Table of Contents

Performance Overview
ALPS Clean Energy ETF	1
ALPS Disruptive Technologies ETF	4
ALPS Global Travel Beneficiaries ETF	7
ALPS Medical Breakthroughs ETF	10
Disclosure of Fund Expenses	13
Financial Statements
Schedule of Investments
ALPS Clean Energy ETF	14
ALPS Disruptive Technologies ETF	16
ALPS Global Travel Beneficiaries ETF	18
ALPS Medical Breakthroughs ETF	20
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets
ALPS Clean Energy ETF	24
ALPS Disruptive Technologies ETF	25
ALPS Global Travel Beneficiaries ETF	26
ALPS Medical Breakthroughs ETF	27
Financial Highlights	28
Notes to Financial Statements	32
Additional Information	40
Liquidity Risk Management Program	44

alpsfunds.com

ALPS Clean Energy ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

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

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

Fund Performance (as of May 31, 2022)

	6 Months	1 Year	3 Year	Since Inception^
ALPS Clean Energy ETF - NAV	-27.87%	-22.57%	26.84%	22.59%
ALPS Clean Energy ETF - Market Price*	-27.94%	-22.63%	26.87%	22.55%
S&P 1000® Total Return Index	-6.73%	-7.20%	13.27%	7.79%
CIBC Atlas Clean Energy Total Return Index	-27.81%	-22.41%	27.28%	23.26%

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

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

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

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

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

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

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

1 | May 31, 2022

ALPS Clean Energy ETF

Performance Overview

May 31, 2022 (Unaudited)

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

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

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

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

2 | May 31, 2022

ALPS Clean Energy ETF

Performance Overview

May 31, 2022 (Unaudited)

Top Ten Holdings* (as of May 31, 2022)

Enphase Energy, Inc.	6.10%
Sunrun, Inc.	5.16%
First Solar, Inc.	5.08%
Livent Corp.	4.98%
Brookfield Renewable Partners LP	4.97%
Northland Power, Inc.	4.90%
Tesla, Inc.	4.68%
NextEra Energy Partners LP	4.63%
Lucid Group, Inc.	4.62%
Plug Power, Inc.	4.15%
Total % of Top 10 Holdings	49.26%

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

Future holdings are subject to change.

Clean Energy Segment Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

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

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

3 | May 31, 2022

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

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

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

Fund Performance (as of May 31, 2022)

	6 Months	1 Year	3 Year	Since Inception^
ALPS Disruptive Technologies ETF - NAV	-24.11%	-20.77%	9.14%	9.20%
ALPS Disruptive Technologies ETF - Market Price*	-24.19%	-20.79%	9.14%	9.20%
Indxx Disruptive Technologies Net Total Return Index	-23.91%	-20.48%	9.52%	9.51%
Morningstar® Global Markets Net Return Index	-9.38%	-7.56%	11.31%	7.11%

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

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

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

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

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

4 | May 31, 2022

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2022 (Unaudited)

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

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

5 | May 31, 2022

ALPS Disruptive Technologies ETF

Performance Overview

May 31, 2022 (Unaudited)

Top Ten Holdings* (as of May 31, 2022)

Black Knight, Inc.	1.32%
Pagseguro Digital, Ltd., Class A	1.31%
AeroVironment, Inc.	1.31%
Kaspi.KZ JSC, GDR	1.30%
Fidelity National Information Services, Inc.	1.28%
VMware, Inc., Class A	1.24%
Mastercard, Inc., Class A	1.21%
PTC, Inc.	1.21%
Itron, Inc.	1.21%
FleetCor Technologies, Inc.	1.19%
Total % of Top 10 Holdings	12.58%

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

Future holdings are subject to change.

Thematic Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

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

6 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

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

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

Fund Performance (as of May 31, 2022)

	6 Months	Since Inception^
ALPS Global Travel Beneficiaries ETF - NAV	-8.65%	-13.53%
ALPS Global Travel Beneficiaries ETF - Market Price*	-8.39%	-13.17%
S-Network Global Travel Net Total Return Index	-8.36%	-13.20%
Morningstar® Global Markets Net Return Index	-9.38%	-11.45%

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

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

The Fund is new with limited operating history.

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

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

7 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2022 (Unaudited)

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

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

8 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Performance Overview

May 31, 2022 (Unaudited)

Top Ten Holdings* (as of May 31, 2022)

Booking Holdings, Inc.	5.11%
Marriott International, Inc., Class A	4.90%
American Express Co.	4.62%
LVMH Moet Hennessy Louis Vuitton SE	4.61%
Hilton Worldwide Holdings, Inc.	4.58%
Cintas Corp.	4.38%
The Estee Lauder Company, Inc., Class A	4.31%
Walt Disney Co.	3.84%
Airbnb, Inc., Class A	3.70%
Shiseido Co., Ltd.	2.92%
Total % of Top 10 Holdings	42.97%

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

Future holdings are subject to change.

Sector Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

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

9 | May 31, 2022

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

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

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

Fund Performance (as of May 31, 2022)

	6 Months	1 Year	3 Year	5 Year	Since Inception^
ALPS Medical Breakthroughs ETF - NAV	-40.13%	-44.90%	-7.33%	1.93%	1.20%
ALPS Medical Breakthroughs ETF - Market Price*	-40.08%	-44.90%	-7.36%	1.93%	1.19%
S-Network Medical Breakthroughs Total Return Index	-40.01%	-44.74%	-7.07%	2.21%	1.52%
NASDAQ Biotechnology Total Return Index	-22.16%	-21.52%	6.46%	5.04%	2.63%

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

Performance data quoted represents past performance. Past performance does not guarantee future results. Total return figures assume reinvestment of dividends and capital gains distributions, if any. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For most current month-end performance data please visit www.alpsfunds.com or call 1.844.234.5852.

The Fund commenced investment operations on December 30, 2014.

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

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

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

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

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

10 | May 31, 2022

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2022 (Unaudited)

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

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

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

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

11 | May 31, 2022

ALPS Medical Breakthroughs ETF

Performance Overview

May 31, 2022 (Unaudited)

Top Ten Holdings* (as of May 31, 2022)

Ionis Pharmaceuticals, Inc.	5.33%
Alkermes PLC	5.00%
Cerevel Therapeutics Holdings, Inc.	3.99%
Galapagos NV, Sponsored ADR	3.71%
Cytokinetics, Inc.	3.45%
Karuna Therapeutics, Inc.	3.21%
ACADIA Pharmaceuticals, Inc.	2.68%
Insmed, Inc.	2.31%
Amicus Therapeutics, Inc.	2.20%
PTC Therapeutics, Inc.	2.16%
Total % of Top 10 Holdings	34.04%

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

Future holdings are subject to change.

Sector Allocation* (as of May 31, 2022)

Growth of $10,000 (as of May 31, 2022)

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

12 | May 31, 2022

ALPS ETF Trust

Disclosure of Fund Expenses

May 31, 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 a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at the beginning of the six month period and held through May 31, 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 the other funds.

