Table of Contents

Performance Overview
RiverFront Dynamic Core Income ETF	1
RiverFront Dynamic US Dividend Advantage ETF	3
RiverFront Dynamic US Flex-Cap ETF	5
RiverFront Strategic Income Fund	7
Disclosure of Fund Expenses	9
Financial Statements
Schedules of Investments
RiverFront Dynamic Core Income ETF	10
RiverFront Dynamic US Dividend Advantage ETF	12
RiverFront Dynamic US Flex-Cap ETF	14
RiverFront Strategic Income Fund	16
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets
RiverFront Dynamic Core Income ETF	21
RiverFront Dynamic US Dividend Advantage ETF	22
RiverFront Dynamic US Flex-Cap ETF	23
RiverFront Strategic Income Fund	24
Financial Highlights	25
Notes to Financial Statements	29
Additional Information	37
Liquidity Risk Management Program	38

alpsfunds.com

RiverFront Dynamic Core Income ETF

Performance Overview

May 31, 2023 (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.

Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic Core Income ETF – NAV	1.55%	-0.75%	1.13%	0.81%
RiverFront Dynamic Core Income ETF – Market Price*	1.37%	-0.75%	1.13%	0.82%
Bloomberg U.S. Aggregate Bond Total Return Index	2.00%	-2.14%	0.81%	0.60%

Total Expense Ratio (per the current prospectus) is 0.53%.

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 | May 31, 2023

RiverFront Dynamic Core Income ETF

Performance Overview

May 31, 2023 (Unaudited)

Top 10 Holdings*^ (as of May 31, 2023)

U.S. Treasury Bond 02/15/2043 3.88%	12.13%
U.S. Treasury Bond 05/15/2032 2.88%	6.50%
U.S. Treasury Bond 05/15/2042 3.25%	6.20%
U.S. Treasury Bond 11/15/2052 4.00%	4.71%
Bank of America Corp. 12/31/9999 5Y US TI + 3.231%	2.49%
PNC Financial Services Group, Inc. 12/31/9999 5Y US TI + 3.238%	2.37%
Public Service Enterprise Group, Inc. 11/15/2027 5.85%	2.36%
Ford Motor Credit Co. LLC 11/04/2027 7.35%	2.31%
Goldman Sachs Group, Inc. 11/01/2024 5.70%	2.29%
Dominion Energy, Inc. 06/01/2028 4.25%	2.29%
Total % of Top 10 Holdings	43.65%

% of Total Investments.

Excludes Money Market Fund.

Asset Allocation* (as of May 31, 2023)

Future holdings are subject to change.

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

Comparison of Change in Value of $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 chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

2 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Performance Overview

May 31, 2023 (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”).

Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Dividend Advantage ETF – NAV	-1.78%	-5.04%	8.57%	10.45%
RiverFront Dynamic US Dividend Advantage ETF – Market Price*	-2.01%	-5.17%	8.50%	10.42%
S&P 500^® Total Return Index	3.33%	2.92%	11.01%	12.32%

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.

3 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Performance Overview

May 31, 2023 (Unaudited)

Top 10 Holdings* (as of May 31, 2023)

Microsoft Corp.	9.14%
Apple, Inc.	7.87%
Merck & Co., Inc.	4.49%
Amazon.com, Inc.	3.65%
Exxon Mobil Corp.	3.39%
NVIDIA Corp.	3.03%
Cisco Systems, Inc.	2.82%
Alphabet, Inc.	2.24%
AllianceBernstein Holding LP	2.02%
AbbVie, Inc.	1.84%
Total % of Top 10 Holdings	40.49%

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

Asset Allocation* (as of May 31, 2023)

Future holdings are subject to change.

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

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

4 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Performance Overview

May 31, 2023 (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”).

Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Dynamic US Flex-Cap ETF - NAV	-0.99%	-2.29%	5.91%	8.95%
RiverFront Dynamic US Flex-Cap ETF - Market	-0.97%	-2.29%	5.87%	8.94%
S&P Composite 1500^® Total Return Index	2.49%	2.35%	10.50%	11.99%

Total Expense Ratio (per the current prospectus, as supplemented June 1, 2023) is 0.48%.

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.

5 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Performance Overview

May 31, 2023 (Unaudited)

Top 10 Holdings* (as of May 31, 2023)

Apple, Inc.	6.87%
Microsoft Corp.	5.94%
Meta Platforms, Inc.	2.21%
Tesla, Inc.	1.92%
NVIDIA Corp.	1.82%
Amazon.com, Inc.	1.73%
Cisco Systems, Inc.	1.62%
Broadcom, Inc.	1.56%
Visa, Inc.	1.47%
Merck & Co., Inc.	1.44%
Total % of Top 10 Holdings	26.58%

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

Asset Allocation* (as of May 31, 2023)

Future holdings are subject to change.

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

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

6 | May 31, 2023

RiverFront Strategic Income Fund

Performance Overview

May 31, 2023 (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.

Performance (as of May 31, 2023)

	6 Months	1 Year	5 Year	Since Inception^
RiverFront Strategic Income Fund – NAV	1.81%	0.26%	1.78%	2.86%
RiverFront Strategic Income Fund – Market Price*	1.54%	0.26%	1.81%	2.85%
Bloomberg U.S. Aggregate Bond Total Return Index	2.00%	-2.14%	0.81%	1.55%

Total Expense Ratio (per the current prospectus) is 0.47%. 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.

7 | May 31, 2023

RiverFront Strategic Income Fund

Performance Overview

May 31, 2023 (Unaudited)

Top 10 Holdings*^ (as of May 31, 2023)

U.S. Treasury Bond 11/15/2052 4.00%	8.49%
U.S. Treasury Note 05/31/2024 2.50%	7.94%
U.S. Treasury Bond 05/15/2042 3.25%	5.31%
U.S. Treasury Bond 02/15/2043 3.88%	3.66%
Wells Fargo & Co. 09/09/2024 3.30%	1.60%
T-Mobile USA, Inc. 02/01/2028 4.75%	1.39%
Vistra Operations Co. LLC 07/15/2024 3.55%	1.29%
PulteGroup, Inc. 03/01/2026 5.50%	1.27%
JPMorgan Chase & Co. 10/01/2027 4.25%	1.27%
Goldman Sachs Group, Inc. 10/21/2025 4.25%	1.26%
Total % of Top 10 Holdings	33.48%

% of Total Investments.

Excludes Money Market Fund

Asset Allocation* (as of May 31, 2023)

Future holdings are subject to change.

