Table of Contents

Performance Overview	1
Disclosure of Fund Expenses	14
Report of Independent Registered Public Accounting Firm	15
Financial Statements
Schedule of Investments	16
Statements of Assets and Liabilities	26
Statements of Operations	27
Statements of Changes in Net Assets	28
Financial Highlights	32
Notes to Financial Statements	36
Additional Information	44
Board Considerations Regarding Approval of Investment Advisory Agreement	46
Trustees & Officers	48

alpsfunds.com

ALPS \| O’Shares U.S. Quality Dividend ETF
Performance Overview	June 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 generated a total return of -2.38% for the trailing twelve-month period ended June 30, 2022, slightly underperforming the Fund’s Underlying Index, which returned -1.90%. The Fund outperformed both the S&P 500^® Index (“S&P 500^®”) and the Russell 1000^® Value Index, which returned -10.62% and -6.82%, respectively for the same period.

The trailing twelve-month yield for the Fund’s underlying constituents as of June 30, 2022 was 1.88% vs. 1.70% for the S&P 500^®.

The S&P 500^® returned -10.62% for the trailing twelve-month (TTM) period ended June 30, 2022, in clear correction territory from its all-time high at the beginning of 2022. Persistent inflation with U.S. Consumer Price Index (CPI) surging to 9.1% in June, the war in Ukraine, and slowing global growth caused U.S. equity multiples and prices to contract, with growth-heavy sectors and companies falling the hardest. The Federal Reserve began to raise interest rates and tighten monetary policy early in January, which conceded a sharp rise in U.S. government bond yields where the U.S. government 10-year yield broke above 3.5%, both serving as a catalyst for equities to retreat. Main macroeconomic talking points throughout the TTM period centered on inflation no longer being transitory (i.e. persistent inflation), commodity prices surging, weakening consumer spending, along with GDP forecasts pointing towards a recession. Pro-cyclical sectors proved to be a safe haven amidst inflationary pressures, with energy benefitting from sustained higher oil and gas prices. Although the Federal Reserve looks to implement a soft-landing where monetary tightening won’t cause a severe recession, they will have their work cut out for them as the total assets of the Federal Reserve currently sit near peak levels following years of quantitative easing (QE). As earnings season approaches for Q2 2022, U.S. stocks have come to a fork in the road, where the positive scenario of sustained profits and earnings growth could lead to a bottom in equity prices. On the other hand, reduced margins and negative revisions to the earnings picture could lead to yet another round of sell-offs. Despite the uncertainty and recession fears heading into the second half of 2022, global travel has surpassed 2019 numbers in many metrics, commodity prices and oil have pulled back to more reasonable levels, and U.S. equity prices have reached bear market territory from their highs, leading to attractive valuations across sectors where much of the negative forecasts and fiscal tightening has been baked in.

When compared to the S&P 500^®, the relative outperformance for the Fund was largely driven by an overweighting of +9.53% in Consumer Staples, which contributed +1.68% to the outperformance. However, the negative allocation effect was mainly attributed to the relative underweight of - 3.34% in Energy, which detracted -1.49% from performance. The Fund saw a positive impact (+7.24%) from security selection compared to the S&P 500^®. The Fund’s Health Care positions exhibited the strongest positive contribution (+2.17%) to security selection (selection effect) for the year compared to the S&P 500^®, with names in Financials detracting from the overall security selection effect (-0.35%).

The best performing stocks in the Fund for the period were Eli Lilly and Co. (LLY), which increased +43.26%, and AbbVie Inc. (ABBV), which gained +42.23%. Other top performers included Pfizer Inc. (PFE), which rose +38.42%, and Northrop Grumman Corp. (NOC), which climbed 33.83%. The largest detractors were T. Rowe Price Group (TROW), which decreased by -40.84%, Target Corp. (TGT), which fell -40.67%, and eBay Inc. (EBAY), losing -39.83%.

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.

Performance (as of June 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares U.S. Quality Dividend ETF – NAV	-2.38%	9.11%	9.60%
ALPS \| O'Shares U.S. Quality Dividend ETF – Market Price*	-2.33%	9.11%	9.60%
O'Shares U.S. Quality Dividend Index**	-1.90%	9.66%	10.15%
Russell 1000^® Value Index	-6.82%	7.17%	7.56%

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 | June 30, 2022

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

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 | June 30, 2022

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

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

Johnson & Johnson	5.79%
Procter & Gamble Co.	5.06%
Verizon Communications, Inc.	4.60%
Microsoft Corp.	4.30%
Pfizer, Inc.	4.12%
Home Depot, Inc.	3.71%
Lockheed Martin Corp.	3.45%
Apple, Inc.	3.34%
McDonald's Corp.	3.17%
UnitedHealth Group, Inc.	2.83%
Total % of Top 10 Holdings	40.37%

% of Total Investments (excluding short term investments) Future holdings are subject to change.

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

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

Sector Allocation* (as of June 30, 2022)

Consumer, Non-cyclical	42.39%
Industrial	14.93%
Technology	14.21%
Consumer, Cyclical	13.23%
Communications	8.94%
Financial	6.30%
Total	100.00%

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 | June 30, 2022

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Performance Overview	June 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, generated a total return of -8.12% for the trailing twelve-month period ended June 30, 2022, relatively in-line with the Fund’s Underlying Index, net of fees, which returned -7.66%. The Fund outperformed the Russell 2000 Value Index, which returned -16.28% for the same period.

The trailing-twelve-month (TTM) yield for the Fund’s underlying constituents as of June 30, 2022 was 1.95% vs. 2.50% for the Russell 2000 Value Index.

The Russell 2000 Value Index returned -16.28% for the trailing twelve-month period ended June 30, 2022, in clear correction territory from its all-time high at the beginning of 2022. Persistent inflation with U.S. Consumer Price Index (CPI) surging to 9.1% in June, the war in Ukraine, and slowing global growth caused U.S. equity multiples and prices to contract, with growth-heavy sectors and companies falling the hardest. The Federal Reserve began to raise interest rates and tighten monetary policy early in January, which conceded a sharp rise in U.S. government bond yields where the U.S. government 10-year yield broke above 3.5%, both serving as a catalyst for equities to retreat. Main macroeconomic talking points throughout the TTM period centered on inflation no longer being transitory (i.e. persistent inflation), commodity prices surging, weakening consumer spending, along with GDP forecasts pointing towards a recession. Pro-cyclical sectors proved to be a safe haven amidst inflationary pressures, with energy benefitting from sustained higher oil and gas prices. Although the Federal Reserve looks to implement a soft-landing where monetary tightening won’t cause a severe recession, they will have their work cut out for them as the total assets of the Federal Reserve currently sit near peak levels following years of quantitative easing (QE). As earnings season approaches for Q2 2022, U.S. stocks have come to a fork in the road, where the positive scenario of sustained profits and earnings growth could lead to a bottom in equity prices. On the other hand, reduced margins and negative revisions to the earnings picture could lead to yet another round of sell-offs. Despite the uncertainty and recession fears heading into the second half of 2022, global travel has surpassed 2019 numbers in many metrics, commodity prices and oil have pulled back to more reasonable levels, and U.S. equity prices have reached bear market territory from their highs, leading to attractive valuations across sectors where much of the negative forecasts and fiscal tightening has been baked in.

