Alerian MLP ETF

ALPS ETF TRUST

NYSE ARCA: AMLP

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about Alerian MLP ETF (the "Fund" or "AMLP") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/amlp. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
Alerian MLP ETF $44 0.83%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
Alerian MLP ETF - NAV 16.85% 17.53% 6.81%
Alerian MLP Infrastructure Index 21.93% 21.34% 9.09%
Alerian MLP Index 24.63% 21.74% 9.75%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $12,141,530,075
Number of Portfolio Holdings 13
Portfolio Turnover Rate 35%
Total Advisory Fees Paid $48,020,281

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Plains All American Pipeline LP 12.69%
Western Midstream Partners LP 12.65%
Sunoco LP 12.42%
Energy Transfer LP 12.39%
Enterprise Products Partners LP 12.06%
MPLX LP 11.23%
Hess Midstream LP 8.85%
Cheniere Energy Partners LP 4.36%
USA Compression Partners LP 4.08%
Genesis Energy LP 3.00%
Total % of Top 10 Holdings 93.73%
Sector Allocation*
Pipeline Transportation | Petroleum 28.65%
Pipeline Transportation | Natural Gas 24.44%
Gathering + Processing 21.51%
Marketing & Distribution 16.96%
Liquefaction 4.36%
Compression 4.08%
Money Market Fund** 0.00%
Total 100.00%

*

% of Total Investments.

**

less than 0.005%

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/amlp.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-AMLP-053126

 

 

 

 

Alerian Energy Infrastructure ETF

ALPS ETF TRUST

NYSE ARCA: ENFR

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about Alerian Energy Infrastructure ETF (the "Fund" or "ENFR") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/enfr. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
Alerian Energy Infrastructure ETF $19 0.35%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
Alerian Energy Infrastructure ETF - NAV 25.40% 20.75% 11.96%
Alerian Midstream Energy Select Index 26.27% 21.61% 12.88%
Alerian MLP Index 24.63% 21.74% 9.75%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $460,716,957
Number of Portfolio Holdings 26
Portfolio Turnover Rate 9%
Total Advisory Fees Paid $688,067

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Enbridge, Inc. 8.35%
Energy Transfer LP 7.95%
Enterprise Products Partners LP 7.15%
The Williams Cos., Inc. 6.07%
Targa Resources Corp. 5.30%
Plains GP Holdings LP 5.23%
TC Energy Corp. 5.22%
Pembina Pipeline Corp. 5.18%
DT Midstream, Inc. 5.11%
ONEOK, Inc. 4.89%
Total % of Top 10 Holdings 60.45%
Sector Allocation*
Pipeline Transportation | Natural Gas 35.97%
Pipeline Transportation | Petroleum 28.38%
Gathering + Processing 26.88%
Liquefaction 6.97%
Storage 1.67%
Money Market Fund 0.13%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/enfr.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-ENFR-053126

 

 

 

 

ALPS Active Equity Opportunity ETF

ALPS ETF TRUST

NYSE ARCA: RFFC

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Active Equity Opportunity ETF (the "Fund" or "RFFC") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rffc. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Active Equity Opportunity ETF $25 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year Since Inception^
(06/06/2016)
ALPS Active Equity Opportunity ETF - NAV 29.80% 12.56% 12.77%
S&P Composite 1500® Index 29.67% 13.60% 15.21%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.33%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

^

Effective June 1, 2023, RiverFront Investment Group, LLC ceased to serve as the Sub-Adviser to the RiverFront Dynamic US Flex-Cap ETF and ALPS Advisors, Inc. assumed all responsibility for selecting the investments of the Fund. In addition, the Fund changed its name from RiverFront Dynamic US Flex-Cap ETF to ALPS Active Equity Opportunity ETF and its principal investment strategies. Performance figures shown above for periods before June 1, 2023 represent performance of the Fund during the times when the Fund's investments were selected by RiverFront Investment Group, LLC.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $29,712,833
Number of Portfolio Holdings 59
Portfolio Turnover Rate 15%
Total Advisory Fees Paid $66,426

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Alphabet, Inc. 5.40%
Microsoft Corp. 5.32%
Apple, Inc. 5.27%
NVIDIA Corp. 4.03%
Amazon.com, Inc. 3.96%
Taiwan Semiconductor Manufacturing Co., Ltd. 3.87%
Caterpillar, Inc. 3.67%
Johnson & Johnson 3.42%
Lam Research Corp. 2.45%
Meta Platforms, Inc. 2.43%
Total % of Top 10 Holdings 39.82%
Sector Allocation*
Information Technology 32.28%
Industrials 11.95%
Health Care 11.49%
Financials 10.63%
Consumer Discretionary 9.11%
Communication Services 8.54%
Energy 4.73%
Consumer Staples 2.63%
Utilities 2.30%
Materials 2.23%
Real Estate 1.99%
Money Market Fund 2.12%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/rffc.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-RFFC-053126

 

 

 

 

ALPS Active REIT ETF

ALPS ETF TRUST

NASDAQ: REIT

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Active REIT ETF (the "Fund" or "REIT") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/reit. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Active REIT ETF $36 0.68%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year Five Years Since Inception
(02/25/2021)
ALPS Active REIT ETF - NAV 14.79% 5.19% 7.29%
S&P United States REIT Index 17.29% 5.79% 7.85%
Bloomberg US 1000 Index‡ 29.49% 13.32% 14.53%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $52,391,595
Number of Portfolio Holdings 30
Portfolio Turnover Rate 25%
Total Advisory Fees Paid $161,657

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Equinix, Inc. 9.98%
Prologis, Inc. 9.25%
Welltower, Inc. 8.88%
Simon Property Group, Inc. 4.56%
Essex Property Trust, Inc. 4.23%
Host Hotels & Resorts, Inc. 3.59%
Public Storage 3.59%
AvalonBay Communities, Inc. 3.43%
CareTrust REIT, Inc. 3.29%
Sabra Health Care REIT, Inc. 3.24%
Total % of Top 10 Holdings 54.04%
REIT Sector Allocation*
Health Care REITs 16.94%
Data Center REITs 15.13%
Industrial REITs 14.21%
Retail REITs 12.37%
Multi-Family Residential REITs 7.66%
Diversified REITs 6.69%
Self-Storage REITs 5.98%
Single-Family Residential REITs 5.44%
Other Specialized REITs 5.16%
Hotel & Resort REITs 3.59%
Office REITs 3.37%
Telecom Tower REITs 2.14%
Money Market Fund 1.32%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/reit.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-REIT-053126

 

 

 

 

ALPS Equal Sector Weight ETF

ALPS ETF TRUST

NYSE ARCA: EQL

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Equal Sector Weight ETF (the "Fund" or "EQL") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/eql. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Equal Sector Weight ETF $10 0.19%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
ALPS Equal Sector Weight ETF - NAV 20.43% 10.88% 12.61%
NYSE® Equal Sector Weight Index 20.67% 11.05% 12.78%
S&P 500® Index‡ 29.78% 14.15% 15.65%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $735,724,791
Number of Portfolio Holdings 497
Portfolio Turnover Rate 116%
Total Advisory Fees Paid $606,539

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Alphabet, Inc. 5.62%
Amazon.com, Inc. 3.92%
Exxon Mobil Corp. 2.45%
NVIDIA Corp. 2.24%
Apple, Inc. 2.07%
Linde PLC 2.01%
Meta Platforms, Inc. 1.88%
Tesla, Inc. 1.83%
Microsoft Corp. 1.49%
Chevron Corp. 1.47%
Total % of Top 10 Holdings 24.98%
Sector Allocation*
Information Technology 11.64%
Communication Services 9.61%
Consumer Discretionary 9.35%
Materials 9.05%
Financials 9.02%
Industrials 9.00%
Energy 8.58%
Real Estate 8.55%
Health Care 8.51%
Consumer Staples 8.41%
Utilities 8.25%
Money Market Fund 0.03%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/eql.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-EQL-053126

 

 

 

 

ALPS | BBH Intermediate Municipal Bond ETF (formerly, ALPS Intermediate Municipal Bond ETF)

ALPS ETF TRUST

NYSE ARCA: MNBD

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | BBH Intermediate Municipal Bond ETF (the "Fund" or "MNBD") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/mnbd. You can also request this information by contacting us at 1-866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | BBH Intermediate Municipal Bond ETF $24 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year Since Inception
(05/19/2022)
ALPS | BBH Intermediate Municipal Bond ETF - NAV 6.34% 4.62%
Bloomberg Municipal Bond 1-15 Year Blend Index 5.65% 3.61%
Bloomberg Municipal Bond Index‡ 6.67% 3.75%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $55,788,451
Number of Portfolio Holdings 189
Portfolio Turnover Rate 58%
Total Advisory Fees Paid $117,736

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Southeast Energy Authority A Cooperative District 3.13%
Orangeburg County School District 1.79%
United States Treasury Bill 2.85%
University of North Carolina at Chapel Hill 1.64%
South Carolina State Housing Finance & Development Authority 1.86%
Pennsylvania Turnpike Commission 1.56%
FHLMC Multifamily VRD Certificates 3.52%
Wyoming Community Development Authority 1.99%
North Carolina Housing Finance Agency 2.31%
Salt Verde Financial Corp. 2.13%
Total % of Top 10 Holdings 22.78%
Sector Allocation*
Revenue Bonds 79.45%
General Obligation Unltd 16.69%
Government 2.85%
General Obligation Ltd 0.90%
Money Market Fund 0.11%
Total 100.00%

*

% of Total Investments.

Holdings are subject to change.

 

HOW HAS THE FUND CHANGED OVER THE PERIOD?

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/mnbd or upon request at 1-866-759-5679.

Name: Effective March 31, 2026, the Fund's name changed to the ALPS | BBH Intermediate Municipal Bond ETF (formerly, the ALPS Intermediate Municipal Bond ETF).

Advisory Fee Change: Effective March 31, 2026, the Fund's unitary management fee changed from 0.50% to 0.44% of average daily net assets of the Fund.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/mnbd.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-MNBD-053126

 

 

 

 

ALPS Clean Energy ETF

ALPS ETF TRUST

NYSE ARCA: ACES

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Clean Energy ETF (the "Fund" or "ACES") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/aces. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Clean Energy ETF $31 0.55%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year Since Inception
(06/28/2018)
ALPS Clean Energy ETF - NAV 72.90% -8.73% 7.84%
CIBC Atlas Clean Energy Index 73.41% -8.80% 8.05%
S&P 1000 Index 28.21% 7.44% 9.62%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.28%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $145,331,041
Number of Portfolio Holdings 37
Portfolio Turnover Rate 14%
Total Advisory Fees Paid $322,099

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Enphase Energy, Inc. 6.53%
First Solar, Inc. 6.24%
Plug Power, Inc. 6.04%
Nextpower, Inc. 5.93%
Ormat Technologies, Inc. 4.84%
Brookfield Renewable Partners LP 4.68%
HA Sustainable Infrastructure Capital, Inc. 4.40%
Tesla, Inc. 4.23%
Northland Power, Inc. 4.20%
Sunrun, Inc. 4.18%
Total % of Top 10 Holdings 51.27%
Clean Energy Segment Allocation*
Solar 31.05%
Electric Vehicles 17.60%
Energy Management & Storage 14.55%
Wind 12.26%
Hydro/Geothermal 9.52%
Fuel Cell/Hydrogen 7.77%
Bioenergy 7.22%
Money Market Fund 0.03%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/aces.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-ACES-053126

 

 

 

 

ALPS Disruptive Technologies ETF

ALPS ETF TRUST

NYSE ARCA: DTEC

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Disruptive Technologies ETF (the "Fund" or "DTEC") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/dtec. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Disruptive Technologies ETF $25 0.50%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year Since Inception
(12/28/2017)
ALPS Disruptive Technologies ETF - NAV 7.08% 1.99% 8.93%
Indxx Disruptive Technologies Index 7.41% 2.34% 9.27%
Morningstar Global Markets Index‡ 30.30% 10.93% 11.29%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $74,424,377
Number of Portfolio Holdings 97
Portfolio Turnover Rate 15%
Total Advisory Fees Paid $189,187

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
SolarEdge Technologies, Inc. 1.94%
Nebius Group NV 1.92%
Datadog, Inc. 1.74%
Palo Alto Networks, Inc. 1.67%
Crowdstrike Holdings, Inc. 1.65%
Fortinet, Inc. 1.63%
Okta, Inc. 1.56%
Rubrik, Inc. 1.45%
First Solar, Inc. 1.39%
Enlight Renewable Energy, Ltd. 1.39%
Total % of Top 10 Holdings 16.34%
Thematic Allocation*
Clean Energy & Smart Grid 10.93%
Internet of Things 10.58%
Robotics & Artificial Intelligence 10.50%
3D Printing 10.15%
Data & Analytics 9.54%
Cybersecurity 9.51%
Cloud Computing 8.86%
Mobile Payments 8.47%
FinTech 8.38%
Healthcare Innovation 6.34%
Technology 4.58%
Consumer, Non-cyclical 2.05%
Money Market Fund 0.11%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/dtec.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-DTEC-053126

 

 

 

 

ALPS Electrification Infrastructure ETF

ALPS ETF TRUST

NASDAQ: ELFY

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Electrification Infrastructure ETF (the "Fund" or "ELFY") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/elfy. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment*
ALPS Electrification Infrastructure ETF $28 0.50%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year Since Inception
(04/09/2025)
ALPS Electrification Infrastructure ETF - NAV 47.16% 56.84%
Ladenburg Thalmann Electrification Infrastructure Index 48.04% 57.74%
Bloomberg US 1000 Total Return Index‡ 29.49% 35.08%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $202,884,154
Number of Portfolio Holdings 108
Portfolio Turnover Rate 18%
Total Advisory Fees Paid $355,020

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Sterling Infrastructure, Inc. 1.74%
Vicor Corp. 1.65%
Bloom Energy Corp. 1.49%
Powell Industries, Inc. 1.36%
Enphase Energy, Inc. 1.32%
IES Holdings, Inc. 1.27%
First Solar, Inc. 1.27%
nVent Electric PLC 1.27%
Coherent Corp. 1.23%
Applied Optoelectronics, Inc. 1.22%
Total % of Top 10 Holdings 13.82%
Sector Allocation*
Industrials 34.93%
Utilities 32.38%
Information Technology 16.32%
Energy 12.15%
Materials 3.94%
Money Market Fund 0.28%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/elfy.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-ELFY-053126

 

 

 

 

ALPS Medical Breakthroughs ETF

ALPS ETF TRUST

NYSE ARCA: SBIO

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Medical Breakthroughs ETF (the "Fund" or "SBIO") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/sbio. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Medical Breakthroughs ETF $26 0.50%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year 10 Year
ALPS Medical Breakthroughs ETF - NAV 87.52% 3.85% 8.81%
S-Network® Medical Breakthroughs Index 87.51% 4.19% 9.13%
NASDAQ Biotechnology Index 47.78% 5.50% 8.15%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $161,792,554
Number of Portfolio Holdings 82
Portfolio Turnover Rate 58%
Total Advisory Fees Paid $339,330

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Alkermes PLC 4.48%
Kymera Therapeutics, Inc. 4.23%
Celcuity, Inc. 3.92%
Mirum Pharmaceuticals, Inc. 3.90%
Spyre Therapeutics, Inc. 3.68%
CG oncology, Inc. 3.35%
Apogee Therapeutics, Inc. 2.93%
Xenon Pharmaceuticals, Inc. 2.90%
Travere Therapeutics, Inc. 2.77%
Dianthus Therapeutics, Inc. 2.63%
Total % of Top 10 Holdings 34.79%
Sector Allocation*
Biotechnology 82.71%
Pharmaceuticals 16.69%
Health Care Providers & Services 0.36%
Health Care Equipment & Supplies 0.24%
Money Market Fund** 0.00%
Total 100.00%

*

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

**

Less than 0.005%

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/sbio.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-SBIO-053126

 

 

 

 

ALPS Nautilus SMR, Nuclear & Technology ETF

ALPS ETF TRUST

NYSE ARCA: SMRF

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Nautilus SMR, Nuclear & Technology ETF (the "Fund" or "SMRF") for the period of February 18, 2026 (inception) to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/smrf. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Nautilus SMR, Nuclear & Technology ETF $19^ 0.65%*
* Annualized
^ ALPS Nautilus SMR, Nuclear & Technology ETF commenced operations on February 18, 2026. Actual expenses on this Fund are equal to the Fund's annualized expense ratio multiplied by the average account value of the period, multiplied by the number of days since the Fund launched (102) divided by 365.
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
Since Inception
(02/18/2026)
ALPS Nautilus SMR Nuclear & Technology ETF - NAV 10.63%
Nautilus SMR Nuclear & Technology Index 11.29%
Bloomberg World Large Mid & Small Cap Index‡ 7.63%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $12,097,289
Number of Portfolio Holdings 72
Portfolio Turnover Rate 30%
Total Advisory Fees Paid $13,615

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*^
Cameco Corp. 4.31%
NexGen Energy, Ltd. 4.24%
BWX Technologies, Inc. 4.24%
Oklo, Inc. 4.23%
Uranium Energy Corp. 4.01%
CGN Power Co., Ltd. 3.99%
GE Vernova, Inc. 3.82%
NAC Kazatomprom JSC 3.82%
NuScale Power Corp. 3.77%
Energy Fuels, Inc. 3.54%
Total % of Top 10 Holdings 39.97%
Sector Allocation*^
Uranium/Miners 37.39%
AI 23.19%
Nuclear Plant Ops/Construction/SMRs 20.42%
Nuclear Generation/Transmission 11.36%
Technology 6.92%
Money Market Fund 0.37%
Basic Materials 0.35%
Total 100.00%

*

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

^

Derivatives are not reflected in amounts reported.

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/smrf.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-SMRF-053126

 

 

 

 

ALPS Sector Dividend Dogs ETF

ALPS ETF TRUST

NYSE ARCA: SDOG

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Sector Dividend Dogs ETF (the "Fund" or "SDOG") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/sdog. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Sector Dividend Dogs ETF $19 0.36%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year 10 Year
ALPS Sector Dividend Dogs ETF - NAV 25.42% 8.84% 9.68%
S-Network® Sector Dividend Dogs Index 25.99% 9.22% 10.11%
S&P 500® Index‡ 29.78% 14.15% 15.65%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $1,383,794,482
Number of Portfolio Holdings 50
Portfolio Turnover Rate 38%
Total Advisory Fees Paid $2,380,187

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Hewlett Packard Enterprise Co. 3.78%
Texas Instruments, Inc. 3.03%
Microchip Technology, Inc. 2.89%
Ford Motor Co. 2.83%
HP, Inc. 2.70%
Best Buy Co., Inc. 2.36%
CVS Health Corp. 2.26%
T Rowe Price Group, Inc. 2.23%
KeyCorp 2.14%
Truist Financial Corp. 2.08%
Total % of Top 10 Holdings 26.30%
Sector Allocation*
Information Technology 14.20%
Consumer Discretionary 10.75%
Financials 10.56%
Health Care 9.78%
Consumer Staples 9.50%
Industrials 9.42%
Utilities 9.21%
Energy 9.04%
Materials 8.96%
Communication Services 8.42%
Money Market Fund 0.16%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/sdog.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-SDOG-053126

 

 

 

 

ALPS International Sector Dividend Dogs ETF

ALPS ETF TRUST

NYSE ARCA: IDOG

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS International Sector Dividend Dogs ETF (the "Fund" or "IDOG") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/idog. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS International Sector Dividend Dogs ETF $27 0.50%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year 10 Year
ALPS International Sector Dividend Dogs ETF - NAV 35.69% 13.57% 11.04%
S-Network® International Sector Dividend Dogs Index 36.21% 14.10% 11.47%
Morningstar Developed Markets ex-North America Index‡ 23.88% 8.42% 9.14%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $543,793,069
Number of Portfolio Holdings 50
Portfolio Turnover Rate 36%
Total Advisory Fees Paid $1,216,649

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Nokia Oyj 3.33%
Kyocera Corp. 2.59%
Banca Monte dei Paschi di Siena SpA 2.48%
BHP Group, Ltd. 2.42%
Banco BPM SpA 2.26%
Evolution AB 2.25%
Bank Polska Kasa Opieki SA 2.24%
Erste Bank Polska SA 2.17%
ORLEN SA 2.14%
Telefonaktiebolaget LM Ericsson 2.13%
Total % of Top 10 Holdings 24.01%
Sector Allocation*
Information Technology 11.66%
Financials 11.26%
Materials 10.18%
Energy 10.10%
Communication Services 9.81%
Industrials 9.60%
Consumer Discretionary 9.60%
Utilities 9.55%
Consumer Staples 9.10%
Health Care 8.88%
Money Market Fund 0.26%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/idog.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-IDOG-053126

 

 

 

 

ALPS Emerging Sector Dividend Dogs ETF

ALPS ETF TRUST

NYSE ARCA: EDOG

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Emerging Sector Dividend Dogs ETF (the "Fund" or "EDOG") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/edog. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Emerging Sector Dividend Dogs ETF $31 0.60%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year 10 Year
ALPS Emerging Sector Dividend Dogs ETF - NAV 18.16% 5.60% 6.66%
S-Network® Emerging Sector Dividend Dogs Index 18.16% 5.87% 7.28%
Morningstar Emerging Markets Index‡ 49.19% 7.64% 10.75%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $29,540,180
Number of Portfolio Holdings 48
Portfolio Turnover Rate 68%
Total Advisory Fees Paid $85,619

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Wipro, Ltd. 5.30%
Infosys, Ltd. 4.84%
Richter Gedeon Nyrt 4.15%
Dr Reddy's Laboratories, Ltd. 3.26%
Bangkok Dusit Medical Services PCL 3.25%
Magyar Telekom Telecommunications PLC 2.96%
Grupo Mexico SAB de CV 2.42%
Banco del Bajio SA 2.33%
Interconexion Electrica SA ESP 2.24%
BB Seguridade Participacoes SA 2.16%
Total % of Top 10 Holdings 32.91%
Sector Allocation*
Communication Services 10.77%
Health Care 10.66%
Information Technology 10.14%
Utilities 9.97%
Financials 9.87%
Consumer Staples 9.68%
Consumer Discretionary 9.65%
Energy 9.56%
Industrials 9.43%
Materials 8.21%
Building Materials 1.86%
Money Market Fund 0.20%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/edog.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-EDOG-053126

 

 

 

 

ALPS REIT Dividend Dogs ETF

ALPS ETF TRUST

NYSE ARCA: RDOG

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS REIT Dividend Dogs ETF (the "Fund" or "RDOG") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rdog. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS REIT Dividend Dogs ETF $19 0.35%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph

Average Annual Total Returns (as of May 31, 2026)

1 Year 5 Year 10 Year
ALPS REIT Dividend Dogs ETF - NAV 22.16% 3.08% 4.26%
S-Network® REIT Dividend Dogs Index** 22.62% 3.52% -
S-Network® US Composite REIT Index*** 13.68% 3.79% 6.35%
S-Network® REIT Dividend Dogs Index / S&P USA REIT Index* 22.62% 3.52% 4.78%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

*

The performance shown reflects a combination of the S-Network® REIT Dividend Dogs Index, and for periods prior to January 2, 2020, the S&P United States REIT Index. Prior to January 2, 2020, the Fund used a different underlying index than 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 Index commenced operations on October 29, 2019.

***

The Index commenced operations on February 12, 2016.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $11,181,780
Number of Portfolio Holdings 45
Portfolio Turnover Rate 36%
Total Advisory Fees Paid $17,800

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Americold Realty Trust, Inc. 2.82%
Summit Hotel Properties, Inc. 2.82%
National Storage Affiliates Trust 2.76%
RLJ Lodging Trust 2.62%
Apple Hospitality REIT, Inc. 2.52%
AH Realty Trust, Inc. 2.49%
American Assets Trust, Inc. 2.49%
Sila Realty Trust, Inc. 2.47%
SL Green Realty Corp. 2.44%
Lineage, Inc. 2.44%
Total % of Top 10 Holdings 25.87%
Sector Allocation*
Hotel & Resort REITS 12.32%
Industrial REITs 11.76%
Office REITs 11.60%
Diversified REITS 11.28%
Health Care REITS 10.75%
Retail REITs 10.17%
Multi-Family Residential REITs 8.59%
Specialized REITs 7.66%
Technology REITs 4.21%
Telecom Tower REITs 4.18%
Self-Storage REITs 2.76%
Data Centers 2.21%
Single-Family Residential REITs 2.05%
Money Market Fund 0.46%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/rdog.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-RDOG-053126

 

 

 

 

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

ALPS ETF TRUST

NYSE ARCA: OUSA

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | O'Shares U.S. Quality Dividend ETF (the "Fund" or "OUSA") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ousa. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares U.S. Quality Dividend ETF $24 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
ALPS O'Shares U.S. Quality Dividend ETF - NAV 11.91% 9.06% 10.45%
O'Shares U.S. Quality Dividend Index* 12.51% 9.62% 11.01%
Morningstar US Large-Mid Cap Broad Value Index 28.34% 11.79% 12.80%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

*

The O'Shares U.S. Quality Dividend Index performance information reflects the blended performance of the FTSE USA Qual/Vol/Yield Factor 5% Capped Index through May 31, 2020 and the O'Shares U.S. Quality Dividend Index thereafter.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $742,954,765
Number of Portfolio Holdings 100
Portfolio Turnover Rate 3%
Total Advisory Fees Paid $1,862,112

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Alphabet, Inc. 5.98%
Apple, Inc. 5.52%
Johnson & Johnson 5.06%
Visa, Inc. 4.64%
Cisco Systems, Inc. 4.47%
Microsoft Corp. 4.44%
Mastercard, Inc. 4.15%
Home Depot, Inc. 3.70%
McDonald's Corp. 3.43%
Merck & Co., Inc. 2.96%
Total % of Top 10 Holdings 44.35%
Sector Allocation*
Information Technology 24.34%
Financials 18.00%
Health Care 13.83%
Consumer Discretionary 12.94%
Industrials 12.64%
Communication Services 10.93%
Consumer Staples 7.26%
Money Market Fund 0.06%
Total 100.00%

*

% of Total Investments.

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/ousa.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-OUSA-053126

 

 

 

 

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

ALPS ETF TRUST

NYSE ARCA: OUSM

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (the "Fund" or "OUSM") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ousm. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF $25 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year Since Inception
(12/29/2016)
ALPS O'Shares U.S. Small-Cap Quality Dividend ETF - NAV 11.11% 7.37% 8.92%
O'Shares U.S. Small Cap Quality Dividend Index* 11.67% 7.90% 9.46%
Morningstar US Small-Cap Broad Value Extended Index 29.45% 6.85% 8.36%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.37%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

*

The O'Shares U.S. Small-Cap Quality Dividend Index performance information reflects the blended performance of the FTSE USA Small Cap Qual/Vol/Yield 3% Capped Factor Index through May 3, 2018, the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index from May 4, 2018 through May 31, 2020 and the O'Shares U.S. Small-Cap Quality Dividend Index thereafter.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $876,851,819
Number of Portfolio Holdings 108
Portfolio Turnover Rate 0%
Total Advisory Fees Paid $2,167,514

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
TD SYNNEX Corp. 3.47%
Avnet, Inc. 3.25%
National HealthCare Corp. 3.23%
Royalty Pharma PLC 3.07%
Texas Roadhouse, Inc. 2.18%
Littelfuse, Inc. 2.17%
Lincoln Electric Holdings, Inc. 2.15%
Skyworks Solutions, Inc. 2.11%
Donaldson Co., Inc. 2.03%
SEI Investments Co. 2.02%
Total % of Top 10 Holdings 25.68%
Sector Allocation*
Industrials 23.13%
Financials 20.42%
Consumer Discretionary 18.27%
Information Technology 16.06%
Health Care 9.87%
Consumer Staples 4.46%
Utilities 4.24%
Communication Services 3.53%
Money Market Fund 0.02%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/ousm.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-OUSM-053126

 

 

 

 

ALPS | O'Shares Global Internet Giants ETF

ALPS ETF TRUST

NYSE ARCA: OGIG

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | O'Shares Global Internet Giants ETF (the "Fund" or "OGIG") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ogig. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares Global Internet Giants ETF $23 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year Since Inception
(06/04/2018)
ALPS O'Shares Global Internet Giants ETF - NAV -4.12% -1.73% 8.65%
O'Shares Global Internet Giants Index -3.66% -1.25% 9.21%
NASDAQ 100 Index 43.09% 18.17% 20.86%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.00%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $115,114,015
Number of Portfolio Holdings 54
Portfolio Turnover Rate 19%
Total Advisory Fees Paid $289,751

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Amazon.com, Inc. 6.93%
Alphabet, Inc. 6.72%
Microsoft Corp. 6.02%
Oracle Corp. 5.40%
Meta Platforms, Inc. 5.32%
Palantir Technologies, Inc. 3.61%
AppLovin Corp. 3.30%
Crowdstrike Holdings, Inc. 2.95%
Palo Alto Networks, Inc. 2.70%
Datadog, Inc. 2.38%
Total % of Top 10 Holdings 45.33%
Sector Allocation*
Information Technology 52.89%
Communication Services 23.48%
Consumer Discretionary 18.87%
Industrials 3.21%
Health Care 0.80%
Real Estate 0.61%
Money Market Fund 0.14%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/ogig.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-OGIG-053126

 

 

 

 

ALPS | O'Shares International Developed Quality Dividend ETF

ALPS ETF TRUST

NYSE ARCA: OEFA

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | O'Shares International Developed Quality Dividend ETF (formerly, ALPS | O'Shares Europe Quality Dividend ETF) (the "Fund" or "OEFA") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/oefa. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | O'Shares International Developed Quality Dividend ETF $25 0.48%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
ALPS O'Shares International Developed Quality Dividend ETF - NAV 7.37% 7.09% 7.10%
O'Shares International Developed Quality Dividend Index* 7.79% 7.58% 7.59%
Bloomberg Developed Markets ex US Large, Mid & Small Cap Index‡ 25.11% 8.74% 9.44%
Morningstar Europe Index# 20.80% 8.76% 9.72%

For the most current month end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

*

The O'Shares International Developed Quality Dividend Index performance information reflects the blended performance of the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index through May 31, 2020, the O'Shares Europe Quality Dividend Index through September 30, 2025, and the O'Shares International Developed Quality Dividend Index thereafter.

