TABLE OF CONTENTS

Performance Overview	1
Disclosure of Fund Expenses	7
Report of Independent Registered Public Accounting Firm	8
Schedule of Investments	9
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	18
Additional Information	24
Board Considerations Regarding Approval of Investment Advisory Agreement	26
Trustees & Officers	27

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Investment Objective

The Barron’s 400^SM ETF (the “Fund” or “BFOR”) seeks investment results that correspond generally, before fees and expenses, to the performance of the Barron’s 400 Index^SM (the “Underlying Index” or “B400T”). The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of high performing equity securities of U.S. companies. The Fund will invest at least 80% of its total assets in the equity securities which comprise the Underlying Index.

The Underlying Index generally consists of 400 stocks. The Underlying Index’s stocks are constituents of the MarketGrader U.S. Coverage Universe. In compiling the Underlying Index, MarketGrader Capital, LLC (the “Index Provider”) selects the 400 stocks from the MarketGrader U.S. Coverage Universe by using a methodology that selects components based on the strength of their fundamentals in growth, value, profitability and cash flow and then screens such potential Underlying Index components for certain criteria regarding concentration, market capitalization, and liquidity. The eligible stocks that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. The Underlying Index is rebalanced by the Index Provider semiannually, on the third Friday of March and September each year.

Performance Overview

The Barron’s 400 ETF declined 6.2% between November 30, 2021, and November 30, 2022, its worst fiscal year return since the Fund was launched in June 2013. However, in a very challenging year for U.S. equities and for asset prices in general due to rapidly rising interest rates, BFOR showed resilience. The Dow Jones U.S. Total Stock Market Index, the broadest U.S. benchmark equity benchmark, lost 11.3% on a total return basis during the Fund’s fiscal year. Meanwhile, BFOR’s benchmark, the Barron’s 400 Index (B400T), fell by less than half the broad market’s decline, losing 5.5%, on a total return basis. Figure 1 represents the fiscal year returns for BFOR and B400T since the Fund’s inception on June 3, 2013.

Figure 1. Fiscal Year Returns for the Barron’s 400 ETF (BFOR) and its Benchmark, the Barron’s 400 Index (B400T) Since Inception on June 3, 2013.

Fiscal Year	Barron’s 400 ETF (BFOR)	Barron’s 400 Index (B400T)
2013*	17.2%	18.4%
2014	8.1%	9.0%
2015	1.0%	1.8%
2016	9.1%	9.9%
2017	21.9%	22.6%
2018	-2.1%	-1.5%
2019	5.0%	5.6%
2020	13.3%	14.1%
2021	33.2%	34.1%
2022	-6.2%	-5.5%

Fiscal year 2013 is measured from the Fund’s inception on June 3, 2013, through November 30, 2013. BFOR returns are based on the Fund’s last market price at each fiscal year’s end date. B400T figures reflect total returns. Source: Bloomberg.

Strategy Helps the Barron’s 400 Index Sidestep the Worst of the Market’s Decline

The most recent fiscal year was particularly challenging for growth stocks, especially when compared to their value counterparts, reversing years of large cap performance. The Russell 3000 Growth Index declined by -21.6% in the 12 months ending November 30th, trailing the Russell 3000 Value Index, which was up 1.9%, by a spread of over 23 percentage points. Meanwhile, the Barron’s 400 Index (B400T), which selects its constituents according to MarketGrader’s Growth at a Reasonable Price (GARP) methodology, was able to sidestep much of the growth benchmark’s decline, falling a mere 5.5%, which means the B400T outperformed the growth benchmark by more than 16 percentage points¹.

Besides the Index’s GARP selection methodology, readers should remember that B400T equally weights its constituents at its semi-annual rebalances that take place every March and September. This also served it well during the most recent fiscal year as it helped the Index avoid an overconcentration in large cap growth stocks, which suffered larger declines than the overall market. This may be seen in the -21.6% return for the Russell 1000 Growth Index, well below the -10.7% return for the Russell 1000 Index. Additionally, the Index’s all-cap methodology served it well in outperforming both the large cap and small cap benchmarks, with B400T beating the Russell 1000 Index by 520 basis points and the Russell 2000 Index by 750 basis points. It also outperformed the S&P 500 Index, a widely followed large cap benchmark, by 370 basis points². Figure 2 shows the fiscal year performance for both BFOR and B400T relative to various broad market benchmarks.

Source: Bloomberg

All figures cited above are based on total returns; source: Bloomberg.

1 | November 30, 2022

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Figure 2. Fiscal Year 2022 Performance for the Barron’s 400 ETF (BFOR) and the Barron’s 400 Index (B400T) vs. Select Broad, Size, and Style U.S. Equity Benchmarks

	Fiscal Year Return
	11/30/2021 – 11/30/2022
Barron’s 400 ETF (BFOR)	-6.2%
Barron’s 400 Index (B400T)	-5.5%
Dow Jones US Total Stock Market Index	-11.3%
S&P 500 Index	-9.2%
Russell 1000 Index	-10.7%
Russell 1000 Growth Index	-21.6%
Russell 2000 Index	-13.0%
Russell 2000 Value Index	-4.7%
Russell 3000 Index	-10.8%
Russell 3000 Growth Index	-21.6%
Russell 3000 Value Index	1.9%

All figures are based on total returns. Source: Bloomberg

A Drill-Down Into the Barron’s 400 Companies

The Barron’s 400 Index, as its name implies, tracks 400 companies that are selected based on the quality of their GARP rating, as calculated by MarketGrader. However, over the course of BFOR’s fiscal year, which runs from November 30 of one year to November 30 of the following year, both the Index (B400T) and the Fund (BFOR) hold three different sets of 400 companies, given that B400T is reconstituted and rebalanced every March and September. The first portfolio of 400 companies is the one with which it starts the fiscal year (which was reconstituted in September of the previous fiscal year), and this is held through the March rebalance. When the B400T is reconstituted in March, this essentially determines the second portfolio of 400 companies that BFOR holds. Finally, when B400T reconstitutes in September, the third portfolio of Barron’s 400 companies that BFOR holds is determined. Each portfolio of companies is not, of course, completely different from the others as there is plenty of overlap across all three of them, as explained below.

During the fiscal year ended November 30, 2022, B400T and BFOR held a total of 714 stocks. Figure 3 shows how these holdings were broken down across all three holding periods. Among these 714 stocks, it is worth highlighting the 127 stocks that were selected to B400T across all three holding periods, or the entire fiscal year of BFOR. The average price return for these 127 stocks was -2.3%, outperforming the Index itself by 491 basis points. Figure 4 shows how these companies were broken down by sector along with each category’s average return.