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

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

8 | May 31, 2023

RiverFront ETFs

Disclosure of Fund Expenses

May 31, 2023 (Unaudited)

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

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

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

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

	Beginning Account Value 12/1/22	Ending Account Value 5/31/23	Expense Ratio^(a)	Expenses Paid During Period 12/1/22 - 5/31/23^(b)
RiverFront Dynamic Core Income ETF
Actual	$1,000.00	$1,015.50	0.51%	$2.56
Hypothetical (5% return before expenses)	$1,000.00	$1,022.39	0.51%	$2.57
RiverFront Dynamic US Dividend Advantage ETF
Actual	$1,000.00	$982.20	0.52%	$2.57
Hypothetical (5% return before expenses)	$1,000.00	$1,022.34	0.52%	$2.62
RiverFront Dynamic US Flex-Cap ETF
Actual	$1,000.00	$990.10	0.52%	$2.58
Hypothetical (5% return before expenses)	$1,000.00	$1,022.34	0.52%	$2.62
RiverFront Strategic Income Fund
Actual	$1,000.00	$1,018.10	0.46%	$2.31
Hypothetical (5% return before expenses)	$1,000.00	$1,022.64	0.46%	$2.32

^(a)

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

^(b)

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

9 | May 31, 2023

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Principal Amount		Value
*CORPORATE BONDS (67.69%)*
Communications (4.45%)
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025	$	320,000	$	314,756
Comcast Corp.
4.15%, 10/15/2028		321,000		313,380
Discovery Communications LLC
3.95%, 03/20/2028		559,000		518,236
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		355,000		313,593
Total Communications				1,459,965

Consumer Discretionary (9.44%)
Ford Motor Co.
9.63%, 04/22/2030		447,000		509,858
Ford Motor Credit Co. LLC
7.35%, 11/04/2027		720,000		728,119
General Motors Financial Co., Inc.
3.60%, 06/21/2030		316,000		273,960
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		320,000		306,140
Marriott International, Inc.
4.00%, 04/15/2028^(b)		745,000		711,787
Toyota Motor Credit Corp.
3.95%, 06/30/2025		573,000		564,078
Total Consumer Discretionary				3,093,942

Consumer Staples (2.91%)
Anheuser-Busch InBev
Worldwide, Inc.
4.00%, 04/13/2028		369,000		361,522
Dollar Tree, Inc.
4.00%, 05/15/2025		607,000		593,672
Total Consumer Staples				955,194

Energy (4.81%)
Hess Midstream Operations LP
4.25%, 02/15/2030^(a)		320,000		277,646
Marathon Oil Corp.
4.40%, 07/15/2027		603,000		581,004
Sabine Pass Liquefaction LLC
5.75%, 05/15/2024		559,000		557,928
Schlumberger Investment SA
3.65%, 12/01/2023		163,000		161,604
Total Energy				1,578,182

Financials (29.35%)
Bank of America Corp.
4.25%, 10/22/2026		455,000		440,546
5Y US TI + 3.231%^(c)(d)		801,000		783,841
Blackstone Private Credit Fund
3.25%, 03/15/2027		346,000		297,758

Security Description	Principal Amount		Value
Financials (continued)
Citigroup, Inc.
4.45%, 09/29/2027	$	589,000	$	566,598
6.63%, 06/15/2032		195,000		206,007
FNB Corp.
5.15%, 08/25/2025		662,000		622,354
FS KKR Capital Corp.
4.25%, 02/14/2025^(a)		611,000		579,220
Goldman Sachs Group, Inc.
5.70%, 11/01/2024		720,000		721,945
Host Hotels & Resorts LP
4.00%, 06/15/2025		410,000		396,461
HSBC Holdings PLC
4.38%, 11/23/2026		589,000		565,514
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		619,000		579,827
JPMorgan Chase & Co.
4.25%, 10/01/2027		378,000		369,239
Mizuho Financial Group, Inc.
3M US L + 1.00%,
09/11/2024^(c)		191,000		191,117
Morgan Stanley
5.00%, 11/24/2025		676,000		674,590
3.63%, 01/20/2027		145,000		139,066
NatWest Markets PLC
3.48%, 03/22/2025^(a)		379,000		364,591
PNC Financial Services Group, Inc.
3.45%, 04/23/2029		316,000		289,102
5Y US TI + 3.238%^(c)(d)		801,000		746,932
Royal Bank of Canada
6.00%, 11/01/2027		676,000		701,049
Wells Fargo & Co.
3.00%, 04/22/2026		410,000		388,034
Total Financials				9,623,791

Health Care (2.23%)
AbbVie, Inc.
3.20%, 11/21/2029		320,000		290,748
CVS Health Corp.
4.30%, 03/25/2028		124,000		120,839
HCA, Inc.
5.38%, 09/01/2026		320,000		318,936
Total Health Care				730,523

Industrials (2.27%)
3M Co.
3.25%, 02/14/2024		163,000		160,816
Boeing Co.
4.88%, 05/01/2025		587,000		581,465
Total Industrials				742,281

Materials (2.81%)
Ball Corp.
4.00%, 11/15/2023		609,000		601,156

See Notes to Financial Statements.

10 | May 31, 2023

RiverFront Dynamic Core Income ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Principal Amount		Value
Materials (continued)
DuPont de Nemours, Inc.
4.73%, 11/15/2028	$	320,000	$	318,304
Total Materials				919,460

Technology (2.98%)
Micron Technology, Inc.
5.38%, 04/15/2028		711,000		702,161
Oracle Corp.
3.25%, 11/15/2027		295,000		275,418
Total Technology				977,579

Utilities (6.44%)
Dominion Energy, Inc.
4.25%, 06/01/2028		745,000		720,885
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		720,000		743,961
Southern California Gas Co.
5.20%, 06/01/2033		650,000		647,725
Total Utilities				2,112,571

TOTAL CORPORATE BONDS
(Cost $23,639,197)				22,193,488

*GOVERNMENT BONDS (28.37%)*
United States Treasury Bond
2.88%, 05/15/2032		2,176,000		2,046,970
3.25%, 05/15/2042		2,176,000		1,952,790
3.88%, 02/15/2043		3,895,000		3,819,535
4.00%, 11/15/2052		1,447,000		1,483,401
TOTAL GOVERNMENT BONDS
(Cost $9,763,383)				9,302,696

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.25%)
Money Market Fund (3.25%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.02	%		1,064,545		1,064,545
TOTAL SHORT TERM INVESTMENTS
(Cost $1,064,545)							1,064,545

TOTAL INVESTMENTS (99.31%)
(Cost $34,467,125)						$	32,560,729
OTHER ASSETS IN EXCESS OF LIABILITIES (0.69%)							226,901
NET ASSETS - 100.00%						$	32,787,630

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

TI - Treasury Index

Reference Rates:

5Y US TI - 5 Year US TI as of May 31, 2023 was 4.18%

3M US L - 3 Month LIBOR as of May 31, 2023 was 5.49%

^(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 $2,114,877, representing 6.45% 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 May 31, 2023, the market value of those securities was $711,787 representing 2.17% 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 May 31, 2023. Security description includes the reference rate and spread if published and available.

