Table of Contents

Performance Overview	1
Disclosure of Fund Expenses	14
Report of Independent Registered Public Accounting Firm	15
Financial Statements
Schedules of Investments	16
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	29
Financial Highlights	33
Notes to Financial Statements	37
Additional Information	46
Trustees & Officers	48

alpsfunds.com

ALPS \| O’Shares U.S. Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance Objective

The ALPS|O’Shares U.S. Quality Dividend ETF (the "Fund") seeks investment results that track the performance, before fees and expenses, of the O'Shares U.S. Quality Dividend Index (the "Underlying Index").

The Underlying Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O'Shares Investment Advisers, LLC. The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The constituents of the Underlying Index are selected from the S-Network U.S. Equity Large-Cap 500 Index.

Performance Overview

The ALPS | O’Shares U.S. Quality Dividend ETF, for the trailing five-month period ended November 30, 2022, generated a total return of 8.27%, performing relatively in line with the Fund’s Underlying Index, net of fees, which returned 8.51%. The Fund slightly underperformed the Russell 1000^® Value Index and the S&P 500^® Total Return Index (S&P 500), which returned 10.56% and 8.56%, respectively.

The trailing-twelve-month yield for the Fund’s underlying constituents as of November 30, 2022 was 1.85% vs. 1.88% for the Russell 1000^® Value Index.

The S&P 500 returned 8.56% for the trailing five-month period ended November 30, 2022. Pressured by the Federal Reserve (Fed) raising interest rates to combat inflation, markets adjusted equity values to reflect a forward-looking slowed economy. Main macroeconomic talking points throughout 2022 centered on the path of future interest rates driven by monetary policy, and inflation sustaining levels well above the Fed’s 2% inflation target. Inflation fears continued to be justified with the year-over-year Consumer Price Index (CPI) surging above 9% in June, along with core inflation readings maintaining levels above 6%. Despite the quantitative tightening efforts in 2022, many economic indicators remain strong including consumer spending, wage growth and low unemployment in the U.S., offering a sliver of hope for a soft landing. Global supply chains were relieved of backlogs and most delays stemming from COVID-19 restrictions, benefitting company margins and lowering some pressure on prices of inflated goods. The latest economic data shows U.S. Real Gross Domestic Product year-over-year rising 1.9% in the U.S., offset by CPI of 7.7%. Looking forward, we believe markets have likely discounted a significant portion of quantitative tightening as the S&P 500^® Index Price-to-Earnings ratio is below its 10-year average, and any pause or pivot in rate hikes would serve as a positive catalyst for U.S. and global equities.

Compared to the Russell 1000^® Value Index, for the trailing five-month period ended November 30, 2022, the Fund saw a positive impact from its higher-quality holdings across non-cyclical sectors. The Fund outperformed the Index across Consumer Discretionary, Information Technology, and Health Care sectors, although its underweight to Energy drove the bulk of relative underperformance.

The best-performing stocks in the Fund for the period were TJX Companies Inc. (TJX), which increased 44.61%, Gilead Sciences Inc. (GILD), which saw a gain of 43.69%, and Trane Technologies Plc (TT), rising 37.97%. The largest detractors for the Fund were Verizon Communications Inc. (VZ), which decreased 20.88%, Intel Corp. (INTC), which fell 17.75%, and Church & Dwight Co Inc. (CHD), which lost 17.15%.

Looking forward we believe the Fund’s methodology of selecting large-cap and mid-cap companies in the U.S. with fundamental determinates including quality, low volatility, and dividend growth, provides a cost-efficient core investment holding.

Effective November 30, 2022, the Board of Trustees approved changing the fiscal year-end of the Fund from June 30 to November 30.

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares U.S. Quality Dividend ETF – NAV	1.09%	8.99%	10.21%
ALPS \| O'Shares U.S. Quality Dividend ETF – Market Price*	0.96%	8.96%	10.20%
O'Shares U.S. Quality Dividend Index**	1.58%	9.54%	10.77%
Russell 1000^® Value Index	2.42%	7.86%	8.58%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares U.S. Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Previously, the Predecessor Fund had adopted the historical performance of the O’Shares FTSE U.S. Quality Dividend ETF (the “Previous Predecessor Fund”), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same. Effective June 1, 2020, the Predecessor Fund’s underlying index was changed to the Underlying Index from the FTSE USA Qual/Vol/Yield Factor 5% Capped Index (the “Former Index”). Thus, Predecessor Fund performance shown through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Index, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown reflects the blended performance of the Former Index through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1.866.675.2639.

1 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

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 commencement date was July 14, 2015.

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 shares, 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 O’Shares U.S. Quality Dividend Index performance information reflects the blended performance of the FTSE USA Qual/Vol/Yield Factor 5% Capped Index through May 31, 2020 and the O’Shares U.S. Quality Dividend Index thereafter.

The O’Shares U.S. Quality Dividend Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds. The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The Russell 1000^{^®} Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

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

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

The ALPS | O’Shares U.S. Quality Dividend 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.

2 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

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

Home Depot, Inc.	5.11%
Microsoft Corp.	4.66%
Johnson & Johnson	4.25%
Pfizer, Inc.	4.03%
S&P Global, Inc.	3.91%
Merck & Co., Inc.	3.82%
Marsh & McLennan Cos., Inc.	3.80%
T Rowe Price Group, Inc.	3.73%
Apple, Inc.	3.39%
McDonald's Corp.	3.15%
Total % of Top 10 Holdings	39.85%

* % of Total Investments (excluding short term investments)

Future holdings are subject to change.

Sector Allocation* (as of November 30, 2022)

Information Technology	21.43%
Health Care	21.02%
Consumer Discretionary	16.43%
Financials	15.31%
Industrials	11.15%
Consumer Staples	9.64%
Communication Services	4.90%
Money Market Fund	0.12%
Total	100.00%

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

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

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

3 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance Objective

The ALPS|O’Shares U.S. Small-Cap Quality Dividend ETF (the "Fund") seeks investment results that track the performance, before fees and expenses, of the O'Shares U.S. Small-Cap Quality Dividend Index (the "Underlying Index").

The Underlying Index is designed to measure the performance of publicly-listed small-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O'Shares Investment Advisers, LLC. The high quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies. The constituents of the Underlying Index are selected from the S-Network U.S. Equity Mid/Small-Cap 2500 Index.

Performance Overview

The ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, for the trailing five-month period ended November 30, 2022, generated a total return of 12.39%, relatively in line with the Fund’s Underlying Index, net of fees, which returned 12.63%. The Fund outperformed the S&P 500^® Total Return Index and Russell 2000^® Value Index, which returned 8.56% and 10.68%, respectively, for the same period.

The trailing-twelve-month yield for the Fund’s underlying constituents as of 11/30/2022 was 1.81% vs. 1.95% for the Russell 2000 Value Index. The Russell 2000^® Value Index returned 10.68% for the trailing five-month period ended November 30, 2022. Pressured by the Federal Reserve (Fed) raising interest rates to combat inflation, markets adjusted equity values to reflect a forward-looking slowed economy. Main macroeconomic talking points throughout 2022 centered on the path of future interest rates driven by monetary policy, and inflation sustaining levels well above the Fed’s 2% inflation target. Inflation fears continued to be justified with the year-over-year Consumer Price Index (CPI) surging above 9% in June, along with core inflation readings maintaining levels above 6%. Despite the quantitative tightening efforts in 2022, many economic indicators remain strong including consumer spending, wage growth and low unemployment in the U.S., offering a sliver of hope for a soft landing. Global supply chains were relieved of backlogs and most delays stemming from COVID-19 restrictions, benefitting company margins and lowering some pressure on prices of inflated goods. The latest economic data shows U.S. Real Gross Domestic Product year-over-year rising 1.9% in the U.S., offset by CPI of 7.7%. Looking forward, we believe markets have likely discounted a significant portion of quantitative tightening as the Russell 2000 Value Index Price-to-Earnings ratio is below its 10-year average, and any pause or pivot in rate hikes would serve as a positive catalyst for U.S. and global equities.

Compared to the Russell 2000^® Value Index, for the trailing five-month period ended November 30, 2022, the Fund saw a positive impact from its higher-quality holdings across non-cyclical sectors. The Fund outperformed the Index across Information Technology, Consumer Staples, Communication Services and Industrials sectors, although its underweight to Energy drove the bulk of relative underperformance.

The best-performing stocks in the Fund for the period were Lancaster Colony Corp. (LANC), which increased 61.60%, Erie Indemnity Company (ERIE), which saw a gain of 48.47%, and National Instruments Corp. (NATI), rising 33.28%. The largest detractors for the Fund were Cable One Inc. (CABO), which decreased 43.46%, Mercury General Corp. (MCY), which fell 27.03%, and Standard Motor Products, Inc. (SMP), which lost 23.09%. Looking forward, we believe the Fund’s methodology of selecting small-cap companies in the U.S. with fundamental determinates including quality, low volatility, and dividend growth, provides a cost-efficient core investment holding.

Effective November 30, 2022, the Board of Trustees approved changing the fiscal year-end of the Fund from June 30 to November 30.

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF – NAV	2.51%	7.58%	8.23%
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF – Market Price*	2.53%	7.56%	8.23%
O'Shares U.S. Small-Cap Quality Dividend Index**	3.02%	8.11%	8.77%
Russell 2000^® Value Index	-4.75%	5.35%	5.93%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares U.S. Small-Cap Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Effective May 4, 2018, the Predecessor Fund’s underlying index was changed from the FTSE USA Small Cap Qual/Vol/Yield Factor 3% Capped Index (the “Former Underlying Index 1”) to the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index (the “Former Underlying Index 2” and together with the Former Underlying Index 1, the “Former Underlying Indexes”). Effective June 1, 2020, the Predecessor Fund’s underlying index was changed from the Former Underlying Index 2 to the Underlying Index. Thus, Predecessor Fund performance shown prior to May 4, 2018 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 1, Predecessor Fund performance shown from May 4, 2018 through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 2, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index.

4 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

In addition, the Underlying Index performance shown reflects the blended performance of the Former Underlying Index 1 through May 3, 2018, the Former Underlying Index 2 from May 4, 2018 through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month end performance data please visit www.alpsfunds.com or call 1.866.675.2639.