Figure 3. Companies Selected to Barron’s 400 Index by Holding Period

Period	# of Companies
Sept. 2021 to March 2022 Only	147
March 2022 to Sept. 2022 Only	72
Sept. 2022 to Present Only (in current portfolio)	136
Sept. 2021 to March 2022 & March 2022 to Sept. 2022	95
Sept. 2021 to March 2022 & Sept. 2022 to Present	31
March 2022 to Sept. 2022 & Sept. 2022 to Present (in current portfolio)	106
Entire Period: Sept. 2021 to Present (in current portfolio)	127
Total Holdings from Sept. 2021 to Present	714

Source: MarketGrader Research

2 | November 30, 2022

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Figure 4. Size & Sector Composition of Companies Selected to Barron’s 400 Index Across All Holding Periods During Fiscal Year 2022

Market Cap Breakdown	Count	Average Market Cap in USD Millions	Average Return
Large Caps	74	151,632	-5.2%
Small Caps	53	4,582	1.8%
Total	127	90,265	-2.3%

Sector Breakdown
Consumer Discretionary	20	9,460	-13.9%
Consumer Staples	5	70,656	20.2%
Energy	6	15,073	42.8%
Financials	16	9,091	-5.3%
Health Care	14	95,855	5.1%
Industrials	26	28,880	-10.8%
Materials	13	17,631	9.2%
Technology	27	309,749	-7.2%

Market Cap breakdown is based on MarketGrader’s annual categorization of the U.S. equity universe by size. All companies in the top 85% of aggregate market capitalization are considered large caps and the remaining companies are considered small caps. Sources: MarketGrader Research, FactSet.

3 | November 30, 2022

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Lastly, Figure 5 shows the 30 best performing stocks in B400T during fiscal year 2022, across all holding periods. Some, like top performer Catalyst Pharmaceuticals (CPRX), achieved some of the year’s best returns because they were held for the entire period. Others, like San Juan Basin Royalty Trust (SJT), were held over two holding periods, starting with the March 2022 rebalance. And, remarkably, six of the top 30 made the list after only two months as members of B400T, having been selected in September 2022.

Figure 5. Top 30 Performing Stocks in the Barron’s 400 Index During the 2022 Fiscal Year*

Symbol	Company Name	Market Cap (in USD Millions)**	Sector	Start Date	End Date	Return (%)
CPRX	Catalyst Pharmaceuticals, Inc.	522	Health Care	11/30/21	11/30/22	139.6
TPL	Texas Pacific Land Corp.	10,267	Energy	11/30/21	11/30/22	114.5
CLFD	Clearfield, Inc.	524	Technology	11/30/21	11/30/22	103.3
BDSI	BioDelivery Sciences Intl.	360	Health Care	11/30/21	3/18/22	100.7
STLD	Steel Dynamics, Inc.	13,038	Materials	11/30/21	11/30/22	73.8
SJT	San Juan Basin Royalty Trust	324	Energy	3/21/22	11/30/22	73.7
VRTX	Vertex Pharmaceuticals Inc.	51,351	Health Care	11/30/21	11/30/22	69.3
CCRN	Cross Country Healthcare, Inc.	768	Health Care	3/21/22	11/30/22	64.8
EOG	EOG Resources, Inc.	39,777	Energy	11/30/21	11/30/22	63.1
HALO	Halozyme Therapeutics, Inc.	5,985	Health Care	11/30/21	3/18/22	58.8
	Archer-Daniels-Midland
ADM	Company	33,493	Consumer Staples	11/30/21	11/30/22	56.7
MUSA	Murphy USA, Inc.	4,103	Consumer Discretionary	3/21/22	11/30/22	54.3
BTU	Peabody Energy Corporation	3,463	Energy	9/19/22	11/30/22	50.5
MOS	Mosaic Company	11,173	Materials	11/30/21	11/30/22	49.9
CHRD	Chord Energy Corporation	2,313	Energy	9/19/22	11/30/22	48.9
CAT	Caterpillar Inc.	115,671	Industrials	11/30/21	3/18/22	48.3
DE	Deere & Company	108,228	Industrials	11/30/21	3/18/22	45.4
ATEN	A10 Networks, Inc.	934	Technology	9/19/22	11/30/22	45.2
MNRL	Brigham Minerals, Inc. Class A	1,002	Energy	3/21/22	11/30/22	43.4
MGPI	MGP Ingredients, Inc.	881	Consumer Staples	11/30/21	9/16/22	43.2
HDSN	Hudson Technologies, Inc.	326	Industrials	9/19/22	11/30/22	42.7
FHN	First Horizon Corporation	8,601	Financials	11/30/21	3/18/22	42.7
NUE	Nucor Corporation	33,678	Materials	11/30/21	11/30/22	41.1
PBF	PBF Energy, Inc. Class A	3,679	Energy	9/19/22	11/30/22	40.6
LSCC	Lattice Semiconductor Corp.	7,438	Technology	9/19/22	11/30/22	40.3
ABBV	AbbVie, Inc.	197,618	Health Care	11/30/21	11/30/22	39.8
MRK	Merck & Co., Inc.	192,673	Health Care	3/21/22	11/30/22	39.3
NOC	Northrop Grumman Corp.	58,867	Industrials	11/30/21	9/16/22	39.1
HES	Hess Corporation	28,224	Energy	3/21/22	11/30/22	38.6
MGY	Magnolia Oil & Gas Corp. Cl A	3,143	Energy	11/30/21	11/30/22	37.5

Regardless of holding period.

Market Capitalizations are from the first date each company was first selected to the Index across the three holding periods in fiscal year 2022. All returns are price-only. Sources: MarketGrader Research, FactSet.

4 | November 30, 2022

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
Barron’s 400^SM ETF – NAV	-6.18%	7.79%	10.04%
Barron’s 400^SM ETF – Market Price*	-6.21%	7.79%	10.04%
Barron’s 400 Index^SM	-5.52%	8.51%	10.77%

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

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

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

The Fund commenced Investment Operations on June 4, 2013.

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

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

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

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

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

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

5 | November 30, 2022

Barron’s 400^SM ETF
Performance Overview	November 30, 2022 (Unaudited)

Top 10 Holdings*^ (as of November 30, 2022)

Amkor Technology, Inc.	0.35%
Texas Pacific Land Corp.	0.34%
Atkore, Inc.	0.34%
Hudson Technologies, Inc.	0.34%
Peabody Energy Corp.	0.33%
Netflix, Inc.	0.33%
Lattice Semiconductor Corp.	0.33%
A10 Networks, Inc.	0.33%
Halozyme Therapeutics, Inc.	0.32%
Medpace Holdings, Inc.	0.32%
Total % of Top 10 Holdings	3.33%

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

Excludes Money Market Fund

Sector Allocation* (as of November 30, 2022)

Future holdings are subject to change.