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

	Beginning Account Value 12/1/21	Ending Account Value 5/31/22	Expense Ratio^(a)	Expenses Paid During Period 12/1/21 - 5/31/22^(b)
ALPS Clean Energy ETF
Actual	$1,000.00	$721.30	0.55%	$2.36
Hypothetical (5% return before expenses)	$1,000.00	$1,022.19	0.55%	$2.77
ALPS Disruptive Technologies ETF
Actual	$1,000.00	$758.90	0.50%	$2.19
Hypothetical (5% return before expenses)	$1,000.00	$1,022.44	0.50%	$2.52
ALPS Global Travel Beneficiaries ETF
Actual	$1,000.00	$913.50	0.65%	$3.10
Hypothetical (5% return before expenses)	$1,000.00	$1,021.69	0.65%	$3.28
ALPS Medical Breakthroughs ETF
Actual	$1,000.00	$598.70	0.50%	$1.99
Hypothetical (5% return before expenses)	$1,000.00	$1,022.44	0.50%	$2.52

(a)

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

(b)

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

13 | May 31, 2022

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (87.83%)
Consumer Discretionary (14.15%)
EVgo, Inc.^(a)(b)		441,688	$	4,231,371
Lucid Group, Inc.^(a)(b)		1,520,241		30,678,463
Rivian Automotive, Inc.^(a)		725,084		22,767,638
Tesla, Inc.^(a)		40,996		31,085,627
Volta, Inc.^(a)(b)		692,736		1,704,131
Workhorse Group, Inc.^(a)(b)		869,959		2,688,173
XL Fleet Corp.^(a)		737,978		892,953
Total Consumer Discretionary				94,048,356

Energy (5.84%)
Aemetis, Inc.^(a)(b)		182,404		1,479,296
Archaea Energy, Inc., Class A^(a)		345,443		6,888,134
Green Plains, Inc.^(a)		334,427		10,895,632
Renewable Energy Group, Inc.^(a)		318,977		19,556,479
Total Energy				38,819,541

Financials (3.11%)
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.^(b)		543,797		20,702,352

Industrials (25.26%)
Ameresco, Inc., Class A^(a)		195,664		11,489,390
American Superconductor
Corp.^(a)		165,615		884,384
Array Technologies, Inc.^(a)		900,399		9,976,421
Ballard Power Systems, Inc.^(a)(b)		1,537,130		11,174,935
Blink Charging Co.^(a)(b)		236,577		3,768,672
ChargePoint Holdings, Inc.^(a)(b)		1,510,045		19,313,475
Fluence Energy, Inc.^(a)(b)		230,968		2,263,486
Hyliion Holdings Corp.^(a)(b)		804,220		2,919,319
Hyzon Motors, Inc.^(a)(b)		486,623		2,364,988
Infrastructure and Energy
Alternatives, Inc.^(a)(b)		181,902		1,478,863
Li-Cycle Holdings Corp.^(a)(b)		734,991		5,990,177
Lightning eMotors, Inc.^(a)		282,696		1,133,611
Lion Electric Co.^(a)(b)		554,777		3,201,063
Microvast Holdings, Inc.^(a)(b)		964,377		4,821,885
Plug Power, Inc.^(a)(b)		1,491,223		27,557,801
Proterra, Inc.^(a)(b)		1,322,313		8,528,919
Shoals Technologies Group,
Inc., Class A^(a)		341,819		5,332,376
Stem, Inc.^(a)(b)		965,951		8,345,817
Sunrun, Inc.^(a)		1,311,168		34,247,708
TPI Composites, Inc.^(a)		231,779		3,196,232
Total Industrials				167,989,522

Security Description	Shares		Value
Information Technology (14.87%)
Enphase Energy, Inc.^(a)	217,502		$40,496,698
First Solar, Inc.^(a)		478,263		33,770,151
Itron, Inc.^(a)		289,319		14,931,754
SunPower Corp.^(a)(b)		542,632		9,588,307
Total Information Technology				98,786,910

Materials (4.96%)
Livent Corp.^(a)		1,040,348		33,072,662

Utilities (19.64%)
Boralex, Inc., Class A^(b)		658,527		20,101,773
Clearway Energy, Inc., Class C		526,597		18,457,225
Innergex Renewable Energy, Inc.^(b)		994,455		13,412,976
Northland Power, Inc.^(b)		1,073,068		32,543,692
Ormat Technologies, Inc.		291,912		24,508,932
Sunnova Energy International, Inc.^(a)(b)		600,147		12,002,940
TransAlta Renewables, Inc.^(b)		690,830		9,470,682
Total Utilities				130,498,220

TOTAL COMMON STOCKS
(Cost $716,851,485)				583,917,563

Security Description		Shares		Value
MASTER LIMITED PARTNERSHIPS (11.90%)
Energy (2.31%)
Enviva, Inc.		197,201		15,359,986

Utilities (9.59%)
Brookfield Renewable Partners LP		927,600		32,994,207
NextEra Energy Partners LP		428,907		30,731,187
Total Utilities				63,725,394

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $71,255,956)				79,085,380

14 | May 31, 2022

ALPS Clean Energy ETF

Schedule of Investments

May 31, 2022 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (11.51%)
Money Market Fund (0.17%)
State Street Institutional
Treasury Plus Money
Market Fund
(Cost $1,140,115)		0.75	%		1,140,115	$	1,140,115

Investments Purchased with Collateral from Securities Loaned (11.34%)
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 0.80%
(Cost $75,385,575)					75,385,575		75,385,575
TOTAL SHORT TERM INVESTMENTS
(Cost $76,525,690)							76,525,690

TOTAL INVESTMENTS (111.24%)
(Cost $864,633,131)						$	739,528,633
LIABILITIES IN EXCESS OF OTHER ASSETS (-11.24%)							(74,743,929	)
NET ASSETS - 100.00%						$	664,784,704

(a)

Non-income producing security.

(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $121,262,523.

See Notes to Financial Statements.

15 | May 31, 2022

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.85%)
Communication Services (0.61%)
Netflix, Inc.^(a)		4,636	$	915,332

Consumer Discretionary (4.03%)
ADT, Inc.		220,599		1,650,081
Garmin, Ltd.		14,872		1,570,781
iRobot Corp.^(a)		28,085		1,336,565
Tesla, Inc.^(a)		1,960		1,486,190
Total Consumer Discretionary				6,043,617

Financials (4.48%)
American Express Co.		9,759		1,647,514
Kaspi.KZ JSC, GDR^(b)		36,837		1,941,310
Moody's Corp.		5,285		1,593,798
S&P Global, Inc.		4,340		1,516,743
Total Financials				6,699,365

Health Care (10.88%)
ABIOMED, Inc.^(a)		5,432		1,432,418
Align Technology, Inc.^(a)		3,829		1,063,084
Azenta, Inc.		20,414		1,564,529
Boston Scientific Corp.^(a)		39,557		1,622,233
Cutera, Inc.^(a)		38,104		1,714,298
Dexcom, Inc.^(a)		4,060		1,209,636
DiaSorin SpA^(c)		12,464		1,639,137
Insulet Corp.^(a)		7,056		1,506,315
Intuitive Surgical, Inc.^(a)		5,989		1,363,336
ResMed, Inc.		6,830		1,389,632
Smith & Nephew PLC,
Sponsored ADR		53,614		1,754,786
Total Health Care				16,259,404

Industrials (15.90%)
ABB, Ltd., Sponsored ADR		50,311		1,558,132
AeroVironment, Inc.^(a)		21,343		1,962,702
Experian PLC		44,091		1,475,645
FANUC Corp.		9,789		1,604,823
Proto Labs, Inc.^(a)		31,195		1,503,287
RELX PLC, Sponsored ADR^(c)		60,186		1,723,727
Schneider Electric SE		10,749		1,489,067
Sensata Technologies Holding PLC		31,219		1,499,449
Siemens Gamesa Renewable
Energy SA^(a)		81,840		1,577,952
Thomson Reuters Corp.		16,021		1,585,697
TransUnion		17,236		1,496,257
Verisk Analytics, Inc.		8,926		1,561,336
Vestas Wind Systems A/S		53,558		1,368,425
Wolters Kluwer NV		17,031		1,684,652

Security Description	Shares		Value
Industrials (continued)
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		1,073,800	$	1,759,744
Total Industrials				23,850,895