The Fund commencement date was December 30, 2016.

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

The O’Shares U.S. Small-Cap Quality Dividend Index is designed to reflect the performance of publicly-listed small-capitalization dividend paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds. The quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The Russell 2000^{^®} Value Index measures the performance of the small capitalization value sector of the U.S. equity market.

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

The ALPS | O’Shares U.S. Small-Cap Quality Dividend 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

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

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

Houlihan Lokey, Inc.	2.41%
Erie Indemnity Co.	2.40%
Juniper Networks, Inc.	2.21%
Interpublic Group of Cos., Inc.	2.18%
Encompass Health Corp.	2.18%
Donaldson Co., Inc.	2.16%
SEI Investments Co.	2.12%
Old Republic International Corp.	2.11%
Snap-on, Inc.	2.07%
Gentex Corp.	2.05%
Total % of Top 10 Holdings	21.89%

* % of Total Investments (excluding short term investments)

Future holdings are subject to change.

Sector Allocation* (as of November 30, 2022)

Industrials	22.69%
Financials	21.30%
Information Technology	20.19%
Consumer Discretionary	13.30%
Health Care	7.96%
Consumer Staples	5.68%
Utilities	4.51%
Communication Services	4.28%
Money Market Fund	0.09%
Total	100.00%

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

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

6 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance Objective

The ALPS|O’Shares Global Internet Giants ETF (the "Fund") seeks investment results that track the performance, before fees and expenses, of the O'Shares Global Internet Giants Index (the "Underlying Index").

The Underlying Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the "internet sector", as defined by O'Shares Investment Advisers, LLC.

Performance Overview

The ALPS|O’Shares Global Internet Giants ETF generated a total return of -7.27% for the trailing five-month period ended November 30, 2022, relatively in line with the Fund’s Underlying Index, net of fees, which returned -7.07%. The Fund underperformed the NASDAQ 100 Index, which returned 4.99% for the same period.

The S&P 500^® Total Return Index returned 8.56% for the trailing five-month period that ended November 30, 2022. Pressured by the Federal Reserve (Fed) raising interest rates to combat inflation, markets adjusted equity values to reflect a forward-looking slowed economy. Main macroeconomic talking points throughout 2022 centered on the path of future interest rates driven by monetary policy, and inflation sustaining levels well above the Fed’s 2% inflation target. Inflation fears continued to be justified with the year-over-year Consumer Price Index surging above 9% in June, along with core inflation readings maintaining levels above 6%. Despite the quantitative tightening efforts in 2022, many economic indicators remain strong including consumer spending, wage growth and low unemployment across developed and emerging markets, offering a sliver of hope for a soft landing. Global supply chains were relieved of backlogs and most delays stemming from COVID-19 restrictions, benefitting company margins and lowering some pressure on prices of inflated goods. The latest economic data shows Real Gross Domestic Product year-over-year rising 1.9% in the U.S., 2.3% in the Eurozone, 1.8% in Japan and 3.9% in China. Looking forward, we believe global markets have likely discounted a significant portion of quantitative tightening. We believe that global stocks, as measured by the Morningstar Global Markets Index, that exhibit Price-to-Earnings ratios below 10-year averages, along with any pause or pivot in rate hikes across developed central banks, will likely serve as positive catalysts for global equities.

The Fund underperformed the NASDAQ 100 Index, which returned 4.99% for the trailing five-month period ending November 30, 2022. The Fund holds roughly 80% U.S. equities and 20% foreign equities, with the majority of foreign holdings domiciled in China. The U.S. Dollar created a headwind for global equities, strengthening relative to global currencies and cementing its status as the global reserve currency, causing ex-U.S. markets to underperform. Global markets and economic activity were directly impacted by Russia’s invasion of Ukraine, as well as the combined impact of regulatory crackdowns and the Zero COVID mandate in China pressuring supply chains. For emerging economies, higher energy prices and inflation was uncontrollable, disproportionately impacting yields and output compared to developed economies. Energy and natural gas shortages stemming from Russia have exacerbated inflation, adding to currency devaluation across ex-U.S. countries. Value outperformed growth equities in global markets for the trailing twelve-month period, with cyclical sectors leading due to company pricing power amidst higher prices. Although global growth prospects remain murky, quantitative tightening, defined as monetary policies that contract or reduce the Federal Reserve balance sheet, is well on its way, with China ahead of the pack and beginning to stimulate its economy through easing COVID-19 restrictions and monetary policy.

The best-performing stocks in the Fund for the period were Etsy Inc. (ETSY US), which increased by 80.43%, and Netflix Inc. (NFLX US), which saw a gain of 74.72%. Other top performers included Global-E Online Ltd (GLBE US), which climbed 64.95%. The largest detractors were Applovin Corp. (APP US), which decreased 58.16%, Sinch AB (SINCH SS), which fell 52.79%, and Twilio Inc. (TWLO) lost 41.51%.

Looking forward, we believe the Fund’s rules-based approach of investing in some of the largest global companies that derive most of their revenue from the internet technology and e-commerce business segments with above-average growth potential provides a quality and differentiated investment holding.

Effective November 30, 2022, the Board of Trustees approved changing the fiscal year-end of the Fund from June 30 to November 30.

Performance (as of November 30, 2022)

	1 Year	Since Inception^
ALPS \| O'Shares Global Internet Giants ETF – NAV	-51.83%	0.10%
ALPS \| O'Shares Global Internet Giants ETF – Market Price*	-51.72%	0.14%
O'Shares Global Internet Giants Index	-51.58%	0.60%
NASDAQ 100 Index	-24.81%	13.32%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares Global Internet Giants ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.alpsfunds.com or call 1.866.675.2639.

7 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Performance Overview	November 30, 2022 (Unaudited)

The Fund commencement date was June 5, 2018.

The O’Shares Global Internet Giants Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the internet technology and e-commerce business segments and pass screens for gross margin and cash burn sustainability. Companies included in the Underlying Index derive at least 50% of their revenues from a) internet technology companies whose principal business is to provide the technologies that support internet commerce; and b) internet commerce companies whose principal business is to sell products and services via the internet. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The NASDAQ 100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

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

The ALPS | O’Shares Global Internet Giants 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.

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

Microsoft Corp.	6.88%
Alphabet, Inc.	5.93%
Amazon.com, Inc.	5.18%
Meituan	2.30%
Pinduoduo, Inc.	1.86%
Shopify, Inc.	1.81%
Snowflake, Inc.	1.77%
ServiceNow, Inc.	1.75%
MercadoLibre, Inc.	1.75%
Take-Two Interactive Software, Inc.	1.48%
Total % of Top 10 Holdings	30.71%

% of Total Investments (excluding short term investments)

Future holdings are subject to change.

Country Exposure* (as of November 30, 2022)

United States	76.98%
China	12.18%
Canada	1.81%
Uruguay	1.75%
Germany	1.71%
Israel	1.70%
Poland	1.21%
Singapore	1.08%
New Zealand	0.72%
Japan	0.52%
Sweden	0.34%
Total	100.00%

8 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Performance Overview	November 30, 2022 (Unaudited)

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

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

9 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance Objective

The ALPS|O’Shares Europe Quality Dividend ETF (the "Fund") seeks investment results that track the performance, before fees and expenses, of the O'Shares Europe Quality Dividend Index (the "Underlying Index").

The Underlying Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in Europe that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O'Shares Investment Advisers, LLC. The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The constituents of the Underlying Index are selected from the S-Network Europe Equity 500 Index.

Performance Overview

The ALPS|O’Shares Europe Quality Dividend ETF generated a total return of 7.78% for the trailing five-month period ended November 30, 2022, relatively in-line with the Fund’s Underlying Index, net of fees, which returned 8.41%. The Fund outperformed the Morningstar Developed Markets ex-North America Index (MSDINUS Index) but lagged the Euro Stoxx 50 Index, which returned 5.73% and 13.48%, respectively, for the same period.

The trailing five-month yield for the Fund’s constituents as of November 30, 2022 was 1.90% vs. 3.29% for the MSDINUS Index.

European stocks, as represented by the Euro Stoxx 50 Index, returned 15.36% for the trailing five-month period ended November 30, 2022.

Developed Markets (ex-U.S.), as represented by the MSDINUS Index, returned 5.73% for the trailing five-month period ended November 30, 2022 compared to the S&P 500 Total Return Index return of 8.56%. Pressured by the Federal Reserve (Fed) raising interest rates to combat inflation, markets adjusted equity values to reflect a forward-looking slowed economy. Main macroeconomic talking points throughout 2022 centered on the path of future interest rates driven by monetary policy, and inflation sustaining levels well above the Fed’s 2% inflation target. Inflation fears continued to be justified with the year-over-year Consumer Price Index surging above 9% in June, along with core inflation readings maintaining levels above 6%. Despite the quantitative tightening efforts in 2022, many economic indicators remain strong including consumer spending, wage growth and low unemployment across developed and emerging markets, offering a sliver of hope for a soft landing. Global supply chains were relieved of backlogs and most delays stemming from COVID-19 restrictions, benefitting company margins and lowering some pressure on prices of inflated goods. The latest economic data shows Real Gross Domestic Product year-over-year rising 1.9% in the U.S., 2.3% in the Eurozone, 1.8% in Japan, and 3.9% in China. Looking forward, we believe global markets have likely discounted a significant portion of quantitative tightening. We believe that global stocks, as measured by the MSDINUS Index, that exhibit Price-to-Earnings ratios below 10-year averages, along with any pause or pivot in rate hikes across developed central banks, will likely serve as positive catalysts for global equities.

Compared to the Euro Stoxx 50 Index, the Fund saw a positive impact of +0.36% from its relative underweight to Industrials while the Fund’s underweight to Financials was the largest detractor (-2.11%) from relative performance. From a geographical perspective, the highest contribution to return was attributed to holdings based in Germany, which contributed +1.83% towards overall Fund performance. All regions in the Fund contributed positive performance for the trailing five-month period.

The best-performing stocks for the trailing five-month period were Hermes International (RMS FP), which increased 42.43%, Atlas Copco AB (ATCOA SS), which returned 31.15%, and LVMH Moet Hennessy Louis Vuitton (MC FP), which gained 24.88%. The worst performing stocks were GSK PLC (GSK LN), losing 21.08%, Essity Aktiebolag (ESSITYB SS), which fell 16.66%, and Accelleron Industries AG (ACLN SW), which decreased by 13.57%.

