Table of Contents

Performance Overview	1
Disclosure of Fund Expenses	10
Financial Statements
Schedule of Investments	11
Statements of Assets and Liabilities	17
Statements of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	23
Notes to Financial Statements	27
Additional Information	35
Liquidity Risk Management Program	37

alpsfunds.com

ALPS Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

The ALPS Sector Dividend Dogs ETF (the “Fund” or “SDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Sector Dividend Dogs Index (the “Underlying Index”).

The Underlying Index is a rules based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S&P 500® Total Return Index (“SPX”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S&P 500® Total Return Index which offer the highest dividend yields.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
ALPS Sector Dividend Dogs ETF – NAV	13.00%	6.42%	9.78%	12.48%
ALPS Sector Dividend Dogs ETF – Market Price*	13.05%	6.38%	9.78%	12.48%
S-Network® Sector Dividend Dogs Total Return Index	13.30%	6.86%	10.26%	13.00%
S&P 500® Total Return Index	-8.85%	-0.30%	13.38%	14.05%

Total Expense Ratio (per the current prospectus) 0.40%.

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 1.866.675.2639.

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

The Fund Commencement Date was June 29, 2012.

The S-Network^® Sector Dividend Dogs Total Return Index is designed to serve as a fair, impartial and transparent measure of the performance of US large cap equities with above average dividend yields. The Underlying Index is a portfolio of fifty stocks derived from the S&P 500^® Index. The index is reported on a total return basis, which assumes reinvestment of any dividends and distributions realized during a given time period.

The S&P 500^® Total Return Index is an index of 500 stocks chosen for market size, liquidity and industry grouping among other factors. Total return assumes reinvestment of any dividends and distributions realized during a given time period.

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

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

The ALPS Sector Dividend Dogs 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 ETF.

1 | May 31, 2022

ALPS Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

Valero Energy Corp.	2.74%
Amcor PLC	2.33%
AT&T, Inc.	2.32%
Philip Morris International, Inc.	2.32%
Williams Cos., Inc.	2.25%
PPL Corp.	2.23%
Lumen Technologies, Inc.	2.22%
International Paper Co.	2.22%
Exxon Mobil Corp.	2.19%
Amgen, Inc.	2.18%
Total % of Top 10 Holdings	23.00%

% of Total Investments

Future holdings are subject to change.

Sector Allocation* (as of May 31, 2022)

Energy	11.24%
Materials	10.57%
Health Care	10.47%
Utilities	10.40%
Consumer Staples	10.27%
Communication Services	10.21%
Industrials	10.15%
Consumer Discretionary	9.38%
Information Technology	9.35%
Financials	7.87%
Money Market Fund	0.09%
Total	100.00%

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

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

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

2 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

The ALPS International Sector Dividend Dogs ETF (the “Fund” or “IDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® International Sector Dividend Dogs Net Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S-Network® Developed Markets (ex NA) Index, a universe of mainly large capitalization stocks in international developed markets not located in the Americas (the “S-Net Developed Markets”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S-Net Developed Markets which offer the highest dividend yields.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
ALPS International Sector Dividend Dogs ETF – NAV	8.13%	1.38%	5.25%	5.41%
ALPS International Sector Dividend Dogs ETF – Market Price*	8.81%	1.81%	5.24%	5.44%
S-Network® International Sector Dividend Dogs Net Total Return Index	8.44%	2.43%	5.69%	5.84%
Morningstar® Developed Markets ex-North America Net Total Return Index	-7.72%	-11.33%	4.08%	5.31%

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

The Fund Commencement Date was June 28, 2013.

The S-Network^® International Sector Dividend Dogs Net Total Return Index is designed to serve as a fair, impartial and transparent measure of the performance of international large cap equities with above average dividend yields. The Underlying Index is a portfolio of fifty stocks derived from the S-Network International Developed Markets (ex-Americas) Index. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

Morningstar^® Developed Markets ex-North America Net Total Return Index measures the performance of companies in developed markets ex-North America. It covers approximately 97% of the full market capitalization in the Developed Markets ex-North America.

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

The ALPS International Sector Dividend Dogs 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 ETF.

3 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

Repsol SA	2.42%
OMV AG	2.39%
Telefonica SA	2.38%
TotalEnergies SE	2.29%
Bayer AG	2.26%
BP PLC	2.22%
Imperial Brands PLC	2.16%
Telia Co. AB	2.15%
Naturgy Energy Group SA	2.13%
British American Tobacco PLC	2.10%
Total % of Top 10 Holdings	22.50%

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

Future holdings are subject to change.

Sector Allocation* (as of May 31, 2022)

Energy	11.57%
Communication Services	10.46%
Health Care	10.28%
Utilities	10.24%
Consumer Staples	10.20%
Information Technology	9.57%
Consumer Discretionary	9.50%
Financials	9.45%
Materials	9.36%
Industrials	9.08%
Money Market Fund	0.29%
Total	100.00%

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

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

4 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

The ALPS Emerging Sector Dividend Dogs ETF (the “Fund” or “EDOG”) seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Emerging Sector Dividend Dogs Net Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e. “Dividend Dogs”) in the S-Network® Emerging Markets Index, a universe of mainly large capitalization stocks domiciled in emerging markets (the “S-Network Emerging Markets”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors, excluding the real estate sector, that make up the S-Network® Emerging Markets which offer the highest dividend yields. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	Since Inception^
ALPS Emerging Sector Dividend Dogs ETF – NAV	-4.15%	-6.16%	2.63%	2.42%
ALPS Emerging Sector Dividend Dogs ETF – Market Price*	-3.39%	-5.69%	2.73%	2.50%
S-Network® Emerging Sector Dividend Dogs Net Total Return Index	-3.77%	-6.28%	3.38%	3.26%
Morningstar® Emerging Markets Net Total Return Index	-8.54%	-17.42%	4.66%	4.39%

Total Expense Ratio (per the current prospectus) 0.60%.

The Fund Commencement Date was March 28, 2014.

The S-Network^® Emerging Sector Dividend Dogs Net Total Return Index is a portfolio of stocks derived from a universe of mainly large capitalization stocks domiciled in emerging markets (the “S-Network Emerging Markets Index” “SNEMX”). The index methodology selects the five stocks in each of the GICS sectors, excluding the real estate sector, that make up the universe which offer the highest dividend yields as of the last trading day of November. The fifty stocks that are selected for inclusion in the portfolio are equally weighted. The universe includes stocks whose domicile and primary exchange listings are in countries identified by the World Bank as Upper Middle Income (certain lower middle income countries are also included, as well as stocks traded on the Taiwan Stock Exchange despite non-recognition by the World Bank). The selection criteria for the universe, in addition to the aforementioned country qualifications, also include requirements for sector inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. Total Return assumes reinvestment of any dividends and distributions realized during a given time period. Net Total Return (NTR) is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax.

Morningstar^® Emerging Markets Net Total Return Index measures the performance of emerging markets targeting the top 97% of stocks by market capitalization.