Growth of $10,000 (as of November 30, 2022)

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

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.

6 | November 30, 2022

Barron’s 400^SM ETF
Disclosure of Fund Expenses	November 30, 2022 (Unaudited)

Shareholder Expense Example: As a shareholder of the 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, 2022.

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

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

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

	Beginning Account Value 6/1/22	Ending Account Value 11/30/22	Expense Ratio^(a)	Expenses Paid During Period 6/1/22 - 11/30/22^(b)
Barron's 400 ^SM ETF
Actual	$1,000.00	$1,024.40	0.65%	$3.30
Hypothetical (5% return before expenses)	$1,000.00	$1,021.81	0.65%	$3.29

(a)

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

(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183), divided by 365.

7 | November 30, 2022

Barron’s 400^SM ETF

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ALPS ETF Trust and the shareholders of Barron’s 400^SM ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Barron’s 400^SM ETF, a series of shares of beneficial interest in ALPS ETF Trust (the “Fund”), including the schedule of investments, as of November 30, 2022, and the related statements of operations and changes in net assets and the financial highlights for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, and the results of its operations, the changes in its net assets, and its financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended November 30, 2021 and the financial highlights for each of the years in the four-year period then ended were audited by other auditors whose report dated January 26, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. 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 Fund in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risk of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

BBD, LLP

We have served as the auditor of one or more of the Funds in the ALPS ETF Trust since 2022.

Philadelphia, Pennsylvania

January 27, 2023

8 | November 30, 2022

Barron’s 400^SM ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (97.29%)
Communication Services (2.43%)
Alphabet, Inc., Class A^(a)		3,083	$	311,352
Charter Communications, Inc., Class A^(a)		830		324,771
Electronic Arts, Inc.		2,522		329,827
Liberty Media Corp.-Liberty SiriusXM, Class C^(a)		7,783		341,129
Meta Platforms, Inc., Class A^(a)		2,100		248,010
Netflix, Inc.^(a)		1,482		452,796
Nexstar Media Group, Inc., Class A		1,660		314,670
PubMatic, Inc., Class A^(a)(b)		17,984		281,809
Warner Music Group Corp., Class A		11,611		397,909
World Wrestling Entertainment, Inc., Class A		4,706		375,915
Total Communication Services				3,378,188

Consumer Discretionary (13.53%)
Airbnb, Inc., Class A^(a)		2,644		270,058
Asbury Automotive Group, Inc.^(a)		1,991		373,551
Best Buy Co., Inc.		4,350		371,055
Booking Holdings, Inc.^(a)		167		347,268
Buckle, Inc.		9,797		430,578
Cavco Industries, Inc.^(a)		1,524		349,956
Chipotle Mexican Grill, Inc.^(a)		190		309,122
Crocs, Inc.^(a)		4,264		430,664
Darden Restaurants, Inc.		2,495		366,740
Dave & Buster's Entertainment, Inc.^(a)		8,872		351,864
Deckers Outdoor Corp.^(a)		960		382,925
Destination XL Group, Inc.^(a)		53,762		358,055
Dillard's, Inc., Class A^(b)		1,091		392,433
Dollar Tree, Inc.^(a)		2,318		348,372
DR Horton, Inc.		4,626		397,836
Ethan Allen Interiors, Inc.		13,575		386,209
Ford Motor Co.		21,731		302,061
Fox Factory Holding Corp.^(a)		3,642		386,416
Genuine Parts Co.		2,030		372,160
Green Brick Partners, Inc.^(a)		14,192		343,163
H&R Block, Inc.		7,164		313,138
Hasbro, Inc.		4,010		251,908
Home Depot, Inc.		1,154		373,885
Installed Building Products, Inc.		3,650		309,995
Kontoor Brands, Inc.^(b)		8,805		382,577
LCI Industries		2,770		273,842
Lennar Corp., Class B		5,440		394,998
LKQ Corp.		6,345		344,724
Malibu Boats, Inc., Class A^(a)		5,892		340,027
MarineMax, Inc.^(a)		9,926		327,856
Marriott International, Inc., Class A		2,056		339,960
Meritage Homes Corp.^(a)		4,330		374,155
MGM Resorts International		9,450		348,327
Murphy USA, Inc.		1,132		334,857
NIKE, Inc., Class B		3,030		332,361

Security Description	Shares		Value
Consumer Discretionary (continued)
NVR, Inc.^(a)		80	$	371,121
OneWater Marine, Inc., Class A^(a)		9,264		302,840
Oxford Industries, Inc.		3,713		419,049
Patrick Industries, Inc.		6,636		371,152
Pool Corp.		959		315,904
PulteGroup, Inc.		8,173		365,987
RCI Hospitality Holdings, Inc.		4,708		428,522
RH^(a)		1,226		351,654
Shoe Carnival, Inc.		13,892		366,888
Skyline Champion Corp.^(a)		5,979		310,848
Steven Madden, Ltd.		11,060		382,012
Taylor Morrison Home Corp., Class A^(a)		13,636		414,398
Tesla, Inc.^(a)		1,096		213,391
TopBuild Corp.^(a)		1,835		282,737
Tractor Supply Co.		1,658		375,222
Ulta Beauty, Inc.^(a)		747		347,236
Vista Outdoor, Inc.^(a)(b)		11,401		318,886
Williams-Sonoma, Inc.		2,237		261,505
Winnebago Industries, Inc.^(b)		5,534		324,237
Total Consumer Discretionary				18,836,685

Consumer Staples (2.41%)
Archer-Daniels-Midland Co.		3,720		362,700
Brown-Forman Corp., Class A		4,436		323,783
Cal-Maine Foods, Inc.		5,675		330,739
Campbell Soup Co.		6,798		364,849
Coca-Cola Co.		5,320		338,405
Costco Wholesale Corp.		631		340,267
Darling Ingredients, Inc.^(a)		4,218		302,979
General Mills, Inc.		4,310		367,643
Hershey Co.		1,441		338,880
Tyson Foods, Inc., Class A		4,369		289,577
Total Consumer Staples				3,359,822

Energy (13.83%)
Antero Resources Corp.^(a)		8,030		293,496
APA Corp.		8,184		383,420
Arch Resources, Inc., Class A		2,442		377,899
Brigham Minerals, Inc., Class A		11,619		411,661
California Resources Corp.		7,409		336,220
Callon Petroleum Co.^(a)		7,623		319,556
Chesapeake Energy Corp.		3,163		327,370
Chevron Corp.		2,012		368,820
Chord Energy Corp.		2,297		350,361
Civitas Resources, Inc.		5,119		344,816
Comstock Resources, Inc.		16,353		300,078
ConocoPhillips		2,917		360,279
CONSOL Energy, Inc.		4,820		373,309
Coterra Energy, Inc.		10,661		297,549
Denbury, Inc.^(a)		3,756		337,139
Devon Energy Corp.		4,640		317,933
Diamondback Energy, Inc.		2,377		351,844
Earthstone Energy, Inc., Class A^(a)		21,381		338,675
EOG Resources, Inc.		2,642		374,979
EQT Corp.		6,680		283,299

