Table of Contents

Performance Overview
ALPS Clean Energy ETF	1
ALPS Disruptive Technologies ETF	4
ALPS Global Travel Beneficiaries ETF	7
ALPS Medical Breakthroughs ETF	10
Disclosure of Fund Expenses	13
Financial Statements
Schedules of Investments
ALPS Clean Energy ETF	14
ALPS Disruptive Technologies ETF	16
ALPS Global Travel Beneficiaries ETF	18
ALPS Medical Breakthroughs ETF	20
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets
ALPS Clean Energy ETF	24
ALPS Disruptive Technologies ETF	25
ALPS Global Travel Beneficiaries ETF	26
ALPS Medical Breakthroughs ETF	27
Financial Highlights	28
Notes to Financial Statements	32
Additional Information	41
Liquidity Risk Management Program	45

alpsfunds.com

ALPS Clean Energy ETF

Performance Overview

May 31, 2023 (Unaudited)

Investment Objective

The ALPS Clean Energy ETF (the “Fund” or “ACES”) seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the CIBC Atlas Clean Energy Total Return Index (ticker symbol NACEX) (the “Underlying Index”). The Underlying Index utilizes a rules-based methodology developed by CIBC National Trust Company, which is designed to provide exposure to a diverse set of U.S. and Canadian companies involved in the clean energy sector including renewables and clean technology.

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index utilizes a rules-based methodology developed by CIBC National Trust Company (the “Index Provider”), which is designed to provide exposure to a diverse set of U.S. and Canadian companies involved in the clean energy sector including renewables and clean technology. The clean energy sector is comprised of companies that provide the products and services that enable the evolution of a more sustainable energy sector. Clean energy business segments include, but are not limited to, the following activities: (i) renewable energy sources, including solar power, wind power, hydroelectricity, geothermal energy, biomass, biofuels, and tidal/wave energy, (ii) clean technologies, including electric vehicles, energy storage, lithium, fuel cell, smart grid, and energy efficiency technologies and (iii) other emerging clean energy activities and technologies. The Underlying Index is compiled by the Index Provider and may be comprised of U.S. or Canadian companies. In order to be eligible for inclusion in the Underlying Index, a company’s stock must be traded on one or more major U.S. or Canadian securities exchanges, be based in the U.S. or in Canada, have a minimum float-adjusted market capitalization and minimum average daily trading value thresholds established by the index rulebook of at least $300 million, and have a minimum median average daily trading liquidity of greater than $3 million over the last 60 trading days prior to the selection date, and the company must derive a majority of its value from clean energy business segments (as defined above). Such eligible companies shall be defined as the “Index Universe.” All equity securities meeting the above criteria are selected for inclusion in the Index Universe. The Underlying Index is reconstituted and rebalanced quarterly on the third Friday in March, June, September and December.

Fund Performance (as of May 31, 2023)

	6 Months	1 Year	3 Year	Since Inception^
ALPS Clean Energy ETF - NAV	-21.71%	-17.51%	7.18%	13.11%
ALPS Clean Energy ETF - Market Price*	-21.62%	-17.44%	7.17%	13.10%
S&P 1000^® Total Return Index	-6.65%	-4.03%	12.86%	5.28%
CIBC Atlas Clean Energy Total Return Index	-21.83%	-17.62%	7.42%	13.57%

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

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 operations on June 28, 2018, with the first day of trading on the exchange of June 29, 2018.

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.

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

1 | May 31, 2023

ALPS Clean Energy ETF

Performance Overview

May 31, 2023 (Unaudited)

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

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

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

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

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

2 | May 31, 2023

ALPS Clean Energy ETF

Performance Overview

May 31, 2023 (Unaudited)

Top Ten Holdings* (as of May 31, 2023)

Brookfield Renewable Partners LP	5.95%
Tesla, Inc.	5.90%
Darling Ingredients, Inc.	5.67%
First Solar, Inc.	5.53%
Northland Power, Inc.	5.16%
Rivian Automotive, Inc.	4.98%
NextEra Energy Partners LP	4.91%
Lucid Group, Inc.	4.59%
Enphase Energy, Inc.	4.58%
Albemarle Corp.	4.27%
Total % of Top 10 Holdings	51.54%

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

Clean Energy Segment Allocation* (as of May 31, 2023)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2023)

Comparison of change in value of a $10,000 investment in the Fund and the 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 indices. Results include the reinvestment of all dividends and capital gains distributions. Past performance does not guarantee future results. The chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3 | May 31, 2023

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2023 (Unaudited)

Investment Objective

ALPS Disruptive Technologies ETF (the “Fund” or “DTEC”) seeks investment results that correspond (before fees and expenses) generally to the performance of the Indxx Disruptive Technologies Net Total Return Index (ticker symbol IDTEC) (the “Underlying Index”). The Fund will invest at least 80% of its net assets in securities that comprise the Underlying Index.

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index utilizes a rules-based methodology developed by Indxx, LLC (the “Index Provider”), which is designed to identify the companies using disruptive technologies in each of ten thematic areas: Healthcare Innovation, Internet of Things, Clean Energy and Smart Grid, Cloud Computing, Data and Analytics, FinTech, Robotics and Artificial Intelligence, Cybersecurity, 3D Printing, and Mobile Payments (each a “Theme” and together, the “Themes”). Companies using disruptive technologies are those that are entering traditional markets with new digital forms of production and distribution, seek to disrupt an existing market and value network, displace established market-leading firms, products and alliances and increasingly gain market share. The Underlying Index is compiled by the Index Provider and may be comprised of U.S. and non-U.S. companies, including foreign and emerging markets companies. In order to be eligible for inclusion in the Underlying Index’s Index Universe, a company’s stock must be traded on one or more major global securities exchanges, have a minimum market capitalization of at least $500 million, and have a six month minimum average daily trading volume of $2 million, and the company must derive a minimum of 50% of its revenue from a single Theme. All equity securities meeting the above criteria are selected for inclusion in the Index Universe. From the Index Universe, the Underlying Index methodology selects ten stocks in each Theme according to proprietary quantitative and qualitative factors. The eligible stocks that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. The Underlying Index is reconstituted annually on the third Friday of September and rebalanced quarterly.

Fund Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
ALPS Disruptive Technologies ETF - NAV	7.44%	2.76%	6.63%	7.99%
ALPS Disruptive Technologies ETF - Market Price*	7.35%	2.79%	6.50%	7.99%
Indxx Disruptive Technologies Net Total Return Index	7.85%	3.12%	6.92%	8.30%
Morningstar^®Global Markets Net Return Index	3.01%	0.31%	6.29%	5.82%

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

The Fund commenced operations on December 28, 2017, with the first day of trading on the exchange of December 29, 2017.