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

The ALPS Emerging Sector Dividend Dogs 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 ETF.

5 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

Centrais Eletricas Brasileiras SA, ADR	2.61%
CEZ AS	2.59%
China Shenhua Energy Co., Ltd., Class H	2.44%
Kimberly-Clark de Mexico SAB de CV, Class A	2.37%
Engie Brasil Energia SA	2.33%
Ford Otomotiv Sanayi AS	2.27%
Grupo Aeroportuario del Sureste SAB de CV, ADR	2.25%
El Puerto de Liverpool SAB de CV	2.16%
JBS SA	2.14%
Ternium SA, Sponsored ADR	2.14%
Total % of Top 10 Holdings	23.30%

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

Future holdings are subject to change.

Sector Allocation* (as of May 31, 2022)

Utilities	11.53%
Consumer Discretionary	10.34%
Energy	10.20%
Consumer Staples	10.17%
Industrials	10.00%
Materials	9.92%
Financials	9.77%
Communication Services	9.44%
Health Care	9.32%
Information Technology	9.13%
Money Market Fund	0.18%
Total	100.00%

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

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

6 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Investment Objective

The ALPS REIT Dividend Dogs ETF (the “Fund” or "RDOG") seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® REIT Dividend Dogs Total Return Index (the “Underlying Index”).

The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying real estate investment trusts (“REITs”) (i.e. “Dividend Dogs”) in the S-Network® Composite US REIT Index, a universe of mainly REITs listed in the United States (the “S-Net U.S. REIT” or "SNREIT"), on a segment-by-segment basis. “Dividend Dogs” refers to the five REITs in each of the nine segments that make up the S-Net U.S. REIT which offer the highest dividend yields.

Performance (as of May 31, 2022)

	6 Months	1 Year	5 Year	10 Year	Since Inception^
ALPS REIT Dividend Dogs ETF – NAV	-5.08%	2.51%	5.27%	6.94%	3.50%
ALPS REIT Dividend Dogs ETF – Market Price**	-5.23%	2.51%	5.32%	6.90%	3.50%
S-Network® REIT Dividend Dogs Total Return Index	-4.84%	2.98%	–	–	–
S-Network® Composite US REIT Index	-5.03%	3.28%	8.41%	–	–
S-Network® REIT Dividend Dogs Index/S&P United States REIT Index***	-4.84%	2.98%	6.22%	8.07%	6.49%

Total Expense Ratio (per the current prospectus) is 0.35%.

Performance data quoted represents past performance. Past performance does not guarantee future results. On January 2, 2020, the Fund changed its Underlying Index and principal investment strategies. Consequently, the Fund's total returns shown above for the periods prior to January 2, 2020 are not necessarily indicative of the performance of the Fund, as it is currently managed. 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.

The Fund Inception Date was May 7, 2008.

Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

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. *** The performance shown reflects a combination of the Fund's Underlying Index, and for periods prior to January 2, 2020, the S&P United States REIT Index. Therefore, the historical returns shown for the periods prior to January 2, 2020, are not necessarily indicative of the historical strategy of the Fund.

The S-Network^® REIT Dividend Dogs Total Return Index, like the S-Net U.S. REIT from which components of the Underlying Index are selected, divides into nine segments, eight of which are based on Global Industry Classification Standard (“GICS”) Sub-Industries (excluding Technology REITs involved in cell towers and/or data centers) and a separate Technology REIT segment based on the research of the Underlying Index provider, S-Network^® Global Indexes, Inc. (the “Index Provider”). The Underlying Index generally consists of 45 REITs on each annual reconstitution date. The Underlying Index’s REITs must be constituents of the S-Net U.S. REIT universe, which includes a universe of mainly REITs listed in the United States. The selection criteria for the universe also includes requirements for segment inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. The Underlying Index is rebalanced quarterly. 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 commenced operations on October 29, 2019.

The S-Network^® Composite US REIT Index (the “S-Net U.S. REIT” or “SNREIT”) is a benchmark index for the Real Estate Investment Trust component of the US stock market. The SNREIT provides the universe of stocks for RDOGX. The selection criteria for SNREIT include requirements for sector inclusion, primary exchange listing, minimum market capitalization, minimum average daily trading volume, and other factors. All constituents of RDOGX must be constituents of SNREIT. The index commenced operations on February 12, 2016.

The S&P United States REIT Index defines and measures the investable universe of publicly traded real estate investment trusts domiciled in the United States.

7 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

The indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. Total return assumes reinvestment of any dividends and distributions realized during a given time period. One cannot invest directly in an index. Index performance does not reflect fund performance.

The ALPS REIT Dividend Dogs 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 ETF.

8 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Performance Overview

May 31, 2022 (Unaudited)

Top 10 Holdings* (as of May 31, 2022)

American Campus Communities, Inc.	2.99%
VICI Properties, Inc.	2.85%
Crown Castle International Corp.	2.74%
American Tower Corp.	2.73%
Agree Realty Corp.	2.72%
LTC Properties, Inc.	2.72%
Iron Mountain, Inc.	2.68%
WP Carey, Inc.	2.65%
Gaming and Leisure Properties, Inc.	2.64%
Realty Income Corp.	2.62%
Total % of Top 10 Holdings	27.35%

% of Total Investments

Future holdings are subject to change.

REIT Sector Allocation* (as of May 31, 2022)

Health Care REITs	12.75%
Specialized REITs	12.67%
Retail REITs	12.39%
Diversified REITs	12.17%
Residential REITs	11.58%
Technology REITs	10.74%
Office REITs	10.51%
Industrial REITs	10.00%
Hotel & Resort REITs	6.79%
Money Market Fund	0.40%
Total	100.00%

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

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

The chart above compares historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years 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.

9 | May 31, 2022

ALPS ETF Trust

Disclosure of Fund Expenses

May 31, 2022 (Unaudited)

Shareholder Expense Example: As a shareholder of a Fund, you incur certain ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested at the beginning of the six month period and held through May 31, 2022.

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

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

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

	Beginning Account Value 12/1/21		Ending Account Value 5/31/22		Expense Ratio^(a)		Expenses Paid During Period 12/1/21 - 5/31/22^(b)
ALPS Sector Dividend Dogs ETF
Actual	$	1,000.00	$	1,130.00		0.40%	$	2.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94		0.40%	$	2.02

ALPS International Sector Dividend Dogs ETF
Actual	$	1,000.00	$	1,081.30		0.50%	$	2.59
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44		0.50%	$	2.52

ALPS Emerging Sector Dividend Dogs ETF
Actual	$	1,000.00	$	958.50		0.60%	$	2.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60%	$	3.02

ALPS REIT Dividend Dogs ETF
Actual	$	1,000.00	$	949.20		0.35%	$	1.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.35%	$	1.77

(a)

Annualized based on the Fund's most recent 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.

