Table of Contents

Performance Overview
RiverFront Dynamic Core Income ETF	1
RiverFront Dynamic US Dividend Advantage ETF	3
RiverFront Dynamic US Flex-Cap ETF	6
RiverFront Strategic Income Fund	9
Disclosure of Fund Expenses	11
Report of Independent Registered Public Accounting Firm	12
Financial Statements
Schedules of Investments
RiverFront Dynamic Core Income ETF	13
RiverFront Dynamic US Dividend Advantage ETF	16
RiverFront Dynamic US Flex-Cap ETF	18
RiverFront Strategic Income Fund	20
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets
RiverFront Dynamic Core Income ETF	25
RiverFront Dynamic US Dividend Advantage ETF	26
RiverFront Dynamic US Flex-Cap ETF	27
RiverFront Strategic Income Fund	28
Financial Highlights	29
Notes to Financial Statements	33
Additional Information	41
Board Considerations Regarding Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreements	42
Trustees & Officers	44

alpsfunds.com

RiverFront Dynamic Core Income ETF
Performance Overview	November 30, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic Core Income ETF (the “Fund” or "RFCI") seeks total return, with an emphasis on income as the source of that total return. The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations.

Market Recap

Over the Fund's last calendar year, fixed income markets were extremely volatile as yields on the 10-year Treasury ranged from 1.51% to closing as high as 4.25% on October 24th. The move up in interest rates was attributed to rising inflation prompting the Federal Reserve (Fed) to change its monetary policy from Quantitative Easing (QE) to Quantitative Tightening (QT). Since March, the Fed has attempted to tighten financial conditions to fight inflation through rate increases and balance sheet reduction in the form of QT. The Fed chose to front-load rate hikes to avoid a repeat of the late 1970s and early 1980s, when inflation appeared to peak only to rear its head and climb higher. Over the last six meetings, the Fed incrementally raised the Fed funds target range from 0% to 4%.

Fund-Level Attribution

RFCI navigated this environment over the last year by investing in investment grade and high yield companies at the front-end of the curve with maturities inside of 5 years and maintaining a short duration relative to the Bloomberg Aggregate Bond Index. The Fund limited its Treasury exposure mostly to the long-end of the curve to serve as a shock-absorber during periods of risk-off.

Outlook

Given the monetary backdrop and recent interest rate hikes going into 2023, RiverFront anticipates that the Fund will continue to have a shorter duration relative to the Bloomberg U.S. Aggregate Bond Index. However, as interest rates rise and the Fed nears the end of its rate hiking cycle in 2023, the Fund will opportunistically look to close the duration gap. Additionally, RiverFront anticipates the Fund will continue to focus primarily on adding credit risk over taking on interest rate risk given that the bond market has priced in recession for early 2023, which RiverFront believes is premature. RiverFront believes that the Fed’s terminal Fed funds rate range will be between 5.00% - 5.25%, and the 10-year Treasury could rise to between 4.50%- 4.75%, hence the Fund’s expected focus on credit over interest rate risk in the first half of 2023.

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
RiverFront Dynamic Core Income ETF – NAV	-9.02%	0.56%	0.64%
RiverFront Dynamic Core Income ETF – Market Price*	-8.78%	0.58%	0.67%
Bloomberg U.S. Aggregate Bond Total Return Index	-12.84%	0.21%	0.34%

Total Expense Ratio (per the current prospectus) is 0.51%.

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

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

The Fund commenced operations on June 14, 2016.

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.

Bloomberg U.S. Aggregate Bond Total Return Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency). The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The RiverFront Dynamic Core Income ETF is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

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.

ALPS Portfolio Solutions Distributor, Inc., a FINRA member, is the Distributor for the RiverFront Dynamic Core Income ETF.

1 | November 30, 2022

RiverFront Dynamic Core Income ETF
Performance Overview	November 30, 2022 (Unaudited)

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

U.S. Treasury Bond 5/15/2032 2.875%	6.89%
U.S. Treasury Bond 5/15/2042 3.25%	6.59%
United States Treasury Bond 2/15/2028 2.75%	6.25%
United States Treasury Note 10/31/2025 3.00%	3.12%
Ford Motor Credit Co. LLC 11/4/2027 7.35%	2.54%
Public Service Enterprise Group, Inc. 11/15/2027 5.85%	2.51%
Goldman Sachs Group, Inc. 11/1/2024 5.7%	2.47%
Royal Bank of Canada 11/1/2027 6.00%	2.40%
Morgan Stanley 11/24/2025 5.00%	2.31%
FNB Corp. 8/25/2025 5.15%	2.21%
Total % of Top 10 Holdings	37.29%

% of Total Investments.

Excludes Money Market Fund.

Asset Allocation* (as of November 30, 2022)

Future holdings are subject to change.

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

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

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

2 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Performance Overview	November 30, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic US Dividend Advantage ETF (the “Fund” or "RFDA") seeks to provide capital appreciation and dividend income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in a portfolio of equity securities of publicly traded U.S. companies with the potential for dividend income. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”).

Market Recap

The 12-month period from November 30, 2021 to November 30, 2022 was one defined by uncertainty in the market. Early on in the fiscal year, markets began to feel the effects of high inflation and the raising of rates to counteract these higher prices. As such, the S&P 500® Total Return Index (S&P 500) produced a total return of -9.21% over the same 12-month period, well below its return from the previous year. Additionally, the changing economic background caused leadership within factor investing to flip. S&P 500® Value Index actually saw a 3.21% gain, while S&P 500® Growth Index had a total return of -22.41% over the same 12-month period from November 30, 2021 to November 30, 2022. Sector leadership had similar themes. The energy sector was the performing sector, while communication services and consumer discretionary stocks were the worst two performing sectors.

Fund-Level Attribution

RFDA posted NAV returns and market returns above the S&P 500 during the fiscal year. For the last year, the Fund has been heavily invested in value-oriented cyclical dividend payers and defensive dividend payers, with less emphasis on growth-oriented themes. This positioning benefited the portfolio throughout most of 2022, and should rates continue to increase into 2023, RiverFront believes it will continue to be beneficial. Offsetting this was the Fund’s allocation into large technology-oriented companies, which detracted from the Fund’s performance for most of 2022.

Outlook

While RiverFront expects a further slowdown into 2023, RiverFront believes that the elevated levels of inflation will fuel growth more than expected, which will benefit all equities, but particularly cyclicals and growth companies. As Federal Reserve (Fed) rate increases peak (likely in late Q1 2023, in RiverFront’s view), we will seek to opportunistically add to growth-oriented dividend stocks and potentially large cap Technology / Communications Services companies. RiverFront believes that macro challenges associated with rate increases for these large companies are real, but that the market has over-reacted in 2022 to the challenges posed by higher rates, and has underestimated the earnings power of these large companies. Following a year that was defined by economic, geopolitical and market upheaval, RiverFront believes 2023 will be a year of transitions in the following key themes:

Transition from a Bear to a Possible Bull market

History suggests strong forward returns after large drawdowns. While the market may have yet to bottom, once it does, the reset in valuations provides an investment opportunity, in our view.

Transition from Inflation worries to Recession worries

As inflation shows signs of peaking, a policy pause later in 2023 seems likely to RiverFront. While the economic ramifications of the Fed’s actions is likely to cause a recession, RiverFront believes that the recession is likely to be mild.

Transition from ‘T.I.N.A’ (‘There is No Alternative’) to ‘P.A.T.T.Y’ (‘Pay Attention to the Yield’)

On the equity side, RiverFront believes dividends will be an increasingly important return driver for stocks.

Transition from Pandemic concerns to ongoing Geopolitical fears

RiverFront believes U.S. equities are still advantaged from a geopolitical, commodity, and geographic perspective relative to Europe and Asia. RiverFront believes that, with the U.S. and China continuing to drift further apart, reshoring to the U.S. will continue.

Given all of the above, RiverFront believes there is modest upside for stocks for 2023. Within the U.S., RiverFront prefers cyclical sectors, small-cap and traditional ‘value’ plays, such as financials and energy.

3 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Dividend Advantage ETF – NAV	2.86%	9.67%	11.61%
RiverFront Dynamic US Dividend Advantage ETF – Market Price*	2.84%	9.68%	11.61%
S&P 500® Total Return Index	-9.21%	10.98%	12.76%

Total Expense Ratio (per the current prospectus) is 0.52%.

The Fund commenced operations on June 7, 2016.

S&P 500^® Total Return Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The RiverFront Dynamic US Dividend Advantage 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 RiverFront Dynamic US Dividend Advantage ETF.

4 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Performance Overview	November 30, 2022 (Unaudited)

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

Microsoft Corp.	6.61%
Apple, Inc.	6.14%
Merck & Co., Inc.	4.32%
Exxon Mobil Corp.	3.77%
Hewlett Packard Enterprise Co.	2.96%
Amazon.com, Inc.	2.82%
Duke Energy Corp.	2.78%
Texas Instruments, Inc.	2.74%
MDU Resources Group, Inc.	2.73%
Cisco Systems, Inc.	2.71%
Total % of Top 10 Holdings	37.58%

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

Future holdings are subject to change.

Asset Allocation* (as of November 30, 2022)

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

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

5 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Performance Overview	November 30, 2022 (Unaudited)

Investment Objective

RiverFront Dynamic US Flex-Cap ETF (the “Fund” or "RFFC") seeks to provide capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 65% of its net assets in a portfolio of equity securities of publicly traded U.S. companies. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”).

Market Recap

The 12-month period from November 30, 2021 to November 30, 2022 was one defined by uncertainty in the market. Early on in the fiscal year, markets began to feel the effects of high inflation and the raising of rates to counteract these higher prices. As such, the S&P 500® Total Return Index (S&P 500) produced a total return of -9.21% over the same 12-month period, well below its return from the previous year. Additionally, the changing economic background caused leadership within factor investing to flip. The S&P 500® Value Index actually saw a 3.21% gain, while the S&P 500® Growth Index had a total return of -22.41% over the same 12-month period from November 30, 2021 to November 30, 2022. Sector leadership had similar themes. The energy sector was the performing sector, while communication services and consumer discretionary stocks were the worst two performing sectors.

Fund-Level Attribution

RFFC posted NAV returns and market returns above the S&P Composite 1500® Total Return Index during the fiscal year. For the last year, the Fund has been heavily invested in value-oriented cyclical dividend payers and defensive dividend payers, with less emphasis on growth-oriented themes. This positioning benefited the portfolio throughout most of 2022, and should rates continue to increase into 2023, RiverFront believes it will continue to be beneficial. Offsetting this was the Fund’s allocation into large technology-oriented companies, which detracted from the Fund’s performance for most of 2022.

Outlook

Transition from a Bear to a Possible Bull market

History suggests strong forward returns after large drawdowns. While the market may have yet to bottom, once it does, the reset in valuations provides an investment opportunity, in our view.