9 | November 30, 2022

Barron’s 400^SM ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Energy (continued)
Exxon Mobil Corp.		3,368	$	374,993
Halliburton Co.		10,989		416,373
Hess Corp.		2,587		372,295
HF Sinclair Corp.		6,228		388,254
Kinder Morgan, Inc.		17,621		336,914
Kosmos Energy, Ltd.^(a)		49,801		331,177
Laredo Petroleum, Inc.^(a)		4,469		285,256
Magnolia Oil & Gas Corp., Class A		13,969		364,312
Marathon Oil Corp.		12,094		370,439
Marathon Petroleum Corp.		3,292		400,999
Matador Resources Co.		5,489		364,250
Murphy Oil Corp.		8,081		381,423
Northern Oil and Gas, Inc.^(b)		10,118		368,194
Occidental Petroleum Corp.		4,898		340,362
ONEOK, Inc.		5,191		347,382
Ovintiv, Inc.		6,212		346,381
PBF Energy, Inc., Class A		10,375		412,614
PDC Energy, Inc.		4,908		364,763
Peabody Energy Corp.^(a)(b)		14,295		456,582
Permian Resources Corp.		41,000		416,560
Phillips 66		3,720		403,397
Pioneer Natural Resources Co.		1,328		313,395
Range Resources Corp.		10,181		293,925
Ranger Oil Corp.^(a)		8,373		364,812
Sabine Royalty Trust^(b)		3,928		314,672
San Juan Basin Royalty Trust		27,707		322,509
SandRidge Energy, Inc.^(a)		17,408		355,123
Schlumberger Ltd.		8,320		428,896
SilverBow Resources, Inc.^(a)		8,841		308,639
SM Energy Co.		7,150		308,236
Targa Resources Corp.		4,641		345,244
Texas Pacific Land Corp.		184		477,027
VAALCO Energy, Inc.		68,868		356,736
Valero Energy Corp.		2,880		384,826
Total Energy				19,265,663

Financials (16.49%)
Ally Financial, Inc.		10,011		270,397
Amalgamated Financial Corp.		14,086		375,674
American Equity Investment Life Holding Co.		8,639		349,966
American Express Co.		2,065		325,423
American International Group, Inc.		5,911		373,043
Ameriprise Financial, Inc.		1,154		383,070
Ameris Bancorp		6,835		361,435
Bank of America Corp.		9,459		358,023
Bank OZK		7,845		362,047
Blackstone, Inc.		3,395		310,744
Capital One Financial Corp.		3,179		328,200
Cathay General Bancorp		7,794		362,187
Charles Schwab Corp.		4,406		363,671
Comerica, Inc.		3,914		280,790
ConnectOne Bancorp, Inc.		12,925		339,152
Dime Community Bancshares, Inc.		10,388		370,540
Discover Financial Services		3,258		353,037

Security Description	Shares		Value
Financials (continued)
East West Bancorp, Inc.		4,386	$	307,941
Enterprise Financial Services Corp.		6,930		362,716
Equitable Holdings, Inc.		10,743		340,983
FactSet Research Systems, Inc.		718		331,206
Farmers & Merchants Bancorp, Inc./Archbold OH		11,770		337,564
Fidelity National Financial, Inc., Class A		7,899		318,804
Fifth Third Bancorp		9,154		332,840
First BanCorp		22,565		347,050
First Citizens BancShares, Inc., Class A		380		310,255
First Commonwealth Financial Corp.		24,303		357,740
First Financial Bankshares, Inc.		7,654		282,815
First Foundation, Inc.		16,812		235,536
First Republic Bank		2,120		270,533
Hamilton Lane, Inc., Class A		4,534		334,972
Hancock Whitney Corp.		6,535		358,379
Hanmi Financial Corp.		13,399		362,443
Horizon Bancorp, Inc.		17,229		280,144
Huntington Bancshares, Inc.		22,840		353,563
Jackson Financial, Inc., Class A		9,925		370,699
JPMorgan Chase & Co.		2,762		381,653
KeyCorp		17,847		335,702
Lakeland Bancorp, Inc.		19,661		367,268
Marsh & McLennan Cos., Inc.		2,000		346,360
Metropolitan Bank Holding Corp.^(a)		4,576		290,759
Mr Cooper Group, Inc.^(a)		7,381		333,326
Northern Trust Corp.		3,370		313,781
OFG Bancorp		12,046		348,973
Origin Bancorp, Inc.		7,937		324,782
Pacific Premier Bancorp, Inc.		10,045		371,163
Patria Investments, Ltd., Class A		23,516		320,993
Pinnacle Financial Partners, Inc.		3,972		333,211
PNC Financial Services Group, Inc.		2,000		336,520
Preferred Bank		4,781		361,396
Premier Financial Corp.		12,507		364,954
Principal Financial Group, Inc.		4,140		371,275
Regions Financial Corp.		14,776		342,951
Sandy Spring Bancorp, Inc.		8,469		294,891
ServisFirst Bancshares, Inc.		3,876		293,878
Signature Bank/New York NY		1,801		251,240
Silvergate Capital Corp., Class A^(a)(b)		3,605		98,885
South State Corp.		4,018		352,981
Southside Bancshares, Inc.		8,684		315,577
Synchrony Financial		10,130		380,685
Synovus Financial Corp.		7,985		336,408
The Hartford Financial Services Group, Inc.		4,844		369,936
Truist Financial Corp.		6,800		318,308
TrustCo Bank Corp.		9,738		378,224

10 | November 30, 2022

Barron’s 400^SM ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Financials (continued)
UMB Financial Corp.		3,650	$	312,148
US Bancorp		7,093		321,951
Washington Federal, Inc.		10,336		364,551
Western Alliance Bancorp		4,282		293,488
WR Berkley Corp.		4,819		367,593
Total Financials				22,959,393