Looking forward, we believe the Fund’s methodology of selecting large-cap and mid-cap companies in Europe with fundamental determinates including quality, low volatility and dividend growth, provides a cost-efficient core investment holding.

Effective November 30, 2022, the Board of Trustees approved changing the fiscal year-end of the Fund from June 30 to November 30.

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares Europe Quality Dividend ETF – NAV	-10.59%	2.18%	2.51%
ALPS \| O'Shares Europe Quality Dividend ETF – Market Price*	-10.27%	2.33%	2.65%
O'Shares Europe Quality Dividend Index**	-10.25%	2.66%	3.00%
EURO STOXX 50 Net Return USD Index	-8.49%	1.55%	3.24%

Total Expense Ratio (per the current prospectus) is 0.48%.

Performance data quoted represents past performance. The Fund adopted the historical performance of the O'Shares Europe Quality Dividend ETF (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund on June 17, 2022. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. Previously, the Predecessor Fund had adopted the historical performance of the O’Shares FTSE Europe Quality Dividend ETF (the “Previous Predecessor Fund”), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same.

10 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

Effective June 1, 2020, the Predecessor Fund’s underlying index was changed to the Underlying Index from the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index (the “Former Index”). Thus, Predecessor Fund performance shown through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Index, and Predecessor Fund performance shown beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown reflects the blended performance of the Former Index through May 31, 2020 and the Underlying Index thereafter. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month end performance data please visit www.alpsfunds.com or call 1.866.675.2639.

The Fund commencement date was August 19, 2015.

The O’Shares Europe Quality Dividend Index performance information reflects the blended performance of the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index through May 31, 2020 and the O’Shares Europe Quality Dividend Index thereafter.

The O’Shares Europe Quality Dividend Index is designed to reflect the performance of publicly-listed large-capitalization and mid-capitalization dividend paying issuers in Europe that meet certain market capitalization, liquidity, high quality, low volatility and high dividend yield thresholds. The quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. The index is reported on a Net Total Return basis which assumes reinvestment of any dividends and distributions realized during a given time period (net of any amounts of withholding tax).

The EURO STOXX 50 Net Return USD Index represents the performance of the 50 largest companies among the 20 supersectors in terms of free-float market cap in Eurozone countries.

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

The ALPS | O’Shares Europe Quality Dividend 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.

11 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

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

SAP SE	5.67%
ASML Holding NV	5.49%
LVMH Moet Hennessy Louis Vuitton SE	5.38%
Novartis AG	4.92%
Nestle SA	4.73%
Novo Nordisk A/S	4.61%
Roche Holding AG	3.93%
Schneider Electric SE	3.40%
Kering SA	2.81%
3i Group PLC	2.72%
Total % of Top 10 Holdings	43.66%

Country Exposure* (as of November 30, 2022)

Switzerland	21.86%
France	18.59%
Great Britain	13.77%
Germany	13.02%
Netherlands	10.65%
Sweden	8.05%
Denmark	6.73%
Finland	3.44%
Spain	2.47%
Ireland	1.37%
United States	0.05%
Total	100.00%

% of Total Investments (excluding short term investments)

Future holdings are subject to change.

Sector Allocation* (as of November 30, 2022)

Industrials	23.39%
Health Care	15.68%
Information Technology	15.64%
Consumer Staples	15.23%
Consumer Discretionary	14.92%
Utilities	6.56%
Financials	5.84%
Communication Services	1.52%
Transportation	1.17%
Money Market Fund	0.05%
Total	100.00%

12 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	November 30, 2022 (Unaudited)

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

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

13 | November 30, 2022

ALPS ETF Trust
Disclosure of Fund Expenses	November 30, 2022 (Unaudited)

Shareholder Expense Example: As a shareholder of a Fund, you incur certain ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in 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)
ALPS \| O’Shares U.S. Quality Dividend ETF
Actual^(c)	$ 1,000.00	$ 1,082.70	0.48%	$ 2.10
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.95	0.48%	$ 2.03

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Actual^(c)	$ 1,000.00	$ 1,123.90	0.48%	$ 2.14
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.95	0.48%	$ 2.03

ALPS \| O’Shares Global Internet Giants ETF
Actual^(c)	$ 1,000.00	$ 927.30	0.48%	$ 1.94
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.95	0.48%	$ 2.03

ALPS \| O’Shares Europe Quality Dividend ETF
Actual^(c)	$ 1,000.00	$ 1,077.80	0.48%	$ 2.09
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.95	0.48%	$ 2.03

^(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.

^(c)

The Funds' fiscal year end changed from June 30th to November 30th. Actual expenses on the Funds are equal to the Fund's annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the prior year-end (153) divided by 365. Actual returns for the Funds represent the period July 1, 2022 to November 30, 2022.

14 | November 30, 2022

ALPS ETF Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ALPS ETF Trust and the Shareholders of ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, ALPS | O’Shares Global Internet Giants ETF, and ALPS | O’Shares Europe Quality Dividend ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, ALPS | O’Shares Global Internet Giants ETF, and ALPS | O’Shares Europe Quality Dividend ETF, each a series of shares of beneficial interest in ALPS ETF Trust (the “Funds”), including the schedules of investments, as of November 30, 2022, and the related statements of operations for the period July 1, 2022 through November 30, 2022 and for the year ended June 30, 2022, the statements of changes in net assets for the period July 1, 2022 through November 30, 2022 and for each of the years in the two-year period ended June 30, 2022, the financial highlights as noted in the table below, 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 Funds as of November 30, 2022, and the results of their operations and the changes in their net assets for each of the periods noted above and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund	Financial Highlights Presented
ALPS \| O’Shares U.S. Quality Dividend ETF	For the period July 1, 2022 through November 30, 2022 and each of the years in the five-year period ended June 30, 2022
ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF	For the period July 1, 2022 through November 30, 2022 and each of the years in the five-year period ended June 30, 2022
ALPS \| O’Shares Global Internet Giants ETF	For the period July 1, 2022 through November 30, 2022 and each of the years in the four-year period ended June 30, 2022 and for the period from June 5, 2018 (commencement of operations) to June 30, 2018
ALPS \| O’Shares Europe Quality Dividend ETF	For the period July 1, 2022 through November 30, 2022 and each of the years in the five-year period ended June 30, 2022

Basis for Opinion

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

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

Our audits included performing procedures to assess the 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide 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 and the former OSI ETF Trust since 2017.

Philadelphia, Pennsylvania

January 27, 2023

15 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.87%)
Aerospace & Defense (2.06%)
General Dynamics Corp.		9,684	$	2,444,145
L3Harris Technologies, Inc.		4,529		1,028,445
Lockheed Martin Corp.		14,014		6,799,453
Northrop Grumman Corp.		9,702		5,173,980
Total Aerospace & Defense				15,446,023

Air Freight & Logistics (2.48%)
CH Robinson Worldwide, Inc.		7,791		780,814
Expeditors International of Washington, Inc.		14,999		1,740,784
United Parcel Service, Inc., Class B		84,975		16,122,308
Total Air Freight & Logistics				18,643,906

Beverages (2.79%)
Brown-Forman Corp., Class B		13,139		959,410
Coca-Cola Co.		159,487		10,144,968
PepsiCo, Inc.		52,749		9,785,467
Total Beverages				20,889,845

Biotechnology (3.22%)
AbbVie, Inc.		65,107		10,493,946
Amgen, Inc.		34,801		9,967,006
Gilead Sciences, Inc.		41,353		3,632,034
Total Biotechnology				24,092,986

Building Products (0.18%)
Trane Technologies PLC		7,379		1,316,561

Capital Markets (10.91%)
BlackRock, Inc.		8,046		5,760,936
Blackstone, Inc.		78,275		7,164,511
Moody's Corp.		21,928		6,540,465
MSCI, Inc.		9,965		5,060,526
S&P Global, Inc.		82,816		29,217,484
T Rowe Price Group, Inc.		223,207		27,880,786
Total Capital Markets				81,624,708

Commercial Services & Supplies (0.45%)
Cintas Corp.		2,932		1,353,939
Waste Management, Inc.		11,909		1,997,377
Total Commercial Services & Supplies				3,351,316

Communications Equipment (2.61%)
Cisco Systems, Inc.		369,578		18,375,418
Motorola Solutions, Inc.		4,244		1,155,217
Total Communications Equipment				19,530,635

Diversified Telecommunication Services (2.52%)
AT&T, Inc.		245,015		4,723,889
Verizon Communications, Inc.		364,080		14,191,839
Total Diversified Telecommunication Services				18,915,728

Security Description	Shares		Value
Electrical Equipment (0.42%)
Eaton Corp. PLC		7,210	$	1,178,475
Emerson Electric Co.		20,194		1,933,979
Total Electrical Equipment				3,112,454

Electronic Equipment, Instruments & Components (0.56%)
Amphenol Corp., Class A		19,324		1,554,229
Corning, Inc.		17,525		598,128
TE Connectivity, Ltd.		15,993		2,017,038
Total Electronic Equipment, Instruments & Components				4,169,395

Food & Staples Retailing (1.34%)
Costco Wholesale Corp.		9,415		5,077,039
Walmart, Inc.		32,463		4,948,010
Total Food & Staples Retailing				10,025,049

Food Products (0.94%)
Archer-Daniels-Midland Co.		8,837		861,608
General Mills, Inc.		14,936		1,274,041
Hershey Co.		6,920		1,627,376
Mondelez International, Inc., Class A		36,530		2,469,793
Tyson Foods, Inc., Class A		12,328		817,100
Total Food Products				7,049,918

Health Care Equipment & Supplies (1.85%)
Abbott Laboratories		103,504		11,134,961
Medtronic PLC		34,631		2,737,234
Total Health Care Equipment & Supplies				13,872,195

Health Care Providers & Services (1.67%)
CVS Health Corp.		5,513		561,664
Elevance Health, Inc.		1,357		723,172
Quest Diagnostics, Inc.		4,922		747,308
UnitedHealth Group, Inc.		19,061		10,440,854
Total Health Care Providers & Services				12,472,998

