03/01/2026		250,000		245,705
Merck & Co., Inc.
2.80%, 05/18/2023		481,000		483,049
Pfizer, Inc.
3.20%, 09/15/2023		184,000		185,791
Health Care (continued)
UnitedHealth Group, Inc.
3.75%, 07/15/2025		173,000		176,293
Total Health Care				4,666,376

Industrials (2.86%)
3M Co.
3.25%, 02/14/2024		405,000		408,886
Boeing Co.
4.88%, 05/01/2025		1,500,000		1,516,685
CNH Industrial NV
4.50%, 08/15/2023		173,000		175,518
Textron, Inc.
3.65%, 03/15/2027		135,000		133,212
Total Industrials				2,234,301

Materials (3.32%)
Ball Corp.
4.00%, 11/15/2023		1,527,000		1,532,726
DuPont de Nemours, Inc.
4.73%, 11/15/2028		789,000		818,685
Glencore Funding LLC
3.00%, 10/27/2022^(a)		250,000		249,914
Total Materials				2,601,325

Technology (3.00%)
Apple, Inc.
3.20%, 05/11/2027		789,000		789,908
Flex, Ltd.
5.00%, 02/15/2023		173,000		175,147
Microsoft Corp.
3.30%, 02/06/2027		671,000		679,970
Oracle Corp.
3.25%, 11/15/2027		754,000		706,231
Total Technology				2,351,256

Utilities (0.49%)
Dominion Energy, Inc.
4.25%, 06/01/2028		135,000		136,152
Southern Co.
2.95%, 07/01/2023		250,000		250,457
Total Utilities				386,609

TOTAL CORPORATE BONDS
(Cost $57,049,024)				52,981,428

GOVERNMENT BONDS (11.74%)
United States Treasury Bond
2.75%, 02/15/2028		4,917,000		4,888,764
United States Treasury Inflation
Indexed Bonds
2.13%, 02/15/2040^(d)		273,634		343,030

See Notes to Financial Statements.

11 | May 31, 2022

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount			Value
Government Bonds (continued)
United States Treasury Note
2.88%, 10/31/2023	$	1,470,000	$		1,482,203
3.00%, 10/31/2025		2,454,000			2,472,789
TOTAL GOVERNMENT BONDS
(Cost $9,447,357)					9,186,786

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (19.98%)
Money Market Fund
State Street Institutional
Treasury Plus Money
Market Fund		0.75	%		15,637,713		15,637,713

TOTAL SHORT TERM INVESTMENTS
(Cost $15,637,713)							15,637,713

TOTAL INVESTMENTS (99.41%)
(Cost $82,134,094)						$	77,805,927
OTHER ASSETS IN EXCESS OF LIABILITIES (0.59%)							463,549
NET ASSETS - 100.00%						$	78,269,476

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of May 31, 2022 was 0.97%

^(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 $8,669,769, representing 11.08% of net assets.

^(b)

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, 2022, the market value of those securities was $131,398 representing 0.17% of net assets.

^(c)

Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(d)

Principal amount of security is adjusted for inflation.

See Notes to Financial Statements.

12 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.62%)
Communication Services (2.92%)
AT&T, Inc.		46,648	$	993,136
Meta Platforms, Inc., Class A^(a)		1,460		282,714
Sirius XM Holdings, Inc.^(b)		129,684		829,978
Verizon Communications, Inc.		23,232		1,191,569
Total Communication Services				3,297,397

Consumer Staples (10.69%)
Altria Group, Inc.		72,755		3,935,318
Coca-Cola Co.		60,543		3,837,215
Colgate-Palmolive Co.		18,037		1,421,496
Mondelez International, Inc., Class A		26,247		1,668,259
Philip Morris International, Inc.		4,395		466,969
Vector Group, Ltd.		61,392		755,736
Total Consumer Staples				12,084,993

Energy (6.48%)
Exxon Mobil Corp.		60,118		5,771,328
Kinder Morgan, Inc.		78,923		1,553,994
Total Energy				7,325,322

Financials (22.17%)
AllianceBernstein Holding LP		33,562		1,427,727
Annaly Capital Management, Inc.		133,648		883,413
Artisan Partners Asset Management, Inc., Class A		16,523		634,648
Bank of America Corp.		32,504		1,209,149
Central Pacific Financial Corp.		87,401		2,109,860
Dynex Capital, Inc.^(b)		39,365		641,650
Ellington Financial, Inc.^(b)		63,932		990,307
FNB Corp.		55,275		671,591
Franklin BSP Realty Trust, Inc.		105,374		1,631,190
Fulton Financial Corp.		52,417		830,809
Mercury General Corp.		10,000		489,500
Navient Corp.		34,532		552,512
New Residential Investment Corp.		153,593		1,735,601
OneMain Holdings, Inc.		20,948		922,969
PennyMac Mortgage Investment Trust		60,232		974,554
Ready Capital Corp.		68,617		1,007,298
Starwood Property Trust, Inc.		28,387		678,165
Truist Financial Corp.		53,904		2,681,185
Trustmark Corp.		21,309		619,879
US Bancorp		52,310		2,776,092
UWM Holdings Corp.^(b)		395,428		1,601,483
Total Financials				25,069,582

Health Care (13.11%)
AbbVie, Inc.		32,841		4,839,778
Bristol-Myers Squibb Co.		53,414		4,030,086
Merck & Co., Inc.		42,251		3,888,360
Health Care (continued)
Pfizer, Inc.		38,930		2,064,847
Total Health Care				14,823,071

Industrials (7.63%)
3M Co.		11,424		1,705,489
Fastenal Co.		29,423		1,575,896
MDU Resources Group, Inc.		93,470		2,559,209
Northrop Grumman Corp.		2,788		1,304,700
United Parcel Service, Inc., Class B		8,140		1,483,515
Total Industrials				8,628,809

Information Technology (21.26%)
Apple, Inc.		7,851		1,168,543
Broadcom, Inc.		4,295		2,491,658
Cisco Systems, Inc.		60,777		2,738,004
Hewlett Packard Enterprise Co.		191,951		2,994,436
Intel Corp.		66,909		2,972,098
International Business Machines Corp.		27,429		3,808,242
Microsoft Corp.		12,212		3,320,076
National Instruments Corp.		13,106		462,904
Paychex, Inc.		3,102		384,121
Texas Instruments, Inc.		16,679		2,948,180
Western Union Co.		41,458		752,048
Total Information Technology				24,040,310

