Table of Contents

Performance Overview	1
Disclosure of Fund Expenses	13
Report of Independent Registered Public Accounting Firm	14
Financial Statements
Schedule of Investments	15
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	26
Notes to Financial Statements	30
Additional Information	38
Board Considerations Regarding Approval of Investment Advisory Agreements	40
Trustees and Officers	41

alpsfunds.com

ALPS Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Investment Objective

The ALPS Sector Dividend Dogs ETF (the “Fund” or “SDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Sector Dividend Dogs Index (the “Underlying Index”).

The Underlying Index is a rules based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S&P 500^® Total Return Index (“SPX”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S&P 500^® Total Return Index which offer the highest dividend yields.

Performance Overview

The ALPS Sector Dividend Dogs ETF, for the twelve-month period ended November 30, 2021, generated a total return of 19.77%, in-line with the Fund’s Underlying Index, net of fees, which returned 20.33%. The Fund underperformed the S&P 500^® Total Return Index (“S&P 500^®”), which returned 27.92% for the same period.

The trailing twelve-month yield for the Fund’s underlying constituents as of November 30, 2021 was 3.46% vs. 1.28% for the S&P 500^®.

The S&P 500^® returned 27.92% for the trailing twelve-month (TTM) period ended November 30, 2021, finishing near its all-time high. Unmoved by persistent talks of inflation and policy changes, markets surged without significant drawdowns until September. October proved resilient, as the drawdown was met by a swift bounce back to all-time-highs for most of the averages. Main macroeconomic talking points throughout 2021 centered on inflation and the question surrounding how transitory price increases would turn out to be. Inflation fears continued to be justified with the Consumer Price Index (CPI) surging 6.2% in October, along with core inflation readings increasing 4.6% for the same month; both indicators notching their largest increases since December 1990, and August 1991, respectively. Federal Reserve Chairman Powell was quick to reassure markets of the non-persistent inflation narrative throughout 2021 and announced a taper and reduction of balance sheet purchases starting in November of ‘21. Although the Fed plans to complete tapering before any rate hikes in 2022, projections of the magnitude for rate increases vary, as global supply chain woes and the newly discovered Omicron variant do not ensure a future without added policy support. Despite a murky outlook for 2021 and heading into the New Year, global GDP surpassed pre-pandemic levels in 2021, aided by policy support and strong consumer spending. Record profit margins for U.S. corporations led the way for record valuations through most of the year, but was matched by an earnings season in Q3 where many companies cut forward looking expectations amid a slowing global growth outlook.

Compared to the S&P 500^®, the Fund saw a negative impact (-2.35%) from sector allocation effect for the period. The underperformance was largely driven by relative under-weighting in Information Technology (average weight for the period of 9.95% vs. 27.47% in SPX), however the positive allocation effect was mainly attributed to the relative over-weight in Energy (average weight for the period of 10.19% vs. 2.68% in SPX); a result of the equal sector weight strategy. The Fund also saw a negative impact (-7.48%) from selection effect, with Information Technology lagging all other sectors and detracting 3.32%. The Fund’s Consumer Staples names exhibited the strongest positive contribution to overall selection effect for the period.

The best performing stocks in the Fund for the period were Oneok Inc. (OKE), which increased 79.63%, and Seagate Technology Holdings (STX), which saw a gain of 76.01%. Other top performers included Exxon Mobil Corp. (XOM), which rose 66.66%, and CF Industries Holdings Inc. (CF), which climbed 64.73%. The largest detractors were Western Union Co. (WU), which decreased 28.41%, Sylvamo Corp. (SLVM), which fell 21.21%, and Kyndryl Holdings Inc. (KD), which lost 21.04%.

Looking forward, the Fund’s strategy of annually selecting the five highest yielding securities in each of the ten sectors (excluding Real Estate) in the S&P 500^® is intended to provide meaningfully higher yield relative to the S&P 500^®, potential for market participation in all economic cycles through equal sector weighting, and a deep value portfolio of securities as identified through high yield relative to sector peers.

Performance (as of November 30, 2021)

	1 Year	5 Year	Since Inception^
ALPS Sector Dividend Dogs ETF – NAV	19.77%	7.52%	11.73%
ALPS Sector Dividend Dogs ETF – Market Price*	19.67%	7.50%	11.72%
S-Network^® Sector Dividend Dogs Total Return Index	20.33%	7.98%	12.24%
S&P 500^® Total Return Index	27.92%	17.90%	15.98%

Total Expense Ratio (per the current prospectus) 0.40%.

1 | November 30, 2021

ALPS Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

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 1.866.675.2639.

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 Commencement Date was June 29, 2012.

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

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

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

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

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

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

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

2 | November 30, 2021

ALPS Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Top 10 Holdings* (as of November 30, 2021)

CF Industries Holdings, Inc.	2.73%
Seagate Technology Holdings PLC	2.51%
Pfizer, Inc.	2.41%
ONEOK, Inc.	2.33%
Comerica, Inc.	2.33%
Edison International	2.30%
Juniper Networks, Inc.	2.30%
Exxon Mobil Corp.	2.27%
Williams Cos., Inc.	2.26%
AbbVie, Inc.	2.22%
Total % of Top 10 Holdings	23.66%

% of Total Investments

Future holdings are subject to change.

Sector Allocation* (as of November 30, 2021)

Energy	11.00%
Health Care	10.49%
Financials	10.35%
Information Technology	10.23%
Materials	10.09%
Utilities	10.05%
Communication Services	9.54%
Consumer Discretionary	9.54%
Industrials	9.43%
Consumer Staples	9.17%
Money Market Fund	0.11%
Total	100.00%

Growth of $10,000 (as of November 30, 2021)

Comparison of Change in Value of $10,000 Investment in the Fund and the Indexes

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 chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Investment Objective

The ALPS International Sector Dividend Dogs ETF (the “Fund” or “IDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® International Sector Dividend Dogs Net Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S-Network^® Developed Markets (ex NA) Index, a universe of mainly large capitalization stocks in international developed markets not located in the Americas (the “S-Net Developed Markets”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S-Net Developed Markets which offer the highest dividend yields.

Performance Overview

The ALPS International Sector Dividend Dogs ETF, for the trailing twelve-month period ended November 30, 2021, generated a total return of 10.93%, relatively in-line with the Fund’s Underlying Index, net of fees, which returned 11.42%. The Fund slightly underperformed the Morningstar Developed Markets ex-North America Index (MSDINUS), which returned 10.87% for the same period.

The trailing twelve-month yield for the Fund’s constituents as of 11/30/2021 was 3.99%.

Developed Markets (ex-U.S.), as represented by the Morningstar Developed Markets ex-North America Index, returned 10.87% for the trailing twelve-month period ended November 30, 2021. In what is normally a headwind for international equities, the U.S. Dollar strengthened relative to the Euro, however ex-U.S. markets did not see the historical drop in performance from the move.

Similar to the U.S., Eurozone markets saw a strong earnings season and ongoing economic recovery from the pandemic. Value outperformed growth equities internationally for the majority of the year, with the gap in performance closing in recent months. Future growth prospects remain optimistic, predicated on lessening travel restrictions and temporary higher inflation. Annual inflation in the Eurozone was estimated at 3.4% in September, up from 2.2% in July. The ECB echoed the Fed’s dovish tone in European markets, stating it would tolerate any moderate overshoot of its 2.0% inflation target. Monetary policy decisions will be at the forefront of macro discussions, as many central banks have begun to raise rates or entertain the idea of tightening monetary policy. However, significant growth prospects remain, as continued post-pandemic fiscal policy will support global economic expansion heading into 2022.

Compared to the Morningstar Developed Markets ex-North America Index, the Fund saw a slightly negative impact of -0.61% from sector allocation where a relative overweight in Energy (average weight for the period of 10.02% vs. 2.93% in MSDINUS) contributed to positive performance, a result of the equal sector weighting strategy. The Fund’s relative overweight to the Utilities sector (average weight for the period of 10.04% vs. 3.40% in MSDINUS) detracted from positive performance. The Fund also saw relative underperformance of -1.73% attributed to selection effect.

From a geographical perspective, the highest contribution to return was attributed to holdings based in Japan. The Fund’s performance was adversely impacted by holdings based in France. Overall, the currency effect detracted roughly -0.15% to the overall performance of the Fund.

The best-performing stocks for the trailing twelve-month period were Hitachi Ltd. (6501 JP), which increased 57.90%, BP Plc. (BP/ LN), which returned 37.07%, and Telestra Corp Ltd. (TLS AU), which gained 31.08%. The worst performing stocks were Takeda Pharmaceutical Co Ltd. (4502 JP), which lost 22.14%, Edenred (EDEN FP), which fell 22.02%; and Continental AG (CON GR), which decreased 18.25%.

Looking forward, the Fund’s strategy of annually selecting the five highest yielding securities in each of the ten sectors in the S-Network Developed Markets (Ex N.A.) Index is intended to provide high yield relative to the Morningstar Developed Markets ex-North America Index, potential for market participation in all economic cycles through equal sector weighting, and a deep value portfolio of securities as identified through high yield relative to their sector peers.