Health Care (8.32%)
Abbott Laboratories		3,038		326,828
AbbVie, Inc.		2,315		373,132
Agilent Technologies, Inc.		2,404		372,572
Amgen, Inc.		1,415		405,256
AMN Healthcare Services, Inc.^(a)		3,111		384,831
Amphastar Pharmaceuticals, Inc.^(a)		11,127		328,135
Bristol-Myers Squibb Co.		4,536		364,150
Catalyst Pharmaceuticals, Inc.^(a)		20,996		352,103
Charles River Laboratories International, Inc.^(a)		1,511		345,369
Cross Country Healthcare, Inc.^(a)		12,144		434,512
Danaher Corp.		1,140		311,687
Doximity, Inc., Class A^(a)(b)		9,684		329,159
Dynavax Technologies Corp.^(a)(b)		28,518		353,908
Halozyme Therapeutics, Inc.^(a)		7,779		445,426
Harmony Biosciences Holdings, Inc.^(a)(b)		7,003		418,569
Hologic, Inc.^(a)		4,728		360,085
IQVIA Holdings, Inc.^(a)		1,510		329,210
iTeos Therapeutics, Inc.^(a)		15,898		320,345
Laboratory Corp. of America Holdings		1,405		338,184
Medpace Holdings, Inc.^(a)		2,105		441,818
Merck & Co., Inc.		3,722		409,867
Mettler-Toledo International, Inc.^(a)		257		377,677
Moderna, Inc.^(a)		2,442		429,572
QuidelOrtho Corp.^(a)		3,836		336,072
Repligen Corp.^(a)(b)		1,440		257,530
ResMed, Inc.		1,370		315,374
Shockwave Medical, Inc.^(a)		1,115		282,764
SIGA Technologies, Inc.		24,090		221,146
Thermo Fisher Scientific, Inc.		574		321,566
Vertex Pharmaceuticals, Inc.^(a)		1,144		361,962
Waters Corp.^(a)		1,075		372,595
West Pharmaceutical Services, Inc.		1,096		257,187
Zoetis, Inc.		1,997		307,818
Total Health Care				11,586,409

Industrials (17.19%)
Advanced Drainage Systems, Inc.^(b)		2,370		230,506
AerSale Corp.^(a)		15,790		250,271
AMETEK, Inc.		2,606		371,146

Security Description	Shares		Value
Industrials (continued)
Applied Industrial Technologies, Inc.		3,073	$	407,142
ArcBest Corp.		4,284		354,587
Atkore, Inc.^(a)		3,904		476,874
Boise Cascade Co.		5,421		401,371
Builders FirstSource, Inc.^(a)		5,652		361,332
Carlisle Cos., Inc.		1,064		279,949
Caterpillar, Inc.		1,740		411,353
CH Robinson Worldwide, Inc.		2,918		292,442
Cintas Corp.		787		363,421
Comfort Systems USA, Inc.		3,150		399,294
Copart, Inc.^(a)		5,833		388,244
Covenant Logistics Group, Inc.		11,317		434,460
CSX Corp.		10,174		332,588
Deere & Co.		884		389,844
Dover Corp.		2,528		358,850
Eagle Bulk Shipping, Inc.^(b)		6,861		352,998
Emerson Electric Co.		3,893		372,833
Encore Wire Corp.		2,723		397,857
Expeditors International of Washington, Inc.		3,217		373,365
Fastenal Co.		6,684		344,293
Forward Air Corp.		3,272		367,675
Genco Shipping & Trading, Ltd.		22,721		336,952
Generac Holdings, Inc.^(a)		1,511		159,441
GMS, Inc.^(a)		7,468		366,679
Golden Ocean Group, Ltd.^(b)		34,843		294,075
Graco, Inc.		4,968		347,611
Herc Holdings, Inc.		2,780		356,313
Heritage-Crystal Clean, Inc.^(a)		10,296		325,354
Hertz Global Holdings, Inc.^(a)(b)		16,810		289,132
Hub Group, Inc., Class A^(a)		4,187		352,336
Hubbell, Inc.		1,467		372,706
Hudson Technologies, Inc.^(a)		41,921		473,288
IDEX Corp.		1,548		367,634
Insteel Industries, Inc.		11,513		339,518
JB Hunt Transport Services, Inc.		1,879		345,529
Knight-Swift Transportation Holdings, Inc.		6,462		358,189
Korn Ferry		6,190		353,016
Landstar System, Inc.		2,213		382,805
Marten Transport, Ltd.		16,411		349,718
Matson, Inc.		4,453		283,923
Mueller Industries, Inc.		5,247		360,836
Nordson Corp.		1,413		334,160
Old Dominion Freight Line, Inc.		1,235		373,723
Owens Corning		3,776		335,460
PACCAR, Inc.		3,735		395,574
Quanex Building Products Corp.		16,108		382,887
Republic Services, Inc.		2,193		305,463
Resources Connection, Inc.		16,928		326,710
Robert Half International, Inc.		4,094		322,525
Ryder System, Inc.		4,212		393,780
Saia, Inc.^(a)		1,632		397,539
Schneider National, Inc., Class B		14,459		372,464

11 | November 30, 2022

Barron’s 400^SM ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Industrials (continued)
Simpson Manufacturing Co., Inc.		3,782	$	351,915
Snap-on, Inc.		1,476		355,126
Trex Co., Inc.^(a)		6,800		312,052
Triton International, Ltd.		5,346		360,695
UFP Industries, Inc.		4,359		356,828
United Parcel Service, Inc., Class B		1,664		315,711
United Rentals, Inc.^(a)		1,088		384,097
Verisk Analytics, Inc.		1,728		317,451
Waste Management, Inc.		1,879		315,146
Watsco, Inc.		1,176		316,320
Watts Water Technologies, Inc., Class A		2,412		382,181
Werner Enterprises, Inc.		8,122		357,206
WW Grainger, Inc.		576		347,363
Total Industrials				23,940,126

Information Technology (13.41%)
A10 Networks, Inc.		24,169		452,202
Adobe, Inc.^(a)		872		300,779
Advanced Micro Devices, Inc.^(a)		4,178		324,338
Amkor Technology, Inc.		17,567		492,227
Amphenol Corp., Class A		4,329		348,181
Analog Devices, Inc.		2,168		372,701
Apple, Inc.		2,088		309,087
Applied Materials, Inc.		3,545		388,532
Arista Networks, Inc.^(a)		2,680		373,324
Automatic Data Processing, Inc.		1,367		361,079
Axcelis Technologies, Inc.^(a)		5,119		408,803
Black Knight, Inc.^(a)		4,721		292,655
Broadcom, Inc.		638		351,557
Cadence Design Systems, Inc.^(a)		1,925		331,177
CDW Corp.		1,860		350,870
Cirrus Logic, Inc.^(a)		4,372		326,632
Cisco Systems, Inc.		7,291		362,509
Clearfield, Inc.^(a)		3,198		420,921
Corning, Inc.		9,769		333,416
Diodes, Inc.^(a)		4,770		439,937
Enphase Energy, Inc.^(a)		1,050		336,619
Entegris, Inc.		3,360		259,694
FleetCor Technologies, Inc.^(a)		1,516		297,439
GLOBALFOUNDRIES, Inc.^(a)(b)		5,630		362,291
Jack Henry & Associates, Inc.		1,652		312,806
Keysight Technologies, Inc.^(a)		1,902		344,053
KLA Corp.		941		369,954
Lam Research Corp.		763		360,426
Lattice Semiconductor Corp.^(a)		6,212		452,420
Littelfuse, Inc.		1,430		352,495
Mastercard, Inc., Class A		988		352,123
MaxLinear, Inc.^(a)		9,218		337,379
Microchip Technology, Inc.		5,084		402,602
Micron Technology, Inc.		5,978		344,632
Microsoft Corp.		1,274		325,048
Monolithic Power Systems, Inc.		759		289,908
NetApp, Inc.		4,504		304,515