Materials (1.26%)
Newmont Mining Corp.		20,988		1,424,036

Real Estate (6.13%)
American Assets Trust, Inc.		20,225		689,673
Brandywine Realty Trust		44,047		491,124
Douglas Elliman, Inc.		31,558		181,459
Douglas Emmett, Inc.		12,882		364,174
Iron Mountain, Inc.		27,747		1,495,563
LXP Industrial Trust		34,104		394,242
National Health Investors, Inc.		7,445		440,372
Omega Healthcare Investors, Inc.		13,449		400,377
Paramount Group, Inc.		67,425		610,871
Piedmont Office Realty Trust, Inc., Class A		58,314		859,548
Sabra Health Care REIT, Inc.		30,606		429,708
SITE Centers Corp.		36,171		568,608
Total Real Estate				6,925,719

Utilities (7.97%)
Clearway Energy, Inc., Class C		20,310		711,865
Duke Energy Corp.		28,973		3,260,042
Entergy Corp.		6,445		775,462
PPL Corp.		26,442		798,020

See Notes to Financial Statements.

13 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Utilities (continued)
Southwest Gas Holdings, Inc.		37,183	$	3,462,853
Total Utilities				9,008,242

TOTAL COMMON STOCKS
(Cost $98,892,724)				112,627,481

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.27%)
Money Market Fund (0.13%)
State Street Institutional Treasury Plus Money Market Fund
(Cost $149,922)		0.75	%		149,922		149,922

Investments Purchased with Collateral from Securities Loaned (1.14%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.80%
(Cost $1,291,293)					1,291,293		1,291,293
TOTAL SHORT TERM INVESTMENTS
(Cost $1,441,215)							1,441,215

TOTAL INVESTMENTS (100.89%)
(Cost $100,333,939)						$	114,068,696
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.89%)							(1,011,388	)
NET ASSETS - 100.00%						$	113,057,308

^(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 $2,014,357.

See Notes to Financial Statements.

14 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.82%)
Communication Services (5.95%)
Alphabet, Inc., Class A^(a)		227	$	516,479
Alphabet, Inc., Class C^(a)		108		246,324
Comcast Corp., Class A		5,579		247,038
EverQuote, Inc.^(a)		15,168		135,754
Interpublic Group of Cos., Inc.		6,482		208,915
Magnite, Inc.^(a)		4,746		52,158
Meta Platforms, Inc., Class A^(a)		2,067		400,254
New York Times Co., Class A		3,251		112,127
Sirius XM Holdings, Inc.^(b)		34,162		218,637
Total Communication Services				2,137,686

Consumer Discretionary (6.30%)
Adtalem Global Education, Inc.^(a)		4,238		138,243
Amazon.com, Inc.^(a)		441		1,060,248
Choice Hotels International, Inc.		804		102,824
Clarus Corp.		5,011		109,791
Home Depot, Inc.		1,299		393,272
NIKE, Inc., Class B		2,272		270,027
Tapestry, Inc.		5,464		188,508
Total Consumer Discretionary				2,262,913

Consumer Staples (6.55%)
Archer-Daniels-Midland Co.		3,679		334,127
Coca-Cola Co.		7,684		487,012
Colgate-Palmolive Co.		3,353		264,250
Mondelez International, Inc., Class A		5,183		329,431
Procter & Gamble Co.		2,429		359,200
SpartanNash Co.		5,415		186,330
Sprouts Farmers Market, Inc.^(a)		6,008		162,757
Walgreens Boots Alliance, Inc.		5,253		230,239
Total Consumer Staples				2,353,346

Energy (7.32%)
Aemetis, Inc.^(a)(b)		22,714		184,211
Archrock, Inc.		18,398		184,532
Coterra Energy, Inc.		8,852		303,889
Exxon Mobil Corp.		6,529		626,784
Marathon Oil Corp.		14,041		441,309
New Fortress Energy, Inc.		7,226		336,659
Transocean, Ltd.^(a)		57,474		236,793
Williams Cos., Inc.		8,469		313,861
Total Energy				2,628,038

Financials (10.94%)
Arbor Realty Trust, Inc.		7,482		122,854
Bank of America Corp.		8,398		312,406
Berkshire Hathaway, Inc., Class B^(a)		1,877		593,094
Central Pacific Financial Corp.		4,977		120,145
Cincinnati Financial Corp.		1,934		247,281
First Commonwealth Financial Corp.		9,103		127,533
Financials (continued)
Hope Bancorp, Inc.		9,681		141,149
JPMorgan Chase & Co.		3,664		484,491
Kearny Financial Corp.		10,414		129,238
KeyCorp		10,221		204,011
Markel Corp.^(a)		204		279,364
OceanFirst Financial Corp.		7,110		143,409
Provident Financial Services, Inc.		5,803		133,411
Regions Financial Corp.		10,043		221,850
Travelers Cos., Inc.		1,588		284,316
US Bancorp		4,820		255,797
Willis Towers Watson PLC		34		7,176
WSFS Financial Corp.		2,835		121,281
Total Financials				3,928,806

Health Care (15.88%)
Abbott Laboratories		2,980		350,031
AbbVie, Inc.		3,395		500,321
Cigna Corp.		903		242,266
CVS Health Corp.		3,299		319,178
Exelixis, Inc.^(a)		9,576		175,528
Johnson & Johnson		3,268		586,704
Merck & Co., Inc.		4,518		415,792
Multiplan Corp.^(a)		48,812		244,060
NeoGenomics, Inc.^(a)		4,393		36,989
Pacific Biosciences of California, Inc.^(a)(b)		6,390		35,976
Pfizer, Inc.		10,637		564,187
Quest Diagnostics, Inc.		1,421		200,389
Regeneron Pharmaceuticals, Inc.^(a)		306		203,410
Signify Health, Inc.^(a)		14,534		198,098
TransMedics Group, Inc.^(a)		10,472		305,468
UnitedHealth Group, Inc.		1,338		664,692
Vertex Pharmaceuticals, Inc.^(a)		937		251,725
Zoetis, Inc.		1,733		296,222
Zynex, Inc.^(b)		15,854		115,576
Total Health Care				5,706,612

Industrials (8.72%)
ACCO Brands Corp.		17,090		128,859
Air Transport Services Group, Inc.^(a)		5,260		158,957
Boise Cascade Co.		3,028		234,125
BWX Technologies, Inc.		2,469		126,413
CACI International, Inc., Class A^(a)		605		169,624
Casella Waste Systems, Inc.^(a)		2,538		181,670
Cintas Corp.		558		222,268
CoreCivic, Inc.^(a)		12,906		166,100
CRA International, Inc.		1,388		118,993
Gorman-Rupp Co.		3,002		89,430
Heidrick & Struggles International, Inc.		3,828		132,296
Matson, Inc.		2,674		240,339
Oshkosh Corp.		1,447		134,441
Rush Enterprises, Inc., Class A		2,386		121,638

See Notes to Financial Statements.