Information Technology (60.81%)
Adobe, Inc.^(a)		3,779		1,573,878
Adyen NV^(a)(b)(d)		981		1,524,121
Alarm.com Holdings, Inc.^(a)		25,129		1,588,907
Allegro MicroSystems, Inc.^(a)		63,228		1,628,121
ams-OSRAM AG^(a)		125,142		1,531,659
ANSYS, Inc.^(a)		5,422		1,411,672
Autodesk, Inc.^(a)		8,260		1,716,015
Avast PLC^(b)		197,309		1,207,588
Black Knight, Inc.^(a)		28,980		1,968,032
Block, Inc., Class A^(a)		15,207		1,330,765
Cerence, Inc.^(a)(c)		51,740		1,643,262
Check Point Software Technologies, Ltd.^(a)		11,647		1,456,807
Cognex Corp.		25,133		1,216,940
Crowdstrike Holdings, Inc., Class A^(a)		8,651		1,384,073
Dassault Systemes SE		36,281		1,526,233
Datadog, Inc., Class A^(a)		11,859		1,131,230
Dynatrace, Inc.^(a)		40,250		1,516,218
FARO Technologies, Inc.^(a)		31,253		1,006,972
Fidelity National Information
Services, Inc.		18,373		1,919,978
First Solar, Inc.^(a)		21,652		1,528,848
Fiserv, Inc.^(a)		17,394		1,742,531
FleetCor Technologies, Inc.^(a)		7,141		1,776,752
Fortinet, Inc.^(a)		5,771		1,697,482
Global Payments, Inc.		13,004		1,704,044
GMO Payment Gateway, Inc.		17,200		1,426,931
Intuit, Inc.		3,670		1,521,068
Itron, Inc.^(a)		35,009		1,806,814
Keyence Corp.		3,546		1,421,044
Mastercard, Inc., Class A		5,074		1,815,832
Materialise NV, ADR^(a)(c)		85,381		1,249,124
Nemetschek SE		20,709		1,477,547
NortonLifeLock, Inc.		59,384		1,445,407
Okta, Inc.^(a)		9,909		822,942
Omron Corp.		24,900		1,436,342
Pagseguro Digital, Ltd., Class A^(a)		128,048		1,966,817
Palo Alto Networks, Inc.^(a)		3,000		1,508,340
PayPal Holdings, Inc.^(a)		16,814		1,432,721
PTC, Inc.^(a)		15,537		1,810,527
Qorvo, Inc.^(a)		13,210		1,476,218
Renishaw PLC		33,055		1,692,757

16 | May 31, 2022

ALPS Disruptive Technologies ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Information Technology (continued)
Salesforce, Inc.^(a)		8,280	$	1,326,787
SAP SE, Sponsored ADR		15,243		1,521,861
ServiceNow, Inc.^(a)		3,119		1,458,039
Silicon Laboratories, Inc.^(a)		11,786		1,757,999
Skyworks Solutions, Inc.		12,517		1,362,726
Snowflake, Inc., Class A^(a)		8,371		1,068,558
SolarEdge Technologies, Inc.^(a)		5,241		1,429,692
Splunk, Inc.^(a)		13,042		1,337,588
SS&C Technologies Holdings, Inc.		22,151		1,417,442
StoneCo, Ltd., Class A^(a)		173,850		1,745,454
Stratasys, Ltd.^(a)		69,373		1,383,298
Temenos AG		18,221		1,769,670
Trend Micro, Inc.		28,490		1,675,297
Visa, Inc., Class A		8,357		1,773,105
VMware, Inc., Class A		14,451		1,851,173
Workday, Inc., Class A^(a)		7,238		1,131,299
Xero, Ltd.^(a)		22,864		1,465,098
Xinyi Solar Holdings, Ltd.		872,000		1,553,492
Zoom Video Communications, Inc., Class A^(a)		15,941		1,712,860
Zscaler, Inc.^(a)		7,919		1,212,320
Total Information Technology				90,996,317

Real Estate (1.08%)
Equinix, Inc.		2,351		1,615,349

Utilities (1.06%)
China Longyuan Power Group
Corp., Ltd., Class H		737,000		1,583,472

TOTAL COMMON STOCKS
(Cost $169,687,987)				147,963,751

Security Description		Shares		Value
MASTER LIMITED PARTNERSHIPS (0.96%)
Utilities (0.96%)
Brookfield Renewable Partners LP		40,560		1,442,696

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $1,140,531)				1,442,696

7 Day Yield

Value

SHORT TERM INVESTMENTS (0.74%)

Money Market Fund (0.13%)

State Street Institutional

Treasury Plus Money

Market Fund

(Cost $188,012)

0.75

188,012

Investments Purchased with Collateral

from Securities Loaned (0.61%)

State Street Navigator

Securities Lending

Government Money Market

Portfolio, 0.80%

(Cost $919,800)

919,800

TOTAL SHORT TERM INVESTMENTS

(Cost $1,107,812)

1,107,812

TOTAL INVESTMENTS (100.55%)

(Cost $171,936,330)

150,514,259

LIABILITIES IN EXCESS OF OTHER ASSETS (-0.55%)

(825,690

)

NET ASSETS - 100.00%

149,688,569

(a)

Non-income producing security.

(b)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2022, the market value of those securities was $4,673,019 representing 3.12% of net assets.

(c)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $2,586,449.

(d)

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 $1,524,121, representing 1.02% of net assets.

See Notes to Financial Statements.

17 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.94%)
Communication Services (4.10%)
TripAdvisor, Inc.^(a)		916	$	22,753
Walt Disney Co.^(a)		2,988		329,995
Total Communication Services				352,748

Consumer Discretionary (46.13%)
Airbnb, Inc., Class A^(a)		2,631		318,009
Booking Holdings, Inc.^(a)		196		439,739
Boyd Gaming Corp.		898		52,775
Caesars Entertainment, Inc.^(a)		1,889		94,771
Choice Hotels International, Inc.		419		53,586
Cie Financiere Richemont SA, Class A		1,481		164,204
Dufry AG^(a)		584		24,122
Expedia Group, Inc.^(a)		1,281		165,672
Galaxy Entertainment Group, Ltd.		26,000		138,661
Hilton Grand Vacations, Inc.^(a)		1,118		51,149
Hilton Worldwide Holdings, Inc.		2,797		393,985
Huazhu Group, Ltd., ADR		3,457		112,353
Intercontinental Hotels Group^(a)		501		31,136
Las Vegas Sands Corp.^(a)		2,702		95,813
LVMH Moet Hennessy Louis Vuitton SE		619		396,855
Marriott International, Inc., Class A		2,458		421,744
Marriott Vacations Worldwide Corp.		526		77,701
MGM Resorts International		3,234		113,093
Moncler SpA		667		32,008
Oriental Land Co., Ltd.		1,660		247,578
Penn National Gaming, Inc.^(a)		2,028		64,815
Thule Group AB^(b)(c)		605		20,245
Tongcheng Travel Holdings, Ltd.^(a)(c)		14,000		26,868
Trainline PLC^(a)(b)(c)		9,130		36,665
Trip.com Group, Ltd., ADR		6,372		140,566
TUI AG^(a)		7,515		18,088
Vail Resorts, Inc.		459		115,764
WH Smith PLC^(a)		1,196		24,023
Wyndham Hotels & Resorts, Inc.		1,211		97,037
Total Consumer Discretionary				3,969,025

Consumer Staples (10.69%)
L'Oreal SA		694		244,784

Security Description	Shares		Value
Consumer Staples (continued)
Pilgrim's Pride Corp.^(a)		974	$	32,454
Premium Brands Holdings Corp.		254		20,477
Shiseido Co., Ltd.		5,970		251,627
The Estee Lauder Company, Inc., Class A		1,457		371,025
Total Consumer Staples				920,367

Financials (4.62%)
American Express Co.		2,354		397,402

Industrials (29.43%)
Aena SME SA^(a)(b)(c)		348		53,107
Air China, Ltd., Class H^(a)		31,000		22,597
Airbus SE		1,586		185,214
Alaska Air Group, Inc.^(a)		1,249		60,277
American Airlines Group, Inc.^(a)		4,670		83,453
ANA Holdings, Inc.^(a)		4,700		92,806
Auckland International Airport, Ltd.^(a)		4,539		22,123
Avis Budget Group, Inc.^(a)		274		52,137
CAE, Inc.^(a)		2,952		73,727
China Airlines, Ltd.^(a)		51,000		47,618
China Southern Airlines Co., Ltd., Class H^(a)(d)		38,000		20,968
Cintas Corp.		947		377,219
Dassault Aviation SA		156		26,411
Delta Air Lines, Inc.^(a)		5,445		227,002
Deutsche Lufthansa AG^(a)		2,954		21,647
Elis SA		1,642		26,036
Eva Airways Corp.^(a)		36,000		42,295
Flight Centre Travel Group, Ltd.^(a)(d)		1,600		23,539
Grupo Aeroportuario del Pacifico SAB de CV, ADR		546		82,107
Grupo Aeroportuario del Sureste SAB de CV, ADR		140		30,421
Hertz Global Holdings, Inc.^(a)		1,054		21,154
International Consolidated Airlines Group SA^(a)(d)		12,865		20,692
Japan Airlines Co., Ltd.^(a)		4,400		80,183
Korean Air Lines Co., Ltd.^(a)		2,390		56,118
Localiza Rent a Car SA		4,834		58,506
Lyft, Inc., Class A^(a)		1,567		27,705
Qantas Airways, Ltd.^(a)		18,443		72,928
Ryanair Holdings PLC^(a)		1,520		23,294
Sixt SE		159		21,422
Southwest Airlines Co.^(a)		5,441		249,523
Uber Technologies, Inc.^(a)		9,292		215,573