Performance (as of November 30, 2021)

	1 Year	5 Year	Since Inception^
ALPS International Sector Dividend Dogs ETF – NAV	10.93%	7.33%	4.76%
ALPS International Sector Dividend Dogs ETF – Market Price*	11.18%	7.27%	4.72%
S-Network^® International Sector Dividend Dogs Net Total Return Index	11.42%	7.78%	5.18%
Morningstar^® Developed Markets ex-North America Net Total Return Index	10.87%	9.33%	6.65%

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

4 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

The Fund Commencement Date was June 28, 2013.

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

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

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

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

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

5 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Top 10 Holdings* (as of November 30, 2021)

Woodside Petroleum, Ltd.	2.28%
Naturgy Energy Group SA	2.27%
Royal Dutch Shell PLC	2.26%
TotalEnergies SE	2.25%
Swiss Re AG	2.25%
BP PLC	2.24%
GlaxoSmithKline PLC	2.19%
Bayerische Motoren Werke AG	2.18%
Koninklijke Ahold Delhaize NV	2.16%
Telstra Corp., Ltd.	2.16%
Total % of Top 10 Holdings	22.24%

% of Total Investments

Future holdings are subject to change.

Sector Allocation* (as of November 30, 2021)

Industrials	11.26%
Energy	11.15%
Utilities	10.29%
Consumer Discretionary	10.27%
Financials	10.24%
Consumer Staples	10.14%
Health Care	9.87%
Communication Services	9.86%
Materials	9.41%
Information Technology	7.36%
Money Market Fund	0.15%
Total	100.00%

Growth of $10,000 (as of November 30, 2021)

Comparison of Change in Value of $10,000 Investment in the Fund and the Indexes

6 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Investment Objective

The ALPS Emerging Sector Dividend Dogs ETF (the “Fund” or “EDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Emerging Sector Dividend Dogs Net Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S-Network^® Emerging Markets Index, a universe of mainly large capitalization stocks domiciled in emerging markets (the “S-Network Emerging Markets”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S-Network^® Emerging Markets which offer the highest dividend yields. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations.

Performance Overview

The ALPS Emerging Sector Dividend Dogs ETF, for the trailing twelve-month period ended November 30, 2021, generated a total return of 16.81%, relatively in-line with the Fund’s Underlying Index, net of fees, which returned 17.87%. The Fund vastly outperformed the Morningstar Emerging Markets Index (MEMMN), which returned 4.72% for the same period.

The trailing twelve-month yield for the Fund’s constituents as of November 30, 2021 was 3.89% vs. 2.54% for the Morningstar Emerging Markets Index.

Through the first half of the year, emerging markets benefitted from the continued recovery of the COVID-19 pandemic, as countries saw growth in export volumes and consumption. Trailing twelve-months (TTM) performance, tracked by the MEMMN Index, outpaced U.S. Indices through February, at which time worries around inflation and rising prices began to take hold. Surging producer price inflation recorded its largest year-over-year jump in May at 9%, adding to concern. Despite these bumps in the road and slower rates of mass vaccination, emerging markets exhibited strong support from increased activity. The second half of the year saw EM equities underperform broad U.S. indexes, with supply chain bottlenecks and drastically higher commodity prices beginning to appear as longer-term disruptions. EM equities declined from June on, accelerated by the Chinese market’s sharp sell-off and government crackdown of technology and education names. Additional pressure came from the real estate sector, where concerns of a systematic impact from the company Evergrande arose. China continues to pose significant headwinds for emerging market performance as U.S. regulators threaten to potentially delist a number of Chinese equities on U.S. exchanges. Although it has not been a picture perfect year for emerging market equities, they are poised to perform well if significant stimulus continues and the U.S. dollar weakens.

Compared to the Morningstar Emerging Markets Index, the Fund outperformed by over 1300bps, largely driven by the relative underweight to Consumer Discretionary (average weight for the period of 10.00% vs. 16.21% in MEMMN) and a relative overweight to Energy over the one year period (average weight for the period of 10.23% vs. 4.89% in MEMMN), a result of the equal sector weighting strategy. The Fund also saw a positive impact (16.36%) due to selection effect. From a geographical perspective, the highest contribution to return was attributed to holdings based in India. The Fund’s performance was adversely impacted by holdings based in Chile. Overall, the currency effect lowered the overall performance of the Fund by roughly 2.25%.

The best-performing stocks for the period were Vedanta Ltd. (VEDL US), which increased 115.24%, Yanzhou Coal Mining Co. (1171 HK), which returned 104.84%, and Globe Telecom, Inc. (GLO PM), which gained 68.74%. The worst performing stocks were Top Glove Corp. (TOPG MK), which lost 54.44%, BB Seguridade Participacoes (BBSE3 BZ), which fell 33.62%; and Enel Chile SA-ADR (ENIC US), which decreased 32.49%.

Looking forward, the Fund’s strategy of annually selecting the five highest-yielding securities in each of the ten sectors in the S-Net Emerging Markets Index is intended to provide high yield relative to the Morningstar Emerging Markets Index, potential for market participation in all economic cycles through equal sector weighting, and a deep value portfolio of securities as identified through high yield relative to their sector peers.

Performance (as of November 30, 2021)

	1 Year	5 Year	Since Inception^
ALPS Emerging Sector Dividend Dogs ETF – NAV	16.81%	6.38%	3.15%
ALPS Emerging Sector Dividend Dogs ETF – Market Price*	16.67%	6.25%	3.13%
S-Network^® Emerging Sector Dividend Dogs Net Total Return Index	17.87%	7.17%	3.99%
Morningstar^® Emerging Markets Net Total Return Index	4.72%	9.91%	5.91%

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

7 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

The Fund Commencement Date was March 28, 2014.

The S-Network^® Emerging Sector Dividend Dogs Net Total Return Index is a portfolio of stocks derived from a universe of mainly large capitalization stocks domiciled in emerging markets (the “S-Network Emerging Markets Index” “SNEMX”). The index methodology selects the five stocks in each of the GICS sectors, excluding the real estate sector, that make up the universe which offer the highest dividend yields as of the last trading day of November. The fifty stocks that are selected for inclusion in the portfolio are equally weighted. The universe includes stocks whose domicile and primary exchange listings are in countries identified by the World Bank as Upper Middle Income (certain lower middle income countries are also included, as well as stocks traded on the Taiwan Stock Exchange despite non-recognition by the World Bank). The selection criteria for the universe, in addition to the aforementioned country qualifications, also include requirements for sector inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

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

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

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

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

8 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Top 10 Holdings* (as of November 30, 2021)

Adaro Energy Tbk PT	2.73%
PLDT, Inc.	2.51%
Globe Telecom, Inc.	2.48%
Credicorp, Ltd.	2.46%
Telefonica Brasil SA	2.43%
Kalbe Farma Tbk PT	2.36%
MultiChoice Group	2.35%
Bumrungrad Hospital Pcl	2.35%
Magnit PJSC	2.32%
Aboitiz Equity Ventures, Inc.	2.31%
Total % of Top 10 Holdings	24.30%

% of Total Investments (excluding investments purchased with collateral from securities loaned). Future holdings are subject to change.

Sector Allocation* (as of November 30, 2021)

Communication Services	11.67%
Health Care	10.62%
Financials	10.60%
Industrials	10.59%
Consumer Staples	10.34%
Energy	10.06%
Utilities	10.01%
Consumer Discretionary	9.30%
Information Technology	8.90%
Materials	7.79%
Money Market Fund	0.12%
Total	100.00%

Growth of $10,000 (as of November 30, 2021)

Comparison of Change in Value of $10,000 Investment in the Fund and the Indexes

9 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Investment Objective

The ALPS REIT Dividend Dogs ETF (the “Fund” or "RDOG") seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® REIT Dividend Dogs Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying real estate investment trusts (“REITs”) (i.e. “Dividend Dogs”) in the S-Network^® Composite US REIT Index, a universe of mainly REITs listed in the United States (the “S-Net U.S. REIT” or "SNREIT"), on a segment-by-segment basis. “Dividend Dogs” refers to the five REITs in each of the nine segments that make up the S-Net U.S. REIT which offer the highest dividend yields.

Performance Overview

The ALPS REIT Dividend Dogs ETF, for the twelve-month period ended November 30, 2021, generated a total return of 29.00%, in-line with the Fund’s Underlying Index, net of fees, which returned 29.20%. The Fund underperformed the broader U.S. REIT market, as represented by the S-Network Composite US REIT Index (SNREIT), which returned 31.78% for the same period.

The trailing twelve-month (TTM) yield for the fund as of 11/30/2021 was 3.93% while the SNREIT TTM yield was 3.06% as of November 30, 2021.