15 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Industrials (continued)
Snap-on, Inc.		146	$	32,394
Standex International Corp.		1,331		123,916
Trinity Industries, Inc.		5,805		144,312
United Parcel Service, Inc., Class B		2,106		383,818
Univar Solutions, Inc.^(a)		7,216		221,676
Total Industrials				3,131,269

Information Technology (27.25%)
Adobe, Inc.^(a)		60		24,989
Advanced Micro Devices, Inc.^(a)		3,371		343,370
Amdocs, Ltd.		2,995		260,236
Apple, Inc.		13,893		2,067,834
Block, Inc., Class A^(a)		1,539		134,678
Broadcom, Inc.		752		436,258
Cisco Systems, Inc.		7,006		315,620
Cloudflare, Inc., Class A^(a)		3,086		172,816
Crowdstrike Holdings, Inc.^(a)		1,422		227,506
Ebix, Inc.		2,824		82,320
Enphase Energy, Inc.^(a)		868		161,613
Identiv, Inc.^(a)		16,936		216,611
Knowles Corp.^(a)		6,266		120,433
Mastercard, Inc., Class A		1,450		518,911
Maximus, Inc.		1,901		123,356
Methode Electronics, Inc.		3,018		135,961
Microsoft Corp.		6,291		1,710,334
NCR Corp.^(a)		4,759		165,090
NortonLifeLock, Inc.		11,904		289,743
NVIDIA Corp.		1,276		238,255
Progress Software Corp.		2,810		135,751
QUALCOMM, Inc.		2,020		289,304
Salesforce.com, Inc.^(a)		1,874		300,290
SolarEdge Technologies, Inc.^(a)		1,174		320,255
Texas Instruments, Inc.		1,838		324,885
Visa, Inc., Class A		2,576		546,550
Xperi Corp.		7,574		124,668
Total Information Technology				9,787,637

Materials (5.61%)
American Vanguard Corp.		9,365		231,128
FMC Corp.		2,077		254,599
Glatfelter Corp.		8,077		69,624
Mosaic Co.		4,929		308,802
Myers Industries, Inc.		6,829		162,530
Nucor Corp.		2,062		273,132
O-I, Inc.^(a)		17,204		283,006
Sealed Air Corp.		308		19,151
SunCoke Energy, Inc.		21,347		172,697
United States Steel Corp.		9,594		240,522
Total Materials				2,015,191

Real Estate (2.96%)
Duke Realty Corp.		3,753		198,271
Highwoods Properties, Inc.		3,349		131,582
Kilroy Realty Corp.		4,164		252,755
Kimco Realty Corp.		9,734		230,209
SL Green Realty Corp.^(b)		2,065		127,555
Real Estate (continued)
Uniti Group, Inc.		10,917		123,799
Total Real Estate				1,064,171

Utilities (2.34%)
Duke Energy Corp.		1,286		144,701
National Fuel Gas Co.		2,470		181,619
OGE Energy Corp.		7,682		317,267
Southwest Gas Holdings, Inc.		2,134		198,739
Total Utilities				842,326

TOTAL COMMON STOCKS
(Cost $32,854,191)				35,857,995

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.75%)
Money Market Fund (0.08%)
State Street Institutional Treasury Plus Money Market Fund
(Cost $28,156)		0.75	%		28,156		28,156

Investments Purchased with Collateral
from Securities Loaned (0.67%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.80%
(Cost $241,204)					241,204		241,204
TOTAL SHORT TERM INVESTMENTS
(Cost $269,360)							269,360

TOTAL INVESTMENTS (100.57%)
(Cost $33,123,551)						$	36,127,355
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.57%)							(203,745	)
NET ASSETS - 100.00%						$	35,923,610

^(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 $451,149.

See Notes to Financial Statements.

16 | May 31, 2022

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS (78.82%)
Communications (6.16%)
AMC Networks, Inc.
5.00%, 04/01/2024	$	402,000	$	401,403
4.75%, 08/01/2025		482,000		475,669
CCO Holdings LLC / CCO Holdings
Capital Corp.
5.50%, 05/01/2026^(a)		553,000		554,844
CSC Holdings LLC
5.50%, 04/15/2027^(a)		1,030,000		1,032,595
Level 3 Financing, Inc.
3.75%, 07/15/2029^(a)		1,214,000		1,037,591
Netflix, Inc.
4.38%, 11/15/2026		955,000		953,969
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		1,000,000		945,405
T-Mobile USA, Inc.
2.63%, 04/15/2026		1,860,000		1,767,581
WMG Acquisition Corp.
3.75%, 12/01/2029^(a)		955,000		877,077
Total Communications				8,046,134

Consumer Discretionary (14.64%)
Air Canada
3.88%, 08/15/2026^(a)		1,053,000		982,897
Aramark Services, Inc.
6.38%, 05/01/2025^(a)		1,053,000		1,072,712
Caesars Entertainment, Inc.
6.25%, 07/01/2025^(a)		1,246,000		1,262,447
DR Horton, Inc.
4.38%, 09/15/2022		1,658,000		1,660,822
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		1,423,000		1,328,282
Goodyear Tire & Rubber Co.
5.00%, 05/31/2026		1,268,000		1,245,810
Hilton Domestic Operating Co., Inc.
3.75%, 05/01/2029^(a)		1,155,000		1,059,424
International Game Technology PLC
6.50%, 02/15/2025^(a)		1,091,000		1,118,242
Las Vegas Sands Corp.
3.20%, 08/08/2024		927,000		890,070
Lennar Corp.
4.75%, 11/29/2027		1,155,000		1,163,528
MGM Resorts International
6.00%, 03/15/2023		1,246,000		1,261,612
Newell Brands, Inc.
4.10%, 04/01/2023		382,000		382,065
4.45%, 04/01/2026		955,000		955,191
Nissan Motor Co., Ltd.
3.52%, 09/17/2025^(a)		1,155,000		1,117,585
PulteGroup, Inc.
5.50%, 03/01/2026		1,538,000		1,608,407
Royal Caribbean Cruises, Ltd.
10.88%, 06/01/2023^(a)		1,291,000		1,344,292
Consumer Discretionary (continued)
Six Flags Entertainment Corp.
4.88%, 07/31/2024^(a)		690,000		678,919
Total Consumer Discretionary				19,132,305