Compared to the Russell 2000 value Index, the Fund saw a positive impact of +0.44% from its sector allocation effect for the period. The underperformance in the TTM period was largely driven by relative overweighting to Consumer Discretionary sector (+4.47% overweight), while the Fund’s underweight allocation (-2.36% underweight) to Health Care contributed +0.93% to relative outperformance. The Fund saw a positive impact of +10.06% from its overall security selection, with Consumer Discretionary sector companies exhibiting the strongest positive contribution (+3.85%) to Fund outperformance. Industrials sector securities lagged all other sectors compared to the Russell 2000 Value Index, detracting -0.61% from relative performance.

The best performing stocks in the Fund for the period were Weis Markets Inc. (WMK), which increased +47.21%, and Murphy USA (MUSA), which saw a gain of +44.55%. Other top performers included H&R Block (HRB), rising +44.03%, and Otter Trail Corp. (OTTR), which climbed +41.23%. The largest detractors were Healthcare Services Group (HCSG), which decreased -42.30%, New York Times (NYT), which fell -35.53%, and M.D.C. Holdings (MDC), which lost -33.40%.

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.

Performance (as of June 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF – NAV	-8.12%	6.75%	6.59%
ALPS \| O'Shares U.S. Small-Cap Quality Dividend ETF – Market Price*	-8.18%	6.71%	6.59%
O'Shares U.S. Small-Cap Quality Dividend Index**	-7.66%	7.28%	7.12%
Russell 2000^® Value Index	-16.28%	4.89%	4.45%

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 | June 30, 2022

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

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

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

Service Corp. International	2.52%
Erie Indemnity Co.	2.51%
Amdocs, Ltd.	2.44%
Bunge, Ltd.	2.40%
Jack Henry & Associates, Inc.	2.39%
Juniper Networks, Inc.	2.32%
Premier, Inc.	2.09%
Cboe Global Markets, Inc.	2.07%
SEI Investments Co.	2.04%
Gentex Corp.	2.04%
Total % of Top 10 Holdings	22.82%

% of Total Investments (excluding short term investments) Future holdings are subject to change.

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

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

Sector Allocation* (as of June 30, 2022)

Consumer, Non-cyclical	24.04%
Financial	22.87%
Industrial	17.95%
Consumer, Cyclical	11.97%
Technology	11.09%
Utilities	6.81%
Communications	5.27%
Total	100.00%

6 | June 30, 2022

ALPS \| O’Shares Global Internet Giants ETF
Performance Overview	June 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 -52.52% for the twelve-month period ended June 30, 2022, in-line with the Fund’s Underlying Index, net of fees, which returned -52.36%. The Fund underperformed the NASDAQ 100 Index, which returned -20.38% for the same period.

The NASDAQ 100 Index returned -20.38% for the trailing twelve-month (TTM) period ended June 30, 2022, in clear correction territory from its all-time high at the beginning of 2022. Persistent inflation with U.S. Consumer Price Index (CPI) surging to 9.1% in June, the war in Ukraine, and slowing global growth caused global equity multiples and prices to contract, with growth-heavy sectors and companies falling the hardest. The Federal Reserve began to raise interest rates and tighten monetary policy early in January, which conceded a sharp rise in U.S. government bond yields where the U.S. government 10-year yield broke above 3.5%, both serving as a catalyst for equities to retreat. Main macroeconomic talking points throughout the TTM period centered on inflation no longer being transitory (i.e. persistent inflation), commodity prices surging, weakening consumer spending, along with GDP forecasts pointing towards a recession. Pro-cyclical sectors proved to be a safe haven amidst inflationary pressures, with energy benefitting from sustained higher oil and gas prices. Although the Federal Reserve looks to implement a soft-landing where monetary tightening won’t cause a severe recession, they will have their work cut out for them as the total assets of the Federal Reserve currently sit near peak levels following years of quantitative easing (QE). As earnings season approaches for Q2 2022, U.S. stocks have come to a fork in the road, where the positive scenario of sustained profits and earnings growth could lead to a bottom in equity prices. On the other hand, reduced margins and negative revisions to the earnings picture could lead to yet another round of sell-offs. Despite the uncertainty and recession fears heading into the second half of 2022, global travel has surpassed 2019 numbers in many metrics, commodity prices and oil have pulled back to more reasonable levels, and U.S. equity prices have reached bear market territory from their highs, leading to attractive valuations across sectors where much of the negative forecasts and fiscal tightening has been baked in.

The Fund underperformed the NASDAQ 100 Index, which returned -20.38% for the trailing twelve-month period ended June 30, 2022. The Fund holds roughly 73% U.S. equities and 27% 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 is well on its way, with China ahead of the pack and beginning to stimulate its economy through easing monetary policies.

The best performing stocks in the Fund for the period were Palo Alto Networks (PANW US), which increased by +33.12%, and Kuaishou Technology (1024 HK), which saw a gain of +21.38%. Other top performers included Fortinet (FTNT US), which rose +18.77%, and JD.com (9618 HK), which climbed +8.08%. The largest detractors were THG PLC (THG LN), which decreased -86.06%, Asana Inc. (ASAN US), which fell -85.21%, and Kingsoft Cloud Holdings Ltd (KC US), which lost -83.38%.

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.

Performance (as of June 30, 2022)

	1 Year	Since Inception^
ALPS \| O'Shares Global Internet Giants ETF – NAV	-52.52%	1.98%
ALPS \| O'Shares Global Internet Giants ETF – Market Price*	-52.48%	2.01%
O'Shares Global Internet Giants Index	-52.36%	2.49%
NASDAQ 100 Index	-20.38%	13.43%

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 | June 30, 2022

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

Microsoft Corp.	6.31%
Alphabet, Inc.	6.17%
Amazon.com, Inc.	4.77%
Meituan	2.60%
Tencent Holdings, Ltd.	2.46%
Snowflake, Inc.	1.94%
Meta Platforms, Inc.	1.91%
Pinduoduo, Inc.	1.77%
Sea, Ltd.	1.56%
Alibaba Group Holding, Ltd.	1.55%
Total % of Top 10 Holdings	31.04%

Country Exposure* (as of June 30, 2022)

United States	70.36%
China	14.02%
Israel	3.51%
Germany	2.81%
Singapore	1.56%
Sweden	1.18%
Canada	1.13%
Norway	1.08%
Argentina	1.08%
Australia	0.93%
Netherlands	0.93%
New Zealand	0.73%
Japan	0.68%
Total	100.00%

% of Total Investments (excluding short term investments)

Future holdings are subject to change.

8 | June 30, 2022

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

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

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

9 | June 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	June 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 -17.29% for the trailing twelve-month (TTM) period ended June 30, 2022, relatively in-line with the Fund’s Underlying Index, net of fees, which returned -17.18%. The Fund outperformed both the Morningstar Developed Markets ex-North America Index (MSDINUS Index) and the Euro Stoxx 50 Net Return USD Index, which returned -18.72% and -23.13%, respectively for the same period.