Transition from Inflation worries to Recession worries

Transition from ‘T.I.N.A’ (‘There is No Alternative’) to ‘P.A.T.T.Y’ (‘Pay Attention to the Yield’)

On the equity side, RiverFront believes dividends will be an increasingly important return driver for stocks.

Transition from Pandemic concerns to ongoing Geopolitical fears

Given all of the above, RIverFront believes there is modest upside for stocks for 2023. Within the U.S., RiverFront prefers cyclical sectors, small-cap and traditional ‘value’ plays, such as financials and energy.

6 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Performance Overview	November 30, 2022 (Unaudited)

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Flex-Cap ETF – NAV	-5.98%	6.98%	9.84%
RiverFront Dynamic US Flex-Cap ETF – Market Price*	-6.02%	6.96%	9.83%
S&P Composite 1500® Total Return Index	-8.80%	10.68%	12.54%

Total Expense Ratio (per the current prospectus) is 0.52%.

The Fund commenced operations on June 7, 2016.

S&P Composite 1500^® Total Return Index is the Standard & Poor’s broad-based unmanaged capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. One cannot invest directly in an index. Index performance does not reflect fund performance.

The RiverFront Dynamic US Flex-Cap 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 RiverFront Dynamic US Flex-Cap ETF.

7 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Performance Overview	November 30, 2022 (Unaudited)

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

Apple, Inc.	5.86%
Microsoft Corp.	4.50%
Amazon.com, Inc.	2.40%
Exxon Mobil Corp.	2.12%
UnitedHealth Group, Inc.	2.05%
Johnson & Johnson	1.62%
Visa, Inc.	1.60%
Cisco Systems, Inc.	1.57%
AbbVie, Inc.	1.51%
Pfizer, Inc.	1.48%
Total % of Top 10 Holdings	24.71%

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

Future holdings are subject to change.

Asset Allocation* (as of November 30, 2022)

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

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

8 | November 30, 2022

RiverFront Strategic Income Fund
Performance Overview	November 30, 2022 (Unaudited)

Investment Objective

The RiverFront Strategic Income Fund (the “Fund” or "RIGS") seeks total return, with an emphasis on income as the source of that total return. The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations. The Fund utilizes various investment strategies in a broad array of fixed income sectors.

Market Recap

Fund-Level Attribution

RIGS navigated this environment over the last year by investing in investment grade and high yield companies at the front-end of the curve with maturities inside of 5 years and maintaining a short duration relative to the Bloomberg Aggregate Bond Index. The Fund limited its Treasury exposure mostly to the long-end of the curve to serve as a shock-absorber during periods of risk-off.

Outlook

Given the monetary backdrop and recent interest rate spikes going into 2023, RiverFront anticipates that the Fund will continue to have a shorter duration relative to the Bloomberg U.S. Aggregate Bond Index. However, as interest rates rise and the Fed nears the end of its rate hiking cycle in 2023, the Fund will opportunistically look to close the duration gap. Additionally, the Fund will continue to focus primarily on adding credit risk over taking on interest rate risk given that the bond market has priced in recession for early 2023, which RiverFront believes is premature. RiverFront believes that the Fed’s terminal Fed funds rate range will be between 5.00% - 5.25%, and the 10-year Treasury could rise to between 4.50%- 4.75%, hence the Fund’s expected focus on credit over interest rate risk in the first half of 2023.

Performance (as of November 30, 2022)

	1 Year	5 Year	Since Inception^
RiverFront Strategic Income Fund – NAV	-5.20%	1.29%	2.81%
RiverFront Strategic Income Fund – Market Price*	-4.88%	1.31%	2.84%
Bloomberg U.S. Aggregate Bond Total Return Index	-12.84%	0.21%	1.42%

Total Expense Ratio (per the current prospectus) is 0.46%. The Fund’s management fees consist of a fee of 0.11% paid to the Fund’s investment adviser and a fee of 0.35% paid to the Fund’s sub-adviser.

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 most current month-end performance data please visit www.alpsfunds.com or call 1.866.759.5679.

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

The Fund commenced Investment Operations on October 8, 2013.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. The duration number is a calculation involving present value, yield, coupon, final maturity and call features. The bigger the duration number, the greater the interest-rate risk or reward for bond prices. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

The RiverFront Strategic Income Fund is not suitable for all investors. Investments in the Fund are subject to investment risks, including possible loss of the principal amount invested.

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.

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

9 | November 30, 2022

RiverFront Strategic Income Fund
Performance Overview	November 30, 2022 (Unaudited)

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

U.S. Treasury Bond 5/15/2042 3.25%	5.39%
U.S. Treasury Note 6/30/2029 3.25%	4.18%
U.S. Treasury Note 5/31/2024 2.50%	4.08%
U.S. Treasury Note 6/15/2025 2.875%	4.07%
Morgan Stanley 4/24/2024 3M US L + 0.847%	1.67%
Wells Fargo & Co. 9/9/2024 3.30%	1.64%
T-Mobile USA, Inc. 4/15/2026 2.625%	1.45%
Vistra Operations Co. LLC 7/15/2024 3.55%	1.31%
Goldman Sachs Group, Inc. 10/21/2025 4.25%	1.30%
Bank of America Corp. 10/22/2026 4.25%	1.30%
Total % of Top 10 Holdings	26.39%

% of Total Investments.

Excludes Money Market Fund

Future holdings are subject to change.

Asset Allocation* (as of November 30, 2022)

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

Comparison of Change in Value of $10,000 Investment in the Fund and the Fund’s benchmark

10 | November 30, 2022

RiverFront ETFs
Disclosure of Fund Expenses	November 30, 2022 (Unaudited)

Shareholder Expense Example: As a shareholder of a Fund, you incur certain ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in 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 November 30, 2022.

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

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

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

	Beginning Account Value 6/1/22	Ending Account Value 11/30/22	Expense Ratio^(a)	Expenses Paid During Period 6/1/22 - 11/30/22^(b)
RiverFront Dynamic Core Income ETF
Actual	$1,000.00	$977.30	0.51%	$2.53
Hypothetical (5% return before expenses)	$1,000.00	$1,022.51	0.51%	$2.59
RiverFront Dynamic US Dividend Advantage ETF
Actual	$1,000.00	$966.90	0.52%	$2.56
Hypothetical (5% return before expenses)	$1,000.00	$1,022.46	0.52%	$2.64
RiverFront Dynamic US Flex-Cap ETF
Actual	$1,000.00	$986.90	0.52%	$2.59
Hypothetical (5% return before expenses)	$1,000.00	$1,022.46	0.52%	$2.64
RiverFront Strategic Income Fund
Actual	$1,000.00	$984.80	0.46%	$2.29
Hypothetical (5% return before expenses)	$1,000.00	$1,022.76	0.46%	$2.33

^(a)

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

^(b)

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

11 | November 30, 2022

RiverFront ETFs

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ALPS ETF Trust and the Shareholders of RiverFront Dynamic Core Income ETF, RiverFront Dynamic US Dividend Advantage ETF, RiverFront Dynamic US Flex-Cap ETF, and RiverFront Strategic Income Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of RiverFront Dynamic Core Income ETF, RiverFront Dynamic US Dividend Advantage ETF, RiverFront Dynamic US Flex-Cap ETF, and RiverFront Strategic Income Fund, each a series of shares of beneficial interest in ALPS ETF Trust (the “Funds”), including the schedules of investments, as of November 30, 2022, and the related statements of operations and changes in net assets and the financial highlights for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2022, and the results of their operations, the changes in their net assets, and their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The statements of changes in net assets for the year ended November 30, 2021 and the financial highlights for each of the years in the four-year period then ended were audited by other auditors whose report dated January 26, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian and brokers or by other appropriate procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

BBD, LLP

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

Philadelphia, Pennsylvania

January 27, 2023

12 | November 30, 2022

RiverFront Dynamic Core Income ETF
Schedule of Investments	November 30, 2022

Security Description	Principal Amount		Value
*CORPORATE BONDS (68.11%)*
Communications (7.55%)
AT&T, Inc.
2.55%, 12/01/2033	$	751,000	$	587,211
Charter Communications
Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025		430,000		423,067
Comcast Corp.
4.15%, 10/15/2028		424,000		411,004
Discovery Communications LLC
3.95%, 03/20/2028		754,000		676,418
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		477,000		431,227
Verizon Communications, Inc.
2.36%, 03/15/2032		423,000		339,848
Walt Disney Co.
2.00%, 09/01/2029		477,000		403,115
Total Communications				3,271,890

Consumer Discretionary (8.52%)
Alibaba Group Holding, Ltd.
3.60%, 11/28/2024		104,000		100,404
3.40%, 12/06/2027		89,000		81,702
CoreCivic, Inc.
4.63%, 05/01/2023		97,000		96,710
Ford Motor Co.
9.63%, 04/22/2030		599,000		693,486
Ford Motor Credit Co. LLC
7.35%, 11/04/2027		961,000		999,815
General Motors Financial Co., Inc.
3.70%, 05/09/2023		134,000		133,163
3.60%, 06/21/2030		419,000		358,411
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		430,000		399,112
Marriott International, Inc.
4.00%, 04/15/2028^(b)		77,000		71,577
Toyota Motor Credit Corp.
3.95%, 06/30/2025		771,000		757,572
Total Consumer Discretionary				3,691,952

Consumer Staples (2.91%)
Anheuser-Busch InBev
Worldwide, Inc.
4.00%, 04/13/2028		491,000		474,876
Dollar Tree, Inc.
4.00%, 05/15/2025		805,000		788,546
Total Consumer Staples				1,263,422

Energy (6.69%)
Continental Resources, Inc.
3.80%, 06/01/2024		89,000		86,590
Enterprise Products Operating LLC
3.35%, 03/15/2023		134,000		133,389

Security Description	Principal Amount		Value
Energy (continued)
Hess Midstream Operations LP
4.25%, 02/15/2030^(a)	$	430,000	$	368,194
Kinder Morgan Energy Partners LP
4.25%, 09/01/2024		89,000		87,667
Marathon Oil Corp.
4.40%, 07/15/2027		801,000		773,722
Sabine Pass Liquefaction LLC
5.75%, 05/15/2024		754,000		755,111
Schlumberger Investment SA
3.65%, 12/01/2023		220,000		217,275
Shell International Finance BV
2.75%, 04/06/2030		430,000		380,774
Williams Cos., Inc.
3.90%, 01/15/2025		98,000		95,695
Total Energy				2,898,417

Financials (28.80%)
Bank of America Corp.
4.25%, 10/22/2026		612,000		598,700
Blackstone Private Credit Fund
3.25%, 03/15/2027		465,000		400,397
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		123,000		118,738
Citigroup, Inc.
4.45%, 09/29/2027		787,000		757,325
6.63%, 06/15/2032		260,000		274,199
CubeSmart LP
2.25%, 12/15/2028		870,000		717,588
Discover Bank
4.65%, 09/13/2028		77,000		71,737
FNB Corp.
5.15%, 08/25/2025		879,000		871,204
FS KKR Capital Corp.
4.25%, 02/14/2025^(a)		809,000		760,551
Goldman Sachs Group, Inc.
5.70%, 11/01/2024		961,000		972,417
Host Hotels & Resorts LP
4.00%, 06/15/2025		551,000		527,432
HSBC Holdings PLC
4.30%, 03/08/2026		77,000		74,748
3.90%, 05/25/2026		104,000		98,858
4.38%, 11/23/2026		787,000		754,781
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		833,000		784,311
JPMorgan Chase & Co.
4.25%, 10/01/2027		507,000		494,434
Lincoln National Corp.
3.35%, 03/09/2025		104,000		100,203
M&T Bank Corp.
3M US L + 0.68%, 07/26/2023^(c)		134,000		134,085
Mitsubishi UFJ Financial Group, Inc.
3.85%, 03/01/2026		104,000		99,854

See Notes to Financial Statements.