Consumer Staples (2.33%)
Anheuser-Busch InBev
Worldwide, Inc.
4.75%, 01/23/2029		1,053,000		1,097,120
JBS Finance Luxembourg Sarl
2.50%, 01/15/2027^(a)		955,000		855,695
Spectrum Brands, Inc.
5.75%, 07/15/2025		30,000		30,067
US Foods, Inc.
6.25%, 04/15/2025^(a)		1,030,000		1,060,869
Total Consumer Staples				3,043,751

Energy (4.37%)
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/2024		1,217,000		1,278,365
DCP Midstream Operating LP
5.38%, 07/15/2025		1,000,000		1,025,835
EQM Midstream Partners LP
4.75%, 07/15/2023		390,000		397,059
Petroleos Mexicanos
4.88%, 01/18/2024		1,020,000		1,018,557
Reliance Industries, Ltd.
4.13%, 01/28/2025^(a)		945,000		953,674
Schlumberger Holdings Corp.
3.90%, 05/17/2028^(a)		1,053,000		1,030,765
Total Energy				5,704,255

Financials (23.49%)
Air Lease Corp.
4.25%, 02/01/2024		963,000		967,587
Ares Capital Corp.
3.50%, 02/10/2023		1,158,000		1,161,369
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(a)		1,085,000		938,458
Bancolombia SA
5.13%, 09/11/2022		951,000		953,349
Bank of America Corp.
4.25%, 10/22/2026		1,577,000		1,595,909
Blackstone Secured Lending Fund
3.63%, 01/15/2026		1,142,000		1,090,156
Capital One Financial Corp.
4.20%, 10/29/2025		1,053,000		1,060,488
Citigroup, Inc.
4.45%, 09/29/2027		1,577,000		1,584,156
EPR Properties
4.75%, 12/15/2026		1,000,000		981,220
FS KKR Capital Corp.
3.40%, 01/15/2026		1,155,000		1,080,008

See Notes to Financial Statements.

17 | May 31, 2022

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount		Value
Financials (continued)
GLP Capital LP / GLP Financing II, Inc.
3.35%, 09/01/2024	$	927,000	$	912,797
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		1,577,000		1,599,611
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026^(a)		1,074,000		993,772
Icahn Enterprises LP / Icahn
Enterprises Finance Corp.
4.75%, 09/15/2024		1,247,000		1,245,254
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		1,104,000		1,089,289
iStar, Inc.
4.75%, 10/01/2024		1,299,000		1,295,753
JPMorgan Chase & Co.
4.25%, 10/01/2027		1,577,000		1,586,907
MPT Operating Partnership LP /
MPT Finance Corp.
5.25%, 08/01/2026		927,000		930,135
NatWest Markets PLC
3.48%, 03/22/2025^(a)		960,000		953,214
Newmark Group, Inc.
6.13%, 11/15/2023		1,227,000		1,240,454
Omega Healthcare Investors, Inc.
4.38%, 08/01/2023		312,000		313,278
5.25%, 01/15/2026		642,000		651,542
OneMain Finance Corp.
6.13%, 03/15/2024		1,246,000		1,277,499
Park Aerospace Holdings, Ltd.
5.25%, 08/15/2022^(a)		26,000		26,056
Santander Holdings USA, Inc.
3.50%, 06/07/2024		478,000		475,943
SBA Communications Corp.
3.88%, 02/15/2027		1,475,000		1,446,120
Starwood Property Trust, Inc.
4.75%, 03/15/2025		955,000		946,439
Synchrony Financial
2.85%, 07/25/2022		985,000		985,354
VICI Properties LP / VICI Note Co., Inc.
4.25%, 12/01/2026^(a)		1,367,000		1,300,072
Total Financials				30,682,189

Health Care (1.12%)
DaVita, Inc.
4.63%, 06/01/2030^(a)		1,104,000		961,420
HCA, Inc.
5.38%, 02/01/2025		482,000		498,658
Total Health Care				1,460,078

Industrials (5.13%)
Boeing Co.
4.88%, 05/01/2025		1,155,000		1,167,847
MasTec, Inc.
4.50%, 08/15/2028^(a)		1,069,000		1,020,679
Industrials (continued)
Sensata Technologies BV
5.00%, 10/01/2025^(a)		955,000		965,477
Stericycle, Inc.
5.38%, 07/15/2024^(a)		1,001,000		1,003,267
TransDigm, Inc.
6.25%, 03/15/2026^(a)		1,030,000		1,054,514
WESCO Distribution, Inc.
7.13%, 06/15/2025^(a)		1,437,000		1,497,095
Total Industrials				6,708,879

Materials (13.01%)
Alcoa Nederland Holding BV
4.13%, 03/31/2029^(a)		1,291,000		1,232,008
ArcelorMittal SA
3.60%, 07/16/2024		1,076,000		1,078,138
Arconic Corp.
6.00%, 05/15/2025^(a)		1,053,000		1,081,957
Ardagh Packaging Finance PLC /
Ardagh Holdings USA, Inc.
5.25%, 04/30/2025^(a)		1,264,000		1,257,029
Ball Corp.
5.25%, 07/01/2025		798,000		814,977
4.88%, 03/15/2026		482,000		488,013
Berry Global, Inc.
4.88%, 07/15/2026^(a)		1,103,000		1,086,091
Braskem Finance, Ltd.
6.45%, 02/03/2024		1,269,000		1,332,139
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		1,076,000		1,081,653
5.00%, 09/01/2027		523,000		529,154
Graphic Packaging International LLC
4.88%, 11/15/2022		1,418,000		1,424,526
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024^(a)		416,000		412,275
Methanex Corp.
5.13%, 10/15/2027		1,030,000		996,546
NOVA Chemicals Corp.
4.88%, 06/01/2024^(a)		1,246,000		1,228,699
Novelis Corp.
3.25%, 11/15/2026^(a)		1,000,000		919,915
Sasol Financing International, Ltd.
4.50%, 11/14/2022		555,000		556,138
Sasol Financing USA LLC
4.38%, 09/18/2026		642,000		589,870
Standard Industries, Inc.
3.38%, 01/15/2031^(a)		1,053,000		889,674
Total Materials				16,998,802

Technology (4.00%)
CDW LLC / CDW Finance Corp.
3.57%, 12/01/2031		955,000		847,351
Flex, Ltd.
5.00%, 02/15/2023		1,267,000		1,282,722

See Notes to Financial Statements.