18 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Industrials (continued)
United Airlines Holdings, Inc.^(a)		2,416	$	115,074
Total Industrials				2,532,876

Information Technology (1.73%)
Amadeus IT Holding SA, Class A^(a)		1,744		108,292
Sabre Corp.^(a)		2,384		17,904
TravelSky Technology, Ltd., Class H		14,000		22,765
Total Information Technology				148,961

Real Estate (3.24%)
Gaming and Leisure
Properties, Inc.		3,168		148,325
Host Hotels & Resorts, Inc.		6,538		130,695
Total Real Estate				279,020

TOTAL COMMON STOCKS
(Cost $9,712,091)				8,600,399

7 Day Yield

Value

SHORT TERM INVESTMENTS (0.60%)

Money Market Fund (0.04%)

State Street Institutional

Treasury Plus Money

Market Fund

(Cost $3,672)

0.75

3,672

Investments Purchased with Collateral

from Securities Loaned (0.56%)

State Street Navigator

Securities Lending

Government Money Market

Portfolio, 0.80%

(Cost $48,416)

48,416

TOTAL SHORT TERM INVESTMENTS

(Cost $52,088)

52,088

TOTAL INVESTMENTS (100.54%)

(Cost $9,764,179)

8,652,487

LIABILITIES IN EXCESS OF OTHER ASSETS (-0.54%)

(46,553

)

NET ASSETS - 100.00%

8,605,934

(a)

Non-income producing security.

(b)

(c)

(d)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $44,491.

See Notes to Financial Statements.

19 | May 31, 2022

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (100.00%)
Biotechnology (97.89%)
89bio, Inc.^(a)(b)		19,820	$	59,658
Aadi Bioscience, Inc.^(a)(b)		20,219		325,728
ACADIA Pharmaceuticals, Inc.^(a)		155,460		2,510,679
ADC Therapeutics SA^(a)		74,264		507,966
Aeglea BioTherapeutics, Inc.^(a)(b)		47,792		75,511
Affimed NV^(a)		115,974		359,519
Agenus, Inc.^(a)		248,943		415,735
Agios Pharmaceuticals, Inc.^(a)		52,902		1,030,002
Akero Therapeutics, Inc.^(a)(b)		33,896		292,861
Albireo Pharma, Inc.^(a)		18,748		373,648
Aldeyra Therapeutics, Inc.^(a)		56,241		173,785
Alector, Inc.^(a)		79,369		703,209
Alkermes PLC^(a)		157,174		4,691,644
Allakos, Inc.^(a)		53,057		159,171
Allovir, Inc.^(a)(b)		63,264		244,832
Alpine Immune Sciences, Inc.^(a)(b)		28,284		263,041
Altimmune, Inc.^(a)(b)		38,468		194,648
ALX Oncology Holdings, Inc.^(a)(b)		39,343		301,761
Amicus Therapeutics, Inc.^(a)(b)		271,084		2,065,660
AnaptysBio, Inc.^(a)(b)		26,792		508,780
Anavex Life Sciences Corp.^(a)(b)		73,741		671,781
Annexon, Inc.^(a)(b)		37,484		117,700
Applied Molecular Transport, Inc.^(a)(b)		37,426		123,880
Arbutus Biopharma Corp.^(a)(b)		143,894		349,662
Arcturus Therapeutics
Holdings, Inc.^(a)		25,527		507,477
Arcus Biosciences, Inc.^(a)(b)		68,801		1,303,779
Arcutis Biotherapeutics, Inc.^(a)		48,777		1,018,464
Atara Biotherapeutics, Inc.^(a)		90,129		468,671
Atossa Therapeutics, Inc.^(a)(b)		122,582		119,186
Autolus Therapeutics PLC,
ADR^(a)(b)		88,007		241,139
AVEO Pharmaceuticals, Inc.^(a)(b)		33,273		135,421
BELLUS Health, Inc.^(a)		103,341		820,528
Beyondspring, Inc.^(a)(b)		38,226		52,370
BioAtla, Inc.^(a)		35,970		86,688
Bioxcel Therapeutics, Inc.^(a)(b)		27,081		316,848
Cardiff Oncology, Inc.^(a)(b)		41,928		56,603
Catalyst Pharmaceuticals, Inc.^(a)		99,824		718,733
Cerevel Therapeutics Holdings, Inc.^(a)(b)		143,286		3,744,063
Checkpoint Therapeutics, Inc.^(a)(b)		81,098		115,159
ChemoCentryx, Inc.^(a)		67,573		1,504,851
Chinook Therapeutics, Inc.^(a)		71,905		777,292

Security Description	Shares		Value
Biotechnology (continued)
Clene, Inc.^(a)(b)		60,323	$	131,504
Cogent Biosciences, Inc.^(a)		38,584		177,872
Coherus Biosciences, Inc.^(a)(b)		74,812		549,120
Compass Pathways PLC, ADR^(a)(b)		40,757		370,481
Crinetics Pharmaceuticals, Inc.^(a)		45,980		770,165
Cytokinetics, Inc.^(a)(b)		81,204		3,240,040
CytomX Therapeutics, Inc.^(a)(b)		63,306		101,923
Day One Biopharmaceuticals, Inc.^(a)(b)		59,972		373,026
eFFECTOR Therapeutics, Inc.^(a)(b)		43,828		94,668
Emergent BioSolutions, Inc.^(a)		48,890		1,611,414
Enanta Pharmaceuticals, Inc.^(a)		19,879		793,768
FibroGen, Inc.^(a)		90,033		885,925
Forma Therapeutics Holdings, Inc.^(a)		45,954		261,478
Fortress Biotech, Inc.^(a)(b)		96,454		83,085
Galapagos NV, Sponsored ADR^(a)(b)		63,265		3,480,208
Geron Corp.^(a)(b)		313,390		432,478
Gossamer Bio, Inc.^(a)		74,040		521,982
Gritstone bio, Inc.^(a)(b)		70,385		142,178
Imago Biosciences, Inc.^(a)		32,462		524,586
Immunic, Inc.^(a)(b)		27,012		167,474
Immunocore Holdings PLC, ADR^(a)		41,661		1,181,089
ImmunoGen, Inc.^(a)		213,491		781,377
Immunovant, Inc.^(a)		112,677		477,750
Immutep, Ltd., ADR^(a)(b)		83,927		249,263
Impel Pharmaceuticals, Inc.^(a)(b)		22,298		153,633
Infinity Pharmaceuticals, Inc.^(a)(b)		87,022		58,514
Inmune Bio, Inc.^(a)(b)		17,301		119,377
Innate Pharma SA, ADR^(a)		79,097		210,398
Insmed, Inc.^(a)		115,112		2,166,408
Instil Bio, Inc.^(a)(b)		125,008		750,673
Intercept Pharmaceuticals, Inc.^(a)(b)		28,742		520,230
Ionis Pharmaceuticals, Inc.^(a)		136,863		4,998,238
Iovance Biotherapeutics, Inc.^(a)		152,150		1,027,013
IVERIC bio, Inc.^(a)		111,966		1,168,925
Jounce Therapeutics, Inc.^(a)		50,040		193,655
KalVista Pharmaceuticals, Inc.^(a)		23,752		211,155
Karuna Therapeutics, Inc.^(a)		28,855		3,010,154
Keros Therapeutics, Inc.^(a)(b)		23,240		785,512
Kezar Life Sciences, Inc.^(a)		47,574		240,249
Kodiak Sciences, Inc.^(a)		50,281		364,034