The S-Network Composite US REIT Index returned 31.78% on a trailing twelve-month period ended November 30, 2021, and the S&P 500 Total Return Index returned 27.92% for the trailing twelve-month period, finishing near its all-time high. Unmoved by persistent talks of inflation and policy changes, markets surged without significant drawdowns until September. October proved resilient, as the drawdown was met by a swift bounce back to all-time-highs for most of the averages. Main macroeconomic talking points throughout 2021 centered on inflation and the question of how transitory price increases would turn out to be. Inflation fears continued to be justified with the Consumer Price Index (CPI) surging 6.2% in October, along with core inflation readings increasing 4.6% for the same month; both indicators notching their largest increases since December 1990, and August 1991, respectively. Federal Reserve Chairman Powell was quick to reassure markets of the non-persistent inflation narrative throughout 2021 and announced a taper and reduction of balance sheet purchases starting in November of ‘21. Although the Fed plans to complete tapering before any rate hikes in 2022, projections of the magnitude for said rate increases vary, as global supply chain woes and the newly discovered COVID-19 Omicron variant do not ensure a future without added policy support. Despite a murky economic landscape for 2021 and heading into the New Year, global GDP surpassed pre-pandemic levels in 2021, aided by policy support and strong consumer spending. Record profit margins for U.S. corporations led the way for record valuations through most of the year, but were matched by an earnings season in Q3 where many companies cut forward looking expectations amid a slowing global growth outlook.

Travel-sensitive REITs, such as Hotel & Resorts REITs, lagged the broader REIT market the most due to surges of new COVID variants and pauses in global travel. In contrast, Industrial REITs performed the best during the period, as strong market fundamentals and tenant demand drove commercial property gains.

The best-performing stocks in the Fund for the period were Plymouth Industrial REIT, Inc. (PLYM), which increased 104.71%, and City Office REIT, Inc. (CIO), which saw a gain of 99.97%. The largest detractors were Washington Prime Group, Inc. (WPGGQ), which decreased 29.08%, Service Properties Trust (SVC), which fell 27.99%, and Sabra Health Care REIT, Inc. (SBRA), which lost 15.64%.

Looking forward, the Fund’s strategy of annually selecting the five highest-yielding securities in each of the nine segments in the S-Network Composite US REIT Index is intended to provide meaningfully higher yield relative to the S-Network Composite US REIT Index, potential for market participation in all economic cycles through equal segment weighting, and a value portfolio of securities as identified through high yield relative to their segment peers.

Performance (as of November 30, 2021)

	1 Year	5 Year	10 Year	Since Inception^
ALPS REIT Dividend Dogs ETF – NAV	29.00%*	8.04%	8.34%	4.03%
ALPS REIT Dividend Dogs ETF – Market Price**	29.13%	8.08%	8.18%	4.04%
S-Network^® REIT Dividend Dogs Total Return Index	29.20%	–	–	–
S-Network^® Composite US REIT Index	31.78%	–	–	–
S-Network REIT Dividend Dogs Index/S&P United States REIT Index***	29.20%	8.26%	10.07%	7.16%

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

Performance data quoted represents past performance. Past performance does not guarantee future results. On January 2, 2020, the Fund changed its Underlying Index and principal investment strategies. Consequently, the Fund's total returns shown above for the periods prior to January 2, 2020 are not necessarily indicative of the performance of the Fund, as it is currently managed. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table 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.

10 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

The Fund Inception Date was May 7, 2008.

Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

***

The performance shown reflects a combination of the Fund's Underlying Index, and for periods prior to January 2, 2020, the S&P United States REIT Index.

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

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

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

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

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

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

11 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Performance Overview

November 30, 2021 (Unaudited)

Top 10 Holdings* (as of November 30, 2021)

Plymouth Industrial REIT, Inc.	3.13%
Franklin Street Properties Corp.	3.12%
CyrusOne, Inc.	2.79%
CoreSite Realty Corp.	2.79%
Monmouth Real Estate Investment Corp.	2.72%
Saul Centers, Inc.	2.72%
The Macerich Co.	2.70%
Lexington Realty Trust	2.67%
Digital Realty Trust, Inc.	2.61%
One Liberty Properties, Inc.	2.57%
Total % of Top 10 Holdings	27.82%

% of Total Investments

Future holdings are subject to change.

REIT Sector Allocation* (as of November 30, 2021)

Specialized REITs	16.86%
Industrial REITs	13.09%
Office REITs	12.59%
Residential REITs	12.34%
Retail REITs	12.26%
Diversified REITs	11.89%
Health Care REITs	11.14%
Technology REITs	7.73%
Hotel & Resort REITs	1.94%
Money Market Fund	0.16%
Total	100.00%

Growth of $10,000 (as of November 30, 2021)

Comparison of Change in Value of $10,000 Investment in the Fund and the Indexes

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

12 | November 30, 2021

ALPS ETF Trust

Disclosure of Fund Expenses

November 30, 2021 (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 the 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 November 30, 2021.

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 6/1/21		Ending Account Value 11/30/21		Expense Ratio^(a)			Expenses Paid During Period 6/1/21 - 11/30/21^(b)
ALPS Sector Dividend Dogs ETF
Actual	$	1,000.00	$	941.80		0.40	%	$	1.95
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.40	%	$	2.03

ALPS International Sector Dividend Dogs ETF
Actual	$	1,000.00	$	937.60		0.50	%	$	2.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56		0.50	%	$	2.54

ALPS Emerging Sector Dividend Dogs ETF
Actual	$	1,000.00	$	979.00		0.60	%	$	2.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04

ALPS REIT Dividend Dogs ETF
Actual	$	1,000.00	$	1,079.90		0.35	%	$	1.82
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

^(a)

Annualized based on the Fund's most recent 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 (183), divided by 365.

13 | November 30, 2021

ALPS ETF Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ALPS ETF Trust and the shareholders of ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF (the "Funds"), four of the funds constituting the ALPS ETF Trust, as of November 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of November 30, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

January 26, 2022

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2007.

14 | November 30, 2021

ALPS Sector Dividend Dogs ETF

Schedule of Investments

November 30, 2021

Security Description	Shares		Value
COMMON STOCKS (99.46%)
Communication Services (9.50%)
AT&T, Inc.		853,354	$	19,482,072
Interpublic Group of Cos., Inc.		640,997		21,274,690
Lumen Technologies, Inc.		1,937,101		23,903,826
Omnicom Group, Inc.		322,564		21,711,783
Verizon Communications, Inc.		426,384		21,434,324
Total Communication Services				107,806,695

Consumer Discretionary (9.50%)
Genuine Parts Co.		195,311		24,949,027
Hanesbrands, Inc.		1,238,316		19,998,803
Hasbro, Inc.		235,862		22,857,386
Leggett & Platt, Inc.		495,337		20,006,662
Newell Brands, Inc.		928,967		19,944,922
Total Consumer Discretionary				107,756,800

Consumer Staples (9.13%)
Altria Group, Inc.		456,966		19,485,030
Kellogg Co.		369,961		22,634,214
Kraft Heinz Co.		636,430		21,390,412
Philip Morris International, Inc.		223,174		19,179,574
Walgreens Boots Alliance, Inc.		467,537		20,945,658
Total Consumer Staples				103,634,888

Energy (10.96%)
Exxon Mobil Corp.		428,340		25,631,866
Kinder Morgan, Inc.		1,447,826		22,383,390
ONEOK, Inc.		440,465		26,357,426
Valero Energy Corp.		365,927		24,495,153
Williams Cos., Inc.		952,321		25,512,679
Total Energy				124,380,514

Financials (10.31%)
Comerica, Inc.		318,625		26,296,121
Huntington Bancshares, Inc.		1,506,616		22,358,182
People's United Financial, Inc.		1,451,068		24,726,199
Prudential Financial, Inc.		223,716		22,877,198
Unum Group		896,503		20,709,219
Total Financials				116,966,919

Health Care (10.45%)
AbbVie, Inc.		217,111		25,028,556
Cardinal Health, Inc.		437,686		20,234,224
Gilead Sciences, Inc.		325,677		22,448,915
Merck & Co., Inc.		314,745		23,577,548
Pfizer, Inc.		507,152		27,249,277
Total Health Care				118,538,520

Industrials (9.38%)
3M Co.		125,837		21,397,324
Emerson Electric Co.		230,974		20,288,756
General Dynamics Corp.		114,651		21,665,599
Huntington Ingalls Industries, Inc.		117,162		20,797,427

Security Description	Shares		Value
Industrials (continued)
Lockheed Martin Corp.		67,062	$	22,353,106
Total Industrials				106,502,212

Information Technology (10.18%)
Hewlett Packard Enterprise Co.		1,615,775		23,186,371
International Business Machines Corp.		176,512		20,669,555
Juniper Networks, Inc.		833,799		25,956,163
Seagate Technology Holdings PLC		276,459		28,384,046
Western Union Co.		1,096,318		17,343,751
Total Information Technology				115,539,886

Materials (10.05%)
Amcor PLC		1,887,411		21,365,492
CF Industries Holdings, Inc.		508,223		30,793,232
International Paper Co.		418,558		19,052,760
LyondellBasell Industries NV, Class A		248,978		21,693,453
The Dow Chemical Co.		384,235		21,106,029
Total Materials				114,010,966

Utilities (10.00%)
Dominion Resources, Inc.		300,396		21,388,195
Edison International		397,778		25,966,948
FirstEnergy Corp.		613,472		23,103,355
PPL Corp.		780,878		21,731,835
Southern Co.		349,232		21,338,075
Total Utilities				113,528,408

TOTAL COMMON STOCKS
(Cost $1,050,480,090)				1,128,665,808

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.10%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.01	%		1,189,260		1,189,260
TOTAL SHORT TERM INVESTMENTS
(Cost $1,189,260)							1,189,260

TOTAL INVESTMENTS (99.57%)
(Cost $1,051,669,350)						$	1,129,855,068
OTHER ASSETS IN EXCESS OF LIABILITIES (0.43%)							4,888,328
NET ASSETS - 100.00%						$	1,134,743,396

See Notes to Financial Statements.