13 | November 30, 2022

RiverFront Dynamic Core Income ETF
Schedule of Investments	November 30, 2022

Security Description	Principal Amount		Value
Financials (continued)
Mizuho Financial Group, Inc.
3M US L + 1.00%, 09/11/2024^(c)	$	253,000	$	252,374
Morgan Stanley
5.00%, 11/24/2025		909,000		910,534
3.63%, 01/20/2027		199,000		188,932
NatWest Markets PLC
3.48%, 03/22/2025^(a)		501,000		479,894
PNC Financial Services Group, Inc.
3.15%, 05/19/2027		104,000		96,359
3.45%, 04/23/2029		419,000		384,331
Royal Bank of Canada
6.00%, 11/01/2027		909,000		944,856
Truist Bank
3.30%, 05/15/2026		104,000		97,452
Wells Fargo & Co.
3.00%, 04/22/2026		548,000		514,308
Total Financials				12,480,602

Health Care (3.34%)
AbbVie, Inc.
3.20%, 11/21/2029		430,000		391,585
Cigna Corp.
3.00%, 07/15/2023		124,000		122,418
CVS Health Corp.
4.30%, 03/25/2028		162,000		157,555
HCA, Inc.
5.38%, 09/01/2026		430,000		427,888
Merck & Co., Inc.
2.80%, 05/18/2023		249,000		246,724
UnitedHealth Group, Inc.
3.75%, 07/15/2025		104,000		102,094
Total Health Care				1,448,264

Industrials (2.69%)
3M Co.
3.25%, 02/14/2024		220,000		216,243
Boeing Co.
4.88%, 05/01/2025		785,000		777,301
CNH Industrial NV
4.50%, 08/15/2023		104,000		103,277
Textron, Inc.
3.65%, 03/15/2027		77,000		72,090
Total Industrials				1,168,911

Materials (2.82%)
Ball Corp.
4.00%, 11/15/2023		812,000		795,923
DuPont de Nemours, Inc.
4.73%, 11/15/2028		430,000		428,157
Total Materials				1,224,080

Technology (2.03%)
Apple, Inc.
3.20%, 05/11/2027		430,000		412,511

Security Description	Principal Amount		Value
Technology (continued)
Flex, Ltd.
5.00%, 02/15/2023	$	104,000	$	103,905
Oracle Corp.
3.25%, 11/15/2027		395,000		363,344
Total Technology				879,760

Utilities (2.76%)
Dominion Energy, Inc.
4.25%, 06/01/2028		77,000		73,711
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		961,000		988,757
Southern Co.
2.95%, 07/01/2023		134,000		132,527
Total Utilities				1,194,995

TOTAL CORPORATE BONDS
(Cost $32,256,508)				29,522,293

*GOVERNMENT BONDS (22.78%)*
United States Treasury Bond
2.75%, 02/15/2028		2,602,000		2,464,176
2.88%, 05/15/2032		2,908,000		2,715,799
3.25%, 05/15/2042		2,908,000		2,597,889
United States Treasury Inflation Indexed Bonds
2.13%, 02/15/2040^(d)		110,949		119,071
United States Treasury Note
2.88%, 10/31/2023		758,000		745,656
3.00%, 10/31/2025		1,270,000		1,231,057
TOTAL GOVERNMENT BONDS
(Cost $10,714,590)				9,873,648

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (8.49%)
Money Market Fund (8.49%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		3,677,839		3,677,839

TOTAL SHORT TERM INVESTMENTS
(Cost $3,677,839)							3,677,839

TOTAL INVESTMENTS (99.38%)
(Cost $46,648,937)						$	43,073,780
OTHER ASSETS IN EXCESS OF LIABILITIES (0.62%)							267,402
NET ASSETS - 100.00%						$	43,341,182

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

See Notes to Financial Statements.

14 | November 30, 2022

RiverFront Dynamic Core Income ETF
Schedule of Investments	November 30, 2022

Reference Rates:

3M US L - 3 Month LIBOR as of November 30, 2022 was 4.76%

^(a)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $2,824,177, representing 6.52% of net assets.

^(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 November 30, 2022, the market value of those securities was$71,577 representing 0.17% of net assets.

^(c)

Floating or variable rate security. Interest rate resets periodically on specific dates. The rate shown represents the coupon or interest rate in effect as of November 30, 2022. Security description includes the reference rate and spread if published and available.

^(d)

Principal amount of security is adjusted for inflation.

See Notes to Financial Statements.

15 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.76%)
Communication Services (6.16%)
Alphabet, Inc., Class C^(a)		16,522	$	1,676,157
AT&T, Inc.		74,662		1,439,483
John Wiley & Sons, Inc., Class A		21,225		1,006,277
Lumen Technologies, Inc.		152,009		831,489
Verizon Communications, Inc.		19,624		764,944
Total Communication Services				5,718,350

Consumer Discretionary (3.70%)
Amazon.com, Inc.^(a)		27,090		2,615,268
PetMed Express, Inc.^(b)		41,696		825,581
Total Consumer Discretionary				3,440,849

Consumer Staples (5.71%)
Altria Group, Inc.		17,737		826,189
Coca-Cola Co.		22,482		1,430,080
Colgate-Palmolive Co.		15,000		1,162,200
Philip Morris International, Inc.		4,070		405,657
Vector Group, Ltd.		133,697		1,484,037
Total Consumer Staples				5,308,163

Energy (11.23%)
Antero Midstream Corp.		135,087		1,530,536
Devon Energy Corp.		13,542		927,898
Equitrans Midstream Corp.		196,398		1,647,779
Exxon Mobil Corp.		31,386		3,494,517
Kinder Morgan, Inc.		67,319		1,287,140
ONEOK, Inc.		23,072		1,543,978
Total Energy				10,431,848

Financials (15.07%)
AllianceBernstein Holding LP		51,829		2,091,300
Annaly Capital Management, Inc.^(b)		31,748		687,979
Artisan Partners Asset
Management, Inc., Class A		32,245		1,118,579
Bank of America Corp.		28,814		1,090,610
Dynex Capital, Inc.^(b)		36,623		479,761
Ellington Financial, Inc.^(b)		29,166		397,824
FNB Corp.		47,177		665,196
Fulton Financial Corp.		44,107		819,949
Navient Corp.		30,287		501,856
New York Community Bancorp, Inc.^(b)		76,774		717,837
OneMain Holdings, Inc.		18,243		718,045
Ready Capital Corp.^(b)		62,380		835,892
Rithm Capital Corp.		139,568		1,263,090
Starwood Property Trust, Inc.		25,750		551,308
US Bancorp		45,373		2,059,480
Total Financials				13,998,706

Health Care (11.34%)
AbbVie, Inc.		11,974		1,929,969
Bristol-Myers Squibb Co.		24,218		1,944,221
Johnson & Johnson		10,564		1,880,392
Merck & Co., Inc.		36,349		4,002,752

Security Description	Shares		Value
Health Care (continued)
Pfizer, Inc.		15,423	$	773,155
Total Health Care				10,530,489

Industrials (5.83%)
3M Co.		3,217		405,246
Fastenal Co.		23,740		1,222,847
MDU Resources Group, Inc.		80,307		2,528,868
United Parcel Service, Inc., Class B		6,621		1,256,202
Total Industrials				5,413,163

Information Technology (25.31%)
Apple, Inc.		38,471		5,694,862
Broadcom, Inc.		1,792		987,446
Cisco Systems, Inc.		50,469		2,509,319
Hewlett Packard Enterprise Co.		163,624		2,745,611
Intel Corp.		24,474		735,933
Microsoft Corp.		24,040		6,133,564
NVIDIA Corp.		7,186		1,216,087
Texas Instruments, Inc.		14,087		2,542,140
Western Union Co.		64,167		940,688
Total Information Technology				23,505,650

Materials (0.94%)
Newmont Mining Corp.		18,374		872,214

Real Estate (5.71%)
American Assets Trust, Inc.		18,072		529,329
Iron Mountain, Inc.		24,221		1,315,927
Medical Properties Trust, Inc.^(b)		52,842		693,287
Piedmont Office Realty Trust, Inc., Class A		53,258		554,416
SITE Centers Corp.		32,786		445,562
Universal Health Realty Income Trust		33,668		1,767,233
Total Real Estate				5,305,754

Utilities (8.76%)
Clearway Energy, Inc., Class C		43,009		1,524,239
Duke Energy Corp.		25,774		2,575,596
Entergy Corp.		10,620		1,234,787
Evergy, Inc.		10,478		620,402
NRG Energy, Inc.		16,688		708,406
OGE Energy Corp.		17,205		696,114
UGI Corp.		19,998		772,923
Total Utilities				8,132,467

TOTAL COMMON STOCKS
(Cost $90,055,041)				92,657,653

See Notes to Financial Statements.

16 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Schedule of Investments	November 30, 2022

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.24%)
Money Market Fund (0.08%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $79,627)		3.69	%		79,627	$	79,627

Investments Purchased with Collateral from Securities Loaned (1.16%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86%
(Cost $1,074,218)					1,074,218		1,074,218
TOTAL SHORT TERM INVESTMENTS
(Cost $1,153,845)							1,153,845

TOTAL INVESTMENTS (101.00%)
(Cost $91,208,886)						$	93,811,498
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.00%)							(930,375	)
NET ASSETS - 100.00%						$	92,881,123

^(a)

Non-income producing security.

^(b)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $4,152,810.

See Notes to Financial Statements.