‡

Broad-based securities market index of the Fund beginning October 1, 2025. Effective October 1, 2025, the Fund changed its broad-based securities market index from the Morningstar Europe Index to the Bloomberg Developed Markets ex US Large, Mid & Small Cap Index to better align with the Fund's current strategy.

#

Broad-based securities market index of the Fund through September 30, 2025.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $35,061,082
Number of Portfolio Holdings 50
Portfolio Turnover Rate 1%
Total Advisory Fees Paid $95,186

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
ASML Holding NV 6.58%
HSBC Holdings PLC 3.99%
ABB, Ltd. 3.61%
Novartis AG 3.48%
Siemens AG 3.21%
Nestle SA 3.21%
Iberdrola SA 3.03%
Roche Holding AG 2.95%
Keyence Corp. 2.90%
Commonwealth Bank of Australia 2.88%
Total % of Top 10 Holdings 35.84%
Sector Allocation*
Industrials 29.46%
Consumer Discretionary 16.08%
Health Care 14.31%
Information Technology 12.55%
Financials 11.93%
Consumer Staples 9.17%
Communication Services 3.24%
Utilities 3.03%
Money Market Fund 0.23%
Total 100.00%
Country Allocation
Japan 16.72%
Switzerland 13.63%
Great Britain 12.98%
France 12.94%
Netherlands 9.66%
Germany 7.76%
Canada 6.10%
Australia 4.65%
Spain 4.45%
Sweden 2.51%
United States 2.20%
Finland 1.93%
Denmark 1.78%
Italy 1.59%
Ireland 1.10%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/oefa.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-OEFA-053126

 

 

 

 

Barron's 400SM ETF

ALPS ETF TRUST

NYSE ARCA: BFOR

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about Barron's 400SM ETF (the "Fund" or "BFOR") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/bfor. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
Barron's 400 ETF $34 0.65%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
Barron's 400 ETF - NAV 23.03% 9.94% 12.36%
Barron's 400 IndexSM 23.71% 10.59% 13.06%
Bloomberg US 1000 Index‡ 29.49% 13.32% 15.38%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $214,643,801
Number of Portfolio Holdings 396
Portfolio Turnover Rate 44%
Total Advisory Fees Paid $653,413

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Dell Technologies, Inc. 0.64%
Advanced Micro Devices, Inc. 0.62%
Sandisk Corp. 0.59%
Marvell Technology, Inc. 0.54%
Seagate Technology Plc 0.53%
Micron Technology, Inc. 0.53%
Sterling Infrastructure, Inc. 0.50%
Iridium Communications, Inc. 0.48%
Credo Technology Group Holding, Ltd. 0.46%
Western Digital Corp. 0.45%
Total % of Top 10 Holdings 5.34%
Sector Allocation*
Financials 21.68%
Industrials 19.00%
Information Technology 18.41%
Health Care 11.47%
Consumer Discretionary 10.35%
Energy 6.50%
Consumer Staples 3.66%
Materials 3.46%
Communication Services 3.08%
Utilities 1.99%
Telecommunication Services 0.21%
Money Market Fund 0.19%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/bfor.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-BFOR-053126

 

 

 

 

Level Four Large Cap Growth Active ETF

ALPS ETF TRUST

NASDAQ: LGRO

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about Level Four Large Cap Growth Active ETF (the "Fund" or "LGRO") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/lgro. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
Level Four Large Cap Growth Active ETF $26 0.50%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year Since Inception
(08/22/2023)
Level Four Large Cap Growth Active ETF - NAV 27.55% 23.18%
Bloomberg US 1000 Growth Index 29.89% 25.19%
Bloomberg US 1000 Index‡ 29.49% 23.21%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $134,885,221
Number of Portfolio Holdings 48
Portfolio Turnover Rate 7%
Total Advisory Fees Paid $304,885

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
Apple, Inc. 6.91%
Microsoft Corp. 6.84%
Alphabet, Inc. 5.17%
Amazon.com, Inc. 5.12%
NVIDIA Corp. 4.28%
UnitedHealth Group, Inc. 3.45%
Twilio, Inc. 3.12%
PayPal Holdings, Inc. 2.91%
Monolithic Power Systems, Inc. 2.78%
Micron Technology, Inc. 2.69%
Total % of Top 10 Holdings 43.27%
Sector Allocation*
Information Technology 46.38%
Consumer Discretionary 12.78%
Communication Services 10.06%
Financials 8.28%
Health Care 7.28%
Industrials 6.49%
Energy 1.84%
Consumer Staples 1.43%
Real Estate 0.45%
Money Market Fund 5.01%
Total 100.00%

*

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

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/lgro.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-LGRO-053126

 

 

 

 

ALPS Dynamic Core Income ETF (formerly, RiverFront Dynamic Core Income ETF)

ALPS ETF TRUST

NYSE ARCA: RFCI

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Dynamic Core Income ETF (the "Fund" or "RFCI") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rfci. You can also request this information by contacting us at 1-866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Dynamic Core Income ETF $25 0.51%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Index

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year Since Inception
(06/13/2016)
ALPS Dynamic Core Income ETF - NAV 4.72% 1.28% 1.95%
Bloomberg US Aggregate Bond Index‡ 5.13% 0.17% 1.60%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $15,650,386
Number of Portfolio Holdings 45
Portfolio Turnover Rate 3%
Total Advisory Fees Paid $41,310

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*^
U.S. Treasury Bond 11/15/2043 4.75% 11.73%
U.S. Treasury Bond 05/15/2034 4.38% 5.32%
U.S. Treasury Bond 11/15/2052 4.00% 4.46%
U.S. Treasury Bond 02/15/2037 4.75% 4.04%
Kinetik Holdings LP 12/15/2028 6.63% 3.93%
General Motors Financial Co., Inc. 01/09/2033 6.40% 3.53%
Ingersoll Rand, Inc. 08/14/2033 5.70% 3.44%
Hyatt Hotels Corp. 04/23/2030 5.75% 3.40%
Concentrix Corp. 08/02/2033 6.85% 3.02%
U.S. Treasury Bond 05/15/2053 3.63% 2.60%
Total % of Top 10 Holdings 45.47%
Asset Allocation*
Government 28.72%
Consumer Discretionary 16.03%
Financials 14.60%
Energy 11.54%
Utilities 9.80%
Technology 7.98%
Industrials 6.08%
Communications 2.33%
Materials 1.39%
Money Market Fund 1.53%
Total 100.00%

*

% of Total Investments.

^

Excludes Money Market Fund.

Holdings are subject to change.

 

HOW HAS THE FUND CHANGED OVER THE PERIOD?

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/rfci or upon request at 1-866-759-5679.

Name: Effective March 31, 2026, the Fund's name changed to the ALPS Dynamic Core Income ETF (formerly, the RiverFront Dynamic Core Income ETF).

Sub-adviser Termination: Effective March 31, 2026, RiverFront Investment Group, LLC ceased to serve as sub-adviser to the Fund and ALPS Advisors, Inc., the Fund's investment adviser, assumed all responsibility for selecting the Fund's investments.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/rfci.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-RFCI-053126

 

 

 

 

ALPS Dynamic US Dividend Advantage ETF (formerly, RiverFront Dynamic US Dividend Advantage ETF)

ALPS ETF TRUST

NYSE ARCA: RFDA

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Dynamic US Dividend Advantage ETF (the "Fund" or "RFDA") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rfda. You can also request this information by contacting us at 1-866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Dynamic US Dividend Advantage ETF $27 0.52%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Index

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year Since Inception
(06/06/2016)
ALPS Dynamic US Dividend Advantage ETF - NAV 30.37% 13.19% 13.29%
S&P 500® Index‡ 29.78% 14.15% 15.60%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $87,475,674
Number of Portfolio Holdings 77
Portfolio Turnover Rate 59%
Total Advisory Fees Paid $214,466

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
NVIDIA Corp. 3.99%
Alphabet, Inc. 3.77%
Microsoft Corp. 3.51%
International Business Machines Corp. 3.30%
Hewlett Packard Enterprise Co. 2.83%
Johnson & Johnson 2.82%
JPMorgan Chase & Co. 2.71%
ConocoPhillips 2.24%
Apple, Inc. 2.22%
Taiwan Semiconductor Manufacturing Co., Ltd. 2.15%
Total % of Top 10 Holdings 29.54%
Asset Allocation*
Information Technology 21.01%
Financials 14.32%
Energy 11.64%
Health Care 9.62%
Industrials 8.58%
Communication Services 8.29%
Consumer Staples 6.14%
Consumer Discretionary 5.45%
Real Estate 4.87%
Utilities 4.81%
Materials 4.71%
Money Market Fund 0.56%
Total 100.00%

*

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

Holdings are subject to change.

 

HOW HAS THE FUND CHANGED OVER THE PERIOD?

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/rfda or upon request at 1-866-759-5679.

Name: Effective March 31, 2026, the Fund's name changed to the ALPS Dynamic US Dividend Advantage ETF (formerly, the RiverFront Dynamic US Dividend Advantage ETF).

Sub-adviser Termination: Effective March 31, 2026, RiverFront Investment Group, LLC ceased to serve as sub-adviser to the Fund and ALPS Advisors, Inc., the Fund's investment adviser, assumed all responsibility for selecting the Fund's investments.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/rfda.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-RFDA-053126

 

 

 

 

ALPS Strategic Income Fund (formerly, RiverFront Strategic Income Fund)

ALPS ETF TRUST

NYSE ARCA: RIGS

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS Strategic Income Fund (formerly, RiverFront Strategic Income Fund) (the "Fund" or "RIGS") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/rigs. You can also request this information by contacting us at 1-866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST six months?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS Strategic Income Fund $23 0.46%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Index

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year 5 Year 10 Year
ALPS Strategic Income Fund - NAV 5.15% 2.26% 3.18%
Bloomberg U.S. Aggregate Bond Index‡ 5.13% 0.17% 1.70%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $63,565,849
Number of Portfolio Holdings 80
Portfolio Turnover Rate 11%
Total Advisory Fees Paid $159,727

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*^
U.S. Treasury Bond 11/15/2052 4.00% 6.88%
U.S. Treasury Bond 02/15/2044 4.50% 5.05%
U.S. Treasury Bond 05/15/2034 4.38% 4.94%
U.S. Treasury Bond 11/15/2043 4.75% 4.32%
U.S. Treasury Bond 02/15/2037 4.75% 2.68%
Murphy Oil Corp. 10/01/2032 6.00% 1.89%
U.S. Treasury Bond 05/15/2044 4.63% 1.58%
U.S. Treasury Note 02/29/2032 4.13% 1.56%
U.S. Treasury Bond 02/15/2034 4.00% 1.53%
Textron, Inc. 05/15/2035 5.50% 1.49%
Total % of Top 10 Holdings 31.92%
Asset Allocation*
Government 30.49%
Financials 15.14%
Consumer Discretionary 12.20%
Materials 10.11%
Energy 9.14%
Industrials 7.77%
Technology 3.17%
Utilities 2.87%
Consumer Staples 2.01%
Communications 1.82%
Health Care 1.78%
Money Market Fund 3.50%
Total 100.00%

*

% of Total Investments.

^

Excludes Money Market Fund.

Holdings are subject to change.

 

HOW HAS THE FUND CHANGED OVER THE PERIOD?

This is a summary of certain changes to the Fund since November 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/exchange-traded-funds/rigs or upon request at 1-866-759-5679.

Effective May 21, 2026, the Fund underwent the below changes:

Name: The Fund's name changed to the ALPS Strategic Income Fund (formerly, the RiverFront Strategic Income Fund).

Sub-adviser Termination: RiverFront Investment Group, LLC ceased to serve as sub-adviser to the Fund and ALPS Advisors, Inc., the Fund's investment adviser, assumed all responsibility for selecting the Fund's investments.

Advisory Fee Change: The Fund's net unitary management fee changed from 0.46% to 0.45% of average daily net assets of the Fund.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/rigs.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-RIGS-053126

 

 

 

 

ALPS | Smith Core Plus Bond ETF

ALPS ETF TRUST

NYSE ARCA: SMTH

Semi-Annual Shareholder Report May 31, 2026

This semi-annual shareholder report contains important information about ALPS | Smith Core Plus Bond ETF (the "Fund" or "SMTH") for the period of December 1, 2025 to May 31, 2026 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/smth. You can also request this information by contacting us at 1-866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Costs of a $10,000 Investment Costs Paid as a Percentage of a $10,000 Investment
ALPS | Smith Core Plus Bond ETF $29 0.59%*
* Annualized
HOW DID THE FUND PERFORM FOR THE PERIOD?
Comparison of change in value of a $10,000 investment in the Fund and the Index

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Ad2 Performance Graph
Average Annual Total Returns (as of May 31, 2026)
1 Year Since Inception
(12/05/2023)
ALPS | Smith Core Plus Bond ETF - NAV 5.19% 5.70%
Bloomberg U.S. Aggregate Bond Index‡ 5.13% 4.63%

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-759-5679.

‡

Broad-based securities market index.

 

WHAT ARE SOME KEY FUND STATISTICS?
(as of May 31, 2026)
Net Assets $2,749,196,719
Number of Portfolio Holdings 980
Portfolio Turnover Rate 54%
Total Advisory Fees Paid $7,380,393

 

 

 

WHAT DID THE FUND INVEST IN?
Top Ten Holdings*
United States Treasury Notes 02/29/2028 3.38% 5.58%
United States Treasury Notes 10/31/2029 4.13% 4.35%
United States Treasury Bonds 11/15/2045 4.63% 3.96%
United States Treasury Bonds 11/15/2055 4.63% 3.50%
United States Treasury Bonds 08/15/2055 4.75% 3.06%
United States Treasury Notes 01/31/2030 4.25% 2.92%
United States Treasury Bonds 08/15/2045 4.88% 2.55%
United States Treasury Notes 08/31/2027 3.63% 1.90%
United States Treasury Bonds 05/15/2036 4.38% 1.78%
United States Treasury Bonds 02/15/2056 4.75% 1.61%
Total % of Top 10 Holdings 31.21%
Sector Allocation*
Government 38.65%
Financials 16.45%
Mortgage Securities 11.80%
Consumer Discretionary 6.93%
Industrials 5.84%
Energy 4.73%
Health Care 4.12%
Technology 3.74%
Communications 3.04%
Utilities 2.08%
Consumer Staples 1.41%
Materials 0.78%
Money Market Fund 0.43%
Total 100.00%

*

% of Total Investments.

Holdings are subject to change.

 

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/exchange-traded-funds/smth.

HOUSEHOLDING

The Funds send only one report to a household if more than one account has the same address. If you do not want this policy to apply to you, or if you wish to receive a copy of this document at a new address, contact 1-866-759-5679.

QR Code
SAR-SMTH-053126

 

 

 

(b) Not applicable

 

Item 2. Code of Ethics.

 

Not Applicable to this Report.

 

Item 3. Audit Committee Financial Expert.

 

Not Applicable to this Report.

 

Item 4. Principal Accountant Fees and Services.

 

Not Applicable to this Report.

 

Item 5. Audit Committee of Listed Registrants.

 

Not Applicable to Registrant.

 

Item 6. Schedule of Investments.

 

(a) Schedule of Investments is included in the financial statements filed under Item 7 of this Report.

 

(b) Not applicable to Registrant.

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Alerian MLP ETF  
Schedule of Investments 2
Statement of Assets and Liabilities 3
Statement of Operations 4
Statements of Changes in Net Assets 5
Financial Highlights 6
Alerian Energy Infrastructure ETF  
Schedule of Investments 7
Statement of Assets and Liabilities 9
Statement of Operations 10
Statements of Changes in Net Assets 11
Financial Highlights 12
Notes to Financial Statements and Financial Highlights 13
Additional Information 23
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 25
Proxy Disclosures for Open-End Management Investment Companies 26
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 27
Statement Regarding Basis for Approval of Investment Advisory Contract 28

 

     

 

Alerian MLP ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
MASTER LIMITED PARTNERSHIPS (107.68%)                
Compression (4.39%)                
USA Compression Partners LP(a)     19,356,543     $ 532,885,629  
                 
Gathering + Processing (23.16%)                
Hess Midstream LP, Class A(a)     30,867,210       1,157,520,375  
Western Midstream Partners LP(a)     38,588,157       1,654,274,291
Total Gathering + Processing             2,811,794,666  
                 
Liquefaction (4.69%)                
Cheniere Energy Partners LP     9,643,492       569,641,072  
                 
Marketing & Distribution (18.26%)                
Global Partners LP(a)     6,136,361       290,495,330  
Suburban Propane Partners LP(a)     15,610,986       302,853,128  
Sunoco LP(a)     24,998,399       1,623,396,031  
Total Marketing & Distribution             2,216,744,489  
                 
Pipeline Transportation | Natural Gas (26.32%)                
Energy Transfer LP     84,479,060       1,619,463,580  
Enterprise Products Partners LP     42,850,091       1,576,454,848  
Total Pipeline Transportation | Natural Gas             3,195,918,428  
                 
Pipeline Transportation | Petroleum (30.86%)                
Delek Logistics Partners LP(a)     4,604,393       227,364,926  
Genesis Energy LP(a)     26,083,257       392,031,353  
MPLX LP     26,863,531       1,468,091,969  
Plains All American Pipeline LP(a)     73,983,952       1,659,460,044  
Total Pipeline Transportation | Petroleum             3,746,948,292  
                 
TOTAL MASTER LIMITED PARTNERSHIPS                
(Cost $5,813,709,812)             13,073,932,576  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (0.00%)(b)                        
Money Market Fund (0.00%)(b)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $275,729)     3.55 %     275,729       275,729  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $275,729)                     275,729  
                         
TOTAL INVESTMENTS (107.68%)                        
(Cost $5,813,985,541)                   $ 13,074,208,305  
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.68%)                     (932,678,230 )
NET ASSETS - 100.00%                   $ 12,141,530,075  

 

(a) Affiliated Company. See Note 8 in Notes to Financial Statements and Financial Highlights.
(b) Less than 0.005%

 

See Notes to Financial Statements and Financial Highlights.

  2 | alpsfunds.com  

 

Alerian MLP ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

    Alerian MLP ETF  
ASSETS:        
Investments, at value   $ 5,233,927,198  
Investments in affiliates, at value     7,840,281,107  
Receivable for investments sold     8,926,051  
Prepaid Income Tax     59,130,250  
Receivable for shares sold     1,289,718  
Total Assets     13,143,554,324  
         
LIABILITIES:        
Payable for investments purchased     1,285,137  
Deferred tax liability (Note 2)     991,939,584  
Payable to adviser     8,799,528  
Total Liabilities     1,002,024,249  
NET ASSETS   $ 12,141,530,075  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 11,447,392,590  
Total distributable earnings/(accumulated losses)     694,137,485  
NET ASSETS   $ 12,141,530,075  
         
INVESTMENTS, AT COST   $ 1,575,296,261  
INVESTMENTS IN AFFILIATES, AT COST   $ 4,238,689,279  
         
PRICING OF SHARES:        
Net Assets   $ 12,141,530,075  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     235,357,420  
Net Asset Value, offering and redemption price per share   $ 51.59  

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

Alerian MLP ETF

 

Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

    Alerian MLP ETF  
INVESTMENT INCOME:        
Distributions from master limited partnerships   $ 456,491,917 (a) 
Dividend income     124,950  
Less return of capital distributions     (441,008,497 )
Total investment income     15,608,370  
         
EXPENSES:        
Investment adviser fees     48,020,281  
Total expenses     48,020,281  
NET INVESTMENT LOSS, BEFORE INCOME TAXES     (32,411,911 )
Current income tax benefit/(expense)     7,099,576  
NET INVESTMENT LOSS     (25,312,335 )
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments, before income taxes     80,727,237  
Net realized gain on affiliated investments, before income taxes     228,518,589  
Current income tax benefit/(expense)     (67,737,867 )
Total net realized gain     241,507,959  
Net change in unrealized appreciation on investments, before income taxes     494,075,407  
Net change in unrealized appreciation on investments - affiliated securities     929,836,135  
Deferred income tax benefit/(expense)     (309,197,098 )
Total net change in unrealized appreciation on investments     1,114,714,444  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     1,356,222,403  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 1,330,910,068  

 

(a) Includes return of capital distributions and dividend income from affiliated investments in the amount of $267,554,141 and $15,483,420, respectively.

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

Alerian MLP ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment loss   $ (25,312,335 )   $ (40,551,489 )
Net realized gain     241,507,959       348,729,115  
Net change in unrealized appreciation/(depreciation)     1,114,714,444       (227,048,374 )
Net increase in net assets resulting from operations     1,330,910,068       81,129,252  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (471,873,387 )     (792,971,646 )
From tax return of capital     —       (46,684,015 )
Total distributions     (471,873,387 )     (839,655,661 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     1,031,292,267       2,022,598,199  
Cost of shares redeemed     (417,502,008 )     (825,909,887 )
Net increase from capital share transactions     613,790,259       1,196,688,312  
                 
Net increase in net assets     1,472,826,940       438,161,903  
                 
NET ASSETS:                
Beginning of period     10,668,703,135       10,230,541,232  
End of period   $ 12,141,530,075     $ 10,668,703,135  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     223,657,420       199,607,420  
Shares sold     20,075,000       41,025,000  
Shares redeemed     (8,375,000 )     (16,975,000 )
Shares outstanding, end of period     235,357,420       223,657,420  

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

Alerian MLP ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the
Six Months

Ended
May 31, 2026
(Unaudited)

    

For the Year
Ended

November 30,

2025

     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 47.70     $ 51.25     $ 44.17     $ 40.01     $ 31.63     $ 25.02  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment loss(a)     (0.14 )     (0.19 )     (0.24 )     (0.24 )     (0.28 )     (0.27 )
Net realized and unrealized gain     6.07       0.57       11.03       7.74       11.59       9.68  
Total from investment operations     5.93       0.38       10.79       7.50       11.31       9.41  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (2.04 )     (3.71 )     (3.52 )     (3.34 )     –       –  
From tax return of capital     –       (0.22 )     (0.19 )     –       (2.93 )     (2.80 )
Total distributions     (2.04 )     (3.93 )     (3.71 )     (3.34 )     (2.93 )     (2.80 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     3.89       (3.55 )     7.08       4.16       8.38       6.61  
NET ASSET VALUE, END OF PERIOD   $ 51.59     $ 47.70     $ 51.25     $ 44.17     $ 40.01     $ 31.63  
                                                 
TOTAL RETURN(b)     12.37 %     0.79 %     25.74 %     19.82 %     36.31 %     37.97 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 12,141,530     $ 10,668,703     $ 10,230,541     $ 7,499,809     $ 6,679,200     $ 4,980,175  
                                                 
Ratio of expenses (excluding net current and deferred tax expenses/benefits and franchise tax expense) to average net assets     0.83 %(c)      0.84 %     0.85 %     0.85 %     0.85 %     0.85 %
Ratio of expenses (including current and deferred tax expenses/benefits) to average net assets(d)     0.71 %(c)      0.73 %     0.72 %     0.79 %     0.74 %     0.85 %
Ratio of expenses (including net current and deferred tax expenses/benefits) to average net assets(e)     7.21 %(c)      1.01 %     6.39 %     2.67 %     5.03 %     0.87 %
Ratio of net investment loss (excluding deferred tax expenses/benefits and franchise tax expense) to average net assets     (0.56 )%(c)      (0.50 )%     (0.65 )%     (0.65 )%     (0.85 )%     (0.85 )%
Ratio of net investment loss (including deferred tax expenses/benefits) to average net assets(d)     (0.44 )%(c)      (0.39 )%     (0.53 )%     (0.59 )%     (0.74 )%     (0.85 )%
Portfolio turnover rate(f)     35 %     14 %     18 %     40 %     26 %     20 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Includes amount of current and deferred tax benefit associated with net investment income/(loss).
(e) Includes amount of current and deferred taxes/benefits for all components of the Statement of Operations.
(f) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
CANADIAN ENERGY INFRASTRUCTURE COMPANIES (28.80%)                
Gathering + Processing (4.69%)                
Keyera Corp.     521,281     $ 21,624,096  
                 
Pipeline Transportation | Natural Gas (5.21%)                
TC Energy Corp.     360,573       24,025,123  
                 
Pipeline Transportation | Petroleum (17.23%)                
Enbridge, Inc.(a)     700,383       38,426,700  
Pembina Pipeline Corp.     511,332       23,852,146  
South Bow Corp.(a)     474,941       17,087,059  
Total Pipeline Transportation | Petroleum             79,365,905  
                 
Storage (1.67%)                
Gibson Energy, Inc.(a)     372,622       7,689,476  
                 
TOTAL CANADIAN ENERGY INFRASTRUCTURE COMPANIES                
(Cost $100,908,301)             132,704,600  
                 
U.S. ENERGY INFRASTRUCTURE COMPANIES (28.88%)                
Energy (2.08%)                
Venture Global, Inc.     798,072       9,608,787  
                 
Gathering + Processing (6.27%)                
Select Water Solutions, Inc.     249,461       4,472,836  
Targa Resources Corp.     95,650       24,397,445  
Total Gathering + Processing             28,870,281  
                 
Liquefaction (4.88%)                
Cheniere Energy, Inc.     89,725       20,175,563  
NextDecade Corp.(a)(b)     291,231       2,303,637  
Total Liquefaction             22,479,200  
                 
Pipeline Transportation | Natural Gas (15.65%)                
DT Midstream, Inc.     167,890       23,501,242  
Kinder Morgan, Inc.     682,270       21,204,952  
Kinetik Holdings, Inc.     105,906       4,866,381  
ONEOK, Inc.     268,177       22,510,777  
Total Pipeline Transportation | Natural Gas             72,083,352  
                 
TOTAL U.S. ENERGY INFRASTRUCTURE COMPANIES                
(Cost $90,544,204)             133,041,620  
                 
U.S. ENERGY INFRASTRUCTURE MLPS (27.39%)                
Gathering + Processing (6.40%)                
Delek Logistics Partners LP     31,173       1,539,323  
Hess Midstream LP, Class A     294,019       11,025,713  
Western Midstream Partners LP     394,943       16,931,206  
Security Description   Shares     Value  
Gathering + Processing (6.40%) (continued)                
Total Gathering + Processing           $ 29,496,242  
                 
Pipeline Transportation | Natural Gas (15.09%)                
Energy Transfer LP     1,909,107       36,597,581  
Enterprise Products Partners LP     894,521       32,909,428  
Total Pipeline Transportation | Natural Gas             69,507,009  
                 
Pipeline Transportation | Petroleum (5.90%)                
Genesis Energy LP     176,761       2,656,718  
MPLX LP     390,245       21,326,889  
NGL Energy Partners LP(b)     186,812       3,194,485  
Total Pipeline Transportation | Petroleum             27,178,092  
                 
TOTAL U.S. ENERGY INFRASTRUCTURE MLPS                
(Cost $107,203,615)             126,181,343  
                 
U.S. GENERAL PARTNERS (14.71%)                
Gathering + Processing (9.49%)                
Antero Midstream Corp.     753,028       15,783,467  
The Williams Cos., Inc.     391,189       27,926,983  
Total Gathering + Processing           43,710,450  
                 
Pipeline Transportation | Petroleum (5.22%)                
Plains GP Holdings LP, Class A     988,467       24,069,171  
                 
TOTAL U.S. GENERAL PARTNERS                
(Cost $47,301,140)             67,779,621  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (3.84%)                        
Money Market Fund (0.12%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $575,481)     3.55 %     575,481       575,481  
                         
Investments Purchased with Collateral from Securities Loaned (3.72%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $17,127,225)             17,127,225       17,127,225  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $17,702,706)                     17,702,706  
                         
TOTAL INVESTMENTS (103.62%)                        
(Cost $363,659,966)                   $ 477,409,890  
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.62%)                     (16,692,933 )
NET ASSETS - 100.00%                   $ 460,716,957  

 

See Notes to Financial Statements and Financial Highlights.

  7 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $52,038,166.
(b) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights.

  8 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:      
Investments, at value(a)   $ 477,409,890  
Foreign currency, at value (Cost $158,605)     158,559  
Receivable for investments sold     270,900  
Dividends receivable     414,917  
Interest receivable     2,725  
Receivable for shares sold     935,362  
Total Assets     479,192,353  
         
LIABILITIES:        
Payable for investments purchased     1,209,204  
Payable to adviser     138,967  
Payable for collateral upon return of securities loaned     17,127,225  
Total Liabilities     18,475,396  
NET ASSETS   $ 460,716,957  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 339,803,574  
Total distributable earnings/(accumulated losses)     120,913,383  
NET ASSETS   $ 460,716,957  
         
INVESTMENTS, AT COST   $ 363,659,966  
         
PRICING OF SHARES:        
Net Assets   $ 460,716,957  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     12,275,000  
Net Asset Value, offering and redemption price per share   $ 37.53  

 

(a) Includes $52,038,166 of securities on loan.

 

See Notes to Financial Statements and Financial Highlights.