^(d)

Securities are perpetual and thus do not have a predetermined maturity date.

See Notes to Financial Statements.

11 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.31%)
Communication Services (4.83%)
Alphabet, Inc., Class C^(a)		13,149	$	1,622,192
AT&T, Inc.		45,011		708,023
John Wiley & Sons, Inc., Class A^(b)		17,051		613,836
Verizon Communications, Inc.		15,724		560,246
Total Communication Services				3,504,297

Consumer Discretionary (6.39%)
ADT, Inc.		73,292		417,031
Amazon.com, Inc.^(a)		21,902		2,640,943
Nordstrom, Inc.		34,097		521,684
NVR, Inc.^(a)		98		544,314
PetMed Express, Inc.^(b)		34,184		506,949
Total Consumer Discretionary				4,630,921

Consumer Staples (3.76%)
Altria Group, Inc.		14,303		635,339
Coca-Cola Co.		9,678		577,389
Philip Morris International, Inc.		3,361		302,524
Vector Group, Ltd.		103,404		1,210,861
Total Consumer Staples				2,726,113

Energy (11.59%)
Antero Midstream Corp.		106,729		1,089,703
Berry Corp.		92,555		583,096
Devon Energy Corp.		10,470		482,667
Equitrans Midstream Corp.		151,434		1,291,732
Exxon Mobil Corp.		24,062		2,458,655
Kinder Morgan, Inc.		53,571		863,029
ONEOK, Inc.		18,233		1,033,082
Select Water Solutions, Inc.		83,019		602,718
Total Energy				8,404,682

Financials (13.74%)
AllianceBernstein Holding LP		42,029		1,461,348
Annaly Capital Management, Inc.		25,816		487,406
Artisan Partners Asset Management, Inc., Class A		25,288		809,216
Bank of America Corp.		23,062		640,893
Dynex Capital, Inc.^(b)		29,932		336,436
FNB Corp.^(b)		36,454		400,629
Fulton Financial Corp.		34,568		385,779
New York Community Bancorp, Inc.^(b)		44,906		461,634
Old Republic International Corp.		28,682		702,422
OneMain Holdings, Inc.		14,222		538,445
Ready Capital Corp.^(b)		48,877		494,147
Rithm Capital Corp.		110,290		897,761
Starwood Property Trust, Inc.^(b)		20,189		354,317
US Bancorp		32,757		979,434
Veritex Holdings, Inc.		24,974		431,301

Security Description	Shares		Value
Financials (continued)
Western Union Co.		51,173	$	582,860
Total Financials				9,964,028

Health Care (10.28%)
AbbVie, Inc.		9,683		1,335,867
Bristol-Myers Squibb Co.		19,616		1,264,055
Cardinal Health, Inc.		9,698		798,145
Merck & Co., Inc.		29,469		3,253,672
Pfizer, Inc.		21,126		803,211
Total Health Care				7,454,950

Industrials (4.62%)
Fastenal Co.		19,145		1,030,958
Global Industrial Co.		27,583		686,265
Quanex Building Products Corp.		34,601		726,967
United Parcel Service, Inc., Class B		5,443		908,981
Total Industrials				3,353,171

Information Technology (28.60%)
Apple, Inc.		32,139		5,696,638
Broadcom, Inc.		1,455		1,175,582
Cisco Systems, Inc.		41,096		2,041,238
Hewlett Packard Enterprise Co.		81,086		1,169,260
Microsoft Corp.		20,167		6,622,641
NetApp, Inc.		8,188		543,274
NVIDIA Corp.		5,799		2,193,994
Texas Instruments, Inc.		7,482		1,300,970
Total Information Technology				20,743,597

Materials (0.87%)
Newmont Mining Corp.		15,607		632,864

Real Estate (8.44%)
Camden Property Trust		5,142		537,185
Invitation Homes, Inc.		17,405		589,681
Iron Mountain, Inc.		19,552		1,044,468
Medical Properties Trust, Inc.^(b)		131,337		1,083,530
Piedmont Office Realty Trust, Inc., Class A		41,811		260,483
SITE Centers Corp.		54,782		653,002
Tanger Factory Outlet Centers, Inc.		36,855		750,736
Universal Health Realty Income Trust		27,530		1,202,510
Total Real Estate				6,121,595

Utilities (6.19%)
Clearway Energy, Inc., Class C		35,323		1,014,830
Duke Energy Corp.		14,160		1,264,346
Entergy Corp.		8,851		869,168
Evergy, Inc.		8,749		506,130

See Notes to Financial Statements.

12 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
Utilities (continued)
OGE Energy Corp.		23,723	$	836,948
Total Utilities				4,491,422

TOTAL COMMON STOCKS
(Cost $71,498,434)				72,027,640

	7 Day Yield		Shares		Value
SHORT TERM INVESTMENTS (1.64%)
Money Market Fund (0.55%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $396,733)	5.02	%		396,733		396,733

Investments Purchased with Collateral from Securities Loaned (1.09%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $789,913)				789,913		789,913
TOTAL SHORT TERM INVESTMENTS
(Cost $1,186,646)						1,186,646

TOTAL INVESTMENTS (100.94%)
(Cost $72,685,080)					$	73,214,286
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.94%)						(684,681	)
NET ASSETS - 100.00%					$	72,529,605

^(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 $3,487,958.

See Notes to Financial Statements.

13 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.63%)
Communication Services (6.65%)
Alphabet, Inc., Class A^(a)		1,731	$	212,688
Alphabet, Inc., Class C^(a)		1,322		163,095
Cargurus, Inc.^(a)		5,210		97,896
Liberty Broadband Corp., Class C^(a)		1,730		128,193
Magnite, Inc.^(a)		10,106		120,059
Meta Platforms, Inc., Class A^(a)		1,832		484,967
New York Times Co., Class A		2,043		72,363
Sinclair, Inc., Class A^(b)		3,450		53,061
Sirius XM Holdings, Inc.^(b)		36,411		129,623
Total Communication Services				1,461,945