15 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Schedule of Investments

November 30, 2021

Security Description	Shares		Value
COMMON STOCKS (99.21%)
Australia (12.42%)
BHP Group, Ltd.^(a)		109,199	$	3,064,659
Coles Group, Ltd.		260,597		3,347,513
Fortescue Metals Group, Ltd.		247,347		2,999,225
Telstra Corp., Ltd.		1,164,410		3,378,301
Wesfarmers, Ltd.		78,922		3,198,917
Woodside Petroleum, Ltd.		233,840		3,572,227
Total Australia				19,560,842

Finland (1.96%)
Fortum Oyj		107,287		3,091,729

France (9.45%)
Bouygues SA		78,027		2,650,277
Danone SA		47,055		2,774,439
Edenred		59,842		2,682,086
Sanofi		34,170		3,249,746
TotalEnergies SE		76,445		3,520,722
Total France				14,877,270

Germany (13.71%)
Allianz SE		14,490		3,162,375
BASF SE		43,333		2,844,441
Bayer AG		61,157		3,087,812
Bayerische Motoren Werke AG		35,370		3,408,799
Continental AG^(b)		29,204		3,136,476
Evonik Industries AG		100,566		3,034,909
SAP SE		22,751		2,920,248
Total Germany				21,595,060

Hong Kong (1.49%)
CITIC, Ltd.		2,589,000		2,337,338

Italy (2.06%)
Snam SpA		575,410		3,245,882

Japan (19.32%)
Canon, Inc.		133,563		2,954,019
Hitachi, Ltd.		56,200		3,325,214
Japan Tobacco, Inc.		165,900		3,336,786
Kyocera Corp.		49,900		2,971,442
Mitsubishi Corp.		102,200		3,065,955
Sekisui House, Ltd.		152,800		2,987,464
SoftBank Corp.		226,200		3,126,797
Sumitomo Corp.		224,400		3,069,159
Sumitomo Mitsui Financial Group, Inc.		91,000		2,981,139
Takeda Pharmaceutical Co., Ltd.		97,200		2,606,389
Total Japan				30,424,364

Netherlands (6.42%)
Koninklijke Ahold Delhaize NV		100,530		3,380,415
NN Group NV		64,174		3,197,928

Security Description	Shares		Value
Netherlands (continued)
Royal Dutch Shell PLC, Class A		167,555	$	3,530,634
Total Netherlands				10,108,977

Norway (1.81%)
Telenor ASA		192,534		2,849,304

Spain (8.29%)
Endesa SA		139,122		3,129,519
Naturgy Energy Group SA		128,998		3,554,994
Repsol SA		296,622		3,293,670
Telefonica SA		680,375		3,083,740
Total Spain				13,061,923

Sweden (1.91%)
Telia Co. AB		775,684		3,003,619

Switzerland (8.33%)
Novartis AG		38,610		3,088,632
Swatch Group AG		11,328		3,348,858
Swiss Re AG		37,388		3,520,308
Zurich Insurance Group AG		7,668		3,166,427
Total Switzerland				13,124,225

United Kingdom (12.04%)
BAE Systems PLC		431,882		3,148,751
BP PLC		809,939		3,505,667
British American Tobacco PLC		90,126		3,032,528
GlaxoSmithKline PLC		168,674		3,420,992
Rio Tinto PLC		45,425		2,786,239
SSE PLC		148,487		3,064,886
Total United Kingdom				18,959,063

TOTAL COMMON STOCKS
(Cost $161,665,816)				156,239,596

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.15%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.01	%		229,548		229,548
TOTAL SHORT TERM INVESTMENTS
(Cost $229,548)							229,548

TOTAL INVESTMENTS (99.35%)
(Cost $161,895,364)						$	156,469,144
OTHER ASSETS IN EXCESS OF LIABILITIES (0.65%)							1,019,477
NET ASSETS - 100.00%						$	157,488,621

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $2,295,585.

^(b)

Non-income producing security.

See Notes to Financial Statements.

16 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

November 30, 2021

Security Description	Shares		Value
COMMON STOCKS (99.72%)
Brazil (10.13%)
Banco Santander Brasil SA, ADR		80,268	$	467,160
BB Seguridade Participacoes SA		149,000		553,398
Centrais Eletricas Brasileiras SA		78,023		452,856
Telefonica Brasil SA		67,213		601,251
Vibra Energia SA		111,600		431,960
Total Brazil				2,506,625

Chile (5.99%)
Enel Americas SA, ADR^(a)		85,830		532,146
Enel Chile SA, ADR^(a)		225,628		496,381
Falabella SA		146,976		454,762
Total Chile				1,483,289

China (8.96%)
China Minsheng Banking Corp., Ltd.		1,248,000		480,123
China Railway Signal & Communication Corp., Ltd.^(a)(b)(c)		1,389,000		488,056
Huadian Power International Corp., Ltd., Class H^(a)		1,408,000		438,759
Legend Holdings Corp.^(b)(c)		246,400		388,653
Yanzhou Coal Mining Co., Ltd., Class H		269,000		422,231
Total China				2,217,822

Czech Republic (2.24%)
CEZ AS		16,934		553,357

Hungary (2.00%)
Richter Gedeon Nyrt		18,609		495,254

India (6.17%)
Dr Reddy's Laboratories, Ltd., ADR		8,167		509,948
Infosys, Ltd., Sponsored ADR		23,456		529,636
Wipro, Ltd., ADR		56,956		486,404
Total India				1,525,988

Indonesia (7.26%)
Adaro Energy Tbk PT		5,674,200		673,495
Indofood Sukses Makmur Tbk PT		1,230,500		541,257
Kalbe Farma Tbk PT		5,211,000		582,133
Total Indonesia				1,796,885

Malaysia (9.74%)
Genting Bhd		437,450		457,029
Genting Malaysia Bhd		722,000		474,876
MISC Bhd		322,400		509,073
Sime Darby Bhd		991,600		515,637

Security Description	Shares		Value
Malaysia (continued)
Top Glove Corp. Bhd		650,500	$	452,562
Total Malaysia				2,409,177

Mexico (9.78%)
Coca-Cola Femsa SAB de CV, ADR		9,513		467,278
Grupo Mexico SAB de CV, Series B		122,305		511,750
Kimberly-Clark de Mexico SAB de CV, Class A		315,600		495,570
Orbia Advance Corp. SAB de CV		191,255		445,437
Promotora y Operadora de Infraestructura SAB de CV		72,513		498,638
Total Mexico				2,418,673

Peru (2.45%)
Credicorp, Ltd.		5,145		607,110

Philippines (7.29%)
Aboitiz Equity Ventures, Inc.		585,400		570,470
Globe Telecom, Inc.		9,405		612,627
PLDT, Inc.		18,620		620,851
Total Philippines				1,803,948

Poland (1.81%)
Polskie Gornictwo Naftowe i Gazownictwo SA		332,016		447,517

Russia (10.48%)
Gazprom PJSC, ADR		60,620		540,731
Magnit PJSC, GDR^(c)		37,074		572,793
MMC Norilsk Nickel PJSC, ADR		16,099		462,524
Sberbank of Russia PJSC, ADR		30,292		512,238
Severstal PAO, GDR^(c)		24,083		505,743
Total Russia				2,594,029

South Africa (3.97%)
Exxaro Resources, Ltd.		41,957		400,471
MultiChoice Group		75,176		581,415
Total South Africa				981,886

Thailand (9.51%)
BTS Group Holdings PCL		1,919,000		523,920
Bumrungrad Hospital Pcl		135,800		580,316
Delta Electronics Thailand PCL		23,200		307,061
Intouch Holdings PCL		214,000		462,008
Osotspa PCL^(c)		504,400		478,991
Total Thailand				2,352,296

Turkey (1.94%)
Ford Otomotiv Sanayi AS		26,654		479,015

TOTAL COMMON STOCKS
(Cost $24,184,219)				24,672,871

17 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

November 30, 2021

Security Description	Shares		Value
RIGHTS(0.00%)
Thailand (0.00%)
BTS Group Holdings PCL (Expiring			$	–
11/20/2026), Strike Price THB 14.90		333,640

TOTAL RIGHTS
(Cost $–)				–

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.47%)
Money Market Fund (0.12%)
State Street Institutional Treasury Plus Money Market Fund
(Cost $28,835)		0.01	%		28,835		28,835

Investments Purchased with Collateral from Securities Loaned (3.35%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%
(Cost $829,814)					829,814		829,814
TOTAL SHORT TERM INVESTMENTS
(Cost $858,649)							858,649

TOTAL INVESTMENTS (103.19%)
(Cost $25,042,868)						$	25,531,520
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.19%)							(790,014	)
NET ASSETS - 100.00%						$	24,741,506

^(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,425,220.

^(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $876,709, representing 3.54% of net assets.

^(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2021, the market value of those securities was $2,434,236 representing 9.84% of net assets.

Currency Abbreviations:

THB - Thai Bhat

See Notes to Financial Statements.