The TTM yield for the Fund’s constituents as of 06/30/2022 was 2.78% vs. 3.51% for the MSDINUS Index.

European stocks, as represented by the Euro Stoxx 50 Net Return USD Index, returned -23.13% for the TTM period ended June 30, 2022. The U.S. Dollar created a headwind for international equities, strengthening relative to the Euro, causing ex-U.S. markets to underperform.

Eurozone markets and European economic activity were directly impacted by Russia’s invasion of Ukraine, which remains a key risk in the second half of 2022. Energy and natural gas shortages stemming from Russia have exacerbated inflation and kept energy prices high, with Eurozone Consumer Price Index (CPI) remaining above 5.4% through June of 2022. Value outperformed growth equities in international developed markets for the trailing twelve-month period, with cyclical sectors including Energy and Utilities outperforming due to company pricing power amidst higher prices. The ECB echoed the Fed’s hawkish tone in European markets, stating it would plan to enact the first rate hike in 11 years, with more aggressive hikes to follow as long as inflation stays elevated. Future growth prospects will remain predicated on central bank policies and a resolution to the war in Ukraine. Despite the uncertainty and recession fears heading into the second half of 2022, global travel has surpassed 2019 numbers in many metrics, valuations have normalized to attractive levels, and the potential resolution in Ukraine are positive catalysts to help spur economic activity in developed markets.

Compared to the Morningstar Developed Markets ex-North America Index, the Fund saw a slightly negative impact of -0.29% from its sector allocation where a relative overweight of +11.99% in Health Care contributed +0.87% to Fund outperformance. The Fund’s underweight of -9.66% in the Financials sector was the largest detractor compared to the MSDINUS Index. The Fund received a boost from security selection compared to the MSDINUS Index, with +2.38% of positive performance attributed to its selection effect.

From a geographical perspective, the highest contribution to return was attributed to holdings based in Denmark, which contributed -0.06% towards overall Fund performance. The Fund’s performance was adversely impacted by holdings based in Switzerland, which detracted -4.09% from the Fund.

The best performing stocks for the trailing twelve-month period were Novo Nordisk A/S (NOVOB DC), which increased +33.53%, Swedish Match AB (SWMA SS), which returned +20.61%, and Experian PLC (EXPN LN), which gained +17.57%. The worst performing stocks were Deutsche Post AG (DPW GR), losing -43.06%, Kone Oyj (KNEBV FH), which fell -40.03%, and Schindler Holding AG (SCHP SW), which decreased by -39.84%.

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.

Performance (as of June 30, 2022)

	1 Year	5 Year	Since Inception^
ALPS \| O'Shares Europe Quality Dividend ETF – NAV	-17.29%	1.41%	1.55%
ALPS \| O'Shares Europe Quality Dividend ETF – Market Price*	-17.59%	1.31%	1.57%
O'Shares Europe Quality Dividend Index**	-17.18%	1.88%	1.98%
EURO STOXX 50 Net Return USD Index	-23.13%	0.71%	1.56%

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 | June 30, 2022

ALPS \| O’Shares Europe Quality Dividend ETF
Performance Overview	June 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 | June 30, 2022

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

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

Nestle SA	5.92%
Roche Holding AG	5.70%
Novo Nordisk A/S	5.50%
LVMH Moet Hennessy Louis Vuitton SE	3.75%
AstraZeneca PLC	3.42%
Unilever PLC	3.38%
Novartis AG	3.31%
L'Oreal SA	2.82%
SAP SE	2.69%
GSK PLC	2.62%
Total % of Top 10 Holdings	39.11%

Country Exposure* (as of June 30, 2022)

Switzerland	24.03%
France	19.37%
Great Britain	17.56%
Germany	10.43%
Sweden	9.63%
Denmark	9.45%
Netherlands	4.54%
Spain	3.18%
Finland	1.81%
Total	100.00%

Sector Allocation* (as of June 30, 2022)

Consumer, Non-cyclical	54.37%
Industrial	16.65%
Consumer, Cyclical	10.87%
Financial	5.91%
Technology	4.76%
Communications	4.19%
Utilities	3.25%
Total	100.00%

% of Total Investments (excluding short term investments)

Future holdings are subject to change.

12 | June 30, 2022

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

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

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

13 | June 30, 2022

ALPS ETF Trust
Disclosure of Fund Expenses	June 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 June 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 1/1/22		Ending Account Value 6/30/22^(a)		Expense Ratio^(a)			Expenses Paid During Period 1/1/22 - 6/30/22^(b)(d)
ALPS \| O’Shares U.S. Quality Dividend ETF
Actual	$	1,000.00	$	873.00		0.48	%	$	2.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41		0.48	%	$	2.41

ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF
Actual	$	1,000.00	$	858.60		0.48	%	$	2.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41		0.48	%	$	2.41

ALPS \| O’Shares Global Internet Giants ETF
Actual	$	1,000.00	$	548.70		0.48	%	$	1.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41		0.48	%	$	2.41

ALPS \| O’Shares Europe Quality Dividend ETF
Actual	$	1,000.00	$	776.30		0.48	%	$	2.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41		0.48	%	$	2.41

^(a)

The actual return for the Fund prior to June 17, 2022 reflects the actual return of the respective Predecessor Fund.

^(b)

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

^(c)

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 (181), divided by 365.

^(d)

Expenses paid for the Fund prior to June 17, 2022 reflect the expenses of the respective Predecessor Fund.

14 | June 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 (previously, O’Shares U.S. Quality Dividend ETF), ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF (previously, O’Shares U.S. Small-Cap Quality Dividend ETF), ALPS | O’Shares Global Internet Giants ETF (previously, O’Shares Global Internet Giants ETF), and ALPS | O’Shares Europe Quality Dividend ETF (previously, 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 June 30, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, 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 June 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended 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 each of the years in the five-year period ended June 30, 2022
ALPS \| O’Shares U.S. Small-Cap Quality Dividend ETF	For each of the years in the five-year period ended June 30, 2022
ALPS \| O’Shares Global Internet Giants ETF	For 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 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 June 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

August 24, 2022

15 | June 30, 2022

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

Security Description	Shares		Value
COMMON STOCKS (99.86%)
Aerospace & Defense (5.50%)
General Dynamics Corp.		11,185	$	2,474,681
L3Harris Technologies, Inc.		11,648		2,815,322
Lockheed Martin Corp.		59,025		25,378,389
Northrop Grumman Corp.		20,706		9,909,270
Total Aerospace & Defense				40,577,662

Air Freight & Logistics (1.60%)
Expeditors International of Washington, Inc.		21,426		2,088,178
United Parcel Service, Inc.,
Class B		52,719		9,623,326
Total Air Freight & Logistics				11,711,504

Banks (0.25%)
JPMorgan Chase & Co.		16,449		1,852,322

Beverages (3.76%)
Coca-Cola Co.		231,977		14,593,673
PepsiCo, Inc.		78,583		13,096,643
Total Beverages				27,690,316

Biotechnology (4.12%)
AbbVie, Inc.		51,904		7,949,617
Amgen, Inc.		62,021		15,089,709
Gilead Sciences, Inc.		119,036		7,357,615
Total Biotechnology				30,396,941