17 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
COMMON STOCKS (99.85%)
Communication Services (7.65%)
Alphabet, Inc., Class A^(a)		3,676	$	371,239
Alphabet, Inc., Class C^(a)		1,747		177,233
Comcast Corp., Class A		9,507		348,337
EverQuote, Inc., Class A^(a)		12,761		137,819
Interpublic Group of Cos., Inc.		5,298		182,039
Lumen Technologies, Inc.		33,730		184,503
Magnite, Inc.^(a)		3,880		43,107
Meta Platforms, Inc., Class A^(a)		1,716		202,660
New York Times Co., Class A		2,657		97,379
Nexstar Media Group, Inc.		1,493		283,013
Sirius XM Holdings, Inc.^(b)		26,939		174,834
Total Communication Services				2,202,163

Consumer Discretionary (9.43%)
ADT, Inc.		31,212		291,520
Amazon.com, Inc.^(a)		7,156		690,840
Choice Hotels International, Inc.		640		78,861
Clarus Corp.^(b)		3,918		32,598
Ford Motor Co.		24,106		335,073
H&R Block, Inc.		6,171		269,734
Home Depot, Inc.		1,028		333,062
NIKE, Inc., Class B		1,858		203,804
Tapestry, Inc.		9,054		341,970
Tesla, Inc.^(a)		710		138,237
Total Consumer Discretionary				2,715,699

Consumer Staples (6.69%)
Altria Group, Inc.		2,158		100,520
Archer-Daniels-Midland Co.		3,042		296,595
Coca-Cola Co.		6,319		401,952
Colgate-Palmolive Co.		2,705		209,583
Mondelez International, Inc., Class A		4,239		286,599
Procter & Gamble Co.		1,958		292,055
Sprouts Farmers Market, Inc.^(a)		4,821		165,505
Walgreens Boots Alliance, Inc.		4,204		174,466
Total Consumer Staples				1,927,275

Energy (9.80%)
Alto Ingredients, Inc.^(a)		55,408		193,374
Archrock, Inc.		15,851		138,062
Coterra Energy, Inc.		7,597		212,032
Exxon Mobil Corp.		5,464		608,362
Kinder Morgan, Inc.		16,820		321,598
Marathon Oil Corp.		12,738		390,165
New Fortress Energy, Inc.^(b)		6,357		323,571
ONEOK, Inc.		2,789		186,640
Transocean, Ltd.^(a)(b)		46,178		196,257
Williams Cos., Inc.		7,284		252,755
Total Energy				2,822,816

Financials (8.56%)
Arbor Realty Trust, Inc.		6,477		96,378
Bank of America Corp.		7,046		266,691

Security Description	Shares		Value
Financials (continued)
Berkshire Hathaway, Inc., Class B^(a)		239	$	76,145
Citigroup, Inc.		7,376		357,072
First Commonwealth Financial Corp.		7,352		108,221
Hope Bancorp, Inc.		7,915		107,802
JPMorgan Chase & Co.		3,050		421,449
Kearny Financial Corp.		8,425		81,470
KeyCorp		8,355		157,158
Radian Group, Inc.		8,366		163,723
Regions Financial Corp.		8,211		190,577
Travelers Cos., Inc.		1,317		249,980
US Bancorp		4,032		183,013
Willis Towers Watson PLC		28		6,892
Total Financials				2,466,571

Health Care (14.26%)
Abbott Laboratories		2,409		259,160
AbbVie, Inc.		2,686		432,930
Cigna Corp.		731		240,419
CVS Health Corp.		2,670		272,020
Johnson & Johnson		2,610		464,580
Merck & Co., Inc.		3,640		400,837
Pacific Biosciences of
California, Inc.^(a)(b)		5,224		56,158
Pfizer, Inc.		8,516		426,907
Quest Diagnostics, Inc.		1,117		169,594
Regeneron Pharmaceuticals, Inc.^(a)		240		180,408
UnitedHealth Group, Inc.		1,075		588,842
Vertex Pharmaceuticals, Inc.^(a)		740		234,136
Zoetis, Inc.		1,381		212,867
Zynex, Inc.^(b)		12,331		169,181
Total Health Care				4,108,039

Industrials (7.20%)
ACCO Brands Corp.		14,061		78,320
BWX Technologies, Inc.		1,992		121,293
CACI International, Inc., Class A^(a)		497		155,213
Casella Waste Systems, Inc.,
Class A^(a)		2,030		174,763
Cintas Corp.		446		205,954
CoreCivic, Inc.^(a)		10,732		142,521
CSX Corp.		10,884		355,798
General Dynamics Corp.		1,313		331,388
Heidrick & Struggles
International, Inc.		3,041		90,318
Snap-on, Inc.		121		29,112
United Parcel Service, Inc., Class B		2,046		388,187
Total Industrials				2,072,867

Information Technology (27.09%)
Adeia, Inc.		6,102		67,427
Adobe, Inc.^(a)		48		16,557
Advanced Micro Devices, Inc.^(a)		2,757		214,026

See Notes to Financial Statements.

18 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Schedule of Investments	November 30, 2022

Security Description	Shares		Value
Information Technology (continued)
Amdocs, Ltd.		2,422	$	215,219
Apple, Inc.		11,383		1,685,024
Block, Inc., Class A^(a)		1,257		85,187
Broadcom, Inc.		614		338,332
Cisco Systems, Inc.		9,055		450,215
Cloudflare, Inc., Class A^(a)		2,459		120,835
Crowdstrike Holdings, Inc., Class A^(a)		1,118		131,533
Ebix, Inc.^(b)		2,308		43,829
Enphase Energy, Inc.^(a)		675		216,398
Gen Digital, Inc.		12,520		287,459
Identiv, Inc.^(a)		13,488		112,625
Mastercard, Inc., Class A		1,186		422,690
Maximus, Inc.		1,509		106,083
Microsoft Corp.		5,072		1,294,070
NCR Corp.^(a)		3,979		94,979
NVIDIA Corp.		1,015		171,768
QUALCOMM, Inc.		1,652		208,961
Salesforce.com, Inc.^(a)		1,505		241,176
Seagate Technology PLC		4,703		249,118
SolarEdge Technologies, Inc.^(a)		1,012		302,446
Texas Instruments, Inc.		1,475		266,179
Visa, Inc., Class A		2,116		459,172
Total Information Technology				7,801,308

Materials (4.46%)
American Vanguard Corp.		7,566		174,018
FMC Corp.		1,680		219,475
Glatfelter Corp.		7,864		27,288
Mosaic Co.		4,245		217,769
Nucor Corp.^(b)		1,702		255,215
O-I, Inc.^(a)		13,794		226,360
Sealed Air Corp.		254		13,520
SunCoke Energy, Inc.		17,724		149,945
Total Materials				1,283,590

Real Estate (1.84%)
Highwoods Properties, Inc.		2,826		84,215
Kimco Realty Corp.		8,136		186,477
Prologis, Inc.		1,562		183,988
SL Green Realty Corp.		1,778		74,605
Total Real Estate				529,285

Utilities (2.87%)
Duke Energy Corp.		1,079		107,824
National Fuel Gas Co.		2,109		139,679
OGE Energy Corp.		6,461		261,412
UGI Corp.		8,186		316,389
Total Utilities				825,304

TOTAL COMMON STOCKS
(Cost $26,992,838)				28,754,917

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.02%)
Money Market Fund (0.02%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $5,505)		3.69	%		5,505	$	5,505

Investments Purchased with Collateral
from Securities Loaned (1.00%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86%
(Cost $289,041)					289,041		289,041
TOTAL SHORT TERM INVESTMENTS
(Cost $294,546)							294,546

TOTAL INVESTMENTS (100.87%)
(Cost $27,287,384)						$	29,049,463
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.87%)							(250,879	)
NET ASSETS - 100.00%						$	28,798,584

^(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 $909,227.

See Notes to Financial Statements.

19 | November 30, 2022

RiverFront Strategic Income Fund
Schedule of Investments	November 30, 2022

Security Description	Principal Amount		Value
*CORPORATE BONDS (76.60%)*
Communications (5.89%)
AMC Networks, Inc.
5.00%, 04/01/2024	$	324,000	$	309,728
4.75%, 08/01/2025		404,000		358,536
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026^(a)		428,000		417,707
CSC Holdings LLC
5.50%, 04/15/2027^(a)		835,000		766,104
Level 3 Financing, Inc.
3.75%, 07/15/2029^(a)		980,000		709,230
Netflix, Inc.
4.38%, 11/15/2026		803,000		776,295
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		805,000		727,752
T-Mobile USA, Inc.
2.63%, 04/15/2026		1,542,000		1,415,742
WMG Acquisition Corp.
3.75%, 12/01/2029^(a)		803,000		694,041
Total Communications				6,175,135

Consumer Discretionary (11.42%)
Air Canada
3.88%, 08/15/2026^(a)		858,000		786,153
Aramark Services, Inc.
6.38%, 05/01/2025^(a)		858,000		852,788
Caesars Entertainment, Inc.
6.25%, 07/01/2025^(a)		1,012,000		1,001,052
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		1,183,000		1,086,716
Goodyear Tire & Rubber Co.
5.00%, 05/31/2026		1,034,000		1,003,512
Hilton Domestic Operating Co., Inc.
3.75%, 05/01/2029^(a)		950,000		836,309
International Game Technology PLC
6.50%, 02/15/2025^(a)		286,000		287,798
Las Vegas Sands Corp.
3.20%, 08/08/2024		766,000		731,989
Lennar Corp.
4.75%, 11/29/2027		950,000		908,571
MGM Resorts International
6.00%, 03/15/2023		1,012,000		1,011,645
Newell Brands, Inc.
4.45%, 04/01/2026		803,000		759,044
Nissan Motor Co., Ltd.
3.52%, 09/17/2025^(a)		950,000		879,609
PulteGroup, Inc.
5.50%, 03/01/2026		1,260,000		1,265,664
Six Flags Entertainment Corp.
4.88%, 07/31/2024^(a)		573,000		551,463
Total Consumer Discretionary				11,962,313

Security Description	Principal Amount		Value
Consumer Staples (2.31%)
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 01/23/2029	$	858,000	$	856,303
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
2.50%, 01/15/2027^(a)		803,000		701,388
Spectrum Brands, Inc.
5.75%, 07/15/2025		30,000		29,533
US Foods, Inc.
6.25%, 04/15/2025^(a)		835,000		836,065
Total Consumer Staples				2,423,289

Energy (3.99%)
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/2024		983,000		996,663
DCP Midstream Operating LP
5.38%, 07/15/2025		805,000		795,567
Petroleos Mexicanos
4.88%, 01/18/2024		825,000		807,828
Reliance Industries, Ltd.
4.13%, 01/28/2025^(a)		793,000		768,258
Schlumberger Holdings Corp.
3.90%, 05/17/2028^(a)		858,000		809,506
Total Energy				4,177,822

Financials (26.81%)
Air Lease Corp.
4.25%, 02/01/2024		805,000		790,672
American Express Co.
5.85%, 11/05/2027		1,048,000		1,087,213
Ares Capital Corp.
3.50%, 02/10/2023		967,000		963,229
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(a)		890,000		719,207
Bank of America Corp.
4.25%, 10/22/2026		1,294,000		1,265,879
Blackstone Secured Lending Fund
3.63%, 01/15/2026		942,000		876,328
Capital One Financial Corp.
4.20%, 10/29/2025		858,000		831,638
Citigroup, Inc.
4.45%, 09/29/2027		1,294,000		1,245,208
EPR Properties
4.75%, 12/15/2026		805,000		717,343
FS KKR Capital Corp.
3.40%, 01/15/2026		950,000		863,873

GLP Capital LP / GLP Financing II,Inc.
3.35%, 09/01/2024		766,000		731,660
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		1,294,000		1,268,392
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026^(a)		879,000		757,351

See Notes to Financial Statements.