18 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Schedule of Investments

November 30, 2021

Security Description	Shares		Value
COMMON STOCKS (99.79%)
Diversified REITs (11.88%)
Essential Properties Realty Trust, Inc.		22,260	$	601,688
One Liberty Properties, Inc.		22,672		737,520
STORE Capital Corp.		20,319		669,308
Washington Real Estate Investment Trust		27,729		698,771
WP Carey, Inc.		9,186		701,351
Total Diversified REITs				3,408,638

Health Care REITs (11.13%)
LTC Properties, Inc.		20,461		649,842
Medical Properties Trust, Inc.		32,892		700,271
National Health Investors, Inc.		11,855		619,305
Physicians Realty Trust		37,934		676,363
Sabra Health Care REIT, Inc.		42,342		547,482
Total Health Care REITs				3,193,263

Hotel & Resort REITs (1.94%)
Service Properties Trust		65,354		556,163

Industrial REITs (13.09%)
Industrial Logistics Properties Trust		26,453		586,198
Lexington Realty Trust		50,823		764,886
Monmouth Real Estate Investment Corp.		37,601		780,973
Plymouth Industrial REIT, Inc.		30,190		898,153
STAG Industrial, Inc.		16,637		725,040
Total Industrial REITs				3,755,250

Office REITs (12.58%)
Brandywine Realty Trust		52,282		671,823
City Office REIT, Inc.		40,817		680,827
Franklin Street Properties Corp.		155,326		894,678
Office Properties Income Trust		27,264		646,975
SL Green Realty Corp.		10,304		715,407
Total Office REITs				3,609,710

Residential REITs (12.34%)
American Campus Communities, Inc.		13,881		718,203
BRT Apartments Corp.		35,309		664,515
Centerspace		6,840		698,979
Clipper Realty, Inc.		83,759		732,054
Equity Residential		8,502		725,306
Total Residential REITs				3,539,057

Retail REITs (12.25%)
American Finance Trust, Inc.		83,461		662,680
National Retail Properties, Inc.		15,303		674,862
Saul Centers, Inc.		15,856		780,591
Spirit Realty Capital, Inc.		14,005		624,063

Security Description	Shares		Value
Retail REITs (continued)
The Macerich Co.		41,009	$	773,430
Total Retail REITs				3,515,626

Specialized REITs (16.86%)
American Tower Corp.		2,347		616,041
CoreSite Realty Corp.		4,678		800,172
CubeSmart		12,972		699,450
Four Corners Property Trust, Inc.		25,974		701,817
Gaming and Leisure Properties, Inc.		14,421		650,676
National Storage Affiliates Trust		11,979		735,271
VICI Properties, Inc.		23,297		633,678
Total Specialized REITs				4,837,105

Technology REITs (7.72%)
Crown Castle International Corp.		3,672		667,019
CyrusOne, Inc.		8,993		800,557
Digital Realty Trust, Inc.		4,458		747,785
Total Technology REITs				2,215,361

TOTAL COMMON STOCKS
(Cost $25,057,691)				28,630,173

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.16%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.01	%		46,175		46,175
TOTAL SHORT TERM INVESTMENTS
(Cost $46,175)							46,175

TOTAL INVESTMENTS (99.95%)
(Cost $25,103,866)						$	28,676,348
OTHER ASSETS IN EXCESS OF LIABILITIES (0.05%)							13,074
NET ASSETS - 100.00%						$	28,689,422

See Notes to Financial Statements.

19 | November 30, 2021

ALPS ETF Trust

Statements of Assets and Liabilities

November 30, 2021

	ALPS Sector Dividend Dogs ETF			ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
ASSETS:
Investments, at value	$	1,129,855,068		$	156,469,144		$	25,531,520		$	28,676,348
Foreign currency, at value (Cost $–, $67,769, $6,639 and $–)		–			67,769			6,519			–
Foreign tax reclaims		–			420,608			3,527			3,368
Dividends receivable		5,279,761			604,030			42,451			18,579
Receivable for investments sold		–			62,422			–			–
Total Assets		1,135,134,829			157,623,973			25,584,017			28,698,295

LIABILITIES:
Payable for investments purchased		–			62,636			–			–
Payable to adviser		391,433			72,716			12,697			8,873
Payable for collateral upon return of securities loaned		–			–			829,814			–
Total Liabilities		391,433			135,352			842,511			8,873
NET ASSETS	$	1,134,743,396		$	157,488,621		$	24,741,506		$	28,689,422

NET ASSETS CONSIST OF:
Paid-in capital	$	1,334,982,881		$	216,300,017		$	32,905,986		$	34,566,895
Total Distributable earnings		(200,239,485	)		(58,811,396	)		(8,164,480	)		(5,877,473	)
NET ASSETS	$	1,134,743,396		$	157,488,621		$	24,741,506		$	28,689,422

INVESTMENTS, AT COST	$	1,051,669,350		$	161,895,364		$	25,042,868		$	25,103,866

PRICING OF SHARES:
Net Assets	$	1,134,743,396		$	157,488,621		$	24,741,506		$	28,689,422
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		22,484,141			5,950,000			1,050,000			575,000
Net Asset Value, offering and redemption price per share	$	50.47		$	26.47		$	23.56		$	49.89

See Notes to Financial Statements.

20 | November 30, 2021

ALPS ETF Trust

Statements of Operations

For the Year Ended November 30, 2021

	ALPS Sector Dividend Dogs ETF		ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
INVESTMENT INCOME:
Dividends*	$	44,296,752	$	7,826,498		$	1,187,243		$	521,652
Non-cash dividends^(a)		–		–			–			351,488
Securities Lending Income		–		2,566			21,646			1,113
Total Investment Income		44,296,752		7,829,064			1,208,889			874,253

EXPENSES:
Investment adviser fees		4,627,840		885,043			147,282			103,593
Total Expenses		4,627,840		885,043			147,282			103,593
NET INVESTMENT INCOME		39,668,912		6,944,021			1,061,607			770,660

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(b)		20,856,818		(2,959,622	)		1,008,273			(1,540,165	)
Net realized gain/(loss) on foreign currency transactions		–		(41,486	)		(9,736	)		168
Total net realized gain/(loss)		20,856,818		(3,001,108	)		998,537			(1,539,997	)
Net change in unrealized appreciation on investments		133,811,971		12,490,979			1,420,837			8,191,442
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		–		(31,038	)		(931	)		(339	)
Total net change in unrealized appreciation		133,811,971		12,459,941			1,419,906			8,191,103
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		154,668,789		9,458,833			2,418,443			6,651,106
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	194,337,701	$	16,402,854		$	3,480,050		$	7,421,766
*Net of foreign tax withholding:	$	–	$	919,046		$	138,805		$	2,043

^(a)

Represents non-cash distributions in connection with capital changes for certain investments held by the Fund recorded on ex-date and based on fair value.

^(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 | November 30, 2021

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020
OPERATIONS:
Net investment income	$	39,668,912		$	50,587,999
Net realized gain/(loss)		20,856,818			(88,409,933	)
Net change in unrealized appreciation/(depreciation)		133,811,971			(103,423,993	)
Net increase/(decrease) in net assets resulting from operations		194,337,701			(141,245,927	)

Net Equalization Credits/(Debits)		(376,556	)		3,589,268

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(41,129,463	)		(51,189,402	)
Total distributions		(41,129,463	)		(51,189,402	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		42,671,156			152,957,639
Cost of shares redeemed		(68,650,049	)		(699,792,739	)
Net income equalization (Note 2)		376,556			(3,589,268	)
Net decrease from share transactions		(25,602,337	)		(550,424,368	)
Net increase/(decrease) in net assets		127,229,345			(739,270,429	)

NET ASSETS:
Beginning of period		1,007,514,051			1,746,784,480
End of period	$	1,134,743,396		$	1,007,514,051

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		23,059,141			38,159,141
Shares sold		800,000			3,350,000
Shares redeemed		(1,375,000	)		(18,450,000	)
Shares outstanding, end of period		22,484,141			23,059,141

See Notes to Financial Statements.

22 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020
OPERATIONS:
Net investment income	$	6,944,021		$	5,343,294
Net realized loss		(3,001,108	)		(5,677,330	)
Net change in unrealized appreciation/(depreciation)		12,459,941			(16,870,424	)
Net increase/(decrease) in net assets resulting from operations		16,402,854			(17,204,460	)

Net Equalization Credits/(Debits)		(1,568,545	)		21,476

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(7,018,603	)		(8,323,715	)
From tax return of capital		(36,242	)		(309,701	)
Total distributions		(7,054,845	)		(8,633,416	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		22,093,394			15,489,973
Cost of shares redeemed		(20,383,668	)		(64,962,269	)
Net income equalization (Note 2)		1,568,545			(21,476	)
Net increase/(decrease) from share transactions		3,278,271			(49,493,772	)
Net increase/(decrease) in net assets		11,057,735			(75,310,172	)

NET ASSETS:
Beginning of period		146,430,886			221,741,058
End of period	$	157,488,621		$	146,430,886

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		5,900,000			8,250,000
Shares sold		800,000			650,000
Shares redeemed		(750,000	)		(3,000,000	)
Shares outstanding, end of period		5,950,000			5,900,000

See Notes to Financial Statements.