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

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

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

4 | May 31, 2023

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2023 (Unaudited)

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

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

5 | May 31, 2023

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2023 (Unaudited)

Top Ten Holdings* (as of May 31, 2023)

Nemetschek SE	1.37%
Datadog, Inc.	1.35%
Intuitive Surgical, Inc.	1.34%
Netflix, Inc.	1.32%
Crowdstrike Holdings, Inc.	1.31%
ServiceNow, Inc.	1.27%
Dynatrace, Inc.	1.26%
Itron, Inc.	1.25%
Salesforce, Inc.	1.25%
Xero, Ltd.	1.24%
Total % of Top 10 Holdings	12.96%

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

Thematic Allocation* (as of May 31, 2023)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2023)

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

6 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2023 (Unaudited)

Investment Objective

ALPS Global Travel Beneficiaries ETF (the "Fund" or "JRNY") seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network Global Travel Net Total Return Index (ticker symbol TRAVEL) (the “Underlying Index”).

The Underlying Index uses a rules-based methodology developed by S-Network Global Indexes Inc. (the "Index Provider"), which is designed to identify exchange-traded stocks of companies that are materially engaged in the global travel industry, including four segments: Airlines & Airport Services; Hotels, Casinos, Cruise Lines; Booking & Rental Agencies; and Ancillary Beneficiaries. The Underlying Index is compiled by the Index Provider and may be comprised of U.S. and non-U.S. companies, including foreign and emerging markets companies. In order to be eligible for inclusion in the Underlying Index's Index Universe, a company's stock must be traded on one or more major global securities exchanges and is principally engaged in or derives significant revenue from one of the segments. In addition, a company's stock must have a minimum market capitalization of at least $100 million, a three-month minimum average daily trading volume of $1 million, and a minimum free float factor of 18%. All equity securities meeting the above criteria are selected for inclusion in the Index Universe. From the Index Universe, the Underlying Index methodology selects and weights twenty stocks in each segment, subject to a minimum of one constituent per geographic region (U.S. & Canada, Europe, Pacific (ex-Canada), and Emerging) and a 65% maximum weight per geographic region. The Underlying Index is rebalanced and reconstituted quarterly on the third Friday of the last month in each calendar quarter.

Fund Performance (as of May 31, 2023)

	6 Months	1 Year	Since Inception^
ALPS Global Travel Beneficiaries ETF - NAV	3.17%	1.34%	-7.36%
ALPS Global Travel Beneficiaries ETF - Market Price*	2.87%	0.97%	-7.34%
S-Network Global Travel Net Total Return Index	3.72%	1.82%	-6.91%
Morningstar^®Global Markets Net Return Index	3.01%	0.31%	-6.64%

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

The Fund commenced operations on September 8, 2021, with the first day of trading on the exchange of September 9, 2021.

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

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

7 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2023 (Unaudited)

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

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

8 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2023 (Unaudited)

Top Ten Holdings* (as of May 31, 2023)

Uber Technologies, Inc.	5.45%
LVMH Moet Hennessy Louis Vuitton SE	4.75%
Marriott International, Inc.	4.65%
Booking Holdings, Inc.	4.65%
Hilton Worldwide Holdings, Inc.	4.44%
American Express Co.	4.27%
Airbnb, Inc.	4.25%
Walt Disney Co.	4.24%
L'Oreal SA	3.97%
The Estee Lauder Company, Inc.	3.51%
Total % of Top 10 Holdings	44.18%

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

Thematic Allocation* (as of May 31, 2023)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2023)

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

9 | May 31, 2023

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2023 (Unaudited)

Investment Objective

ALPS Medical Breakthroughs ETF (the “Fund” or “SBIO”) seeks investment results that correspond (before fees and expenses) generally to the performance of the S-Network^® Medical Breakthroughs Total Return Index (the “Underlying Index”). The Fund will normally invest at least 80% of its net assets in securities that comprise the Underlying Index (or depositary receipts based on such securities).

The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index is comprised of small- and mid-cap stocks of biotechnology companies that have one or more drugs in either Phase II or Phase III of the U.S. Food and Drug Administration ("FDA") clinical trials. In a Phase II trial, the drug is administered to a group of 100-300 people to see if it is effective and to evaluate its safety. In a Phase III trial, the drug is given to a larger group, between 500-3,000 people, to confirm its effectiveness, monitor side effects, compare it to commonly used treatments and collect information that will allow the drug or treatment to be used safely. Stocks selected for inclusion in the Underlying Index must be listed on a U.S. stock exchange. Underlying Index constituents must have a market capitalization of no less than $200 million and no more than $5 billion. Stocks included in the Underlying Index must also sustain an average daily trading volume in excess of $1 million for the 90-day period preceding an Underlying Index reconstitution. Constituents must be able to sustain the monthly rates at which they use shareholder capital ("cash burn rates") for at least 24 months. The Underlying Index is reconstituted semi-annually on the third Fridays of June and December.

Fund Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
ALPS Medical Breakthroughs ETF - NAV	0.93%	22.83%	-3.18%	3.56%
ALPS Medical Breakthroughs ETF - Market Price*	0.96%	22.80%	-3.20%	3.55%
S-Network Medical Breakthroughs Total Return Index	1.00%	23.87%	-2.82%	3.95%
NASDAQ Biotechnology Total Return Index	-5.82%	10.65%	4.33%	3.55%

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

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. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For most current month-end performance data please visit www.alpsfunds.com or call 1.866.759.5679.

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 December 30, 2014.

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

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

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

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

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

10 | May 31, 2023

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2023 (Unaudited)

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

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

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

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

11 | May 31, 2023

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2023 (Unaudited)

Top Ten Holdings* (as of May 31, 2023)

Prometheus Biosciences, Inc.	5.54%
Roivant Sciences, Ltd.	4.05%
IVERIC bio, Inc.	3.04%
Cerevel Therapeutics Holdings, Inc.	3.00%
Alkermes PLC	2.79%
Denali Therapeutics, Inc.	2.42%
Vaxcyte, Inc.	2.33%
ACADIA Pharmaceuticals, Inc.	2.24%
Arrowhead Pharmaceuticals, Inc.	2.19%
Cytokinetics, Inc.	2.11%
Total % of Top 10 Holdings	29.71%

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

Sector Allocation* (as of May 31, 2023)

Future holdings are subject to change.

Growth of $10,000 (as of May 31, 2023)

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

12 | May 31, 2023

ALPS ETF Trust

Disclosure of Fund Expenses

May 31, 2023 (Unaudited)

Shareholder Expense Example: As a shareholder of a Fund, you incur certain ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at the beginning of the six month period and held through May 31, 2023.

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 the other funds.