20 | November 30, 2022

RiverFront Strategic Income Fund
Schedule of Investments	November 30, 2022

Security Description	Principal Amount		Value
Financials (continued)
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 09/15/2024	$	1,013,000	$	974,224
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		904,000		851,161
iStar, Inc.
4.75%, 10/01/2024		1,065,000		1,048,699
JPMorgan Chase & Co.
4.25%, 10/01/2027		1,294,000		1,261,930
Morgan Stanley
3M US L + 0.85%, 04/24/2024^(b)		1,639,000		1,627,637
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 08/01/2026		766,000		686,455
NatWest Markets PLC
3.48%, 03/22/2025^(a)		802,000		768,213
Newmark Group, Inc.
6.13%, 11/15/2023		993,000		991,719
Omega Healthcare Investors, Inc.
4.38%, 08/01/2023		271,000		267,512
5.25%, 01/15/2026		525,000		512,364
OneMain Finance Corp.
6.13%, 03/15/2024		1,012,000		988,269
Royal Bank of Canada
6.00%, 11/01/2027		1,048,000		1,089,339
Santander Holdings USA, Inc.
3.50%, 06/07/2024		400,000		388,132
SBA Communications Corp.
3.88%, 02/15/2027		1,202,000		1,099,477
Starwood Property Trust, Inc.
4.75%, 03/15/2025		803,000		770,248
VICI Properties LP / VICI Note Co., Inc.
4.25%, 12/01/2026^(a)		1,123,000		1,044,994
Wells Fargo & Co.
3.30%, 09/09/2024		1,639,000		1,595,998
Total Financials				28,084,364

Health Care (1.08%)
DaVita, Inc.
4.63%, 06/01/2030^(a)		904,000		725,641
HCA, Inc.
5.38%, 02/01/2025		404,000		403,203
Total Health Care				1,128,844

Industrials (5.08%)
Boeing Co.
4.88%, 05/01/2025		950,000		940,682
MasTec, Inc.
4.50%, 08/15/2028^(a)		874,000		788,661
Sensata Technologies BV
5.00%, 10/01/2025^(a)		803,000		791,714
Stericycle, Inc.
5.38%, 07/15/2024^(a)		806,000		797,537

Security Description	Principal Amount		Value
Industrials (continued)
TransDigm, Inc.
6.25%, 03/15/2026^(a)	$	835,000	$	823,600
WESCO Distribution, Inc.
7.13%, 06/15/2025^(a)		1,164,000		1,180,022
Total Industrials				5,322,216

Materials (10.65%)
Alcoa Nederland Holding BV
4.13%, 03/31/2029^(a)		1,057,000		928,257
ArcelorMittal SA
3.60%, 07/16/2024		881,000		855,468
Arconic Corp.
6.00%, 05/15/2025^(a)		858,000		846,970
Ardagh Packaging Finance PLC /
Ardagh Holdings USA, Inc.
5.25%, 04/30/2025^(a)		1,030,000		995,830
Ball Corp.
5.25%, 07/01/2025		642,000		640,716
4.88%, 03/15/2026		404,000		391,452
Berry Global, Inc.
4.88%, 07/15/2026^(a)		908,000		872,388
Braskem Finance, Ltd.
6.45%, 02/03/2024		371,000		371,937
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		881,000		878,388
5.00%, 09/01/2027		449,000		437,052
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024^(a)		338,000		332,533
Methanex Corp.
5.13%, 10/15/2027		835,000		767,085
NOVA Chemicals Corp.
4.88%, 06/01/2024^(a)		1,012,000		986,057
Novelis Corp.
3.25%, 11/15/2026^(a)		805,000		720,380
Sasol Financing USA LLC
4.38%, 09/18/2026		525,000		477,026
Standard Industries, Inc.
3.38%, 01/15/2031^(a)		858,000		659,641
Total Materials				11,161,180

Technology (3.85%)
CDW LLC / CDW Finance Corp.
3.57%, 12/01/2031		803,000		656,154
Flex, Ltd.
5.00%, 02/15/2023		1,033,000		1,032,057
Gen Digital, Inc.
5.00%, 04/15/2025^(a)		667,000		647,807
Microchip Technology, Inc.
4.25%, 09/01/2025		874,000		850,010
Seagate HDD Cayman
4.75%, 06/01/2023		858,000		848,865
Total Technology				4,034,893

See Notes to Financial Statements.

21 | November 30, 2022

RiverFront Strategic Income Fund
Schedule of Investments	November 30, 2022

Security Description	Principal Amount			Value
Utilities (5.52%)
American Electric Power Co., Inc.
5.75%, 11/01/2027	$	1,048,000	$		1,074,964
AmeriGas Partners LP / AmeriGas Finance Corp.
5.88%, 08/20/2026		879,000			838,408
Calpine Corp.
5.25%, 06/01/2026^(a)		428,000			410,501
NextEra Energy Operating Partners LP
4.25%, 07/15/2024^(a)		1,160,000			1,119,500
NRG Energy, Inc.
3.75%, 06/15/2024^(a)		803,000			776,077
6.63%, 01/15/2027		278,000			280,462
Vistra Operations Co. LLC
3.55%, 07/15/2024^(a)		1,333,000			1,278,062
Total Utilities					5,777,974

TOTAL CORPORATE BONDS
(Cost $86,460,226)					80,248,030

*GOVERNMENT BONDS (16.50%)*
U.S. Treasury Note
2.50%, 05/31/2024		4,102,000			3,977,016
2.88%, 06/15/2025		4,102,000			3,972,371
3.25%, 06/30/2029		4,216,000			4,076,180
United States Treasury Bond
3.25%, 05/15/2042		5,887,000			5,259,208
TOTAL GOVERNMENT BONDS
(Cost $18,064,161)					17,284,775

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (5.89%)
Money Market Fund (5.89%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		3.69	%		6,170,456		6,170,456

TOTAL SHORT TERM INVESTMENTS
(Cost $6,170,456)							6,170,456

TOTAL INVESTMENTS (98.99%)
(Cost $110,694,843)						$	103,703,261
OTHER ASSETS IN EXCESS OF LIABILITIES (1.01%)							1,056,057
NET ASSETS - 100.00%						$	104,759,318

^(a)

^(b)

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Reference Rates:

3M US L - 3 Month LIBOR as of November 30, 2022 was 4.76%

See Notes to Financial Statements.

22 | November 30, 2022

RiverFront ETFs
Statements of Assets and Liabilities	November 30, 2022

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex-Cap ETF			RiverFront Strategic Income Fund
ASSETS:
Investments, at value	$	43,073,780		$	93,811,498	^(a)	$	29,049,463	^(b)	$	103,703,261
Dividend receivable		12,316			182,427			49,976			16,969
Interest receivable		273,789			–			–			1,076,069
Receivable for investments sold		570,552			–			–			–
Due from Authorized Participant		–			–			–			33,730
Total Assets		43,930,437			93,993,925			29,099,439			104,830,029

LIABILITIES:
Payable to adviser		18,703			38,584			11,814			36,981
Payable for investments purchased		–			–			–			33,730
Payable for collateral upon return of securities loaned		–			1,074,218			289,041			–
Due to Authorized Participant		570,552			–			–			–
Total Liabilities		589,255			1,112,802			300,855			70,711
NET ASSETS	$	43,341,182		$	92,881,123		$	28,798,584		$	104,759,318

NET ASSETS CONSIST OF:
Paid-in capital	$	48,545,109		$	96,311,958		$	48,937,448		$	123,079,439
Total distributable earnings/(accumulated losses)		(5,203,927	)		(3,430,835	)		(20,138,864	)		(18,320,121	)
NET ASSETS	$	43,341,182		$	92,881,123		$	28,798,584		$	104,759,318

INVESTMENTS, AT COST	$	46,648,937		$	91,208,886		$	27,287,384		$	110,694,843

PRICING OF SHARES
Net Assets	$	43,341,182		$	92,881,123		$	28,798,584		$	104,759,318
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,950,000			2,075,002			675,002			4,625,000
Net Asset Value, offering and redemption price per share	$	22.23		$	44.76		$	42.66		$	22.65

^(a)	Includes $4,152,810 of securities on loan.
^(b)	Includes $909,227 of securities on loan.

See Notes to Financial Statements.

23 | November 30, 2022

RiverFront ETFs
Statements of Operations	For the Year Ended November 30, 2022

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex-Cap ETF			RiverFront Strategic Income Fund
INVESTMENT INCOME:
Interest	$	1,896,767		$	–		$	–		$	3,453,211
Dividends^(a)		93,851			3,993,514			541,663			94,389
Securities Lending Income		–			28,442			10,601			–
Total Investment Income		1,990,618			4,021,956			552,264			3,547,600

EXPENSES:
Investment adviser and sub-adviser fees (Note 3)		400,166			558,334			177,734			580,732
Total Expenses		400,166			558,334			177,734			580,732
NET INVESTMENT INCOME		1,590,452			3,463,622			374,530			2,966,868

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(b)		(4,980,857	)		35,036,588			10,867,396			(3,575,790	)
NET REALIZED GAIN/(LOSS)		(4,980,857	)		35,036,588			10,867,396			(3,575,790	)
Net change in unrealized depreciation on investments		(5,468,905	)		(36,235,123	)		(13,757,793	)		(6,970,220	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)		(5,468,905	)		(36,235,123	)		(13,757,793	)		(6,970,220	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(10,449,762	)		(1,198,535	)		(2,890,397	)		(10,546,010	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,859,310	)	$	2,265,087		$	(2,515,867	)	$	(7,579,142	)

^(a)

Net of foreign tax withholding in the amounts of $–, $–, $– and $189, respectively.

^(b)

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

See Notes to Financial Statements.