20 | May 31, 2022

ALPS Medical Breakthroughs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Biotechnology (continued)
Kronos Bio, Inc.^(a)(b)		54,801	$	203,860
Krystal Biotech, Inc.^(a)		24,410		1,437,261
LianBio, ADR^(a)(b)		103,820		295,887
Ligand Pharmaceuticals, Inc.^(a)		16,316		1,450,656
Longeveron, Inc.^(a)		18,512		151,243
MacroGenics, Inc.^(a)		59,362		205,986
Magenta Therapeutics, Inc.^(a)(b)		56,924		66,032
MannKind Corp.^(a)(b)		243,763		1,018,929
MEI Pharma, Inc.^(a)		128,735		61,329
Merus NV^(a)		42,091		781,209
MiMedx Group, Inc.^(a)		108,770		425,291
Myovant Sciences, Ltd.^(a)(b)		90,899		942,623
Organogenesis Holdings, Inc.^(a)		124,656		699,320
Oyster Point Pharma, Inc.^(a)		25,773		101,288
PDS Biotechnology Corp.^(a)		27,520		107,878
Praxis Precision Medicines, Inc.^(a)		44,029		365,441
Prometheus Biosciences, Inc.^(a)		37,824		985,693
ProQR Therapeutics NV^(a)		69,542		45,898
Protagonist Therapeutics, Inc.^(a)		46,871		410,590
Prothena Corp. PLC^(a)		45,193		1,230,605
PTC Therapeutics, Inc.^(a)		69,085		2,029,026
Radius Health, Inc.^(a)		45,872		290,370
RAPT Therapeutics, Inc.^(a)		28,631		421,448
Recursion Pharmaceuticals, Inc.^(a)		163,595		1,001,201
REGENXBIO, Inc.^(a)		41,573		874,696
Replimune Group, Inc.^(a)		45,705		664,094
Rigel Pharmaceuticals, Inc.^(a)		166,206		300,833
Rocket Pharmaceuticals, Inc.^(a)		62,442		739,938
SAB Biotherapeutics, Inc.^(a)(b)		42,491		83,282
Sage Therapeutics, Inc.^(a)		57,165		1,787,550
Scholar Rock Holding Corp.^(a)(b)		34,172		171,543
Seres Therapeutics, Inc.^(a)		89,084		276,160
SpringWorks Therapeutics, Inc.^(a)		47,772		904,802
Stoke Therapeutics, Inc.^(a)		36,161		437,910
Surface Oncology, Inc.^(a)		45,468		84,116
Syndax Pharmaceuticals, Inc.^(a)		53,251		878,642
Tonix Pharmaceuticals Holding Corp.^(a)(b)		15,013		36,631
Travere Therapeutics, Inc.^(a)		61,466		1,432,772
uniQure NV^(a)		44,971		645,784
Valneva SE, ADR^(a)(b)		50,769		1,244,348
Vanda Pharmaceuticals, Inc.^(a)		54,116		531,960
Vaxart, Inc.^(a)		121,792		443,323
Viking Therapeutics, Inc.^(a)(b)		75,861		168,411
VistaGen Therapeutics, Inc.^(a)		199,935		229,925
XBiotech, Inc.		29,419		161,805

Security Description	Shares			Value
Biotechnology (continued)
Xencor, Inc.^(a)		57,480	$	1,283,528
Xenon Pharmaceuticals, Inc.^(a)		50,271		1,324,641
Y-mAbs Therapeutics, Inc.^(a)(b)		42,317		526,423
Total Biotechnology				91,851,336

Health Care Providers & Services (2.11%)
OPKO Health, Inc.^(a)(b)		659,406		1,978,218

TOTAL COMMON STOCKS
(Cost $175,640,320)				93,829,554

7 Day Yield

Value

SHORT TERM INVESTMENTS (6.53%)

Money Market Fund (0.02%)

State Street Institutional

Treasury Plus Money

Market Fund

(Cost $23,017)

0.75

23,017

Investments Purchased with Collateral

from Securities Loaned (6.51%)

State Street Navigator

Securities Lending

Government Money Market

Portfolio, 0.80%

(Cost $6,107,385)

6,107,385

TOTAL SHORT TERM INVESTMENTS

(Cost $6,130,402)

6,130,402

TOTAL INVESTMENTS (106.53%)

(Cost $181,770,722)

99,959,956

LIABILITIES IN EXCESS OF OTHER ASSETS (-6.53%)

(6,129,874

)

NET ASSETS - 100.00%

93,830,082

(a)

Non-income producing security.

(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $12,117,651.

See Notes to Financial Statements.

21 | May 31, 2022

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2022 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
ASSETS:
Investments, at value	$	739,528,633		$	150,514,259		$	8,652,487		$	99,959,956
Cash		–			–			–			9,543
Foreign Currency, at value (Cost $37,873, $1,207, $266 and $–)		37,873			1,207			266			–
Dividends receivable		912,546			155,078			6,027			9,591
Receivable for investments sold		16,059,076			–			–			–
Total Assets		756,538,128			150,670,544			8,658,780			99,979,090

LIABILITIES:
Payable to adviser		304,420			62,175			4,430			41,623
Payable for capital shares redeemed		16,063,429			–			–			–
Payable for collateral upon return of securities loaned		75,385,575			919,800			48,416			6,107,385
Total Liabilities		91,753,424			981,975			52,846			6,149,008
NET ASSETS	$	664,784,704		$	149,688,569		$	8,605,934		$	93,830,082

NET ASSETS CONSIST OF:
Paid-in capital	$	865,960,823		$	163,321,583		$	9,626,175		$	269,175,409
Total distributable earnings		(201,176,119	)		(13,633,014	)		(1,020,241	)		(175,345,327	)
NET ASSETS	$	664,784,704		$	149,688,569		$	8,605,934		$	93,830,082

INVESTMENTS, AT COST	$	864,633,131		$	171,936,330		$	9,764,179		$	181,770,722

PRICING OF SHARES
Net Assets	$	664,784,704		$	149,688,569		$	8,605,934		$	93,830,082
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		12,500,002			4,100,002			400,002			3,650,000
Net Asset Value, offering and redemption price per share	$	53.18		$	36.51		$	21.51		$	25.71

See Notes to Financial Statements.

22 | May 31, 2022

ALPS ETF Trust

Statements of Operations

For the Six Months Ended May 31, 2022 (Unaudited)

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
INVESTMENT INCOME:
Dividends*	$	4,045,746		$	612,510		$	26,307		$	28
Securities Lending Income		1,823,858			6,876			135			81,784
Total Investment Income		5,869,604			619,386			26,442			81,812

EXPENSES:
Investment adviser fees		2,096,670			479,009			24,559			350,433
Total Expenses		2,096,670			479,009			24,559			350,433
NET INVESTMENT INCOME/(LOSS)		3,772,934			140,377			1,883			(268,621	)

REALIZED AND UNREALIZED GAIN/LOSS
Net realized gain/(loss) on investments^(a)		(28,136,858	)		12,517,207			109,180			(14,664,545	)
Net realized gain/(loss) on foreign currency transactions		(52,109	)		12,075			(164	)		–
Total net realized gain/(loss)		(28,188,967	)		12,529,282			109,016			(14,664,545	)
Net change in unrealized depreciation on investments		(257,690,863	)		(66,614,674	)		(736,503	)		(55,114,354	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		4,073			(1,425	)		(28	)		–
Total net change in unrealized depreciation		(257,686,790	)		(66,616,099	)		(736,531	)		(55,114,354	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(285,875,757	)		(54,086,817	)		(627,515	)		(69,778,899	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(282,102,823	)	$	(53,946,440	)	$	(625,632	)	$	(70,047,520	)
*Net of foreign tax withholding.	$	225,738		$	44,131		$	1,488		$	–

(a)

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

See Notes to Financial Statements.