Building Products (0.23%)
Trane Technologies PLC		12,891		1,674,154

Capital Markets (3.84%)
BlackRock, Inc.		1,952		1,188,846
Blackstone, Inc.		107,101		9,770,824
Moody's Corp.		8,057		2,191,262
MSCI, Inc.		2,299		947,533
S&P Global, Inc.		24,454		8,242,466
T Rowe Price Group, Inc.		52,826		6,001,562
Total Capital Markets				28,342,493

Commercial Services & Supplies (0.90%)
Cintas Corp.		9,221		3,444,320
Waste Management, Inc.		20,841		3,188,256
Total Commercial Services & Supplies				6,632,576

Communications Equipment (2.05%)
Cisco Systems, Inc.		329,299		14,041,309
Motorola Solutions, Inc.		5,275		1,105,640
Total Communications Equipment				15,146,949

Diversified Telecommunication Services (4.60%)
Verizon Communications, Inc.		667,021		33,851,316

Electrical Equipment (0.40%)
Emerson Electric Co.		21,675		1,724,030

Security Description	Shares		Value
Electrical Equipment (continued)
Rockwell Automation, Inc.		6,309	$	1,257,447
Total Electrical Equipment				2,981,477

Electronic Equipment, Instruments & Components (0.22%)
Amphenol Corp., Class A		13,755		885,547
TE Connectivity, Ltd.		6,359		719,521
Total Electronic Equipment, Instruments & Components				1,605,068

Entertainment (0.43%)
Activision Blizzard, Inc.		41,099		3,199,968

Food & Staples Retailing (1.70%)
Costco Wholesale Corp.		16,839		8,070,596
Walmart, Inc.		37,012		4,499,919
Total Food & Staples Retailing				12,570,515

Food Products (1.76%)
Archer-Daniels-Midland Co.		13,683		1,061,801
General Mills, Inc.		29,915		2,257,087
Hershey Co.		14,054		3,023,859
Hormel Foods Corp.		38,496		1,823,171
Mondelez International, Inc.,
Class A		77,663		4,822,095
Total Food Products				12,988,013

Health Care Equipment & Supplies (2.90%)
Abbott Laboratories		133,086		14,459,793
Baxter International, Inc.		15,159		973,663
Becton Dickinson and Co.		4,661		1,149,076
Medtronic PLC		42,925		3,852,518
Stryker Corp.		4,691		933,181
Total Health Care Equipment & Supplies				21,368,231

Health Care Providers & Services (3.10%)
Quest Diagnostics, Inc.		15,231		2,025,418
UnitedHealth Group, Inc.		40,537		20,821,020
Total Health Care Providers & Services				22,846,438

Hotels, Restaurants & Leisure (4.53%)
McDonald's Corp.		94,451		23,318,063
Starbucks Corp.		94,731		7,236,501
Yum! Brands, Inc.		25,487		2,893,029
Total Hotels, Restaurants & Leisure				33,447,593

Household Durables (0.26%)
Garmin, Ltd.		19,394		1,905,461

Household Products (7.04%)
Church & Dwight Co., Inc.		16,730		1,550,202
Clorox Co.		11,833		1,668,216
Colgate-Palmolive Co.		95,273		7,635,178
Kimberly-Clark Corp.		28,246		3,817,447

16 | June 30, 2022

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

Security Description	Shares		Value
Household Products (continued)
Procter & Gamble Co.		258,897	$	37,226,799
Total Household Products				51,897,842

Industrial Conglomerates (2.89%)
3M Co.		96,880		12,537,241
Honeywell International, Inc.		50,450		8,768,714
Total Industrial Conglomerates				21,305,955

Insurance (1.93%)
Allstate Corp.		40,016		5,071,227
Aon PLC, Class A		6,952		1,874,815
Chubb, Ltd.		14,534		2,857,094
Marsh & McLennan Cos., Inc.		28,338		4,399,475
Total Insurance				14,202,611

Internet & Direct Marketing Retail (0.13%)
eBay, Inc.		23,728		988,746

IT Services (4.06%)
Accenture PLC, Class A		36,190		10,048,154
Automatic Data Processing, Inc.		9,057		1,902,332
Broadridge Financial Solutions, Inc.		3,344		476,687
Cognizant Technology
Solutions Corp., Class A		16,966		1,145,035
International Business
Machines Corp.		8,560		1,208,586
Mastercard, Inc., Class A		10,514		3,316,957
Paychex, Inc.		16,068		1,829,663
Visa, Inc., Class A		50,843		10,010,478
Total IT Services				29,937,892

Life Sciences Tools & Services (0.34%)
Agilent Technologies, Inc.		6,837		812,030
Thermo Fisher Scientific, Inc.		3,152		1,712,419
Total Life Sciences Tools & Services				2,524,449

Machinery (1.69%)
Cummins, Inc.		9,925		1,920,785
Illinois Tool Works, Inc.		57,768		10,528,218
Total Machinery				12,449,003

Media (2.14%)
Comcast Corp., Class A		402,918		15,810,502

Multiline Retail (0.89%)
Dollar General Corp.		13,763		3,377,991
Target Corp.		22,565		3,186,855
Total Multiline Retail				6,564,846

Personal Products (0.29%)
Estee Lauder Cos., Inc., Class A		8,392		2,137,191

Pharmaceuticals (14.98%)
Eli Lilly & Co.		61,558		19,958,950

Security Description	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		240,181	$	42,634,528
Merck & Co., Inc.		168,992		15,407,001
Pfizer, Inc.		578,290		30,319,745
Zoetis, Inc.		12,213		2,099,293
Total Pharmaceuticals				110,419,517

Road & Rail (1.84%)
CSX Corp.		63,665		1,850,105
Norfolk Southern Corp.		10,165		2,310,403
Union Pacific Corp.		44,345		9,457,902
Total Road & Rail				13,618,410

Semiconductors & Semiconductor Equipment (2.85%)
Analog Devices, Inc.		8,764		1,280,333
Broadcom, Inc.		1,915		930,326
Intel Corp.		92,364		3,455,337
QUALCOMM, Inc.		5,642		720,709
Texas Instruments, Inc.		95,094		14,611,193
Total Semiconductors & Semiconductor Equipment				20,997,898

Software (5.45%)
Intuit, Inc.		1,844		710,751
Microsoft Corp.		123,135		31,624,763
Oracle Corp.		112,751		7,877,913
Total Software				40,213,427

Specialty Retail (4.78%)
Home Depot, Inc.		99,678		27,338,685
Lowe's Cos., Inc.		30,131		5,262,982
TJX Cos., Inc.		45,686		2,551,563
Total Specialty Retail				35,153,230

Technology Hardware, Storage & Peripherals (3.34%)
Apple, Inc.		179,753		24,575,830

Textiles, Apparel & Luxury Goods (0.57%)
NIKE, Inc., Class B		40,981		4,188,258

Tobacco (2.02%)
Altria Group, Inc.		105,123		4,390,988
Philip Morris International, Inc.		105,865		10,453,110
Total Tobacco				14,844,098

Trading Companies & Distributors (0.48%)
Fastenal Co.		71,279		3,558,248

TOTAL COMMON STOCKS
(Cost $691,530,629)				736,176,950

17 | June 30, 2022

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

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.18%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		1.45	%		1,342,751	$	1,342,751

TOTAL SHORT TERM INVESTMENTS
(Cost $1,342,751)							1,342,751

TOTAL INVESTMENTS (100.04%)
(Cost $692,873,380)						$	737,519,701
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.04%)							(290,819	)
NET ASSETS - 100.00%						$	737,228,882

See Notes to Financial Statements.