  9 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

    Alerian Energy
Infrastructure ETF		  
INVESTMENT INCOME:        
Dividend income*   $ 9,490,871  
Securities lending income     32,013  
Total investment income     9,522,884  
         
EXPENSES:        
Investment adviser fees     688,067  
Total expenses     688,067  
NET INVESTMENT INCOME     8,834,817  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments(a)     3,010,662  
Net realized loss on foreign currency transactions     (5,035 )
Total net realized gain     3,005,627  
Net change in unrealized appreciation on investments     60,565,383  
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies     (2,588 )
Total net change in unrealized appreciation on investments     60,562,795  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     63,568,422  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 72,403,239  
* Net of foreign tax withholding:   $ 421,365  

 

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

 

See Notes to Financial Statements and Financial Highlights.

  10 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 8,834,817     $ 12,089,686  
Net realized gain     3,005,627       11,333,713  
Net change in unrealized appreciation/(depreciation)     60,562,795       (22,185,841 )
Net increase in net assets resulting from operations     72,403,239       1,237,558  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (8,803,246 )     (7,161,194 )
From tax return of capital     —       (7,257,523 )
Total distributions     (8,803,246 )     (14,418,717 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     76,130,716       134,640,979  
Cost of shares redeemed     (5,638,822 )     (30,375,387 )
Net increase from capital share transactions     70,491,894       104,265,592  
                 
Net increase in net assets     134,091,887       91,084,433  
                 
NET ASSETS:                
Beginning of period     326,625,070       235,540,637  
End of period   $ 460,716,957     $ 326,625,070  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     10,375,000       7,125,000  
Shares sold     2,075,000       4,200,000  
Shares redeemed     (175,000 )     (950,000 )
Shares outstanding, end of period     12,275,000       10,375,000  

 

See Notes to Financial Statements and Financial Highlights.

  11 | alpsfunds.com  

 

Alerian Energy Infrastructure ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the
Six Months

Ended
May 31, 2026

(Unaudited)

    

For the Year
Ended

November 30,

2025

    

For the Year
Ended

November 30,
2024

     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 31.48     $ 33.06     $ 23.21     $ 22.64     $ 18.59     $ 14.51  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     0.79       1.30       1.18       0.97       0.61       1.08  
Net realized and unrealized gain/(loss)     6.04       (1.38 )     10.04       0.86       4.57       4.49  
Total from investment operations     6.83       (0.08 )     11.22       1.83       5.18       5.57  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.78 )     (0.75 )     (0.70 )     (0.33 )     (0.21 )     (0.74 )
From tax return of capital     –       (0.75 )     (0.67 )     (0.93 )     (0.92 )     (0.75 )
Total distributions     (0.78 )     (1.50 )     (1.37 )     (1.26 )     (1.13 )     (1.49 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     6.05       (1.58 )     9.85       0.57       4.05       4.08  
NET ASSET VALUE, END OF PERIOD   $ 37.53     $ 31.48     $ 33.06     $ 23.21     $ 22.64     $ 18.59  
                                                 
TOTAL RETURN(b)     21.70 %     (0.16 )%     50.02 %     8.63 %     28.21 %     38.93 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 460,717     $ 326,625     $ 235,541     $ 132,274     $ 142,086     $ 59,487  
                                                 
Ratio of expenses to average net assets     0.35 %(c)      0.35 %     0.35 %     0.35 %     0.35 %     0.51 %(d) 
Ratio of net investment income to average net assets     4.49 %(c)      4.11 %     4.50 %     4.46 %     2.84 %     5.84 %
Portfolio turnover rate(e)     9 %     21 %     33 %     28 %     26 %     34 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Effective July 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.35%.
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  12 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the Alerian MLP ETF and the Alerian Energy Infrastructure ETF (each a “Fund” and collectively, the “Funds”).

 

The investment objective of the Alerian MLP ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index. The investment objective of the Alerian Energy Infrastructure ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian Midstream Energy Select Index. As a secondary objective, the Alerian Energy Infrastructure ETF seeks to provide total return through income and capital appreciation. The investment advisor uses a “passive management” or indexing investment approach to try to achieve each Fund’s investment objective. Each Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

 

Each Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares, at net asset value (“NAV”), in blocks of 25,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

The Funds’ investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Funds’ 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.

  13 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, and Limited Partnerships 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, 2026:

 

Alerian MLP ETF

 

    Level 1 - Quoted and     Level 2 - Other Significant     Level 3 - Significant        
Investments in Securities at Fair Value   Unadjusted Prices     Observable Inputs     Unobservable Inputs     Total  
Master Limited Partnerships*   $ 13,073,932,576     $ –     $ –     $ 13,073,932,576  
Short Term Investments     275,729       –       –       275,729  
Total   $ 13,074,208,305     $ –     $ –     $ 13,074,208,305  

 

Alerian Energy Infrastructure ETF

 

    Level 1 - Quoted and     Level 2 - Other Significant     Level 3 - Significant        
Investments in Securities at Fair Value   Unadjusted Prices     Observable Inputs     Unobservable Inputs     Total  
Canadian Energy Infrastructure Companies*   $ 132,704,600     $ –     $ –     $ 132,704,600  
U.S. Energy Infrastructure Companies*     133,041,620       –       –       133,041,620  
U.S. Energy Infrastructure MLPs*     126,181,343       –       –       126,181,343  
U.S. General Partners*     67,779,621       –       –       67,779,621  
Short Term Investments     17,702,706       –       –       17,702,706  
Total   $ 477,409,890     $ –     $ –     $ 477,409,890  

 

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

 

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2026.

  14 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

C. 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.

 

D. 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 amortization of premiums and accretion of discounts.

 

E. Dividends and Distributions to Shareholders

Each Fund intends to declare and make quarterly distributions, or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Alerian Energy Infrastructure ETF, if any, are distributed at least annually. Distributions from net investment income and capital gains are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds.

 

Distributions received from each Fund’s investments in Master Limited Partnerships (“MLPs”) may be comprised of both income and return of capital. Each Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

 

The Funds each expect a portion of its distributions to shareholders might be comprised of tax deferred return of capital. Return of capital distributions are not taxable income to the shareholder, but reduce the investor’s tax basis in the investor’s Fund Shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund Shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Funds when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Funds.

 

F. Federal Income Taxation and Tax Basis Information

 

Alerian MLP ETF

The Fund is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. This treatment differs from most investment companies, which elect to be treated as “regulated investment companies” under the Internal Revenue Code of 1986, as amended (the “Code”) in order to avoid paying entity level income taxes. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs invested in energy assets. The Fund expects that substantially all of the distributions it receives from MLPs may be treated as a tax-deferred return of capital, thus reducing the Fund’s current tax liability. However, the amount of taxes paid by the Fund will vary depending on the amount of income and gains derived from investments and/or sales of MLP interests and such taxes will reduce your return from an investment in the Fund.

 

Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund shares will also be reduced by the accrual of any deferred tax liabilities. The Underlying Index however is calculated without any deductions for taxes. As a result, the Fund's after tax performance could differ significantly from the Underlying Index even if the pretax performance of the Fund and the performance of Underlying Index are closely related.

 

Cash distributions from MLPs to the Fund that exceed the Fund’s allocable share of such MLP’s net taxable income are considered a tax deferred return of capital that will reduce the Fund’s adjusted tax basis in the equity securities of the MLP. These reductions in the Fund’s adjusted tax basis in the MLP equity securities will increase the amount of any taxable gain (or decrease the amount of any tax loss) recognized by the Fund on a subsequent sale of the securities. A portion of any gain or loss recognized by the Fund on a sale of an MLP equity security (or by an MLP on a sale of an underlying asset) may be separately computed and treated as ordinary income or loss under the Code to the extent attributable to assets of the MLP that give rise to depreciation recapture, intangible drilling and development cost recapture, or other "unrealized receivables" or "inventory items" under the Code. Any such gain may exceed net taxable gain realized on the sale and will be recognized even if there is a net taxable loss on the sale. The Fund's net capital losses may only be used to offset capital gains and therefore cannot be used to offset gains that are treated as ordinary income. Thus, the Fund could recognize both gain that is treated as ordinary income and a capital loss on a sale of an MLP equity security (or on an MLP's sale of an underlying asset) and would not be able to use the capital loss to offset that gain. The Fund will accrue deferred income taxes for any future tax liability associated with (i) that portion of MLP distributions considered to be a tax-deferred return of capital as well as (ii) capital appreciation of its investments. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes. The Fund will rely to some extent on information provided by the MLPs, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund’s NAV. From time to time, the Adviser will modify the estimates or assumptions related to the Fund’s deferred tax liability as new information becomes available and may consider, among other matters, the duration of statutory carryforward periods, shareholder transactions, underlying index constituent changes and market conditions. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations and an assumed rate attributable to state taxes.

  15 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The Fund’s income tax expense/(benefit) consists of the following:

 

Alerian MLP ETF   Period ended May 31, 2026  
    Current     Deferred     Total  
Federal   $ (21,988,844 )   $ 373,912,798     $ 351,923,954  
State     3,569       17,907,865       17,911,434  
Valuation Allowance     –       –       –  
Total tax expense/(benefit)   $ (21,985,275 )   $ 391,820,663     $ 369,835,388  

 

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

 

Components of the Fund’s deferred tax assets and liabilities are as follows:

 

Alerian MLP ETF

 

    As of May 31, 2026     As of November 30, 2025  
Deferred tax assets:                
Capital loss carryforward   $ 63,831,083     $ 300,505,312  
Net operating loss carryforward     44,738,685       23,297,010  
Income recognized from MLP investments     2,365,006,243       2,012,847,124  
Other deferred tax assets     26,010,972       29,933,849  
Alternative Minimum Tax     27,417,819       46,707,131  
Valuation allowance     (12,413,363 )     (12,413,363 )
Less Deferred tax liabilities:                
Net unrealized gain on investment securities     (3,506,531,023 )     (3,000,995,983 )
Other deferred tax liabilities     –       –  
Net Deferred Tax Asset/(Liability)   $ (991,939,584 )   $ (600,118,920 )

 

Due to the activities of the MLPs that the Fund is invested in, the Fund is required to pay franchise tax in certain states. Generally, franchise tax expense is a tax on equity of a corporation, or base minimum fees, imposed by various jurisdictions. The amounts of the tax are estimated throughout the year based upon the Fund's estimate of underlying activities conducted in the states and reconciled to actual amounts paid upon the filing of the tax returns for the states. These taxes are paid as either estimated tax payments, extension payments, or with the tax return filings of the various states.

 

The capital loss carryforward is available to offset future taxable income. The capital loss can be carried forward for 5 years and back 3 years. The Fund has net capital loss carryforwards for federal income tax purposes as follows:

 

Alerian MLP ETF   Period-Ended   Amount     Expiration
Federal   11/30/2022   $ 290,141,288     11/30/2027
Total       $ 290,141,288      

 

The net operating loss carryforward is available to offset future taxable income. The Fund has net operating loss carryforwards for federal income tax purposes of $26,317,743, generated in the current year and has state tax net operating loss carryforwards of various amounts per state. The Deferred Tax Assets associated with these state tax net operating losses are as follows:

 

Alerian MLP ETF   Period-Ended   Amount     Expiration
State   11/30/2012   $ 245,547     Varies by State
State   11/30/2013     1,060,712     Varies by State
State   11/30/2014     337,635     Varies by State
State   11/30/2015     2,107,168     Varies by State
State   11/30/2016     3,943,923     Varies by State
State   11/30/2017     3,273,384     Varies by State
State   11/30/2018     1,178,714     Varies by State
State   11/30/2019     1,047,429     Varies by State
State   11/30/2020     1,179,116     Varies by State
State   11/30/2021     1,712,944     Varies by State

 

  16 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Alerian MLP ETF   Period-Ended   Amount     Expiration
State   11/30/2022     256,423     Varies by State
State   11/30/2023     146,812     Varies by State
State   11/30/2024     4,436,672     Varies by State
Total       $ 20,926,479      

 

The Fund reviews the recoverability of its deferred tax assets based upon the weight of available evidence. When assessing the recoverability of its deferred tax assets, significant weight was given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized.

 

Based upon the Fund’s assessment, it has determined that it is “more-likely-than-not” that a portion of its deferred tax assets will not be realized through future taxable income of the appropriate character. Accordingly, a valuation allowance has been established for the Fund's net operating losses in certain states. The Fund will continue to assess the need for a valuation allowance in the future.

 

Total income tax expense/(benefit) (current and deferred) differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

 

Alerian MLP ETF   As of May 31, 2026  
Income tax expense at statutory rate   $ 357,156,546  
State income taxes (net of federal benefit)     17,007,455  
Permanent differences, net     (4,328,613 )
Effect of tax rate change (state level)     -  
Valuation allowance     -  
Net income tax expense   $ 369,835,388  

 

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For the six month period ended, May 31, 2026, the Fund paid no penalties and interest.

 

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. Tax periods ended November 30, 2022 through November 30, 2024 remain subject to examination by tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

 

Under the Inflation Reduction Act of 2022, a 15% corporate alternative minimum tax on adjusted financial statement income is applicable to corporate entities with average annual adjusted financial statement income in excess of $1 billion for a three-taxable-year period. This corporate alternative minimum tax applies to the Fund for the current taxable year, but no additional liability is anticipated in the current year. The impact to current tax expense and amounts payable result in an offsetting deferred tax benefit, subject to realization.

 

Alerian Energy Infrastructure ETF

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 Fund’s 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, 2026.

 

No provision for income taxes is included in the accompanying financial statements, as the Alerian Energy Infrastructure ETF intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The Alerian Energy Infrastructure ETF 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 month period ended, May 31, 2026, the Alerian Energy Infrastructure ETF did not have a liability for any unrecognized tax benefits. The Alerian Energy Infrastructure ETF files U.S. federal, state, and local tax returns as required. The 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. The Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

  17 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

    Ordinary     Long-Term     Return  
Fund   Income     Capital Gain     of Capital  
November 30, 2025                        
Alerian Energy Infrastructure ETF   $ 7,161,194     $ —     $ 7,257,523  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
Alerian Energy Infrastructure ETF   $ —     $ 747,958  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

    Gross     Gross           Cost of  
    Appreciation     Depreciation     Net Unrealized     Investments  
    (excess of value     (excess of tax     Appreciation/     for Income Tax  
Fund   over tax cost)     cost over value)     (Depreciation)     Purposes  
Alerian MLP ETF   $ 5,243,201,380     $ (50,635,948 )   $ 5,192,565,432     $ 7,881,642,873  
Alerian Energy Infrastructure ETF     137,137,241       (3,016,687 )     134,120,554       343,289,336  

 

The difference between cost amounts for financial statement purposes is due primarily to the recognition of pass-through income from a Funds’ investments in master limited partnerships, and 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, 2026.

 

G. Lending of Portfolio Securities

The Alerian Energy Infrastructure ETF has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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 Statement 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 

The following is a summary of the Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

    Market Value of     Cash     Non-Cash     Total  
Fund   Securities on Loan     Collateral Received     Collateral Received     Collateral Received  
Alerian Energy Infrastructure ETF   $ 52,038,166     $ 17,127,225     $ 38,569,565     $ 55,696,790  

  18 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund 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, 2026:

 

Alerian Energy Infrastructure ETF

 

    Remaining contractual maturity of the agreements  
    Overnight &                 Greater than        
Securities Lending Transactions   Continuous     Up to 30 Days     30-90 Days     90 Days     Total  
Common Stocks   $ 17,127,225     $ –     $ –     $ –     $ 17,127,225  
Total Borrowings                                     17,127,225  
Gross amount of recognized liabilities for securities lending (collateral received)       $ 17,127,225  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

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

 

Fund         Advisory Fee
Alerian MLP ETF     0.85 %   Average net assets up to and including $7 billion
      0.825 %   Average net assets greater than $7 billion up to and including $8.5 billion
      0.80 %   Average net assets greater than $8.5 billion up to and including $10.5 billion
      0.75 %   Average net assets greater than $10.5 billion up to and including $12.5 billion
      0.70 %   Average net assets greater than $12.5 billion up to and including $14.5 billion
      0.65 %   Average net assets greater than $14.5 billion up to and including $16.5 billion
      0.60 %   Average net assets greater than $16.5 billion up to and including $18.5 billion
      0.55 %   Average net assets greater than $18.5 billion up to and including $20.5 billion
      0.50 %   Average net assets greater than $20.5 billion up to and including $22.5 billion
      0.45 %   Average net assets greater than $22.5 billion up to and including $25 billion
      0.40 %   Average net assets greater than $25 billion

 

Fund         Advisory Fee
Alerian Energy Infrastructure 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.

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

  19 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, U.S. Government securities and short-term investments, were as follows:

 

Fund   Purchases     Sales  
Alerian MLP ETF   $ 4,368,000,748     $ 4,853,336,111  
Alerian Energy Infrastructure ETF     34,257,766       34,340,781  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
Alerian MLP ETF   $ 1,028,095,020     $ —  
Alerian Energy Infrastructure ETF     76,106,391       5,425,866  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
Alerian Energy Infrastructure ETF   $ 2,098,716  

 

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. MASTER LIMITED PARTNERSHIPS

 

 

MLPs are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include, among other things, natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.

 

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is distributed to both common and subordinated units and generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

 

6. CAPITAL SHARE TRANSACTIONS

 

 

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

  20 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

7. RELATED PARTY TRANSACTIONS

 

 

The Funds can engage in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services during the six months ended May 31, 2026, 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 or sub-adviser. The Board previously adopted procedures that apply to transactions 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.

 

There were no transactions related to cross trades during the six months ended May 31, 2026.

 

8. AFFILIATED COMPANIES

 

 

As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund.

 

For the six months ended May 31, 2026, the Alerian MLP ETF held shares in the following affiliates, as defined by the Investment Company Act of 1940.

 

Security Name  

Share
Balance as
of May 31,

2026

    

Market Value
as of November

30, 2025

     Purchases     Purchases
In-Kind		     Sales    

Market Value as of May 31,

2026

     Dividends    

Return of

Capital

    

Change in

Unrealized Appreciation / (Depreciation)

     Realized Gain/ (Loss)  
Delek Logistics Partners LP     4,604,393     $ 200,212,251     $ 3,634,425     $ 18,841,822     $ (10,644,827 )   $ 227,364,926     $ -     $ (10,217,733 )   $ 25,758,407     $ (219,419 )
Genesis Energy LP     26,083,257       378,170,106       10,756,035       35,373,496       (14,782,998 )     392,031,353       -       (9,131,452 )     (7,630,508 )     (723,326 )
Global Partners LP     6,136,361       256,165,908       7,007,673       23,033,124       (15,701,581 )     290,495,330       -       (9,271,385 )     30,791,369       (1,529,778 )
Hess Midstream LP, Class A     30,867,210       991,444,357       786,975,301       92,702,854       (823,961,498 )     1,157,520,375       15,483,420       (31,326,730 )     (60,655,402 )     202,466,442  
Plains All American Pipeline LP     73,983,952       1,346,945,298       -       127,329,287       (196,045,129 )     1,659,460,044       -       (62,747,770 )     423,719,245       20,259,112  
Suburban Propane Partners LP     15,610,986       285,117,142       8,057,976       24,786,719       (12,746,824 )     302,853,128       -       (9,961,587 )     8,062,275       (462,573 )
Sunoco LP     24,998,399       1,378,002,744       60,610,909       126,738,899       (159,719,438 )     1,623,396,031       -       (48,018,521 )     260,146,897       5,634,541  
USA Compression Partners LP     19,356,543       439,516,246       29,737,856       40,376,210       (16,968,965 )     532,885,629       -       (19,374,350 )     60,345,629       (746,997 )
Western Midstream Partners LP     38,588,157       1,375,665,822       433,264,730       123,894,783       (404,185,240 )     1,654,274,291       -       (67,504,614 )     189,298,223       3,840,587  
                                            $ 7,840,281,107     $ 15,483,420     $ (267,554,141 )   $ 929,836,135     $ 228,518,589  

 

9. MARKET RISK

 

 

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. Securities in the Funds' 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, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

  21 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

10. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

11. SUBSEQUENT EVENTS

 

 

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

  22 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

 

The Funds report the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction
Alerian MLP ETF 100.00% 100.00%
Alerian Energy Infrastructure ETF 100.00% 9.15%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

 

LICENSING AGREEMENTS

 

 

Alerian (the “Licensor”) has entered into an index licensing agreement with the Adviser with respect to each of the Alerian MLP ETF and the Alerian Energy Infrastructure ETF, to allow the Adviser’s use of AMZI and AMEI. The following disclosure relates to the Licensor:

 

VettaFi is the designer of the construction and methodology for the Underlying Index. “Alerian,” “Alerian MLP Infrastructure Index,” “Alerian Midstream Energy Select Index,” “Alerian MLP Index,” “Alerian Index Series,” “AMZI,” “AMEI,” and “AMZ” are service marks or trademarks of VettaFi. VettaFi acts as brand licensor for each Underlying Index. VettaFi is not responsible for the descriptions of either Underlying Index or the Funds that appear herein. VettaFi is not affiliated with the Trust, the Adviser or the Distributor.

 

Neither Fund is issued, sponsored, endorsed, sold or promoted by VettaFi (“Licensor”) or its affiliates. Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Alerian MLP Infrastructure Index or the Alerian Midstream Energy Select Index to track general market performance. Licensor’s only relationship to the Licensee is the licensing of the Index which 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 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 issuance, administration, marketing or trading of either Fund and is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of either Fund or in the determination or calculation of the NAV of the relevant Fund. Alerian MLP Infrastructure Index, Alerian MLP Infrastructure Total Return Index, AMZI, AMZIX, Alerian Midstream Energy Select Index, Alerian Midstream Energy Select Total Return Index, Alerian MLP Index, AMEI, AMEIX, AMNA and AMZ are trademarks of VettaFi and their general use is granted under a license from VettaFi.

 

LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF EACH INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS OF ANY KIND RELATED TO EACH INDEX OR DATA. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF EITHER FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF EACH INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED TO LICENSEE OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO EACH 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.

 

The Adviser does not guarantee the accuracy and/or the completeness of either Underlying Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. Errors in respect of the quality, accuracy and completeness of the data used to compile the Underlying Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the indices are less commonly used as benchmarks by funds or managers. Such errors may negatively or positively impact the Fund and its shareholders. For example, during a period where the Underlying Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Underlying Index’s other constituents. The Adviser makes no warranty, express or implied, as to results to be obtained by either Fund, owners of the Shares of the relevant Fund or any other person or entity from the use of either 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 either 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 either Underlying Index, even if notified of the possibility of such damages.

  23 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Additional Information May 31, 2026 (Unaudited)

 

Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Underlying Index in order, for example, to correct an error in the selection of index constituents. When the Underlying Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Underlying Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider or its agents to the Underlying Index may increase the costs to and the tracking error risk of the Fund.

  24 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  25 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Proxy Disclosures for Open-End Management
Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  26 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

    Aggregate Regular
Compensation From the Trust		     Aggregate Special
Compensation From the Trust		    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  27 | alpsfunds.com  

 

Alerian Exchange Traded Funds

 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  28 | alpsfunds.com  

 

     

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Schedule of Investments 2
Statement of Assets and Liabilities 4
Statement of Operations 5
Statements of Changes in Net Assets 6
Financial Highlights 7
Notes to Financial Statements and Financial Highlights 8
Additional Information 13
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 14
Proxy Disclosures for Open-End Management Investment Companies 15
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 16
Statement Regarding Basis for Approval of Investment Advisory Contract 17

 

     

 

ALPS Active Equity Opportunity ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (97.81%)                
Communication Services (8.53%)                
Alphabet, Inc., Class A     4,217     $ 1,603,894  
Meta Platforms, Inc., Class A     1,143       722,959  
Walt Disney Co.     2,045       208,242  
Total Communication Services             2,535,095  
                 
Consumer Discretionary (9.11%)                
Amazon.com, Inc.(a)     4,346       1,176,201  
Lowe’s Cos., Inc.     1,555       333,330  
Marriott International, Inc., Class A     883       331,655  
McDonald’s Corp.     1,059       295,673  
O’Reilly Automotive, Inc.(a)     3,472       301,647  
Tesla, Inc.(a)     614       267,575  
Total Consumer Discretionary             2,706,081  
                 
Consumer Staples (2.63%)                
Costco Wholesale Corp.     286       273,507  
Walmart, Inc.     4,389       508,027  
Total Consumer Staples             781,534  
                 
Energy (4.73%)                
Baker Hughes Co.     7,422       474,117  
ConocoPhillips     4,691       534,680  
Enbridge, Inc.(b)     3,374       184,693  
Phillips 66     1,205       211,936  
Total Energy             1,405,426  
                 
Financials (10.62%)                
American Express Co.     1,736       549,392  
Goldman Sachs Group, Inc.     686       703,534  
Intercontinental Exchange, Inc.     2,167       320,391  
JPMorgan Chase & Co.     2,150       643,517  
Mastercard, Inc., Class A     777       383,822  
S&P Global, Inc.     663       281,112  
Wells Fargo & Co.     3,536       274,181  
Total Financials             3,155,949  
                 
Health Care (11.49%)                
Eli Lilly & Co.     365       403,325  
Gilead Sciences, Inc.     2,544       341,990  
HCA Healthcare, Inc.     533       201,762  
IQVIA Holdings, Inc.(a)     1,218       221,932  
Johnson & Johnson     4,511       1,016,464  
Merck & Co., Inc.     2,020       239,814  
Thermo Fisher Scientific, Inc.     654       322,101  
UnitedHealth Group, Inc.     990       376,507  
Vertex Pharmaceuticals, Inc.(a)     645       288,663  
Total Health Care             3,412,558  
                 
Industrials (11.93%)                
ABB, Ltd., ADR     2,450       261,513  
Caterpillar, Inc.     1,244       1,089,582  
Deere & Co.     675       365,971  
Old Dominion Freight Line, Inc.     1,680       378,252  
RTX Corp.     3,129       562,156  
Security Description   Shares     Value  
COMMON STOCKS (continued)                
Schneider Electric SE, ADR(b)     4,445     $ 279,591  
Trane Technologies PLC     475       214,368  
Waste Management, Inc.     1,858       392,893  
Total Industrials             3,544,326  
                 
Information Technology (32.25%)                
Amphenol Corp., Class A     4,647       691,288  
Apple, Inc.     5,010       1,563,420  
Broadcom, Inc.     655       292,634  
Intel Corp.(a)     5,685       651,956  
International Business Machines Corp.     1,026       305,543  
Lam Research Corp.     2,283       726,405  
Microsoft Corp.     3,510       1,580,342  
Motorola Solutions, Inc.     685       276,247  
NVIDIA Corp.     5,671       1,197,375  
Snowflake, Inc., Class A(a)     2,355       601,820  
Synopsys, Inc.(a)     445       211,651  
Taiwan Semiconductor Manufacturing Co., Ltd., ADR     2,746       1,149,064  
TE Connectivity PLC     1,565       333,987  
Total Information Technology             9,581,732  
                 
Materials (2.23%)                
Freeport-McMoRan, Inc.     5,028       330,390  
Linde PLC     669       332,954  
Total Materials             663,344  
                 
Real Estate (1.99%)                
Equity LifeStyle Properties, Inc.     4,327       267,279  
Welltower, Inc.     1,575       323,395  
Total Real Estate             590,674  
                 
Utilities (2.30%)                
Alliant Energy Corp.(b)     3,920       280,711  
Duke Energy Corp.     2,387       292,957  
NRG Energy, Inc.     823       110,348  
Total Utilities             684,016  
                 
TOTAL COMMON STOCKS                
(Cost $21,159,119)             29,060,735  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (3.85%)                        
Money Market Fund (2.12%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $630,546)     3.55 %     630,546       630,546  

 

See Notes to Financial Statements and Financial Highlights. 

  2 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

   

7-Day

Yield

     Shares     Value  
SHORT TERM INVESTMENTS (continued)                        
Investments Purchased with Collateral from Securities Loaned (1.73%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $514,190)           514,190     $ 514,190  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $1,144,736)                     1,144,736  
                         
TOTAL INVESTMENTS (101.66%)                        
(Cost $22,303,855)                   $ 30,205,471  
LIABILITIES IN EXCESS OF OTHER ASSETS(-1.66%)                     (492,638 )
NET ASSETS - 100.00%                   $ 29,712,833  

 

(a) Non-income producing security.
(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is 670,431.

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:      
Investments, at value(a)   $ 30,205,471  
Dividends receivable     33,444  
Total Assets     30,238,915  
         
LIABILITIES:        
Payable to adviser     11,892  
Payable for collateral upon return of securities loaned     514,190  
Total Liabilities     526,082  
NET ASSETS   $ 29,712,833  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 44,320,256  
Total distributable earnings/(accumulated losses)     (14,607,423 )
NET ASSETS   $ 29,712,833  
         
INVESTMENTS, AT COST     $ 22,303,855  
         
PRICING OF SHARES:        
Net Assets   $ 29,712,833  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     400,002  
Net Asset Value, offering and redemption price per share   $ 74.28  

 

(a) Includes $670,431 of securities on loan.  