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

	Beginning Account Value 12/1/22	Ending Account Value 5/31/23	Expense Ratio^(a)	Expenses Paid During Period 12/1/22 - 5/31/23^(b)
ALPS Clean Energy ETF
Actual	$1,000.00	$782.90	0.55%	$2.44
Hypothetical (5% return before expenses)	$1,000.00	$1,022.19	0.55%	$2.77
ALPS Disruptive Technologies ETF
Actual	$1,000.00	$1,074.40	0.50%	$2.59
Hypothetical (5% return before expenses)	$1,000.00	$1,022.44	0.50%	$2.52
ALPS Global Travel Beneficiaries ETF
Actual	$1,000.00	$1,031.70	0.65%	$3.29
Hypothetical (5% return before expenses)	$1,000.00	$1,021.69	0.65%	$3.28
ALPS Medical Breakthroughs ETF
Actual	$1,000.00	$1,009.30	0.50%	$2.50
Hypothetical (5% return before expenses)	$1,000.00	$1,022.44	0.50%	$2.52

^(a)

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

^(b)

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

13 | May 31, 2023

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (88.66%)
Consumer Discretionary (15.83%)
EVgo, Inc.^(a)(b)		301,112	$	1,192,404
Lucid Group, Inc.^(a)(b)		2,746,883		21,315,811
Rivian Automotive, Inc.^(a)(b)		1,567,847		23,094,386
Tesla, Inc.^(a)		134,138		27,354,762
Workhorse Group, Inc.^(a)		721,423		606,500
Total Consumer Discretionary				73,563,863

Consumer Staples (5.67%)
Darling Ingredients, Inc.^(a)		415,176		26,313,855

Energy (2.97%)
Clean Energy Fuels Corp.^(a)		739,402		2,972,396
Gevo, Inc.^(a)		1,010,873		1,304,026
Green Plains, Inc.^(a)		252,725		7,329,025
REX American Resources Corp.^(a)		67,224		2,214,359
Total Energy				13,819,806

Financials (2.00%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		395,697		9,310,750

Industrials (22.54%)
Ameresco, Inc., Class A^(a)		139,323		6,002,035
Array Technologies, Inc.^(a)		629,620		13,958,675
Ballard Power Systems, Inc.^(a)		1,043,919		4,363,581
Blink Charging Co.^(a)(b)		229,019		1,541,298
ChargePoint Holdings, Inc.^(a)(b)		1,207,098		11,672,638
Energy Vault Holdings, Inc.^(a)(b)		415,684		872,936
Fluence Energy, Inc.^(a)		171,293		4,248,067
Hyliion Holdings Corp.^(a)		573,726		940,911
Li-Cycle Holdings Corp.^(a)		567,246		2,677,401
Lion Electric Co.^(a)(b)		418,664		791,275
Nikola Corp.^(a)(b)		1,796,758		1,121,177
Plug Power, Inc.^(a)		1,917,277		15,951,745
Proterra, Inc.^(a)		832,157		890,408
Shoals Technologies Group, Inc., Class A^(a)		602,824		14,160,336
Stem, Inc.^(a)		643,294		3,550,983
SunPower Corp.^(a)		373,456		3,958,634
Sunrun, Inc.^(a)(b)		917,398		16,182,901
TPI Composites, Inc.^(a)		175,286		1,868,549
Total Industrials				104,753,550

Information Technology (12.97%)
Enphase Energy, Inc.^(a)		122,167		21,242,398
First Solar, Inc.^(a)		126,312		25,636,284

Security Description	Shares		Value
Information Technology (continued)
Itron, Inc.^(a)		197,680	$	13,388,866
Total Information Technology				60,267,548

Materials (8.16%)
Albemarle Corp.		102,328		19,803,538
Livent Corp.^(a)		785,458		18,104,807
Total Materials				37,908,345

Utilities (18.52%)
Altus Power, Inc.^(a)		212,764		1,010,629
Boralex, Inc., Class A^(b)		448,931		12,404,716
Clearway Energy, Inc., Class C		359,106		10,317,115
Innergex Renewable Energy, Inc.^(b)		678,766		7,030,166
Montauk Renewables, Inc.^(a)		262,179		1,819,522
Northland Power, Inc.^(b)		1,090,786		23,928,992
Ormat Technologies, Inc.		205,782		17,512,048
Sunnova Energy International, Inc.^(a)		435,020		7,682,453
TransAlta Renewables, Inc.^(b)		468,304		4,350,139
Total Utilities				86,055,780

TOTAL COMMON STOCKS
(Cost $615,848,469)				411,993,497

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (11.09%)
Energy (0.25%)
Enviva, Inc.		134,205		1,178,320

Utilities (10.84%)
Brookfield Renewable Partners LP		911,312		27,584,390
NextEra Energy Partners LP^(b)		380,080		22,774,394
Total Utilities				50,358,784

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $65,159,055)				51,537,104

14 | May 31, 2023

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2023 (Unaudited)

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (8.43%)
Money Market Fund (0.08%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $364,549)	5.02	%		364,549	$	364,549

Investments Purchased with Collateral from Securities Loaned (8.35%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $38,794,170)				38,794,170		38,794,170
TOTAL SHORT TERM INVESTMENTS
(Cost $39,158,719)						39,158,719

TOTAL INVESTMENTS (108.18%)
(Cost $720,166,243)					$	502,689,320
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.18%)						(38,003,917	)
NET ASSETS - 100.00%					$	464,685,403

^(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 $59,805,453.

See Notes to Financial Statements.

15 | May 31, 2023

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.83%)
Communication Services (1.32%)
Netflix, Inc.^(a)		3,823	$	1,510,964

Consumer Discretionary (3.78%)
ADT, Inc.		149,152		848,675
Garmin, Ltd.		11,806		1,217,789
iRobot Corp.^(a)		25,957		920,176
Tesla, Inc.^(a)		6,596		1,345,122
Total Consumer Discretionary				4,331,762

Financials (14.89%)
Adyen NV^(a)(b)(c)		787		1,284,383
American Express Co.		6,632		1,051,570
Block, Inc., Class A^(a)		15,447		932,844
Fidelity National Information Services, Inc.		19,086		1,041,523
Fiserv, Inc.^(a)		9,891		1,109,671
FleetCor Technologies, Inc.^(a)		5,545		1,256,219
Global Payments, Inc.		10,801		1,055,150
GMO Payment Gateway, Inc.		13,600		1,075,701
Kaspi.KZ JSC, GDR^(c)		15,117		1,209,360
Mastercard, Inc., Class A		3,196		1,166,604
Moody's Corp.		3,871		1,226,642
Pagseguro Digital, Ltd., Class A^(a)		129,418		1,287,709
PayPal Holdings, Inc.^(a)		15,007		930,284
S&P Global, Inc.		3,415		1,254,774
Visa, Inc., Class A		5,160		1,140,515
Total Financials				17,022,949

Health Care (10.59%)
Align Technology, Inc.^(a)		3,543		1,001,464
Boston Scientific Corp.^(a)		24,157		1,243,602
Cutera, Inc.^(a)(d)		37,004		622,037
Dexcom, Inc.^(a)		10,179		1,193,590
DiaSorin SpA		9,701		997,537
HealthEquity, Inc.^(a)		17,081		936,039
Insulet Corp.^(a)		4,034		1,106,325
Intuitive Surgical, Inc.^(a)		4,965		1,528,425
PROCEPT BioRobotics Corp.^(a)		34,853		1,165,833
ResMed, Inc.		5,404		1,139,109
Smith & Nephew PLC, Sponsored ADR		39,529		1,181,917
Total Health Care				12,115,878