24 | November 30, 2022

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	1,590,452		$	1,990,198
Net realized gain/(loss)		(4,980,857	)		2,564,824
Net change in unrealized depreciation		(5,468,905	)		(6,289,006	)
Net decrease in net assets resulting from operations		(8,859,310	)		(1,733,984	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,382,868	)		(1,962,506	)
Total distributions		(3,382,868	)		(1,962,506	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		4,002,594			17,914,173
Shares redeemed		(66,292,105	)		(9,068,318	)
Net increase/(decrease) from share transactions		(62,289,511	)		8,845,855

Net increase/(decrease) in net assets		(74,531,689	)		5,149,365

NET ASSETS:
Beginning of year		117,872,871			112,723,506
End of year	$	43,341,182		$	117,872,871

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,650,000			4,300,000
Shares sold		175,000			700,000
Shares redeemed		(2,875,000	)		(350,000	)
Shares outstanding, end of year		1,950,000			4,650,000

See Notes to Financial Statements.

25 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	3,463,622		$	1,902,769
Net realized gain		35,036,588			8,733,483
Net change in unrealized appreciation/(depreciation)		(36,235,123	)		15,974,138
Net increase in net assets resulting from operations		2,265,087			26,610,390

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,342,217	)		(1,936,954	)
Total distributions		(3,342,217	)		(1,936,954	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		54,331,616			4,577,634
Shares redeemed		(92,897,556	)		(30,021,042	)
Net decrease from share transactions		(38,565,940	)		(25,443,408	)

Net decrease in net assets		(39,643,070	)		(769,972	)

NET ASSETS:
Beginning of year		132,524,193			133,294,165
End of year	$	92,881,123		$	132,524,193

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,950,002			3,600,002
Shares sold		1,200,000			100,000
Shares redeemed		(2,075,000	)		(750,000	)
Shares outstanding, end of year		2,075,002			2,950,002

See Notes to Financial Statements.

26 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF

Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	374,530		$	604,208
Net realized gain		10,867,396			10,365,533
Net change in unrealized appreciation/(depreciation)		(13,757,793	)		2,789,216
Net increase/(decrease) in net assets resulting from operations		(2,515,867	)		13,758,957

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(438,679	)		(679,274	)
From return of capital		(8,648	)		–
Total distributions		(447,327	)		(679,274	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		15,524,015			–
Shares redeemed		(35,496,905	)		(32,744,774	)
Net decrease from share transactions		(19,972,890	)		(32,744,774	)

Net decrease in net assets		(22,936,084	)		(19,665,091	)

NET ASSETS:
Beginning of year		51,734,668			71,399,759
End of year	$	28,798,584		$	51,734,668

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,125,002			1,900,002
Shares sold		350,000			–
Shares redeemed		(800,000	)		(775,000	)
Shares outstanding, end of year		675,002			1,125,002

See Notes to Financial Statements.

27 | November 30, 2022

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	2,966,868		$	2,793,818
Net realized gain/(loss)		(3,575,790	)		491,816
Net change in unrealized depreciation		(6,970,220	)		(1,547,122	)
Net increase/(decrease) in net assets resulting from operations		(7,579,142	)		1,738,512

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(3,248,534	)		(3,171,669	)
Total distributions		(3,248,534	)		(3,171,669	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		9,753,437			43,888,656
Shares redeemed		(37,059,629	)		(18,545,978	)
Net increase/(decrease) from share transactions		(27,306,192	)		25,342,678

Net increase/(decrease) in net assets		(38,133,868	)		23,909,521

NET ASSETS:
Beginning of year		142,893,186			118,983,665
End of year	$	104,759,318		$	142,893,186

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		5,825,000			4,800,000
Shares sold		425,000			1,775,000
Shares redeemed		(1,625,000	)		(750,000	)
Shares outstanding, end of year		4,625,000			5,825,000

See Notes to Financial Statements.

28 | November 30, 2022

RiverFront Dynamic Core Income ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	25.35		$	26.21		$	25.22		$	23.52		$	24.60

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.47			0.47			0.50			0.68			0.68
Net realized and unrealized gain/(loss)		(2.71	)		(0.87	)		0.99			1.70			(1.10	)
Total from investment operations		(2.24	)		(0.40	)		1.49			2.38			(0.42	)

DISTRIBUTIONS:
From net investment income		(0.50	)		(0.46	)		(0.50	)		(0.68	)		(0.66	)
From net realized gains		(0.38	)		–			–			–			–
Total distributions		(0.88	)		(0.46	)		(0.50	)		(0.68	)		(0.66	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(3.12	)		(0.86	)		0.99			1.70			(1.08	)
NET ASSET VALUE, END OF PERIOD	$	22.23		$	25.35		$	26.21		$	25.22		$	23.52
TOTAL RETURN^(b)		(9.02	)%		(1.51	)%		5.97	%		10.22	%		(1.74	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	43,341		$	117,873		$	112,724		$	134,951		$	150,527
Ratio of expenses to average net assets		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.03	%		1.83	%		1.94	%		2.74	%		2.83	%
Portfolio turnover rate(c)		50	%		45	%		11	%		6	%		15	%

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

^(c)

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

See Notes to Financial Statements.

29 | November 30, 2022

RiverFront Dynamic US Dividend Advantage ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.92		$	37.03		$	33.98		$	31.19		$	31.39

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		1.46			0.62			0.56			0.65			0.73
Net realized and unrealized gain/(loss)		(0.21	)		7.90			3.08			2.81			(0.26	)
Total from investment operations		1.25			8.52			3.64			3.46			0.47

DISTRIBUTIONS:
From net investment income		(1.41	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)
Total distributions		(1.41	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.16	)		7.89			3.05			2.79			(0.20	)
NET ASSET VALUE, END OF PERIOD	$	44.76		$	44.92		$	37.03		$	33.98		$	31.19
TOTAL RETURN^(b)		2.86	%		23.13	%		10.92	%		11.29	%		1.45	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	92,881		$	132,524		$	133,294		$	130,828		$	151,293
Ratio of expenses to average net assets		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		3.23	%		1.47	%		1.68	%		2.05	%		2.27	%
Portfolio turnover rate^(c)		104	%		0	%		75	%		64	%		96	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

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

See Notes to Financial Statements.

30 | November 30, 2022

RiverFront Dynamic US Flex-Cap ETF
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	45.99		$	37.58		$	34.70		$	32.79		$	32.46

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.48			0.42			0.45			0.48			0.44
Net realized and unrealized gain/(loss)		(3.23	)		8.43			2.87	^(b)		1.93			0.27	^(b)
Total from investment operations		(2.75	)		8.85			3.32			2.41			0.71

DISTRIBUTIONS:
From net investment income		(0.57	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)
Tax return of capital		(0.01	)		–			–			–			–
Total distributions		(0.58	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(3.33	)		8.41			2.88			1.91			0.33
NET ASSET VALUE, END OF PERIOD	$	42.66		$	45.99		$	37.58		$	34.70		$	32.79
TOTAL RETURN^(c)		(5.98	)%		23.65	%		9.75	%		7.49	%		2.16	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	28,799		$	51,735		$	71,400		$	126,662		$	152,464
Ratio of expenses to average net assets		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.10	%		0.97	%		1.34	%		1.46	%		1.30	%
Portfolio turnover rate^(d)		113	%		5	%		99	%		98	%		152	%

^(a)

Based on average shares outstanding during the period.

^(b)

Net realized and unrealized gain on investments per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statements of Operations for the period(s) presented, 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)

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 | November 30, 2022

RiverFront Strategic Income Fund
Financial Highlights	For a Share Outstanding Throughout the Periods Presented

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.53		$	24.79		$	24.69		$	24.27		$	25.21

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.55			0.55			0.81			0.94			1.06
Net realized and unrealized gain/(loss)		(1.82	)		(0.18	)		0.13	^(b)		0.48			(0.92	)
Total from investment operations		(1.27	)		0.37			0.94			1.42			0.14

DISTRIBUTIONS:
From net investment income		(0.61	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)
Total distributions		(0.61	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)


NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.88	)		(0.26	)		0.10			0.42			(0.94	)
NET ASSET VALUE, END OF PERIOD	$	22.65		$	24.53		$	24.79		$	24.69		$	24.27
TOTAL RETURN^(c)		(5.20	)%		1.52	%		3.95	%		5.96	%		0.57	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	104,759		$	142,893		$	118,984		$	167,889		$	152,880

Ratio of expenses excluding waiver/reimbursement to average net assets		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Ratio of expenses including waiver/reimbursement to average net assets		0.46	%		0.46	%		0.46	%		0.46	%		0.17	%^(d)
Ratio of net investment income including expenses waiver/reimbursement to average net assets		2.35	%		2.23	%		3.32	%		3.83	%		4.31	%
Portfolio turnover rate^(e)		24	%		50	%		54	%		44	%		35	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

^(d)

Effective November 1, 2018, the Fund’s management fee consists of a fee of 0.11% paid to the Fund’s investment adviser and a fee of 0.35% paid to the Fund’s sub-adviser. The Fund’s sub-adviser ceased its voluntary waiver effective November 1, 2018.

^(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.

32 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of November 30, 2022, the Trust consisted of twenty-three separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the RiverFront Dynamic Core Income ETF, the RiverFront Dynamic US Dividend Advantage ETF, the RiverFront Dynamic US Flex-Cap ETF, and the RiverFront Strategic Income Fund (each a “Fund” and collectively, the “Funds”).

The investment objective of the RiverFront Dynamic Core Income ETF Fund is to seek total return, with an emphasis on income as the source of that total return. The investment objective of the RiverFront Dynamic US Dividend Advantage ETF Fund is to seek to provide capital appreciation and dividend income. The investment objective of the RiverFront Dynamic US Flex-Cap ETF Fund is to seek to provide capital appreciation. The investment objective of the RiverFront Strategic Income Fund is to seek total return, with an emphasis on income as the source of that total return. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

Corporate bonds and United States government bonds are typically valued at the mean between the evaluated bid and ask prices formulated by an independent pricing service.

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

33 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

B. Fair Value Measurements

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The RiverFront Dynamic Core Income ETF and the RiverFront Strategic Income Fund may invest a significant portion of their assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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.