Security Description	Shares		Value
Information Technology (continued)
ON Semiconductor Corp.^(a)		5,013	$	376,978
Onto Innovation, Inc.^(a)		4,553		364,012
Paychex, Inc.		2,632		326,447
Paycom Software, Inc.^(a)		890		301,799
Photronics, Inc.^(a)		20,405		383,614
Power Integrations, Inc.		4,798		386,143
Progress Software Corp.		7,083		377,666
PTC, Inc.^(a)		2,743		348,937
QUALCOMM, Inc.		2,565		324,447
Skyworks Solutions, Inc.		3,283		313,920
Synopsys, Inc.^(a)		994		337,503
Teradyne, Inc.		3,850		359,783
Texas Instruments, Inc.		1,995		360,018
Verra Mobility Corp.^(a)		19,623		311,025
Visa, Inc., Class A, Class A		1,606		348,502
Zoom Video Communications, Inc., Class A^(a)		4,061		306,321
Total Information Technology				18,672,446

Materials (8.38%)
AdvanSix, Inc.		9,180		377,849
Air Products and Chemicals, Inc.		1,256		389,561
Alcoa Corp.		6,401		320,882
Alpha Metallurgical Resources, Inc.		2,348		402,048
Avery Dennison Corp.		1,738		336,008
Celanese Corp.		2,935		314,926
CF Industries Holdings, Inc.		3,199		346,100
Chemours Co.		9,215		286,126
Cliffs Natural Resources, Inc.^(a)(b)		19,088		295,482
Commercial Metals Co.		8,052		396,319
Dow Chemical Co.		6,691		341,040
Eagle Materials, Inc.		2,749		374,799
Eastman Chemical Co.		3,810		330,022
Freeport-McMoRan, Inc.		10,318		410,656
Huntsman Corp.		12,194		338,749
International Paper Co.		7,910		293,619
Intrepid Potash, Inc.^(a)		7,411		267,167
Louisiana-Pacific Corp.		6,043		385,543
Martin Marietta Materials, Inc.		946		346,690
Mosaic Co.		6,112		313,546
MP Materials Corp.^(a)(b)		9,891		328,876
Myers Industries, Inc.		17,721		413,608
Nucor Corp.^(b)		2,366		354,782
Olin Corp.		6,245		355,840
Olympic Steel, Inc.		12,291		431,291
Packaging Corp. of America		2,335		317,303
Reliance Steel & Aluminum Co.		1,711		361,517
Ryerson Holding Corp.		11,259		332,028
Steel Dynamics, Inc.		3,914		406,782
TimkenSteel Corp.^(a)		19,648		367,418
United States Steel Corp.		14,393		378,392
Warrior Met Coal, Inc.		10,676		393,090
Westlake Corp.		3,408		366,871
Total Materials				11,674,930

12 | November 30, 2022

Barron’s 400^SM ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Real Estate (0.47%)
CBRE Group, Inc., Class A^(a)		4,094	$	325,882
Marcus & Millichap, Inc.		8,671		322,908
Total Real Estate				648,790

Utilities (0.83%)
Brookfield Renewable Corp.		8,081		263,521
National Fuel Gas Co.		4,620		305,983
Otter Tail Corp.		4,380		261,179
UGI Corp.		8,321		321,607
Total Utilities				1,152,290

TOTAL COMMON STOCKS
(Cost $120,888,734)				135,474,742

Security Description	Shares		Value
LIMITED PARTNERSHIPS (2.13%)
Energy (1.67%)
Black Stone Minerals LP		20,011		375,206
Dorchester Minerals LP		11,295		341,674
Enterprise Products Partners LP		12,094		300,052
Kimbell Royalty Partners LP		18,550		320,359
Magellan Midstream Partners LP		6,288		331,378
MPLX LP		9,772		332,150
Western Midstream Partners LP		11,601		324,596
Total Energy				2,325,415

Materials (0.23%)
CVR Partners LP		2,447		314,195

Utilities (0.22%)
Suburban Propane Partners LP		19,081		314,073

TOTAL LIMITED PARTNERSHIPS
(Cost $2,737,810)				2,953,683

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.81%)
Money Market Fund (0.46%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $646,709)		3.69	%		646,709	$	646,709

Investments Purchased with Collateral from Securities Loaned (1.35%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86%
(Cost $1,877,149)					1,877,149		1,877,149
TOTAL SHORT TERM INVESTMENTS
(Cost $2,523,858)							2,523,858

TOTAL INVESTMENTS (101.22%)
(Cost $126,150,402)						$	140,952,283
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.22%)							(1,704,687	)
NET ASSETS - 100.00%						$	139,247,596

(a)

Non-income producing security.

(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,395,851.

See Notes to Financial Statements.

13 | November 30, 2022

Barron’s 400^SM ETF
Statement of Assets and Liabilities	November 30, 2022

ASSETS:
Investments, at value*	$	140,952,283
Dividends receivable		243,665
Total Assets		141,195,948

LIABILITIES:
Payable to adviser		71,203
Payable for collateral upon return of securities loaned		1,877,149
Total Liabilities		1,948,352
NET ASSETS	$	139,247,596

NET ASSETS CONSIST OF:
Paid-in capital	$	175,223,529
Total distributable earnings/(accumulated losses)		(35,975,933	)
NET ASSETS	$	139,247,596

INVESTMENTS, AT COST	$	126,150,402

PRICING OF SHARES
Net Assets	$	139,247,596
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		2,400,000
Net Asset Value, offering and redemption price per share	$	58.02

Includes $4,395,851 of securities on loan.

See Notes to Financial Statements.

14 | November 30, 2022

Barron’s 400^SM ETF
Statement of Operations	For the Year Ended November 30, 2022

INVESTMENT INCOME:
Dividends^*	$	2,692,048
Securities Lending Income		14,940
Total Investment Income		2,706,988

EXPENSES:
Investment adviser fees		893,164
Net Expenses		893,164
NET INVESTMENT INCOME		1,813,824

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on investments^(a)		4,441,694
Net change in unrealized appreciation/(depreciation) on investments		(15,691,208	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(11,249,514	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,435,690	)

Net of foreign tax withholding of $3,402.