10 | May 31, 2022

ALPS Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.49%)
Communication Services (10.17%)
AT&T, Inc.		1,424,923	$	30,336,611
Interpublic Group of Cos., Inc.		767,869		24,748,418
Lumen Technologies, Inc.		2,371,872		29,031,713
Omnicom Group, Inc.		332,260		24,789,919
Verizon Communications, Inc.		476,343		24,431,632
Total Communication Services				133,338,293

Consumer Discretionary (9.34%)
Best Buy Co., Inc.		267,838		21,978,786
Hasbro, Inc.		292,925		26,290,019
Newell Brands, Inc.		1,173,805		25,166,379
VF Corp.		472,284		23,831,451
Whirlpool Corp.		136,627		25,172,158
Total Consumer Discretionary				122,438,793

Consumer Staples (10.23%)
Altria Group, Inc.		501,768		27,140,631
Conagra Brands, Inc.		841,596		27,680,093
Kraft Heinz Co.		677,999		25,648,702
Philip Morris International, Inc.		285,072		30,288,900
Walgreens Boots Alliance, Inc.		532,582		23,343,069
Total Consumer Staples				134,101,395

Energy (11.18%)
Exxon Mobil Corp.		298,323		28,639,008
Kinder Morgan, Inc.		1,399,539		27,556,923
ONEOK, Inc.		382,431		25,183,081
Valero Energy Corp.		276,354		35,815,479
Williams Cos., Inc.		794,053		29,427,604
Total Energy				146,622,095

Financials (7.83%)
Franklin Resources, Inc.		926,832		25,098,611
Huntington Bancshares, Inc.		1,716,311		23,822,397
Principal Financial Group, Inc.		389,324		28,393,399
Prudential Financial, Inc.		238,893		25,382,381
Total Financials				102,696,788

Health Care (10.43%)
AbbVie, Inc.		169,988		25,051,132
Amgen, Inc.		110,700		28,421,118
Bristol-Myers Squibb Co.		367,806		27,750,963
Cardinal Health, Inc.		481,844		27,137,454
Gilead Sciences, Inc.		436,765		28,324,210
Total Health Care				136,684,877

Industrials (10.11%)
3M Co.		179,719		26,830,250
Cummins, Inc.		129,759		27,135,202
Huntington Ingalls Industries, Inc.		122,951		25,876,267
Lockheed Martin Corp.		57,595		25,348,135

Security Description	Shares		Value
Industrials (continued)
Snap-On, Inc.		123,153	$	27,325,188
Total Industrials				132,515,042

Information Technology (9.31%)
Cisco Systems, Inc.		461,951		20,810,893
Hewlett Packard Enterprise Co.		1,526,509		23,813,540
Intel Corp.		552,686		24,550,312
International Business Machines Corp.		204,334		28,369,733
Seagate Technology Holdings PLC		290,108		24,563,444
Total Information Technology				122,107,922

Materials (10.53%)
Amcor PLC		2,323,946		30,443,693
International Paper Co.		597,048		28,926,976
LyondellBasell Industries NV, Class A		244,890		27,978,682
Newmont Mining Corp.		329,464		22,354,132
The Dow Chemical Co.		415,869		28,270,775
Total Materials				137,974,258

Utilities (10.36%)
Edison International		390,977		27,333,202
FirstEnergy Corp.		576,106		24,749,514
Pinnacle West Capital Corp.		343,467		26,670,212
PPL Corp.		964,279		29,101,940
Southern Co.		368,756		27,900,079
Total Utilities				135,754,947

TOTAL COMMON STOCKS
(Cost $1,186,186,436)				1,304,234,410

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.09%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.75	%		1,221,380		1,221,380

TOTAL SHORT TERM INVESTMENTS
(Cost $1,221,380)							1,221,380

TOTAL INVESTMENTS (99.58%)
(Cost $1,187,407,816)						$	1,305,455,790
OTHER ASSETS IN EXCESS OF LIABILITIES (0.42%)							5,545,657
NET ASSETS - 100.00%						$	1,311,001,447

See Notes to Financial Statements.

11 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.14%)
Australia (11.43%)
Australia & New Zealand
Banking Group, Ltd.		182,491	$	3,279,348
BHP Group, Ltd.		99,178		3,175,114
Coles Group, Ltd.		275,314		3,463,554
Fortescue Metals Group, Ltd.		258,731		3,733,982
Wesfarmers, Ltd.		95,866		3,246,582
Westpac Banking Corp.		208,051		3,563,969
Woodside Energy Group, Ltd.		17,452		372,726
Total Australia				20,835,275

Austria (2.38%)
OMV AG		74,290		4,338,615

Finland (1.88%)
Nordea Bank Abp		336,277		3,416,504

France (8.34%)
Danone SA		62,040		3,645,180
Orange SA		302,197		3,778,882
Sanofi		34,005		3,627,969
TotalEnergies SE		69,492		4,147,184
Total France				15,199,215

Germany (7.83%)
BASF SE		58,840		3,239,867
Bayer AG		57,227		4,090,407
Bayerische Motoren Werke AG		43,733		3,785,539
SAP SE		31,788		3,166,549
Total Germany				14,282,362

Hong Kong (1.93%)
CITIC, Ltd.		3,137,000		3,521,889

Italy (6.03%)
Enel SpA		552,796		3,586,833
Eni SpA		242,712		3,699,476
Snam SpA		638,239		3,706,828
Total Italy				10,993,137

Japan (18.88%)
Bridgestone Corp.^(a)		96,000		3,790,485
Canon, Inc.^(a)		148,363		3,736,302
Honda Motor Co., Ltd.		129,300		3,200,987
Japan Tobacco, Inc.^(a)		200,400		3,643,424
Kyocera Corp.		64,900		3,663,559
Marubeni Corp.		302,900		3,184,644
Mitsubishi Corp.		97,000		3,340,203
Sumitomo Corp.		206,300		2,964,656
Takeda Pharmaceutical Co., Ltd.		119,100		3,425,854
Tokyo Electron, Ltd.		7,575		3,470,490
Total Japan				34,420,604

Norway (3.61%)
DNB Bank ASA		161,322		3,272,861

Security Description	Shares		Value
Norway (continued)
Telenor ASA		238,751	$	3,300,047
Total Norway				6,572,908

Spain (8.98%)
Endesa SA		171,905		3,807,234
Naturgy Energy Group SA^(a)		128,075		3,869,103
Repsol SA		272,306		4,383,545
Telefonica SA		793,379		4,309,759
Total Spain				16,369,641

Sweden (7.69%)
H & M Hennes & Mauritz AB, Class B^(a)		232,511		3,205,078
Swedbank AB, Class A		238,056		3,596,697
Telefonaktiebolaget LM Ericsson, Class B		409,193		3,318,059
Telia Co. AB		952,578		3,903,580
Total Sweden				14,023,414