Industrials (14.78%)
AeroVironment, Inc.^(a)		12,499		1,167,532
AutoStore Holdings, Ltd.^(a)(b)(c)(d)		505,748		1,065,697

Security Description	Shares		Value
Industrials (continued)
Experian PLC		33,947	$	1,195,909
FANUC Corp.		31,662		1,090,359
Proto Labs, Inc.^(a)		34,196		1,051,869
RELX PLC, Sponsored ADR^(d)		37,278		1,166,801
Schneider Electric SE		6,853		1,181,845
Sensata Technologies Holding PLC		22,797		946,531
SS&C Technologies Holdings, Inc.		19,900		1,093,704
Thomson Reuters Corp.^(d)		9,325		1,185,769
TransUnion		18,150		1,306,437
Verisk Analytics, Inc.		6,233		1,365,713
Vestas Wind Systems A/S		37,875		1,078,298
Wolters Kluwer NV		9,616		1,097,750
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		1,254,800		910,199
Total Industrials				16,904,413

Information Technology (51.49%)
Adobe, Inc.^(a)		3,363		1,405,028
Alarm.com Holdings, Inc.^(a)		22,660		1,137,985
Allegro MicroSystems, Inc.^(a)		25,186		990,565
ams-OSRAM AG^(a)		144,954		1,063,500
ANSYS, Inc.^(a)		3,790		1,226,406
Autodesk, Inc.^(a)		5,674		1,131,339
Black Knight, Inc.^(a)		19,183		1,108,394
Check Point Software Technologies, Ltd.^(a)		9,102		1,136,021
Cognex Corp.		23,592		1,296,616
Crowdstrike Holdings, Inc., Class A^(a)		9,352		1,497,535
CyberArk Software, Ltd.^(a)		7,904		1,222,985
Dassault Systemes SE		29,273		1,286,330
Datadog, Inc., Class A^(a)		16,245		1,541,812
Dynatrace, Inc.^(a)		28,146		1,435,165
FARO Technologies, Inc.^(a)		42,326		638,699
First Solar, Inc.^(a)		5,368		1,089,489
Fortinet, Inc.^(a)		19,007		1,298,748
Gen Digital, Inc.		64,127		1,124,788
Guidewire Software, Inc.^(a)		15,576		1,292,496
Intuit, Inc.		2,830		1,186,110
Itron, Inc.^(a)		21,095		1,428,765
Keyence Corp.		2,500		1,216,580
Materialise NV, ADR^(a)		135,516		1,263,009
Nemetschek SE		19,966		1,563,066
Okta, Inc.^(a)		13,588		1,235,149
Omron Corp.		19,700		1,191,261
Palo Alto Networks, Inc.^(a)		6,156		1,313,629
PTC, Inc.^(a)		9,434		1,267,930

16 | May 31, 2023

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2023 (Unaudited)



Security Description	Shares		Value
Information Technology (continued)
Qorvo, Inc.^(a)		11,633	$	1,131,426
Qualys, Inc.^(a)		9,594		1,211,338
Renishaw PLC		22,756		1,145,316
Salesforce, Inc.^(a)		6,384		1,426,058
SAP SE, Sponsored ADR		9,799		1,278,182
ServiceNow, Inc.^(a)		2,675		1,457,286
Silicon Laboratories, Inc.^(a)		6,602		928,703
Skyworks Solutions, Inc.		10,015		1,036,653
Snowflake, Inc., Class A^(a)		8,344		1,379,764
SolarEdge Technologies, Inc.^(a)		3,620		1,031,085
Splunk, Inc.^(a)		12,001		1,191,579
Stratasys, Ltd.^(a)(d)		81,203		1,181,504
Temenos AG		14,668		1,235,929
Trend Micro, Inc.		23,770		1,132,839
VMware, Inc., Class A^(a)		9,672		1,318,197
Workday, Inc., Class A^(a)		6,263		1,327,693
Xero, Ltd.^(a)		19,759		1,413,101
Xinyi Solar Holdings, Ltd.		990,000		977,300
Zoom Video Communications, Inc., Class A^(a)		16,798		1,127,650
Zscaler, Inc.^(a)		10,349		1,402,083
Total Information Technology				58,923,086

Real Estate (1.08%)
Equinix, Inc.		1,652		1,231,649

Utilities (0.90%)
China Longyuan Power Group Corp., Ltd., Class H		918,000		1,029,320

TOTAL COMMON STOCKS
(Cost $124,020,217)				113,070,021

Security Description	Shares		Value
MASTER LIMITED PARTNERSHIPS (1.07%)
Utilities (1.07%)
Brookfield Renewable Partners LP		40,281		1,219,261

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,224,303)				1,219,261

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.00%)
Money Market Fund (0.01%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $11,835)	5.02	%		11,835	$	11,835

Investments Purchased with Collateral from Securities Loaned (0.99%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $1,133,397)				1,133,397		1,133,397
TOTAL SHORT TERM INVESTMENTS
(Cost $1,145,232)						1,145,232

TOTAL INVESTMENTS (100.90%)
(Cost $126,389,752)					$	115,434,514
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.90%)						(1,028,697	)
NET ASSETS - 100.00%					$	114,405,817

^(a)

Non-income producing security.

^(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $2,350,080, representing 2.05% of net assets.

^(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2023, the market value of those securities was $3,559,440 representing 3.11% of net assets.

^(d)	Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $2,809,638.

See Notes to Financial Statements.

17 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.86%)
Communication Services (4.44%)
TripAdvisor, Inc.^(a)		764	$	11,888
Walt Disney Co.^(a)		2,891		254,292
Total Communication Services				266,180

Consumer Discretionary (50.02%)
Airbnb, Inc., Class A^(a)		2,322		254,886
Amadeus IT Group SA		1,764		126,143
Booking Holdings, Inc.^(a)		111		278,474
Caesars Entertainment, Inc.^(a)		1,404		57,578
Churchill Downs, Inc.		478		64,922
Cie Financiere Richemont SA, Class A		1,214		192,680
Dufry AG^(a)		339		15,324
Expedia Group, Inc.^(a)		944		90,350
Flight Centre Travel Group, Ltd.^(a)		1,199		16,479
Galaxy Entertainment Group, Ltd.^(a)		11,000		68,202
Genting Singapore, Ltd.		87,700		65,501
H World Group, Ltd., ADR		1,585		58,043
Hilton Worldwide Holdings, Inc.		1,953		265,842
InterContinental Hotels Group PLC		383		25,099
Las Vegas Sands Corp.^(a)		1,907		105,133
LVMH Moet Hennessy Louis Vuitton SE		327		284,484
Marriott International, Inc., Class A		1,661		278,699
Marriott Vacations Worldwide Corp.		244		30,066
MGM Resorts International		2,280		89,581
Oriental Land Co., Ltd.		4,400		165,073
Sabre Corp.^(a)(b)		3,392		10,515
Samsonite International SA^(a)(c)(d)		11,400		28,942
Sega Sammy Holdings, Inc.		1,300		25,296
Sonder Holdings, Inc.^(a)		15,712		11,152
Tongcheng Travel Holdings, Ltd.^(a)(d)		7,600		15,160
Trainline PLC^(a)(c)(d)		5,138		15,646
Trip.com Group, Ltd., ADR		4,097		129,384
TUI AG^(a)		5,718		36,146
Vacasa, Inc.^(a)(b)		11,823		9,071
Vail Resorts, Inc.		322		78,310
WH Smith PLC		813		15,878
Wyndham Hotels & Resorts, Inc.		647		44,158