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:      
Dividend income*   $ 166,100  
Securities lending income     1,130  
Total investment income     167,230  
         
EXPENSES:        
Investment adviser fees     66,426  
Total expenses     66,426  
NET INVESTMENT INCOME     100,804  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments     301,070  
Net realized gain on forward foreign currency transactions     319  
Total net realized gain     301,389  
Net change in unrealized appreciation on investments     2,645,342  
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies     (25 )
Total net change in unrealized appreciation on investments     2,645,317  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     2,946,706  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 3,047,510  
* Net of foreign tax withholding:   $ 1,050  

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Statements of Changes in Net Assets

 

   

For the Six
Months Ended
May 31, 2026

(Unaudited)

    

For the
Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 100,804     $ 216,227  
Net realized gain     301,389       3,011,181  
Net change in unrealized appreciation/(depreciation)     2,645,317       (1,938,249 )
Net increase in net assets resulting from operations     3,047,510       1,289,159  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (90,728 )     (219,094 )
Total distributions     (90,728 )     (219,094 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     —       17,836,708  
Cost of shares redeemed     —       (16,286,483 )
Net increase from capital share transactions     —       1,550,225  
                 
Net increase in net assets     2,956,782       2,620,290  
                 
NET ASSETS:                
Beginning of period     26,756,051       24,135,761  
End of period   $ 29,712,833     $ 26,756,051  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     400,002       400,002  
Shares sold     —       300,000  
Shares redeemed     —       (300,000 )
Shares outstanding, end of period     400,002       400,002  

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the
Six Months

Ended
May 31, 2026

(Unaudited)

    

For the Year
Ended
November 30,

2025

    

For the Year
Ended
November 30,

2024

    

For the Year
Ended
November 30,

2023

    

For the Year
Ended
November 30,

2022

    

For the Year
Ended
November 30,

2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 66.89     $ 60.34     $ 45.29     $ 42.66     $ 45.99     $ 37.58  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     0.25       0.54       0.54       0.66       0.48       0.42  
Net realized and unrealized gain/(loss)     7.37       6.54       15.02       2.62       (3.23 )     8.43  
Total from investment operations     7.62       7.08       15.56       3.28       (2.75 )     8.85  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.23 )     (0.53 )     (0.51 )     (0.65 )     (0.57 )     (0.44 )
From tax return of capital     –       –       –       –       (0.01 )     –  
Total distributions     (0.23 )     (0.53 )     (0.51 )     (0.65 )     (0.58 )     (0.44 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     7.39       6.55       15.05       2.63       (3.33 )     8.41  
NET ASSET VALUE, END OF PERIOD   $ 74.28     $ 66.89     $ 60.34     $ 45.29     $ 42.66     $ 45.99  
                                                 
TOTAL RETURN(b)     11.42 %     11.84 %     34.50 %     7.81 %     (5.98 )%     23.65 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 29,713     $ 26,756     $ 24,136     $ 23,780     $ 28,799     $ 51,735  
Ratio of expenses to average net assets     0.48 %(c)      0.48 %     0.48 %     0.50 %(d)      0.52 %     0.52 %
Ratio of net investment income to average net assets     0.73 %(c)      0.91 %     1.01 %     1.55 %     1.10 %     0.97 %
Portfolio turnover rate(e)     15 %     42 %     33 %     129 %     113 %     5 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Effective June 1, 2023, the investment adviser fee changed from 0.52% to 0.48%.
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  7 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active Equity Opportunity ETF (the “Fund”).

 

The investment objective of the Fund is to seek to provide capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

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

  8 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund’s 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 the 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 Fund’s investments as of May 31, 2026:

 

ALPS Active Equity Opportunity ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Common Stocks*   $ 29,060,735     $ –     $ –     $ 29,060,735  
Short Term Investments     1,144,736       –       –       1,144,736  
Total   $ 30,205,471     $ –     $ –     $ 30,205,471  

 

* For a detailed sector breakdown, see the accompanying schedule of investments.

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

Dividends from net investment income for the 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 Fund, if any, are distributed at least annually.

  9 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund  

Ordinary

Income

    

Long-Term

Capital Gain

    

Return

of Capital

  
November 30, 2025                        
ALPS Active Equity Opportunity ETF   $ 219,094     $ —     $ —  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS Active Equity Opportunity ETF   $ 14,115,440     $ 8,657,766  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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 Active Equity Opportunity ETF   $ 8,309,442     $ (474,852 )   $ 7,834,590     $ 22,370,881  

 

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, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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.

  10 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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 Statement 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 

The following is a summary of the Fund’s securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund   Market Value of
Securities on Loan		    

Cash

Collateral
Received

    

Non-Cash

Collateral
Received

    

Total

Collateral
Received

  
ALPS Active Equity Opportunity ETF   $ 670,431     $ 514,190     $ 172,072     $ 686,262  

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund 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, 2026:

 

ALPS Active Equity Opportunity 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   $514,190   $ —     $ —     $ —     $ 514,190  
Total Borrowings                                 514,190  
Gross amount of recognized liabilities for securities lending (collateral received)         $ 514,190  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.48% of the Fund’s average daily net assets.

 

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

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

  11 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six months ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS Active Equity Opportunity ETF   $ 4,175,399     $ 4,078,310  

 

5. CAPITAL SHARE TRANSACTIONS

 

 

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the 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. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

  12 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Additional Information May 31, 2026 (Unaudited)

  

TAX INFORMATION

 

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction
ALPS | Active Equity Opportunity ETF 100.00% 85.47%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

  13 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  14 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Proxy Disclosures for Open-End Management
Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  15 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund’s unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  16 | alpsfunds.com  

 

ALPS Active Equity Opportunity ETF

 

Statement Regarding Basis for Approval of
Investment Advisory Contract		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  17 | alpsfunds.com  

 

     

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments 2
Statement of Assets and Liabilities 3
Statement of Operations 4
Statements of Changes in Net Assets 5
Financial Highlights 6
Notes to Financial Statements and Financial Highlights 7
Additional Information 13
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 14
Proxy Disclosures for Open-End Management Investment Companies 15
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 16
Statement Regarding Basis for Approval of Investment Advisory Contract 17

 

 

 

 

ALPS Active REIT ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (97.14%)                
Data Center REITs (15.13%)                
Blackstone Digital Infrastructure Trust, Inc.(a)     48,466     $ 1,048,319  
Digital Realty Trust, Inc.     8,676       1,648,440  
Equinix, Inc.     4,896       5,229,124  
Total Data Center REITs             7,925,883  
                 
Diversified REITs (6.69%)                
Broadstone Net Lease, Inc.     51,985       1,051,657  
Essential Properties Realty Trust, Inc.     37,745       1,154,242  
WP Carey, Inc.     17,470       1,300,117  
Total Diversified REITs             3,506,016  
                 
Health Care REITs (16.94%)                
Alexandria Real Estate Equities, Inc.     16,067       798,209  
CareTrust REIT, Inc.     42,240       1,724,237  
Sabra Health Care REIT, Inc.     85,332       1,697,253  
Welltower, Inc.     22,666       4,654,010  
Total Health Care REITs             8,873,709  
                 
Hotel & Resort REITs (3.59%)                
Host Hotels & Resorts, Inc.     81,889       1,881,809  
                 
Industrial REITs (12.66%)                
Americold Realty Trust, Inc.     48,796       765,609  
Prologis, Inc.     33,769       4,844,839  
Terreno Realty Corp.     15,525       1,019,837  
Total Industrial REITs             6,630,285  
                 
Multi-Family Residential REITs (7.66%)                
AvalonBay Communities, Inc.     9,852       1,798,088  
Essex Property Trust, Inc.     8,123       2,214,655  
Total Multi-Family Residential REITs             4,012,743  
                 
Office REITs (3.37%)                
BXP, Inc.(b)     13,443       806,714  
Cousins Properties, Inc.     35,824       960,442  
Total Office REITs             1,767,156  
                 
Other Specialized REITs (5.16%)                
Gaming and Leisure Properties, Inc.     22,835       1,072,560  
VICI Properties, Inc.     57,859       1,632,781  
Total Other Specialized REITs             2,705,341  
                 
Retail REITs (12.38%)                
Curbline Properties Corp.     40,107       1,168,317  
InvenTrust Properties Corp.     42,884       1,420,747  
Macerich Co.     66,935       1,507,376  
Simon Property Group, Inc.     11,647       2,386,587  
Total Retail REITs             6,483,027  
                 
Self-Storage REITs (5.98%)                
CubeSmart     31,396       1,255,840  
Public Storage     6,187       1,878,930  

 

Security Description   Shares     Value  
Self-Storage REITs (5.98%) (continued)                
Total Self-Storage REITs           $ 3,134,770  
                 
Single-Family Residential REITs (5.44%)                
Equity LifeStyle Properties, Inc.     19,159       1,183,451  
Invitation Homes, Inc.     56,927       1,665,115  
Total Single-Family Residential REITs             2,848,566  
                 
Telecom Tower REITs (2.14%)                
American Tower Corp.     6,001       1,121,947  
                 
TOTAL COMMON STOCKS                
(Cost $45,235,803)             50,891,252  

 

REAL ESTATE INVESTMENT TRUSTS (1.55%)            
Industrial REITs (1.55%)            
LXP Industrial Trust     15,705       811,006  
                 
TOTAL REAL ESTATE INVESTMENT TRUSTS                
(Cost $759,002)             811,006  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (1.32%)                        
Money Market Fund (1.32%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $691,820)     3.55 %     691,820       691,820  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $691,820)                     691,820  
                         
TOTAL INVESTMENTS (100.01%)                        
(Cost $46,686,625)                   $ 52,394,078  
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.01%)                     (2,483 )
NET ASSETS - 100.00%                   $ 52,391,595  

 

(a) Non-income producing security.
(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $701,397.

 

See Notes to Financial Statements and Financial Highlights.

2 | alpsfunds.com

 

ALPS Active REIT ETF
 
Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:
Investments, at value(a)   $ 52,394,078  
Dividends receivable     27,052  
Total Assets     52,421,130  
         
LIABILITIES:        
Payable to adviser     29,535  
Total Liabilities     29,535  
NET ASSETS   $ 52,391,595  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 48,232,210  
Total distributable earnings/(accumulated losses)     4,159,385  
NET ASSETS   $ 52,391,595  
         
INVESTMENTS, AT COST   $ 46,686,625  
         
PRICING OF SHARES:        
Net Assets   $ 52,391,595  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     1,760,002  
Net Asset Value, offering and redemption price per share   $ 29.77  

 

(a) Includes $701,397 of securities on loan.

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

ALPS Active REIT ETF
 
Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:        
Dividend income   $ 884,153  
Securities lending income     368  
Total investment income     884,521  
         
EXPENSES:        
Investment adviser fees     161,657  
Total expenses     161,657  
NET INVESTMENT INCOME     722,864  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments(a)     1,168,183  
Net change in unrealized appreciation on investments     3,539,875  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     4,708,058  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 5,430,922  

 

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

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

ALPS Active REIT ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 722,864     $ 1,025,627  
Net realized gain/(loss)     1,168,183       (890,898 )
Net change in unrealized appreciation/(depreciation)     3,539,875       (2,705,994 )
Net increase/(decrease) in net assets resulting from operations     5,430,922       (2,571,265 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (667,050 )     (1,086,957 )
From tax return of capital     —       (226,937 )
Total distributions     (667,050 )     (1,313,894 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     3,754,705       14,304,799  
Cost of shares redeemed     (1,891,988 )     (6,031,077 )
Net increase from capital share transactions     1,862,717       8,273,722  
                 
Net increase in net assets     6,626,589       4,388,563  
                 
NET ASSETS:                
Beginning of period     45,765,006       41,376,443  
End of period   $ 52,391,595     $ 45,765,006  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,700,002       1,400,002  
Shares sold     130,000       525,000  
Shares redeemed     (70,000 )     (225,000 )
Shares outstanding, end of period     1,760,002       1,700,002  

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

ALPS Active REIT ETF
 
Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Year

Ended

November 30, 2022

    

For the Period

February 25, 2021

(Commencement

of Operations) to

November 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 26.92     $ 29.55     $ 24.02     $ 25.23     $ 29.56     $ 24.62  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     0.42       0.63       0.73       0.74       0.54       0.37  
Net realized and unrealized gain/(loss)     2.82       (2.44 )     5.70       (1.16 )     (3.39 )     5.01  
Total from investment operations     3.24       (1.81 )     6.43       (0.42 )     (2.85 )     5.38  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.39 )     (0.68 )     (0.80 )     (0.70 )     (0.53 )     (0.38 )
From net realized gain on investments     –       –       –       –       (0.83 )     (0.06 )
From tax return of capital     –       (0.14 )     (0.10 )     (0.09 )     (0.12 )     –  
Total distributions     (0.39 )     (0.82 )     (0.90 )     (0.79 )     (1.48 )     (0.44 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     2.85       (2.63 )     5.53       (1.21 )     (4.33 )     4.94  
NET ASSET VALUE, END OF PERIOD   $ 29.77     $ 26.92     $ 29.55     $ 24.02     $ 25.23     $ 29.56  
                                                 
TOTAL RETURN(b)     12.21 %     (6.06 )%     27.28 %     (1.54 )%     (10.17 )%     22.01 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 52,392     $ 45,765     $ 41,376     $ 18,015     $ 18,040     $ 24,238  
                                                 
Ratio of expenses to average net assets     0.68 %(c)     0.68 %     0.68 %     0.68 %     0.68 %     0.68 %(c)
Ratio of net investment income to average net assets     3.04 %(c)     2.36 %     2.74 %     3.04 %     1.96 %     1.69 %(c)
Portfolio turnover rate(d)     25 %     61 %     79 %     68 %     120 %     92 %

 

(a) Based on average shares outstanding during the period.
(b) Total return is calculated assuming an initial investment made at the net assets 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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Active REIT ETF (the “Fund”). The investment objective of the Fund is to seek total return through dividends and capital appreciation. The Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund.

 

The Fund’s Shares (“Shares”) are listed on the Nasdaq Stock Market LLC (“Nasdaq Exchange”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 5,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities. 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 Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

The 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 last quoted sale price in such market.

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

7 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund's 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 the 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 Fund’s investments as of May 31, 2026:

 

ALPS Active REIT ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Common Stocks*   $ 50,891,252     $        –     $          –     $ 50,891,252  
Real Estate Investment Trusts*     811,006       –       –       811,006  
Short Term Investments     691,820       –       –       691,820  
Total   $ 52,394,078     $ –     $ –     $ 52,394,078  

 

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

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the 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 Fund, if any, are distributed at least annually.

8 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025                  
ALPS Active REIT ETF   $ 1,086,957     $ —     $ 226,937  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS Active REIT ETF   $ 1,519,074     $ 1,149,725  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund   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 Active REIT ETF   $ 6,817,786     $ (1,193,623 )   $ 5,624,163     $ 46,769,915  

 

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, 2026.

 

F. Real Estate Investment Trusts ("REITs")

As part of its investments in real estate related securities, the Fund 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 or unitholders, 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 the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of the Fund's portfolio that is comprised of REIT shares. Distributions received by the Fund 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 the Fund's investments in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund 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 the Fund's investments in REITs, the Fund may also make distributions in excess of the Fund's earnings and capital gains. Distributions, if any, in excess of the Fund'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.

9 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

G. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the 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. The 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-month period ended May 31, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

H. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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 Statement 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.

 

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund    
Market Value of
Securities on Loan		      
Cash Collateral
Received		     Non-Cash
Collateral
Received		      
Total Collateral
Received		  
ALPS Active REIT ETF   $ 701,397     $ —     $ 722,909     $ 722,909  

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB's indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB's expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

 

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2026:

 

ALPS Active REIT 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   $ —     $ —     $ —     $ —     $ —  
Total Borrowings                                     —  
Gross amount of recognized liabilities for securities lending (collateral received)             $ —  

10 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.68% of the Fund’s average daily net assets.

 

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

 

GSI Capital Advisors LLC (the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.35% of the Fund's average daily net assets.

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

For the six months ended May 31, 2026, 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 Active REIT ETF   $ 15,421,756     $ 13,584,220  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS Active REIT ETF   $ 3,707,226     $ 1,861,920  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS Active REIT ETF   $ 301,922  

 

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 the Fund only in Creation Unit size aggregations of 5,000 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 Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the 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. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

11 | alpsfunds.com

 

ALPS Active REIT ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

12 | alpsfunds.com

 

ALPS Active REIT ETF

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A
ALPS Active REIT ETF 2.17% 0.00% 88.67%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

13 | alpsfunds.com

 

ALPS Active REIT ETF

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

14 | alpsfunds.com

 

ALPS Active REIT ETF

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

15 | alpsfunds.com

 

ALPS Active REIT ETF

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

16 | alpsfunds.com

 

ALPS Active REIT ETF

 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

17 | alpsfunds.com

 

 

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments 2
Statement of Assets and Liabilities 8
Statement of Operations 9
Statements of Changes in Net Assets 10
Financial Highlights 11
Notes to Financial Statements and Financial Highlights 12
Additional Information 18
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 19
Proxy Disclosures for Open-End Management Investment Companies 20
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 21
Statement Regarding Basis for Approval of Investment Advisory Contract 22

 

 

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.77%)                
Communication Services (9.60%)                
Alphabet, Inc., Class A     108,625     $ 41,314,432  
AT&T, Inc.     70,000       1,736,000  
Charter Communications, Inc., Class A(a)     845       121,722  
Comcast Corp., Class A     35,665       886,989  
Electronic Arts, Inc.     2,250       453,870  
Fox Corp., Class A     3,250       207,740  
Liberty Media Corp.-Liberty Formula One(a)     2,430       220,620  
Live Nation Entertainment, Inc.(a)     1,565       263,562  
Meta Platforms, Inc., Class A     21,880       13,839,319  
Netflix, Inc.(a)     42,020       3,614,560  
News Corp., Class A     4,985       130,109  
Omnicom Group, Inc.     3,075       223,583  
Pinterest, Inc., Class A(a)     5,570       111,679  
Reddit, Inc.(a)     1,350       237,600  
ROBLOX Corp., Class A(a)     6,165       290,680  
Spotify Technology SA(a)     1,525       758,962  
Take-Two Interactive Software, Inc.(a)     1,715       384,434  
T-Mobile US, Inc.     4,870       913,271  
Trade Desk, Inc., Class A(a)     1,430       30,831  
Verizon Communications, Inc.     42,225       2,018,777  
Walt Disney Co.     17,710       1,803,409  
Warner Bros Discovery, Inc.(a)     23,605       637,571  
Zillow Group, Inc.(a)     12,285       429,975  
Total Communication Services             70,629,695  
                 
Consumer Discretionary (9.34%)                
Airbnb, Inc., Class A(a)     4,460       594,563  
Amazon.com, Inc.(a)     106,405       28,797,449  
AutoZone, Inc.(a)     180       528,334  
Best Buy Co., Inc.     2,140       166,813  
Booking Holdings, Inc.     8,645       1,447,433  
Burlington Stores, Inc.(a)     685       221,824  
Carnival Corp., Ltd.     12,475       350,049  
Carvana Co.(a)     7,355       536,915  
Chipotle Mexican Grill, Inc.(a)     14,140       450,500  
Darden Restaurants, Inc.     1,250       254,887  
Domino's Pizza, Inc.     375       116,467  
DoorDash, Inc., Class A(a)     3,885       618,842  
DR Horton, Inc.     3,005       442,005  
DraftKings, Inc., Class A(a)     5,185       126,981  
eBay, Inc.     4,880       533,238  
Expedia Group, Inc.     1,260       284,495  
Ford Motor Co.     42,715       744,950  
Garmin, Ltd.     1,795       419,886  
General Motors Co.     9,865       821,163  
Genuine Parts Co.     1,505       148,543  
Hilton Worldwide Holdings, Inc.     2,570       842,086  
Home Depot, Inc.     10,885       3,452,069  
Las Vegas Sands Corp.     3,095       156,514  
Lennar Corp., Class A     2,560       229,837  
Lowe's Cos., Inc.     6,135       1,315,099  

 

Security Description   Shares     Value  
Consumer Discretionary (9.34%) (continued)                
Lululemon Athletica, Inc.(a)     1,120     $ 146,922  
Marriott International, Inc., Class A     2,370       890,172  
McDonald's Corp.     7,765       2,167,988  
NIKE, Inc., Class B     12,700       587,121  
NVR, Inc.(a)     30       183,144  
O'Reilly Automotive, Inc.(a)     9,100       790,608  
PulteGroup, Inc.     2,220       262,360  
Rivian Automotive, Inc.(a)     8,955       145,966  
Ross Stores, Inc.     3,460       801,786  
Royal Caribbean Cruises, Ltd.     2,775       789,848  
Somnigroup International, Inc.     2,050       145,160  
Starbucks Corp.     12,425       1,232,063  
Tapestry, Inc.     2,210       321,467  
Tesla, Inc.(a)     30,795       13,420,153  
TJX Cos., Inc.     12,125       1,876,344  
Tractor Supply Co.     5,740       180,982  
Ulta Beauty, Inc.(a)     485       246,792  
Viking Holdings, Ltd.(a)     2,270       209,090  
Williams-Sonoma, Inc.     1,280       260,570  
Yum! Brands, Inc.     3,015       446,069  
Total Consumer Discretionary             68,705,547  
                 
Consumer Staples (8.40%)                
Altria Group, Inc.     35,545       2,473,221  
Archer-Daniels-Midland Co.     10,155       810,166  
Brown-Forman Corp., Class B     6,930       178,240  
Bunge Global SA     3,410       420,453  
Casey's General Stores, Inc.     775       594,533  
Church & Dwight Co., Inc.     5,035       481,497  
Coca-Cola Co.     90,930       7,184,379  
Colgate-Palmolive Co.     17,035       1,535,365  
Constellation Brands, Inc., Class A     3,250       451,165  
Costco Wholesale Corp.     9,420       9,008,534  
Dollar General Corp.     2,390       264,358  
Dollar Tree, Inc.(a)     2,170       252,675  
Estee Lauder Cos., Inc., Class A     2,705       240,610  
General Mills, Inc.     11,305       382,222  
Hershey Co.     3,085       598,583  
Kenvue, Inc.     40,780       704,678  
Keurig Dr Pepper, Inc.     27,565       827,777  
Kimberly-Clark Corp.     7,050       688,080  
Kraft Heinz Co.     25,105       602,771  
Kroger Co.     13,355       830,013  
McCormick & Co., Inc.     5,620       266,219  
Mondelez International, Inc., Class A     27,235       1,665,965  
Monster Beverage Corp.(a)     14,815       1,304,905  
PepsiCo, Inc.     29,000       4,181,510  
Philip Morris International, Inc.     33,075       5,866,844  
Procter & Gamble Co.     49,445       7,098,324  
Sysco Corp.     10,165       770,609  
Target Corp.     4,930       626,455  
Tyson Foods, Inc., Class A     5,850       356,967  
US Foods Holding Corp.(a)     4,660       381,421  

 

See Notes to Financial Statements and Financial Highlights.

2 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Consumer Staples (8.40%) (continued)                
Walmart, Inc.     92,990     $ 10,763,593  
Total Consumer Staples             61,812,132  
                 
Energy (8.58%)                
Baker Hughes Co.     29,435       1,880,308  
Cheniere Energy, Inc.     6,225       1,399,753  
Chevron Corp.     59,200       10,801,632  
ConocoPhillips     36,405       4,149,442  
Devon Energy Corp.     32,630       1,451,709  
Diamondback Energy, Inc.     5,305       1,015,801  
EOG Resources, Inc.     15,945       2,126,744  
EQT Corp.     17,885       982,423  
Expand Energy Corp.     7,090       659,228  
Exxon Mobil Corp.     123,915       17,999,893  
Halliburton Co.     24,845       965,228  
Kinder Morgan, Inc.     57,845       1,797,823  
Marathon Petroleum Corp.     8,765       2,180,469  
Occidental Petroleum Corp.     29,290       1,658,693  
ONEOK, Inc.     18,740       1,573,036  
Phillips 66     11,920       2,096,490  
SLB, Ltd.     44,410       2,422,565  
Targa Resources Corp.     6,305       1,608,216  
Texas Pacific Land Corp.     3,985       1,566,105  
Valero Energy Corp.     8,865       2,170,329  
Williams Cos., Inc.     36,230       2,586,460  
Total Energy             63,092,347  
                 
Financials (8.90%)                
Affirm Holdings, Inc.(a)     2,480       182,652  
Aflac, Inc.     4,095       460,360  
Allstate Corp.     2,300       474,007  
American Express Co.     6,090       1,927,302  
American International Group, Inc.     4,750       352,592  
Ameriprise Financial, Inc.     805       358,797  
Aon PLC, Class A     1,875       592,613  
Apollo Global Management, Inc.     3,630       467,217  
Arch Capital Group, Ltd.(a)     3,055       272,934  
Arthur J Gallagher & Co.     2,270       456,520  
Bank of America Corp.     63,635       3,283,566  
Bank of New York Mellon Corp.     6,090       849,129  
Berkshire Hathaway, Inc., Class B(a)     16,530       7,843,154  
Blackrock, Inc.     1,270       1,329,538  
Blackstone, Inc.     6,535       764,399  
Block, Inc.(a)     4,660       352,855  
Brown & Brown, Inc.     2,580       145,125  
Capital One Financial Corp.     5,475       1,028,917  
Carlyle Group, Inc.     2,310       104,943  
Cboe Global Markets, Inc.     930       310,211  
Charles Schwab Corp.     14,655       1,280,114  
Chubb, Ltd.     3,460       1,078,586  
Cincinnati Financial Corp.     1,350       212,517  
Citigroup, Inc.     15,505       1,952,079  
Citizens Financial Group, Inc.     3,740       232,852  
CME Group, Inc.     3,165       865,754  

Security Description   Shares     Value  
Financials (8.90%) (continued)                
Coinbase Global, Inc.(a)     1,905     $ 360,102  
Corebridge Financial, Inc.     3,490       94,230  
Corpay, Inc.(a)     585       211,653  
Erie Indemnity Co., Class A     220       46,875  
Fidelity National Information Services, Inc.     4,570       196,464  
Fifth Third Bancorp     7,990       398,941  
First Citizens BancShares, Inc., Class A     70       139,336  
Fiserv, Inc.(a)     4,710       266,398  
Global Payments, Inc.     2,090       157,816  
Goldman Sachs Group, Inc.     2,635       2,702,351  
Hartford Insurance Group, Inc.     2,440       310,197  
Huntington Bancshares, Inc.     17,955       293,744  
Interactive Brokers Group, Inc.     3,845       334,400  
Intercontinental Exchange, Inc.     5,025       742,946  
JPMorgan Chase & Co.     23,885       7,149,019  
KeyCorp     9,665       206,154  
Loews Corp.     1,515       156,878  
LPL Financial Holdings, Inc.     705       193,008  
M&T Bank Corp.     1,320       285,265  
Markel Group, Inc.(a)     110       199,715  
Marsh & McLennan Cos., Inc.     4,295       687,071  
Mastercard, Inc., Class A     7,220       3,566,536  
MetLife, Inc.     4,840       400,220  
Moody's Corp.     1,575       713,869  
Morgan Stanley     10,720       2,229,760  
MSCI, Inc.     625       394,612  
Nasdaq, Inc.     3,985       368,692  
Northern Trust Corp.     1,625       268,856  
PayPal Holdings, Inc.     8,180       366,055  
PNC Financial Services Group, Inc.     3,570       789,398  
Principal Financial Group, Inc.     1,905       197,396  
Progressive Corp.     5,195       989,128  
Prudential Financial, Inc.     3,085       310,474  
Raymond James Financial, Inc.     1,575       225,871  
Regions Financial Corp.     7,655       214,340  
Robinhood Markets, Inc.(a)     6,790       640,297  
Rocket Cos., Inc.(a)     7,515       109,043  
S&P Global, Inc.     2,655       1,125,720  
SoFi Technologies, Inc.(a)     11,135       202,880  
State Street Corp.     2,460       382,874  
Synchrony Financial     3,065       218,964  
T Rowe Price Group, Inc.     1,895       198,084  
Toast, Inc.(a)     4,295       111,799  
Travelers Cos., Inc.     1,905       556,050  
Truist Financial Corp.     11,085       534,408  
US Bancorp     13,790       756,382  
Visa, Inc., Class A     14,920       4,869,291  
W R Berkley Corp.     1,955       124,221  
Wells Fargo & Co.     27,385       2,123,433  
Willis Towers Watson PLC     825       205,978  
Total Financials             65,505,927  

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Health Care (8.50%)                
Abbott Laboratories     19,680     $ 1,684,608  
AbbVie, Inc.     20,135       4,383,792  
Agilent Technologies, Inc.     3,220       436,407  
Alnylam Pharmaceuticals, Inc.(a)     1,505       454,480  
Amgen, Inc.     6,135       2,066,207  
Becton Dickinson & Co.     3,250       478,140  
Biogen, Inc.(a)     1,665       326,340  
Boston Scientific Corp.(a)     16,835       813,299  
Bristol-Myers Squibb Co.     23,150       1,323,717  
Cardinal Health, Inc.     2,685       528,408  
Cencora, Inc.     2,210       595,286  
Centene Corp.(a)     5,485       326,906  
Cigna Group     2,955       819,717  
Cooper Cos., Inc.(a)     2,210       135,274  
CVS Health Corp.     14,485       1,317,845  
Danaher Corp.     7,355       1,343,538  
Dexcom, Inc.(a)     4,295       316,713  
Edwards Lifesciences Corp.(a)     6,525       564,217  
Elevance Health, Inc.     2,500       982,975  
Eli Lilly & Co.     9,685       10,701,925  
GE HealthCare Technologies, Inc.     5,185       323,233  
Gilead Sciences, Inc.     14,130       1,899,496  
HCA Healthcare, Inc.     1,725       652,981  
Humana, Inc.     1,370       418,425  
IDEXX Laboratories, Inc.(a)     900       507,177  
Illumina, Inc.(a)     1,695       276,217  
Incyte Corp.(a)     2,250       217,665  
Insmed, Inc.(a)     2,430       259,791  
Insulet Corp.(a)     795       115,227  
Intuitive Surgical, Inc.(a)     4,015       1,704,930  
IQVIA Holdings, Inc.(a)     1,915       348,932  
Johnson & Johnson     27,435       6,181,928  
Labcorp Holdings, Inc.     940       244,456  
McKesson Corp.     1,390       1,031,992  
Medtronic PLC     14,625       1,079,471  
Merck & Co., Inc.     28,130       3,339,594  
Mettler-Toledo International, Inc.(a)     220       259,728  
Natera, Inc.(a)     1,545       345,107  
Pfizer, Inc.     64,775       1,695,809  
Quest Diagnostics, Inc.     1,240       241,676  
Regeneron Pharmaceuticals, Inc.     1,160       713,145  
ResMed, Inc.     1,645       313,488  
STERIS PLC     1,120       238,258  
Stryker Corp.     4,095       1,249,343  
Tenet Healthcare Corp.(a)     980       171,814  
Thermo Fisher Scientific, Inc.     4,225       2,080,855  
United Therapeutics Corp.(a)     485       270,058  
UnitedHealth Group, Inc.     10,330       3,928,602  
Veeva Systems, Inc., Class A(a)     1,705       297,250  
Vertex Pharmaceuticals, Inc.(a)     2,885       1,291,153  
Waters Corp.(a)     1,120       429,598  
West Pharmaceutical Services, Inc.     805       259,862  
Zimmer Biomet Holdings, Inc.     2,230       183,596  