Consumer Discretionary (11.57%)
ADT, Inc.		13,359		76,013
Amazon.com, Inc.^(a)		3,156		380,550
BorgWarner, Inc.		3,050		135,206
Capri Holdings, Ltd.^(a)		2,355		82,661
Chegg, Inc.^(a)		6,000		53,880
Choice Hotels International, Inc.^(b)		496		56,291
Ethan Allen Interiors, Inc.		3,500		87,605
H&R Block, Inc.		2,952		88,117
Home Depot, Inc.		1,000		283,450
Lennar Corp., Class A		1,465		156,931
Nordstrom, Inc.		5,985		91,571
NVR, Inc.^(a)		27		149,964
Patrick Industries, Inc.^(b)		1,415		92,725
Stride, Inc.^(a)		2,520		101,833
Tesla, Inc.^(a)		2,069		421,931
TJX Cos., Inc.		2,405		184,680
Vista Outdoor, Inc.^(a)		3,705		98,664
Total Consumer Discretionary				2,542,072

Consumer Staples (4.77%)
Albertsons Cos., Inc.		7,155		145,676
Altria Group, Inc.		1,693		75,203
Coca-Cola Co.		4,280		255,345
Herbalife, Ltd.^(a)(b)		840		9,945
Philip Morris International, Inc.		2,270		204,323
Procter & Gamble Co.		250		35,625
Sprouts Farmers Market, Inc.^(a)		3,747		129,496
USANA Health Sciences, Inc.^(a)		1,585		96,162
Vector Group, Ltd.		8,180		95,788
Total Consumer Staples				1,047,563

Energy (4.84%)
Berry Corp.		12,655		79,726
Callon Petroleum Co.^(a)(b)		3,125		95,719
Chevron Corp.		205		30,877
Exxon Mobil Corp.		811		82,868
Kinder Morgan, Inc.		9,237		148,808
ONEOK, Inc.		2,156		122,159
PBF Energy, Inc., Class A		2,405		88,528
Peabody Energy Corp.		4,060		73,730
SandRidge Energy, Inc.		6,600		88,902

Security Description	Shares		Value
Energy (continued)
Transocean, Ltd.^(a)(b)		15,650	$	89,518
Williams Cos., Inc.		5,660		162,216
Total Energy				1,063,051

Financials (12.97%)
Arbor Realty Trust, Inc.^(b)		5,033		63,466
Berkshire Hathaway, Inc., Class B^(a)		465		149,302
Credit Acceptance Corp.^(a)		230		102,506
First Commonwealth Financial Corp.		5,494		69,499
Genworth Financial, Inc., Class A^(a)		19,505		104,352
Hope Bancorp, Inc.		6,071		48,689
Huntington Bancshares, Inc.		13,045		134,494
JPMorgan Chase & Co.		437		59,305
KeyCorp		11,319		105,720
Marsh & McLennan Cos., Inc.		1,115		193,096
Mastercard, Inc., Class A		822		300,046
MGIC Investment Corp.		7,895		119,372
Nelnet, Inc.		930		86,025
New York Community Bancorp, Inc.^(b)		11,405		117,243
Old Republic International Corp.		4,330		106,042
PROG Holdings, Inc.^(a)		4,155		135,578
Radian Group, Inc.		4,512		115,237
Regions Financial Corp.		6,146		106,141
Truist Financial Corp.		4,785		145,799
US Bancorp		2,912		87,069
Valley National Bancorp		10,215		75,387
Visa, Inc., Class A		1,458		322,262
Western Union Co.		9,195		104,731
Total Financials				2,851,361

Health Care (15.79%)
Abbott Laboratories		2,297		234,294
AbbVie, Inc.		2,101		289,854
Bristol-Myers Squibb Co.		3,135		202,019
Catalyst Pharmaceuticals, Inc.^(a)		5,940		68,607
Cigna Group		654		161,806
CVS Health Corp.		2,501		170,143
Danaher Corp.		890		204,362
Edwards Lifesciences Corp.^(a)		2,010		169,302
Gilead Sciences, Inc.		2,390		183,887
Hologic, Inc.^(a)		1,480		116,757
Johnson & Johnson		438		67,916
Laboratory Corp. of America Holdings		410		87,137
Merck & Co., Inc.		2,870		316,877
Pfizer, Inc.		6,724		255,646
Progyny, Inc.^(a)		2,970		110,633
Quest Diagnostics, Inc.		859		113,946
Sotera Health Co.^(a)		5,475		77,143
STAAR Surgical Co.^(a)(b)		1,540		89,351
UnitedHealth Group, Inc.		190		92,576

See Notes to Financial Statements.

14 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Shares		Value
Health Care (continued)
Vericel Corp.^(a)		2,975	$	95,557
Vertex Pharmaceuticals, Inc.^(a)		576		186,376
Zoetis, Inc.		1,085		176,866
Total Health Care				3,471,055

Industrials (8.43%)
Advanced Drainage Systems, Inc.		1,195		115,640
Allison Transmission Holdings, Inc.		910		43,043
ArcBest Corp.		1,090		91,320
BWX Technologies, Inc.		1,548		93,375
CACI International, Inc., Class A^(a)		382		114,302
Casella Waste Systems, Inc., Class A^(a)		1,614		145,518
CH Robinson Worldwide, Inc.		1,490		140,865
Cintas Corp.		350		165,249
CSX Corp.		5,794		177,702
Eagle Bulk Shipping, Inc.^(b)		2,030		79,738
Fastenal Co.		2,895		155,896
Generac Holdings, Inc.^(a)		865		94,216
Landstar System, Inc.		600		105,228
United Parcel Service, Inc., Class B		1,115		186,205
XPO, Inc.^(a)		3,080		144,545
Total Industrials				1,852,842

Information Technology (28.30%)
Accenture PLC, Class A		860		263,092
Adeia, Inc.		4,742		46,519
Adobe, Inc.^(a)		36		15,041
Advanced Micro Devices, Inc.^(a)		2,189		258,762
Apple, Inc.		8,507		1,507,866
Broadcom, Inc.		424		342,575
Cisco Systems, Inc.		7,158		355,538
Cloudflare, Inc., Class A^(a)		1,818		125,733
Crowdstrike Holdings, Inc., Class A^(a)		858		137,392
Digital Turbine, Inc.^(a)(b)		8,700		79,518
Fortinet, Inc.^(a)		2,545		173,900
Gen Digital, Inc.		9,606		168,489
Lattice Semiconductor Corp.^(a)		1,685		137,007
Manhattan Associates, Inc.^(a)		565		102,502
Microsoft Corp.		3,968		1,303,052
NVIDIA Corp.		1,057		399,905
QUALCOMM, Inc.		1,281		145,278
Salesforce.com, Inc.^(a)		1,159		258,897
Synaptics, Inc.^(a)		930		80,017
Texas Instruments, Inc.		1,165		202,570
Vontier Corp.		3,920		116,189
Total Information Technology				6,219,842