Switzerland (2.06%)
Novartis AG		41,498		3,757,836

United Kingdom (18.10%)
Anglo American PLC		68,710		3,365,412
BAE Systems PLC		361,622		3,444,930
BP PLC		736,011		4,027,430
British American Tobacco PLC		86,401		3,812,753
GSK PLC		171,335		3,740,660
Imperial Brands PLC		173,637		3,917,603
Rio Tinto PLC		47,725		3,457,941
SSE PLC		160,876		3,592,186
Vodafone Group PLC		2,216,897		3,647,758
Total United Kingdom				33,006,673

TOTAL COMMON STOCKS
(Cost $179,881,877)				180,738,073

12 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (6.74%)
Money Market Fund (0.29%)
State Street Institutional Treasury Plus Money Market Fund
(Cost $524,229)		0.75	%		524,229	$	524,229

Investments Purchased with Collateral from Securities Loaned (6.45%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.80%
(Cost $11,767,319)					11,767,319		11,767,319
TOTAL SHORT TERM INVESTMENTS
(Cost $12,291,548)							12,291,548

TOTAL INVESTMENTS (105.88%)
(Cost $192,173,425)						$	193,029,621
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.88%)							(10,714,198	)
NET ASSETS - 100.00%						$	182,315,423

(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $11,477,826.

See Notes to Financial Statements.

13 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.14%)
Brazil (10.93%)
Centrais Eletricas Brasileiras SA, ADR^(a)		69,170	$	608,004
Engie Brasil Energia SA		58,700		542,220
JBS SA		66,500		498,133
Petroleo Brasileiro SA		66,800		467,490
Vibra Energia SA		108,600		444,221
Total Brazil				2,560,068

Chile (9.47%)
Banco Santander Chile		8,959,200		448,107
Cencosud SA		252,300		404,425
Empresas CMPC SA		276,800		478,510
Empresas COPEC SA		56,400		447,787
Enel Chile SA, ADR^(a)		320,848		439,562
Total Chile				2,218,391

China (10.60%)
China Railway Signal & Communication Corp., Ltd., Class H^(b)(c)		1,382,000		491,357
China Shenhua Energy Co., Ltd., Class H		169,500		567,002
Huadian Power International Corp., Ltd., Class H^(a)		1,362,000		487,718
Legend Holdings Corp., Class H^(b)(c)		378,200		448,219
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		791,000		487,873
Total China				2,482,169

Czech Republic (2.57%)
CEZ AS		12,379		602,759

Hungary (1.90%)
Richter Gedeon Nyrt		22,698		444,328

India (3.10%)
Infosys, Ltd., Sponsored ADR		19,136		360,905
Wipro, Ltd., ADR		61,066		365,175
Total India				726,080

Indonesia (3.97%)
Gudang Garam Tbk PT		213,600		461,450
Kalbe Farma Tbk PT		4,077,400		468,393
Total Indonesia				929,843

Luxembourg (2.12%)
Ternium SA, Sponsored ADR^(a)		11,320		497,740

Malaysia (9.14%)
Hartalega Holdings Bhd		449,600		431,271
Malayan Banking Bhd		217,000		450,999
RHB Bank Bhd		332,800		462,127
Sime Darby Bhd		851,700		425,996

Security Description	Shares		Value
Malaysia (continued)
Top Glove Corp. Bhd		1,157,400	$	370,072
Total Malaysia				2,140,465

Mexico (8.83%)
El Puerto de Liverpool SAB de CV^(d)		95,100		501,920
Grupo Aeroportuario del Sureste SAB de CV, ADR		2,406		522,800
Kimberly-Clark de Mexico SAB de CV, Class A		355,600		550,551
Orbia Advance Corp. SAB de CV		183,665		493,214
Total Mexico				2,068,485

Philippines (3.94%)
Globe Telecom, Inc.		9,600		444,931
PLDT, Inc.		13,170		477,652
Total Philippines				922,583

Poland (4.09%)
LPP SA		200		480,647
Powszechny Zaklad Ubezpieczen SA		62,900		477,063
Total Poland				957,710

Russia (0.01%)
Magnit PJSC, GDR^(c)(e)		32,174		321
Mobile TeleSystems PJSC, Sponsored ADR^(e)		64,600		646
Novolipetsk Steel PJSC, GDR^(c)(e)		17,594		177
Severstal PAO, GDR^(c)(e)		23,283		233
X5 Retail Group NV, GDR^(c)(e)		17,785		178
Total Russia				1,555

South Africa (9.46%)
African Rainbow Minerals, Ltd.		25,200		419,776
Exxaro Resources, Ltd.		32,257		456,253
Mr Price Group, Ltd.		34,100		452,283
MultiChoice Group		54,876		469,316
Vodacom Group, Ltd.		44,400		417,215
Total South Africa				2,214,843

Thailand (9.46%)
Bangkok Dusit Medical Services PCL		602,400		453,296
BTS Group Holdings PCL		1,669,900		434,311
Delta Electronics Thailand PCL		45,400		459,041
PTT PCL		388,800		434,588
TMBThanachart Bank PCL		11,701,300		434,268
Total Thailand				2,215,504

Turkey (9.55%)
BIM Birlesik Magazalar AS		89,800		451,648
Enka Insaat ve Sanayi AS		475,400		455,888

14 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
Turkey (continued)
Eregli Demir ve Celik Fabrikalari TAS		200,200	$	417,407
Ford Otomotiv Sanayi AS		27,921		526,990
Turkcell Iletisim Hizmetleri AS, ADR		128,570		385,710
Total Turkey				2,237,643

TOTAL COMMON STOCKS
(Cost $24,944,790)				23,220,166

RIGHTS (0.00%)
Thailand (0.00%)
TMBThanachart Bank PCL (Expiring 5/10/2025), Strike Price THB 0.95		116,013		1,085

TOTAL RIGHTS
(Cost $–)				1,085

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (3.92%)
Money Market Fund (0.18%)
State Street Institutional Treasury Plus Money Market Fund
(Cost $41,261)		0.75	%		41,261		41,261

Investments Purchased with Collateral
from Securities Loaned (3.74%)
State Street Navigator Securities Lending Government Money Market Portfolio, 0.80%
(Cost $876,302)					876,302		876,302
TOTAL SHORT TERM INVESTMENTS
(Cost $917,563)							917,563

TOTAL INVESTMENTS (103.06%)
(Cost $25,862,353)						$	24,138,814
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.06%)							(715,667	)
NET ASSETS - 100.00%						$	23,423,147

(a)

Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $1,187,927.

(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $939,576, representing 4.01% of net assets.

(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of May 31, 2022, the market value of those securities was $940,484 representing 4.02% of net assets.

(d)

Non-income producing security.

(e)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy.

Currency Abbreviations:

THB - Thai Bhat

See Notes to Financial Statements.