 

Security Description   Shares     Value  
Health Care (8.50%) (continued)                
Zoetis, Inc.     4,780     $ 371,358  
Total Health Care             62,542,009  
                 
Industrials (8.99%)                
3M Co.     6,135       939,453  
AMETEK, Inc.     2,655       599,632  
Automatic Data Processing, Inc.     4,680       1,038,211  
Axon Enterprise, Inc.(a)     900       403,848  
Bloom Energy Corp., Class A(a)     3,055       870,675  
Boeing Co.(a)     9,130       2,110,399  
Broadridge Financial Solutions, Inc.     1,350       207,522  
Carrier Global Corp.     9,140       583,772  
Caterpillar, Inc.     5,405       4,734,077  
CH Robinson Worldwide, Inc.     1,370       244,751  
Cintas Corp.     3,985       682,471  
Comfort Systems USA, Inc.     405       740,425  
Copart, Inc.(a)     10,260       336,220  
CSX Corp.     21,605       977,842  
Cummins, Inc.     1,605       1,037,841  
Curtiss-Wright Corp.     435       325,210  
Deere & Co.     2,915       1,580,455  
Delta Air Lines, Inc.     7,565       623,961  
Dover Corp.     1,565       330,778  
Eaton Corp. PLC     4,510       1,806,706  
EMCOR Group, Inc.     515       425,812  
Emerson Electric Co.     6,525       938,426  
Equifax, Inc.     1,060       175,737  
Expeditors International of Washington, Inc.     1,545       244,095  
Fastenal Co.     13,345       589,849  
FedEx Corp.     2,500       1,029,375  
Ferguson Enterprises, Inc.     2,260       510,692  
Fortive Corp.     3,560       207,619  
FTAI Aviation, Ltd.     1,170       304,598  
GE Vernova, Inc.     3,125       3,026,000  
General Dynamics Corp.     3,125       1,083,813  
General Electric Co.     12,175       3,941,778  
Graco, Inc.     1,905       143,732  
HEICO Corp.     1,180       410,852  
Honeywell International, Inc.     7,395       1,758,975  
Howmet Aerospace, Inc.     4,620       1,193,115  
Hubbell, Inc.     615       291,270  
Illinois Tool Works, Inc.     3,350       828,388  
Ingersoll Rand, Inc.     4,550       325,962  
Jacobs Solutions, Inc.     1,380       165,407  
JB Hunt Transport Services, Inc.     880       243,258  
Johnson Controls International PLC     7,100       951,826  
L3Harris Technologies, Inc.     2,170       683,941  
Leidos Holdings, Inc.     1,465       187,227  
Lennox International, Inc.     375       188,310  
Lockheed Martin Corp.     2,685       1,424,258  
Norfolk Southern Corp.     2,600       792,896  
Northrop Grumman Corp.     1,655       932,890  
nVent Electric PLC     1,865       311,436  

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Industrials (8.99%) (continued)                
Old Dominion Freight Line, Inc.     2,140     $ 481,821  
Otis Worldwide Corp.     4,520       320,197  
PACCAR, Inc.     6,000       662,220  
Parker-Hannifin Corp.     1,475       1,245,829  
Paychex, Inc.     3,740       362,705  
Pentair PLC     1,885       133,533  
Quanta Services, Inc.     1,725       1,227,734  
Republic Services, Inc.     2,310       463,016  
Rocket Lab Corp.(a)     6,525       936,207  
Rockwell Automation, Inc.     1,300       586,378  
Rollins, Inc.     3,420       162,792  
RTX Corp.     15,615       2,805,391  
Snap-on, Inc.     595       220,870  
Southwest Airlines Co.     5,650       242,668  
SS&C Technologies Holdings, Inc.     1,845       124,574  
Textron, Inc.     2,005       183,979  
Trane Technologies PLC     2,560       1,155,328  
TransDigm Group, Inc.     645       811,616  
TransUnion     1,695       121,294  
Uber Technologies, Inc.(a)     21,575       1,518,880  
Union Pacific Corp.     6,900       1,812,216  
United Airlines Holdings, Inc.(a)     3,730       428,204  
United Parcel Service, Inc., Class B     8,655       923,402  
United Rentals, Inc.     725       721,861  
Veralto Corp.     2,885       237,234  
Verisk Analytics, Inc.     1,605       280,859  
Vertiv Holdings Co.     4,380       1,382,810  
Waste Management, Inc.     4,680       989,633  
Watsco, Inc.     405       148,676  
Westinghouse Air Brake Technologies Corp.     1,955       510,568  
Woodward, Inc.     685       239,771  
WW Grainger, Inc.     515       635,634  
XPO, Inc.(a)     1,320       282,810  
Xylem, Inc.     2,825       309,451  
Total Industrials             66,155,947  
                 
Information Technology (11.63%)                
Accenture PLC, Class A     7,140       1,335,680  
Adobe, Inc.(a)     1,360       352,526  
Advanced Micro Devices, Inc.(a)     5,405       2,789,521  
Amphenol Corp., Class A     4,075       606,197  
Analog Devices, Inc.     1,625       672,506  
Apple, Inc.     48,850       15,244,131  
Applied Materials, Inc.     2,635       1,185,908  
AppLovin Corp., Class A(a)     735       450,621  
Arista Networks, Inc.(a)     3,460       551,766  
Astera Labs, Inc.(a)     455       155,997  
Atlassian Corp., Class A(a)     525       56,495  
Autodesk, Inc.(a)     695       160,760  
Broadcom, Inc.     15,465       6,909,298  
Cadence Design Systems, Inc.(a)     910       341,186  
CDW Corp.     1,505       188,802  
Ciena Corp.(a)     465       269,807  

 

Security Description   Shares     Value  
Information Technology (11.63%) (continued)                
Cisco Systems, Inc.     13,135     $ 1,581,717  
Cloudflare, Inc., Class A(a)     1,050       253,911  
Cognizant Technology Solutions Corp., Class A     1,595       88,929  
Coherent Corp.(a)     585       211,460  
CoreWeave, Inc.(a)     3,210       351,591  
Corning, Inc.     2,635       477,357  
Credo Technology Group Holding, Ltd.(a)     555       130,997  
Crowdstrike Holdings, Inc., Class A(a)     805       588,455  
Datadog, Inc., Class A(a)     1,080       267,138  
Dell Technologies, Inc.     1,040       437,746  
Docusign, Inc.(a)     655       34,401  
Dynatrace, Inc.(a)     990       42,164  
Everpure, Inc.(a)     1,040       82,690  
F5, Inc.(a)     180       69,021  
Fair Isaac Corp.(a)     70       87,541  
First Solar, Inc.(a)     345       105,843  
Fortinet, Inc.(a)     2,025       279,389  
Gartner, Inc.(a)     785       127,327  
Gen Digital, Inc.     1,815       46,809  
GoDaddy, Inc.(a)     445       38,194  
Guidewire Software, Inc.(a)     270       41,221  
Hewlett Packard Enterprise Co.     4,400       189,376  
HP, Inc.     3,035       82,066  
HubSpot, Inc.(a)     160       35,301  
Intel Corp.(a)     14,060       1,612,401  
International Business Machines Corp.     3,115       927,647  
Intuit, Inc.     910       301,692  
IonQ, Inc.(a)     1,190       85,763  
Jabil, Inc.     355       129,419  
Keysight Technologies, Inc.(a)     565       191,156  
KLA Corp.     435       835,944  
Lam Research Corp.     4,145       1,318,856  
Lumentum Holdings, Inc.(a)     220       188,091  
Marvell Technology, Inc.     2,895       593,475  
Microchip Technology, Inc.     1,765       167,057  
Micron Technology, Inc.     3,730       3,621,830  
Microsoft Corp.     24,360       10,967,846  
MongoDB, Inc.(a)     250       83,888  
Monolithic Power Systems, Inc.     150       234,932  
Motorola Solutions, Inc.     555       223,820  
NetApp, Inc.     655       114,160  
NVIDIA Corp.     77,870       16,441,472  
Okta, Inc.(a)     565       69,648  
ON Semiconductor Corp.(a)     1,300       156,806  
Oracle Corp.     5,700       1,286,946  
Palantir Technologies, Inc., Class A(a)     7,295       1,141,959  
Palo Alto Networks, Inc.(a)     2,695       759,155  
PTC, Inc.(a)     395       54,798  
QUALCOMM, Inc.     3,550       891,121  
Roper Technologies, Inc.     345       112,308  
Salesforce, Inc.     2,985       570,434  

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Information Technology (11.63%) (continued)                
Sandisk Corp.(a)     465     $ 788,166  
Seagate Technology Holdings PLC     715       629,057  
ServiceNow, Inc.(a)     3,450       429,077  
Snowflake, Inc., Class A(a)     1,100       281,105  
Strategy, Inc., Class A(a)     1,050       167,045  
Super Micro Computer, Inc.(a)     1,715       79,044  
Synopsys, Inc.(a)     605       287,750  
TE Connectivity PLC     980       209,142  
Teledyne Technologies, Inc.(a)     535       331,609  
Teradyne, Inc.     515       192,770  
Texas Instruments, Inc.     3,015       921,625  
Trimble, Inc.(a)     775       43,718  
Twilio, Inc., Class A(a)     485       92,460  
Tyler Technologies, Inc.(a)     140       43,841  
Unity Software, Inc.(a)     3,500       106,645  
VeriSign, Inc.     305       87,041  
Western Digital Corp.     1,120       594,955  
Workday, Inc., Class A(a)     695       101,602  
Zoom Communications, Inc., Class A(a)     890       90,415  
Zscaler, Inc.(a)     355       49,604  
Total Information Technology             85,531,140  
                 
Materials (9.04%)                
Air Products and Chemicals, Inc.     14,285       3,980,087  
Amcor PLC     29,665       1,151,595  
Corteva, Inc.     14,305       1,119,795  
Dow, Inc.     46,065       1,554,694  
DuPont de Nemours, Inc.     26,225       1,269,814  
Ecolab, Inc.     16,240       4,157,440  
Freeport-McMoRan, Inc.     91,980       6,044,006  
International Flavors & Fragrances, Inc.     16,150       1,228,207  
International Paper Co.     33,630       1,125,596  
Linde PLC     29,675       14,768,951  
LyondellBasell Industries NV, Class A     16,460       1,097,059  
Martin Marietta Materials, Inc.     3,855       2,242,222  
Newmont Corp.     69,950       7,681,209  
Nucor Corp.     14,565       3,641,250  
Packaging Corp. of America     5,590       1,223,707  
PPG Industries, Inc.     14,375       1,624,088  
Reliance, Inc.     3,320       1,264,156  
RPM International, Inc.     8,140       862,596  
Sherwin-Williams Co.     14,775       4,489,236  
Smurfit Westrock PLC     33,580       1,381,817  
Steel Dynamics, Inc.     8,705       2,264,606  
Vulcan Materials Co.     8,380       2,370,870  
Total Materials             66,543,001  
                 
Real Estate (8.55%)                
American Tower Corp.     26,960       5,040,442  
AvalonBay Communities, Inc.     8,090       1,476,506  
CBRE Group, Inc.(a)     16,965       2,121,304  
CoStar Group, Inc.(a)     24,035       773,927  

 

Security Description   Shares     Value  
Real Estate (8.55%) (continued)                
Crown Castle, Inc.     25,235     $ 2,309,002  
Digital Realty Trust, Inc.     19,890       3,779,100  
Equinix, Inc.     5,670       6,055,787  
Equity Residential     21,675       1,418,629  
Essex Property Trust, Inc.     3,700       1,008,768  
Extra Space Storage, Inc.     12,105       1,746,872  
Invitation Homes, Inc.     35,140       1,027,845  
Iron Mountain, Inc.     16,995       2,179,609  
Mid-America Apartment Communities, Inc.     6,720       867,350  
Prologis, Inc.     53,710       7,705,774  
Public Storage     9,130       2,772,690  
Realty Income Corp.     53,955       3,306,362  
SBA Communications Corp.     6,060       1,231,150  
Simon Property Group, Inc.     18,650       3,821,571  
Sun Communities, Inc.     7,050       871,803  
Ventas, Inc.     27,355       2,309,309  
VICI Properties, Inc.     61,740       1,742,303  
Welltower, Inc.     40,395       8,294,305  
Weyerhaeuser Co.     41,565       1,018,758  
Total Real Estate             62,879,166  
                 
Utilities (8.24%)                
Alliant Energy Corp.     11,275       807,403  
Ameren Corp.     12,105       1,306,977  
American Electric Power Co., Inc.     23,715       3,003,979  
American Water Works Co., Inc.     8,575       1,057,040  
Atmos Energy Corp.     7,240       1,224,501  
CenterPoint Energy, Inc.     28,565       1,207,157  
CMS Energy Corp.     13,395       972,075  
Consolidated Edison, Inc.     15,855       1,674,764  
Constellation Energy Corp.     14,920       4,293,230  
Dominion Energy, Inc.     38,600       2,583,884  
DTE Energy Co.     9,110       1,301,546  
Duke Energy Corp.     34,165       4,193,070  
Edison International     16,895       1,181,636  
Entergy Corp.     19,880       2,167,914  
Evergy, Inc.     9,985       819,169  
Eversource Energy     16,480       1,125,090  
Exelon Corp.     44,965       2,052,203  
FirstEnergy Corp.     25,390       1,177,842  
NextEra Energy, Inc.     91,415       7,954,019  
NiSource, Inc.     20,980       969,696  
NRG Energy, Inc.     8,280       1,110,182  
PG&E Corp.     96,165       1,571,336  
PPL Corp.     32,995       1,167,693  
Public Service Enterprise Group, Inc.     21,910       1,723,222  
Sempra     28,705       2,558,477  
Southern Co.     49,185       4,527,479  
Talen Energy Corp.(a)     1,985       767,798  
Vistra Corp.     14,675       2,351,375  
WEC Energy Group, Inc.     14,305       1,588,569  

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Utilities (8.24%) (continued)                
Xcel Energy, Inc.     27,385     $ 2,177,107  
Total Utilities             60,616,433  
                 
TOTAL COMMON STOCKS                
(Cost $734,090,352)             734,013,344  

 

Security Description   Shares     Value  
MASTER LIMITED PARTNERSHIPS (0.11%)                
Financials (0.11%)                
Ares Management Corp.     1,835       235,797  
KKR & Co., Inc.     6,090       584,275  
                 
TOTAL MASTER LIMITED PARTNERSHIPS                
(Cost $820,188)             820,072  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (1.75%)            
Money Market Fund (0.03%)            
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $220,292)     3.55 %     220,292       220,292  
                         
Investments Purchased with Collateral from Securities Loaned (1.72%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $12,629,507)             12,629,507       12,629,507  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $12,849,799)                     12,849,799  
                         
TOTAL INVESTMENTS (101.63%)                        
(Cost $747,760,339)                   $ 747,683,215  
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.63%)                     (11,958,424 )
NET ASSETS - 100.00%                   $ 735,724,791  

 

(a) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights.

7 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:        
Investments, at value   $ 747,683,215  
Receivable for investments sold(a)     1,384,212,343  
Dividends receivable     10,952  
Receivable for shares sold     689,136,932  
Total Assets     2,821,043,442  
         
LIABILITIES:        
Payable for investments purchased     1,405,114,900  
Payable for shares redeemed     667,461,551  
Payable to adviser     112,693  
Payable for collateral upon return of securities loaned     12,629,507  
Total Liabilities     2,085,318,651  
NET ASSETS   $ 735,724,791  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 589,311,912  
Total distributable earnings/(accumulated losses)     146,412,879  
NET ASSETS   $ 735,724,791  
         
INVESTMENTS, AT COST   $ 747,760,339  
         
PRICING OF SHARES:        
Net Assets   $ 735,724,791  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     14,550,000  
Net Asset Value, offering and redemption price per share   $ 50.57  

 

(a) Includes $38,439,467 of securities on loan.

 

See Notes to Financial Statements and Financial Highlights.

8 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:        
Dividend income   $ 5,837,837  
Securities lending income     73,659  
Total investment income     5,911,496  
         
EXPENSES:        
Investment adviser fees     1,181,755  
Total expenses before waiver/reimbursement     1,181,755  
Less fee waiver/reimbursement by investment adviser     (575,216 )
Net expenses     606,539  
NET INVESTMENT INCOME     5,304,957  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments(a)     150,648,562  
Net change in unrealized depreciation on investments     (101,002,507 )
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     49,646,055  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 54,951,012  

 

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

 

See Notes to Financial Statements and Financial Highlights.

9 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 5,304,957     $ 8,819,486  
Net realized gain     150,648,562       24,253,268  
Net change in unrealized appreciation/(depreciation)     (101,002,507 )     9,260,306  
Net increase in net assets resulting from operations     54,951,012       42,333,060  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (5,447,964 )     (8,819,486 )
From tax return of capital     —       (78,990 )
Total distributions     (5,447,964 )     (8,898,476 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     830,454,161       194,559,771  
Cost of shares redeemed     (707,176,779 )     (87,965,653 )
Net increase from capital share transactions     123,277,382       106,594,118  
                 
Net increase in net assets     172,780,430       140,028,702  
                 
NET ASSETS:                
Beginning of period     562,944,361       422,915,659  
End of period   $ 735,724,791     $ 562,944,361  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     12,075,000       3,175,000  
Shares sold     16,500,000       2,950,000  
Shares redeemed     (14,025,000 )     (1,900,000 )
Stock split (Note 1)     —       7,850,000  
Shares outstanding, end of period     14,550,000       12,075,000  

 

See Notes to Financial Statements and Financial Highlights.

10 | alpsfunds.com

 

ALPS Equal Sector Weight ETF
 
Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025(a)

    

For the Year

Ended

November 30, 2024(a)

    

For the Year

Ended

November 30, 2023(a)

    

For the Year

Ended

November 30, 2022(a)

    

For the Year

Ended

November 30, 2021(a)

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 46.62     $ 44.40     $ 35.15     $ 33.79     $ 34.65     $ 28.06  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(b)     0.40       0.77       0.72       0.71       0.63       0.59  
Net realized and unrealized gain/(loss)     3.97       3.02       9.26       1.40       (0.85 )     6.60  
Total from investment operations     4.37       3.79       9.98       2.11       (0.22 )     7.19  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.42 )     (1.56 )     (0.72 )     (0.74 )     (0.64 )     (0.59 )
From tax return of capital     –       (0.01 )     (0.01 )     (0.01 )     –       (0.01 )
Total distributions     (0.42 )     (1.57 )     (0.73 )     (0.75 )     (0.64 )     (0.60 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     3.95       2.22       9.25       1.36       (0.86 )     6.59  
NET ASSET VALUE, END OF PERIOD   $ 50.57     $ 46.62     $ 44.40     $ 35.15     $ 33.79     $ 34.65  
                                                 
TOTAL RETURN(c)     9.45 %     6.91 %     28.68 %     6.43 %     (0.59 )%     25.89 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 735,725     $ 562,944     $ 422,916     $ 324,264     $ 342,099     $ 207,896  
                                                 
Ratio of expenses excluding waiver/reimbursement to average net assets     0.37 %(d)     0.37 %     0.37 %     0.37 %     0.37 %     0.37 %
Ratio of expenses including waiver/reimbursement to average net assets     0.19 %(d)     0.17 %     0.16 %     0.16 %     0.16 %     0.15 %
Ratio of net investment income excluding waiver/reimbursement to average net assets     1.48 %(d)     1.57 %     1.61 %     1.91 %     1.68 %     1.59 %
Ratio of net investment income including waiver/reimbursement to average net assets     1.66 %(d)     1.77 %     1.82 %     2.12 %     1.89 %     1.81 %
Portfolio turnover rate(e)     116 %     10 %     7 %     14 %     12 %     8 %

 

(a) On April 1, 2025, the ALPS Equal Sector Weight ETF underwent a three-for-one stock split. The capital share activity presented here has been retroactively adjusted to reflect this reverse split. See Note 1.
(b) Based on average shares outstanding during the period.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(d) Annualized
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

11 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS Equal Sector Weight ETF (the “Fund”). The investment objective of the Fund is to seek investment results that replicate as closely as possible, before fees and expenses, the performance of the NYSE® Equal Sector Weight Index (the “Underlying Index”). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

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

 

The Trust’s Board of Trustees (“the Board”) authorized a three-for-one stock split of the Fund that was effective at the market open on April 1, 2025. The impact of the stock split was to increase the number of shares outstanding by a factor of three, while decreasing the NAV of shares outstanding by a factor of three, resulting in no effect to the net assets of the Fund. The financial statements of the Fund have been adjusted to reflect the stock split.

 

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 Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (“the Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

12 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund's investments by major category are as follows:

 

Equity securities, including restricted securities and Limited Partnerships, 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 the 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 Fund’s investments as of May 31, 2026:

 

ALPS Equal Sector Weight ETF

Investments in Securities at Fair Value

  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 734,013,344     $ –     $ –     $ 734,013,344  
Master Limited Partnerships*     820,072                –                 –       820,072  
Short Term Investments     12,849,799       –       –       12,849,799  
Total   $ 747,683,215     $ –     $ –     $ 747,683,215  

 

* For a detailed sector breakdown, see the accompanying schedule of investments.

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the 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 Fund, if any, are distributed at least annually.

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ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025                        
ALPS Equal Sector Weight ETF   $ 8,819,486     $ —     $ 78,990  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS Equal Sector Weight ETF   $ —     $ 3,121,235  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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 Equal Sector Weight ETF   $ —     $ (77,124 )   $ (77,124 )   $ 747,760,339  

 

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, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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.

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ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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 Statement 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 

The following is a summary of the Fund’s securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund    
Market Value of
Securities on Loan		     Cash
Collateral
Received		     Non-Cash
Collateral
Received		     Total
Collateral
Received		  
ALPS Equal Sector Weight ETF   $ 38,439,467     $ 12,629,507     $ 27,323,568     $ 39,953,075  

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund 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, 2026:

 

ALPS Equal Sector Weight 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   $ 12,629,507     $ —     $ —     $ —     $ 12,629,507  
Total Borrowings                                     12,629,507  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 12,629,507  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.37% of the Fund’s average daily net assets.

 

The Adviser has contractually agreed to waive 0.18% of its annual unitary fee payable by the Fund until at least March 31, 2027. The waiver may only be terminated by the Fund's Board of Trustees prior to such date.

 

Out of the unitary management fees, the Adviser pays substantially all expenses of the 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 acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services to the Fund.

 

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

15 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS Equal Sector Weight ETF   $ 748,912,522     $ 750,275,685  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS Equal Sector Weight ETF   $ 830,453,308     $ 706,806,741  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS Equal Sector Weight ETF   $ 151,936,486  

 

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 the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the 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. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

16 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Effective, June 1, 2026, the investment objective of the Fund was changed to seek investment results that correspond (before fees and expenses) generally to the performance of the VettaFi Modelist Equal Weight Sector 500 Index. Additionally, the management fee paid to the Adviser was changed from 0.37% to 0.19% of the Fund's average daily net assets and the 0.18% contractual Adviser fee waiver was terminated.

17 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A Dividends
ALPS Equal Sector Weight ETF 84.47% 81.07% 9.85%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

 

LICENSING AGREEMENT

 

 

ICE Data Indices, LLC (the “Index Provider”) is not affiliated with the Fund or the Adviser. The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

 

The only relationship that the Index Provider has with the Fund, the Adviser or Distributor of the Fund in connection with the Fund is that the Index Provider has licensed certain of its intellectual property, including the determination of the component stocks of the Underlying Index and the name of the Underlying Index. The Underlying Index is selected and calculated without regard to the Adviser, Distributor or owners of the Fund. The Index Provider has no obligation to take the specific needs of the Adviser, Distributor or owners of the Fund into consideration in the determination and calculation of the Underlying Index. The Index Provider is not responsible for and has not participated in the determination of pricing or the timing of the issuance or sale of the Shares of the Fund or in the determination or calculation of the net asset value of the Fund. The Index Provider has no obligation or liability in connection with the administration or trading of the Fund.

 

NYSE® Equal Sector Weight Index is a service mark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed for use by the Adviser in connection with the Fund. Neither the Trust nor the Fund is sponsored, endorsed, sold or promoted by ICE Data. ICE Data makes no representations or warranties regarding the Adviser or the Fund or the ability of the NYSE® Equal Sector Weight Index to track general stock market performance.

 

ICE DATA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE® EQUAL SECTOR WEIGHT INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 

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

18 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

19 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

20 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

21 | alpsfunds.com

 

ALPS Equal Sector Weight ETF

 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

At its meetings held on March 11, 2026, the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to amend (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS Equal Sector Weight ETF (the “Fund”). In approving the amended Investment Advisory Agreement for the Fund, the Independent Trustees relied upon the advice of independent legal counsel and the Trustees on their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information previously provided and provided at this Meeting and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Investment Advisory Agreement. The Trustees considered the (i) nature, extent, and quality of services provided by the Adviser with respect to the Fund; (ii) advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of services provided to the Fund and the profits realized by the Adviser and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

22 | alpsfunds.com

 

 

 

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Schedule of Investments 2
Statement of Assets and Liabilities 8
Statement of Operations 9
Statements of Changes in Net Assets 10
Financial Highlights 11
Notes to Financial Statements and Financial Highlights 12
Additional Information 17
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 18
Proxy Disclosures for Open-End Management Investment Companies 19
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 20
Statement Regarding Basis for Approval of Investment Advisory Contract 21

 

     

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
GOVERNMENT BONDS (2.86%)                
United States Treasury Bill                
3.70%, 06/11/2026   $ 600,000     $ 599,398  
3.68%, 06/18/2026     1,000,000       998,287  
                 
TOTAL GOVERNMENT BONDS                
(Cost $1,597,725)             1,597,685  

 

Security Description   Principal
Amount		     Value  
MUNICIPAL BONDS (97.39%)                
General Obligation Limited (0.90%)                
Pennsylvania (0.90%)                
School District of Philadelphia                
5.00%, 09/01/2034     500,000       502,779  
Total Pennsylvania             502,779  
                 
General Obligation Unlimited (16.75%)                
California (4.09%)                
Allan Hancock Joint Community College District                
0.00%, 08/01/2042(a)     350,000       320,603  
Antelope Valley Community College District                
5.00%, 08/01/2036(b)     295,000       340,217  
Chino Valley Unified School District                
0.00%, 08/01/2035(a)     245,000       174,962  
Fremont Unified School District/ Alameda County CA                
5.00%, 08/01/2036     150,000       177,709  
Lake Tahoe Unified School District                
0.00%, 08/01/2045(a)     200,000       183,964  
Mt San Antonio Community College District                
0.00%, 08/01/2043(a)     365,000       378,887  
San Mateo Union High School District                
0.00%, 09/01/2041(a)     570,000       626,624  
San Mateo County Community College District                
0.00%, 09/01/2035(a)     110,000       80,819  
Total California             2,283,785  
                 
Minnesota (1.64%)                
Morris Area Schools Independent School District No 2769                
0.00%, 02/01/2033(a)     750,000       603,463  
St Cloud Independent School District No 742                
0.00%, 02/01/2038(a)     500,000       309,405  
Total Minnesota             912,868  
                 
Oregon (3.35%)                
Clackamas & Washington Counties School District No 3                
0.00%, 06/15/2036(a)     600,000       396,062  
Security Description   Principal
Amount		     Value  
General Obligation Unlimited (16.75%) (continued)                
Multnomah County School District No 40                
0.00%, 06/15/2043(a)   $ 1,000,000     $ 446,817  
Oregon Coast Community College District                
5.00%, 06/15/2040     400,000       442,856  
Washington & Multnomah Counties School District No 48J Beaverton                
0.00%, 06/15/2034(a)     200,000       144,442  
0.00%, 06/15/2041(a)     150,000       76,942  
0.00%, 06/15/2042(a)     750,000       361,277  
Total Oregon             1,868,396  
                 
South Carolina (1.80%)                
Orangeburg County School District                
5.00%, 08/13/2026     1,000,000       1,004,402  
Total South Carolina             1,004,402  
                 
Texas (4.74%)                
Cedar Hill Independent School District                
5.00%, 02/15/2037     200,000       223,179  
El Paso Independent School District                
5.00%, 08/15/2038     250,000       278,206  
5.00%, 08/15/2039     400,000       442,971  
Fort Bend Independent School District                
0.72%, 08/01/2051     65,000       64,776  
3.13%, 08/01/2056     250,000       250,296  
3.80%, 08/01/2055     300,000       305,215  
4.00%, 08/01/2054     150,000       152,002  
North East Independent School District                
3.75%, 08/01/2049     395,000       398,159  
State of Texas                
2.80%, 10/01/2041     530,000       527,554  
Total Texas             2,642,358  
                 
Washington (0.84%)                
Washington Clackamas & Yamhill Counties School District No 88J                
0.00%, 06/15/2037(a)     150,000       92,361  
0.00%, 06/15/2039(a)     255,000       142,532  
0.00%, 06/15/2040(a)     200,000       110,341  
0.00%, 06/15/2041(a)     250,000       126,810  
Total Washington             472,044  

 

See Notes to Financial Statements and Financial Highlights.