23 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020
OPERATIONS:
Net investment income	$	1,061,607		$	673,942
Net realized gain/(loss)		998,537			(2,081,382	)
Net change in unrealized appreciation		1,419,906			552,602
Net increase/(decrease) in net assets resulting from operations		3,480,050			(854,838	)

Net Equalization Credits		19,079			26,895

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(971,386	)		(831,362	)
Total distributions		(971,386	)		(831,362	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,275,304			3,165,851
Cost of shares redeemed		–			(9,462,865	)
Net income equalization (Note 2)		(19,079	)		(26,895	)
Net increase/(decrease) from share transactions		1,256,225			(6,323,909	)
Net increase/(decrease) in net assets		3,783,968			(7,983,214	)

NET ASSETS:
Beginning of period		20,957,538			28,940,752
End of period	$	24,741,506		$	20,957,538

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,000,000			1,400,000
Shares sold		50,000			150,000
Shares redeemed		–			(550,000	)
Shares outstanding, end of period		1,050,000			1,000,000

See Notes to Financial Statements.

24 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020^(a)
OPERATIONS:
Net investment income	$	770,660		$	1,103,770
Net realized gain/(loss)		(1,539,997	)		5,165,077
Net change in unrealized appreciation/(depreciation)		8,191,103			(14,485,522	)
Net increase/(decrease) in net assets resulting from operations		7,421,766			(8,216,675	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(874,838	)		(1,494,087	)
From tax return of capital		(444,426	)		(336,997	)
Total distributions		(1,319,264	)		(1,831,084	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			19,287,844
Cost of shares redeemed		(3,733,564	)		(36,184,766	)
Net decrease from share transactions		(3,733,564	)		(16,896,922	)
Net increase/(decrease) in net assets		2,368,938			(26,944,681	)

NET ASSETS:
Beginning of period		26,320,484			53,265,165
End of period	$	28,689,422		$	26,320,484

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		650,000			1,100,000
Shares sold		–			400,000
Shares redeemed		(75,000	)		(850,000	)
Shares outstanding, end of period		575,000			650,000

^(a)

Prior to January 2, 2020, the ALPS REIT Dividend Dogs ETF was known as the Cohen & Steers Global Realty Majors ETF.

See Notes to Financial Statements.

25 | November 30, 2021

ALPS Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	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	$	43.69		$	45.78		$	44.26		$	45.61		$	42.29

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(a)		1.75			1.70			1.71			1.54			1.40
Net realized and unrealized gain/(loss)		6.84			(2.14	)		1.34			(1.31	)		3.39
Total from investment operations		8.59			(0.44	)		3.05			0.23			4.79

DISTRIBUTIONS:
From net investment income		(1.81	)		(1.65	)		(1.53	)		(1.58	)		(1.42	)
Tax return of capital		–			–			–			–			(0.05	)
Total distributions		(1.81	)		(1.65	)		(1.53	)		(1.58	)		(1.47	)

Net increase/(decrease) in net asset value		6.78			(2.09	)		1.52			(1.35	)		3.32
NET ASSET VALUE, END OF PERIOD	$	50.47		$	43.69		$	45.78		$	44.26		$	45.61
TOTAL RETURN^(b)		19.77	%		(0.27	)%		7.26	%		0.51	%		11.59	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,134,743		$	1,007,514		$	1,746,784		$	2,166,709		$	2,322,205

Ratio of expenses to average net assets		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		3.43	%		4.27	%		3.97	%		3.40	%		3.24	%
Portfolio turnover rate^(c)		54	%		77	%		55	%		61	%		48	%
Undistributed net investment income included in price of units issued and redeemed^(a)(d)	$	(0.02	)	$	0.12		$	0.06		$	0.04		$	0.03

^(a)

Based on average shares outstanding during the period.

^(b)

Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at reinvestment prices. Total return calculated for a period of less than one year is not annualized.

^(c)

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

^(d)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements.

26 | November 30, 2021

ALPS International Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	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	$	24.82		$	26.88		$	25.14		$	28.27		$	22.84

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		1.09			0.75			1.20			1.15			0.94
Net realized and unrealized gain/(loss)		1.65			(1.66	)		1.69			(3.19	)		5.41
Total from investment operations		2.74			(0.91	)		2.89			(2.04	)		6.35

DISTRIBUTIONS:
From net investment income		(1.08	)		(1.11	)		(1.15	)		(1.09	)		(0.92	)
Tax return of capital		(0.01	)		(0.04	)		–			–			–
Total distributions		(1.09	)		(1.15	)		(1.15	)		(1.09	)		(0.92	)

Net increase/(decrease) in net asset value		1.65			(2.06	)		1.74			(3.13	)		5.43
NET ASSET VALUE, END OF PERIOD	$	26.47		$	24.82		$	26.88		$	25.14		$	28.27
TOTAL RETURN^(b)		10.93	%		(3.08	)%		11.79	%		(7.47	)%		28.21	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	157,489		$	146,431		$	221,741		$	285,327		$	349,184

Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		3.92	%		3.22	%		4.65	%		4.16	%		3.55	%
Portfolio turnover rate^(c)		61	%		79	%		58	%		72	%		37	%
Undistributed net investment income included in price of units issued and redeemed^(a)(d)	$	(0.25	)	$	0.00	(e)	$	0.04		$	0.05		$	0.12

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

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

^(d)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

^(e)

Less than $0.005.

See Notes to Financial Statements.

27 | November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	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	$	20.96		$	20.67		$	21.33		$	24.29		$	21.17

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		1.04			0.56			0.89			0.91			0.80
Net realized and unrealized gain/(loss)		2.50			0.42			(0.33	)		(3.02	)		3.06
Total from investment operations		3.54			0.98			0.56			(2.11	)		3.86

DISTRIBUTIONS:
From net investment income		(0.94	)		(0.69	)		(1.22	)		(0.85	)		(0.74	)
Total distributions		(0.94	)		(0.69	)		(1.22	)		(0.85	)		(0.74	)

Net increase/(decrease) in net asset value		2.60			0.29			(0.66	)		(2.96	)		3.12
NET ASSET VALUE, END OF PERIOD	$	23.56		$	20.96		$	20.67		$	21.33		$	24.29
TOTAL RETURN^(b)		16.81	%		5.20	%		2.67	%		(8.76	)%		18.37	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	24,742		$	20,958		$	28,941		$	35,201		$	47,356

Ratio of expenses to average net assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		4.32	%		2.92	%		4.16	%		3.88	%		3.33	%
Portfolio turnover rate^(c)		84	%		93	%		83	%		85	%		42	%
Undistributed net investment income included in price of units issued and redeemed^(a)(d)	$	0.02		$	0.02		$	0.01		$	0.10		$	0.05

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

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

^(d)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements.

28 | November 30, 2021

ALPS REIT Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020 ^(a)			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	$	40.49		$	48.42		$	44.18		$	45.37		$	41.31

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(b)		1.21			1.29			1.19			1.17			0.75
Net realized and unrealized gain/(loss)		10.25			(7.26	)		4.45			(0.53	)		4.45
Total from investment operations		11.46			(5.97	)		5.64			0.64			5.20

DISTRIBUTIONS:
From net investment income		(1.36	)		(1.57	)		(1.40	)		(1.83	)		(1.14	)
Tax return of capital		(0.70	)		(0.39	)		–			–			–
Total distributions		(2.06	)		(1.96	)		(1.40	)		(1.83	)		(1.14	)

Net increase/(decrease) in net asset value		9.40			(7.93	)		4.24			(1.19	)		4.06
NET ASSET VALUE, END OF PERIOD	$	49.89		$	40.49		$	48.42		$	44.18		$	45.37
TOTAL RETURN^(c)		29.03	%		(11.77	)%		13.00	%		1.47	%		12.77	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	28,689		$	26,320		$	53,265		$	55,222		$	68,050

Ratio of expenses to average net assets		0.35	%		0.38	%(d)		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		2.60	%		3.26	%		2.56	%		2.67	%		1.71	%
Portfolio turnover rate^(e)		78	%		148	%		10	%		14	%		10	%

^(a)

Prior to January 2, 2020, the ALPS REIT Dividend Dogs ETF was known as the Cohen & Steers Global Realty Majors ETF. (b) Based on average shares outstanding during the period.

^(c)

^(d)

Effective January 2, 2020 the Fund's Advisory Fee changed from 0.55% to 0.35%.

^(e)

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

See Notes to Financial Statements.

29 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of November 30, 2021, the Trust consisted of eighteen separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (each a “Fund” and collectively, the “Funds”). Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The investment objective of the ALPS Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Sector Dividend Dogs Index. The investment objective of the ALPS International Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® International Sector Dividend Dogs Index. The investment objective of the ALPS Emerging Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Emerging Sector Dividend Dogs Index. The investment objective of the ALPS REIT Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® REIT Dividend Dogs Index.