Materials (1.26%)
LSB Industries, Inc.^(a)		8,935		83,095
Ryerson Holding Corp.		2,685		91,263
Sealed Air Corp.		199		7,532

Security Description	Shares		Value
Materials (continued)
SunCoke Energy, Inc.		13,945	$	94,687
Total Materials				276,577

Real Estate (4.58%)
Camden Property Trust		1,410		147,303
Equity LifeStyle Properties, Inc.		2,140		135,184
Equity Residential		370		22,496
Healthpeak Properties, Inc.		6,895		137,624
Highwoods Properties, Inc.		2,136		44,173
Invitation Homes, Inc.		4,880		165,334
Iron Mountain, Inc.		2,850		152,247
Medical Properties Trust, Inc.^(b)		13,000		107,250
Terreno Realty Corp.		1,555		95,368
Total Real Estate				1,006,979

Utilities (0.47%)
OGE Energy Corp.		2,946		103,935

TOTAL COMMON STOCKS
(Cost $20,895,287)				21,897,222

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (1.44%)
Money Market Fund (0.22%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $48,459)		5.02	%		48,459		48,459

Investments Purchased with Collateral from Securities Loaned (1.22%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%
(Cost $267,783)					267,783		267,783
TOTAL SHORT TERM INVESTMENTS
(Cost $316,242)							316,242

TOTAL INVESTMENTS (101.07%)
(Cost $21,211,529)						$	22,213,464
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.07%)							(234,676	)
NET ASSETS - 100.00%						$	21,978,788

^(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 $749,636.

See Notes to Financial Statements.

15 | May 31, 2023

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Principal Amount		Value
*CORPORATE BONDS (71.50%)*
Communications (4.94%)
AMC Networks, Inc.
5.00%, 04/01/2024	$	346,000	$	340,325
4.75%, 08/01/2025		426,000		377,056
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026^(a)		450,000		441,187
Netflix, Inc.
4.38%, 11/15/2026		848,000		834,123
Sirius XM Radio, Inc.
3.13%, 09/01/2026^(a)		850,000		750,857
T-Mobile USA, Inc.
4.75%, 02/01/2028		1,500,000		1,473,026
Warnermedia Holdings, Inc.
6.41%, 03/15/2026		494,000		495,187
WMG Acquisition Corp.
3.75%, 12/01/2029^(a)		848,000		730,501
Total Communications				5,442,262

Consumer Discretionary (11.79%)
Air Canada
3.88%, 08/15/2026^(a)		913,000		848,558
Aramark Services, Inc.
6.38%, 05/01/2025^(a)		913,000		906,974
Caesars Entertainment, Inc.
6.25%, 07/01/2025^(a)		1,078,000		1,075,694
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		1,256,000		1,173,454
General Motors Financial Co., Inc.
5.40%, 04/06/2026		975,000		971,589
Goodyear Tire & Rubber Co.
5.00%, 05/31/2026		1,100,000		1,073,655
Hilton Domestic Operating Co., Inc.
3.75%, 05/01/2029^(a)		1,005,000		888,782
International Game Technology PLC
6.50%, 02/15/2025^(a)		241,000		242,121
Las Vegas Sands Corp.
3.20%, 08/08/2024		810,000		781,725
Lennar Corp.
4.75%, 11/29/2027		1,005,000		984,839
Marriott International, Inc.
4.90%, 04/15/2029		975,000		957,335
Newell Brands, Inc.
4.70%, 04/01/2026		848,000		790,760
Nissan Motor Co., Ltd.
3.52%, 09/17/2025^(a)		1,005,000		933,605
PulteGroup, Inc.
5.50%, 03/01/2026		1,337,000		1,343,341
Total Consumer Discretionary				12,972,432

Security Description	Principal Amount		Value
Consumer Staples (2.55%)
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 01/23/2029	$	913,000	$	920,382
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.13%, 02/01/2028^(a)		1,000,000		964,419
Spectrum Brands, Inc.
5.75%, 07/15/2025		30,000		29,846
US Foods, Inc.
6.25%, 04/15/2025^(a)		890,000		888,895
Total Consumer Staples				2,803,542

Energy (3.08%)
DCP Midstream Operating LP
5.38%, 07/15/2025		850,000		841,501
Petroleos Mexicanos
4.88%, 01/18/2024		878,000		863,164
Reliance Industries, Ltd.
4.13%, 01/28/2025^(a)		839,000		824,226
Schlumberger Holdings Corp.
3.90%, 05/17/2028^(a)		913,000		866,431
Total Energy				3,395,322

Financials (23.06%)
Air Lease Corp.
4.25%, 02/01/2024		850,000		839,813
American Express Co.
5.85%, 11/05/2027		1,114,000		1,157,135
Bank of America Corp.
4.25%, 10/22/2026		1,371,000		1,327,447
Blackstone Secured Lending Fund
3.63%, 01/15/2026		997,000		919,174
Capital One Financial Corp.
4.20%, 10/29/2025		913,000		869,879
Citigroup, Inc.
4.45%, 09/29/2027		1,371,000		1,318,857
EPR Properties
4.75%, 12/15/2026		850,000		768,258
FS KKR Capital Corp.
3.40%, 01/15/2026		1,005,000		912,661
GLP Capital LP / GLP Financing II, Inc.
3.35%, 09/01/2024		810,000		784,442
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		1,371,000		1,336,612
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026^(a)		934,000		818,114
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 09/15/2024		1,079,000		1,011,321
Iron Mountain, Inc.
4.88%, 09/15/2027^(a)		959,000		898,310
JPMorgan Chase & Co.
4.25%, 10/01/2027		1,371,000		1,339,223

See Notes to Financial Statements.

16 | May 31, 2023

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Principal Amount		Value
Financials (continued)
KeyBank NA/Cleveland OH
5.85%, 11/15/2027	$	1,062,000	$	986,873
NatWest Markets PLC
3.48%, 03/22/2025^(a)		847,000		814,799
Newmark Group, Inc.
6.13%, 11/15/2023		1,051,000		1,043,632
Omega Healthcare Investors, Inc.
4.38%, 08/01/2023		283,000		281,194
5.25%, 01/15/2026		558,000		542,985
OneMain Finance Corp.
6.13%, 03/15/2024		1,078,000		1,054,316
Royal Bank of Canada
6.00%, 11/01/2027		1,114,000		1,155,279
Santander Holdings USA, Inc.
3.50%, 06/07/2024		422,000		410,200
SBA Communications Corp.
3.88%, 02/15/2027		1,279,000		1,180,033
Starwood Property Trust, Inc.
4.75%, 03/15/2025		848,000		796,585
VICI Properties LP / VICI Note Co., Inc.
4.25%, 12/01/2026^(a)		1,189,000		1,115,981
Wells Fargo & Co.
3.30%, 09/09/2024		1,738,000		1,695,116
Total Financials				25,378,239