18 | June 30, 2022

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

Security Description	Shares		Value
COMMON STOCKS (99.81%)
Auto Components (3.71%)
BorgWarner, Inc.		43,043	$	1,436,345
Gentex Corp.		113,016		3,161,059
Lear Corp.		3,500		440,615
Standard Motor Products, Inc.		16,488		741,795
Total Auto Components				5,779,814

Building Products (2.12%)
A O Smith Corp.		49,898		2,728,423
Simpson Manufacturing Co., Inc.		5,380		541,282
Total Building Products				3,269,705

Capital Markets (13.11%)
Artisan Partners Asset
Management, Inc., Class A		32,949		1,171,996
Carlyle Group, Inc.		71,805		2,273,346
Cboe Global Markets, Inc.		28,374		3,211,653
Cohen & Steers, Inc.		11,299		718,503
Evercore, Inc., Class A		11,410		1,068,090
Hamilton Lane, Inc., Class A		10,118		679,727
Houlihan Lokey, Inc.		39,263		3,099,029
Lazard, Ltd., Class A		49,800		1,614,018
LPL Financial Holdings, Inc.		3,750		691,800
Moelis & Co., Class A		38,474		1,513,952
Morningstar, Inc.		4,742		1,146,758
SEI Investments Co.		58,647		3,168,111
Total Capital Markets				20,356,983

Commercial Services & Supplies (1.45%)
Brady Corp., Class A		24,916		1,177,031
Ennis, Inc.		22,065		446,375
Healthcare Services Group, Inc.		14,925		259,844
UniFirst Corp.		2,069		356,240
Total Commercial Services & Supplies				2,239,490

Communications Equipment (2.31%)
Juniper Networks, Inc.		126,115		3,594,278

Construction & Engineering (0.56%)
MDU Resources Group, Inc.		32,262		870,751

Consumer Finance (0.22%)
OneMain Holdings, Inc.		9,003		336,532

Diversified Consumer Services (4.81%)
Graham Holdings Co., Class B		1,441		816,816
H&R Block, Inc.		77,471		2,736,276
Service Corp. International		56,570		3,910,117
Total Diversified Consumer Services				7,463,209

Electric Utilities (2.99%)
ALLETE, Inc.		5,396		317,177
Hawaiian Electric Industries, Inc.		8,948		365,973
IDACORP, Inc.		6,990		740,381

Security Description	Shares		Value
Electric Utilities (continued)
MGE Energy, Inc.		5,274	$	410,475
NRG Energy, Inc.		10,031		382,883
OGE Energy Corp.		21,677		835,865
Otter Tail Corp.		6,116		410,567
Pinnacle West Capital Corp.		12,564		918,680
PNM Resources, Inc.		5,683		271,534
Total Electric Utilities				4,653,535

Electronic Equipment, Instruments & Components (2.37%)
Avnet, Inc.		26,945		1,155,402
Littelfuse, Inc.		3,722		945,537
National Instruments Corp.		30,955		966,725
Vishay Intertechnology, Inc.		34,789		619,940
Total Electronic Equipment, Instruments & Components				3,687,604

Food & Staples Retailing (0.79%)
Casey's General Stores, Inc.		3,937		728,266
Weis Markets, Inc.		6,599		491,889
Total Food & Staples Retailing				1,220,155

Food Products (7.55%)
Bunge, Ltd.		41,021		3,720,194
Flowers Foods, Inc.		93,245		2,454,208
Ingredion, Inc.		21,478		1,893,500
J & J Snack Foods Corp.		2,590		361,719
Lamb Weston Holdings, Inc.		16,886		1,206,674
Lancaster Colony Corp.		11,979		1,542,656
Tootsie Roll Industries, Inc.		15,860		560,651
Total Food Products				11,739,602

Gas Utilities (2.79%)
National Fuel Gas Co.		9,987		659,641
New Jersey Resources Corp.		7,860		350,006
ONE Gas, Inc.		5,389		437,533
Southwest Gas Holdings, Inc.		4,830		420,596
Spire, Inc.		6,009		446,889
UGI Corp.		52,235		2,016,794
Total Gas Utilities				4,331,459

Health Care Providers & Services (6.35%)
Chemed Corp.		3,402		1,596,865
Encompass Health Corp.		44,158		2,475,056
National HealthCare Corp.		36,295		2,537,020
Premier, Inc., Class A		90,892		3,243,027
Total Health Care Providers & Services				9,851,968

Household Durables (1.90%)
Leggett & Platt, Inc.		33,039		1,142,489
MDC Holdings, Inc.		10,806		349,142
Whirlpool Corp.		9,473		1,467,084
Total Household Durables				2,958,715

19 | June 30, 2022

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

Security Description	Shares		Value
Household Products (0.98%)
Reynolds Consumer Products, Inc.		29,685	$	809,510
WD-40 Co.		3,571		719,057
Total Household Products				1,528,567

Insurance (8.21%)
Erie Indemnity Co., Class A		20,205		3,883,199
Mercury General Corp.		27,799		1,231,496
Old Republic International Corp.		139,140		3,111,170
RLI Corp.		15,095		1,759,926
Safety Insurance Group, Inc.		20,318		1,972,878
Stewart Information Services Corp.		16,021		797,045
Total Insurance				12,755,714

IT Services (9.96%)
Amdocs, Ltd.		45,384		3,780,942
CSG Systems International, Inc.		17,207		1,026,914
Genpact, Ltd.		37,463		1,586,933
Jack Henry & Associates, Inc.		20,607		3,709,672
Maximus, Inc.		41,899		2,619,106
Western Union Co.		165,631		2,727,943
Total IT Services				15,451,510

Leisure Products (1.15%)
Acushnet Holdings Corp.		12,167		507,121
Polaris, Inc.		5,492		545,245
Sturm Ruger & Co., Inc.		11,571		736,494
Total Leisure Products				1,788,860

Life Sciences Tools & Services (0.52%)
Bio-Techne Corp.		2,340		811,138

Machinery (9.49%)
Donaldson Co., Inc.		40,427		1,946,156
Franklin Electric Co., Inc.		8,566		627,545
Graco, Inc.		45,680		2,713,848
ITT, Inc.		6,964		468,259
Lincoln Electric Holdings, Inc.		22,890		2,823,710
Oshkosh Corp.		6,261		514,279
Snap-on, Inc.		16,012		3,154,845
Toro Co.		32,992		2,500,464
Total Machinery				14,749,106

Media (3.55%)
Cable One, Inc.		544		701,390
Interpublic Group of Cos., Inc.		95,821		2,637,952
John Wiley & Sons, Inc., Class A		19,496		931,129
New York Times Co., Class A		11,081		309,160
News Corp., Class A		59,462		926,418
Total Media				5,506,049