(a)

Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements).

See Notes to Financial Statements.

15 | November 30, 2022

Barron’s 400^SM ETF
Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	1,813,824		$	1,264,631
Net realized gain		4,441,694			35,081,287
Net change in unrealized appreciation/(depreciation)		(15,691,208	)		2,133,972
Net increase/(decrease) in net assets resulting from operations		(9,435,690	)		38,479,890

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,433,725	)		(1,258,708	)
Total distributions		(1,433,725	)		(1,258,708	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,408,837			94,843,165
Cost of shares redeemed		(7,260,095	)		(94,389,197	)
Net increase/(decrease) from capital share transactions		(5,851,258	)		453,968
Net increase/(decrease) in net assets		(16,720,673	)		37,675,150

NET ASSETS:
Beginning of year		155,968,269			118,293,119
End of year	$	139,247,596		$	155,968,269

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,500,000			2,500,000
Shares sold		25,000			1,650,000
Shares redeemed		(125,000	)		(1,650,000	)
Shares outstanding, end of year		2,400,000			2,500,000

See Notes to Financial Statements.

16 | November 30, 2022

Barron’s 400^SM ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	62.39		$	47.32		$	42.04		$	40.42		$	41.54

INCOME FROM OPERATIONS:
Net investment income^(a)		0.75			0.52			0.43			0.44			0.40
Net realized and unrealized gain/(loss)		(4.55	)		15.05			5.14			1.51			(1.27	)
Total from investment operations		(3.80	)		15.57			5.57			1.95			(0.87	)

DISTRIBUTIONS:
From net investment income		(0.57	)		(0.50	)		(0.29	)		(0.33	)		(0.25	)
Total distributions		(0.57	)		(0.50	)		(0.29	)		(0.33	)		(0.25	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(4.37	)		15.07			5.28			1.62			(1.12	)
NET ASSET VALUE, END OF PERIOD	$	58.02		$	62.39		$	47.32		$	42.04		$	40.42
TOTAL RETURN^(b)		(6.18	)%		33.18	%		13.33	%		5.00	%		(2.12	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in 000s)	$	139,248		$	155,968		$	118,293		$	147,150		$	163,708

Ratio of expenses to average net assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.32	%		0.90	%		1.08	%		1.10	%		0.93	%
Portfolio turnover rate^(c)		94	%		91	%		83	%		109	%		88	%

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

See Notes to Financial Statements.

17 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

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, 2022, the Trust consisted of twenty-three separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Barron’s 400^SM ETF (the “Fund”). The investment objective of the Fund is to seek investment results that correspond generally, before fees and expenses, to the performance of the Barron’s 400 Index^SM (the “Underlying Index”). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

18 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

B. Fair Value Measurements

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

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

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

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

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

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

The following is a summary of the inputs used to value the Fund’s investments as of November 30, 2022:

Barron's 400 ^SM 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^*	$	135,474,742	$	–	$	–	$	135,474,742
Limited Partnerships^*		2,953,683		–		–		2,953,683
Short Term Investments		2,523,858		–		–		2,523,858
Total	$	140,952,283	$	–	$	–	$	140,952,283

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

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended November 30, 2022.

C. Securities Transactions and Investment Income

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

19 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

D. Dividends and Distributions to Shareholders

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

E. Federal Tax and Tax Basis Information

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

For the year ended November 30, 2022, 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/

(Accumulated Losses)

Barron’s 400 ^SM ETF

1,166,701

(1,166,701

)

The tax character of the distributions paid during the fiscal years ended November 30, 2022 and November 30, 2021 was as follows:

Fund

Ordinary Income

Long-Term

Capital Gain

Return

of Capital

November 30, 2022

Barron’s 400 ^SM ETF

1,433,725

–

Ordinary Income

Long-Term

Capital Gain

Return

of Capital

November 30, 2021

Barron’s 400 ^SM ETF

1,258,708

–

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, 2022, the following amounts are available as carry forwards to the next tax year:

Fund		Short-Term				Long-Term
Barron’s 400 ^SM ETF		$	43,473,433			$	8,875,623

During the year ended November 30, 2022, the Fund used capital loss carryovers in the amount of $3,312,792.

As of November 30, 2022, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

Fund		Accumulated Net Investment Income				Accumulated Net Realized Gain/(Loss) on Investments				Other Accumulated Gains				Net Unrealized Appreciation/(Depreciation) on Investments				Total
Barron's 400 ^SM ETF		$	1,569,830			$	(52,349,056	)		$	–			$	14,803,293			$	(35,975,933	)

As of November 30, 2022, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Barron’s 400^SM ETF
Gross appreciation (excess of value over tax cost)	$	21,162,212
Gross depreciation (excess of tax cost over value)		(6,358,919	)
Net unrealized appreciation/(depreciation)	$	14,803,293
Cost of investments for income tax purposes	$	126,148,990

20 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in partnerships and grantor trusts.

F. Income Taxes

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

As of and during the year ended November 30, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

G. Lending of Portfolio Securities

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

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

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of November 30, 2022:

		Market Value of Securities on Loan				Cash Collateral Received				Non-Cash Collateral Received				Total Collateral Received
Barron's 400 ^SM ETF		$	4,395,851			$	1,877,149			$	2,523,490			$	4,400,639

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

21 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

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, 2022:

Barron's 400 ^SM ETF

Remaining contractual maturity of the agreements

Securities Lending Transactions

Overnight & Continuous

Up to 30 Days

30-90 Days

Greater than 90 Days

Total

Common Stocks

1,877,149

$–

–

1,877,149

Total Borrowings

1,877,149

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

1,877,149

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.65% of the Fund’s average daily net assets. From time to time, the Adviser may waive all or a portion of its fee.

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

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

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

4. PURCHASES AND SALES OF SECURITIES

For the year ended November 30, 2022 the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

Fund		Purchases				Sales
Barron's 400 ^SM ETF		$	127,933,150			$	127,790,167

For the year ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
Barron's 400 ^SM ETF		$	1,410,856			$	7,257,626

For the year ended November 30, 2022 the Fund had in-kind net realized gains of $1,180,917.

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.

22 | November 30, 2022

Barron’s 400^SM ETF
Notes to Financial Statements	November 30, 2022

5. CAPITAL SHARE TRANSACTIONS

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

6. RELATED PARTY TRANSACTIONS

The Fund engaged in cross trades between other funds in the Trust during the year ended November 30, 2022 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, 2022, were as follows:

Fund		Purchase Cost Paid				Sale Proceeds Received				Realized Gain/(Loss) on Sales
Barron's 400 ^SM ETF		$	4,037,990			$	2,874,105			$	(207,521	)

7. MARKET RISK

The Fund is 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 the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

The spread of COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the 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 the Fund’s securities or other assets. Such impacts may adversely affect the performance of the Fund.