23 | May 31, 2022

ALPS Clean Energy ETF

Statement of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	3,772,934		$	2,492,485
Net realized gain/(loss)		(28,188,967	)		85,403,452
Net change in unrealized depreciation		(257,686,790	)		(103,058,310	)
Net decrease in net assets resulting from operations		(282,102,823	)		(15,162,373	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,427,333	)		(2,023,844	)
From tax return of capital		–			(3,160,255	)
Total distributions		(2,427,333	)		(5,184,099	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		86,093,355			667,197,824
Cost of shares redeemed		(151,545,454	)		(241,541,495	)
Net increase/(decrease) from capital share transactions		(65,452,099	)		425,656,329
Net increase/(decrease) in net assets		(349,982,255	)		405,309,857

NET ASSETS:
Beginning of period		1,014,766,959			609,457,102
End of period	$	664,784,704		$	1,014,766,959

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		13,725,002			8,700,002
Shares sold		1,475,000			8,400,000
Shares redeemed		(2,700,000	)		(3,375,000	)
Shares outstanding, end of period		12,500,002			13,725,002

See Notes to Financial Statements.

24 | May 31, 2022

ALPS Disruptive Technologies ETF

Statement of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	140,377		$	676,422
Net realized gain		12,529,282			14,565,809
Net change in unrealized appreciation/(depreciation)		(66,616,099	)		5,497,585
Net increase/(decrease) in net assets resulting from operations		(53,946,440	)		20,739,816

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(621,903	)		(633,863	)
Total distributions		(621,903	)		(633,863	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		14,781,794			100,271,458
Cost of shares redeemed		(48,070,483	)		(33,290,851	)
Net increase/(decrease) from capital share transactions		(33,288,689	)		66,980,607
Net increase/(decrease) in net assets		(87,857,032	)		87,086,560

NET ASSETS:
Beginning of period		237,545,601			150,459,041
End of period	$	149,688,569		$	237,545,601

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,925,002			3,500,002
Shares sold		325,000			2,125,000
Shares redeemed		(1,150,000	)		(700,000	)
Shares outstanding, end of period		4,100,002			4,925,002

See Notes to Financial Statements.

25 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Statement of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Period September 8, 2021 (Commencement of Operations) to November 30, 2021
OPERATIONS:
Net investment income	$	1,883		$	12,482
Net realized gain/(loss)		109,016			(19,713	)
Net change in unrealized depreciation		(736,531	)		(375,185	)
Net decrease in net assets resulting from operations		(625,632	)		(382,416	)

DISTRIBUTIONS:
From distributable earnings		(12,194	)		–
Total distributions		(12,194	)		–
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		6,150,252			8,047,426
Cost of shares redeemed		(4,571,502	)		–
Net increase from capital share transactions		1,578,750			8,047,426
Net increase in net assets		940,924			7,665,010

NET ASSETS:
Beginning of period		7,665,010			–
End of period	$	8,605,934		$	7,665,010

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		325,002			–
Shares sold		275,000			325,002
Shares redeemed		(200,000	)		–
Shares outstanding, end of period		400,002			325,002

See Notes to Financial Statements.

26 | May 31, 2022

ALPS Medical Breakthroughs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment loss	$	(268,621	)	$	(852,170	)
Net realized gain/(loss)		(14,664,545	)		46,250,415
Net change in unrealized depreciation		(55,114,354	)		(77,077,650	)
Net decrease in net assets resulting from operations		(70,047,520	)		(31,679,405	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		7,287,789			97,970,744
Cost of shares redeemed		(32,339,502	)		(119,904,054	)
Net decrease from capital share transactions		(25,051,713	)		(21,933,310	)
Net decrease in net assets		(95,099,233	)		(53,612,715	)

NET ASSETS:
Beginning of period		188,929,315			242,542,030
End of period	$	93,830,082		$	188,929,315

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,400,000			4,950,000
Shares sold		200,000			1,800,000
Shares redeemed		(950,000	)		(2,350,000	)
Shares outstanding, end of period		3,650,000			4,400,000

See Notes to Financial Statements.

27 | May 31, 2022

ALPS Clean Energy ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

		For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Period June 28, 2018 (Commencement of Operations) to November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	73.94		$	70.05		$	32.23		$	25.03		$	24.95

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(a)		0.28			0.20			0.25			0.32			0.09
Net realized and unrealized gain/(loss)		(20.86	)		4.11			38.08			7.42			(0.01	)
Total from investment operations		(20.58	)		4.31			38.33			7.74			0.08

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

Net increase/(decrease) in net asset value		(20.76	)		3.89			37.82			7.20			0.08
NET ASSET VALUE, END OF PERIOD	$	53.18		$	73.94		$	70.05		$	32.23		$	25.03
TOTAL RETURN^(b)		(27.87	)%		6.16	%		120.45	%		31.28	%		0.32	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	664,785		$	1,014,767		$	609,457		$	106,359		$	16,271

Ratio of expenses to average net assets		0.55	%^(c)		0.56	%^(d)		0.65	%		0.65	%		0.65	%^(c)
Ratio of net investment income to average net assets		0.99	%^(c)		0.26	%		0.57	%		1.10	%		0.89	%^(c)
Portfolio turnover rate^(e)		29	%		39	%		34	%		15	%		9	%

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

Annualized.

(d)

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

(e)

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

See Notes to Financial Statements.

28 | May 31, 2022

ALPS Disruptive Technologies ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Period December 28, 2017 (Commencement of Operations) to November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	48.23		$	42.99		$	31.88		$	26.21		$	25.08

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(a)		0.03			0.15			0.25			0.14			0.13
Net realized and unrealized gain/(loss)		(11.63	)		5.26			11.00			5.61			1.00	^(b)
Total from investment operations		(11.60	)		5.41			11.25			5.75			1.13

DISTRIBUTIONS:
From net investment income		(0.12	)		(0.17	)		(0.14	)		(0.08	)		–
Total distributions		(0.12	)		(0.17	)		(0.14	)		(0.08	)		–

Net increase/(decrease) in net asset value		(11.72	)		5.24			11.11			5.67			1.13
NET ASSET VALUE, END OF PERIOD	$	36.51		$	48.23		$	42.99		$	31.88		$	26.21
TOTAL RETURN^(c)		(24.11	)%		12.60	%		35.42	%		22.04	%		4.47	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	149,689		$	237,546		$	150,459		$	74,910		$	48,483

Ratio of expenses to average net assets		0.50	%^(d)		0.50	%		0.50	%		0.50	%		0.50	%^(d)
Ratio of net investment income to average net assets		0.15	%^(d)		0.31	%		0.72	%		0.48	%		0.53	%^(d)
Portfolio turnover rate^(e)		16	%		26	%		38	%		42	%		33	%

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

(d)

Annualized.

(e)

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

See Notes to Financial Statements.

29 | May 31, 2022

ALPS Global Travel Beneficiaries ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

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

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income ^(a)		0.01			0.05
Net realized and unrealized loss		(2.05	)		(1.38	)
Total from investment operations		(2.04	)		(1.33	)

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

Net (decrease) in net asset value		(2.07	)		(1.33	)
NET ASSET VALUE, END OF PERIOD	$	21.51		$	23.58
TOTAL RETURN^(b)		(8.65	)%		(5.34	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	8,606		$	7,665

Ratio of expenses to average net assets		0.65	%^(c)		0.65	%^(c)
Ratio of net investment income to average net assets		0.05	%^(c)		0.82	%^(c)
Portfolio turnover rate^(d)		25	%		19	%

(a)

Based on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

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

See Notes to Financial Statements.

30 | May 31, 2022

ALPS Medical Breakthroughs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	42.94		$	49.00		$	39.51		$	33.59		$	31.70		$	24.16

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss) ^(a)		(0.07	)		(0.18	)		(0.13	)		0.03			(0.10	)		0.18
Net realized and unrealized gain/(loss)		(17.16	)		(5.88	)		9.64			6.67			2.57	^(b)		7.36
Total from investment operations		(17.23	)		(6.06	)		9.51			6.70			2.47			7.54

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


Net increase/(decrease) in net asset value		(17.23	)		(6.06	)		9.49			5.92			1.89			7.54
NET ASSET VALUE, END OF PERIOD	$	25.71		$	42.94		$	49.00		$	39.51		$	33.59		$	31.70
TOTAL RETURN^(c)		(40.13	)%		(12.37	)%		24.07	%		20.99	%		7.81	%		31.21	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	93,830		$	188,929		$	242,542		$	197,570		$	221,694		$	128,402

Ratio of expenses to average net
assets		0.50	%^(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment
income/(loss) to average net
assets		(0.38	)%^(d)		(0.36	)%		(0.33	)%		0.09	%		(0.27	)%		0.66	%
Portfolio turnover rate^(e)		45	%		81	%		68	%		88	%		48	%		43	%

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

(d)

Annualized.