Multi-Utilities (0.40%)
Black Hills Corp.		4,448		323,681

Security Description	Shares		Value
Multi-Utilities (continued)
NorthWestern Corp.		5,045	$	297,302
Total Multi-Utilities				620,983

Professional Services (2.21%)
Exponent, Inc.		10,608		970,314
Robert Half International, Inc.		33,036		2,474,066
Total Professional Services				3,444,380

Road & Rail (1.52%)
Landstar System, Inc.		6,869		998,890
Schneider National, Inc., Class B		38,279		856,684
Werner Enterprises, Inc.		13,124		505,799
Total Road & Rail				2,361,373

Semiconductors & Semiconductor
Equipment (1.22%)
Monolithic Power Systems, Inc.		3,857		1,481,242
Power Integrations, Inc.		5,590		419,306
Total Semiconductors & Semiconductor Equipment				1,900,548

Software (3.37%)
CDK Global, Inc.		35,799		1,960,711
Dolby Laboratories, Inc., Class A		37,270		2,667,040
Progress Software Corp.		13,401		607,065
Total Software				5,234,816

Specialty Retail (0.52%)
Murphy USA, Inc.		3,462		806,196

Textiles, Apparel & Luxury Goods (0.61%)
Carter's, Inc.		7,094		499,985
Columbia Sportswear Co.		6,250		447,375
Total Textiles, Apparel & Luxury Goods				947,360

Thrifts & Mortgage Finance (0.27%)
MGIC Investment Corp.		33,542		422,629

Tobacco (0.24%)
Vector Group, Ltd.		34,815		365,558

Trading Companies & Distributors (1.94%)
Watsco, Inc.		12,585		3,005,550

Water Utilities (0.62%)
American States Water Co.		4,449		362,638
Essential Utilities, Inc.		12,942		593,391
Total Water Utilities				956,029

TOTAL COMMON STOCKS
(Cost $153,503,305)				155,010,166

20 | June 30, 2022

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

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.19%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		1.45	%		410,826	$	301,297

TOTAL SHORT TERM INVESTMENTS
(Cost $301,297)							301,297

TOTAL INVESTMENTS (100.00%)
(Cost $153,804,602)						$	155,311,463
OTHER ASSETS IN EXCESS OF LIABILITIES (0.00%)^(a)							6,888
NET ASSETS - 100.00%						$	155,318,351

^(a) Less than 0.005%.

See Notes to Financial Statements.

21 | June 30, 2022

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

Security Description	Shares		Value
COMMON STOCKS (99.78%)
Entertainment (10.84%)
Activision Blizzard, Inc.		8,695	$	676,993
Bilibili, Inc., ADR^(a)		109,712		2,808,627
CTS Eventim AG & Co. KGaA^(a)		46,069		2,413,911
Electronic Arts, Inc.		7,214		877,583
Live Nation Entertainment, Inc.^(a)		34,021		2,809,454
NetEase, Inc.		57,468		1,055,352
Netflix, Inc.^(a)		6,236		1,090,489
Nexon Co., Ltd.		42,100		861,983
ROBLOX Corp., Class A^(a)		84,958		2,791,720
Roku, Inc.^(a)		22,442		1,843,386
Sea, Ltd., ADR^(a)		48,732		3,258,222
Spotify Technology SA^(a)		9,093		853,196
Take-Two Interactive Software, Inc.^(a)		11,534		1,413,261
Total Entertainment				22,754,177

Interactive Media & Services (17.93%)
Adevinta ASA^(a)		313,995		2,268,165
Alphabet, Inc., Class A^(a)		5,929		12,920,832
Baidu, Inc., Sponsored ADR^(a)		2,638		392,350
IAC/InterActiveCorp^(a)		20,380		1,548,269
Kuaishou Technology^(a)(b)(c)		226,000		2,517,255
Match Group, Inc.^(a)		14,338		999,215
Meta Platforms, Inc., Class A^(a)		24,762		3,992,873
Pinterest, Inc., Class A^(a)		74,304		1,349,361
Snap, Inc., Class A^(a)		199,695		2,621,995
Tencent Holdings, Ltd.		114,117		5,154,083
Twitter, Inc.^(a)		34,545		1,291,638
Z Holdings Corp.		193,477		565,259
ZoomInfo Technologies, Inc.^(a)		60,236		2,002,245
Total Interactive Media & Services				37,623,540

Internet & Direct Marketing Retail (18.34%)
Alibaba Group Holding, Ltd.,
Sponsored ADR^(a)		28,548		3,245,337
Amazon.com, Inc.^(a)		94,013		9,985,120
Chewy, Inc., Class A^(a)		39,539		1,372,794
Delivery Hero SE^(a)(b)(c)		72,689		2,724,771
DoorDash, Inc., Class A^(a)		22,405		1,437,729
Etsy, Inc.^(a)		14,285		1,045,805
Global-e Online, Ltd.^(a)		130,845		2,639,144
JD.com, Inc.		83,896		2,702,874
Just Eat Takeaway.com NV^(a)(b)(c)		123,115		1,943,799
Meituan, Class B^(a)(b)(c)		220,266		5,451,350
MercadoLibre, Inc., Sponsored ADR^(a)		3,540		2,254,520
Pinduoduo, Inc., ADR^(a)		59,821		3,696,938
Total Internet & Direct Marketing Retail				38,500,181

IT Services (9.30%)
Cloudflare, Inc., Class A^(a)		50,584		2,213,050
DigitalOcean Holdings, Inc.^(a)		43,059		1,780,920
MongoDB, Inc.^(a)		9,371		2,431,775

Security Description	Shares		Value
IT Services (continued)
Okta, Inc.^(a)		28,342	$	2,562,117
Shopify, Inc., Class A^(a)		75,660		2,363,618
Sinch AB^(a)		498,527		1,622,567
Snowflake, Inc., Class A^(a)		29,229		4,064,585
Twilio, Inc., Class A^(a)		22,954		1,923,775
VeriSign, Inc.^(a)		3,304		552,858
Total IT Services				19,515,265