Hotels, Restaurants & Leisure (6.31%)
McDonald's Corp.		86,351		23,555,689
Starbucks Corp.		177,081		18,097,678
Yum! Brands, Inc.		43,168		5,553,995
Total Hotels, Restaurants & Leisure				47,207,362

Household Durables (0.34%)
Garmin, Ltd.		27,086		2,518,727

Household Products (3.47%)
Colgate-Palmolive Co.		37,066		2,871,874
Kimberly-Clark Corp.		12,085		1,639,089
Procter & Gamble Co.		143,909		21,465,466
Total Household Products				25,976,429

Industrial Conglomerates (1.80%)
3M Co.		38,333		4,828,808

16 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Industrial Conglomerates (continued)
Honeywell International, Inc.		39,373	$	8,644,342
Total Industrial Conglomerates				13,473,150

Insurance (4.40%)
Chubb, Ltd.		20,444		4,489,298
Marsh & McLennan Cos., Inc.		164,149		28,427,324
Total Insurance				32,916,622

IT Services (5.31%)
Accenture PLC, Class A		42,251		12,714,594
Automatic Data Processing, Inc.		10,320		2,725,925
Cognizant Technology Solutions Corp., Class A		44,643		2,777,241
International Business Machines Corp.		8,580		1,277,562
Mastercard, Inc., Class A		11,246		4,008,074
Paychex, Inc.		18,368		2,278,183
Visa, Inc., Class A		64,471		13,990,208
Total IT Services				39,771,787

Life Sciences Tools & Services (0.27%)
Agilent Technologies, Inc.		4,488		695,550
Danaher Corp.		2,959		809,021
Thermo Fisher Scientific, Inc.		964		540,052
Total Life Sciences Tools & Services				2,044,623

Machinery (1.58%)
Caterpillar, Inc.		7,691		1,818,229
Cummins, Inc.		6,666		1,674,233
Illinois Tool Works, Inc.		30,029		6,830,697
Otis Worldwide Corp.		18,772		1,465,905
Total Machinery				11,789,064

Media (2.38%)
Comcast Corp., Class A		485,032		17,771,572

Multiline Retail (0.78%)
Dollar General Corp.		11,185		2,859,781
Target Corp.		17,665		2,951,291
Total Multiline Retail				5,811,072

Personal Products (0.09%)
Estee Lauder Cos., Inc., Class A		2,760		650,780

Pharmaceuticals (14.01%)
Bristol-Myers Squibb Co.		65,139		5,229,359
Eli Lilly & Co.		19,733		7,322,522
Johnson & Johnson		178,491		31,771,397
Merck & Co., Inc.		259,821		28,611,489
Pfizer, Inc.		601,042		30,130,234
Zoetis, Inc.		10,912		1,681,976
Total Pharmaceuticals				104,746,977

Security Description	Shares		Value
Professional Services (0.10%)
Verisk Analytics, Inc.		4,151	$	762,580

Road & Rail (1.64%)
CSX Corp.		54,830		1,792,393
Norfolk Southern Corp.		9,009		2,310,809
Union Pacific Corp.		37,398		8,131,446
Total Road & Rail				12,234,648

Semiconductors & Semiconductor Equipment (4.42%)
Analog Devices, Inc.		15,064		2,589,652
Broadcom, Inc.		5,390		2,970,052
Intel Corp.		115,875		3,484,361
QUALCOMM, Inc.		7,865		994,844
Texas Instruments, Inc.		127,548		23,017,312
Total Semiconductors & Semiconductor Equipment				33,056,221

Software (5.01%)
Microsoft Corp.		136,740		34,887,844
Oracle Corp.		31,346		2,602,658
Total Software				37,490,502

Specialty Retail (8.49%)
Home Depot, Inc.		117,997		38,229,849
Lowe's Cos., Inc.		59,962		12,744,923
TJX Cos., Inc.		115,370		9,235,369
Tractor Supply Co.		14,646		3,314,536
Total Specialty Retail				63,524,677

Technology Hardware, Storage & Peripherals (3.51%)
Apple, Inc.		171,198		25,342,440
HP, Inc.		29,383		882,665
Total Technology Hardware, Storage & Peripherals				26,225,105

Textiles, Apparel & Luxury Goods (0.51%)
NIKE, Inc., Class B		35,041		3,843,647

Tobacco (1.01%)
Altria Group, Inc.		29,582		1,377,930
Philip Morris International, Inc.		61,895		6,169,074
Total Tobacco				7,547,004

Trading Companies & Distributors (0.44%)
Fastenal Co.		63,493		3,270,524

TOTAL COMMON STOCKS
(Cost $654,946,874)				747,146,790

17 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Schedule of Investments	November 30, 2022

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.12%)
Money Market Fund (0.12%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		925,127	$	925,127

TOTAL SHORT TERM INVESTMENTS
(Cost $925,127)							925,127

TOTAL INVESTMENTS (99.99%)
(Cost $655,872,001)						$	748,071,917
OTHER ASSETS IN EXCESS OF LIABILITIES (0.01%)							49,585
NET ASSETS - 100.00%						$	748,121,502

See Notes to Financial Statements.

18 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.88%)
Air Freight & Logistics (0.43%)
Forward Air Corp.		6,962	$	782,320

Auto Components (3.04%)
BorgWarner, Inc.		29,368		1,248,434
Gentex Corp.		129,201		3,733,908
Lear Corp.		3,853		555,757
Total Auto Components				5,538,099

Beverages (0.32%)
Molson Coors Beverage Co., Class B		10,706		590,008

Building Products (2.75%)
A O Smith Corp.		61,138		3,713,522
Simpson Manufacturing Co., Inc.		6,918		643,720
UFP Industries, Inc.		7,874		644,566
Total Building Products				5,001,808

Capital Markets (12.34%)
Artisan Partners Asset
Management, Inc., Class A		35,803		1,242,006
Cohen & Steers, Inc.		20,657		1,368,526
Diamond Hill Investment Group, Inc.		4,759		846,912
Evercore, Inc., Class A		18,548		2,136,359
GCM Grosvenor, Inc.		166,823		1,463,038
Hamilton Lane, Inc., Class A		13,389		989,179
Houlihan Lokey, Inc.		44,515		4,378,049
Invesco, Ltd.		40,269		769,541
Lazard, Ltd., Class A		57,969		2,122,245
Moelis & Co., Class A		55,716		2,408,046
Morningstar, Inc.		3,558		872,173
SEI Investments Co.		62,047		3,864,287
Total Capital Markets				22,460,361

Commercial Services & Supplies (1.21%)
Ennis, Inc.		40,165		933,033
Tetra Tech, Inc.		8,190		1,266,092
Total Commercial Services & Supplies				2,199,125

Communications Equipment (2.21%)
Juniper Networks, Inc.		120,959		4,020,677

Consumer Finance (0.55%)
FirstCash Holdings, Inc.		10,716		1,005,804

Diversified Consumer Services (2.42%)
H&R Block, Inc.		30,910		1,351,076
Service Corp. International		42,647		3,047,128
Total Diversified Consumer Services				4,398,204

Security Description	Shares		Value
Diversified Telecommunication Services (0.43%)
Cogent Communications
Holdings, Inc.		13,598	$	789,364

Electric Utilities (1.97%)
ALLETE, Inc.		3,789		250,832
IDACORP, Inc.		3,470		383,539
MGE Energy, Inc.		2,654		191,115
NRG Energy, Inc.		21,318		904,950
OGE Energy Corp.		22,277		901,327
Otter Tail Corp.		4,754		283,481
Pinnacle West Capital Corp.		5,582		437,182
Portland General Electric Co.		4,630		227,935
Total Electric Utilities				3,580,361

Electronic Equipment, Instruments & Components (5.08%)
Avnet, Inc.		74,899		3,383,188
Littelfuse, Inc.		6,438		1,586,967
National Instruments Corp.		73,109		2,998,931
Vishay Intertechnology, Inc.		55,242		1,272,776
Total Electronic Equipment, Instruments & Components				9,241,862

Food & Staples Retailing (0.45%)
Casey's General Stores, Inc.		2,282		554,572
Weis Markets, Inc.		3,039		265,031
Total Food & Staples Retailing				819,603

Food Products (4.34%)
Cal-Maine Foods, Inc.		14,756		859,980
Flowers Foods, Inc.		76,971		2,312,978
Ingredion, Inc.		22,938		2,247,236
J & J Snack Foods Corp.		2,632		431,701
Lamb Weston Holdings, Inc.		4,430		384,967
Lancaster Colony Corp.		6,431		1,332,117
Tootsie Roll Industries, Inc.		7,236		325,258
Total Food Products				7,894,237

Gas Utilities (1.48%)
Chesapeake Utilities Corp.		772		92,432
National Fuel Gas Co.		12,702		841,253
New Jersey Resources Corp.		4,266		212,234
Spire, Inc.		2,625		194,513
UGI Corp.		35,202		1,360,556
Total Gas Utilities				2,700,988

Health Care Equipment & Supplies (1.31%)
DENTSPLY SIRONA, Inc.		78,547		2,376,832

Health Care Providers & Services (4.95%)
Encompass Health Corp.		67,693		3,958,688
National HealthCare Corp.		28,727		1,770,732
Premier, Inc., Class A		98,564		3,287,109
Total Health Care Providers & Services				9,016,529

19 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Hotels, Restaurants & Leisure (3.59%)
Choice Hotels International, Inc.		6,992	$	861,554
Cracker Barrel Old Country Store, Inc.		4,689		538,297
Texas Roadhouse, Inc.		15,099		1,499,633
Vail Resorts, Inc.		12,087		3,112,887
Wyndham Hotels & Resorts, Inc.		7,265		532,670
Total Hotels, Restaurants & Leisure				6,545,041

Household Durables (1.28%)
Leggett & Platt, Inc.		34,863		1,241,471
Whirlpool Corp.		7,364		1,079,047
Total Household Durables				2,320,518

Household Products (0.57%)
Reynolds Consumer Products, Inc.		20,503		655,275
WD-40 Co.		2,237		374,698
Total Household Products				1,029,973

Independent Power and Renewable Electricity Producers (0.15%)
Clearway Energy, Inc.		7,681		272,215