  2 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
General Obligation Unlimited (16.75%) (continued)                
Wisconsin (0.29%)                
State of Wisconsin                
5.00%, 05/01/2030(b)   $ 150,000     $ 160,041  
Total Wisconsin             160,041  
                 
Total General Obligation Unlimited             9,343,894  
                 
Revenue Bonds (79.74%)                
Alabama (4.64%)                
Black Belt Energy Gas District                
7D US MUNI + 0.65%, 04/01/2053(c)     100,000       99,564  
Energy Southeast A Cooperative District                
5.00%, 09/01/2033     350,000       356,929  
Lower Alabama Gas District                
5.00%, 09/01/2046     300,000       312,035  
Industrial Development Board of the City of Mobile Alabama                
3.15%, 06/01/2034     65,000       65,002  
Southeast Energy Authority A Cooperative District                
5.00%, 10/01/2030     1,000,000       1,071,371  
5.00%, 09/01/2035     310,000       336,851  
5.00%, 10/01/2055     160,000       170,179  
5.25%, 03/01/2055     170,000       176,499  
Total Alabama             2,588,430  
                 
Arizona (2.79%)                
Maricopa County & Phoenix Industrial Development Authorities                
6.00%, 09/01/2056     330,000       365,462  
Salt Verde Financial Corp.                
5.00%, 12/01/2032     675,000       714,992  
5.00%, 12/01/2037     450,000       475,015  
Total Arizona             1,555,469  
                 
California (6.77%)                
California Community Choice Financing Authority                
7D US MUNI + 0.45%, 02/01/2052(c)     460,000       440,583  
1D US SOFR + 1.45%, 04/01/2056(c)     300,000       299,768  
California Municipal Finance Authority                
2.88%, 11/01/2046     250,000       250,000  
Long Beach Bond Finance Authority                
3M US SOFR + 1.45%, 11/15/2027(c)     430,000       434,751  
City of Los Angeles Department of Airports                
5.00%, 05/15/2033     405,000       448,786  
Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Los Angeles Department of Water & Power                
5.00%, 07/01/2032   $ 225,000     $ 227,620  
5.00%, 07/01/2035     175,000       198,612  
Modesto Irrigation District                
3M US SOFR + 0.63%, 09/01/2037(c)     615,000       603,197  
Northern California Gas Authority No 1                
3M US SOFR + 0.72%, 07/01/2027(c)     230,000       230,016  
Northern California Energy Authority                
5.00%, 12/01/2054     300,000       318,341  
San Diego County Regional Airport Authority                
5.00%, 07/01/2034     105,000       117,015  
San Francisco City & County Airport Comm-San Francisco International Airport                
5.00%, 05/01/2037     100,000       109,455  
Southern California Public Power Authority                
3M CME TERM SOFR + 1.47%, 11/01/2038(c)     100,000       97,833  
Total California             3,775,977  
                 
Colorado (2.21%)                
Colorado Health Facilities Authority                
4.00%, 11/15/2043     100,000       96,427  
5.00%, 11/15/2039     75,000       80,292  
City & County of Denver Co. Airport System Revenue                
5.25%, 11/15/2035     250,000       278,224  
5.75%, 11/15/2036     250,000       300,712  
E-470 Public Highway Authority                
0.00%, 09/01/2035(a)     300,000       189,569  
0.00%, 09/01/2037(a)     500,000       285,425  
Total Colorado             1,230,649  
                 
Connecticut (0.61%)                
Connecticut Housing Finance Authority                
4.00%, 11/15/2047     40,000       40,062  
6.00%, 11/15/2054     275,000       302,560  
Total Connecticut             342,622  
                 
District of Columbia (0.84%)                
District of Columbia                
5.00%, 07/15/2040     200,000       200,201  
Metropolitan Washington Airports Authority Aviation Revenue                
5.00%, 10/01/2037     250,000       268,228  
Total District of Columbia             468,429  

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Florida (4.26%)                
County of Broward FL Airport System Revenue                
5.00%, 10/01/2031   $ 200,000     $ 211,322  
5.00%, 10/01/2042     200,000       202,126  
Florida Housing Finance Corp.                
5.50%, 01/01/2054     110,000       114,736  
Greater Orlando Aviation Authority                
4.00%, 10/01/2044     155,000       147,901  
5.00%, 10/01/2033     300,000       316,053  
5.00%, 10/01/2037     300,000       328,922  
5.25%, 10/01/2044     175,000       188,624  
County of Lee FL Airport Revenue                
5.00%, 10/01/2056     125,000       134,216  
Martin County Health Facilities Authority                
4.00%, 01/01/2046     110,000       102,768  
County of Miami-Dade FL Aviation Revenue                
5.00%, 10/01/2036     250,000       275,292  
City Of South Miami Health Facilities Authority, Inc.                
5.00%, 08/15/2042     350,000       355,238  
Total Florida             2,377,198  
                 
Georgia (0.88%)                
Main Street Natural Gas, Inc.                
5.00%, 12/01/2053     300,000       320,853  
5.00%, 04/01/2054     160,000       170,226  
Total Georgia             491,079  
                 
Illinois (4.28%)                
Illinois Housing Development Authority                
6.00%, 10/01/2055     500,000       552,535  
6.25%, 04/01/2054     160,000       173,366  
6.50%, 10/01/2056     250,000       287,700  
Illinois Finance Authority                
4.00%, 07/15/2047     200,000       180,172  
5.00%, 08/15/2035     225,000       239,766  
5.00%, 02/15/2036     385,000       388,633  
5.00%, 08/15/2047     555,000       565,484  
Total Illinois             2,387,656  
                 
Kentucky (1.37%)                
Kentucky Public Energy Authority                
1D US SOFR + 1.20%, 08/01/2052(c)     460,000       461,999  
County of Trimble KY                
4.70%, 06/01/2054     300,000       301,300  
Total Kentucky             763,299  
Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Louisiana (0.11%)                
Louisiana Public Facilities Authority                
3M US SOFR + 0.70%, 02/15/2036(c)   $ 60,000     $ 59,541  
Total Louisiana             59,541  
                 
Massachusetts (0.57%)                
Massachusetts Development Finance Agency                
4.00%, 07/01/2041     225,000       221,793  
Massachusetts Housing Finance Agency                
3.00%, 12/01/2050     95,000       94,198  
Total Massachusetts             315,991  
                 
Michigan (1.03%)                
Gerald R Ford International Airport Authority                
5.00%, 01/01/2046     100,000       102,637  
Michigan Finance Authority                
7D US MUNI + 0.75%, 04/15/2047(c)     275,000       274,546  
4.00%, 04/15/2042     200,000       196,400  
Total Michigan             573,583  
                 
Minnesota (1.20%)                
Minnesota Housing Finance Agency                
2.47%, 01/01/2050     188,394       153,168  
3.50%, 07/01/2050     520,000       518,566  
Total Minnesota             671,734  
                 
Missouri (1.42%)                
Missouri Housing Development Commission                
6.00%, 05/01/2055     145,000       159,905  
4.00%, 05/01/2050     135,000       135,912  
5.75%, 05/01/2057     200,000       221,459  
6.00%, 05/01/2056     250,000       273,498  
Total Missouri             790,774  
                 
Montana (0.49%)                
Montana Board of Housing                
3.05%, 11/01/2046     275,000       275,208  
Total Montana             275,208  
                 
Nebraska (1.87%)                
Central Plains Energy Project                
5.00%, 05/01/2053     165,000       172,706  
Nebraska Investment Finance Authority                
3.00%, 09/01/2050     265,000       261,940  
3.50%, 09/01/2046     55,000       54,938  
6.25%, 09/01/2055     500,000       553,321  
Total Nebraska             1,042,905  

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Nevada (0.18%)                
County of Washoe NV                
4.13%, 03/01/2036   $ 100,000     $ 101,688  
Total Nevada             101,688  
                 
New Jersey (3.23%)                
New Jersey Transportation Trust Fund Authority                
0.00%, 12/15/2034(a)     200,000       149,133  
0.00%, 12/15/2038(a)     280,000       174,108  
0.00%, 12/15/2039(a)     900,000       532,365  
0.00%, 12/15/2040(a)     250,000       140,721  
4.25%, 06/15/2044     200,000       199,109  
5.00%, 06/15/2042     250,000       271,951  
5.25%, 06/15/2041     300,000       334,476  
Total New Jersey             1,801,863  
                 
New Mexico (1.23%)                
City of Farmington NM                
1.80%, 04/01/2029     180,000       169,331  
New Mexico Mortgage Finance Authority                
5.25%, 03/01/2053     210,000       221,532  
6.00%, 03/01/2055     270,000       295,694  
Total New Mexico             686,557  
                 
New York (5.19%)                
Metropolitan Transportation Authority                
1D US SOFR + 0.43%, 11/01/2026(c)     15,000       14,970  
4.75%, 11/15/2045     255,000       256,830  
New York City Transitional Finance Authority Future Tax Secured Revenue                
5.00%, 05/01/2038     100,000       111,009  
5.00%, 05/01/2040     115,000       125,982  
5.00%, 11/01/2041     200,000       221,257  
5.00%, 05/01/2042     400,000       435,196  
5.25%, 02/01/2047     150,000       158,316  
New York City Municipal Water Finance Authority                
4.00%, 06/15/2045     100,000       95,450  
New York State Housing Finance Agency                
3.60%, 11/01/2044     200,000       201,659  
3.95%, 11/01/2050     175,000       177,592  
New York State Dormitory Authority                
4.00%, 07/01/2038     100,000       101,707  
5.00%, 03/15/2045     200,000       214,911  
New York State Thruway Authority                
4.00%, 01/01/2045     85,000       82,450  
5.00%, 03/15/2042     100,000       107,303  
Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Triborough Bridge & Tunnel Authority                
0.00%, 11/15/2039(a)   $ 1,000,000     $ 590,753  
Total New York             2,895,385  
                 
North Carolina (3.97%)                
North Carolina Housing Finance Agency                
6.25%, 01/01/2055     675,000       725,478  
6.25%, 07/01/2057     500,000       568,460  
University of North Carolina at Chapel Hill                
1D US SOFR + 1.05%, 12/01/2041(c)     915,000       918,617  
Total North Carolina             2,212,555  
                 
North Dakota (0.82%)                
North Dakota Housing Finance Agency                
4.25%, 01/01/2049     210,000       210,783  
5.75%, 07/01/2053     235,000       248,119  
Total North Dakota             458,902  
                 
Ohio (3.16%)                
County of Franklin OH                
2.85%, 11/01/2065     700,000       700,000  
Lancaster Port Authority                
5.00%, 02/01/2055     390,000       415,194  
Ohio Housing Finance Agency                
5.50%, 03/01/2053     250,000       263,484  
6.50%, 03/01/2056     335,000       381,089  
Total Ohio             1,759,767  
                 
Oklahoma (0.63%)                
Oklahoma Housing Finance Agency                
5.00%, 03/01/2052     340,000       351,543  
Total Oklahoma             351,543  
                 
Oregon (1.74%)                
Port of Portland OR Airport Revenue                
4.00%, 07/01/2038     305,000       304,923  
4.00%, 07/01/2047     485,000       448,438  
5.00%, 07/01/2036     200,000       218,641  
Total Oregon             972,002  
                 
Pennsylvania (3.35%)                
Allegheny County Airport Authority                
4.00%, 01/01/2046     700,000       648,671  
Butler County General Authority                
3M US SOFR + 0.70%, 10/01/2034(c)     350,000       349,984  

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Pennsylvania Turnpike Commission                
0.00%, 12/01/2037(a)   $ 845,000     $ 872,284  
Total Pennsylvania             1,870,939  
                 
South Carolina (1.86%)                
South Carolina State Housing Finance & Development Authority                
5.75%, 01/01/2054     135,000       145,818  
6.00%, 01/01/2054     820,000       893,791  
Total South Carolina             1,039,609  
                 
South Dakota (0.22%)                
South Dakota Housing Development Authority                
6.00%, 05/01/2054     115,000       121,870  
Total South Dakota             121,870  
                 
Tennessee (1.10%)                
Dickson Health & Educational Facilities Board                
3.05%, 04/01/2044     250,000       250,213  
New Memphis Arena Public Building Authority                
4.00%, 04/01/2030     350,000       364,587  
Total Tennessee             614,800  
                 
Texas (7.67%)                
City of Austin TX Airport System Revenue                
5.00%, 11/15/2036     200,000       216,055  
City of Houston TX Airport System Revenue                
5.00%, 07/01/2036     135,000       146,789  
5.25%, 07/01/2039     100,000       109,095  
5.25%, 07/01/2048     500,000       520,071  
Main Street Energy, Inc.                
5.00%, 12/01/2033     250,000       264,761  
North Texas Tollway Authority                
0.00%, 01/01/2038(a)     350,000       226,419  
City of San Antonio TX Electric & Gas Systems Revenue                
3.00%, 02/01/2055     250,000       248,170  
3.15%, 02/01/2055     435,000       431,605  
Texas Municipal Gas Acquisition and Supply Corp. II                
3M CME TERM SOFR + 0.86%, 09/15/2027(c)     120,000       120,198  
3M CME TERM SOFR + 1.05%, 09/15/2027(c)     235,000       235,628  
Texas Municipal Gas Acquisition and Supply Corp. I                
3M CME TERM SOFR + 0.70%, 12/15/2026(c)     170,000       170,019  
6.25%, 12/15/2026     15,000       15,265  
Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Texas Municipal Gas Acquisition & Supply Corp. V                
5.00%, 04/01/2036   $ 265,000     $ 279,700  
5.00%, 01/01/2055     320,000       342,405  
Texas Department of Housing & Community Affairs                
2.15%, 07/01/2037     215,000       173,852  
3.50%, 07/01/2052     370,000       365,794  
4.30%, 09/01/2038     100,000       102,239  
Texas State University System                
5.00%, 03/15/2030(b)     100,000       106,010  
5.00%, 03/15/2031(b)     100,000       107,603  
Texas Water Development Board                
4.00%, 10/15/2043     100,000       98,425  
Total Texas             4,280,103  
                 
Virginia (4.41%)                
FHLMC Multifamily VRD Certificates                
1D US SOFR + 0.40%, 08/25/2041(c)     849,368       848,194  
4.60%, 06/25/2042     319,204       322,665  
4.64%, 10/25/2040     274,618       283,032  
4.77%, 12/25/2042     499,716       514,325  
Freddie Mac Multifamily ML Certificates                
4.69%, 10/25/2040     147,689       148,505  
City of Norfolk VA Water Revenue                
5.00%, 11/01/2033     300,000       343,548  
Total Virginia             2,460,269  
                 
Washington (1.60%)                
County of King WA Sewer Revenue                
7D US MUNI + 0.23%, 01/01/2040(c)     330,000       328,489  
Port of Seattle WA                
5.00%, 05/01/2031     250,000       254,137  
5.00%, 04/01/2037     300,000       310,985  
Total Washington             893,611  
                 
Wisconsin (2.04%)                
Public Finance Authority                
3.70%, 10/01/2046     455,000       461,292  
Wisconsin Health & Educational Facilities Authority                
4.00%, 11/15/2043     180,000       173,354  
5.00%, 08/15/2026     500,000       502,191  
Total Wisconsin             1,136,837  
                 
Wyoming (2.00%)                
Wyoming Community Development Authority                
3.50%, 06/01/2052     730,000       727,010  

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
Revenue Bonds (79.74%) (continued)                
Wyoming Community Development Authority (continued)                
6.25%, 12/01/2055   $ 350,000     $ 387,598  
Total Wyoming             1,114,608  
                 
Total Revenue Bonds             44,483,452  
                 
TOTAL MUNICIPAL BONDS                
(Cost $53,418,689)             54,330,125  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (0.10%)                        
Money Market Fund (0.10%)                        
State Street Institutional US Government Money Market Fund (Premier Class)                        
(Cost $53,147)     3.54 %     53,147       53,147  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $53,147)                     53,147  
                         
TOTAL INVESTMENTS (100.35%)                        
(Cost $55,069,561)                   $ 55,980,957  
LIABILITIES IN EXCESS OF OTHER ASSETS(-0.35%)                     (192,506 )
NET ASSETS - 100.00%                   $ 55,788,451  

 

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

 

Reference Rates:

7D US MUNI – SIFMA Municipal Swap Index Yield as of May 31, 2026 was 1.57%

1D US SOFR - 1 Day SOFR as of May 31, 2026 was 3.63%

3M US SOFR - 3 Month SOFR as of May 31, 2026 was 3.64%

3M CME TERM SOFR as of May 31, 2026 was 3.66%

 

(a) Issued with zero coupon.
(b) Represents a security purchased on a when-issued basis.
(c) Floating or variable rate security. Interest rate resets periodically on specific dates. The Rate shown represents the coupon or interest rate in effect as of May 31, 2026. Security description includes the reference rate and spread if published and available.

 

See Notes to Financial Statements and Financial Highlights.

  7 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:      
Investments, at value   $ 55,980,957  
Interest receivable     524,996  
Total Assets     56,505,953  
         
LIABILITIES:        
Payable for investments purchased     696,776  
Payable to adviser     20,726  
Total Liabilities     717,502  
NET ASSETS   $ 55,788,451  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 54,813,971  
Total distributable earnings/(accumulated losses)     974,480  
NET ASSETS   $ 55,788,451  
         
INVESTMENTS, AT COST   $ 55,069,561  
         
PRICING OF SHARES:        
Net Assets   $ 55,788,451  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     2,150,002  
Net Asset Value, offering and redemption price per share   $ 25.95  

 

See Notes to Financial Statements and Financial Highlights.

  8 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:      
Interest   $ 933,544  
Dividend income     4,143  
Total investment income     937,687  
         
EXPENSES:        
Investment adviser fees     117,736  
Total expenses     117,736  
NET INVESTMENT INCOME     819,951  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments     55,756  
Net change in unrealized depreciation on investments     (168,249 )
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS     (112,493 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 707,458  

 

See Notes to Financial Statements and Financial Highlights.

  9 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 819,951     $ 1,253,436  
Net realized gain     55,756       27,814  
Net change in unrealized appreciation/(depreciation)     (168,249 )     407,694  
Net increase in net assets resulting from operations     707,458       1,688,944  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (837,265 )     (1,395,951 )
Total distributions     (837,265 )     (1,395,951 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     14,410,998       7,623,403  
Cost of shares redeemed     (1,305,154 )     —  
Net increase from capital share transactions     13,105,844       7,623,403  
                 
Net increase in net assets     12,976,037       7,916,396  
                 
NET ASSETS:                
Beginning of period     42,812,414       34,896,018  
End of period   $ 55,788,451     $ 42,812,414  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,650,002       1,350,002  
Shares sold     550,000       300,000  
Shares redeemed     (50,000 )     —  
Shares outstanding, end of period     2,150,002       1,650,002  

 

See Notes to Financial Statements and Financial Highlights.

  10 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the
Six Months

Ended

May 31, 2026
(Unaudited)

    

For the Year
Ended

November 30,

2025

     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		    

For the Period
May 19, 2022

(Commencement

of Operations) to
November 30,

2022

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 25.95     $ 25.85     $ 25.42     $ 25.24     $ 25.00  
                                         
INCOME/(LOSS) FROM OPERATIONS:                                        
Net investment income(a)     0.43       0.85       0.88       0.85       0.36  
Net realized and unrealized gain     0.01       0.20       0.49       0.34       0.23  
Total from investment operations     0.44       1.05       1.37       1.19       0.59  
                                         
DISTRIBUTIONS:                                        
From net investment income     (0.43 )     (0.85 )     (0.88 )     (1.01 )     (0.35 )
From net realized gain on investments     (0.01 )     (0.10 )     (0.06 )     –       –  
Total distributions     (0.44 )     (0.95 )     (0.94 )     (1.01 )     (0.35 )
                                         
NET INCREASE IN NET ASSET VALUE     0.00       0.10       0.43       0.18       0.24  
NET ASSET VALUE, END OF PERIOD   $ 25.95     $ 25.95     $ 25.85     $ 25.42     $ 25.24  
                                         
TOTAL RETURN(b)     1.71 %     4.18 %     5.46 %     4.85 %     2.38 %
                                         
RATIOS/SUPPLEMENTAL DATA:                                        
Net assets, end of period (in 000s)   $ 55,788     $ 42,812     $ 34,896     $ 31,135     $ 30,919  
                                         
Ratio of expenses to average net assets     0.48 %(c)(d)      0.50 %     0.50 %     0.50 %     0.50 %(c) 
Ratio of net investment income to average net assets     3.32 %(c)      3.32 %     3.43 %     3.28 %     2.67 %(c) 
Portfolio turnover rate(e)     58 %(f)      98 %(f)      98 %(f)      129 %(f)      75 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Effective March 31, 2026, the annual management fee rate changed from 0.50% to 0.44%.
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.
(f) The portfolio turnover rate excluding variable rate demand notes was 10% during the six months ended May 31, 2026, 32% during the year ended November 30, 2025, 27% during the year ended November 30, 2024, and 50% during the year ended November 30, 2023.

 

See Notes to Financial Statements and Financial Highlights.

  11 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS | BBH Intermediate Municipal Bond ETF (formerly, ALPS Intermediate Municipal Bond ETF) (the “Fund”). The investment objective of the Fund is to protect investor’s capital and generate attractive risk-adjusted returns. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

The Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. The Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. 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 Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

The 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 last quoted sale price in such market.

 

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Board, which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund’s debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund’s debt securities to determine the market price.

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees designated ALPS Advisors, Inc. (the “Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

  12 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund’s investments by major category are as follows:

 

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

 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

 

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 the 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 Fund’s investments as of May 31, 2026:

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Government Bonds*   $ –     $ 1,597,685     $ –     $ 1,597,685  
Municipal Bonds*     –       54,330,125       –       54,330,125  
Short Term Investments     53,147       –       –       53,147  
Total   $ 53,147     $ 55,927,810     $ –     $ 55,980,957  

 

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

 

The Fund 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, 2026.

  13 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

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

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Tax-Exempt
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025                        
ALPS | BBH Intermediate Municipal Bond ETF   $ 171,048     $ 1,106,454     $ 118,449     $ —  

 

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

 

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

 

As of November 30, 2025, the Fund did not have any amounts available to carry forward to the next tax year.

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund   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 | BBH Intermediate Municipal Bond ETF   $ 1,075,731     $ (164,447 )   $ 911,284     $ 55,069,673  

 

The difference 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, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

  14 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, effective March 31, 2026, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.44% of the Fund’s average daily net assets. Prior to March 31, 2026, the annual management fee rate was 0.50% of the Fund's average daily net assets.

 

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

 

Brown Brothers Harriman & Co. (the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the “Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund's average daily net assets. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six months ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS | BBH Intermediate Municipal Bond ETF   $ 41,681,378     $ 29,148,711  

 

For the period ended May 31, 2026, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

 

5. CAPITAL SHARE TRANSACTIONS

 

 

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. An Additional variable charge for cash creations, redemptions, partial cash creations or partial cash redemptions may also be imposed to compensate the Fund for the costs associated with buying or selling the applicable securities.

 

6. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

  15 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

8. SUBSEQUENT EVENTS

 

 

Subsequent events, if any, after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

 

Effective June 17, 2026, the fee payable to the Sub-Adviser changed from an annual rate of 0.25% to 0.24% of the Fund's average daily net assets.

  16 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction
ALPS | BBH Intermediate Municipal Bond ETF 0% 0%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

  17 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  18 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Proxy Disclosures for Open-End Management
Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  19 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

    Aggregate Regular
Compensation From the Trust		     Aggregate Special
Compensation From the Trust		    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  20 | alpsfunds.com  

 

ALPS | BBH Intermediate Municipal Bond ETF

 

Statement Regarding Basis for Approval of
Investment Advisory Contract		 May 31, 2026 (Unaudited)

 

At its meetings held on March 11, 2026, the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to amend (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS | BBH Intermediate Municipal Bond ETF (the “Fund”). In approving the amended Investment Advisory Agreement for the Fund, the Independent Trustees relied upon the advice of independent legal counsel and the Trustees on their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information previously provided and provided at this Meeting and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Investment Advisory Agreement. The Trustees considered the (i) nature, extent, and quality of services provided by the Adviser with respect to the Fund; (ii) advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of services provided to the Fund and the profits realized by the Adviser and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

  21 | alpsfunds.com  

 

     

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments
ALPS Clean Energy ETF 1
ALPS Disruptive Technologies ETF 2
ALPS Electrification Infrastructure ETF 4
ALPS Medical Breakthroughs ETF 6
ALPS Nautilus SMR, Nuclear & Technology ETF 8
Statements of Assets and Liabilities 11
Statements of Operations 12
Statements of Changes in Net Assets  
ALPS Clean Energy ETF 13
ALPS Disruptive Technologies ETF 14
ALPS Electrification Infrastructure ETF 15
ALPS Medical Breakthroughs ETF 16
ALPS Nautilus SMR, Nuclear & Technology ETF 17
Financial Highlights 18
Notes to Financial Statements and Financial Highlights 23
Additional Information 33
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 37
Proxy Disclosures for Open-End Management Investment Companies 38
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 39
Statement Regarding Basis for Approval of Investment Advisory Contract 40

 

 

 

ALPS Clean Energy ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (93.98%)
Consumer Discretionary (9.58%)
EVgo, Inc.(a)(b)     202,969     $ 450,591  
Lucid Group, Inc.(a)(b)     212,514       1,391,967  
Rivian Automotive, Inc.(a)(b)     363,416       5,923,681  
Tesla, Inc.(b)     14,113       6,150,304  
Total Consumer Discretionary             13,916,543  
                 
Consumer Staples (2.48%)
Andersons, Inc.     51,111       3,607,926  
                 
Energy (3.47%)
Clean Energy Fuels Corp.(b)     259,661       529,708  
Gevo, Inc.(a)(b)     370,751       689,597  
Green Plains, Inc.(b)     108,438       1,699,223  
REX American Resources Corp.(b)     45,572       2,130,947  
Total Energy             5,049,475  
                 
Financials (4.40%)
HA Sustainable Infrastructure Capital, Inc.(a)     155,797       6,387,677  
                 
Industrials (34.80%)
Ameresco, Inc., Class A(b)     50,925       1,832,281  
American Superconductor Corp.(b)     73,535       3,745,873  
Amprius Technologies, Inc.(b)     174,289       3,534,581  
Array Technologies, Inc.(a)(b)     241,486       2,192,693  
Ballard Power Systems, Inc.(b)     400,755       2,520,749  
Energy Vault Holdings, Inc.(a)(b)     185,715       937,861  
Eos Energy Enterprises, Inc.(a)(b)     535,010       4,510,134  
Fluence Energy, Inc.(a)(b)     105,052       1,983,382  
Microvast Holdings, Inc.(a)(b)     320,480       496,744  
Nextpower, Inc.(b)     55,097       8,617,171  
Plug Power, Inc.(a)(b)     2,221,141       8,773,507  
Shoals Technologies Group, Inc., Class A(a)(b)     263,418       3,279,554  
Sunrun, Inc.(b)     363,511       6,077,904  
Willdan Group, Inc.(a)(b)     22,809       2,071,969  
Total Industrials             50,574,403  
                 
Information Technology (18.19%)
Enphase Energy, Inc.(b)     138,759       9,485,565  
First Solar, Inc.(b)     29,573       9,072,701  
Itron, Inc.(b)     61,222       5,049,590  
T1 Energy, Inc.(a)(b)     268,373       2,834,019  
Total Information Technology             26,441,875  
                 
Materials (5.24%)
Albemarle Corp.     34,348       6,059,674  
American Battery Technology Co.(a)(b)     203,157       733,397  
Aspen Aerogels, Inc.(b)     129,008       825,651  
Total Materials             7,618,722  
                 
Utilities (15.82%)
Boralex, Inc., Class A(a)     162,834       4,354,760  
Clearway Energy, Inc., Class C(a)     133,671       5,501,898  
Northland Power, Inc.     357,452       6,098,191  
                 

 

Security Description   Shares     Value  
Utilities (15.82%) (continued)
Ormat Technologies, Inc.(a)     51,241     $ 7,031,803  
Total Utilities             22,986,652  
                 
TOTAL COMMON STOCKS
(Cost $182,193,891)             136,583,273  

 

Security Description   Shares     Value  
MASTER LIMITED PARTNERSHIPS (5.96%)
Utilities (5.96%)
Brookfield Renewable Partners LP     183,968       6,798,803  
XPLR Infrastructure LP(b)     148,704       1,855,826  
                 
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $13,396,078)             8,654,629  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (8.13%)
Money Market Fund (0.03%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $45,118)     3.55 %     45,118       45,118  
                         
Investments Purchased with Collateral from Securities Loaned (8.10%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%
(Cost $11,776,689)             11,776,689       11,776,689  
 
TOTAL SHORT TERM INVESTMENTS
(Cost $11,821,807)                     11,821,807  
                         
TOTAL INVESTMENTS (108.07%)
(Cost $207,411,776)                   $ 157,059,709  
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.07%)                     (11,728,668 )
NET ASSETS - 100.00%                   $ 145,331,041  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $37,519,145.
(b) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights.