34 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

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

RiverFront Dynamic Core Income ETF

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds^*	$	–	$	29,522,293	$	–	$	29,522,293
Government Bonds		–		9,873,648		–		9,873,648
Short Term Investments		3,677,839		–		–		3,677,839
Total	$	3,677,839	$	39,395,941	$	–	$	43,073,780

RiverFront Dynamic US Dividend Advantage 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^*	$	92,657,653	$	–	$	–	$	92,657,653
Short Term Investments		1,153,845		–		–		1,153,845
Total	$	93,811,498	$	–	$	–	$	93,811,498

RiverFront Dynamic US Flex-Cap 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^*	$	28,754,917	$	–	$	–	$	28,754,917
Short Term Investments		294,546		–		–		294,546
Total	$	29,049,463	$	–	$	–	$	29,049,463

RiverFront Strategic Income Fund


Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Corporate Bonds^*	$	–	$	80,248,030	$	–	$	80,248,030
Government Bonds		–		17,284,775		–		17,284,775
Short Term Investments		6,170,456		–		–		6,170,456
Total	$	6,170,456	$	97,532,805	$	–	$	103,703,261

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

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

C. Securities Transactions and Investment Income

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

D. Dividends and Distributions to Shareholders

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

35 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

E. Federal Tax and Tax Basis Information

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

For the year ended November 30, 2022, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect permanent tax differences resulting primarily from in-kind transactions:

Fund	Paid-in Capital			Total Distributable Earnings/(Accumulated Losses)
RiverFront Dynamic Core Income ETF	$	(3,424,267	)	$	3,424,267
RiverFront Dynamic US Dividend Advantage ETF		24,004,192			(24,004,192	)
RiverFront Dynamic US Flex-Cap ETF		8,537,767			(8,537,767	)
RiverFront Strategic Income Fund		(2,595,715	)		2,595,715

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

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2022

RiverFront Dynamic Core Income ETF

1,672,309

1,710,559

–

RiverFront Dynamic US Dividend Advantage ETF

3,342,217

–

RiverFront Dynamic US Flex-Cap ETF

438,679

–

8,648

RiverFront Strategic Income Fund

3,248,534

–

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

November 30, 2021

RiverFront Dynamic Core Income ETF

1,962,506

–

RiverFront Dynamic US Dividend Advantage ETF

1,936,954

–

RiverFront Dynamic US Flex-Cap ETF

679,274

–

RiverFront Strategic Income Fund

3,171,669

–

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

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of November 30, 2022, the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
RiverFront Dynamic Core Income ETF	$	1,548,757	$	61,907
RiverFront Dynamic US Dividend Advantage ETF		6,171,196		–
RiverFront Dynamic US Flex-Cap ETF		13,271,258		8,624,493
RiverFront Strategic Income Fund		7,632,679		3,389,052

During the year ended November 30, 2022, the Funds utilized the following capital loss carryovers:

Fund
RiverFront Dynamic Core Income ETF	$	–
RiverFront Dynamic US Dividend Advantage ETF		11,032,391
RiverFront Dynamic US Flex-Cap ETF		2,275,780
RiverFront Strategic Income Fund		–

36 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

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

Fund	Undistributed Net Investment Income		Accumulated Net Realized Gain on Investments			Net Unrealized Appreciation on Investments			Total
RiverFront Dynamic Core Income ETF		5,306	$	(1,610,664	)	$	(3,598,569	)	$	(5,203,927	)
RiverFront Dynamic US Dividend Advantage ETF		17,848		(6,171,196	)		2,722,513			(3,430,835	)
RiverFront Dynamic US Flex-Cap ETF		–		(21,895,751	)		1,756,887			(20,138,864	)
RiverFront Strategic Income Fund		1,801		(11,021,731	)		(7,300,191	)		(18,320,121	)

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

Fund	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex- Cap ETF			RiverFront Strategic Income Fund
Gross appreciation (excess of value over tax cost)	$	105,061		$	9,306,674		$	4,260,950		$	(195,572	)
Gross depreciation (excess of tax cost over value)		(3,703,630	)		(6,584,161	)		(2,504,063	)		(7,104,619	)
Net unrealized appreciation/(depreciation)		(3,598,569	)		2,722,513			1,756,887			(7,300,191	)
Cost of investments for income tax purposes	$	46,672,349		$	91,088,985		$	27,292,576		$	111,003,452

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and difference between premium amortization due to Accounting Standards Update 2017-08 and adjustments from partnership basis.

F. Income Taxes

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

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

G. Lending of Portfolio Securities

The RiverFront Dynamic US Dividend Advantage ETF and the RiverFront Dynamic US Flex-Cap ETF have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. Each Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by 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 the Fund’s Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

37 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
RiverFront Dynamic US Dividend Advantage ETF	$	4,152,810	$	1,074,218	$	3,112,750	$	4,186,968
RiverFront Dynamic US Flex-Cap ETF		909,227		289,041		613,651		902,692

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit 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. As of November 30, 2022, Riverfront Dynamic Core Income Fund ETF and the Riverfront Strategic Income Fund did not have any securities on loan.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of November 30, 2022:

RiverFront Dynamic US Dividend Advantage ETF	Remaining Contractual Maturity of the Agreements
Securities Lending Transactions	Overnight & Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Common Stocks	$	1,074,218	$	–	$	–	$	–	$	1,074,218
Total Borrowings										1,074,218
Gross amount of recognized liabilities for securities lending (collateral received)									$	1,074,218

RiverFront Dynamic US Flex-Cap 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	$	289,041	$	–	$	–	$	–	$	289,041
Total Borrowings										289,041
Gross amount of recognized liabilities for securities lending (collateral received)									$	289,041

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

Fund	Advisory Fee
RiverFront Dynamic Core Income ETF	0.51%^(a)
RiverFront Dynamic US Dividend Advantage ETF	0.52%^(b)
RiverFront Dynamic US Flex-Cap ETF	0.52%^(b)
RiverFront Strategic Income Fund	0.11%

^(a)

The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.51% for average net assets up to $600 million, (ii) 0.48% for average net assets equal to or greater than $600 million.

^(b)

The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.52% for average net assets up to $600 million, (ii) 0.49% for average net assets equal to or greater than $600 million.

Out of the unitary management fee, the Adviser pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, trustees and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of 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.

38 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

RiverFront Investment Group, LLC (the “Sub-Adviser”) serves as each Fund’s sub-adviser pursuant to a sub-advisory agreement with the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provides besides RiverFront Strategic Income Fund, in which the Fund directly pays the Sub-Adviser. The fee is payable on a monthly basis at the annual rate of the relevant Fund’s average daily net assets as set out below:

Fund	Sub-Advisory Fee
RiverFront Dynamic Core Income ETF	0.35%
RiverFront Dynamic US Dividend Advantage ETF	0.35%
RiverFront Dynamic US Flex-Cap ETF	0.35%
RiverFront Strategic Income Fund	0.35%

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

4. PURCHASES AND SALES OF SECURITIES

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

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	41,714,979	$	34,068,075
RiverFront Dynamic US Dividend Advantage ETF		111,744,295		112,246,757
RiverFront Dynamic US Flex-Cap ETF		39,116,515		39,008,134
RiverFront Strategic Income Fund		38,193,103		27,401,437

For the year ended November 30, 2022, the cost of U.S. Government security purchases and proceeds from U.S. Government security sales were as follows:

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	9,814,483	$	12,702,749
RiverFront Strategic Income Fund		23,601,598		9,054,157

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

Fund	Purchases		Sales
RiverFront Dynamic Core Income ETF	$	3,825,373	$	64,850,217
RiverFront Dynamic US Dividend Advantage ETF		54,302,542		91,491,711
RiverFront Dynamic US Flex-Cap ETF		15,496,108		35,436,731
RiverFront Strategic Income Fund		9,687,437		36,708,306

For the year ended November 30, 2022, the in-kind net realized gains/(losses) were as follows:

Fund	Net Realized Gain/(Loss)
RiverFront Dynamic Core Income ETF	$	(3,379,697	)
RiverFront Dynamic US Dividend Advantage ETF		23,881,797
RiverFront Dynamic US Flex-Cap ETF		8,589,304
RiverFront Strategic Income Fund		(2,502,238	)

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.

39 | November 30, 2022

RiverFront ETFs
Notes to Financial Statements	November 30, 2022

5. 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 each Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of 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.

6. RELATED PARTY TRANSACTIONS

The Riverfront Dynamic US Dividend Advantage ETF and the Riverfront Dynamic US Flex-Cap ETF engaged in cross trades between other funds in the Trust during the year ended November 30, 2022 pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board previously adopted procedures that apply to transactions between the Funds of the Trust pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a- 7 and the Trust’s procedures. Transactions related to cross trades during the year ended November 30, 2022, were as follows:

Fund	Purchase Cost Paid		Sale Proceeds Received		Realized Gain/(Loss)on Sales
RiverFront Dynamic US Dividend Advantage ETF	$	–	$	1,092,313	$	47,817
RiverFront Dynamic US Flex-Cap ETF		1,092,313		–		–

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

The spread of COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities 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.

8. SUBSEQUENT EVENTS

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

40 | November 30, 2022

RiverFront ETFs
Additional Information	November 30, 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 Funds’ 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
RiverFront Dynamic Core Income ETF	0.00%	0.00%
RiverFront Dynamic US Dividend Advantage ETF	100.00%	97.31%
RiverFront Dynamic US Flex-Cap ETF	100.00%	100.00%
RiverFront Strategic Income Fund	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.

41 | November 30, 2022

RiverFront ETFs
Board Considerations Regarding Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreements	November 30, 2022 (Unaudited)

At a meeting held on June 21, 2022 via electronic means (video-conference), the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to approve the continuance of (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the RiverFront Strategic Income Fund (“RIGS”), RiverFront Dynamic Core Income ETF (“RFCI”), RiverFront Dynamic US Dividend Advantage ETF (“RFDA”) and RiverFront Dynamic US Flex-Cap ETF (“RFFC”) (each “a Fund” and collectively the “Funds”) and (ii) the Investment Sub-Advisory Agreements between the Trust or RiverFront Investment Group, LLC (the “Sub-Adviser” or “RiverFront”) with respect to the Funds (the “RiverFront Sub-Advisory Agreements”). The Independent Trustees also met separately to consider the Investment Advisory Agreement and Investment Sub-Advisory Agreements.

In evaluating the Investment Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, considered various factors, including (i)the nature, extent and quality of the services provided by AAI with respect to the applicable Fund under the Investment Advisory Agreement; (ii) the advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of the services provided to the Fund by AAI and the profits realized by AAI and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by AAI under the Investment Advisory Agreement, the Board considered and reviewed information concerning the services provided under the Investment Advisory Agreements, financial information regarding AAI and its parent company, information describing AAI’s current organization and the background and experience of the persons responsible for the day-to-day management of the Funds.

The Board reviewed information on the performance of each Fund and its applicable benchmark, and with respect to each Fund, the FUSE performance group. Based on this review, the Board, including the Independent Trustees, found that the nature and extent of services provided to each Fund under the Investment Advisory Agreement was appropriate and that the quality was satisfactory.

The Board noted that the advisory fees for each Fund were unitary fees pursuant to which AAI assumes all expenses of the Funds (including the cost of transfer agency, custody, fund administration, legal, audit and other services) other than the payments under the Advisory Agreement, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses.