Insurance (7.66%)
Erie Indemnity Co., Class A		15,433		4,358,125
First American Financial Corp.		64,905		3,547,058
Old Republic International Corp.		156,335		3,830,208
RLI Corp.		9,677		1,258,687
Stewart Information Services Corp.		21,131		935,258
Total Insurance				13,929,336

IT Services (9.71%)
Amdocs, Ltd.		41,520		3,689,467
CSG Systems International, Inc.		19,305		1,193,821
Genpact, Ltd.		61,962		2,857,068
Jack Henry & Associates, Inc.		17,601		3,332,749
Maximus, Inc.		44,475		3,126,593
Western Union Co.		235,928		3,458,704
Total IT Services				17,658,402

Leisure Products (0.78%)
Brunswick Corp.		6,849		508,196
Sturm Ruger & Co., Inc.		16,574		910,410
Total Leisure Products				1,418,606

Machinery (11.53%)
Crane Holdings Co.		15,009		1,590,053
Donaldson Co., Inc.		64,488		3,928,608
Franklin Electric Co., Inc.		11,812		983,940
Graco, Inc.		53,030		3,710,509
ITT, Inc.		16,095		1,360,349
Lincoln Electric Holdings, Inc.		25,079		3,708,683

Security Description	Shares		Value
Machinery (continued)
Mueller Industries, Inc.		10,583	$	727,793
Snap-on, Inc.		15,631		3,760,819
Watts Water Technologies, Inc., Class A		7,691		1,218,639
Total Machinery				20,989,393

Media (3.85%)
Cable One, Inc.		441		319,412
Interpublic Group of Cos., Inc.		115,250		3,959,989
John Wiley & Sons, Inc., Class A		15,094		715,607
New York Times Co., Class A		16,655		610,406
News Corp., Class A		49,397		945,953
TEGNA, Inc.		22,360		441,386
Total Media				6,992,753

Multi-Utilities (0.59%)
Avista Corp.		3,025		124,872
Black Hills Corp.		2,405		172,270
NiSource, Inc.		21,372		597,134
NorthWestern Corp.		3,025		176,690
Total Multi-Utilities				1,070,966

Pharmaceuticals (1.69%)
Organon & Co.		118,366		3,079,883

Professional Services (2.85%)
Exponent, Inc.		16,243		1,679,689
Robert Half International, Inc.		44,510		3,506,497
Total Professional Services				5,186,186

Road & Rail (2.12%)
Landstar System, Inc.		11,584		2,003,800
Schneider National, Inc., Class B		71,726		1,847,662
Total Road & Rail				3,851,462

Semiconductors & Semiconductor Equipment (0.74%)
Power Integrations, Inc.		16,741		1,347,316

Software (2.45%)
Dolby Laboratories, Inc., Class A		47,004		3,519,189
InterDigital, Inc.		18,763		941,340
Total Software				4,460,529

Textiles, Apparel & Luxury Goods (2.19%)
Carter's, Inc.		16,132		1,178,281
Columbia Sportswear Co.		13,321		1,193,428
Ralph Lauren Corp.		8,190		926,453
Steven Madden, Ltd.		19,718		681,060
Total Textiles, Apparel & Luxury Goods				3,979,222

Thrifts & Mortgage Finance (0.74%)
Essent Group, Ltd.		14,490		580,904

20 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Thrifts & Mortgage Finance (continued)
Radian Group, Inc.		38,734	$	758,024
Total Thrifts & Mortgage Finance				1,338,928

Trading Companies & Distributors (1.80%)
Watsco, Inc.		12,167		3,272,680

Water Utilities (0.31%)
American States Water Co.		2,183		213,912
Essential Utilities, Inc.		7,401		357,024
Total Water Utilities				570,936

TOTAL COMMON STOCKS
(Cost $162,735,624)				181,730,527

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.09%)
Money Market Fund (0.09%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		161,958		161,958

TOTAL SHORT TERM INVESTMENTS
(Cost $161,958)							161,958

TOTAL INVESTMENTS (99.97%)
(Cost $162,897,582)						$	181,892,485
OTHER ASSETS IN EXCESS OF LIABILITIES (0.03%)							51,429
NET ASSETS - 100.00%						$	181,943,914

See Notes to Financial Statements.

21 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.93%)
Entertainment (9.07%)
Activision Blizzard, Inc.		14,645	$	1,082,998
Bilibili, Inc., ADR^(a)		89,474		1,553,269
Electronic Arts, Inc.		5,528		722,952
Live Nation Entertainment, Inc.^(a)		16,400		1,193,264
NetEase, Inc.		39,068		546,685
Netflix, Inc.^(a)		3,751		1,146,043
Nexon Co., Ltd.		38,000		796,379
ROBLOX Corp., Class A^(a)		44,181		1,403,630
Roku, Inc.^(a)		16,441		976,102
Sea, Ltd., ADR^(a)		28,155		1,643,407
Spotify Technology SA^(a)		6,544		519,724
Take-Two Interactive Software, Inc.^(a)		21,303		2,251,515
Total Entertainment				13,835,968

Interactive Media & Services (13.46%)
Alphabet, Inc., Class A^(a)		89,622		9,050,926
Baidu, Inc., Sponsored ADR^(a)		5,244		569,498
Kanzhun, Ltd., ADR^(a)		99,873		1,879,610
Kuaishou Technology^(a)(b)(c)		146,000		1,057,016
Match Group, Inc.^(a)		10,472		529,464
Meta Platforms, Inc., Class A^(a)		15,649		1,848,147
Pinterest, Inc., Class A^(a)		41,903		1,065,174
Snap, Inc., Class A^(a)		88,021		907,497
Tencent Holdings, Ltd.		57,117		2,100,129
ZoomInfo Technologies, Inc.^(a)		53,283		1,523,894
Total Interactive Media & Services				20,531,355

Internet & Direct Marketing Retail (17.89%)
Alibaba Group Holding, Ltd.,
Sponsored ADR^(a)		17,950		1,571,702
Allegro.eu SA^(a)(b)(c)		372,124		1,853,032
Amazon.com, Inc.^(a)		81,924		7,908,944
Chewy, Inc., Class A^(a)		21,463		925,699
Delivery Hero SE^(a)(b)(c)		44,998		1,918,425
DoorDash, Inc., Class A^(a)		30,335		1,767,014
Etsy, Inc.^(a)		6,894		910,628
JD.com, Inc., Class A		50,846		1,424,296
Meituan, Class B^(a)(b)(c)		167,366		3,505,473
MercadoLibre, Inc.^(a)		2,861		2,663,548
Pinduoduo, Inc., ADR^(a)		34,537		2,833,415
Total Internet & Direct Marketing Retail				27,282,176

IT Services (9.08%)
Cloudflare, Inc., Class A^(a)		39,513		1,941,669
DigitalOcean Holdings, Inc.^(a)		47,344		1,412,272
MongoDB, Inc.^(a)		8,586		1,310,996
Okta, Inc.^(a)		32,594		1,737,912
Shopify, Inc., Class A^(a)		67,619		2,764,264
Snowflake, Inc., Class A^(a)		18,913		2,702,668
Twilio, Inc., Class A^(a)		28,941		1,418,688
VeriSign, Inc.^(a)		2,825		564,463
Total IT Services				13,852,932

Security Description	Shares		Value
Software (50.43%)
Adobe, Inc.^(a)		5,895	$	2,033,362
AppLovin Corp., Class A^(a)		39,811		573,677
Asana, Inc., Class A^(a)		91,122		1,654,776
Atlassian Corp., Class A^(a)		12,600		1,657,530
Bill.com Holdings, Inc.^(a)		15,422		1,857,117
Ceridian HCM Holding, Inc.^(a)		18,235		1,248,003
Confluent, Inc., Class A^(a)		82,399		1,897,649
Crowdstrike Holdings, Inc., Class A^(a)		16,490		1,940,049
Datadog, Inc., Class A^(a)		28,435		2,154,804
DocuSign, Inc.^(a)		14,557		685,198
Dynatrace, Inc.^(a)		37,677		1,459,984
Elastic NV^(a)		22,495		1,376,469
Five9, Inc.^(a)		17,849		1,144,299
Fortinet, Inc.^(a)		41,478		2,204,970
Gitlab, Inc., Class A^(a)		41,820		1,653,981
HashiCorp, Inc., Class A^(a)		63,764		1,740,757
HubSpot, Inc.^(a)		5,793		1,755,453
Intuit, Inc.		3,912		1,594,492
Kingdee International Software Group Co., Ltd.^(a)		934,215		1,540,490
Microsoft Corp.		41,144		10,497,480
Monday.com, Ltd.^(a)		17,416		1,872,220
Nice, Ltd., ADR^(a)		3,660		710,662
Oracle Corp.		25,795		2,141,759
Palantir Technologies, Inc., Class A^(a)		228,160		1,711,200
Palo Alto Networks, Inc.^(a)		11,783		2,001,932
Paycom Software, Inc.^(a)		4,895		1,659,895
Paylocity Holding Corp.^(a)		7,098		1,546,157
Qualtrics International, Inc., Class A^(a)		117,644		1,207,027
Salesforce, Inc.^(a)		13,084		2,096,711
Samsara, Inc., Class A^(a)		165,937		1,581,380
SAP SE		6,319		686,885
SentinelOne, Inc., Class A^(a)		86,006		1,247,087
ServiceNow, Inc.^(a)		6,427		2,675,560
Smartsheet, Inc., Class A^(a)		56,827		1,746,862
Splunk, Inc.^(a)		16,482		1,280,322
Trade Desk, Inc., Class A^(a)		34,990		1,824,379
Tyler Technologies, Inc.^(a)		1,438		492,860
UiPath, Inc., Class A^(a)		143,923		1,794,720
Unity Software, Inc.^(a)		47,786		1,888,025
VMware, Inc., Class A^(a)		4,842		588,255
Workday, Inc., Class A^(a)		9,589		1,609,993
Xero, Ltd.^(a)		22,899		1,097,933
Zoom Video Communications, Inc., Class A^(a)		6,937		523,258
Zscaler, Inc.^(a)		16,853		2,249,033
Total Software				76,904,655

TOTAL COMMON STOCKS
(Cost $244,205,523)				152,407,086

22 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Schedule of Investments	November 30, 2022

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.09%)
Money Market Fund (0.09%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		132,849	$	132,849

TOTAL SHORT TERM INVESTMENTS
(Cost $132,849)							132,849

TOTAL INVESTMENTS (100.02%)
(Cost $244,338,372)						$	152,539,935
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.02%)							(26,828	)
NET ASSETS - 100.00%						$	152,513,107

^(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 $8,333,946, representing 5.46% of net assets.