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.

23 | November 30, 2022

Barron’s 400^SM ETF
Additional Information	November 30, 2022 (Unaudited)

PROXY VOTING RECORDS, 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 Barron’s 400^SM ETF designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2021:

	Qualified Dividend Income	Dividend Received Deduction
Barron's 400^SM ETF	100.00%	100.00%

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

LICENSING AGREEMENT

MarketGrader Capital, LLC (the “Index Provider”) has entered into a license agreement with Dow Jones & Company to use the “Barron’s” name and certain related intellectual property in connection with the Underlying Index. The Index Provider also has entered into a license and services agreement with its parent company, MarketGrader.com, to use the methodology for constructing the Underlying Index. The Index Provider in turn has entered into the Sublicense Agreement with the Adviser to use the Underlying Index. The following disclosure relates to such licensing agreements:

The Barron’s 400^SM ETF (the “Fund”) is not sponsored, managed or advised by the Index Provider. The Index Provider makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of a market or sector. The Index Provider’s only relationship to the Adviser or the Fund is the licensing of certain service marks and trade names of the Index Provider and of the Underlying Index that is determined, composed and calculated by the Index Provider without regard to the Adviser or the Fund. The Index Provider has no obligation to take the needs of the Adviser or the Fund or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index.

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

“The Barron’s 400^SMIndex ” is calculated and published by the Index Provider. “Barron’s,” “Barron’s 400” and “Barron’s 400 Index” are trademarks or service marks of DJC & Company, Inc. (“DJC”) or its affiliates and have been licensed to the Index Provider and sublicensed for certain purposes by Barron’s 400 Exchange Traded Fund, a sub-fund of that certain ALPS ETF Trust, a Delaware Statutory Trust (the “Sub-Licensee”). The Barron’s 400^SM ETF (the “Product”) is not sponsored or advised by DJC or its affiliates. DJC and its affiliates make no representation or warranty, express or implied, to the Licensee or to the owners of the Product(s) or any member of the public regarding the advisability of trading in the Product. DJC and its affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of DJC. The Barron's 400^SM Index is determined, composed and calculated by the Index Provider without regard to DJC. DJC has no obligation to take the needs of the Licensee or the owners of the Product into consideration in connection with its licensing of the Barron’s 400 Index to the Index Provider or the sublicense to Licensee. DJC and its affiliates are not responsible for and have not participated in the calculation of the Barron's 400^SM Index or in the determination of the timing of, prices at, or quantities of the Fund to be sold or in the determination or calculation of the equation by which the Product are to be converted into cash. DJC and its affiliates have no obligation or liability in connection with the administration, marketing or trading of the Barron’s 400 Index or the Product.

24 | November 30, 2022

Barron’s 400^SM ETF
Additional Information	November 30, 2022 (Unaudited)

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BARRON’S 400 INDEX OR ANY DATA INCLUDED THEREIN AND DOW JONES AND ITS AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONESAND ITS AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARRON’S 400 INDEX OR ANY DATA INCLUDED THEREIN. DOW JONES AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES. AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARRON’S 400 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES AND ITS AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DJC AND THE LICENSEE, OTHER THAN THE LICENSORS OF MARKETGRADER.

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

25 | November 30, 2022

Barron’s 400^SM ETF
Board Considerations Regarding Approval	November 30, 2022 (Unaudited)
of Investment Advisory Agreement

At a meeting held on June 21, 2022 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 Agreement between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the Barron’s 400 ETF (“BFOR” or the “Fund”). The Independent Trustees also met separately to consider the Investment Advisory Agreement.

In evaluating the Investment Advisory Agreement with respect to the Fund, including the Independent Trustees, the Board considered various factors, including (i) the nature, extent and quality of the services provided by AAI with respect to the Fund under the Investment Advisory Agreement; (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 Agreement, the Board considered and reviewed information concerning the services provided under the Investment Advisory Agreement, the investment parameters of the index of the 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 Fund. The Board reviewed information on the performance of the Fund and its benchmark. The Board also evaluated the correlation and tracking error between the underlying index and the Fund’s performance.

Based on this review, the Board, including the Independent Trustees, found that the nature and extent of services provided to the Fund under the Investment Advisory Agreement was appropriate and that the quality was satisfactory.

The Board noted that the advisory fee for the Fund was a unitary fee pursuant to which AAI assumes all expenses of the Fund (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 the Fund is higher than the median of its FUSE expense group. The Fund’s net expense ratio is higher than the median of its FUSE expense group. With respect to the Fund, the Board took into account, among other things, the unique features and performance of the Fund’s underlying index and the costs and benefits of linkage to the Barron’s name.

Based on the foregoing, and the other information available to them, the Board, including the Independent Trustees concluded that the advisory fee rate for the Fund was 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 Fund 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 the Fund the information provided by AAI about the costs and profitability of AAI with respect to the Fund, including the asset levels and other factors that influence the profitability and financial viability of the Fund. The Board, including the Independent Trustees reviewed and noted the relatively small size of the Fund and concluded that AAI was not realizing any economies of scale. 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 the Investment Advisory Agreement, the Board, including the Independent Trustees concluded that the terms of the 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 Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

26 | November 30, 2022

Barron’s 400^SM ETF
Trustees & Officers	November 30, 2022 (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, each of whom 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 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.	38	Ms. Anstine is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (29 funds); and Reaves Utility Income Fund.
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.	38	Mr. Deems is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (29 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.	24	Mr. Pederson is Trustee of Segall Bryant & Hamill Trust (14 funds), 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 or her 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.

27 | November 30, 2022

Barron’s 400^SM ETF
Trustees & Officers	November 30, 2022 (Unaudited)

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
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., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020).	33	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 (29 funds).

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 or her 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.

28 | November 30, 2022

Barron’s 400^SM ETF
Trustees & Officers	November 30, 2022 (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, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. From September 2019 to September 2022 he served as Chief Compliance Officer of RiverNorth Opportunities 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 and Principal Real Estate Income Fund. From June 2019 to September 2022 she served as President of RiverNorth Opportunities Fund, Inc. and from June 2018 to November 2021 she served as Treasurer of Boulder Growth & Income Fund, Inc.
Michael P. Lawlor, 1969	Secretary	Since December 2022	Mr. Lawlor joined ALPS in January 2022, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Lawlor was Lead Fund Counsel at Brighthouse Financial (insurance company) (January 2007-April 2021). Mr. Lawlor also serves as Secretary of Financial Investors Trust and ALPS Variable Investment Trust.

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 or 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.

29 | November 30, 2022