Security Description	Shares		Value
Consumer Discretionary (continued)
Wynn Resorts, Ltd.		462	$	45,599
Total Consumer Discretionary				2,997,816

Consumer Staples (9.57%)
Estee Lauder Cos., Inc., Class A		1,144		210,530
Hormel Foods Corp.		2,035		77,838
Kose Corp.		300		30,145
L'Oreal SA		558		237,983
Premium Brands Holdings Corp.		231		17,017
Total Consumer Staples				573,513

Financials (4.95%)
American Express Co.		1,615		256,074
Euronet Worldwide, Inc.^(a)		365		40,661
Total Financials				296,735

Industrials (26.17%)
Aena SME SA^(c)(d)		177		27,660
Air Canada^(a)		1,806		28,510
Airports of Thailand PCL^(a)		8,300		16,874
Alaska Air Group, Inc.^(a)		1,095		49,198
American Airlines Group, Inc.^(a)		3,678		54,361
ANA Holdings, Inc.^(a)		4,200		93,300
Auckland International Airport, Ltd.^(a)		6,425		34,344
Avis Budget Group, Inc.^(a)		74		12,416
Dassault Aviation SA		82		13,866
Delta Air Lines, Inc.^(a)		5,173		187,935
Deutsche Lufthansa AG^(a)		2,378		23,283
Elis SA		838		14,493
Grab Holdings, Ltd.^(a)		5,182		15,442
Grupo Aeroportuario del Centro Norte SAB de CV		1,880		19,471
Grupo Aeroportuario del Pacifico SAB de CV		2,256		39,915
Grupo Aeroportuario del Sureste SAB de CV, ADR		145		40,652
Hertz Global Holdings, Inc.^(a)		840		13,171
International Consolidated Airlines Group SA^(a)		8,481		16,289
Japan Airlines Co., Ltd.		3,000		57,405
Korean Air Lines Co., Ltd.		3,178		52,917
Localiza Rent a Car SA		2,792		34,143
Lyft, Inc., Class A^(a)		1,741		15,704
Qantas Airways, Ltd.^(a)		14,398		62,278
Ryanair Holdings PLC, ADR^(a)		169		17,759
Sixt SE		116		12,709
Southwest Airlines Co.		5,330		159,207

18 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
Industrials (continued)
Turk Hava Yollari AO^(a)		3,361	$	23,307
Uber Technologies, Inc.^(a)		8,607		326,464
United Airlines Holdings, Inc.^(a)		2,212		104,993
Total Industrials				1,568,066

Information Technology (0.77%)
Agilysys, Inc.^(a)		187		13,902
Clear Secure, Inc.		571		14,109
PROS Holdings, Inc.^(a)		605		18,344
Total Information Technology				46,355

Real Estate (3.94%)
Gaming and Leisure Properties, Inc.		2,473		119,050
Host Hotels & Resorts, Inc.		4,037		67,014
Ryman Hospitality Properties, Inc.		542		49,718
Total Real Estate				235,782

TOTAL COMMON STOCKS
(Cost $6,537,555)				5,984,447


7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.34%)
Money Market Fund (0.11%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $6,309)	5.02	%		6,309		6,309

Investments Purchased with Collateral from Securities Loaned (0.23%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $14,038)				14,038		14,038
TOTAL SHORT TERM INVESTMENTS
(Cost $20,347)						20,347

TOTAL INVESTMENTS (100.20%)
(Cost $6,557,902)					$	6,004,794
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.20%)						(11,899	)
NET ASSETS - 100.00%					$	5,992,895

^(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 $12,621.

^(c)

^(d)

See Notes to Financial Statements.

19 | May 31, 2023

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (100.00%)
Biotechnology (88.46%)
89bio, Inc.^(a)		33,547	$	611,562
Aadi Bioscience, Inc.^(a)		16,187		129,496
ACADIA Pharmaceuticals, Inc.^(a)		107,555		2,527,543
Aerovate Therapeutics, Inc.^(a)		16,322		265,233
Affimed NV^(a)		96,828		85,180
Agenus, Inc.^(a)		202,238		315,491
Agios Pharmaceuticals, Inc.^(a)		36,678		927,220
Akero Therapeutics, Inc.^(a)		31,001		1,382,025
Aldeyra Therapeutics, Inc.^(a)		38,853		368,715
Alector, Inc.^(a)		55,089		409,862
Alkermes PLC^(a)		109,021		3,153,979
Allovir, Inc.^(a)(b)		60,710		228,877
Altimmune, Inc.^(a)		32,694		132,084
ALX Oncology Holdings, Inc.^(a)		27,039		180,350
AnaptysBio, Inc.^(a)		18,529		353,904
Anavex Life Sciences Corp.^(a)		51,775		478,401
Arbutus Biopharma Corp.^(a)(b)		107,861		268,574
Arcellx, Inc.^(a)		29,094		1,284,500
Arcus Biosciences, Inc.^(a)		48,439		994,937
Arcutis Biotherapeutics, Inc.^(a)(b)		40,527		304,358
Arrowhead Pharmaceuticals, Inc.^(a)		71,805		2,470,810
Aura Biosciences, Inc.^(a)		23,911		270,673
Aurinia Pharmaceuticals, Inc.^(a)(b)		94,593		847,553
Avidity Biosciences, Inc.^(a)		46,978		498,906
BELLUS Health, Inc.^(a)		83,785		1,224,099
BioAtla, Inc.^(a)		31,334		98,702
BioCryst Pharmaceuticals, Inc.^(a)(b)		123,683		1,022,858
Bioxcel Therapeutics, Inc.^(a)		18,588		333,469
Blueprint Medicines Corp.^(a)		39,776		2,248,139
Cara Therapeutics, Inc.^(a)		35,791		113,815
Catalyst Pharmaceuticals, Inc.^(a)		68,987		796,800
Celldex Therapeutics, Inc.^(a)		31,324		996,103
Cerevel Therapeutics Holdings, Inc.^(a)(b)		103,887		3,386,716
Chinook Therapeutics, Inc.^(a)		64,385		1,056,740
Cogent Biosciences, Inc.^(a)		46,369		544,372
Compass Pathways PLC, ADR^(a)(b)		28,283		207,597
Crinetics Pharmaceuticals, Inc.^(a)		35,770		780,859
Cytokinetics, Inc.^(a)(b)		63,110		2,378,617
Day One Biopharmaceuticals, Inc.^(a)		48,824		649,359