15 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Schedule of Investments

May 31, 2022 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.54%)
Diversified REITs (12.17%)
American Assets Trust, Inc.		17,577	$	599,376
Broadstone Net Lease, Inc.		30,180		638,307
Essential Properties Realty Trust, Inc.		25,795		590,190
STORE Capital Corp.		21,753		600,165
WP Carey, Inc.		8,024		675,139
Total Diversified REITs				3,103,177

Health Care REITs (12.73%)
LTC Properties, Inc.		17,875		692,478
Medical Properties Trust, Inc.		31,747		589,859
National Health Investors, Inc.		11,142		659,049
Omega Healthcare Investors, Inc.		22,264		662,799
Sabra Health Care REIT, Inc.		45,890		644,296
Total Health Care REITs				3,248,481

Hotel & Resort REITs (6.79%)
Apple Hospitality REIT, Inc.		35,405		591,617
RLJ Lodging Trust		48,135		646,453
Service Properties Trust		78,020		493,867
Total Hotel & Resort REITs				1,731,937

Industrial REITs (10.00%)
Duke Realty Corp.		11,930		630,262
Industrial Logistics Properties Trust		29,098		444,036
Innovative Industrial Properties, Inc.		3,427		455,962
LXP Industrial Trust		41,545		480,260
STAG Industrial, Inc.		16,189		539,094
Total Industrial REITs				2,549,614

Office REITs (10.50%)
Brandywine Realty Trust		47,990		535,089
Easterly Government Properties, Inc.		30,394		596,634
Piedmont Office Realty Trust, Inc., Class A		38,223		563,407
SL Green Realty Corp.		8,096		500,090
Vornado Realty Trust		13,843		483,951
Total Office REITs				2,679,171

Residential REITs (11.58%)
American Campus
Communities, Inc.		11,731		762,514
AvalonBay Communities, Inc.		2,652		551,510
Centerspace		6,417		532,483
Equity Residential		7,371		566,314
UDR, Inc.		11,296		539,949
Total Residential REITs				2,952,770

Retail REITs (12.39%)
Agree Realty Corp.		9,975		693,961
National Retail Properties, Inc.		14,809		656,039

Security Description	Shares		Value
Retail REITs (continued)
Realty Income Corp.		9,787	$	667,669
Simon Property Group, Inc.		4,916		563,619
Spirit Realty Capital, Inc.		13,771		578,244
Total Retail REITs				3,159,532

Specialized REITs (18.06%)
American Tower Corp.		2,722		697,186
EPR Properties		12,163		623,232
Four Corners Property Trust, Inc.		23,693		653,216
Gaming and Leisure Properties, Inc.		14,378		673,178
Iron Mountain, Inc.		12,665		682,643
Uniti Group, Inc.		48,582		550,920
VICI Properties, Inc.		23,581		727,474
Total Specialized REITs				4,607,849

Technology REITs (5.32%)
Crown Castle International Corp.		3,688		699,429
Digital Realty Trust, Inc.		4,713		657,888
Total Technology REITs				1,357,317

TOTAL COMMON STOCKS
(Cost $26,606,821)				25,389,848

	7 Day Yield			Shares		Value
SHORT TERM INVESTMENTS (0.40%)
Money Market Fund
State Street Institutional Treasury Plus Money Market Fund		0.75	%		103,133		103,133

TOTAL SHORT TERM INVESTMENTS
(Cost $103,133)							103,133

TOTAL INVESTMENTS (99.94%)
(Cost $26,709,954)						$	25,492,981
OTHER ASSETS IN EXCESS OF LIABILITIES (0.06%)							16,410
NET ASSETS - 100.00%						$	25,509,391

See Notes to Financial Statements.

16 | May 31, 2022

ALPS ETF Trust

Statements of Assets and Liabilities

May 31, 2022 (Unaudited)

	ALPS Sector Dividend Dogs ETF			ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
ASSETS:
Investments, at value	$	1,305,455,790		$	193,029,621		$	24,138,814		$	25,492,981
Foreign currency, at value (Cost $–, $45,457, $13,577 and $–)		–			45,014			13,588			–
Foreign tax reclaims		–			353,724			4,049			3,206
Dividends receivable		5,978,443			727,497			154,556			20,639
Total Assets		1,311,434,233			194,155,856			24,311,007			25,516,826

LIABILITIES:
Payable to adviser		432,786			73,114			11,558			7,435
Payable for collateral upon return of securities loaned		–			11,767,319			876,302			–
Total Liabilities		432,786			11,840,433			887,860			7,435
NET ASSETS	$	1,311,001,447		$	182,315,423		$	23,423,147		$	25,509,391

NET ASSETS CONSIST OF:
Paid-in capital	$	1,387,560,971		$	231,242,858		$	32,905,986		$	33,244,620
Total Distributable earnings		(76,559,524	)		(48,927,435	)		(9,482,839	)		(7,735,229	)
NET ASSETS	$	1,311,001,447		$	182,315,423		$	23,423,147		$	25,509,391

INVESTMENTS, AT COST	$	1,187,407,816		$	192,173,425		$	25,862,353		$	26,709,954

PRICING OF SHARES:
Net Assets	$	1,311,001,447		$	182,315,423		$	23,423,147		$	25,509,391
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)		23,434,141			6,475,000			1,050,000			550,000
Net Asset Value, offering and redemption price per share	$	55.94		$	28.16		$	22.31		$	46.38

See Notes to Financial Statements.

17 | May 31, 2022

ALPS ETF Trust

Statements of Operations

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

	ALPS Sector Dividend Dogs ETF		ALPS International Sector Dividend Dogs ETF			ALPS Emerging Sector Dividend Dogs ETF			ALPS REIT Dividend Dogs ETF
INVESTMENT INCOME:
Dividends*	$	25,754,571	$	4,281,116		$	598,016		$	633,903
Securities Lending Income		33		1,367			1,465			162
Total Investment Income		25,754,604		4,282,483			599,481			634,065

EXPENSES:
Investment adviser fees		2,468,585		417,652			73,594			47,784
Total Expenses		2,468,585		417,652			73,594			47,784
NET INVESTMENT INCOME		23,286,019		3,864,831			525,887			586,281

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain on investments^(a)		84,412,912		2,699,310			674,075			2,957,111
Net realized loss on foreign currency transactions		–		(84,463	)		(4,321	)		–
Total net realized gain		84,412,912		2,614,847			669,754			2,957,111
Net change in unrealized appreciation/(depreciation) on investments		39,862,256		6,282,416			(2,212,191	)		(4,789,455	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		–		(27,368	)		3,290			(161	)
Total net change in unrealized appreciation/(depreciation)		39,862,256		6,255,048			(2,208,901	)		(4,789,616	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		124,275,168		8,869,895			(1,539,147	)		(1,832,505	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	147,561,187	$	12,734,726		$	(1,013,260	)	$	(1,246,224	)
*Net of foreign tax withholding:	$	–	$	677,618		$	62,141		$	–

(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.