1 | alpsfunds.com

 

ALPS Disruptive Technologies ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (98.67%)
Communication Services (0.82%)
Netflix, Inc.(a)     7,070     $ 608,161  
                 
Consumer Discretionary (2.82%)
ADT, Inc.     104,444       700,819  
Garmin, Ltd.     2,832       662,461  
Tesla, Inc.(a)     1,692       737,357  
Total Consumer Discretionary             2,100,637  
                 
Financials (14.73%)
Adyen NV(a)(b)(c)     624       683,653  
American Express Co.     2,213       700,348  
Block, Inc.(a)     11,127       842,537  
Corpay, Inc.(a)     2,062       746,032  
Fidelity National Information Services, Inc.     13,535       581,870  
Fiserv, Inc.(a)     11,878       671,820  
Global Payments, Inc.     9,475       715,457  
GMO Payment Gateway, Inc.(d)     13,505       742,726  
Jack Henry & Associates, Inc.     4,006       546,098  
LendingTree, Inc.(a)     16,751       639,888  
Mastercard, Inc., Class A     1,332       657,981  
Moody's Corp.     1,572       712,509  
Pagseguro Digital, Ltd., Class A     70,884       662,765  
PayPal Holdings, Inc.     15,030       672,593  
S&P Global, Inc.     1,588       673,312  
Visa, Inc., Class A     2,175       709,833  
Total Financials             10,959,422  
                 
Health Care (9.17%)
Align Technology, Inc.(a)     3,983       696,826  
Boston Scientific Corp.(a)     9,723       469,718  
Dexcom, Inc.(a)     10,206       752,591  
Globus Medical, Inc.(a)     7,891       646,115  
HealthEquity, Inc.(a)     8,676       763,401  
Insulet Corp.(a)     2,829       410,035  
Intuitive Surgical, Inc.(a)     1,389       589,825  
Procept Biorobotics Corp.(a)(d)     25,515       671,810  
ResMed, Inc.     2,869       546,745  
Smith & Nephew PLC, ADR(d)     20,169       598,818  
Tempus AI, Inc.(a)(d)     13,465       679,579  
Total Health Care             6,825,463  
                 
Industrials (15.74%)
AeroVironment, Inc.(a)(d)     3,149       652,599  
AutoStore Holdings, Ltd.(a)(b)(c)     634,491       902,353  
Experian PLC     18,122       627,935  
FANUC Corp.     16,984       841,602  
Goldwind Science & Technology Co., Ltd., Class H     320,600       560,863  
Proto Labs, Inc.(a)     13,408       1,015,790  
RELX PLC, ADR(d)     19,501       639,438  
Schneider Electric SE     2,266       713,494  
Sensata Technologies Holding PLC     19,442       960,240  
SS&C Technologies Holdings, Inc.     9,316       629,016  

 

Security Description   Shares     Value  
Industrials (15.74%) (continued)
Stratasys, Ltd.(a)     90,402     $ 952,837  
Thomson Reuters Corp.(d)     6,605       572,706  
TransUnion     9,581       685,616  
Verisk Analytics, Inc.     3,369       589,541  
Vestas Wind Systems A/S     27,069       760,606  
Wolters Kluwer NV     8,617       613,303  
Total Industrials             11,717,939  
 
Information Technology (52.29%)
Adobe, Inc.(a)     2,471       640,509  
Alarm.com Holdings, Inc.(a)     14,213       641,148  
Allegro MicroSystems, Inc.(a)(d)     21,390       1,023,939  
Autodesk, Inc.(a)     2,954       683,290  
Cadence Design Systems, Inc.(a)     2,547       954,947  
Check Point Software Technologies, Ltd.(a)     4,751       641,622  
Cognex Corp.     13,661       899,577  
Crowdstrike Holdings, Inc., Class A(a)     1,679       1,227,349  
Dassault Systemes SE     35,063       769,076  
Datadog, Inc., Class A(a)     5,239       1,295,867  
Dynatrace, Inc.(a)     17,519       746,134  
First Solar, Inc.(a)     3,370       1,033,882  
Fortinet, Inc.(a)     8,781       1,211,515  
Gen Digital, Inc.     35,252       909,149  
Guidewire Software, Inc.(a)     4,215       643,504  
Intuit, Inc.     1,532       507,904  
Itron, Inc.(a)     7,354       606,558  
Keyence Corp.     1,882       946,642  
Nebius Group NV(a)(d)     6,162       1,423,977  
Nemetschek SE     9,343       673,475  
Okta, Inc.(a)     9,388       1,157,259  
Omron Corp.     22,650       816,888  
Open Text Corp.(d)     28,544       680,489  
Palo Alto Networks, Inc.(a)     4,401       1,239,718  
PTC, Inc.(a)     4,704       652,586  
Qorvo, Inc.(a)     8,459       876,014  
Renishaw PLC     14,081       1,005,027  
Rubrik, Inc.(a)     13,710       1,078,017  
SailPoint, Inc.(a)(d)     47,821       900,469  
Salesforce, Inc.     3,350       640,185  
Samsara, Inc., Class A(a)     20,921       732,026  
SAP SE, ADR     3,491       634,629  
SenseTime Group, Inc.(a)(b)(c)(d)     2,471,000       523,403  
ServiceNow, Inc.(a)     5,896       733,285  
Silicon Laboratories, Inc.(a)     3,296       717,210  
Skyworks Solutions, Inc.     12,076       940,117  
Snowflake, Inc., Class A(a)     3,754       959,335  
SolarEdge Technologies, Inc.(a)(d)     18,930       1,445,305  
SoundHound AI, Inc.(a)(d)     89,206       802,854  
Synopsys, Inc.(a)     1,758       836,140  
Temenos AG     6,907       597,742  
Workday, Inc., Class A(a)     4,967       726,126  
Xero, Ltd.(a)     11,987       647,641  
Xinyi Solar Holdings, Ltd.(d)     1,510,000       514,451  

 

See Notes to Financial Statements and Financial Highlights.

2 | alpsfunds.com

 

ALPS Disruptive Technologies ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Information Technology (52.29%) (continued)
Zoom Communications, Inc., Class A(a)     8,884     $ 902,526  
Zscaler, Inc.(a)     4,874       681,044  
Total Information Technology             38,920,550  
                 
Real Estate (1.00%)
Equinix, Inc.     694       741,220  
                 
Utilities (2.10%)
China Longyuan Power Group Corp., Ltd., Class H     619,000       534,731  
Enlight Renewable Energy, Ltd.(a)     9,555       1,029,547  
Total Utilities             1,564,278  
                 
TOTAL COMMON STOCKS
(Cost $66,073,821)             73,437,670  

 

Security Description   Shares     Value  
MASTER LIMITED PARTNERSHIPS (1.07%)
Utilities (1.07%)
Brookfield Renewable Partners LP     21,565       796,966  
                 
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $584,732)             796,966  

 

    Shares     Value  
SHORT TERM INVESTMENTS (4.17%)
Investments Purchased with Collateral from Securities Loaned (4.17%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%
(Cost $3,105,622)     3,105,622       3,105,622  
 
TOTAL SHORT TERM INVESTMENTS
(Cost $3,105,622)             3,105,622  
                 
TOTAL INVESTMENTS (103.91%)
(Cost $69,764,175)           $ 77,340,258  
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.91%)             (2,915,881 )
NET ASSETS - 100.00%           $ 74,424,377  

 

(a) Non-income producing security.
(b) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines utilized by the Valuation Designee. As of May 31, 2026 the aggregate market value of those securities was $2,109,409, representing 2.83% of net assets.
(c) 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. As of May 31, 2026, the aggregate market value of those securities was $2,109,409, representing 2.83% of net assets.
(d) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $7,226,243.

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

ALPS Electrification Infrastructure ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.62%)
Energy (12.14%)
Antero Midstream Corp.     72,835     $ 1,526,622  
Cameco Corp.     14,466       1,630,318  
Cheniere Energy, Inc.     6,517       1,465,413  
DT Midstream, Inc.     12,279       1,718,814  
Enbridge, Inc.     31,014       1,697,706  
Energy Fuels, Inc.(a)     83,946       1,529,496  
Kinder Morgan, Inc.     49,898       1,550,830  
NexGen Energy, Ltd.(a)(b)     133,546       1,543,792  
ONEOK, Inc.     19,590       1,644,385  
Pembina Pipeline Corp.     37,401       1,741,016  
South Bow Corp.     50,347       1,810,478  
Targa Resources Corp.     6,954       1,773,757  
TC Energy Corp.     26,364       1,756,370  
Uranium Energy Corp.(a)     118,090       1,626,099  
Williams Cos., Inc.     22,659       1,617,626  
Total Energy             24,632,722  
                 
Industrials (34.89%)
Acuity, Inc.     6,437       1,963,993  
AECOM     18,562       1,287,646  
AMETEK, Inc.     7,721       1,743,788  
Argan, Inc.     3,631       2,421,950  
Bloom Energy Corp., Class A(a)     10,567       3,011,595  
Comfort Systems USA, Inc.     1,247       2,279,778  
Dycom Industries, Inc.(a)     4,634       2,363,340  
Eaton Corp. PLC     4,729       1,894,437  
EMCOR Group, Inc.     2,332       1,928,144  
Emerson Electric Co.     12,619       1,814,865  
EnerSys     10,429       2,377,499  
Everus Construction Group, Inc.(a)     14,700       2,186,919  
Fluor Corp.(a)     38,270       1,751,235  
GE Vernova, Inc.     1,980       1,917,274  
Generac Holdings, Inc.(a)     8,164       2,268,857  
Hubbell, Inc.     3,571       1,691,261  
IES Holdings, Inc.(a)(b)     3,806       2,581,800  
Jacobs Solutions, Inc.     12,832       1,538,043  
MasTec, Inc.(a)     5,611       2,123,034  
Nextpower, Inc.(a)     14,405       2,252,942  
NuScale Power Corp.(a)     141,533       1,793,223  
nVent Electric PLC     15,443       2,578,827  
Powell Industries, Inc.     9,675       2,751,763  
Primoris Services Corp.     12,617       1,586,966  
Quanta Services, Inc.     2,916       2,075,405  
Regal Rexnord Corp.     8,826       1,780,734  
Rockwell Automation, Inc.     4,648       2,096,527  
Sensata Technologies Holding PLC     48,585       2,399,613  
Sterling Infrastructure, Inc.(a)     4,106       3,534,609  
Tetra Tech, Inc.     50,141       1,378,376  
Valmont Industries, Inc.     3,986       2,071,963  
Vertiv Holdings Co.     6,295       1,987,394  
Vicor Corp.(a)     9,990       3,345,052  
Total Industrials             70,778,852  

 

Security Description   Shares     Value  
Information Technology (16.31%)
Amphenol Corp., Class A     12,677     $ 1,885,831  
Applied Optoelectronics, Inc.(a)     15,630       2,475,948  
Badger Meter, Inc.     11,498       1,424,602  
Belden, Inc.     14,228       1,495,078  
Cognex Corp.     34,129       2,247,395  
Coherent Corp.(a)     6,881       2,487,275  
Corning, Inc.     12,805       2,319,754  
Enphase Energy, Inc.(a)     39,090       2,672,192  
First Solar, Inc.(a)     8,415       2,581,638  
Itron, Inc.(a)     18,336       1,512,353  
Keysight Technologies, Inc.(a)     5,894       1,994,117  
Littelfuse, Inc.     5,090       2,376,368  
Qnity Electronics, Inc.     15,530       2,422,680  
TE Connectivity PLC     8,365       1,785,175  
Trimble, Inc.(a)     25,128       1,417,471  
Zebra Technologies Corp.(a)     8,164       1,988,995  
Total Information Technology             33,086,872  
                 
Materials (3.93%)
Freeport-McMoRan, Inc.     28,130       1,848,422  
Hudbay Minerals, Inc.     76,139       2,220,213  
MP Materials Corp.(a)(b)     27,735       1,794,455  
Teck Resources, Ltd., Class B     32,054       2,120,693  
Total Materials             7,983,783  
                 
Utilities (32.35%)
AES Corp.     117,031       1,716,845  
Algonquin Power & Utilities Corp.     264,584       1,558,400  
Alliant Energy Corp.(b)     23,245       1,664,574  
Ameren Corp.     15,110       1,631,427  
American Electric Power Co., Inc.     12,623       1,598,955  
Black Hills Corp.     23,581       1,717,168  
Brookfield Renewable Corp.(b)     40,954       1,637,341  
CenterPoint Energy, Inc.(b)     38,323       1,619,530  
CMS Energy Corp.     21,711       1,575,567  
Consolidated Edison, Inc.     14,684       1,551,071  
Constellation Energy Corp.     5,505       1,584,064  
Dominion Energy, Inc.     26,470       1,771,902  
DTE Energy Co.     11,291       1,613,145  
Duke Energy Corp.     12,651       1,552,657  
Edison International     23,439       1,639,324  
Entergy Corp.     15,928       1,736,948  
Evergy, Inc.     20,384       1,672,303  
Eversource Energy     22,742       1,552,596  
Exelon Corp.     33,644       1,535,512  
FirstEnergy Corp.     32,751       1,519,319  
Fortis, Inc.(b)     28,669       1,586,256  
IDACORP, Inc.(b)     11,815       1,657,290  
NextEra Energy, Inc.     18,158       1,579,928  
NiSource, Inc.     35,620       1,646,356  
NRG Energy, Inc.     10,936       1,466,299  
OGE Energy Corp.     34,734       1,640,487  
Oklo, Inc.(a)(b)     27,895       1,865,618  
Ormat Technologies, Inc.(b)     15,099       2,072,036  
PG&E Corp.     92,077       1,504,538  

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

ALPS Electrification Infrastructure ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Utilities (32.35%) (continued)
Pinnacle West Capital Corp.     16,393     $ 1,635,038  
Portland General Electric Co.     31,522       1,579,883  
PPL Corp.     43,711       1,546,932  
Public Service Enterprise Group, Inc.     20,147       1,584,562  
Sempra     17,840       1,590,079  
Southern Co.     16,980       1,563,009  
Talen Energy Corp.(a)     5,371       2,077,503  
TXNM Energy, Inc.     28,322       1,676,946  
Vistra Corp.     10,441       1,672,961  
WEC Energy Group, Inc.     14,485       1,608,559  
Xcel Energy, Inc.     20,574       1,635,633  
Total Utilities             65,638,561  
                 
TOTAL COMMON STOCKS
(Cost $166,394,714)             202,120,790  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (3.21%)
Money Market Fund (0.28%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $563,582)     3.55 %     563,582       563,582  
 
Investments Purchased with Collateral from Securities Loaned (2.93%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%
(Cost $5,940,375)             5,940,375       5,940,375  
                         
TOTAL SHORT TERM INVESTMENTS
(Cost $6,503,957)                     6,503,957  
                         
TOTAL INVESTMENTS (102.83%)
(Cost $172,898,671)                   $ 208,624,747  
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.83%)                     (5,740,593 )
NET ASSETS - 100.00%                   $ 202,884,154  

 

(a) Non-income producing security.
(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $7,963,652.

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

ALPS Medical Breakthroughs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (100.03%)
Biotechnology (82.73%)
ACADIA Pharmaceuticals, Inc.(a)     175,740     $ 3,806,528  
Agios Pharmaceuticals, Inc.(a)     60,392       1,775,525  
Akebia Therapeutics, Inc.(a)     276,121       281,643  
Alkermes PLC(a)     171,723       7,244,993  
Altimmune, Inc.(a)(b)     134,076       408,932  
Anavex Life Sciences Corp.(a)(b)     95,522       289,432  
Apogee Therapeutics, Inc.(a)(b)     57,722       4,741,285  
Arcturus Therapeutics Holdings, Inc.(a)(b)     29,289       231,969  
ArriVent Biopharma, Inc.(a)     45,563       1,379,192  
ARS Pharmaceuticals, Inc.(a)(b)     102,352       928,333  
Bicara Therapeutics, Inc.(a)     65,313       1,420,558  
Bicycle Therapeutics PLC, ADR(a)     51,450       241,300  
Candel Therapeutics, Inc.(a)(b)     75,500       626,650  
Celcuity, Inc.(a)(b)     47,693       6,337,446  
Celldex Therapeutics, Inc.(a)     68,615       2,156,569  
CG oncology, Inc.(a)(b)     87,032       5,421,223  
Compass Therapeutics, Inc.(a)     185,633       441,807  
Corvus Pharmaceuticals, Inc.(a)(b)     86,347       1,071,566  
Denali Therapeutics, Inc.(a)(b)     163,467       3,439,346  
Design Therapeutics, Inc.(a)(b)     63,568       666,193  
Dianthus Therapeutics, Inc.(a)     45,839       4,263,485  
Disc Medicine, Inc.(a)(b)     39,334       2,736,466  
Forte Biosciences, Inc.(a)     12,912       246,232  
Geron Corp.(a)     660,249       825,311  
Ideaya Biosciences, Inc.(a)     90,520       2,667,624  
Immatics NV(a)     138,190       1,590,567  
Immunocore Holdings PLC, ADR(a) (b)     52,254       1,509,618  
KalVista Pharmaceuticals, Inc.(a)     52,105       1,400,061  
Kura Oncology, Inc.(a)     91,050       928,710  
Kymera Therapeutics, Inc.(a)(b)     84,154       6,851,819  
Lakefront Biotherapeutics NV, ADR(a)(b)     67,945       1,926,241  
MannKind Corp.(a)     317,578       1,197,269  
Mineralys Therapeutics, Inc.(a)     81,578       2,569,707  
Mirum Pharmaceuticals, Inc.(a)     62,199       6,313,198  
MoonLake Immunotherapeutics(a)     73,934       1,418,054  
Neurogene, Inc.(a)     15,968       452,533  
Newamsterdam Pharma Co. NV(a) (b)     118,514       3,991,552  
Novavax, Inc.(a)(b)     167,949       1,842,401  
Olema Pharmaceuticals, Inc.(a)     81,077       1,069,406  
Oruka Therapeutics, Inc.(a)(b)     49,896       2,920,413  
Palvella Therapeutics, Inc.(a)     14,096       1,669,812  
Protara Therapeutics, Inc.(a)     55,748       259,228  
REGENXBIO, Inc.(a)(b)     53,200       372,932  
Relay Therapeutics, Inc.(a)     184,224       2,588,347  
Rezolute, Inc.(a)     98,643       325,522  
Rigel Pharmaceuticals, Inc.(a)(b)     19,042       580,591  
Sarepta Therapeutics, Inc.(a)     108,222       1,933,927  
Sionna Therapeutics, Inc.(a)     46,379       1,985,949  
Spyre Therapeutics, Inc.(a)(b)     80,958       5,950,413  
Stoke Therapeutics, Inc.(a)     58,873       1,819,764  
Taysha Gene Therapies, Inc.(a)(b)     282,348       1,657,383  

 

Security Description   Shares     Value  
Biotechnology (82.73%) (continued)
Tectonic Therapeutic, Inc.(a)(b)     19,353     $ 603,136  
Travere Therapeutics, Inc.(a)(b)     95,051       4,484,506  
Tyra Biosciences, Inc.(a)(b)     55,509       1,854,556  
Upstream Bio, Inc.(a)     55,699       465,644  
Vanda Pharmaceuticals, Inc.(a)(b)     60,925       392,966  
Vera Therapeutics, Inc.(a)(b)     73,552       2,612,567  
Vericel Corp.(a)     52,309       1,743,459  
Viking Therapeutics, Inc.(a)     119,108       3,899,596  
Xencor, Inc.(a)(b)     75,597       898,092  
Xenon Pharmaceuticals, Inc.(a)     85,746       4,692,879  
Zai Lab, Ltd., ADR(a)(b)     115,031       2,034,898  
Zenas Biopharma, Inc.(a)(b)     55,332       1,018,109  
Zura Bio, Ltd.(a)(b)     88,879       382,180  
Total Biotechnology             133,857,613  
                 
Health Care Equipment & Supplies (0.24%)
Delcath Systems, Inc.(a)(b)     35,814       386,075  
                 
Health Care Providers & Services (0.36%)
Fulgent Genetics, Inc.(a)(b)     32,191       583,945  
                 
Pharmaceuticals (16.70%)
Aardvark Therapeutics, Inc.(a)     22,439       92,224  
Aclaris Therapeutics, Inc.(a)     124,304       565,583  
Alto Neuroscience, Inc.(a)     32,025       642,742  
Amylyx Pharmaceuticals, Inc.(a)     113,933       1,634,939  
Atea Pharmaceuticals, Inc.(a)     82,125       383,524  
Crinetics Pharmaceuticals, Inc.(a)(b)     107,892       3,835,561  
Edgewise Therapeutics, Inc.(a)     110,576       3,777,276  
Maze Therapeutics, Inc.(a)(b)     49,602       1,312,469  
MBX Biosciences, Inc.(a)(b)     46,286       1,456,620  
Nuvation Bio, Inc.(a)(b)     357,260       1,707,703  
Oculis Holding AG(a)     58,929       1,354,188  
Pharvaris NV(a)     66,026       1,991,344  
Rapport Therapeutics, Inc.(a)(b)     49,264       1,945,928  
Structure Therapeutics, Inc., ADR(a)     73,020       2,872,607  
Tarsus Pharmaceuticals, Inc.(a)     43,870       2,605,878  
Theravance Biopharma, Inc.(a)     52,230       838,814  
Total Pharmaceuticals             27,017,400  
                 
TOTAL COMMON STOCKS
(Cost $152,328,433)             161,845,033  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (7.28%)                        
Money Market Fund (0.01%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $6,739)     3.55 %     6,739       6,739  

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

ALPS Medical Breakthroughs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

    Shares     Value  
Investments Purchased with Collateral from Securities Loaned (7.27%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%
(Cost $11,763,931)     11,763,931     $ 11,763,931  
                 
TOTAL SHORT TERM INVESTMENTS
(Cost $11,770,670)             11,770,670  
                 
TOTAL INVESTMENTS (107.31%)
(Cost $164,099,103)           $ 173,615,703  
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.31%)             (11,823,149 )
NET ASSETS - 100.00%           $ 161,792,554  

 

(a) Non-income producing security.
(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $37,800,498.

 

See Notes to Financial Statements and Financial Highlights.

7 | alpsfunds.com

 

ALPS Nautilus SMR, Nuclear & Technology ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.91%)
Artificial Intelligence (23.25%)
Advanced Micro Devices, Inc.(a)(b)     250     $ 129,025  
Ambiq Micro, Inc.(a)     161       12,825  
ARM Holdings PLC, ADR(a)     163       57,586  
Astera Labs, Inc.(a)     1,003       343,879  
C3.ai, Inc.(a)     1,253       13,495  
Cisco Systems, Inc.     606       72,974  
Coherent Corp.(a)(b)     615       222,304  
CoreWeave, Inc.(a)     1,524       166,924  
Intel Corp.(a)     659       75,574  
Lumentum Holdings, Inc.(a)(b)     220       188,091  
Micron Technology, Inc.(b)     304       295,184  
Nebius Group NV(a)(b)     1,064       245,880  
Palantir Technologies, Inc., Class A(a)     338       52,911  
Sandisk Corp.(a)     145       245,772  
Shanghai Biren Technology Co., Ltd.(a)(c)     10,402       81,961  
Super Micro Computer, Inc.(a)     4,851       223,583  
Taiwan Semiconductor Manufacturing Co., Ltd., ADR     474       198,345  
Veritone, Inc.(a)     768       1,628  
Vertiv Holdings Co.     577       182,165  
Whitefiber, Inc.(a)     89       2,647  
Total Artificial Intelligence             2,812,753  
                 
Basic Materials (0.35%)
Eagle Nuclear Energy Corp.(a)     1,816       18,305  
Solstice Advanced Materials, Inc.     284       23,922  
Total Basic Materials             42,227  
                 
Nuclear Generation/Transmission (11.39%)
CGN Power Co., Ltd.(d)(e)     1,223,000       483,775  
CLP Holdings, Ltd.     2,500       24,404  
Constellation Energy Corp.     606       174,376  
Dominion Energy, Inc.     1,572       105,230  
Duke Energy Corp.     1,390       170,595  
Endesa SA     516       21,583  
Entergy Corp.     816       88,985  
Fortum Oyj     763       17,844  
Korea Electric Power Corp., ADR     2,292       30,163  
PG&E Corp.     3,912       63,922  
Public Service Enterprise Group, Inc.     890       69,998  
Talen Energy Corp.(a)     81       31,331  
Vistra Corp.     600       96,138  
Total Nuclear Generation/Transmission             1,378,344  
                 
Nuclear Plant Ops/Construction/SMRs (20.48%)
AtkinsRealis Group, Inc.     290       17,409  
Babcock International Group PLC     828       12,227  

 

Security Description   Shares     Value  
Nuclear Plant Ops/Construction/SMRs (20.48%) (continued)
BWX Technologies, Inc.     2,624     $ 513,989  
GE Vernova, Inc.     479       463,825  
Mirion Technologies, Inc.(a)     422       7,714  
NANO Nuclear Energy, Inc.(a)     4,889       141,194  
NuScale Power Corp.(a)(b)     36,103       457,425  
Oklo, Inc.(a)(b)     7,665       512,635  
Perma-Fix Environmental Services, Inc.(a)(c)     1,979       19,434  
Rolls-Royce Holdings PLC     14,548       262,019  
Terrestrial Energy, Inc.(a)     7,576       69,169  
Total Nuclear Plant Ops/Construction/SMRs             2,477,040  
                 
Technology (6.94%)
Minimax Group, Inc.(a)(c)     1,000       107,185  
Samsung Electronics Co., Ltd., GDR(d)     29       154,715  
Seagate Technology Holdings PLC     256       225,229  
SK hynix, Inc., GDR(d)(e)     82       126,729  
Western Digital Corp.     424       225,233  
Total Technology             839,091  
                 
Uranium/Miners (37.50%)
Bannerman Energy, Ltd.(a)(c)     21,752       55,658  
Boss Energy, Ltd.(a)(c)     45,097       41,489  
Cameco Corp.     4,637       522,590  
Centrus Energy Corp.(a)     2,109       384,829  
CGN Mining Co., Ltd.     335,000       137,216  
Deep Yellow, Ltd.(a)     104,395       118,554  
Denison Mines Corp.(a)     103,274       359,394  
Encore Energy Corp.(a)     21,997       35,195  
Energy Fuels, Inc.(a)(b)     23,585       429,719  
IsoEnergy, Ltd.(a)     4,399       51,276  
Lightbridge Corp.(a)     3,816       43,808  
Lotus Resources, Ltd.(a)(c)     28,460       12,887  
NAC Kazatomprom JSC, GDR(d)     6,410       463,443  
NexGen Energy, Ltd.(a)(b)     44,482       514,212  
Paladin Energy, Ltd.(a)     50,952       414,559  
Peninsula Energy, Ltd.(a)     41,550       12,095  
Silex Systems, Ltd.(a)     26,231       116,327  
Uranium Energy Corp.(a)(b)     35,324       486,411  
Uranium Royalty Corp.(a)     13,209       46,231  
Ur-Energy, Inc.(a)     41,509       67,245  
Yellow Cake PLC(a)(d)(e)     29,131       223,222  
Total Uranium/Miners             4,536,360  
                 
TOTAL COMMON STOCKS
(Cost $11,625,010)             12,085,815  

 

See Notes to Financial Statements and Financial Highlights.

8 | alpsfunds.com

 

ALPS Nautilus SMR, Nuclear & Technology ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (0.49%)
Money Market Fund (0.38%)
State Street Institutional Treasury Plus Money Market Fund (Premier Class)
(Cost $45,255)     3.55 %     45,255     $ 45,255  
 
Investments Purchased with Collateral from Securities Loaned (0.11%)
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%
(Cost $13,776)             13,776       13,776  
                         
TOTAL SHORT TERM INVESTMENTS
(Cost $59,031)                     59,031  
                         
TOTAL INVESTMENTS (100.40%)
(Cost $11,684,041)                   $ 12,144,846  
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.40%)                     (47,557 )
NET ASSETS - 100.00%                   $ 12,097,289  

 

(a) Non-income producing security.
(b) Security, or a portion of security, is being held as collateral for written options contracts aggregating a total market value of $1,199,815.
(c) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $223,939.
(d) 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. These securities have been deemed liquid under guidelines utilized by the Valuation Designee. As of May 31, 2026 the aggregate market value of those securities was $1,451,884, representing 12.00% of net assets.
(e) 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. As of May 31, 2026, the aggregate market value of those securities was $833,726, representing 6.89% of net assets.

 

See Notes to Financial Statements and Financial Highlights.

9 | alpsfunds.com

 

ALPS Nautilus SMR, Nuclear & Technology ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

WRITTEN OPTION CONTRACTS (0.47%)

 

Security Description  

Expiration

Date

  

Strike

Price

     Contracts  

Premiums

Received

    

Notional

Value

    

Value

(Note 2)

  
Call Option Contracts - (0.47%)                                        
Uranium Energy Corp.   06/18/26   $ 20.00     91   $ 3,458     $ (125,307 )   $ (592 )
Oklo, Inc.   06/18/26     95.00     10     2,410       (66,880 )     (864 )
NuScale Power Corp.   06/18/26     16.00     38     2,350       (48,146 )     (1,444 )
NuScale Power Corp.   06/18/26     17.00     56     2,407       (70,952 )     (1,596 )
Coherent Corp.   06/18/26     420.00     2     1,536       (72,294 )     (1,820 )
Nebius Group NV   06/18/26     300.00     4     2,592       (92,436 )     (2,170 )
Lumentum Holdings, Inc.   06/18/26     1,000.00     1     2,418       (85,496 )     (2,810 )
NexGen Energy, Ltd.   06/18/26     13.00     173     3,110       (199,988 )     (3,893 )
Micron Technology, Inc.   06/05/26     1,000.00     1     2,558       (97,100 )     (4,245 )
Uranium Energy Corp.   06/18/26     15.00     78     2,416       (107,406 )     (5,031 )
Energy Fuels, Inc.   06/18/26     20.00     100     5,097       (182,200 )     (8,250 )
Advanced Micro Devices, Inc.   06/18/26     270.00     1     488       (51,610 )     (24,710 )
TOTAL WRITTEN OPTION CONTRACTS               $ 30,840     $ (1,199,815 )   $ (57,425 )

 

See Notes to Financial Statements and Financial Highlights.