(e)

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

See Notes to Financial Statements.

31 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2022, the Trust consisted of nineteen separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF (each a “Fund” and collectively, the “Funds”). ALPS Clean Energy ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS Disruptive Technologies ETF, ALPS Global Travel Beneficiaries ETF and ALPS Medical Breakthroughs ETF have elected to qualify as a diversified series of the Trust under the 1940 Act.

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

The shares of the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, the ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares at net asset value (“NAV”) in blocks of 25,000 Shares, 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. On October 1, 2021, ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF and ALPS Medical Breakthroughs ETF each reduced its Creation Unit size from 50,000 to 25,000 shares.

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.

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.

Portfolio Valuation

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

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

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

32 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

Level 1

–

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

Level 2

–

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

Level 3

–

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

33 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2022:

ALPS Clean Energy ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	583,917,563	$	–	$	–	$	583,917,563
Master Limited Partnerships^*		79,085,380		–		–		79,085,380
Short Term Investments		76,525,690		–		–		76,525,690
Total	$	739,528,633	$	–	$	–	$	739,528,633

ALPS Disruptive Technologies ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	147,963,751	$	–	$	–	$	147,963,751
Master Limited Partnerships^*		1,442,696		–		–		1,442,696
Short Term Investments		1,107,812		–		–		1,107,812
Total	$	150,514,259	$	–	$	–	$	150,514,259

ALPS Global Travel Beneficiaries ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	8,600,399	$	–	$	–	$	8,600,399
Short Term Investments		52,088		–		–		52,088
Total	$	8,652,487	$	–	$	–	$	8,652,487

ALPS Medical Breakthroughs ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks^*	$	93,829,554	$	–	$	–	$	93,829,554
Short Term Investments		6,130,402		–		–		6,130,402
Total	$	99,959,956	$	–	$	–	$	99,959,956

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2022.

Foreign Investment Risk

The Funds may directly purchase securities of foreign issuers. Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers, including, among others, less liquidity generally, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the Fund’s investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. The Fund will not enter into transactions to hedge against declines in the value of the Fund’s assets that are denominated in foreign currency.

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

34 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

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

Foreign Currency Translation

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

Securities Transactions and Investment Income

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

Dividends and Distributions to Shareholders

Dividends from net investment income for the ALPS Disruptive Technologies ETF, the ALPS Global Travel Beneficiaries ETF and the ALPS Medical Breakthroughs ETF, if any, are declared and paid annually or as the Board may determine from time to time. Dividends from net investment income for ALPS Clean Energy ETF, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Funds’ capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2022.

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

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2021

ALPS Clean Energy ETF

2,023,844

–

3,160,255

ALPS Disruptive Technologies ETF

633,863

–

ALPS Global Travel Beneficiaries ETF

–

ALPS Medical Breakthroughs ETF

–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of November 30, 2021, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS Clean Energy ETF	$	47,831,913	$	–
ALPS Disruptive Technologies ETF		2,798,682		1,737,476
ALPS Global Travel Beneficiaries ETF		15,333		–
ALPS Medical Breakthroughs ETF		44,254,973		32,473,807

35 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

The ALPS Medical Breakthrough ETF elects to defer to the year ending November 30, 2022, late year ordinary losses in the amount of $774,798.

As of May 31, 2022, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	ALPS Clean Energy ETF			ALPS Disruptive Technologies ETF			ALPS Global Travel Beneficiaries ETF			ALPS Medical Breakthroughs ETF
Gross appreciation (excess of value over tax cost)	$	74,025,004		$	12,819,020		$	144,730		$	6,767,703
Gross depreciation (excess of tax cost over
value)		(202,349,695	)		(35,029,279	)		(1,266,467	)		(89,209,649
Net unrealized appreciation (depreciation)	$	(128,324,691	)	$	(22,210,259	)	$	(1,121,737	)	$	(82,441,946
Cost of investments for income tax purposes	$	868,217,049		$	172,742,806		$	9,774,224		$	182,401,902

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in partnerships. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2022.

Income Taxes

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

As of and during the six months ended May 31, 2022, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Lending of Portfolio Securities

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

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

36 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2022:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Clean Energy ETF	$	121,262,523	$	75,385,575	$	52,333,546	$	127,719,121
ALPS Disruptive Technologies ETF		2,586,449		919,800		1,883,770		2,803,570
ALPS Global Travel Beneficiaries ETF		44,491		48,416		–		48,416
ALPS Medical Breakthroughs ETF		12,117,651		6,107,385		6,757,341		12,864,726

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

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2022:

ALPS Clean Energy ETF	Remaining contractual maturity of the agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Common Stocks	$	75,385,575	$	–	$	–	$	–	$	75,385,575
Total Borrowings										75,385,575
Gross amount of recognized liabilities for securities lending (collateral received)									$	75,385,575

ALPS Disruptive Technologies ETF	Remaining contractual maturity of the agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Common Stocks	$	919,800	$	–	$	–	$	–	$	919,800
Total Borrowings										919,800
Gross amount of recognized liabilities for securities lending (collateral received)									$	919,800

ALPS Global Travel Beneficiaries ETF	Remaining contractual maturity of the agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Common Stocks	$	48,416	$	–	$	–	$	–	$	48,416
Total Borrowings										48,416
Gross amount of recognized liabilities for securities lending (collateral received)									$	48,416

ALPS Medical Breakthroughs ETF	Remaining contractual maturity of the agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Common Stocks	$	6,107,385	$	–	$	–	$	–	$	6,107,385
Total Borrowings										6,107,385
Gross amount of recognized liabilities for securities lending (collateral received)									$	6,107,385

INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

37 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

Fund	Advisory Fee
ALPS Clean Energy ETF	0.55%
ALPS Disruptive Technologies ETF	0.50%
ALPS Global Travel Beneficiaries ETF	0.65%
ALPS Medical Breakthroughs ETF	0.50%

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

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

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

PURCHASES AND SALES OF SECURITIES

For the six months ended May 31, 2022, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

Fund	Purchases		Sales
ALPS Clean Energy ETF	$	227,565,502	$	226,716,621
ALPS Disruptive Technologies ETF		31,378,968		31,980,213
ALPS Global Travel Beneficiaries ETF		1,958,907		1,861,571
ALPS Medical Breakthroughs ETF		63,637,676		63,747,143

For the six months ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund	Purchases		Sales
ALPS Clean Energy ETF	$	86,099,314	$	151,620,937
ALPS Disruptive Technologies ETF		14,720,020		48,006,103
ALPS Global Travel Beneficiaries ETF		5,986,686		4,512,152
ALPS Medical Breakthroughs ETF		7,288,883		32,332,607

For the six months ended May 31, 2022, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
ALPS Clean Energy ETF	$	42,583,011
ALPS Disruptive Technologies ETF		14,898,105
ALPS Global Travel Beneficiaries ETF		230,239
ALPS Medical Breakthroughs ETF		(5,725,325	)

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

38 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

CAPITAL SHARE TRANSACTIONS

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

MARKET RISK

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19), which can negatively impact the securities markets and cause each Fund to lose value. Securities in each Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

The spread of COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities each Fund holds, and may adversely affect each Fund’s investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place and the jobs market. The impact of COVID-19 could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of each Fund’s securities or other assets. Such impacts may adversely affect the performance of the Funds.

SUBSEQUENT EVENTS

Effective as of the close of business on March 31, 2022, Deloitte & Touche LLP (“Deloitte”) resigned as the independent registered public accounting firm for the Funds. The report of Deloitte on the Funds' financial statements as of and for the fiscal years or periods ended November 30, 2021 and November 30, 2020 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope or accounting principles. During the Funds' fiscal year or period ended November 30, 2021 and November 30, 2020, and through March 31, 2022, there were no disagreements between the Funds and Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Funds for such year or period. During the Funds' fiscal years or periods ended November 30, 2021 and November 30, 2020, there were no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

During each Fund's fiscal year or period ended November 30, 2021 and November 30, 2020, and during the subsequent interim period through March 31, 2022, neither the Funds, nor anyone on their behalf, consulted with Deloitte, on behalf of the Funds, regarding any matter that was either the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the instructions thereto, or a “reportable event,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.