18 | May 31, 2022

ALPS Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	23,286,019		$	39,668,912
Net realized gain		84,412,912			20,856,818
Net change in unrealized appreciation		39,862,256			133,811,971
Net increase in net assets resulting from operations		147,561,187			194,337,701

Net Equalization Credits/(Debits)		400,916			(376,556	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(23,881,226	)		(41,129,463	)
Total distributions		(23,881,226	)		(41,129,463	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		71,355,477			42,671,156
Cost of shares redeemed		(18,777,387	)		(68,650,049	)
Net income equalization (Note 2)		(400,916	)		376,556
Net increase/(decrease) from share transactions		52,177,174			(25,602,337	)
Net increase in net assets		176,258,051			127,229,345

NET ASSETS:
Beginning of period		1,134,743,396			1,007,514,051
End of period	$	1,311,001,447		$	1,134,743,396

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		22,484,141			23,059,141
Shares sold		1,300,000			800,000
Shares redeemed		(350,000	)		(1,375,000	)
Shares outstanding, end of period		23,434,141			22,484,141

See Notes to Financial Statements.

19 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	3,864,831		$	6,944,021
Net realized gain/(loss)		2,614,847			(3,001,108	)
Net change in unrealized appreciation		6,255,048			12,459,941
Net increase in net assets resulting from operations		12,734,726			16,402,854

Net Equalization Credits/(Debits)		172,626			(1,568,545	)

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(2,850,765	)		(7,018,603	)
From tax return of capital		–			(36,242	)
Total distributions		(2,850,765	)		(7,054,845	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		28,181,257			22,093,394
Cost of shares redeemed		(13,238,416	)		(20,383,668	)
Net income equalization (Note 2)		(172,626	)		1,568,545
Net increase from share transactions		14,770,215			3,278,271
Net increase in net assets		24,826,802			11,057,735

NET ASSETS:
Beginning of period		157,488,621			146,430,886
End of period	$	182,315,423		$	157,488,621

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		5,950,000			5,900,000
Shares sold		1,000,000			800,000
Shares redeemed		(475,000	)		(750,000	)
Shares outstanding, end of period		6,475,000			5,950,000

See Notes to Financial Statements.

20 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	525,887		$	1,061,607
Net realized gain		669,754			998,537
Net change in unrealized appreciation/(depreciation)		(2,208,901	)		1,419,906
Net increase/(decrease) in net assets resulting from operations		(1,013,260	)		3,480,050

Net Equalization Credits		–			19,079

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(305,099	)		(971,386	)
Total distributions		(305,099	)		(971,386	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		–			1,275,304
Net income equalization (Note 2)		–			(19,079	)
Net increase from share transactions		–			1,256,225
Net increase/(decrease) in net assets		(1,318,359	)		3,783,968

NET ASSETS:
Beginning of period		24,741,506			20,957,538
End of period	$	23,423,147		$	24,741,506

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		1,050,000			1,000,000
Shares sold		–			50,000
Shares redeemed		–			–
Shares outstanding, end of period		1,050,000			1,050,000

See Notes to Financial Statements.

21 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Statements of Changes in Net Assets

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021
OPERATIONS:
Net investment income	$	586,281		$	770,660
Net realized gain/(loss)		2,957,111			(1,539,997	)
Net change in unrealized appreciation/(depreciation)		(4,789,616	)		8,191,103
Net increase/(decrease) in net assets resulting from operations		(1,246,224	)		7,421,766

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(611,532	)		(874,838	)
From tax return of capital		–			(444,426	)
Total distributions		(611,532	)		(1,319,264	)

CAPITAL SHARE TRANSACTIONS:
Cost of shares redeemed		(1,322,275	)		(3,733,564	)
Net decrease from share transactions		(1,322,275	)		(3,733,564	)
Net increase/(decrease) in net assets		(3,180,031	)		2,368,938

NET ASSETS:
Beginning of period		28,689,422			26,320,484
End of period	$	25,509,391		$	28,689,422

OTHER INFORMATION:
CAPITAL SHARE TRANSACTIONS:
Beginning shares		575,000			650,000
Shares sold		–			–
Shares redeemed		(25,000	)		(75,000	)
Shares outstanding, end of period		550,000			575,000

See Notes to Financial Statements.

22 | May 31, 2022

ALPS Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	50.47		$	43.69		$	45.78		$	44.26		$	45.61		$	42.29

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (a)		1.02			1.75			1.70			1.71			1.54			1.40
Net realized and unrealized gain/(loss)		5.51			6.84			(2.14	)		1.34			(1.31	)		3.39
Total from investment operations		6.53			8.59			(0.44	)		3.05			0.23			4.79

DISTRIBUTIONS:
From net investment income		(1.06	)		(1.81	)		(1.65	)		(1.53	)		(1.58	)		(1.42	)
Tax return of capital		–			–			–			–			–			(0.05	)
Total distributions		(1.06	)		(1.81	)		(1.65	)		(1.53	)		(1.58	)		(1.47	)

Net increase/(decrease) in net asset value		5.47			6.78			(2.09	)		1.52			(1.35	)		3.32
NET ASSET VALUE, END OF PERIOD	$	55.94		$	50.47		$	43.69		$	45.78		$	44.26		$	45.61
TOTAL RETURN^(b)		13.00	%		19.77	%		(0.27	)%		7.26	%		0.51	%		11.59	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,311,001		$	1,134,743		$	1,007,514		$	1,746,784		$	2,166,709		$	2,322,205

Ratio of expenses to average net assets		0.40	%^(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		3.77	%^(c)		3.43	%		4.27	%		3.97	%		3.40	%		3.24	%
Portfolio turnover rate^(d)		43	%		54	%		77	%		55	%		61	%		48	%
Undistributed net investment income included in price of units issued and redeemed^(a)(e)	$	0.02		$	(0.02	)	$	0.12		$	0.06		$	0.04		$	0.03

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

Annualized.

(d)

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

(e)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements.

23 | May 31, 2022

ALPS International Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	26.47		$	24.82		$	26.88		$	25.14		$	28.27		$	22.84

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.64			1.09			0.75			1.20			1.15			0.94
Net realized and unrealized gain/(loss)		1.51			1.65			(1.66	)		1.69			(3.19	)		5.41
Total from investment operations		2.15			2.74			(0.91	)		2.89			(2.04	)		6.35

DISTRIBUTIONS:
From net investment income		(0.46	)		(1.08	)		(1.11	)		(1.15	)		(1.09	)		(0.92	)
Tax return of capital		–			(0.01	)		(0.04	)		–			–			–
Total distributions		(0.46	)		(1.09	)		(1.15	)		(1.15	)		(1.09	)		(0.92	)

Net increase/(decrease) in net asset value		1.69			1.65			(2.06	)		1.74			(3.13	)		5.43
NET ASSET VALUE, END OF PERIOD	$	28.16		$	26.47		$	24.82		$	26.88		$	25.14		$	28.27
TOTAL RETURN^(b)		8.13	%		10.93	%		(3.08	)%		11.79	%		(7.47	)%		28.21	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	182,315		$	157,489		$	146,431		$	221,741		$	285,327		$	349,184

Ratio of expenses to average net assets		0.50	%^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		4.63	%^(c)		3.92	%		3.22	%		4.65	%		4.16	%		3.55	%
Portfolio turnover rate^(d)		44	%		61	%		79	%		58	%		72	%		37	%
Undistributed net investment income included in price of units issued and redeemed^(a)(e)	$	0.03		$	(0.25	)	$	0.00	^(f)	$	0.04		$	0.05		$	0.12

(a)

Based on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

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

(e)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

(f)

Less than $0.005.