Health Care (2.10%)
DaVita, Inc.
4.63%, 06/01/2030^(a)		959,000		821,309
GE HealthCare Technologies, Inc.
5.60%, 11/15/2025^(a)		1,062,000		1,065,394
HCA, Inc.
5.38%, 02/01/2025		426,000		423,306
Total Health Care				2,310,009

Industrials (5.14%)
Boeing Co.
4.88%, 05/01/2025		1,005,000		995,523
MasTec, Inc.
4.50%, 08/15/2028^(a)		929,000		856,516
Sensata Technologies BV
5.00%, 10/01/2025^(a)		848,000		834,298
Stericycle, Inc.
5.38%, 07/15/2024^(a)		851,000		842,490
TransDigm, Inc.
6.25%, 03/15/2026^(a)		890,000		884,830
WESCO Distribution, Inc.
7.13%, 06/15/2025^(a)		1,231,000		1,241,085
Total Industrials				5,654,742

Materials (10.33%)
Alcoa Nederland Holding BV
4.13%, 03/31/2029^(a)		1,123,000		1,014,176

Security Description	Principal Amount		Value
Materials (continued)
ArcelorMittal SA
3.60%, 07/16/2024	$	936,000	$	916,830
6.55%, 11/29/2027		1,062,000		1,101,669
Arconic Corp.
6.00%, 05/15/2025^(a)		913,000		917,558
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25%, 04/30/2025^(a)		1,096,000		1,075,340
Ball Corp.
5.25%, 07/01/2025		684,000		681,266
4.88%, 03/15/2026		426,000		417,194
Berry Global, Inc.
4.88%, 07/15/2026^(a)		963,000		932,926
Freeport-McMoRan, Inc.
5.00%, 09/01/2027		472,000		462,564
Methanex Corp.
5.13%, 10/15/2027		890,000		829,710
NOVA Chemicals Corp.
4.88%, 06/01/2024^(a)		1,078,000		1,054,100
Novelis Corp.
3.25%, 11/15/2026^(a)		850,000		767,600
Sasol Financing USA LLC
4.38%, 09/18/2026		558,000		489,106
Standard Industries, Inc.
3.38%, 01/15/2031^(a)		913,000		714,086
Total Materials				11,374,125

Technology (2.93%)
CDW LLC / CDW Finance Corp.
3.57%, 12/01/2031		848,000		708,477
Gen Digital, Inc.
5.00%, 04/15/2025^(a)		711,000		695,624
Microchip Technology, Inc.
4.25%, 09/01/2025		929,000		906,016
Seagate HDD Cayman
4.75%, 06/01/2023		913,000		913,000
Total Technology				3,223,117

Utilities (5.58%)
American Electric Power Co., Inc.
5.75%, 11/01/2027		1,114,000		1,148,919
AmeriGas Partners LP / AmeriGas Finance Corp.
5.88%, 08/20/2026		934,000		869,518
Calpine Corp.
5.25%, 06/01/2026^(a)		450,000		436,782
NextEra Energy Operating Partners LP
4.25%, 07/15/2024^(a)		1,227,000		1,204,472
NRG Energy, Inc.
3.75%, 06/15/2024^(a)		848,000		821,549
6.63%, 01/15/2027		300,000		299,513

See Notes to Financial Statements.

17 | May 31, 2023

RiverFront Strategic Income Fund

Schedule of Investments

May 31, 2023 (Unaudited)

Security Description	Principal Amount		Value
Utilities (continued)
Vistra Operations Co. LLC
3.55%, 07/15/2024^(a)	$	1,411,000	$	1,366,142
Total Utilities				6,146,895

TOTAL CORPORATE BONDS
(Cost $83,428,158)				78,700,685

*GOVERNMENT BONDS (24.56%)*
U.S. Treasury Note
2.50%, 05/31/2024		8,622,000		8,396,415
2.88%, 06/15/2025		79,000		76,688
3.25%, 06/30/2029		104,000		101,148
United States Treasury Bond
3.25%, 05/15/2042		6,251,000		5,609,784
3.88%, 02/15/2043		3,950,000		3,873,469
4.00%, 11/15/2052		8,753,000		8,973,193
TOTAL GOVERNMENT BONDS
(Cost $28,092,100)				27,030,697

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.06%)
Money Market Fund (3.06%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)		5.02	%		3,372,324		3,372,324

TOTAL SHORT TERM INVESTMENTS
(Cost $3,372,324)							3,372,324

TOTAL INVESTMENTS (99.12%)
(Cost $114,892,582)						$	109,103,706
OTHER ASSETS IN EXCESS OF LIABILITIES (0.88%)							964,091
NET ASSETS - 100.00%						$	110,067,797

^(a)

See Notes to Financial Statements.

18 | May 31, 2023

RiverFront ETFs

Statements of Assets and Liabilities

May 31, 2023 (Unaudited)

	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^(a)	$	32,560,729		$	73,214,286		$	22,213,464		$	109,103,706
Dividend receivable		4,553			137,345			42,741			15,793
Interest receivable		236,602			–			–			991,854
Total Assets		32,801,884			73,351,631			22,256,205			110,111,353

LIABILITIES:
Payable to adviser		14,254			32,113			9,634			43,556
Payable for collateral upon return of securities loaned		–			789,913			267,783			–
Total Liabilities		14,254			822,026			277,417			43,556
NET ASSETS	$	32,787,630		$	72,529,605		$	21,978,788		$	110,067,797

NET ASSETS CONSIST OF:
Paid-in capital	$	37,867,916		$	78,998,352		$	42,697,365		$	128,217,694
Total distributable earnings/(accumulated losses)		(5,080,286	)		(6,468,747	)		(20,718,577	)		(18,149,897	)
NET ASSETS	$	32,787,630		$	72,529,605		$	21,978,788		$	110,067,797

INVESTMENTS, AT COST	$	34,467,125		$	72,685,080		$	21,211,529		$	114,892,582

PRICING OF SHARES
Net Assets	$	32,787,630		$	72,529,605		$	21,978,788		$	110,067,797
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		1,475,000			1,675,002			525,002			4,850,000
Net Asset Value, offering and redemption price per share	$	22.23		$	43.30		$	41.86		$	22.69

^(a)

Includes $-, $3,487,958, $749,636, and $-, respectively, of securities on loan.

See Notes to Financial Statements.