^(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of November 30, 2022, the market value of those securities was $8,333,946 representing 5.46% of net assets.

See Notes to Financial Statements.

23 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.55%)
Air Freight & Logistics (2.14%)
Deutsche Post AG		19,409	$	764,056

Auto Components (1.17%)
Cie Generale des Etablissements Michelin SCA		14,961		416,068

Automobiles (3.86%)
Bayerische Motoren Werke AG		10,653		956,795
Stellantis NV		27,146		420,673
Total Automobiles				1,377,468

Beverages (3.04%)
Carlsberg A/s^(a)		1,873		234,127
Diageo PLC		12,496		573,518
Heineken NV		1,536		141,104
Pernod Ricard SA		672		132,130
Total Beverages				1,080,879

Building Products (2.33%)
Assa Abloy AB, Class B		25,896		587,612
Geberit AG		515		243,173
Total Building Products				830,785

Capital Markets (5.10%)
3i Group PLC		59,441		966,086
Partners Group Holding AG		876		856,328
Total Capital Markets				1,822,414

Communications Equipment (2.18%)
Telefonaktiebolaget LM Ericsson		125,246		776,627

Diversified Telecommunication Services (1.52%)
Elisa Oyj		10,459		541,572

Electric Utilities (4.70%)
Iberdrola SA		78,190		877,113
SSE PLC		38,764		798,220
Total Electric Utilities				1,675,333

Electrical Equipment (6.39%)
ABB, Ltd.		22,951		712,118
Legrand SA		4,453		359,028
Schneider Electric SE		8,354		1,207,660
Total Electrical Equipment				2,278,806

Electronic Equipment, Instruments & Components (2.28%)
Hexagon AB, Class B		72,435		814,923

Food & Staples Retailing (0.94%)
Koninklijke Ahold Delhaize NV		11,629		336,595

Security Description	Shares		Value
Food Products (4.89%)
Chocoladefabriken Lindt & Spruengli AG		6	$	62,901
Nestle SA		14,142		1,678,956
Total Food Products				1,741,857

Health Care Equipment & Supplies (0.29%)
Coloplast A/S, Class B		894		104,271

Household Products (1.50%)
Reckitt Benckiser Group PLC		7,450		534,080

Insurance (0.70%)
Zurich Insurance Group AG		524		250,800

Machinery (4.19%)
Atlas Copco AB		55,318		680,344
Kone Oyj, Class B		13,741		679,343
Schindler Holding AG^(a)		733		137,227
Total Machinery				1,496,914

Marine (2.70%)
A P Moller-Maersk A/S^(a)		193		414,508
Kuehne + Nagel International AG		2,280		550,814
Total Marine				965,322

Multi-Utilities (1.84%)
E.ON SE		69,127		656,325

Personal Products (4.50%)
L'Oreal SA		1,847		681,924
Unilever PLC		18,514		924,696
Total Personal Products				1,606,620

Pharmaceuticals (15.33%)
GSK PLC		8,671		147,021
Merck KGaA		1,297		234,572
Novartis AG		19,762		1,746,991
Novo Nordisk A/S, Class B		13,247		1,638,463
Roche Holding AG		4,292		1,396,119
Sanofi		3,347		301,201
Total Pharmaceuticals				5,464,367

Professional Services (6.69%)
Experian PLC		13,868		485,556
RELX PLC		30,034		836,912
SGS SA		55		127,873
Wolters Kluwer NV		8,541		934,997
Total Professional Services				2,385,338

Semiconductors & Semiconductor Equipment (5.47%)
ASML Holding NV		3,341		1,950,753

24 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Software (5.65%)
SAP SE		18,531	$	2,014,347

Textiles, Apparel & Luxury Goods (9.84%)
Hermes International		371		595,504
Kering SA		1,691		998,432
LVMH Moet Hennessy Louis Vuitton SE		2,492		1,911,957
Total Textiles, Apparel & Luxury Goods				3,505,893

Tobacco (0.31%)
British American Tobacco PLC		2,666		108,960

TOTAL COMMON STOCKS
(Cost $38,001,595)				35,501,373

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.05%)
Money Market Fund (0.05%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		18,888		18,888

TOTAL SHORT TERM INVESTMENTS
(Cost $18,888)							18,888

TOTAL INVESTMENTS (99.60%)
(Cost $38,020,483)						$	35,520,261
OTHER ASSETS IN EXCESS OF LIABILITIES (0.40%)							143,827
NET ASSETS - 100.00%						$	35,664,088

^(a)

Non-income producing security.

See Notes to Financial Statements.

25 | November 30, 2022

ALPS ETF Trust
Statements of Assets and Liabilities	November 30, 2022

	ALPS \| O'Shares U.S. Quality Dividend ETF		ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		ALPS \| O'Shares Global Internet Giants ETF			ALPS \| O'Shares Europe Quality Dividend ETF
ASSETS:
Investments, at value	$	748,071,917	$	181,892,485	$	152,539,935		$	35,520,261
Foreign Currency, at value (Cost $–, $–, $– and $326)		–		–		–			329
Dividends and foreign tax reclaims receivable		1,690,850		457,429		33,016			218,611
Receivable for shares sold		–		1,728,531		–			–
Total Assets		749,762,767		184,078,445		152,572,951			35,739,201

LIABILITIES:
Payable to adviser		282,523		66,916		59,844			13,413
Payable for investments purchased		–		1,727,842		–			–
Distribution payable		1,358,742		339,773		–			61,700
Total Liabilities		1,641,265		2,134,531		59,844			75,113
NET ASSETS	$	748,121,502	$	181,943,914	$	152,513,107		$	35,664,088

NET ASSETS CONSIST OF:
Paid-in capital	$	711,649,987	$	176,154,800	$	388,523,703		$	47,807,829
Total distributable earnings/(accumulated losses)		36,471,515		5,789,114		(236,010,596	)		(12,143,741	)
NET ASSETS	$	748,121,502	$	181,943,914	$	152,513,107		$	35,664,088

INVESTMENTS, AT COST	$	655,872,001	$	162,897,582	$	244,338,372		$	38,020,483

PRICING OF SHARES
Net Assets	$	748,121,502	$	181,943,914	$	152,513,107		$	35,664,088
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		17,300,000		5,154,000		6,075,000			1,475,000
Net Asset Value, offering and redemption price per share	$	43.24	$	35.30	$	25.11		$	24.18

See Notes to Financial Statements.

26 | November 30, 2022

ALPS ETF Trust

Statements of Operations

	ALPS \| O'Shares U.S. Quality Dividend ETF^(a)					ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF^(a)
	For the Period Ended November 30, 2022		For the Year Ended June 30, 2022			For the Period Ended November 30, 2022		For the Year Ended June 30, 2022
INVESTMENT INCOME:
Dividends*	$	7,811,756	$	17,213,528		$	1,857,374	$	3,386,138
Total Investment Income		7,811,756		17,213,528			1,857,374		3,386,138

EXPENSES:
Investment adviser fees		1,448,088		3,652,468			323,006		749,085
Total Expenses		1,448,088		3,652,468			323,006		749,085
NET INVESTMENT INCOME		6,363,668		13,561,060			1,534,368		2,637,053

REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain on investments^(b)		3,499,404		43,405,783			669,930		14,022,562
Total net realized gain		3,499,404		43,405,783			669,930		14,022,562
Net change in unrealized appreciation/(depreciation) on investments		47,553,595		(83,029,339	)		17,488,042		(29,865,443	)
Total net change in unrealized appreciation/(depreciation)		47,553,595		(83,029,339	)		17,488,042		(29,865,443	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		51,052,999		(39,623,556	)		18,157,972		(15,842,881	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,416,667	$	(26,062,496	)	$	19,692,340	$	(13,205,828	)
*Net of foreign tax withholding.	$	–	$	–		$	–	$	–

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

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

See Notes to Financial Statements.

27 | November 30, 2022

ALPS ETF Trust

Statements of Operations

	ALPS \| O'Shares Global Internet Giants ETF^(a)						ALPS \| O'Shares Europe Quality Dividend ETF^(a)
	For the Period Ended November 30, 2022			For the Year Ended June 30, 2022			For the Period Ended November 30, 2022			For the Year Ended June 30, 2022
INVESTMENT INCOME:
Dividends*	$	89,176		$	521,381		$	117,298		$	1,137,271
Income from non-cash dividends		–			223,794			–			45,145
Total Investment Income		89,176			745,175			117,298			1,182,416

EXPENSES:
Investment adviser fees		395,612			2,219,431			73,655			211,895
Total Expenses		395,612			2,219,431			73,655			211,895
NET INVESTMENT INCOME/(LOSS)		(306,436	)		(1,474,256	)		43,643			970,521

REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain/(loss) on investments^(b)		(48,523,377	)		(38,672,396	)		(4,894,756	)		3,229,389
Net realized loss on foreign currency transactions		(28,528	)		(4,792	)		(3,093	)		(32,845	)
Total net realized gain/(loss)		(48,551,905	)		(38,677,188	)		(4,897,849	)		3,196,544
Net change in unrealized appreciation/(depreciation) on investments		34,370,466			(244,942,759	)		6,973,714			(14,648,951	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		89			(128	)		2,078			(11,589	)
Total net change in unrealized appreciation/(depreciation)		34,370,555			(244,942,887	)		6,975,792			(14,660,540	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(14,181,350	)		(283,620,075	)		2,077,943			(11,463,996	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,487,786	)	$	(285,094,331	)	$	2,121,586		$	(10,493,475	)
*Net of foreign tax withholding.	$	–		$	8,960		$	6,733		$	159,771

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

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

See Notes to Financial Statements.