With respect to advisory fee rates, the Board, including the Independent Trustees, noted the following:

The gross management fee rate for RFCI is higher than the median of its FUSE expense group. RFCI’s net expense ratio is slightly above the median of its respective FUSE expense group.

The gross management fee rate of each of RIGS, RFFC and RFDA is lower than the median of their respective FUSE expense groups. These Funds’ respective net expense ratios are also below the median of their respective FUSE expense groups.

Based on the foregoing, and the other information available to them, the Board, including the Independent Trustees, concluded that the advisory fee rate for each of the Funds were reasonable under the circumstances and in light of the quality of the services provided.

The Board, including the Independent Trustees, considered other benefits available to AAI because of its relationship with the Funds and concluded that the advisory fees were reasonable taking into account any such benefits.

The Board, including the Independent Trustees, also considered with respect to each Fund the information provided by AAI about the costs and profitability of AAI with respect to each of the Funds, including the asset levels and other factors that influence the profitability and financial viability of the Funds. The Board, including the Independent Trustees, reviewed and noted the relatively small sizes of the Funds and concluded that AAI was not realizing any economies of scale. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees’ evaluation of whether further economies of scale have been achieved.

In voting to renew the Investment Advisory Agreement, the Board, including the Independent Trustees, concluded that the terms of the Investment Advisory Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the members of the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

42 | November 30, 2022

RiverFront ETFs
Board Considerations Regarding Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreements	November 30, 2022 (Unaudited)

RiverFront Sub-Advisory Agreements

The Board, including the Independent Trustees, discussed the RiverFront Sub-Advisory Agreements.

In evaluating the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees, considered various factors, including (i) the nature, extent and quality of the services provided by RiverFront with respect to the Funds under the RiverFront Sub-Advisory Agreements; (ii) the advisory fees and other expenses paid by the Funds compared to those of similar funds managed by other investment advisers; (iii) the profitability to RiverFront of its sub-advisory relationship with the Funds and the reasonableness of compensation to RiverFront; (iv) the extent to which economies of scale would be realized if, and as, the Funds’ assets increase, and whether the fee level in the RiverFront Sub-Advisory Agreements reflects these economies of scale; and (v) any additional benefits and other considerations.

With respect to the nature, extent and quality of the services provided by RiverFront under the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees, considered and reviewed information concerning the services provided under the RiverFront Sub-Advisory Agreements, the Funds’ respective performance, financial information regarding RiverFront, information describing RiverFront’s current organization and the background and experience of the persons responsible for the day-to-day management of the Funds. Based upon their review, the Board, including the Independent Trustees, concluded that RiverFront was qualified to oversee the portfolio management of the Funds and that the services provided by RiverFront to the Funds are satisfactory. The Board, including the Independent Trustees, considered that the contractual sub-advisory fee to be paid to RiverFront from RIGS was 0.35% of RIGS’ average daily net assets out of a total management fee of 0.46% of RIGS’ average daily net assets. The Board, including the Independent Trustees, considered that the contractual sub-advisory fee to be paid to RiverFront with respect to each of RFCI, RFDA and RFFC was 0.35% of each Fund’s average daily net assets out of a total management fee of 0.51% with respect to RFCI’s average daily net assets, and 0.52% with respect to each of RFDA’s and RFFC’s average daily net assets, respectively. Based on the consideration of all factors deemed relevant by them, the Board, including the Independent Trustees, concluded that the sub-advisory fees received by RiverFront under the RiverFront Sub-Advisory Agreements were reasonable under the circumstances and in light of the quality of services provided.

With respect to the costs of services provided and profits realized by RiverFront, the Board, including the Independent Trustees, considered the resources involved in managing the Funds. Based on their review of the profitability of each of the Funds to RiverFront, the Board, including the Independent Trustees, concluded that the profitability of each Fund to RiverFront was not unreasonable.

The Board, including the Independent Trustees, also considered other benefits that have been and may be realized by RiverFront from its relationships with each Fund and concluded that the sub-advisory fees with respect to each Fund were reasonable taking into account such benefits.

The Board, including the Independent Trustees, noted that RIGS had increased in assets over the prior year. The Board, including the Independent Trustees, considered the extent to which economies of scale may be realized if RIGS’ assets continue to grow in size and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the Fund’s investors. They also noted that RIGS has experienced fluctuations in assets, which makes it difficult to quantify the potential variability in net assets and thus determine the sustainability of any potential economies of scale which may exist. The Board, including the Independent Trustees, also noted that RFCI and RFDA are only beginning to reach scale in terms of assets and that RFFC had a significant decline in assets over the prior year. The Independent Trustees determined that AAI should continue to keep the Board informed on an ongoing basis of any significant developments (e.g., material increases in asset levels) so as to facilitate the Independent Trustees’ evaluation of whether further economies of scale have been achieved with respect to each Fund.

In voting to approve each of the RiverFront Sub-Advisory Agreements, the Board, including the Independent Trustees, concluded that the terms of each RiverFront Sub-Advisory Agreement are reasonable and fair in light of the services performed, expenses incurred and such other matters as the Board, including the Independent Trustees, considered relevant in the exercise of their reasonable business judgment. The Independent Trustees did not identify any single factor or group of factors as all important or controlling and considered all factors together.

43 | November 30, 2022

RiverFront ETFs
Trustees & Officers	November 30, 2022 (Unaudited)

The general supervision of the duties performed by the Adviser for the Fund under the Investment Advisory Agreement is the responsibility of the Board of Trustees. The Trust currently has four Trustees, each of whom have no affiliation or business connection with the Adviser or any of its affiliated persons and do not own any stock or other securities issued by the Adviser. These are the “non-interested” or “independent” Trustees (“Independent Trustees”).

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Independent Trustee, and other directorships, if any, held by the Trustee are shown below.

INDEPENDENT TRUSTEES
Name, Address & Year of Birth*	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustees***	Other Directorships Held by Trustees
Mary K. Anstine, 1940	Trustee	Since March 2008	Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board.	38	Ms. Anstine is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (29 funds); and Reaves Utility Income Fund.
Jeremy W. Deems, 1976	Trustee	Since March 2008	Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund.	38	Mr. Deems is a Trustee of ALPS Variable Investment Trust (7 funds); Financial Investors Trust (29 funds); and Reaves Utility Income Fund; and Clough Funds Trust (1 fund).
Rick A. Pederson, 1952	Trustee	Since March 2008	Mr. Pederson is Partner, Bow River Capital Partners (private equity management), 2003 - present; Board Member, Prosci Inc. (private business services) 2013-2016; Advisory Board Member, Citywide Banks (Colorado community bank) 2014-2017; Board Member, Strong-Bridge Consulting, 2015-2019; Board Member, IRI/ODMS Holdings LLC, 2017 - 2019; Director, National Western Stock Show (not for profit) 2010 - present; Director, History Colorado (not for profit) 2015- present; Director, Citywide Bank Advisory Board 2017-present; Trustee, Boettcher Foundation, 2018 -present.	24	Mr. Pederson is Trustee of Segall Bryant & Hamill Trust (14 funds), Principal Real Estate Income Fund (1 fund).

The business address of the Trustee is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203.

This is the period for which the Trustee began serving the Trust. Each Trustee serves an indefinite term, until his or her successor is elected.

***

The Fund Complex includes all series of the Trust and any other investment companies for which ALPS Advisors, Inc. provides investment advisory services.

44 | November 30, 2022

RiverFront ETFs
Trustees & Officers	November 30, 2022 (Unaudited)

Name, Address & Year of Birth*

Position(s) Held with Trust

Term of Office and Length of Time Served**

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustees***

Other Directorships Held by Trustees

Edmund J. Burke,

1961

Trustee

Since

December 2017

Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. (“ALPS”), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a webbased system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020).

Mr. Burke is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); Director of the Liberty All-Star Growth Fund, Inc. (1 fund) and Financial Investors Trust (29 funds).

The business address of the Trustee is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203.

This is the period for which the Trustee began serving the Trust. Each Trustee serves an indefinite term, until his or her successor is elected.

***

The Fund Complex includes all series of the Trust and any other investment companies for which ALPS Advisors, Inc. provides investment advisory services.

45 | November 30, 2022

RiverFront ETFs
Trustees & Officers	November 30, 2022 (Unaudited)

OFFICERS:
Name, Address and Year of Birth of Officer*	Position(s) Held with Trust	Length of Time Served**	Principal Occupation(s) During Past 5 Years
Laton Spahr, 1975	President	Since June 2021	Mr. Spahr joined ALPS in 2019 and currently serves as President and Portfolio Manager of AAI. Prior to his current role, Mr. Spahr was a Senior Vice President and Strategy Leader of the Value & Income Team for Oppenheimer Funds from 2013 to 2019.
Matthew Sutula, 1985	Chief Compliance Officer (“CCO”)	Since December 2019	Mr. Sutula joined ALPS in 2012 and currently serves as Chief Compliance Officer of AAI. Prior to his current role, Mr. Sutula served as interim Compliance Officer of the Trust (September 2019 to December 2019). Compliance Manager and Senior Compliance Analyst for AAI, as well as Compliance Analyst for AFS. Prior to joining ALPS, he spent seven years at Morningstar, Inc. in various analyst roles supporting the registered investment company databases. Mr. Sutula is also Chief Compliance Officer of Principal Real Estate Income Fund, ALPS Variable Investment Trust, Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc. From September 2019 to September 2022 he served as Chief Compliance Officer of RiverNorth Opportunities Fund, Inc.
Kathryn Burns, 1976	Treasurer	Since September 2018	Ms. Burns serves as Vice President, Director of Fund Operations of AAI since 2018. From 2013 to 2018, she served as Vice President and Fund Controller at AFS. Prior to joining ALPS, she worked at Old Mutual Capital where she served as Vice President and Chief Compliance Officer (2010 – 2012) and Regulatory Reporting Manager and Assistant Treasurer to the Old Mutual Funds Trusts (2006 – 2012). She also served as a CPA for PricewaterhouseCoopers LLP. Ms. Burns also serves as President of ALPS Variable Investment Trust and Principal Real Estate Income Fund. From June 2019 to September 2022 she served as President of RiverNorth Opportunities Fund, Inc. and from June 2018 to November 2021 she served as Treasurer of Boulder Growth & Income Fund, Inc.
Michael P. Lawlor, 1969	Secretary	Since December 2022	Mr. Lawlor joined ALPS in January 2022, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Lawlor was Lead Fund Counsel at Brighthouse Financial (insurance company) (January 2007-April 2021). Mr. Lawlor also serves as Secretary of Financial Investors Trust and ALPS Variable Investment Trust.

The business address of each Officer is c/o ALPS Advisors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203. Each Officer is deemed an affiliate of the Trust as defined under the 1940 Act.

This is the period for which the Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

The Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling (toll-free) 1-866-759-5679.

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