18 | May 31, 2022

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Principal Amount		Value
Technology (continued)
Microchip Technology, Inc.
4.25%, 09/01/2025	$	1,069,000	$	1,064,532
NortonLifeLock, Inc.
3.95%, 06/15/2022		137,000		137,000
5.00%, 04/15/2025^(a)		823,000		823,012
Seagate HDD Cayman
4.75%, 06/01/2023		1,053,000		1,070,338
Total Technology				5,224,955

Utilities (4.57%)
AmeriGas Partners LP / AmeriGas
Finance Corp.
5.88%, 08/20/2026		1,074,000		1,094,857
Calpine Corp.
5.25%, 06/01/2026^(a)		511,000		504,493
NextEra Energy Operating
Partners LP
4.25%, 07/15/2024^(a)		1,433,000		1,439,520
NRG Energy, Inc.
3.75%, 06/15/2024^(a)		955,000		947,724
6.63%, 01/15/2027		356,000		366,153
Vistra Operations Co. LLC
3.55%, 07/15/2024^(a)		1,645,000		1,613,395
Total Utilities				5,966,142

TOTAL CORPORATE BONDS
(Cost $108,474,521)				102,967,490

GOVERNMENT BONDS (3.82%)
U.S. Treasury Note
2.50%, 05/31/2024		5,000,000		4,996,095
TOTAL GOVERNMENT BONDS
(Cost $4,994,727)				4,996,095

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (20.24%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.75	%		26,445,753		26,445,753

TOTAL SHORT TERM INVESTMENTS
(Cost $26,445,753)							26,445,753

TOTAL INVESTMENTS (102.88%)
(Cost $139,915,001)						$	134,409,338
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.88%)							(3,766,657	)
NET ASSETS - 100.00%						$	130,642,681

^(a)

See Notes to Financial Statements.

19 | May 31, 2022

RiverFront ETFs

Statement of Assets and Liabilities

May 31, 2022 (Unaudited)

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF		RiverFront Dynamic US Flex-Cap ETF			RiverFront Strategic Income Fund
ASSETS:
Investments, at value	$	77,805,927		$	114,068,696	$	36,127,355		$	134,409,338
Dividend receivable		–			328,544		52,419			–
Interest receivable		498,066			–		–			1,278,795
Receivable for investments sold		–			–		–			342
Total Assets		78,303,993			114,397,240		36,179,774			135,688,475

LIABILITIES:
Payable to adviser		34,517			48,639		14,960			50,725
Payable for investments purchased		–			–		–			4,995,069
Payable for collateral upon return of securities loaned		–			1,291,293		241,204			–
Total Liabilities		34,517			1,339,932		256,164			5,045,794
NET ASSETS	$	78,269,476		$	113,057,308	$	35,923,610		$	130,642,681

NET ASSETS CONSIST OF:
Paid-in capital	$	83,906,094		$	85,702,090	$	46,611,445		$	147,793,256
Total distributable earnings		(5,636,618	)		27,355,218		(10,687,835	)		(17,150,575	)
NET ASSETS	$	78,269,476		$	113,057,308	$	35,923,610		$	130,642,681

INVESTMENTS, AT COST	$	82,134,094		$	100,333,939	$	33,123,551		$	139,915,001

PRICING OF SHARES
Net Assets	$	78,269,476		$	113,057,308	$	35,923,610		$	130,642,681
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		3,400,000			2,400,002		825,002			5,600,000
Net Asset Value, offering and redemption price per share	$	23.02		$	47.11	$	43.54		$	23.33

See Notes to Financial Statements.

20 | May 31, 2022

RiverFront ETFs

Statement of Operations

For the Six Months Ended May 31, 2022 (Unaudited)

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex-Cap ETF			RiverFront Strategic Income Fund
INVESTMENT INCOME:
Interest	$	1,081,653		$	–		$	–		$	1,716,674
Dividends^(a)		13,795			2,275,963			358,459			19,190
Securities Lending Income		–			11,600			2,196			–
Total Investment Income		1,095,448			2,287,563			360,655			1,735,864

EXPENSES:
Investment adviser and sub-adviser fees (Note 3)		236,076			301,391			96,155			318,283
Total Expenses		236,076			301,391			96,155			318,283
NET INVESTMENT INCOME		859,372			1,986,172			264,500			1,417,581

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(b)		(1,252,081	)		30,471,196			10,435,228			(1,331,165	)
NET REALIZED GAIN/(LOSS)		(1,252,081	)		30,471,196			10,435,228			(1,331,165	)
Net change in unrealized depreciation on investments		(6,221,915	)		(25,102,978	)		(12,516,068	)		(5,484,301	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)		(6,221,915	)		(25,102,978	)		(12,516,068	)		(5,484,301	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(7,473,996	)		5,368,218			(2,080,840	)		(6,815,466	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,614,624	)	$	7,354,390		$	(1,816,340	)	$	(5,397,885	)

^(a)

Net of foreign tax withholding in the amounts of $–, $–, $– and $42, respectively.

^(b)

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.

21 | May 31, 2022

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	859,372		$	1,990,198
Net realized gain/(loss)		(1,252,081	)		2,564,824
Net change in unrealized depreciation		(6,221,915	)		(6,289,006	)
Net decrease in net assets resulting from operations		(6,614,624	)		(1,733,984	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,635,978	)		(1,962,506	)
Total distributions		(2,635,978	)		(1,962,506	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		595,048			17,914,173
Shares redeemed		(30,947,841	)		(9,068,318	)
Net increase/(decrease) from share transactions		(30,352,793	)		8,845,855

Net increase/(decrease) in net assets		(39,603,395	)		5,149,365

NET ASSETS:
Beginning of period		117,872,871			112,723,506
End of period	$	78,269,476		$	117,872,871

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,650,000			4,300,000
Shares sold		25,000			700,000
Shares redeemed		(1,275,000	)		(350,000	)
Shares outstanding, end of period		3,400,000			4,650,000

See Notes to Financial Statements.