28 | November 30, 2022

ALPS | O’Shares U.S. Quality Dividend ETF

Statements of Changes in Net Assets

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	6,363,668		$	13,561,060		$	10,746,630
Net realized gain		3,499,404			43,405,783			32,907,730
Net change in unrealized appreciation/depreciation		47,553,595			(83,029,339	)		102,443,817
Net increase/(decrease) in net assets resulting from operations		57,416,667			(26,062,496	)		146,098,177

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(6,308,456	)		(13,415,408	)		(10,300,014	)
Total distributions		(6,308,456	)		(13,415,408	)		(10,300,014	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		6,268,102			230,032,035			193,214,199
Cost of shares redeemed		(46,483,693	)		(142,045,551	)		(119,413,177	)
Net increase/(decrease) from capital share transactions		(40,215,591	)		87,986,484			73,801,022
Net increase in net assets		10,892,620			48,508,580			209,599,185

NET ASSETS:
Beginning of period		737,228,882			688,720,302			479,121,117
End of period	$	748,121,502		$	737,228,882		$	688,720,302

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		18,300,000			16,400,000			14,450,000
Shares sold		150,000			5,200,000			5,150,000
Shares redeemed		(1,150,000	)		(3,300,000	)		(3,200,000	)
Shares outstanding, end of period		17,300,000			18,300,000			16,400,000

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

See Notes to Financial Statements.

29 | November 30, 2022

ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF

Statements of Changes in Net Assets

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	1,534,368		$	2,637,053		$	2,556,369
Net realized gain		669,930			14,022,562			4,938,284
Net change in unrealized appreciation/depreciation		17,488,042			(29,865,443	)		34,458,826
Net increase/(decrease) in net assets resulting from operations		19,692,340			(13,205,828	)		41,953,479

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,333,102	)		(2,765,428	)		(2,128,261	)
Total distributions		(1,333,102	)		(2,765,428	)		(2,128,261	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		13,889,462			78,553,967			18,805,699
Cost of shares redeemed		(5,623,137	)		(56,478,862	)		(3,228,094	)
Net increase from capital share transactions		8,266,325			22,075,105			15,577,605
Net increase in net assets		26,625,563			6,103,849			55,402,823

NET ASSETS:
Beginning of period		155,318,351			149,214,502			93,811,679
End of period	$	181,943,914		$	155,318,351		$	149,214,502

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,904,000			4,254,000			3,754,000
Shares sold		425,000			2,250,000			600,000
Shares redeemed		(175,000	)		(1,600,000	)		(100,000	)
Shares outstanding, end of period		5,154,000			4,904,000			4,254,000

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

See Notes to Financial Statements.

30 | November 30, 2022

ALPS | O’Shares Global Internet Giants ETF

Statements of Changes in Net Assets

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment loss	$	(306,436	)	$	(1,474,256	)	$	(2,450,867	)
Net realized gain/(loss)		(48,551,905	)		(38,677,188	)		108,500,737
Net change in unrealized appreciation/depreciation		34,370,555			(244,942,887	)		77,354,082
Net increase/(decrease) in net assets resulting from operations		(14,487,786	)		(285,094,331	)		183,403,952

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			5,994,386			558,000,546
Cost of shares redeemed		(42,866,222	)		(229,798,933	)		(295,150,967	)
Net increase/(decrease) from capital share transactions		(42,866,222	)		(223,804,547	)		262,849,579
Net increase/(decrease) in net assets		(57,354,008	)		(508,898,878	)		446,253,531

NET ASSETS:
Beginning of period		209,867,115			718,765,993			272,512,462
End of period	$	152,513,107		$	209,867,115		$	718,765,993

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		7,750,000			12,600,000			7,200,000
Shares sold		–			150,000			11,100,000
Shares redeemed		(1,675,000	)		(5,000,000	)		(5,700,000	)
Shares outstanding, end of period		6,075,000			7,750,000			12,600,000

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

See Notes to Financial Statements.

31 | November 30, 2022

ALPS | O’Shares Europe Quality Dividend ETF

Statements of Changes in Net Assets

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	43,643		$	970,521		$	458,122
Net realized gain/(loss)		(4,897,849	)		3,196,544			747,430
Net change in unrealized appreciation/depreciation		6,975,792			(14,660,540	)		4,207,028
Net increase/(decrease) in net assets resulting from operations		2,121,586			(10,493,475	)		5,412,580

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(284,255	)		(1,031,977	)		(682,515	)
Total distributions		(284,255	)		(1,031,977	)		(682,515	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			43,521,283			4,045,935
Cost of shares redeemed		(6,889,121	)		(17,876,858	)		–
Net increase/(decrease) from capital share transactions		(6,889,121	)		25,644,425			4,045,935
Net increase/(decrease) in net assets		(5,051,790	)		14,118,973			8,776,000

NET ASSETS:
Beginning of period		40,715,878			26,596,905			17,820,905
End of period	$	35,664,088		$	40,715,878		$	26,596,905

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,800,000			950,000			800,000
Shares sold		–			1,550,000			150,000
Shares redeemed		(325,000	)		(700,000	)		–
Shares outstanding, end of period		1,475,000			1,800,000			950,000

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

See Notes to Financial Statements.

32 | November 30, 2022

ALPS \| O’Shares U.S. Quality Dividend ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	40.29		$	42.00		$	33.16		$	34.13		$	30.69		$	29.25

INCOME FROM OPERATIONS:
Net investment income^(b)		0.36			0.77			0.69	^(c)		0.93			0.89	^(c)		0.78
Net realized and unrealized gain/(loss)		2.95			(1.72	)		8.81			(0.96	)		3.44			1.46
Total from investment operations		3.31			(0.95	)		9.50			(0.03	)		4.33			2.24

DISTRIBUTIONS:
From net investment income		(0.36	)		(0.76	)		(0.66	)		(0.94	)		(0.89	)		(0.80	)
Total distributions		(0.36	)		(0.76	)		(0.66	)		(0.94	)		(0.89	)		(0.80	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.95			(1.71	)		8.84			(0.97	)		3.44			1.44
NET ASSET VALUE, END OF PERIOD	$	43.24		$	40.29		$	42.00		$	33.16		$	34.13		$	30.69
TOTAL RETURN^(d)		8.27	%		(2.38	)%		28.84	%		(0.12	)%		14.31	%		7.67	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	748,122		$	737,229		$	688,720		$	479,121		$	496,574		$	411,269

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%^(f)
Ratio of expenses including waiver/reimbursement to average net assets		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%^(f)
Ratio of net investment income excluding waiver/reimbursement to average net assets		2.11	%^(e)		1.78	%		1.81	%		2.71	%		2.76	%		2.53	%
Ratio of net investment income including waiver/reimbursement to average net assets		2.11	%^(e)		1.78	%		1.81	%^(g)		2.71	%		2.76	%^(g)		2.54	%
Portfolio turnover rate^(h)		25	%		15	%		26	%		64	%⁽ⁱ⁾		15	%		18	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.67 during the year ended June 30, 2021 and $0.88 during the year ended June 30, 2019.

^(d)

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

^(e)

Annualized.

^(f)

Prior to June 28, 2018, the unitary management fee was 0.48% and the former investment advisor to the Fund agreed to contractually waive its fees and reimburse expenses so that the total annual fund operating expenses were limited to 0.48%.

^(g)

The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 1.77% during the year ended June 30, 2021 and 2.71% during the year ended June 30, 2019.

^(h)

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.

⁽ⁱ⁾

Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.

See Notes to Financial Statements.

33 | November 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	31.67		$	35.08		$	24.99		$	27.45		$	27.07		$	25.41

INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(b)		0.31			0.59			0.64	^(c)		0.64	^(c)		0.58	^(c)		0.66
Net realized and unrealized gain/(loss)		3.59			(3.38	)		9.98			(2.48	)		0.38	^(d)		1.70
Total from investment operations		3.90			(2.79	)		10.62			(1.84	)		0.96			2.36

DISTRIBUTIONS:
From net investment income		(0.27	)		(0.62	)		(0.53	)		(0.57	)		(0.58	)		(0.66	)
From net realized gain/loss		–			–			–			–			–			–	^(e)
From tax return of capital		–			–			–			(0.05	)		–			(0.04	)
Total distributions		(0.27	)		(0.62	)		(0.53	)		(0.62	)		(0.58	)		(0.70	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.63			(3.41	)		10.09			(2.46	)		0.38			1.66
NET ASSET VALUE, END OF PERIOD	$	35.30		$	31.67		$	35.08		$	24.99		$	27.45		$	27.07
TOTAL RETURN^(f)		12.39	%		(8.12	)%		42.79	%		(6.82	)%		3.65	%		9.39	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	181,944		$	155,318		$	149,215		$	93,812		$	97,570		$	136,802

Ratio of expenses to average net assets		0.48	%^(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income to average net assets		2.28	%^(g)		1.69	%		2.08	%^(h)		2.38	%^(h)		2.16	%^(h)		2.51	%
Portfolio turnover rate⁽ⁱ⁾		34	%		34	%		60	%		101	%^(j)		52	%		64	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.57 during the year ended June 30, 2021, $0.62 during the year ended June 30, 2020 and $0.54 during the year ended June 30, 2019.

^(d)

The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

^(e)

Per share amount is less than $0.01.

^(f)

^(g) Annualized.

^(h)

The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 1.84% during the year ended June 30, 2021, 2.30% during the year ended June 30, 2020 and 2.03% during the year ended June 30, 2019.

⁽ⁱ⁾

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.

^(j)

Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.

See Notes to Financial Statements.

34 | November 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Period June 5, 2018 (Commencement of operations) to June 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	27.08		$	57.04		$	37.85		$	25.04		$	24.06		$	25.00

INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(b)		(0.04	)		(0.15	)		(0.21	)		(0.10	)		(0.06	)^(c)		(0.01	)
Net realized and unrealized gain/(loss)		(1.93	)		(29.81	)		19.40			12.91			1.04			(0.93	)
Total from investment operations		(1.97	)		(29.96	)		19.19			12.81			0.98			(0.94	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.97	)		(29.96	)		19.19			12.81			0.98			(0.94	)
NET ASSET VALUE, END OF PERIOD	$	25.11		$	27.08		$	57.04		$	37.85		$	25.04		$	24.06
TOTAL RETURN^(d)		(7.27	)%		(52.52	)%		50.70	%		51.16	%		4.07	%		(3.76	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	152,513		$	209,867		$	718,766		$	272,512		$	48,834		$	51,735

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%^(e)
Ratio of net investment loss to average net assets		(0.37	)%^(e)		(0.32	)%		(0.40	)%		(0.34	)%		(0.28	)%^(f)		(0.48	)%^(e)
Portfolio turnover rate^(g)		22	%		51	%		48	%		38	%		55	%		8	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

The net investment loss per share excluding the impact of large, non-recurring dividends (special dividends) was $(0.07) during the year ended June 30, 2019.