See Notes to Financial Statements.

24 | May 31, 2022

ALPS Emerging Sector Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.56		$	20.96		$	20.67		$	21.33		$	24.29		$	21.17

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.50			1.04			0.56			0.89			0.91			0.80
Net realized and unrealized gain/(loss)		(1.46	)		2.50			0.42			(0.33	)		(3.02	)		3.06
Total from investment operations		(0.96	)		3.54			0.98			0.56			(2.11	)		3.86

DISTRIBUTIONS:
From net investment income		(0.29	)		(0.94	)		(0.69	)		(1.22	)		(0.85	)		(0.74	)
Total distributions		(0.29	)		(0.94	)		(0.69	)		(1.22	)		(0.85	)		(0.74	)

Net increase/(decrease) in net asset value		(1.25	)		2.60			0.29			(0.66	)		(2.96	)		3.12
NET ASSET VALUE, END OF PERIOD	$	22.31		$	23.56		$	20.96		$	20.67		$	21.33		$	24.29
TOTAL RETURN^(b)		(4.15	)%		16.81	%		5.20	%		2.67	%		(8.76	)%		18.37	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	23,423		$	24,742		$	20,958		$	28,941		$	35,201		$	47,356

Ratio of expenses to average net assets		0.60	%^(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		4.29	%^(c)		4.32	%		2.92	%		4.16	%		3.88	%		3.33	%
Portfolio turnover rate^(d)		76	%		84	%		93	%		83	%		85	%		42	%
Undistributed net investment income included in price of units issued and redeemed^(a)(e)	$	–		$	0.02		$	0.02		$	0.01		$	0.10		$	0.05

(a)

Based on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

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

(e)

The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

See Notes to Financial Statements.

25 | May 31, 2022

ALPS REIT Dividend Dogs ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Six Months Ended May 31, 2022 (Unaudited)			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020 ^(a)			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017
NET ASSET VALUE, BEGINNING OF PERIOD	$	49.89		$	40.49		$	48.42		$	44.18		$	45.37		$	41.31

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (b)		1.06			1.21			1.29			1.19			1.17			0.75
Net realized and unrealized gain/(loss)		(3.48	)		10.25			(7.26	)		4.45			(0.53	)		4.45
Total from investment operations		(2.42	)		11.46			(5.97	)		5.64			0.64			5.20

DISTRIBUTIONS:
From net investment income		(1.09	)		(1.36	)		(1.57	)		(1.40	)		(1.83	)		(1.14	)
Tax return of capital		–			(0.70	)		(0.39	)		–			–			–
Total distributions		(1.09	)		(2.06	)		(1.96	)		(1.40	)		(1.83	)		(1.14	)

Net increase/(decrease) in net asset value		(3.51	)		9.40			(7.93	)		4.24			(1.19	)		4.06
NET ASSET VALUE, END OF PERIOD	$	46.38		$	49.89		$	40.49		$	48.42		$	44.18		$	45.37
TOTAL RETURN^(c)		(5.08	)%		29.03	%		(11.77	)%		13.00	%		1.47	%		12.77	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	25,509		$	28,689		$	26,320		$	53,265		$	55,222		$	68,050

Ratio of expenses to average net assets		0.35	%^(d)		0.35	%		0.38	%^(e)		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		4.29	%^(d)		2.60	%		3.26	%		2.56	%		2.67	%		1.71	%
Portfolio turnover rate^(f)		60	%		78	%		148	%		10	%		14	%		10	%

(a)

Prior to January 2, 2020, the ALPS REIT Dividend Dogs ETF was known as the Cohen & Steers Global Realty Majors ETF.

(b)

Based on average shares outstanding during the period.

(c)

(d)

Annualized.

(e)

Effective January 2, 2020 the Fund's Advisory Fee changed from 0.55% to 0.35%.

(f)

Portfolio turnover for periods less than one year is 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, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (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, 2022, the Trust consisted of nineteen separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (each a “Fund” and collectively, the “Funds”). Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

The investment objective of the ALPS Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Sector Dividend Dogs Index. The investment objective of the ALPS International Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® International Sector Dividend Dogs Index. The investment objective of the ALPS Emerging Sector Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® Emerging Sector Dividend Dogs Index. The investment objective of the ALPS REIT Dividend Dogs ETF is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network® REIT Dividend Dogs Index.

The shares of the ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares (prior to October 1, 2021 in blocks of 50,000 Shares), each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities included in the Underlying Index. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Portfolio Valuation

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

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

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

27 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (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.

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.

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

ALPS Sector Dividend Dogs 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^*	$	1,304,234,410	$	–	$	–	$	1,304,234,410
Short Term Investments		1,221,380		–		–		1,221,380
Total	$	1,305,455,790	$	–	$	–	$	1,305,455,790

ALPS International Sector Dividend Dogs 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^*	$	180,738,073	$	–	$	–	$	180,738,073
Short Term Investments		12,291,548		–		–		12,291,548
Total	$	193,029,621	$	–	$	–	$	193,029,621

28 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements May 31, 2022 (Unaudited)

ALPS Emerging Sector Dividend Dogs 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^*
Russia	$	–	$	–	$	1,555	$	1,555
Other*		23,218,611		–		–		23,218,611
Rights and Warrants^*		–		1,085		–		1,085
Short Term Investments		917,563		–		–		917,563
Total	$	24,136,174	$	1,085	$	1,555	$	24,138,814

ALPS REIT Dividend Dogs 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^*	$	25,389,848	$	–	$	–	$	25,389,848
Short Term Investments		103,133		–		–		103,133
Total	$	25,492,981	$	–	$	–	$	25,492,981

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

The Funds, except for the ALPS Emerging Sector Dividend Dogs ETF, did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2022. As of May 31, 2022, ALPS Emerging Sector Dividend Dogs ETF held securities classified as Level 3 in the fair value hierarchy valued at $1,555, which represents 0.1% of net assets.

C. Foreign Securities

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

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

D. Foreign Currency Translation

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

E. Securities Transactions and Investment Income

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

F. Dividends and Distributions to Shareholders

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

29 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

G. Equalization

The ALPS Sector Dividend Dogs ETF, the ALPS International Sector Dividend Dogs ETF, and the ALPS Emerging Sector Dividend Dogs ETF utilize the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Funds’ shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of the Funds’ shares. Amounts related to Equalization can be found on the Statement of Changes in Net Assets.