The shares of the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares (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 included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

The Funds’ investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). 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 the Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security’s “fair value” due to the security being de-listed from a national exchange or the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current “fair value” of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

30 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

B. Fair Value Measurements

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

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

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of November 30, 2021:

ALPS Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	1,128,665,808	$	–	$	–	$	1,128,665,808
Short Term Investments		1,189,260		–		–		1,189,260
Total	$	1,129,855,068	$	–	$	–	$	1,129,855,068

ALPS International Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	156,239,596	$	–	$	–	$	156,239,596
Short Term Investments		229,548		–		–		229,548
Total	$	156,469,144	$	–	$	–	$	156,469,144

31 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

ALPS Emerging Sector Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	24,672,871	$	–	$	–	$	24,672,871
Rights and Warrants^*		–		–		–		–
Short Term Investments		858,649		–		–		858,649
Total	$	25,531,520	$	–	$	–	$	25,531,520

ALPS REIT Dividend Dogs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	28,630,173	$	–	$	–	$	28,630,173
Short Term Investments		46,175		–		–		46,175
Total	$	28,676,348	$	–	$	–	$	28,676,348

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2021.

C. Foreign Securities

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the Fund’s investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors.

Because foreign markets may be open on different days than the days during which investors may purchase the shares of each Fund, the value of each Fund's securities may change on the days when investors are not able to purchase the shares of the Funds. The value of securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE or NASDAQ. Any use of a different rate from the rates used by the Index may adversely affect a Fund's ability to track its Index.

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

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

F. Dividends and Distributions to Shareholders

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

G. Equalization

The ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, and the ALPS Emerging Sector Dividend Dogs ETF utilize the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Funds’ shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of the Funds’ shares. Amounts related to Equalization can be found on the Statement of Changes in Net Assets.

32 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

H. Real Estate Investment Trusts (“REITs”)

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

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

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

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

I. Federal Tax and Tax Basis Information

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

For the year ended November 30, 2021, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

Fund	Paid-in Capital		Total Distributable Earnings
ALPS Sector Dividend Dogs ETF	$	11,026,744	$	(11,026,744	)
ALPS International Sector Dividend Dogs ETF		1,939,974		(1,939,974	)
ALPS Emerging Sector Dividend Dogs ETF		–		–
ALPS REIT Dividend Dogs ETF		756,180		(756,180	)

The tax character of the distributions paid during the fiscal years ended November 30, 2021 and November 30, 2020 was as follows:

Fund	Ordinary Income		Return of Capital
November 30, 2021
ALPS Sector Dividend Dogs ETF	$	41,129,463	$	–
ALPS International Sector Dividend Dogs ETF		7,018,603		36,242
ALPS Emerging Sector Dividend Dogs ETF		971,386		–
ALPS REIT Dividend Dogs ETF		874,838		444,426

33 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

Fund	Ordinary Income		Return of Capital
November 30, 2020
ALPS Sector Dividend Dogs ETF	$	51,189,402	$	–
ALPS International Sector Dividend Dogs ETF		8,323,715		309,701
ALPS Emerging Sector Dividend Dogs ETF		831,362		–
ALPS REIT Dividend Dogs ETF		1,494,087		336,997

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
ALPS Sector Dividend Dogs ETF	$	–	$	278,703,992
ALPS International Sector Dividend Dogs ETF		4,432,773		48,112,299
ALPS Emerging Sector Dividend Dogs ETF		439,844		8,114,494
ALPS REIT Dividend Dogs ETF		6,887,991		2,417,872

The ALPS Sector Dividend Dogs ETF and ALPS Emerging Sector Dividend Dogs ETF used capital loss carryovers during the year ended November 30, 2021 in the amount of $10,221,052 and $575,819, respectively.

As of November 30, 2021, the components of distributable earnings on a tax basis for each Fund were as follows:

	Undistributed net investment income		Accumulated net realized loss on investments			Net unrealized appreciation/ (depreciation) on investments			Total
ALPS Sector Dividend Dogs ETF	$	4,375,810	$	(278,703,992	)	$	74,088,697		$	(200,239,485	)
ALPS International Sector Dividend Dogs ETF		–		(52,545,072	)		(6,266,324	)		(58,811,396	)
ALPS Emerging Sector Dividend Dogs ETF		110,349		(8,554,338	)		279,509			(8,164,480	)
ALPS REIT Dividend Dogs ETF		–		(9,305,863	)		3,428,390			(5,877,473	)

As of November 30, 2021, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation/ (Depreciation) of Foreign Currency			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ALPS Sector Dividend Dogs ETF	$	138,952,825	$	(64,864,128	)	$	–		$	74,088,697		$	1,055,766,371
ALPS International Sector Dividend Dogs ETF		10,083,942		(16,341,765	)		(8,501	)		(6,266,324	)		162,726,967
ALPS Emerging Sector Dividend Dogs ETF		2,790,485		(2,510,295	)		(681	)		279,509			25,251,330
ALPS REIT Dividend Dogs ETF		5,256,035		(1,827,806	)		161			3,428,390			25,248,119

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in passive foreign investment companies.

J. Income Taxes

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

34 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

As of and during the year ended November 30, 2021, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

K. Lending of Portfolio Securities

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

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

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS International Sector Dividend Dogs ETF	$	2,295,585	$	–	$	2,427,433	$	2,427,433
ALPS Emerging Sector Dividend Dogs ETF		1,425,220		829,814		724,369		1,554,183

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2021:

ALPS Emerging Sector Dividend Dogs ETF

Remaining contractual maturity of the agreements

Securities Lending Transactions	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Common Stocks	$	829,814	$	–	$	–	$	–	$	829,814
Total Borrowings										829,814
Gross amount of recognized liabilities for securities lending (collateral received)									$	829,814

35 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

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. From time to time, the Adviser may waive all or a portion of its fee.

Fund	Advisory Fee
ALPS Sector Dividend Dogs ETF	0.40%
ALPS International Sector Dividend Dogs ETF	0.50%
ALPS Emerging Sector Dividend Dogs ETF	0.60%
ALPS REIT Dividend Dogs ETF	0.35%

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

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

Each Trustee receives (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 receives a quarterly retainer of $2,000, in connection with their respective roles.

4. PURCHASES AND SALES OF SECURITIES

For the year ended November 30, 2021, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	619,122,019	$	615,360,325
ALPS International Sector Dividend Dogs ETF		105,069,241		105,340,522
ALPS Emerging Sector Dividend Dogs ETF		20,585,933		20,246,070
ALPS REIT Dividend Dogs ETF		23,308,934		22,732,820

For the year ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	42,658,789	$	68,640,518
ALPS International Sector Dividend Dogs ETF		22,106,996		20,131,895
ALPS Emerging Sector Dividend Dogs ETF		1,016,011		–
ALPS REIT Dividend Dogs ETF		–		3,732,520

For the year ended November 30, 2021, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
ALPS Sector Dividend Dogs ETF	$	11,671,302
ALPS International Sector Dividend Dogs ETF		2,137,869
ALPS REIT Dividend Dogs ETF		863,443

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.

36 | November 30, 2021

ALPS ETF Trust

Notes to Financial Statements

November 30, 2021

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 shares (prior to October 1, 2021, the Creation Unit size was 50,000 Shares). Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. RELATED PARTY TRANSACTIONS

The ALPS Sector Dvidend Dogs ETF engaged in cross trades between other funds in the Trust during the year ended November 30, 2021 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

Transactions related to cross trades during the year ended November 30, 2021, were as follows:

		Purchase cost paid				Sale proceeds received				Realized gain/(loss) on sales
ALPS Sector Dividend Dogs ETF		$	2,625,190			$	1,007,571			$	154,451

7. MARKET DISRUPTIONS 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.

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.

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.

8. SUBSEQUENT EVENTS

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

37 | November 30, 2021

ALPS ETF Trust

Additional Information

November 30, 2021 (Unaudited)

PROXY VOTING POLICIES AND PROCEDURES

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the Fund’s 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, 2020:

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Sector Dividend Dogs ETF	100.00%	99.08%	0.00%
ALPS International Sector Dividend Dogs ETF	98.94%	0.00%	0.00%
ALPS Emerging Sector Dividend Dogs ETF	75.62%	0.00%	0.00%
ALPS REIT Dividend Dogs ETF	0.81%	0.00%	40.55%

In early 2021, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2020 via Form 1099. The Funds will notify shareholders in early 2022 of amounts paid to them by the Funds, if any, during the calendar year 2021.

Pursuant to Section 853(c) of the Internal Revenue Code, the following Funds designated the following for the calendar year ended December 31, 2021:

	Foreign Taxes Paid		Foreign Source Income
Alps Emerging Sector Dividend Dog ETF	$	118,762	$	1,289,676
ALPS International Sector Dividend Dogs ETF	$	825,084	$	8,600,862

LICENSING AGREEMENTS

ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF

The Funds are not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc.^SM (“Licensor”). Licensor makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the (i) in the case of SDOG, S-Network Sector Dividend Dogs^SM, (ii) in the case of IDOG, S-Network International Sector Dividend Dogs^SM, (iii) in the case of EDOG, S-Network Emerging Sector Dividend Dogs Index^SM, and (iv) in the case of RDOG, S-Network REIT Dividend Dogs Index^SM (each an “Underlying Index”) to track the performance of a market or sector. Licensor’s only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Underlying Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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

38 | November 30, 2021

ALPS ETF Trust

Additional Information

November 30, 2021 (Unaudited)

The Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) or its third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of each Fund or any member of the public regarding the advisability of investing in securities generally or in each Fund particularly or the ability of each Underlying Index to track general stock market performance. S&P’s and its third party licensor’s only relationship to the Index Provider is the licensing of certain trademarks, service marks and trade names of S&P and/or its third party licensors and for the providing of calculation and maintenance services related to the Underlying Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of each Fund or the timing of the issuance or sale of each Fund or in the determination or calculation of the equation by which each Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of each Fund.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF EACH UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, EACH UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

Standard & Poor’s^® and S&P^® are registered trademarks of The McGraw-Hill Companies, Inc.; “Calculated by S&P Custom Indices” and its related stylized mark are service marks of The McGraw-Hill Companies, Inc. These marks have been licensed for use by the Index Provider.