^(d)

^(e)

Annualized.

^(f)

The ratio of net investment loss, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was (0.31)% during the year ended June 30, 2019.

^(g)

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

See Notes to Financial Statements.

35 | November 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Period July 1, 2022 to November 30, 2022^(a)			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.62		$	28.00		$	22.28		$	24.28		$	23.94		$	24.69

INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(b)		0.03			0.58			0.55	^(c)		0.64	^(c)		0.76	^(c)		0.69
Net realized and unrealized gain/(loss)		1.71			(5.33	)		5.97			(1.95	)		0.44			(0.55	)
Total from investment operations		1.74			(4.75	)		6.52			(1.31	)		1.20			0.14

DISTRIBUTIONS:
From net investment income		(0.18	)		(0.63	)		(0.80	)		(0.69	)		(0.86	)		(0.89	)
Total distributions		(0.18	)		(0.63	)		(0.80	)		(0.69	)		(0.86	)		(0.89	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.56			(5.38	)		5.72			(2.00	)		0.34			(0.75	)
NET ASSET VALUE, END OF PERIOD	$	24.18		$	22.62		$	28.00		$	22.28		$	24.28		$	23.94
TOTAL RETURN^(d)		7.78	%		(17.29	)%		29.72	%		(5.44	)%		5.16	%		0.53	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)	$	35,664		$	40,716		$	26,597		$	17,821		$	25,498		$	40,698

Ratio of expenses to average net assets		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.60	%^(f)
Ratio of expenses including waiver/reimbursement to average net assets		0.48	%^(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.58	%^(f)
Ratio of net investment income to average net assets		0.29	%^(e)		2.20	%		2.18	%		2.72	%		3.23	%		2.75	%
Ratio of net investment income including waiver/reimbursement to average net assets		0.29	%^(e)		2.20	%		2.18	%^(g)		2.72	%^(g)		3.23	%^(g)		2.77	%^(g)
Portfolio turnover rate^(h)		38	%		22	%		42	%		72	%⁽ⁱ⁾		35	%		30	%

^(a)

Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.

^(b)

Based on average shares outstanding during the period.

^(c)

The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.54 during the year ended June 30, 2021, $0.63 during the year ended June 30, 2020 and $0.74 during the year ended June 30, 2019.

^(d)

^(e)

Annualized.

^(f)

Prior to June 28, 2018, the unitary management fee was 0.58% and the former investment advisor to the Fund agreed to contractually waive its fees and reimburse expenses so that the total annual fund operating expenses were limited to 0.58%.

^(g)

The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 2.15% during the year ended June 30, 2021, 2.70% during the year ended June 30, 2020 and 3.15% during the year ended June 30, 2019 and 2.76% during the year ended June 30, 2018.

^(h)

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.

⁽ⁱ⁾

Increase in the Portfolio turnover was a result of the Index change that was effective on June 1, 2020.

See Notes to Financial Statements.

36 | November 30, 2022

ALPS ETF Trust
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 to the ALPS | O’Shares U.S. Quality Dividend ETF, the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, the ALPS | O’Shares Global Internet Giants ETF and the ALPS | O’Shares Europe Quality Dividend ETF (each a “Fund” and collectively, the “Funds”). Effective November 30, 2022, the Trust's Board of Trustees (the "Board") approved changing the fiscal year-end of the Funds from June 30 to November 30.

The investment objective of the ALPS | O’Shares U.S. Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Quality Dividend Index. The investment objective of the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Small-Cap Quality Dividend Index. The investment objective of the ALPS | O’Shares Global Internet Giants ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares Global Internet Giants Index. The investment objective of the ALPS | O’Shares Europe Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares Europe Quality Dividend Index.

ALPS | O’Shares Global Internet Giants ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF and ALPS | O’Shares Europe Quality Dividend ETF have each elected to qualify as a diversified series of the Trust under the 1940 Act The Funds, previously part of another investment company, OSI ETF Trust, reorganized effective after the close of business on June 17, 2022. See Note 7 for further discussion on the reorganizations.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

37 | November 30, 2022

ALPS ETF Trust
Notes to Financial Statements	November 30, 2022

The Funds’ investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated 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 a Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; or a security whose price, as provided by the pricing service, does not reflect the security’s “fair value” due to the security being de-listed from a national exchange or the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open. As a general principle, the current “fair value” of a security would be the amount which the owner might reasonably expect to receive from the sale on the applicable exchange or principal market. A variety of factors may be considered in determining the fair value of such securities.

B. Fair Value Measurements

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

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

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

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

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

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

38 | November 30, 2022

ALPS ETF Trust
Notes to Financial Statements	November 30, 2022

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

ALPS | O’Shares U.S. Quality Dividend 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^*	$	747,146,790	$	–	$	–	$	747,146,790
Short Term Investments		925,127		–		–		925,127
Total	$	748,071,917	$	–	$	–	$	748,071,917

ALPS | O’Shares U.S. Small-Cap Quality Dividend 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^*	$	181,730,527	$	–	$	–	$	181,730,527
Short Term Investments		161,958		–		–		161,958
Total	$	181,892,485	$	–	$	–	$	181,892,485

ALPS | O’Shares Global Internet Giants 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^*	$	152,407,086	$	–	$	–	$	152,407,086
Short Term Investments		132,849		–		–		132,849
Total	$	152,539,935	$	–	$	–	$	152,539,935

ALPS | O’Shares Europe Quality Dividend ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	35,501,373	$	–	$	–	$	35,501,373
Short Term Investments		18,888		–		–		18,888
Total	$	35,520,261	$	–	$	–	$	35,520,261

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

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

C. Foreign Investment Risk

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

Countries with emerging markets may have relatively unstable governments and may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets. The economies of emerging markets countries also may be based on only a few industries, making them more vulnerable to changes in local or global trade conditions and more sensitive to debt burdens, inflation rates or adverse news and events.

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

39 | November 30, 2022

ALPS ETF Trust
Notes to Financial Statements	November 30, 2022

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

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

F. Dividends and Distributions to Shareholders

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

G. Federal Tax and Tax Basis Information

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

For the fiscal period 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)
ALPS \| O'Shares U.S. Quality Dividend ETF	$	9,788,871		$	(9,788,871	)
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		812,536			(812,536	)
ALPS \| O'Shares Global Internet Giants ETF		(4,466,480	)		4,466,480
ALPS \| O'Shares Europe Quality Dividend ETF		(514,928	)		514,928

The tax character of the distributions paid for the fiscal period ended November 30, 2022, and fiscal years ended June 30, 2022 and June 30, 2021 were as follows:

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2022

ALPS | O'Shares U.S. Quality Dividend ETF

6,308,456

–

ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF

1,333,102

–

ALPS | O'Shares Global Internet Giants ETF

–

ALPS | O'Shares Europe Quality Dividend ETF

284,255

–

Ordinary Income

Long-Term Capital Gain

Return of Capital

June 30, 2022

ALPS | O’Shares U.S. Quality Dividend ETF

13,415,408

–

ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF

2,765,428

–

ALPS | O’Shares Global Internet Giants ETF

–

ALPS | O’Shares Europe Quality Dividend ETF

1,031,977

–

Ordinary Income

Long-Term Capital Gain

Return of Capital

June 30, 2021

ALPS | O'Shares U.S. Quality Dividend ETF

10,300,014

–

ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF

2,128,261

–

ALPS | O'Shares Global Internet Giants ETF

–

ALPS | O'Shares Europe Quality Dividend ETF

682,515

–

40 | November 30, 2022

ALPS ETF Trust
Notes to Financial Statements	November 30, 2022

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

As of November 30, 2022, the components of distributable earnings on a tax basis for each Fund were as follows:

	Accumulated net investment income		Accumulated net realized gain/(loss) on investments			Other accumulated gains		Net unrealized appreciation/ (depreciation) on investments			Total
ALPS \| O’Shares U.S. Quality Dividend ETF	$	679,101	$	(56,166,401	)	$	–	$	91,958,815		$	36,471,515
ALPS \| O’Shares U.S. Small-Cap Quality Dividend
ETF		332,539		(13,374,787	)		–		18,831,362			5,789,114
ALPS \| O’Shares Global Internet Giants ETF		–		(141,909,794	)		–		(94,100,802	)		(236,010,596	)
ALPS \| O’Shares Europe Quality Dividend ETF		107,853		(9,590,888	)		–		(2,660,706	)		(12,143,741	)

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
ALPS \| O'Shares U.S. Quality Dividend ETF	$	19,082,389	$	37,084,012
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF		4,402,596		8,972,191
ALPS \| O'Shares Global Internet Giants ETF		91,621,464		50,288,330
ALPS \| O'Shares Europe Quality Dividend ETF		2,867,763		6,723,125

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:

	ALPS \| O’Shares U.S. Quality Dividend ETF			ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF			ALPS\| O’Shares Global Internet Giants ETF			ALPS\| O’Shares Europe Quality Dividend ETF
Gross appreciation (excess of value over tax cost)	$	124,003,662		$	23,994,061		$	2,549,861		$	1,656,634
Gross depreciation (excess of tax cost over value)		(32,044,847	)		(5,162,699	)		(96,650,478	)		(4,308,785	)
Net depreciation of foreign currency		–			–			(185	)		(8,555	)
Net unrealized appreciation (depreciation)	$	91,958,815		$	18,831,362		$	(94,100,802	)	$	(2,660,706	)
Cost of investments for income tax purposes	$	656,113,102		$	163,061,123		$	246,640,552		$	38,172,412

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

H. Income Taxes

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

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

I. Lending of Portfolio Securities

Effective June 20, 2022, the Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Funds' securities held at SSB as custodian shall be available to be lent except those securities the Funds or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Funds collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

41 | November 30, 2022

ALPS ETF Trust
Notes to Financial Statements	November 30, 2022

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statements of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations. The Funds did not participate in any securities lending during the fiscal period ended November 30, 2022.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

Fund

Advisory Fee