Security Description	Shares		Value
Biotechnology (continued)
Denali Therapeutics, Inc.^(a)		90,614	$	2,738,355
Emergent BioSolutions, Inc.^(a)		33,269		283,785
Enanta Pharmaceuticals, Inc.^(a)		13,856		325,339
EQRx, Inc.^(a)		324,171		570,541
FibroGen, Inc.^(a)		62,228		1,073,433
Galapagos NV, Sponsored ADR^(a)(b)		43,318		1,791,632
Geron Corp.^(a)		290,010		948,333
Gritstone bio, Inc.^(a)		58,158		112,245
HilleVax, Inc.^(a)		22,128		376,619
I-Mab, ADR^(a)(b)		55,059		170,683
Immunocore Holdings PLC, ADR^(a)(b)		31,872		1,758,697
ImmunoGen, Inc.^(a)		149,922		2,044,936
Immunovant, Inc.^(a)		86,277		1,812,680
Intercept Pharmaceuticals, Inc.^(a)		27,648		291,410
iTeos Therapeutics, Inc.^(a)		23,600		384,208
IVERIC bio, Inc.^(a)		90,914		3,432,004
Keros Therapeutics, Inc.^(a)		18,937		906,325
Kezar Life Sciences, Inc.^(a)(b)		45,447		126,343
Kodiak Sciences, Inc.^(a)(b)		34,705		205,801
Krystal Biotech, Inc.^(a)		17,071		2,011,817
Kura Oncology, Inc.^(a)		45,410		604,861
MannKind Corp.^(a)(b)		174,625		810,260
Marinus Pharmaceuticals Inc^(a)		32,921		234,068
Mersana Therapeutics, Inc.^(a)		71,672		538,973
Merus NV^(a)		30,728		667,412
Mirati Therapeutics, Inc.^(a)		38,424		1,427,836
Novavax, Inc.^(a)(b)		57,175		460,259
Ocugen, Inc.^(a)		150,226		69,104
OmniAb Operations, Inc.^(a)		7,306		–
PDS Biotechnology Corp.^(a)(b)		18,910		181,158
Point Biopharma Global, Inc.^(a)		70,093		649,762
Prometheus Biosciences, Inc.^(a)		31,506		6,260,240
Protagonist Therapeutics, Inc.^(a)		32,643		851,003
Prothena Corp. PLC^(a)(b)		34,838		2,314,288
RAPT Therapeutics, Inc.^(a)		22,520		451,076
Recursion Pharmaceuticals, Inc.^(a)(b)		126,898		1,112,895
REGENXBIO, Inc.^(a)		28,834		496,810
Replimune Group, Inc.^(a)		37,590		713,834
Rhythm Pharmaceuticals, Inc.^(a)		37,651		627,266
Rocket Pharmaceuticals, Inc.^(a)		52,641		1,101,776
Roivant Sciences, Ltd.^(a)		503,061		4,572,823
Sage Therapeutics, Inc.^(a)		39,587		1,959,557
SpringWorks Therapeutics, Inc.^(a)(b)		41,470		1,135,449

20 | May 31, 2023

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2023 (Unaudited)



Security Description	Shares		Value
Biotechnology (continued)
Stoke Therapeutics, Inc.^(a)(b)		29,290	$	328,048
Syndax Pharmaceuticals, Inc.^(a)		45,406		906,758
Travere Therapeutics, Inc.^(a)		48,451		866,788
Ultragenyx Pharmaceutical, Inc.^(a)		46,545		2,297,461
Vanda Pharmaceuticals, Inc.^(a)		37,673		224,154
Vaxcyte, Inc.^(a)		53,057		2,627,383
Vera Therapeutics, Inc.^(a)		27,824		232,330
Vericel Corp.^(a)		31,425		1,009,371
Viking Therapeutics, Inc.^(a)		52,082		1,143,721
Vir Biotechnology, Inc.^(a)		88,527		2,361,015
Xencor, Inc.^(a)		39,831		1,079,420
Xenon Pharmaceuticals, Inc.^(a)		41,780		1,609,783
Zai Lab, Ltd., ADR^(a)(b)		68,998		2,241,745
Total Biotechnology				99,862,351

Health Care Providers & Services (0.63%)
OPKO Health, Inc.^(a)		512,639		712,568

Pharmaceuticals (10.91%)
Aclaris Therapeutics, Inc.^(a)(b)		44,245		369,446
Amylyx Pharmaceuticals, Inc.^(a)		43,893		1,083,717
Arvinas, Inc.^(a)		35,344		771,560
ATAI Life Sciences NV^(a)		110,053		196,995
Atea Pharmaceuticals, Inc.^(a)		55,294		220,623
Axsome Therapeutics, Inc.^(a)(b)		28,842		2,127,962
Belite Bio, Inc., ADR^(a)		15,897		262,142
Cassava Sciences, Inc.^(a)(b)		27,694		628,931
Corcept Therapeutics, Inc.^(a)		71,518		1,679,957
Cymabay Therapeutics, Inc.^(a)		62,819		564,115
Edgewise Therapeutics, Inc.^(a)(b)		41,972		424,757
Fulcrum Therapeutics, Inc.^(a)(b)		40,978		111,460
NGM Biopharmaceuticals, Inc.^(a)		54,435		164,938
Pliant Therapeutics, Inc.^(a)		32,348		699,687
Tarsus Pharmaceuticals, Inc.^(a)		17,693		296,358
Terns Pharmaceuticals, Inc.^(a)(b)		31,825		337,663
Ventyx Biosciences, Inc.^(a)		37,580		1,295,383
Verona Pharma PLC, ADR^(a)(b)		50,279		1,082,004
Total Pharmaceuticals				12,317,698

TOTAL COMMON STOCKS
(Cost $120,030,055)				112,892,617

7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (2.64%)
Money Market Fund (0.04%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $44,213)	5.02	%		44,213	$	44,213

Investments Purchased with Collateral from Securities Loaned (2.60%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $2,939,478)				2,939,478		2,939,478
TOTAL SHORT TERM INVESTMENTS
(Cost $2,983,691)						2,983,691

TOTAL INVESTMENTS (102.64%)
(Cost $123,013,746)					$	115,876,308
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.64%)						(2,980,310	)
NET ASSETS - 100.00%					$	112,895,998

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $7,599,291.