22 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	1,986,172		$	1,902,769
Net realized gain		30,471,196			8,733,483
Net change in unrealized appreciation/(depreciation)		(25,102,978	)		15,974,138
Net increase in net assets resulting from operations		7,354,390			26,610,390

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,649,659	)		(1,936,954	)
Total distributions		(1,649,659	)		(1,936,954	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		27,111,743			4,577,634
Shares redeemed		(52,283,359	)		(30,021,042	)
Net decrease from share transactions		(25,171,616	)		(25,443,408	)

Net decrease in net assets		(19,466,885	)		(769,972	)

NET ASSETS:
Beginning of period		132,524,193			133,294,165
End of period	$	113,057,308		$	132,524,193

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,950,002			3,600,002
Shares sold		600,000			100,000
Shares redeemed		(1,150,000	)		(750,000	)
Shares outstanding, end of period		2,400,002			2,950,002

See Notes to Financial Statements.

23 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	264,500		$	604,208
Net realized gain		10,435,228			10,365,533
Net change in unrealized appreciation/(depreciation)		(12,516,068	)		2,789,216
Net increase/(decrease) in net assets resulting from operations		(1,816,340	)		13,758,957

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(224,944	)		(679,274	)
Total distributions		(224,944	)		(679,274	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		14,523,047			–
Shares redeemed		(28,292,821	)		(32,744,774	)
Net decrease from share transactions		(13,769,774	)		(32,744,774	)

Net decrease in net assets		(15,811,058	)		(19,665,091	)

NET ASSETS:
Beginning of period		51,734,668			71,399,759
End of period	$	35,923,610		$	51,734,668

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,125,002			1,900,002
Shares sold		325,000			–
Shares redeemed		(625,000	)		(775,000	)
Shares outstanding, end of period		825,002			1,125,002

See Notes to Financial Statements.

24 | May 31, 2022

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	1,417,581		$	2,793,818
Net realized gain/(loss)		(1,331,165	)		491,816
Net change in unrealized depreciation		(5,484,301	)		(1,547,122	)
Net increase/(decrease) in net assets resulting from operations		(5,397,885	)		1,738,512

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,664,530	)		(3,171,669	)
Total distributions		(1,664,530	)		(3,171,669	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,839,643			43,888,656
Shares redeemed		(7,027,733	)		(18,545,978	)
Net increase/(decrease) from share transactions		(5,188,090	)		25,342,678

Net increase/(decrease) in net assets		(12,250,505	)		23,909,521

NET ASSETS:
Beginning of period		142,893,186			118,983,665
End of period	$	130,642,681		$	142,893,186

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		5,825,000			4,800,000
Shares sold		75,000			1,775,000
Shares redeemed		(300,000	)		(750,000	)
Shares outstanding, end of period		5,600,000			5,825,000

See Notes to Financial Statements.

25 | May 31, 2022

RiverFront Dynamic Core Income ETF

Financial Highlights

For a share outstanding throughout the periods presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.35		$	26.21		$	25.22		$	23.52		$	24.60		$	24.32

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.22			0.47			0.50			0.68			0.68			0.53
Net realized and unrealized gain/(loss)		(1.93	)		(0.87	)		0.99			1.70			(1.10	)		0.23
Total from investment operations		(1.71	)		(0.40	)		1.49			2.38			(0.42	)		0.76

DISTRIBUTIONS:
From net investment income		(0.24	)		(0.46	)		(0.50	)		(0.68	)		(0.66	)		(0.48	)
From net realized gains		(0.38	)		–			–			–			–			–
Total distributions		(0.62	)		(0.46	)		(0.50	)		(0.68	)		(0.66	)		(0.48	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(2.33	)		(0.86	)		0.99			1.70			(1.08	)		0.28
NET ASSET VALUE, END OF PERIOD	$	23.02		$	25.35		$	26.21		$	25.22		$	23.52		$	24.60
TOTAL RETURN^(b)		(6.91	)%		(1.51	)%		5.97	%		10.22	%		(1.74	)%		3.15	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	78,269		$	117,873		$	112,724		$	134,951		$	150,527		$	47,962

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		1.86	%^(c)		1.83	%		1.94	%		2.74	%		2.83	%		2.15	%
Portfolio turnover rate^(d)		57	%		45	%		11	%		6	%		15	%		18	%

^(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.

26 | May 31, 2022

RiverFront Dynamic US Dividend Advantage ETF

Financial Highlights

For a share outstanding throughout the periods presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.92		$	37.03		$	33.98		$	31.19		$	31.39		$	26.59

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.80			0.62			0.56			0.65			0.73			0.63
Net realized and unrealized gain/(loss)		2.06			7.90			3.08			2.81			(0.26	)		4.76
Total from investment operations		2.86			8.52			3.64			3.46			0.47			5.39

DISTRIBUTIONS:
From net investment income		(0.67	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)		(0.59	)
Total distributions		(0.67	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)		(0.59	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.19			7.89			3.05			2.79			(0.20	)		4.80
NET ASSET VALUE, END OF PERIOD	$	47.11		$	44.92		$	37.03		$	33.98		$	31.19		$	31.39
TOTAL RETURN^(b)		6.39	%		23.13	%		10.92	%		11.29	%		1.45	%		20.49	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	113,057		$	132,524		$	133,294		$	130,828		$	151,293		$	59,644

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		3.43	%^(c)		1.47	%		1.68	%		2.05	%		2.27	%		2.19	%
Portfolio turnover rate^(d)		111	%		0	%		75	%		64	%		96	%		54	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

27 | May 31, 2022

RiverFront Dynamic US Flex-Cap ETF

Financial Highlights

For a share outstanding throughout the periods presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	45.99		$	37.58		$	34.70		$	32.79		$	32.46		$	26.84

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.33			0.42			0.45			0.48			0.44			0.31
Net realized and unrealized gain/(loss)		(2.50	)		8.43			2.87	(b)		1.93			0.27	(b)		5.59
Total from investment operations		(2.17	)		8.85			3.32			2.41			0.71			5.90