On June 21, 2022, upon the recommendation of the Funds' Audit Committee, the Board of Trustees of the Funds approved the engagement of BBD, LLP (“BBD”) as the independent registered public accounting firm for each Fund for the fiscal year ending November 30, 2022. The Board and its Audit Committee considered the engagement of BBD in connection with the resignation of the Funds' former independent registered accounting firm on March 31, 2022.

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Additional Information

May 31, 2022 (Unaudited)

PROXY VOTING RECORDS, POLICIES AND PROCEDURES

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the Fund’s proxy voting policies and procedures used in determining how to vote for proxies are available without charge on the SEC’s website at www.sec.gov and upon request, by calling (toll-free) 1-866-759-5679.

PORTFOLIO HOLDINGS

The Fund files a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT within 60 days after the end of the period. Copies of the Fund’s Form N-PORT are available without a charge, upon request, by contacting the Fund at 1-866-759-5679 and on the SEC’s website at https://www.sec.gov.

TAX INFORMATION

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2021:

	Qualified Dividend Income			Dividend Received Deduction
ALPS Clean Energy ETF		76.58	%		15.40	%
ALPS Disruptive Technologies ETF		100.00	%		100.00	%
ALPS Global Travelers Beneficiaries ETF		77.73	%		28.51	%
ALPS Medical Breakthroughs ETF		0.00	%		0.00	%

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

LICENSING AGREEMENT

ALPS Clean Energy ETF

CIBC NTC is the designer of the construction and methodology for the Underlying Index. “CIBC NTC” and “CIBC Atlas Clean Energy Index” are service marks or trademarks of the Index Provider. CIBC NTC acts as brand licensor for the Underlying Index and is not responsible for the descriptions of the Fund that appear herein.

The Fund is not sponsored by CIBC NTC or any of its affiliates. CIBC NTC makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities or commodities generally or in the Fund particularly. CIBC NTC does not guarantee the quality, accuracy or completeness of the Underlying Index or any Underlying Index data included herein or derived therefrom and assumes no liability in connection with their use. The Underlying Index is determined and composed without regard to the Adviser or the Fund. CIBC NTC has no obligation to take the needs of the Adviser, the Fund or the shareholders of the Fund into consideration in determining, composing or calculating the Underlying Index. CIBC NTC is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the NAV of the Fund.

CIBC NTC has no obligation or liability in connection with the administration, marketing or trading of the Fund. CIBC NTC makes no warranty, express or implied, as to results to be obtained by the Adviser, the Fund, Fund shareholders or any other person or entity from the use of the Underlying Index or any data included therein. CIBC NTC makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall CIBC NTC have any liability for any special, punitive, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Underlying Index, even if notified of the possibility of such damages.

All intellectual property rights in the Underlying Index vests in CIBC NTC.

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ALPS ETF Trust

Additional Information

May 31, 2022 (Unaudited)

The Underlying Index is the property of CIBC NTC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Underlying Index. The Underlying Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Underlying Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by CIBC NTC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. S&P Dow Jones Indices’ only relationship to CIBC NTC with respect to the Underlying Index is the licensing of certain trademarks, service marks and trade names of S&P Dow Jones Indices, and the provision of the calculation services related to the Underlying Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund may be converted into cash or other redemption mechanics. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Underlying Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CIBC NTC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.

The Index Provider is not affiliated with the Trust, the Adviser or ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”). The Index Provider has entered into a license agreement with the Adviser (the “License Agreement”). The use of the Underlying Index by the Adviser and the Fund is subject to the terms of the License Agreement, which impose certain limitations and conditions on the Fund’s ability to use the Underlying Index.

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

ALPS Disruptive Technologies ETF

“Indxx” is a service mark of Indxx, LLC (“Indxx” or the “Index Provider”) and has been licensed for use for certain purposes by ALPS Advisors, Inc. (the “Adviser”).

The ALPS Disruptive Technologies ETF is not sponsored, endorsed, sold or promoted by Indxx. Indxx makes no representation or warranty, express or implied, to the owners of the ALPS Disruptive Technologies ETF or any member of the public regarding the advisability of investing in securities generally or in the ALPS Disruptive Technologies ETF particularly. Indxx has no obligation to take the needs of ALPS Advisors, Inc. or the shareholders of ALPS Disruptive Technologies ETF into consideration in determining, composing, or calculating the Underlying Index. Indxx is not responsible for and has not participated in the determination of the timing, amount or pricing of the ALPS Disruptive Technologies ETF shares to be issued or in the determination or calculation of the equation by which the ALPS Disruptive Technologies ETF is to be converted into cash. Indxx has no obligation or liability in connection with the administration, marketing or trading of the ALPS Disruptive Technologies ETF.

INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE INDEX(ES), TRADING BASED ON THE INDEX(ES), OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE PRODUCTS, OR FOR ANY OTHER USE. INDXX EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS, EXPRESS, STATUTORY, OR IMPLIED, EXCEPT AS SET FORTH IN THIS AGREEMENT. EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT, INDXX HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX(ES) OR ANY DATA INCLUDED THEREIN. INDXX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY DATA SUPPLIED BY IT OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE FUNDS, ITS SHAREHOLDERS OR AFFILIATES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. INDXX MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DATA SUPPLIED BY INDXX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL INDXX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

41 | May 31, 2022

ALPS ETF Trust

Additional Information

May 31, 2022 (Unaudited)

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

ALPS Global Travel Beneficiaries ETF

S-Network and S-Network Global Travel Index are service marks of S-Network Global Indexes, Inc. ("S-Network") and have been licensed for use by the ALPS Advisors, Inc. (“ALPS”). The Fund is not issued, sponsored, endorsed, sold or promoted by S-Network or its affiliates. S-Network makes no representation or warranty, express or implied, to the purchasers or owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. S-Network's only relationship to the Fund is the licensing of the service marks and the Index, which is determined, composed and calculated by S-Network without regard to ALPS or the Fund. S-Network is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund issued by ALPS. S-Network has no obligation or liability in connection with the issuance, administration, marketing or trading of the Fund.

S-NETWORK DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED THEREIN AND S-NETWORK SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S-NETWORK MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED THEREIN. S-NETWORK MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S-NETWORK GLOBAL TRAVEL INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, UNLESS ARISING AS A RESULT OF S-NETWORK'S (i) GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, (ii) BREACH OF ITS CONFIDENTIALITY OBLIGATIONS: OR (iii) INDEMNIFICATION OBLIGATIONS, S-NETWORK SHALL NOT HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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

ALPS Medical Breakthroughs ETF

The Fund is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, Inc. (“Licensor”). Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of the physical commodities market. Licensor’s only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Underlying Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Fund. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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

42 | May 31, 2022

ALPS ETF Trust

Additional Information

May 31, 2022 (Unaudited)

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

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

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

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ALPS ETF Trust

Liquidity Risk Management Program

May 31, 2022 (Unaudited)

In compliance with the Securities and Exchange Commission’s liquidity risk management rule (the “Liquidity Rule”), the ALPS ETF Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each series of the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment adviser, ALPS Advisors, Inc. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and assessing and managing the risk that a Fund will be unable to meet its redemption obligations without significant dilution of remaining investors’ interests in the Fund. The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and, for Funds that are not “In-Kind ETFs,” the periodic classification and re-classification of such Fund’s investments into groupings that reflect the Committee’s assessment of their liquidity under current market conditions.

At a meeting of the Board held on March 7, 2022, the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Period”). The Committee determined, and reported to the Board, that the Program has been operating effectively to assess and manage each Fund’s liquidity risk and has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The report also discussed notable events affecting liquidity over the Period, including extended market holidays and closures in certain countries. Among other things, the Committee’s report noted that no Fund is required to have a highly liquid investment minimum based either on its status as an In-Kind ETF or on its ability to rely on another exemption under the Liquidity Rule. The Committee’s report further noted that no material changes have been made to the Program since its implementation.

44 | May 31, 2022