19 | May 31, 2023

RiverFront ETFs

Statements of Operations

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

	RiverFront Dynamic Core Income ETF			RiverFront Dynamic US Dividend Advantage ETF			RiverFront Dynamic US Flex-Cap ETF			RiverFront Strategic Income Fund
INVESTMENT INCOME:
Interest	$	606,555		$	–		$	–		$	1,926,385
Dividends		35,083			1,630,919			278,496			93,346
Securities Lending Income		–			2,928			4,815			–
Total Investment Income		641,638			1,633,847			283,311			2,019,731

EXPENSES:
Investment adviser and sub-adviser fees (Note 3)		93,494			204,387			60,979			250,646
Total Expenses		93,494			204,387			60,979			250,646
NET INVESTMENT INCOME		548,144			1,429,460			222,332			1,769,085

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss) on investments^(a)		(1,536,954	)		(1,217,846	)		161,965			(1,016,337	)
NET REALIZED GAIN/(LOSS)		(1,536,954	)		(1,217,846	)		161,965			(1,016,337	)
Net change in unrealized appreciation/(depreciation) on investments		1,668,761			(2,073,406	)		(760,144	)		1,202,706
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)		1,668,761			(2,073,406	)		(760,144	)		1,202,706
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		131,807			(3,291,252	)		(598,179	)		186,369
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	679,951		$	(1,861,792	)	$	(375,847	)	$	1,955,454

^(a)

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

See Notes to Financial Statements.

20 | May 31, 2023

RiverFront Dynamic Core Income ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income	$	548,144		$	1,590,452
Net realized loss		(1,536,954	)		(4,980,857	)
Net change in unrealized appreciation/(depreciation)		1,668,761			(5,468,905	)
Net increase/(decrease) in net assets resulting from operations		679,951			(8,859,310	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(556,310	)		(3,382,868	)
Total distributions		(556,310	)		(3,382,868	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			4,002,594
Shares redeemed		(10,677,192	)		(66,292,105	)
Net decrease from share transactions		(10,677,192	)		(62,289,511	)

Net decrease in net assets		(10,553,551	)		(74,531,689	)

NET ASSETS:
Beginning of period		43,341,181			117,872,871
End of period	$	32,787,630		$	43,341,182

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,950,000			4,650,000
Shares sold		–			175,000
Shares redeemed		(475,000	)		(2,875,000	)
Shares outstanding, end of period		1,475,000			1,950,000

See Notes to Financial Statements.

21 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income	$	1,429,460		$	3,463,622
Net realized gain/(loss)		(1,217,846	)		35,036,588
Net change in unrealized depreciation		(2,073,406	)		(36,235,123	)
Net increase/(decrease) in net assets resulting from operations		(1,861,792	)		2,265,087

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,176,120	)		(3,342,217	)
Total distributions		(1,176,120	)		(3,342,217	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			54,331,616
Shares redeemed		(17,313,606	)		(92,897,556	)
Net decrease from share transactions		(17,313,606	)		(38,565,940	)

Net decrease in net assets		(20,351,518	)		(39,643,070	)

NET ASSETS:
Beginning of period		92,881,123			132,524,193
End of period	$	72,529,605		$	92,881,123

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		2,075,002			2,950,002
Shares sold		–			1,200,000
Shares redeemed		(400,000	)		(2,075,000	)
Shares outstanding, end of period		1,675,002			2,075,002

See Notes to Financial Statements.

22 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income	$	222,332		$	374,530
Net realized gain		161,965			10,867,396
Net change in unrealized depreciation		(760,144	)		(13,757,793	)
Net decrease in net assets resulting from operations		(375,847	)		(2,515,867	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(203,867	)		(438,679	)
From return of capital		–			(8,648	)
Total distributions		(203,867	)		(447,327	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			15,524,015
Shares redeemed		(6,240,082	)		(35,496,905	)
Net decrease from share transactions		(6,240,082	)		(19,972,890	)

Net decrease in net assets		(6,819,796	)		(22,936,084	)

NET ASSETS:
Beginning of period		28,798,584			51,734,668
End of period	$	21,978,788		$	28,798,584

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		675,002			1,125,002
Shares sold		–			350,000
Shares redeemed		(150,000	)		(800,000	)
Shares outstanding, end of period		525,002			675,002

See Notes to Financial Statements.

23 | May 31, 2023

RiverFront Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022
OPERATIONS:
Net investment income	$	1,769,085		$	2,966,868
Net realized loss		(1,016,337	)		(3,575,790	)
Net change in unrealized appreciation/(depreciation)		1,202,706			(6,970,220	)
Net increase/(decrease) in net assets resulting from operations		1,955,454			(7,579,142	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(1,785,230	)		(3,248,534	)
Total distributions		(1,785,230	)		(3,248,534	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		14,823,283			9,753,437
Shares redeemed		(9,685,027	)		(37,059,629	)
Net increase/(decrease) from share transactions		5,138,256			(27,306,192	)

Net increase/(decrease) in net assets		5,308,480			(38,133,868	)

NET ASSETS:
Beginning of period		104,759,317			142,893,186
End of period	$	110,067,797		$	104,759,318

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		4,625,000			5,825,000
Shares sold		650,000			425,000
Shares redeemed		(425,000	)		(1,625,000	)
Shares outstanding, end of period		4,850,000			4,625,000

See Notes to Financial Statements.

24 | May 31, 2023

RiverFront Dynamic Core Income ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.23		$	25.35		$	26.21		$	25.22		$	23.52		$	24.60

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.33			0.47			0.47			0.50			0.68			0.68
Net realized and unrealized gain/(loss)		0.01			(2.71	)		(0.87	)		0.99			1.70			(1.10	)
Total from investment operations		0.34			(2.24	)		(0.40	)		1.49			2.38			(0.42	)

DISTRIBUTIONS:
From net investment income		(0.34	)		(0.50	)		(0.46	)		(0.50	)		(0.68	)		(0.66	)
From net realized gains		–			(0.38	)		–			–			–			–
Total distributions		(0.34	)		(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		$	22.23		$	25.35		$	26.21		$	25.22		$	23.52
TOTAL RETURN^(b)		1.55	%		(9.02	)%		(1.51	)%		5.97	%		10.22	%		(1.74	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	32,788		$	43,341		$	117,873		$	112,724		$	134,951		$	150,527

Ratio of expenses to average net assets		0.51	%^(c)		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.99	%^(c)		2.03	%		1.83	%		1.94	%		2.74	%		2.83	%
Portfolio turnover rate^(d)		25	%		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)

Annualized.

^(d)

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

See Notes to Financial Statements.