The S&P 500^® is the property of Standard and Poor’s Financial Services LLC (“S&P”) and has been licensed by S&P for use by S-Network^® Global Indexes, Inc. in connection with the S-Network^® Sector Dividend Dogs Index (Ticker: SDOGX), the S-Network^® International Sector Dividend Dogs Index (Ticker: IDOGX), the S-Network^® Emerging Sector Dividend Dogs Index (Ticker: EDOGX), and the S-Network^® REIT Dividend Dogs Index (Ticker: RDOGX).

The Adviser does not guarantee the accuracy and/or the completeness of each Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by each Fund, owners of the Shares of each Fund or any other person or entity from the use of each Underlying Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to each Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of each Underlying Index, even if notified of the possibility of such damages.

39 | November 30, 2021

ALPS ETF Trust

Board Considerations Regarding Approval of Investment Advisory Agreements

November 30, 2021 (Unaudited)

At a meeting held on June 7, 2021 via electronic means (video-conference), the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to approve the continuance of the Investment Advisory Agreements between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS Sector Dividend Dogs ETF (“SDOG”), the ALPS International Sector Dividend Dogs ETF (“IDOG”), the ALPS Emerging Sector Dividend Dogs ETF (“EDOG”), and the ALPS REIT Dividend Dogs ETF (“RDOG”) (each “a Fund” and collectively the “Funds”). The Independent Trustees also met separately to consider each Investment Advisory Agreement.

In evaluating the Investment Advisory Agreements with respect to each Fund, the Board, including the Independent Trustees considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreements; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreements, the Board considered and reviewed information concerning the services provided under the Investment Advisory Agreements, the investment parameters of the index of each Fund, financial information regarding AAI and its parent company, information describing AAI’s current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board reviewed information on the performance of each Fund and its applicable benchmark. The Board also evaluated the correlation and tracking error between each underlying index and its corresponding Fund’s performance. Based on this review, the Board, including the Independent Trustees. found that the nature and extent of services provided to each Fund under the Investment Advisory Agreements was appropriate and that the quality was satisfactory.

The Board noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

With respect to advisory fee rates, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for SDOG, IDOG and EDOG is higher than the median of its FUSE expense group. These Funds’ respective net expense ratios, however, are slightly above the median of their respective FUSE expense group.

The gross management fee rate for RDOG is lower than the median of its FUSE expense group. RDOG’s net expense ratio is also below the median of its FUSE expense group.

Based on the foregoing, and the other information available to them, the Board, including the Independent Trustees concluded that the advisory fee rate for each of the Funds were reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees reviewed and noted the relatively small sizes of the Funds (other than SDOG) and concluded that AAI was not realizing any economies of scale. With respect to SDOG, the Independent Trustees noted that the Fund’s asset levels have recovered to its respective historic highs. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees’ evaluation of whether further economies of scale have been achieved.

In voting to renew each Investment Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of each Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Board, including the Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

40 | November 30, 2021

ALPS ETF Trust

Trustees and Officers

November 30, 2021 (Unaudited)

The general supervision of the duties performed by the Adviser for the Fund under the Investment Advisory Agreement is the responsibility of the Board of Trustees. The Trust currently has four Trustees. Three Trustees have no affiliation or business connection with the Adviser or any of its affiliated persons and do not own any stock or other securities issued by the Adviser. These are the “non-interested” or “independent” Trustees (“Independent Trustees”). The other Trustee (the “Interested Trustee”) is affiliated with the Adviser.

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Independent Trustee, and other directorships, if any, held by the Trustee are shown below.

INDEPENDENT TRUSTEES
Name, Address & Year of Birth*	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustees***	Other Directorships Held by Trustees
Mary K. Anstine, 1940	Trustee	Since March 2008	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	36	Ms. Anstine is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (32 funds); Reaves Utility Income Fund; and Segall Bryant & Hamill Trust (14 funds).
Jeremy W. Deems, 1976	Trustee	Since March 2008	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	36	Mr. Deems is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (32 funds); and Reaves Utility Income Fund; and Clough Funds Trust (1 fund).
Rick A. Pederson, 1952	Trustee	Since March 2008	Mr. Pederson is Partner, Bow River Capital Partners (private equity management), 2003 - present; Board Member, Prosci Inc. (private business services) 2013-2016; Advisory Board Member, Citywide Banks (Colorado community bank) 2014-2017; Board Member, Strong-Bridge Consulting, 2015-2019; Board Member, IRI/ODMS Holdings LLC, 2017-2019; Director, National Western Stock Show (not for profit) 2010 - present; Director, History Colorado (not for profit) 2015-present; Director, Citywide Bank Advisory Board 2017-present; Trustee, Boettcher Foundation, 2018 -present.	19	Mr. Pederson is Trustee of Segall Bryant & Hamill Trust (14 funds) and Principal Real Estate Income Fund (1 fund).

The business address of the Trustee is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203.

This is the period for which the Trustee began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected.

***

The Fund Complex includes all series of the Trust and any other investment companies for which ALPS Advisors, Inc. provides investment advisory services.

41 | November 30, 2021

ALPS ETF Trust

Trustees and Officers

November 30, 2021 (Unaudited)

The Trustee who is an “interested person” of the Trust, his term of office and length of time served, his principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Trustee, are shown below.

INTERESTED TRUSTEE

Name, Address and Year of Birth of Interested Trustee*

Position(s) Held with Trust

Term of Office and Length of Time Served**

Number of Principal Occupation(s) During Past 5 Years

Portfolios in Fund Complex Overseen by Trustees***

Other Directorships Held by Trustees

Edmund J.

Burke,

1961

Trustee

Since December 2017.

Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc. (“AAI”), and Director of ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”), and ALPS Portfolio Solutions Distributor, Inc. (“APSD”). Mr. Burke retired from ALPS in June 2019.

Mr. Burke is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); Director of the Liberty All- Star Growth Fund, Inc. (1 fund) and Financial Investors Trust (32 funds).

The business address of the Trustee is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203. Effective December 1, 2021, Mr. Burke is an Independent Trustee of the Trust.

This is the period for which the Trustee began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected.

***

The Fund Complex includes all series of the Trust and any other investment companies for which ALPS Advisors, Inc. provides investment advisory services.

42 | November 30, 2021

ALPS ETF Trust

Trustees and Officers

November 30, 2021 (Unaudited)

OFFICERS
Name, Address and Year of Birth of Officer*	Position(s) Held with Trust	Length of Time Served**	Principal Occupation(s) During Past 5 Years
Laton Spahr, 1975	President	Since June 2021	Mr. Spahr joined ALPS in 2019 and currently serves as President and Portfolio Manager of AAI. Prior to his current role, Mr. Spahr was a Senior Vice President and Strategy Leader of the Value & Income Team for Oppenheimer Funds from 2013 to 2019.
Matthew Sutula, 1985	Chief Compliance Officer (“CCO”)	Since December 2019	Mr. Sutula joined ALPS in 2012 and currently serves as Chief Compliance Officer of AAI. Prior to his current role, Mr. Sutula served as interim Compliance Officer of the Trust (September 2019 to December 2019). Compliance Manager and Senior Compliance Analyst for AAI, as well as Compliance Analyst for AFS. Prior to joining ALPS, he spent seven years at Morningstar, Inc. in various analyst roles supporting the registered investment company databases. Mr. Sutula is also Chief Compliance Officer of Principal Real Estate Income Fund, ALPS Variable Investment Trust, RiverNorth Opportunities Fund, Inc., Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc.
Kathryn Burns, 1976	Treasurer	Since September 2018	Ms. Burns serves as Vice President, Director of Fund Operations of AAI since 2018. From 2013 to 2018, she served as Vice President and Fund Controller at AFS. Prior to joining ALPS, she worked at Old Mutual Capital where she served as Vice President and Chief Compliance Officer (2010 – 2012) and Regulatory Reporting Manager and Assistant Treasurer to the Old Mutual Funds Trusts (2006 – 2012). She also served as a CPA for PricewaterhouseCoopers LLP. Ms. Burns also serves as President of ALPS Variable Investment Trust, Principal Real Estate Income Fund and RiverNorth Opportunities Fund, Inc. From June 2018 to November 2021 she also served as Treasurer of Boulder Growth & Income Fund, Inc.
Brendan Hamill, 1986	Secretary	Since September 2021	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of Financial Investors Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.

The business address of each Officer is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203. Each Officer is deemed an affiliate of the Trust as defined under the 1940 Act.

This is the period for which the Officer began serving the Trust. Each Officer serves an indefinite term, until his/her successor is elected.

The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling (toll-free) 1-866-759-5679.

43 | November 30, 2021