DISTRIBUTIONS:
From net investment income		(0.28	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)		(0.28	)
Total distributions		(0.28	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)		(0.28	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(2.45	)		8.41			2.88			1.91			0.33			5.62
NET ASSET VALUE, END OF PERIOD	$	43.54		$	45.99		$	37.58		$	34.70		$	32.79		$	32.46
TOTAL RETURN^(c)		(4.73	)%		23.65	%		9.75	%		7.49	%		2.16	%		22.08	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	35,924		$	51,735		$	71,400		$	126,662		$	152,464		$	40,576

Ratio of expenses to average net assets		0.52	%^(d)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.43	%^(d)		0.97	%		1.34	%		1.46	%		1.30	%		1.05	%
Portfolio turnover rate^(e)		168	%		5	%		99	%		98	%		152	%		86	%

^(a)

Based on average shares outstanding during the period.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

28 | May 31, 2022

RiverFront Strategic Income Fund

Financial Highlights

For a share outstanding throughout the periods presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.53		$	24.79		$	24.69		$	24.27		$	25.21		$	25.02

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.24			0.55			0.81			0.94			1.06			1.11
Net realized and unrealized gain/(loss)		(1.15	)		(0.18	)		0.13	(b)		0.48			(0.92	)		0.19
Total from investment operations		(0.91	)		0.37			0.94			1.42			0.14			1.30

DISTRIBUTIONS:
From net investment income		(0.29	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)		(1.11	)
Total distributions		(0.29	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)		(1.11	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.20	)		(0.26	)		0.10			0.42			(0.94	)		0.19
NET ASSET VALUE, END OF PERIOD	$	23.33		$	24.53		$	24.79		$	24.69		$	24.27		$	25.21
TOTAL RETURN^(c)		(3.74	)%		1.52	%		3.95	%		5.96	%		0.57	%		5.29	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	130,643		$	142,893		$	118,984		$	167,889		$	152,880		$	337,769

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	%		0.17	%(e)		0.16	%(f)
Ratio of net investment income including expenses waiver/reimbursement to average net assets		2.05	%(d)		2.23	%		3.32	%		3.83	%		4.31	%		4.41	%
Portfolio turnover rate^(g)		25	%		50	%		54	%		44	%		35	%		32	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

^(d)

Annualized.

^(e)

Effective November 1, 2018, the Fund’s management fee consists of a fee of 0.11% paid to the Fund’s investment adviser and a fee of 0.35% paid to the Fund’s sub-adviser. The Fund’s sub-adviser ceased its voluntary waiver effective November 1, 2018.

^(f)

Effective July 1, 2016, the Fund’s management fee consists of a fee of 0.16% paid to the Fund’s investment adviser and a fee of 0.30% paid to the Fund’s sub-adviser. The Fund’s sub-adviser voluntarily waived all of its 0.30% annual sub-advisory fee payable by the Fund until November 1, 2018.

^(g)

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

See Notes to Financial Statements.

29 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

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, 2022, the Trust consists of nineteen 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, the RiverFront Dynamic US Flex-Cap 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 Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The investment objective of the RiverFront Dynamic US Dividend Advantage ETF Fund is to seek to provide capital appreciation and dividend income. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The investment objective of the RiverFront Dynamic US Flex-Cap ETF 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 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. The 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. Each Fund issues and redeems Shares at net asset value (“NAV”) in blocks of 25,000 Shares (prior to October 1, 2021 in blocks of 50,000 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.

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”). 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 or under the direction of the Board. 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.

30 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (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, the RiverFront Dynamic Unconstrained 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.

31 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2022:

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^*	$	–	$	52,981,428	$	–	$	52,981,428
Government Bonds^*		–		9,186,786		–		9,186,786
Short Term Investments		15,637,713		–		–		15,637,713
Total	$	15,637,713	$	62,168,214	$	–	$	77,805,927

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^*	$	112,627,481	$	–	$	–	$	112,627,481
Short Term Investments		1,441,215		–		–		1,441,215
Total	$	114,068,696	$	–	$	–	$	114,068,696

RiverFront Dynamic US Flex-Cap 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^*	$	35,857,995	$	–	$	–	$	35,857,995
Short Term Investments		269,360		–		–		269,360
Total	$	36,127,355	$	–	$	–	$	36,127,355

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^*	$	–	$	102,967,490	$	–	$	102,967,490
Government Bonds^*		–		4,996,095		–		4,996,095
Short Term Investments		26,445,753		–		–		26,445,753
Total	$	26,445,753	$	107,963,585	$	–	$	134,409,338

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, 2022.

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, 2022.

32 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

The tax character of the distributions paid during the fiscal year ended November 30, 2021 was as follows:

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2021

RiverFront Dynamic Core Income ETF

1,962,506

–

RiverFront Dynamic US Dividend Advantage ETF

1,936,954

–

RiverFront Dynamic US Flex-Cap ETF

679,274

–

RiverFront Strategic Income Fund

3,171,669

–

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, 2021, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
RiverFront Dynamic US Dividend Advantage ETF	$	5,611,019	$	11,582,063
RiverFront Dynamic US Flex-Cap ETF		12,308,600		11,857,380
RiverFront Strategic Income Fund		7,097,858		2,743,833

As of May 31, 2022, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex- Cap ETF			RiverFront Strategic Income Fund
Gross appreciation (excess of value over tax cost)	$	78,828		$	17,459,471		$	5,117,276		$	32,539
Gross depreciation (excess of tax cost over value)		(4,426,380	)		(4,066,152	)		(2,227,160	)		(5,538,202	)
Net unrealized appreciation/(depreciation)		(4,347,552	)		13,393,319			2,890,116			(5,505,663	)
Cost of investments for income tax purposes	$	82,153,479		$	100,675,377		$	33,237,239		$	139,915,001

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and difference between premium amortization due to Accounting Standards Update 2017-08. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2022.

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, 2022, the Funds 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.

In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2022.