H. Real Estate Investment Trusts (“REITs”)

As part of its investments in real estate related securities, the ALPS REIT Dividend Dogs ETF (“RDOG”) will invest in REITs and is subject to certain risks associated with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investors’ capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate their investments in specific geographic areas or in specific property types, e.g., regional malls, shopping centers, office buildings, apartment buildings and industrial warehouses. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

As REITs generally pay a higher rate of dividends than most other operating companies, to the extent application of RDOG’s investment strategy results in RDOG investing in REIT shares, the percentage of RDOG’s dividend income received from REIT shares will likely exceed the percentage of RDOG’s portfolio that is comprised of REIT shares. Distributions received by RDOG from REITs may consist of dividends, capital gains and/or return of capital.

Dividend income from REITs is recognized on the ex-dividend date. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from RDOG’s investments in REITs are reported to RDOG after the end of the calendar year; accordingly, RDOG estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to RDOG after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

The performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act. Due to RDOG’s investments in REITs, RDOG may also make distributions in excess of RDOG’s earnings and capital gains. Distributions, if any, in excess of RDOG’s earnings and profits will first reduce the adjusted tax basis of a holder’s shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder.

I. Federal Tax and Tax Basis Information

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

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

Fund	Ordinary Income		Return of Capital
November 30, 2021
ALPS Sector Dividend Dogs ETF	$	41,129,463	$	–
ALPS International Sector Dividend Dogs ETF		7,018,603		36,242
ALPS Emerging Sector Dividend Dogs ETF		971,386		–
ALPS REIT Dividend Dogs ETF		874,838		444,426

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

30 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

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

Fund	Short-Term		Long-Term
ALPS Sector Dividend Dogs ETF	$	–	$	278,703,992
ALPS International Sector Dividend Dogs ETF		4,432,773		48,112,299
ALPS Emerging Sector Dividend Dogs ETF		439,844		8,114,494
ALPS REIT Dividend Dogs ETF		6,887,991		2,417,872

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

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ALPS Sector Dividend Dogs ETF	$	172,493,937	$	(59,517,171	)	$	112,976,766		$	1,192,479,024
ALPS International Sector Dividend Dogs ETF		14,459,685		(14,224,253	)		235,432			192,794,189
ALPS Emerging Sector Dividend Dogs ETF		2,606,285		(4,480,143	)		(1,873,858	)		26,012,672
ALPS REIT Dividend Dogs ETF		1,672,063		(2,992,371	)		(1,320,308	)		26,813,289

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

J. 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 Code, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements.

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

K. Lending of Portfolio Securities

The Funds have entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Funds’ lending agent. Each Fund may lend its portfolio securities only to borrowers that are approved by SSB. Each Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The 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 the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

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 Statement 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.

31 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

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

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
ALPS Emerging Sector Dividend Dogs ETF	$	1,187,927	$	876,302	$	384,421	$	1,260,723
ALPS International Sector Dividend Dogs ETF		11,477,826		11,767,319		24,202		11,791,521

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.

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 May 31, 2022:

ALPS International Sector Dividend Dogs 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	$	11,767,319	$	–	$	–	$	–	$	11,767,319
Total Borrowings										11,767,319
Gross amount of recognized liabilities for securities lending (collateral received)									$	11,767,319

ALPS Emerging Sector Dividend Dogs 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	$	876,302	$	–	$	–	$	–	$	876,302
Total Borrowings										876,302
Gross amount of recognized liabilities for securities lending (collateral received)									$	876,302

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

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

Fund	Advisory Fee
ALPS Sector Dividend Dogs ETF	0.40%
ALPS International Sector Dividend Dogs ETF	0.50%
ALPS Emerging Sector Dividend Dogs ETF	0.60%
ALPS REIT Dividend Dogs ETF	0.35%

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

32 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

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

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

4. PURCHASES AND SALES OF SECURITIES

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

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	524,572,481	$	525,850,361
ALPS International Sector Dividend Dogs ETF		72,787,398		71,989,441
ALPS Emerging Sector Dividend Dogs ETF		18,687,900		18,598,538
ALPS REIT Dividend Dogs ETF		16,301,560		16,387,346

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

Fund	Purchases		Sales
ALPS Sector Dividend Dogs ETF	$	71,344,674	$	18,773,348
ALPS International Sector Dividend Dogs ETF		27,934,417		13,215,589
ALPS REIT Dividend Dogs ETF		–		1,322,194

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

Fund	Net Realized Gain/(Loss)
ALPS Sector Dividend Dogs ETF	$	2,960,315
ALPS International Sector Dividend Dogs ETF		1,265,065
ALPS REIT Dividend Dogs ETF		177,216

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.

5. CAPITAL SHARE TRANSACTIONS

Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 shares (prior to October 1, 2021, the Creation Unit size was 50,000 Shares). Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

6. RELATED PARTY TRANSACTIONS

The ALPS Sector Dvidend Dogs ETF engaged in cross trades between other funds in the Trust during the six months ended May 31, 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.

33 | May 31, 2022

ALPS ETF Trust

Notes to Financial Statements

May 31, 2022 (Unaudited)

Transactions related to cross trades during the six months ended May 31, 2022, were as follows:

		Purchase cost paid				Sale proceeds received				Realized gain/(loss) on sales
ALPS Sector Dividend Dogs ETF		$	423,942			$	686,814			$	54,037

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

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

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

8. SUBSEQUENT EVENTS

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

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

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

34 | May 31, 2022

ALPS ETF Trust

Additional Information

May 31, 2022 (Unaudited)

PROXY VOTING POLICIES AND PROCEDURES

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

PORTFOLIO HOLDINGS

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

TAX INFORMATION

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

	Qualified Dividend Income	Dividend Received Deduction	199A
ALPS Sector Dividend Dogs ETF	97.81%	91.15%	0.00%
ALPS International Sector Dividend Dogs ETF	100.00%	0.00%	0.00%
ALPS Emerging Sector Dividend Dogs ETF	73.67%	0.00%	0.00%
ALPS REIT Dividend Dogs ETF	0.47%	0.00%	70.35%

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

LICENSING AGREEMENTS

ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF, and ALPS REIT Dividend Dogs ETF

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

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

35 | May 31, 2022

ALPS ETF Trust

Additional Information

May 31, 2022 (Unaudited)

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

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

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

The S&P 500^® is the property of Standard and Poor’s Financial Services LLC (“S&P”) and has been licensed by S&P for use by S-Network^® Global Indexes, Inc. in connection with the S-Network^® Sector Dividend Dogs Index (Ticker: SDOGX), the S-Network^® International Sector Dividend Dogs Index (Ticker: IDOGX), the S-Network^® Emerging Sector Dividend Dogs Index (Ticker: EDOGX), and the S-Network^® REIT Dividend Dogs Index (Ticker: RDOGX).

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

36 | May 31, 2022

ALPS ETF Trust

Liquidity Risk Management Program

May 31, 2022 (Unaudited)

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

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

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

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

37 | May 31, 2022