25 | May 31, 2023

RiverFront Dynamic US Dividend Advantage ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	44.76		$	44.92		$	37.03		$	33.98		$	31.19		$	31.39

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.78			1.46			0.62			0.56			0.65			0.73
Net realized and unrealized gain/(loss)		(1.60	)		(0.21	)		7.90			3.08			2.81			(0.26	)
Total from investment operations		(0.82	)		1.25			8.52			3.64			3.46			0.47

DISTRIBUTIONS:
From net investment income		(0.64	)		(1.41	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)
Total distributions		(0.64	)		(1.41	)		(0.63	)		(0.59	)		(0.67	)		(0.67	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.46	)		(0.16	)		7.89			3.05			2.79			(0.20	)
NET ASSET VALUE, END OF PERIOD	$	43.30		$	44.76		$	44.92		$	37.03		$	33.98		$	31.19
TOTAL RETURN^(b)		(1.78	)%		2.86	%		23.13	%		10.92	%		11.29	%		1.45	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	72,530		$	92,881		$	132,524		$	133,294		$	130,828		$	151,293

Ratio of expenses to average net assets		0.52	%^(c)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		3.64	%^(c)		3.23	%		1.47	%		1.68	%		2.05	%		2.27	%
Portfolio turnover rate^(d)		14	%		104	%		0	%		75	%		64	%		96	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

26 | May 31, 2023

RiverFront Dynamic US Flex-Cap ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	42.66		$	45.99		$	37.58		$	34.70		$	32.79		$	32.46

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.39			0.48			0.42			0.45			0.48			0.44
Net realized and unrealized gain/(loss)		(0.82	)		(3.23	)		8.43			2.87	^(b)		1.93			0.27	^(b)
Total from investment operations		(0.43	)		(2.75	)		8.85			3.32			2.41			0.71

DISTRIBUTIONS:
From net investment income		(0.37	)		(0.57	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)
Tax return of capital		–			(0.01	)		–			–			–			–
Total distributions		(0.37	)		(0.58	)		(0.44	)		(0.44	)		(0.50	)		(0.38	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.80	)		(3.33	)		8.41			2.88			1.91			0.33
NET ASSET VALUE, END OF PERIOD	$	41.86		$	42.66		$	45.99		$	37.58		$	34.70		$	32.79
TOTAL RETURN^(c)		(0.99	)%		(5.98	)%		23.65	%		9.75	%		7.49	%		2.16	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	21,979		$	28,799		$	51,735		$	71,400		$	126,662		$	152,464

Ratio of expenses to average net assets		0.52	%^(d)		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		1.90	%^(d)		1.10	%		0.97	%		1.34	%		1.46	%		1.30	%
Portfolio turnover rate^(e)		39	%		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)

Annualized.

^(e)

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

See Notes to Financial Statements.

27 | May 31, 2023

RiverFront Strategic Income Fund

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2023 (Unaudited)			For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.65		$	24.53		$	24.79		$	24.69		$	24.27		$	25.21

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.37			0.55			0.55			0.81			0.94			1.06
Net realized and unrealized gain/(loss)		0.04			(1.82	)		(0.18	)		0.13	^(b)		0.48			(0.92	)
Total from investment operations		0.41			(1.27	)		0.37			0.94			1.42			0.14

DISTRIBUTIONS:
From net investment income		(0.37	)		(0.61	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)
Total distributions		(0.37	)		(0.61	)		(0.63	)		(0.84	)		(1.00	)		(1.08	)

NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.04			(1.88	)		(0.26	)		0.10			0.42			(0.94	)
NET ASSET VALUE, END OF PERIOD	$	22.69		$	22.65		$	24.53		$	24.79		$	24.69		$	24.27
TOTAL RETURN^(c)		1.81	%		(5.20	)%		1.52	%		3.95	%		5.96	%		0.57	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	110,068		$	104,759		$	142,893		$	118,984		$	167,889		$	152,880

Ratio of expenses excluding waiver/reimbursement to average net assets		0.46	%^(d)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Ratio of expenses including waiver/reimbursement to average net assets		0.46	%^(d)		0.46	%		0.46	%		0.46	%		0.46	%		0.17	%^(e)
Ratio of net investment income including expenses waiver/reimbursement to average net assets		3.25	%^(d)		2.35	%		2.23	%		3.32	%		3.83	%		4.31	%
Portfolio turnover rate^(f)		26	%		24	%		50	%		54	%		44	%		35	%

^(a)

Based on average shares outstanding during the period.

^(b)

^(c)

^(d)

Annualized.

^(e)

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.

^(f)

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

See Notes to Financial Statements.

28 | May 31, 2023

RiverFront ETFs

Notes to Financial Statements

May 31, 2023 (Unaudited)

1. ORGANIZATION

ALPS ETF Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of May 31, 2023, the Trust consisted of twenty-three separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains 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.

29 | May 31, 2023

RiverFront ETFs

Notes to Financial Statements

May 31, 2023 (Unaudited)

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.

30 | May 31, 2023

RiverFront ETFs

Notes to Financial Statements

May 31, 2023 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2023:

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^*	$	–	$	22,193,488	$	–	$	22,193,488
Government Bonds^*		–		9,302,696		–		9,302,696
Short Term Investments		1,064,545		–		–		1,064,545
Total	$	1,064,545	$	31,496,184	$	–	$	32,560,729

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^*	$	72,027,640	$	–	$	–	$	72,027,640
Short Term Investments		1,186,646		–		–		1,186,646
Total	$	73,214,286	$	–	$	–	$	73,214,286

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^*	$	21,897,222	$	–	$	–	$	21,897,222
Short Term Investments		316,242		–		–		316,242
Total	$	22,213,464	$	–	$	–	$	22,213,464

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^*	$	–	$	78,700,685	$	–	$	78,700,685
Government Bonds^*		–		27,030,697		–		27,030,697
Short Term Investments		3,372,324		–		–		3,372,324
Total	$	3,372,324	$	105,731,382	$	–	$	109,103,706

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

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2023.

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.

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. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of May 31, 2023.

31 | May 31, 2023

RiverFront ETFs

Notes to Financial Statements May 31, 2023 (Unaudited)

The tax character of the distributions paid during the fiscal year ended November 30, 2022 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

–

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

As of May 31, 2023, 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)	$	75,014		$	7,988,266		$	2,591,653		$	154,265
Gross depreciation (excess of tax cost over value)		(1,981,410	)		(7,374,050	)		(1,594,910	)		(5,943,141	)
Net unrealized appreciation/(depreciation)		(1,906,396	)		614,216			996,743			(5,788,876	)
Cost of investments for income tax purposes	$	34,467,125		$	72,600,070		$	21,216,721		$	114,892,582

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and adjustments from partnership basis. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2023.

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 six months ended May 31, 2023, 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.

32 | May 31, 2023

RiverFront ETFs

Notes to Financial Statements

May 31, 2023 (Unaudited)

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 or the contractual maturity table below 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.