33 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

G. Lending of Portfolio Securities

The RiverFront Dynamic US Dividend Advantage ETF and the RiverFront Dynamic US Flex-Cap ETF 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. Each 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 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 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 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 Funds' securities lending agreement and related cash and non-cash collateral received as of May 31, 2022:

Fund

Market Value of Securities on Loan

Cash Collateral Received

Non-Cash Collateral Received

Total Collateral Received

RiverFront Dynamic US Dividend Advantage ETF

2,014,357

1,291,293

783,883

2,075,176

RiverFront Dynamic US Flex-Cap ETF

451,149

241,204

234,565

475,769

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, 2022, Riverfront Dynamic Core Income Fund ETF and the Riverfront Strategic Income Fund 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, 2022:

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	$	1,291,293	$	–	$	–	$	–	$	1,291,293
Total Borrowings										1,291,293
Gross amount of recognized liabilities for securities lending (collateral received)									$	1,291,293

RiverFront Dynamic US Flex-Cap 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	$	241,204	$	–	$	–	$	–	$	241,204
Total Borrowings										241,204
Gross amount of recognized liabilities for securities lending (collateral received)									$	241,204

34 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. (the “Adviser”) 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 Dynamic US Flex-Cap 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 Dynamic US Flex-Cap ETF	0.35%
RiverFront Strategic Income Fund	0.35%

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

Prior to February 16, 2022, each Trustee received (1) a quarterly retainer of $10,000, (2) a per meeting fee of $5,000, (3) $1,500 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 and Chairman of the Audit Committee each received a quarterly retainer of $2,000, in connection with their respective roles. Effective February 16, 2022, each Trustee receives (1) a quarterly retainer of $20,000, (2) a per meeting fee of $10,000, (3) $2,500 for any special meeting held outside of a regularly scheduled board meeting, and (4) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. In addition, the Chairman of the Board receives a quarterly retainer of $5,000, the Chairman of the Audit Committee receives a quarterly retainer of $3,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,000, each in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2022, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	24,164,135	$	25,148,325
RiverFront Dynamic US Dividend Advantage ETF		69,421,614		70,595,035
RiverFront Dynamic US Flex-Cap ETF		34,186,081		34,098,302
RiverFront Strategic Income Fund		7,615,295		10,461,045

35 | May 31, 2022

RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

For the six months ended May 31, 2022, 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	$	–	$	12,632,780
RiverFront Strategic Income Fund		6,824,566		9,054,157

For the six months ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	553,993	$	20,807,017
RiverFront Dynamic US Dividend Advantage ETF		27,084,333		50,577,677
RiverFront Dynamic US Flex-Cap ETF		14,496,414		28,241,956
RiverFront Strategic Income Fund		1,800,743		6,925,870

For the six months ended May 31, 2022, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
RiverFront Dynamic Core Income ETF	$	(104,187	)
RiverFront Dynamic US Dividend Advantage ETF		17,684,323
RiverFront Dynamic US Flex-Cap ETF		7,440,304
RiverFront Strategic Income Fund		(319,583	)

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

5. CAPITAL SHARE TRANSACTIONS

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

6. MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19), which can negatively impact the securities markets and cause each Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

The spread of COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities each Fund holds, and may adversely affect each Fund’s investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place and the jobs market. The impact of COVID-19 could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways.

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RiverFront ETFs

Notes to Financial Statements

May 31, 2022 (Unaudited)

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of each Fund’s securities or other assets. Such impacts may adversely affect the performance of the Funds.

7. SUBSEQUENT EVENTS

Effective as of the close of business on March 31, 2022, Deloitte & Touche LLP (“Deloitte”) resigned as the independent registered public accounting firm for the Funds. The report of Deloitte on the Funds’ financial statements as of and for the fiscal years or periods ended November 30, 2021 and November 30, 2020 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope or accounting principles. During the Funds’ fiscal year or period ended November 30, 2021 and November 30, 2020, and through March 31, 2022, there were no disagreements between the Funds and Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Funds for such year or period. During the Funds’ fiscal years or periods ended November 30, 2021 and November 30, 2020, there were no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

During each Fund’s fiscal year or period ended November 30, 2021 and November 30, 2020, and during the subsequent interim period through March 31, 2022, neither the Funds, nor anyone on their behalf, consulted with Deloitte, on behalf of the Funds, regarding any matter that was either the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the instructions thereto, or a “reportable event,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.

On June 21, 2022, upon the recommendation of the Funds’ Audit Committee, the Board of Trustees of the Funds approved the engagement of BBD, LLP (“BBD”) as the independent registered public accounting firm for each Fund for the fiscal year ending November 30, 2022. The Board and its Audit Committee considered the engagement of BBD in connection with the resignation of the Funds’ former independent registered accounting firm on March 31, 2022.

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Additional Information

May 31, 2022 (Unaudited)

PROXY VOTING RECORDS, POLICIES AND PROCEDURES

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the Funds’ proxy voting policies and procedures used in determining how to vote for proxies are available without charge on the SEC’s website at www.sec.gov and upon request, by calling (toll-free) 1-866-759-5679.

PORTFOLIO HOLDINGS

The Fund files a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT within 60 days after the end of the period. Copies of the Fund’s Form N-PORT are available without a charge, upon request, by contacting the Fund at 1-866-759-5679 and on the SEC’s website at https://www.sec.gov.

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, 2021:

	Qualified Dividend Income	Dividend Received Deduction
RiverFront Dynamic Core Income ETF	0.00%	0.00%
RiverFront Dynamic US Dividend Advantage ETF	100.00%	97.31%
RiverFront Dynamic US Flex-Cap ETF	100.00%	100.00%
RiverFront Strategic Income Fund	0.00%	0.00%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

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Liquidity Risk Management Program

May 31, 2022 (Unaudited)

In compliance with the Securities and Exchange Commission’s liquidity risk management rule (the “Liquidity Rule”), the ALPS ETF Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each series of the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment adviser, ALPS Advisors, Inc. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and assessing and managing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining investors’ interests in the Fund. The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and, for Funds that are not “In-Kind ETFs,” the periodic classification and re-classification of such Fund’s investments into groupings that reflect the Committee’s assessment of their liquidity under current market conditions.

At a meeting of the Board held on March 7, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Period”). The Committee determined, and reported to the Board, that the Program has been operating effectively to assess and manage each Fund’s liquidity risk and has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The report also discussed notable events affecting liquidity over the Period, including extended market holidays and closures in certain countries. Among other things, the Committee’s report noted that no Fund is required to have a highly liquid investment minimum based either on its status as an In-Kind ETF or on its ability to rely on another exemption under the Liquidity Rule. The Committee’s report further noted that no material changes have been made to the Program since its implementation.

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