Software (43.37%)
Adobe, Inc.^(a)		5,423		1,985,143
AppLovin Corp., Class A^(a)		43,969		1,514,292
Asana, Inc., Class A^(a)		110,208		1,937,457
Atlassian Corp. PLC, Class A^(a)		10,374		1,944,088
Bill.com Holdings, Inc.^(a)		22,983		2,526,751
Confluent, Inc., Class A^(a)		106,682		2,479,290
Coupa Software, Inc.^(a)		20,254		1,156,503
Crowdstrike Holdings, Inc.,
Class A^(a)		19,146		3,227,249
Datadog, Inc., Class A^(a)		31,154		2,967,107
Digital Turbine, Inc.^(a)		129,677		2,265,457
DocuSign, Inc.^(a)		24,140		1,385,153
Dynatrace, Inc.^(a)		36,052		1,421,891
Elastic NV^(a)		23,746		1,606,892
Fortinet, Inc.^(a)		32,315		1,828,383
Gitlab, Inc., Class A^(a)		51,384		2,730,546
HubSpot, Inc.^(a)		5,626		1,691,457
Intuit, Inc.		4,164		1,604,972
ironSource, Ltd., Class A^(a)		937,293		2,230,757
Kingdee International Software
Group Co., Ltd.^(a)		1,000,215		2,345,409
Microsoft Corp.		51,412		13,204,144
Monday.com, Ltd.^(a)		23,945		2,470,166
Oracle Corp.		14,647		1,023,386
Palantir Technologies, Inc.,
Class A^(a)		228,159		2,069,402
Palo Alto Networks, Inc.^(a)		3,530		1,743,608
Paycom Software, Inc.^(a)		5,125		1,435,615
Paylocity Holding Corp.^(a)		7,756		1,352,802
Qualtrics International, Inc.,
Class A^(a)		111,682		1,397,142
RingCentral, Inc., Class A^(a)		25,232		1,318,624
Salesforce, Inc.^(a)		17,562		2,898,432
SAP SE		8,146		742,090
SentinelOne, Inc., Class A^(a)		118,589		2,766,681
ServiceNow, Inc.^(a)		5,669		2,695,723
Smartsheet, Inc., Class A^(a)		63,195		1,986,219
Splunk, Inc.^(a)		12,333		1,090,977
Trade Desk, Inc., Class A^(a)		39,273		1,645,146
UiPath, Inc., Class A^(a)		117,913		2,144,837
Unity Software, Inc.^(a)		49,205		1,811,728
VMware, Inc., Class A		5,267		600,333
Workday, Inc., Class A^(a)		8,810		1,229,700
Xero, Ltd.^(a)		28,762		1,527,885
Zendesk, Inc.^(a)		22,410		1,659,909
Zoom Video Communications, Inc., Class A^(a)		8,855		956,074

22 | June 30, 2022

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

Security Description			Shares		Value
Software (continued)
Zscaler, Inc.^(a)				16,001	$	2,392,310
Total Software						91,011,730

TOTAL COMMON STOCKS
(Cost $335,573,796)						209,404,893

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.23%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund	1.45	%		492,873		492,873

TOTAL SHORT TERM INVESTMENTS
(Cost $492,873)						492,873

TOTAL INVESTMENTS (100.01%)
(Cost $336,066,669)					$	209,897,766
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.01%)						(30,651	)
NET ASSETS - 100.00%					$	209,867,115

^(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 $12,637,175, representing 6.02% 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 June 30, 2022, the market value of those securities was $12,637,175 representing 6.02% of net assets.

See Notes to Financial Statements.

23 | June 30, 2022

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

Security Description	Shares		Value
COMMON STOCKS (99.40%)
Air Freight & Logistics (1.79%)
Deutsche Post AG		19,446	$	728,328

Auto Components (1.27%)
Cie Generale des
Etablissements Michelin
SCA		18,972		516,430

Beverages (3.54%)
Carlsberg A/s		4,424		563,476
Diageo PLC		20,462		879,391
Total Beverages				1,442,867

Building Products (2.37%)
Assa Abloy AB, Class B		24,409		518,495
Geberit AG		933		448,395
Total Building Products				966,890

Capital Markets (2.41%)
3i Group PLC		41,299		557,279
Partners Group Holding AG		468		421,698
Total Capital Markets				978,977

Diversified Financial Services (2.47%)
Industrivarden AB, Class C		21,712		482,854
Investor AB, Class B		31,459		517,195
Total Diversified Financial Services				1,000,049

Diversified Telecommunication Services (1.71%)
Swisscom AG		1,259		695,539

Electric Utilities (3.22%)
Iberdrola SA		73,840		765,762
Orsted AS^(a)(b)		5,230		546,687
Total Electric Utilities				1,312,449

Electrical Equipment (4.39%)
ABB, Ltd.		23,813		635,080
Legrand SA		6,856		506,239
Schneider Electric SE		5,460		645,995
Total Electrical Equipment				1,787,314

Electronic Equipment, Instruments &
Components (1.17%)
Hexagon AB, Class B		46,100		478,812

Food Products (7.48%)
Danone SA		11,681		651,964
Nestle SA		20,513		2,394,562
Total Food Products				3,046,526

Health Care Equipment & Supplies (2.59%)
Coloplast A/S, Class B		4,311		491,016

Security Description	Shares		Value
Health Care Equipment & Supplies
(continued)
Siemens Healthineers AG^(a)(b)		11,049	$	561,458
Total Health Care Equipment & Supplies				1,052,474

Household Products (2.80%)
Essity AB, Class B		23,723		619,410
Henkel AG & Co. KGaA		8,502		520,327
Total Household Products				1,139,737

Industrial Conglomerates (1.56%)
Siemens AG		6,254		636,319

Insurance (1.01%)
Admiral Group PLC		15,077		411,847

Machinery (4.10%)
Atlas Copco AB		50,914		475,657
Kone Oyj, Class B		15,423		733,136
Schindler Holding AG		2,522		459,938
Total Machinery				1,668,731

Marine (1.16%)
Kuehne + Nagel International AG		2,003		474,182

Personal Products (6.16%)
L'Oreal SA		3,304		1,140,182
Unilever PLC		30,185		1,367,252
Total Personal Products				2,507,434

Pharmaceuticals (24.68%)
AstraZeneca PLC		10,525		1,383,705
GSK PLC		49,306		1,059,717
Merck KGaA		4,058		684,668
Novartis AG		15,800		1,338,113
Novo Nordisk A/S, Class B		20,057		2,224,552
Roche Holding AG		6,914		2,307,081
Sanofi		10,370		1,046,954
Total Pharmaceuticals				10,044,790

Professional Services (5.70%)
RELX PLC		28,474		771,563
SGS SA		242		553,889
Wolters Kluwer NV		10,288		997,922
Total Professional Services				2,323,374

Semiconductors & Semiconductor
Equipment (2.06%)
ASML Holding NV		1,755		838,381

Software (2.67%)
SAP SE		11,949		1,088,539

Specialty Retail (1.28%)
Industria de Diseno Textil SA		23,069		521,944

24 | June 30, 2022

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

Security Description			Shares		Value
Textiles, Apparel & Luxury Goods (8.18%)
EssilorLuxottica SA			4,321		$	647,081
Hermes International				556		621,701
Kering SA				1,057		542,878
LVMH Moet Hennessy Louis
Vuitton SE				2,491		1,518,501
Total Textiles, Apparel & Luxury Goods						3,330,161

Tobacco (1.97%)
Swedish Match AB				78,846		803,124

Trading Companies & Distributors (1.66%)
Bunzl PLC				20,460		677,193

TOTAL COMMON STOCKS
(Cost $49,946,347)						40,472,411

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.10%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund	1.45	%		39,059		39,059

TOTAL SHORT TERM INVESTMENTS
(Cost $39,059)						39,059

TOTAL INVESTMENTS (99.50%)
(Cost $49,985,406)					$	40,511,470
OTHER ASSETS IN EXCESS OF LIABILITIES (0.50%)						204,408
NET ASSETS - 100.00%					$	40,715,878

^(a)

^(b)

See Notes to Financial Statements.