See Notes to Financial Statements

21 | May 31, 2023

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2023 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
ASSETS:
Investments, at value^(a)	$	502,689,320		$	115,434,514		$	6,004,794		$	115,876,308
Cash		31,507			5,631			–			–
Dividends receivable		973,967			146,192			5,546			7,151
Receivable for investments sold		1,285,174			1,163,613			–			–
Total Assets		504,979,968			116,749,950			6,010,340			115,883,459

LIABILITIES:
Payable to adviser		214,862			47,785			3,407			47,983
Payable for investments purchased		199,819			225,199			–			–
Payable for capital shares redeemed		1,085,714			937,752			–			–
Payable for collateral upon return of securities loaned		38,794,170			1,133,397			14,038			2,939,478
Total Liabilities		40,294,565			2,344,133			17,445			2,987,461
NET ASSETS	$	464,685,403		$	114,405,817		$	5,992,895		$	112,895,998

NET ASSETS CONSIST OF:
Paid-in capital	$	832,316,310		$	143,568,462		$	7,200,570		$	257,648,284
Total distributable earnings/(accumulated losses)		(367,630,907	)		(29,162,645	)		(1,207,675	)		(144,752,286	)
NET ASSETS	$	464,685,403		$	114,405,817		$	5,992,895		$	112,895,998

INVESTMENTS, AT COST	$	720,166,243		$	126,389,752		$	6,557,902		$	123,013,746

PRICING OF SHARES
Net Assets	$	464,685,403		$	114,405,817		$	5,992,895		$	112,895,998
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		10,700,002			3,050,002			275,002			3,575,000
Net Asset Value, offering and redemption price per share	$	43.43		$	37.51		$	21.79		$	31.58

^(a)

Includes $59,805,453, $2,809,638, $12,621 and $7,599,291 of securities on loan.

See Notes to Financial Statements.

22 | May 31, 2023

ALPS ETF Trust

Statements of Operations

For the Six Months Ended May 31, 2023 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
INVESTMENT INCOME:
Dividends*	$	2,884,082		$	426,965		$	38,261		$	1,105
Securities Lending Income		2,486,704			5,474			119			58,496
Total Investment Income		5,370,786			432,439			38,380			59,601

EXPENSES:
Investment adviser fees		1,492,689			284,899			23,120			269,268
Total Expenses		1,492,689			284,899			23,120			269,268
NET INVESTMENT INCOME/(LOSS)		3,878,097			147,540			15,260			(209,667	)

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(a)		(33,967,397	)		(961,444	)		182,361			(3,932,354	)
Net realized gain/(loss) on foreign currency transactions		3,115			(22	)		(310	)		–
Total net realized gain/(loss)		(33,964,282	)		(961,466	)		182,051			(3,932,354	)
Net change in unrealized appreciation/(depreciation) on investments		(114,175,648	)		8,794,104			164,717			5,068,524
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(1,036	)		(3,180	)		(17	)		–
Total net change in unrealized appreciation/(depreciation)		(114,176,684	)		8,790,924			164,700			5,068,524
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(148,140,966	)		7,829,458			346,751			1,136,170
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(144,262,869	)	$	7,976,998		$	362,011		$	926,503
*Net of foreign tax withholding.	$	379,657		$	30,124		$	2,457		$	–

^(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.

23 | May 31, 2023

ALPS Clean Energy ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income	$	3,878,097		$	5,115,730
Net realized loss		(33,964,282	)		(19,774,548	)
Net change in unrealized appreciation/(depreciation)		(114,176,684	)		(235,883,266	)
Net decrease in net assets resulting from operations		(144,262,869	)		(250,542,084	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,612,095	)		(2,463,315	)
From tax return of capital		–			(3,378,816	)
Total distributions		(2,612,095	)		(5,842,131	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		29,705,074			203,438,962
Cost of shares redeemed		(126,055,561	)		(253,910,852	)
Net decrease from capital share transactions		(96,350,487	)		(50,471,890	)
Net decrease in net assets		(243,225,451	)		(306,856,105	)

NET ASSETS:
Beginning of period		707,910,854			1,014,766,959
End of period	$	464,685,403		$	707,910,854

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		12,700,002			13,725,002
Shares sold		650,000			3,625,000
Shares redeemed		(2,650,000	)		(4,650,000	)
Shares outstanding, end of period		10,700,002			12,700,002

See Notes to Financial Statements.

24 | May 31, 2023

ALPS Disruptive Technologies ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income/(loss)	$	147,540		$	(74,355	)
Net realized gain/(loss)		(961,466	)		4,788,241
Net change in unrealized appreciation/(depreciation)		8,790,924			(64,939,656	)
Net increase/(decrease) in net assets resulting from operations		7,976,998			(60,225,770	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(25,708	)		(621,900	)
Total distributions		(25,708	)		(621,900	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,675,546			14,781,795
Cost of shares redeemed		(17,434,603	)		(69,266,142	)
Net decrease from capital share transactions		(15,759,057	)		(54,484,347	)
Net decrease in net assets		(7,807,767	)		(115,332,017	)

NET ASSETS:
Beginning of period		122,213,584			237,545,601
End of period	$	114,405,817		$	122,213,584

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,500,002			4,925,002
Shares sold		50,000			325,000
Shares redeemed		(500,000	)		(1,750,000	)
Shares outstanding, end of period		3,050,002			3,500,002

See Notes to Financial Statements.

25 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income/(loss)	$	15,260		$	(16,209	)
Net realized gain/(loss)		182,051			(513,843	)
Net change in unrealized appreciation/(depreciation)		164,700			(342,658	)
Net increase/(decrease) in net assets resulting from operations		362,011			(872,710	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,090	)		(12,194	)
Total distributions		(3,090	)		(12,194	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		576,399			9,593,771
Cost of shares redeemed		(2,863,139	)		(8,453,163	)
Net increase/(decrease) from capital share transactions		(2,286,740	)		1,140,608
Net increase/(decrease) in net assets		(1,927,819	)		255,704

NET ASSETS:
Beginning of period		7,920,714			7,665,010
End of period	$	5,992,895		$	7,920,714

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		375,002			325,002
Shares sold		25,000			450,000
Shares redeemed		(125,000	)		(400,000	)
Shares outstanding, end of period		275,002			375,002

See Notes to Financial Statements.

26 | May 31, 2023

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment loss	$	(209,667	)	$	(481,312	)
Net realized loss		(3,932,354	)		(64,609,014	)
Net change in unrealized appreciation/(depreciation)		5,068,524			14,490,450
Net increase/(decrease) in net assets resulting from operations		926,503			(50,599,876	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		5,897,730			23,693,301
Cost of shares redeemed		(8,936,811	)		(47,014,164	)
Net decrease from capital share transactions		(3,039,081	)		(23,320,863	)
Net decrease in net assets		(2,112,578	)		(73,920,739	)

NET ASSETS:
Beginning of period		115,008,576			188,929,315
End of period	$	112,895,998		$	115,008,576

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		3,675,000			4,400,000
Shares sold		200,000			725,000
Shares redeemed		(300,000	)		(1,450,000	)
Shares outstanding, end of period		3,575,000			3,675,000

See Notes to Financial Statements.