25 | June 30, 2022

ALPS ETF Trust
Statements of Assets and Liabilities	June 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	$	737,519,701		$	155,311,463		$	209,897,766		$	40,511,470
Cash		395,682			109,529			–			–
Dividends and foreign tax reclaims receivable		709,733			161,722			3,966			250,948
Receivable for investments sold		–			–			–			2,262,298
Total Assets		738,625,116			155,582,714			209,901,732			43,024,716

LIABILITIES:
Payable to adviser		122,255			25,528			34,617			7,021
Payable for capital shares redeemed		–			–			–			2,261,993
Distribution payable		1,273,979			238,835			–			39,824
Total Liabilities		1,396,234			264,363			34,617			2,308,838
NET ASSETS	$	737,228,882		$	155,318,351		$	209,867,115		$	40,715,878

NET ASSETS CONSIST OF:
Paid-in capital	$	742,076,707		$	167,075,939		$	435,856,405		$	55,211,878
Total distributable earnings		(4,847,825	)		(11,757,588	)		(225,989,290	)		(14,496,000	)
NET ASSETS	$	737,228,882		$	155,318,351		$	209,867,115		$	40,715,878

INVESTMENTS, AT COST	$	692,873,380		$	153,804,602		$	336,066,669		$	49,985,406

PRICING OF SHARES
Net Assets	$	737,228,882		$	155,318,351		$	209,867,115		$	40,715,878
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		18,300,000			4,904,000			7,750,000			1,800,000
Net Asset Value, offering and redemption price per share	$	40.29		$	31.67		$	27.08		$	22.62

See Notes to Financial Statements.

26 | June 30, 2022

ALPS ETF Trust
Statements of Operations	For the Year Ended June 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
INVESTMENT INCOME:
Dividends*	$	17,213,528		$	3,386,138		$	521,381		$	1,137,271
Income from non-cash dividends		–			–			223,794			45,145
Total Investment Income		17,213,528			3,386,138			745,175			1,182,416

EXPENSES:
Investment adviser fees		3,652,468			749,085			2,219,431			211,895
Total Expenses		3,652,468			749,085			2,219,431			211,895
NET INVESTMENT INCOME/(LOSS)		13,561,060			2,637,053			(1,474,256	)		970,521

REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain/(loss) on investments^(a)		43,405,783			14,022,562			(38,672,396	)		3,229,389
Net realized loss on foreign currency transactions		–			–			(4,792	)		(32,845	)
Total net realized gain/(loss)		43,405,783			14,022,562			(38,677,188	)		3,196,544
Net change in unrealized depreciation on investments		(83,029,339	)		(29,865,443	)		(244,942,759	)		(14,648,951	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		–			–			(128	)		(11,589	)
Total net change in unrealized depreciation		(83,029,339	)		(29,865,443	)		(244,942,887	)		(14,660,540	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(39,623,556	)		(15,842,881	)		(283,620,075	)		(11,463,996	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,062,496	)	$	(13,205,828	)	$	(285,094,331	)	$	(10,493,475	)
*Net of foreign tax withholding.	$	–		$	–		$	(8,960	)	$	(159,771	)

^(a)

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

See Notes to Financial Statements.

27 | June 30, 2022

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

Statements of Changes in Net Assets

	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	13,561,060		$	10,746,630
Net realized gain		43,405,783			32,907,730
Net change in unrealized appreciation/depreciation		(83,029,339	)		102,443,817
Net increase/(decrease) in net assets resulting from operations		(26,062,496	)		146,098,177

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

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		230,032,035			193,214,199
Cost of shares redeemed		(142,045,551	)		(119,413,177	)
Net increase from capital share transactions		87,986,484			73,801,022
Net increase in net assets		48,508,580			209,599,185

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

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

See Notes to Financial Statements.

28 | June 30, 2022

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

Statements of Changes in Net Assets

	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	2,637,053		$	2,556,369
Net realized gain		14,022,562			4,938,284
Net change in unrealized appreciation/depreciation		(29,865,443	)		34,458,826
Net increase/(decrease) in net assets resulting from operations		(13,205,828	)		41,953,479

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

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		78,553,967			18,805,699
Cost of shares redeemed		(56,478,862	)		(3,228,094	)
Net increase from capital share transactions		22,075,105			15,577,605
Net increase in net assets		6,103,849			55,402,823

NET ASSETS:
Beginning of year		149,214,502			93,811,679
End of year	$	155,318,351		$	149,214,502

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

See Notes to Financial Statements.

29 | June 30, 2022

ALPS | O’Shares Global Internet Giants ETF

Statements of Changes in Net Assets

	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment loss	$	(1,474,256	)	$	(2,450,867	)
Net realized gain/(loss)		(38,677,188	)		108,500,737
Net change in unrealized appreciation/depreciation		(244,942,887	)		77,354,082
Net increase/(decrease) in net assets resulting from operations		(285,094,331	)		183,403,952

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		–			–
Total distributions		–			–

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

NET ASSETS:
Beginning of year		718,765,993			272,512,462
End of year	$	209,867,115		$	718,765,993

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

See Notes to Financial Statements.

30 | June 30, 2022

ALPS | O’Shares Europe Quality Dividend ETF

Statements of Changes in Net Assets

	For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
OPERATIONS:
Net investment income	$	970,521		$	458,122
Net realized gain		3,196,544			747,430
Net change in unrealized appreciation/depreciation		(14,660,540	)		4,207,028
Net increase/(decrease) in net assets resulting from operations		(10,493,475	)		5,412,580

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

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

NET ASSETS:
Beginning of year		26,596,905			17,820,905
End of year	$	40,715,878		$	26,596,905

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

See Notes to Financial Statements.

31 | June 30, 2022

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

	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	$	42.00		$	33.16		$	34.13		$	30.69		$	29.25

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

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

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

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

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

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

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.

^(d)

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%.

^(e)

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.

^(f)

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.

^(g)

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

See Notes to Financial Statements.

32 | June 30, 2022

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

	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	$	35.08		$	24.99		$	27.45		$	27.07		$	25.41

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

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

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

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

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

^(a)

Based on average shares outstanding during the period.

^(b)

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. (c) 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.

^(d)

Per share amount is less than $0.01.

^(e)

^(f)

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.

^(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.

^(h)

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 | June 30, 2022

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

	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	$	57.04		$	37.85		$	25.04		$	24.06		$	25.00

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

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

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

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

^(a)

Based on average shares outstanding during the period.

^(b)

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.

^(c)

^(d)

Annualized.

^(e)

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.

^(f)

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.

34 | June 30, 2022

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

	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	$	28.00		$	22.28		$	24.28		$	23.94		$	24.69

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

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

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

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

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

^(a)

Based on average shares outstanding during the period.

^(b)

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. (c) 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.

^(d)

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%.

^(e)

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, 3.15% during the year ended June 30, 2019 and 2.76% during the year ended June 30, 2018.

^(f)

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.

^(g)

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

See Notes to Financial Statements.

35 | June 30, 2022

ALPS ETF Trust
Notes to Financial Statements	June 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 June 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”). 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.

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.

Each Fund’s 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.

The Funds’ investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by or under the direction of the Board. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

36 | June 30, 2022

ALPS ETF Trust
Notes to Financial Statements	June 30, 2022

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