27 | May 31, 2023

ALPS Clean Energy ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			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 Period June 28, 2018 (Commencement of Operations) to November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	55.74		$	73.94		$	70.05		$	32.23		$	25.03		$	24.95

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.34			0.39			0.20			0.25			0.32			0.09
Net realized and unrealized gain/(loss)		(12.44	)		(18.14	)		4.11			38.08			7.42			(0.01	)
Total from investment operations		(12.10	)		(17.75	)		4.31			38.33			7.74			0.08

DISTRIBUTIONS:
From net investment income		(0.21	)		(0.19	)		(0.17	)		(0.18	)		(0.23	)		–
Tax return of capital		–			(0.26	)		(0.25	)		(0.33	)		(0.31	)		–
Total distributions		(0.21	)		(0.46	)		(0.42	)		(0.51	)		(0.54	)		–

Net increase/(decrease) in net asset value		(12.31	)		(18.20	)		3.89			37.82			7.20			0.08
NET ASSET VALUE, END OF PERIOD	$	43.43		$	55.74		$	73.94		$	70.05		$	32.23		$	25.03
TOTAL RETURN^(b)		(21.71	)%		(24.00	)%		6.16	%		120.45	%		31.28	%		0.32	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	464,685		$	707,911		$	1,014,767		$	609,457		$	106,359		$	16,271

Ratio of expenses to average net assets		0.55	%^(c)		0.55	%		0.56	%^(d)		0.65	%		0.65	%		0.65	%^(c)
Ratio of net investment income to average net assets		1.43	%^(c)		0.69	%		0.26	%		0.57	%		1.10	%		0.89	%^(c)
Portfolio turnover rate^(e)		23	%		44	%		39	%		34	%		15	%		9	%

^(a)

Based on average shares outstanding during the period.

^(b)

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

^(c)

Annualized.

^(d)

Effective January 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.55%.

^(e)

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

See Notes to Financial Statements.

28 | May 31, 2023

ALPS Disruptive Technologies ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			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 Period December 28, 2017 (Commencement of Operations) to November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	34.92		$	48.23		$	42.99		$	31.88		$	26.21		$	25.08

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.05			(0.02	)		0.15			0.25			0.14			0.13
Net realized and unrealized gain/(loss)		2.55			(13.17	)		5.26			11.00			5.61			1.00	^(b)
Total from investment operations		2.60			(13.19	)		5.41			11.25			5.75			1.13
DISTRIBUTIONS:
From net investment income		(0.01	)		(0.12	)		(0.17	)		(0.14	)		(0.08	)		–
Total distributions		(0.01	)		(0.12	)		(0.17	)		(0.14	)		(0.08	)		–

Net increase/(decrease) in net asset value		2.59			(13.31	)		5.24			11.11			5.67			1.13
NET ASSET VALUE, END OF PERIOD	$	37.51		$	34.92		$	48.23		$	42.99		$	31.88		$	26.21
TOTAL RETURN^(c)		7.44	%		(27.41	)%		12.60	%		35.42	%		22.04	%		4.47	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	114,406		$	122,214		$	237,546		$	150,459		$	74,910		$	48,483

Ratio of expenses to average net assets		0.50	%^(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%^(d)
Ratio of net investment income/(loss) to average net assets		0.26	%^(d)		(0.05	)%		0.31	%		0.72	%		0.48	%		0.53	%^(d)
Portfolio turnover rate^(e)		14	%		31	%		26	%		38	%		42	%		33	%

^(a)

Based on average shares outstanding during the period.

^(b)

Net realized and unrealized gain on investments per share does not correlate to aggregate of the net realized and unrealized loss in the Statements of Operations for the period ended November 30, 2018, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to the fluctuating market values for the Fund's portfolio.

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

29 | May 31, 2023

ALPS Global Travel Beneficiaries ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022			For the Period September 8, 2021 (Commencement of Operations) to November 30, 2021
NET ASSET VALUE, BEGINNING OF PERIOD	$	21.12		$	23.58		$	24.91

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.05			(0.04	)		0.05
Net realized and unrealized gain/(loss)		0.63			(2.39	)		(1.38	)
Total from investment operations		0.68			(2.43	)		(1.33	)

DISTRIBUTIONS:
From net investment income		(0.01	)		(0.03	)		–
Total distributions		(0.01	)		(0.03	)		–

Net increase/(decrease) in net asset value		0.67			(2.46	)		(1.33	)
NET ASSET VALUE, END OF PERIOD	$	21.79		$	21.12		$	23.58
TOTAL RETURN^(b)		3.17	%		(10.27	)%		(5.34	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	5,993		$	7,921		$	7,665

Ratio of expenses to average net assets		0.65	%^(c)		0.65	%		0.65	%^(c)
Ratio of net investment income/(loss) to average net assets		0.43	%^(c)		(0.18	)%		0.82	%^(c)
Portfolio turnover rate^(d)		28	%		57	%		19	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

30 | May 31, 2023

ALPS Medical Breakthroughs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			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	$	31.29		$	42.94		$	49.00		$	39.51		$	33.59		$	31.70

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		(0.06	)		(0.13	)		(0.18	)		(0.13	)		0.03			(0.10	)
Net realized and unrealized gain/(loss)		0.35			(11.52	)		(5.88	)		9.64			6.67			2.57	^(b)
Total from investment operations		0.29			(11.65	)		(6.06	)		9.51			6.70			2.47

DISTRIBUTIONS:
From net investment income		–			–			–			(0.02	)		(0.78	)		(0.58	)
Total distributions		–			–			–			(0.02	)		(0.78	)		(0.58	)

Net increase/(decrease) in net asset value		0.29			(11.65	)		(6.06	)		9.49			5.92			1.89
NET ASSET VALUE, END OF PERIOD	$	31.58		$	31.29		$	42.94		$	49.00		$	39.51		$	33.59
TOTAL RETURN^(c)		0.93	%		(27.13	)%		(12.37	)%		24.07	%		20.99	%		7.81	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	112,896		$	115,009		$	188,929		$	242,542		$	197,570		$	221,694

Ratio of expenses to average net assets		0.50	%^(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income/(loss) to average net assets		(0.39	)%^(d)		(0.39	)%		(0.36	)%		(0.33	)%		0.09	%		(0.27	)%
Portfolio turnover rate^(e)		35	%		88	%		81	%		68	%		88	%		48	%

^(a)

Based on average shares outstanding during the period.

^(b)

Net realized and unrealized gain on investments per share does not correlate to aggregate of the net realized and unrealized loss in the Statements of Operations for the year ended November 30, 2018, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to the fluctuating market values for the Fund's portfolio.

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

31 | May 31, 2023

ALPS ETF Trust

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2023, the Trust consisted of twenty-three separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF (each a “Fund” and collectively, the “Funds”).

The investment objective of the ALPS Clean Energy ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the CIBC Atlas Clean Energy Total Return Index. The investment objective of the ALPS Disruptive Technologies ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the Indxx Disruptive Technologies Index. The investment objective of the ALPS Global Travel Beneficiaries ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the S-Network Global Travel Index. The investment objective of the ALPS Medical Breakthroughs ETF is to seek investment results that correspond generally, before fees and expenses, to the performance of the S-Network Medical Breakthroughs Index.

ALPS Clean Energy ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS Disruptive Technologies ETF, ALPS Global Travel Beneficiaries ETF and ALPS Medical Breakthroughs ETF have elected to qualify as a diversified series of the Trust under the 1940 Act.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

The Funds’ investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the 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.

32 | May 31, 2023

ALPS ETF Trust