10 | alpsfunds.com

 

ALPS ETF Trust

 

Statements of Assets and Liabilities May 31, 2026 (Unaudited)

 

   

ALPS Clean

Energy ETF

    

ALPS Disruptive

Technologies ETF

    

ALPS Electrification

Infrastructure ETF

    

ALPS Medical

Breakthroughs ETF

    

ALPS Nautilus

SMR, Nuclear &

Technology ETF

  
ASSETS:
Investments, at value(a)   $ 157,059,709     $ 77,340,258     $ 208,624,747     $ 173,615,703     $ 12,144,846  
Foreign currency, at value (Cost $860, $9,392, $–, $– and $417)     863       9,392       —       —       419  
Receivable for investments sold     —       731,633       —       —       112,477  
Foreign tax reclaims     —       17,897       —       —       5  
Dividends receivable     108,318       114,042       281,376       8,338       20,169  
Receivable for shares sold     —       —       —       —       843,967  
Total Assets     157,168,890       78,213,222       208,906,123       173,624,041       13,121,883  
                                         
LIABILITIES:
Written options, at value     —       —       —       —       57,425  
Payable for investments purchased     —       653,225       —       —       947,678  
Payable to adviser     61,160       29,998       81,594       67,556       5,715  
Payable for collateral upon return of securities loaned     11,776,689       3,105,622       5,940,375       11,763,931       13,776  
Total Liabilities     11,837,849       3,788,845       6,021,969       11,831,487       1,024,594  
NET ASSETS   $ 145,331,041     $ 74,424,377     $ 202,884,154     $ 161,792,554     $ 12,097,289  
                                         
NET ASSETS CONSIST OF:
Paid-in capital   $ 551,112,715     $ 94,382,489     $ 164,398,150     $ 275,151,358     $ 11,468,737  
Total distributable earnings/(accumulated losses)     (405,781,674 )     (19,958,112 )     38,486,004       (113,358,804 )     628,552  
NET ASSETS   $ 145,331,041     $ 74,424,377     $ 202,884,154     $ 161,792,554     $ 12,097,289  
                                         
INVESTMENTS, AT COST   $ 207,411,776     $ 69,764,175     $ 172,898,671     $ 164,099,103     $ 11,684,041  
                                         
PRICING OF SHARES:
Net Assets   $ 145,331,041     $ 74,424,377     $ 202,884,154     $ 161,792,554     $ 12,097,289  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     3,475,002       1,475,002       4,565,002       2,975,000       430,002  
Net Asset Value, offering and redemption price per share   $ 41.82     $ 50.46     $ 44.44     $ 54.38     $ 28.13  

 

(a) Includes $37,519,145, $7,226,243, $7,963,652, $37,800,498 and $223,939 of securities on loan for the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF, ALPS Medical Breakthroughs ETF and ALPS Nautilus SMR, Nuclear & Technology ETF, respectively,

 

See Notes to Financial Statements and Financial Highlights.

11 | alpsfunds.com

 

ALPS ETF Trust

 

Statements of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

   

ALPS Clean

Energy ETF

    

ALPS Disruptive

Technologies ETF

    

ALPS

Electrification

Infrastructure ETF

    

ALPS Medical

Breakthroughs ETF

    

ALPS Nautilus

SMR, Nuclear &

Technology ETF(a)

  
INVESTMENT INCOME:
Dividend income*   $ 566,998     $ 310,415     $ 1,242,646     $ 942     $ 22,109  
Securities lending income     129,309       26,071       9,254       40,941       2,695  
Total investment income     696,307       336,486       1,251,900       41,883       24,804  
                                         
EXPENSES:
Investment adviser fees     322,099       189,187       355,020       339,330       13,615  
Total expenses     322,099       189,187       355,020       339,330       13,615  
NET INVESTMENT INCOME/(LOSS)     374,208       147,299       896,880       (297,447 )     11,189  
                                         
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on investments(b)     (5,289,776 )     3,540,416       2,574,964       26,862,124       182,234  
Net realized gain on written options     —       —       —       —       11,832  
Net realized gain/(loss) on foreign currency transactions     670       3,081       (380 )     —       (627 )
Total net realized gain/(loss)     (5,289,106 )     3,543,497       2,574,584       26,862,124       193,439  
Net change in unrealized appreciation/(depreciation) on investments     34,115,426       (2,503,527 )     25,531,223       (16,368,339 )     460,805  
Net change in unrealized depreciation on written options     —       —       —       —       (26,585 )
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies     3       1,128       (160 )     —       52  
Total net change in unrealized appreciation/(depreciation) on investments     34,115,429       (2,502,399 )     25,531,063       (16,368,339 )     434,272  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     28,826,323       1,041,098       28,105,647       10,493,785       627,711  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 29,200,531     $ 1,188,397     $ 29,002,527     $ 10,196,338     $ 638,900  
* Net of foreign tax withholding:   $ 42,978     $ 19,232     $ 23,017     $ —     $ 1,574  

 

(a) The ALPS Nautilus SMR, Nuclear & Technology ETF commenced operations on February 18, 2026.
(b) Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements and Financial Highlights).

 

See Notes to Financial Statements and Financial Highlights.

12 | alpsfunds.com

 

ALPS Clean Energy ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 374,208     $ 649,353  
Net realized loss     (5,289,106 )     (60,029,198 )
Net change in unrealized appreciation     34,115,429       75,268,413  
Net increase in net assets resulting from operations     29,200,531       15,888,568  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (339,507 )     (696,771 )
From tax return of capital     —       (254,772 )
Total distributions     (339,507 )     (951,543 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     38,109,800       59,361,015  
Cost of shares redeemed     (30,304,372 )     (93,544,331 )
Net increase from capital share transactions     7,805,428       34,183,316  
                 
Net increase/(decrease) in net assets     36,666,452       (19,246,291 )
                 
NET ASSETS:                
Beginning of period     108,664,589       127,910,880  
End of period   $ 145,331,041     $ 108,664,589  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     3,250,002       4,550,002  
Shares sold     1,100,000       2,325,000  
Shares redeemed     (875,000 )     (3,625,000 )
Shares outstanding, end of period     3,475,002       3,250,002  

 

See Notes to Financial Statements and Financial Highlights.

13 | alpsfunds.com

 

ALPS Disruptive Technologies ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 147,299     $ 176,428  
Net realized gain     3,543,497       5,216,023  
Net change in unrealized depreciation     (2,502,399 )     (1,164,142 )
Net increase in net assets resulting from operations     1,188,397       4,228,309  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (30,566 )     (380,334 )
From tax return of capital     —       (18,992 )
Total distributions     (30,566 )     (399,326 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     —       5,686,164  
Cost of shares redeemed     (10,064,434 )     (19,537,566 )
Net decrease from capital share transactions     (10,064,434 )     (13,851,402 )
                 
Net decrease in net assets     (8,906,603 )     (10,022,419 )
                 
NET ASSETS:                
Beginning of period     83,330,980       93,353,399  
End of period   $ 74,424,377     $ 83,330,980  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,700,002       2,000,002  
Shares sold     —       125,000  
Shares redeemed     (225,000 )     (425,000 )
Shares outstanding, end of period     1,475,002       1,700,002  

 

See Notes to Financial Statements and Financial Highlights.

14 | alpsfunds.com

 

ALPS Electrification Infrastructure ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the Period

April 9, 2025

(Commencement of

Operations) to

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 896,880     $ 487,095  
Net realized gain     2,574,584       1,739,994  
Net change in unrealized appreciation     25,531,063       10,194,944  
Net increase in net assets resulting from operations     29,002,527       12,422,033  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (752,249 )     (288,547 )
Total distributions     (752,249 )     (288,547 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     85,179,629       116,499,174  
Cost of shares redeemed     (26,327,517 )     (12,850,896 )
Net increase from capital share transactions     58,852,112       103,648,278  
                 
Net increase in net assets     87,102,390       115,781,764  
                 
NET ASSETS:                
Beginning of period     115,781,764       —  
End of period   $ 202,884,154     $ 115,781,764  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     3,175,002       —  
Shares sold     2,080,000       3,550,002  
Shares redeemed     (690,000 )     (375,000 )
Shares outstanding, end of period     4,565,002       3,175,002  

 

See Notes to Financial Statements and Financial Highlights.

15 | alpsfunds.com

 

ALPS Medical Breakthroughs ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment loss   $ (297,447 )   $ (290,486 )
Net realized gain     26,862,124       1,966,857  
Net change in unrealized appreciation/(depreciation)     (16,368,339 )     18,757,002  
Net increase in net assets resulting from operations     10,196,338       20,433,373  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     —       (1,520,652 )
From tax return of capital     —       (2,146,410 )
Total distributions     —       (3,667,062 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     62,127,616       18,258,538  
Cost of shares redeemed     (15,145,009 )     (53,607,001 )
Net increase/(decrease) from capital share transactions     46,982,607       (35,348,463 )
                 
Net increase/(decrease) in net assets     57,178,945       (18,582,152 )
                 
NET ASSETS:                
Beginning of period     104,613,609       123,195,761  
End of period   $ 161,792,554     $ 104,613,609  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     2,100,000       3,175,000  
Shares sold     1,175,000       425,000  
Shares redeemed     (300,000 )     (1,500,000 )
Shares outstanding, end of period     2,975,000       2,100,000  

 

See Notes to Financial Statements and Financial Highlights.

16 | alpsfunds.com

 

ALPS Nautilus SMR, Nuclear & Technology ETF

 

Statements of Changes in Net Assets

 

   

For the Period

February 18, 2026

(Commencement of

Operations) to

May 31, 2026

  
OPERATIONS:      
Net investment income   $ 11,189  
Net realized gain     193,439  
Net change in unrealized appreciation     434,272  
Net increase in net assets resulting from operations     638,900  
         
DISTRIBUTIONS TO SHAREHOLDERS:        
From distributable earnings     (10,348 )
Total distributions     (10,348 )
         
CAPITAL SHARE TRANSACTIONS:        
Proceeds from sale of shares     12,826,112  
Cost of shares redeemed     (1,357,375 )
Net increase from capital share transactions     11,468,737  
         
Net increase in net assets     12,097,289  
         
NET ASSETS:        
Beginning of period     —  
End of period   $ 12,097,289  
         
OTHER INFORMATION:        
CAPITAL SHARE TRANSACTIONS:        
Beginning shares     —  
Shares sold     480,002  
Shares redeemed     (50,000 )
Shares outstanding, end of period     430,002  

 

See Notes to Financial Statements and Financial Highlights.

17 | alpsfunds.com

 

ALPS Clean Energy ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Year

Ended

November 30, 2022

    

For the Year

Ended

November 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 33.44     $ 28.11     $ 31.34     $ 55.74     $ 73.94     $ 70.05  
                                                 
INCOME/(LOSS) FROM OPERATIONS:
Net investment income(a)     0.11       0.17       0.25       0.47       0.39       0.20  
Net realized and unrealized gain/(loss)     8.37       5.41       (3.13 )     (24.38 )     (18.14 )     4.11  
Total from investment operations     8.48       5.58       (2.88 )     (23.91 )     (17.75 )     4.31  
                                                 
DISTRIBUTIONS:
From net investment income     (0.10 )     (0.18 )     (0.13 )     (0.40 )     (0.19 )     (0.17 )
From tax return of capital     –       (0.07 )     (0.22 )     (0.09 )     (0.26 )     (0.25 )
Total distributions     (0.10 )     (0.25 )     (0.35 )     (0.49 )     (0.45 )     (0.42 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     8.38       5.33       (3.23 )     (24.40 )     (18.20 )     3.89  
NET ASSET VALUE, END OF PERIOD   $ 41.82     $ 33.44     $ 28.11     $ 31.34     $ 55.74     $ 73.94  
                                                 
TOTAL RETURN(b)     25.43 %     20.00 %     (9.32 )%     (43.11 )%     (24.00 )%     6.16 %
                                                 
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)   $ 145,331     $ 108,665     $ 127,911     $ 267,977     $ 707,911     $ 1,014,767  
                                                 
Ratio of expenses to average net assets     0.55 %(c)     0.55 %     0.55 %     0.55 %     0.55 %     0.56 %(d)
Ratio of net investment income to average net assets     0.64 %(c)     0.64 %     0.85 %     1.09 %     0.69 %     0.26 %
Portfolio turnover rate(e)     14 %     39 %     32 %     38 %     44 %     39 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Effective January 1, 2021, the Fund's Advisory Fee changed from 0.65% to 0.55%.
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

18 | alpsfunds.com

 

ALPS Disruptive Technologies ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Year

Ended

November 30, 2022

    

For the Year

Ended

November 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 49.02     $ 46.68     $ 38.51     $ 34.92     $ 48.23     $ 42.99  
                                                 
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(a)     0.09       0.10       0.13       0.15       (0.02 )     0.15  
Net realized and unrealized gain/(loss)     1.37       2.44       8.15       3.45       (13.17 )     5.26  
Total from investment operations     1.46       2.54       8.28       3.60       (13.19 )     5.41  
                                                 
DISTRIBUTIONS:
From net investment income     (0.02 )     (0.19 )     (0.11 )     (0.01 )     (0.12 )     (0.17 )
From tax return of capital     –       (0.01 )     –       –       –       –  
Total distributions     (0.02 )     (0.20 )     (0.11 )     (0.01 )     (0.12 )     (0.17 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     1.44       2.34       8.17       3.59       (13.31 )     5.24  
NET ASSET VALUE, END OF PERIOD   $ 50.46     $ 49.02     $ 46.68     $ 38.51     $ 34.92     $ 48.23  
                                                 
TOTAL RETURN(b)     2.98 %     5.47 %     21.54 %     10.31 %     (27.41 )%     12.60 %
                                                 
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)   $ 74,424     $ 83,331     $ 93,353     $ 97,233     $ 122,214     $ 237,546  
                                                 
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/(loss) to average net assets     0.39 %(c)     0.20 %     0.30 %     0.42 %     (0.05 )%     0.31 %
Portfolio turnover rate(d)     15 %     31 %     35 %     34 %     31 %     26 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

19 | alpsfunds.com

 

ALPS Electrification Infrastructure ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Period

April 9, 2025

(Commencement

of Operations) to

November 30, 2025

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 36.47     $ 26.85  
                 
INCOME/(LOSS) FROM OPERATIONS:                
Net investment income(a)     0.25       0.30  
Net realized and unrealized gain     7.94       9.47  
Total from investment operations     8.19       9.77  
                 
DISTRIBUTIONS:                
From net investment income     (0.22 )     (0.15 )
Total distributions     (0.22 )     (0.15 )
                 
NET INCREASE IN NET ASSET VALUE     7.97       9.62  
NET ASSET VALUE, END OF PERIOD   $ 44.44     $ 36.47  
                 
TOTAL RETURN(b)     22.58 %     36.42 %
                 
RATIOS/SUPPLEMENTAL DATA:                
Net assets, end of period (in 000s)   $ 202,884     $ 115,782  
                 
Ratio of expenses to average net assets     0.50 %(c)     0.50 %(c)
Ratio of net investment income to average net assets     1.26 %(c)     1.37 %(c)
Portfolio turnover rate(d)     18 %     16 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

20 | alpsfunds.com

 

ALPS Medical Breakthroughs ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Year

Ended

November 30, 2022

    

For the Year

Ended

November 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 49.82     $ 38.80     $ 26.36     $ 31.29     $ 42.94     $ 49.00  
                                                 
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)     (0.11 )     (0.11 )     (0.13 )     (0.10 )     (0.13 )     (0.18 )
Net realized and unrealized gain/(loss)     4.67       12.30       12.64       (4.83 )     (11.52 )     (5.88 )
Total from investment operations     4.56       12.19       12.51       (4.93 )     (11.65 )     (6.06 )
 
DISTRIBUTIONS:
From net investment income     –       (0.48 )     (0.07 )     –       –       –  
From tax return of capital     –       (0.69 )     –       –       –       –  
Total distributions     –       (1.17 )     (0.07 )     –       –       –  
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     4.56       11.02       12.44       (4.93 )     (11.65 )     (6.06 )
NET ASSET VALUE, END OF PERIOD   $ 54.38     $ 49.82     $ 38.80     $ 26.36     $ 31.29     $ 42.94  
                                                 
TOTAL RETURN(b)     9.15 %     32.79 %     47.50 %     (15.76 )%     (27.13 )%     (12.37 )%
                                                 
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000s)   $ 161,793     $ 104,614     $ 123,196     $ 83,690     $ 115,009     $ 188,929  
                                                 
Ratio of expenses to average net assets     0.50 %(c)     0.50 %     0.50 %     0.50 %     0.50 %     0.50 %
Ratio of net investment loss to average net assets     (0.44 )%(c)     (0.33 )%     (0.37 )%     (0.34 )%     (0.39 )%     (0.36 )%
Portfolio turnover rate(d)     58 %     58 %     72 %     81 %     88 %     81 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

21 | alpsfunds.com

 

ALPS Nautilus SMR, Nuclear & Technology ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the Period

February 18, 2026

(Commencement

of Operations) to

May 31, 2026

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 25.45  
         
INCOME/(LOSS) FROM OPERATIONS:        
Net investment income(a)     0.04  
Net realized and unrealized gain     2.67  
Total from investment operations     2.71  
         
DISTRIBUTIONS:        
From net investment income     (0.03 )
Total distributions     (0.03 )
         
NET INCREASE IN NET ASSET VALUE     2.68  
NET ASSET VALUE, END OF PERIOD   $ 28.13  
         
TOTAL RETURN(b)     10.63 %
         
RATIOS/SUPPLEMENTAL DATA:        
Net assets, end of period (in 000s)   $ 12,097  
         
Ratio of expenses to average net assets     0.65 %(c)
Ratio of net investment income to average net assets     0.53 %(c)
Portfolio turnover rate(d)     30 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

22 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS Clean Energy ETF, ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF, ALPS Medical Breakthroughs ETF and the ALPS Nautilus SMR, Nuclear & Technology ETF (each a “Fund” and collectively, the “Funds”).

 

The investment objective of the ALPS Clean Energy ETF is to seek investment results that correspond (before fees and expenses) generally, to the performance of the CIBC Atlas Clean Energy Index. The investment objective of the ALPS Disruptive Technologies ETF is to seek investment results that correspond (before fees and expenses) generally, to the performance of the Indxx Disruptive Technologies Index. The investment objective of the ALPS Electrification Infrastructure ETF is to seek investment results that correspond (before fees and expenses) generally, to the performance of the Ladenburg Thalmann Electrification Infrastructure Index. The investment objective of the ALPS Medical Breakthroughs ETF is to seek investment results that correspond (before fees and expenses) generally, to the performance of the S-Network Medical Breakthroughs Index. The investment objective of the ALPS Nautilus SMR, Nuclear & Technology ETF is to seek a combination of capital appreciation and income.

 

ALPS Clean Energy ETF and the ALPS Nautilus SMR, Nuclear & Technology ETF are considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS Disruptive Technologies ETF, ALPS Electrification Infrastructure ETF, and ALPS Medical Breakthroughs ETF have elected to qualify as a diversified series of the Trust under the 1940 Act.

 

With the exception of the ALPS Electrification Infrastructure ETF, each Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). ALPS Electrification Infrastructure ETF is listed on the Nasdaq Stock Market LLC (“NASDAQ”). With the exception of the ALPS Nautilus SMR, Nuclear & Technology ETF, each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. ALPS Nautilus SMR, Nuclear & Technology ETF issues and redeems Shares, at net asset value in blocks of 10,000 Shares. 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. The Funds’ Treasurer is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

Each Fund’s NAV is determined daily, as of the close of regular trading on the New York Stock Exchange (the “NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed by dividing the value of all assets of 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 are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Portfolio securities traded in the over-the-counter market, but excluding securities traded on the NASDAQ, are valued at the last quoted sale price in such market.

23 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of the Funds’ 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.

 

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:

 

Exchange-traded options and 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, Exchange-traded options or equity 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, 2026:

 

ALPS Clean Energy ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 136,583,273     $ –     $ –     $ 136,583,273  
Master Limited Partnerships*     8,654,629       –       –       8,654,629  
Short Term Investments     11,821,807       –       –       11,821,807  
Total   $ 157,059,709     $ –     $ –     $ 157,059,709  

24 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

ALPS Disruptive Technologies ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 73,437,670     $ –     $ –     $ 73,437,670  
Master Limited Partnerships*     796,966       –       –       796,966  
Short Term Investments     3,105,622       –       –       3,105,622  
Total   $ 77,340,258     $ –     $ –     $ 77,340,258  

 

ALPS Electrification Infrastructure ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 202,120,790     $ –     $ –     $ 202,120,790  
Short Term Investments     6,503,957       –       –       6,503,957  
Total   $ 208,624,747     $ –     $ –     $ 208,624,747  

 

ALPS Medical Breakthroughs ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 161,845,033     $ –     $ –     $ 161,845,033  
Short Term Investments     11,770,670       –       –       11,770,670  
Total   $ 173,615,703     $ –     $ –     $ 173,615,703  

 

ALPS Nautilus SMR, Nuclear & Technology ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 12,085,815     $ –     $ –     $ 12,085,815  
Short Term Investments     59,031       –       –       59,031  
Total   $ 12,144,846     $ –     $ –     $ 12,144,846  
Other Financial Instruments                                
Liabilities:                                
Written Options   $ (57,425 )   $ –     $ –     $ (57,425 )
Total   $ (57,425 )   $ –     $ –     $ (57,425 )

 

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

 

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2026.

 

C. Foreign Investment Risk

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

 

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

 

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

25 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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. Interest income, if any, is recorded on the accrual basis.

 

F. Dividends and Distributions to Shareholders

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

 

G. Derivative Instruments

As a part of its investment strategy, the ALPS Nautilus SMR, Nuclear & Technology ETF is permitted to enter in various types of derivative contracts.

 

Collateral is being pledged to cover derivative obligations of the Fund. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

 

Derivative Risk. Derivatives are financial instruments, such as futures, swaps and options, whose values are based on the value of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivatives involve risks different from, and possible greater than, the risks associated with investing directly with securities and other more traditional investments. For example, derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying indicator. Derivative transactions can create investment leverage, may be highly volatile and the Fund could lose more than the amount it invests. Many derivative transactions are entered into "over-the-counter" (not on an exchange or contract market); as a result, the value of such a derivative transaction will depend on the ability and the willingness of the Fund's counterparty to perform its obligations under the transaction. If a counterparty were to default on its obligations, the ALPS Nautilus SMR, Nuclear & Technology ETF's contractual remedies against such counterparty may be subject to bankruptcy and insolvency laws, which could affect the Fund's rights as a creditor (e.g., the Fund may not receive the net amount of payments that it is contractually entitled to receive). A liquid secondary market may not always exist for the Fund's derivative positions at any time.

 

Call and Put Strategy Risk. The ALPS Nautilus SMR, Nuclear & Technology ETF may write calls and/or puts on instruments the Fund owns or otherwise has exposure to (covered calls or covered puts) and write calls and/or puts on instruments to which the Fund has no exposure (naked calls and naked puts) in return for a premium. Under a call or put writing strategy, the Fund typically would expect to receive cash (or a premium) for having written (sold) a call or put option, which enables a purchaser of the call to buy (or the purchaser of the put to sell) the asset on which the option is written at a certain price within a specified time frame. Writing call options will limit the Fund's opportunity to profit from an increase in the market value and other returns of the underlying asset to the exercise price (plus the premium received). The Fund's maximum potential gain via a written covered call will generally be expected to be the premium received from writing a covered call option plus the difference between any lower price at which the Fund acquired exposure to the applicable underlying asset and any higher price the purchaser of the call option may exercise the call option. The Fund's maximum potential gain via a written naked call or any put will generally be the premium received from writing the option. The Fund's maximum potential loss on a written covered call is the purchase price paid for the underlying asset minus the premium received for writing the option. The Fund's maximum potential loss on a written uncovered call is theoretically limitless as the value of the underlying asset rises. The Fund's maximum potential loss on a written put is the entire strike price minus the premium received for writing the option as the value of the underlying asset could fall to zero. Therefore, written call and puts can result in overall losses and detract from the Fund's total returns even though the call or put options produce premiums and may initially produce income and cash flow to the Fund (and distributions by the Fund) for having written the call or put options. Buying a call option or put option will generally involve the Fund paying a premium on the option, which may detract from returns and may not limit losses. The Fund may lose the initial amount invested in the call option or put option. In a rising market, a covered call option may require an underlying instrument to be sold at an exercise price that is lower than would be received if the instrument was sold at the market price. If a call or put expires, the Fund would generally realize a gain in the amount of the premium received, but because there may have been a decline (unrealized loss) in the market value of the underlying investment during the option period, the market value loss realized may exceed such gain. If the underlying instrument declines by more than the option premium the Fund receives, there will be a loss on the overall position, which will detract from the Fund's total returns even if the call or put options written by the Fund produced premiums and initially produced Fund distributions, returns, income and/or cash flow.

26 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The following is a summary of the effect of derivative instruments on the Statement of Assets and Liabilities as of May 31, 2026:

 

    Asset Derivatives
Risk Exposure   Asset Location   Fair Value     Liability Location   Fair Value  
ALPS Nautilus SMR, Nuclear & Technology ETF                        
Equity Contracts (Written Options)   N/A   $ –     Written options, at value   $ (57,425 )
        $ –         $ (57,425 )

 

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended May 31, 2026:

 

Risk Exposure   Statement of Operations Location  

Realized

Gain/(Loss)

on Derivatives

Recognized

in Income

    

Change in

Unrealized

Gain/(Loss)

on Derivatives

Recognized

in Income

  
ALPS Nautilus SMR, Nuclear & Technology ETF                
Equity Contracts
(Written Options)		   Net realized gain on written options/Net change in unrealized depreciation on written options   $ 11,832     $ (26,585 )
Total       $ 11,832     $ (26,585 )

 

The average value of written options held in the ALPS Nautilus SMR, Nuclear & Technology ETF during the period ended May 31, 2026 was $22,195.

 

H. 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 each Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund  

Ordinary

Income

    

Long-Term

Capital Gain

    

Return

of Capital

  
November 30, 2025                        
ALPS Clean Energy ETF   $ 696,771     $ —     $ 254,772  
ALPS Disruptive Technologies ETF     380,334       —       18,992  
ALPS Electrification Infrastructure ETF     288,547       —       —  
ALPS Medical Breakthroughs ETF     1,520,652       —       2,146,410  

 

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

 

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

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ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS Clean Energy ETF   $ 118,603,072     $ 216,626,147  
ALPS Disruptive Technologies ETF     6,420,114       22,700,556  
ALPS Electrification Infrastructure ETF     —       —  
ALPS Medical Breakthroughs ETF     82,703,335       65,902,910  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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 Clean Energy ETF   $ 29,742,097     $ (81,576,552 )   $ (51,834,455 )   $ 208,894,164  
ALPS Disruptive Technologies ETF     16,714,662       (10,178,081 )     6,536,581       70,803,677  
ALPS Electrification Infrastructure ETF     41,026,984       (5,300,908 )     35,726,076       172,898,671  
ALPS Medical Breakthroughs ETF     26,259,573       (17,437,200 )     8,822,373       164,793,330  
ALPS Nautilus SMR, Nuclear & Technology ETF     1,166,862       (732,642 )     434,220       11,684,041  

 

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in passive foreign investment companies. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2026.

 

I. Income Taxes

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

 

As of and during the six months ended May 31, 2026, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

J. Lending of Portfolio Securities

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

 

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

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ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The following is a summary of each Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund  

Market Value of

Securities on Loan

    

Cash Collateral

Received

    

Non-Cash

Collateral

Received

    

Total Collateral

Received

  
ALPS Clean Energy ETF   $ 37,519,145     $ 11,776,689     $ 27,382,076     $ 39,158,765  
ALPS Disruptive Technologies ETF     7,226,243       3,105,622       4,339,854       7,445,476  
ALPS Electrification Infrastructure ETF     7,963,652       5,940,375       2,242,388       8,182,763  
ALPS Medical Breakthroughs ETF     37,800,498       11,763,931       26,827,115       38,591,046  
ALPS Nautilus SMR, Nuclear & Technology ETF     223,939       13,776       223,312       237,088  

 

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

 

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2026:

 

ALPS Clean Energy ETF

Remaining Contractual Maturity of the Agreements
Securities Lending Transactions  

Overnight &

Continuous

     Up to 30 Days     30-90 Days    

Greater than

90 Days

     Total  
Common Stocks   $ 11,776,689     $ —     $ —     $ —     $ 11,776,689  
Total Borrowings                                     11,776,689  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 11,776,689  

 

ALPS Disruptive Technologies ETF

Remaining Contractual Maturity of the Agreements
Securities Lending Transactions  

Overnight &

Continuous

     Up to 30 Days     30-90 Days    

Greater than

90 Days

     Total  
Common Stocks   $ 3,105,622     $ —     $ —     $ —     $ 3,105,622  
Total Borrowings                                     3,105,622  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 3,105,622  

 

ALPS Electrification Infrastructure 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   $ 5,940,375     $ —     $ —     $ —     $ 5,940,375  
Total Borrowings                                     5,940,375  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 5,940,375  

29 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

ALPS Medical Breakthroughs ETF

Remaining Contractual Maturity of the Agreements
Securities Lending Transactions  

Overnight &

Continuous

     Up to 30 Days     30-90 Days    

Greater than

90 Days

     Total  
Common Stocks   $ 11,763,931     $ —     $ —     $ —     $ 11,763,931  
Total Borrowings                                     11,763,931  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 11,763,931  

 

ALPS Nautilus SMR, Nuclear & Technology 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   $ 13,776     $ —     $ —     $ —     $ 13,776  
Total Borrowings                                     13,776  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 13,776  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

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

 

Fund Advisory Fee
ALPS Clean Energy ETF 0.55%
ALPS Disruptive Technologies ETF 0.50%
ALPS Electrification Infrastructure ETF 0.50%
ALPS Medical Breakthroughs ETF 0.50%
ALPS Nautilus SMR, Nuclear & Technology ETF 0.65%

 

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

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

30 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six months ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and in-kind transactions, were as follows:

 

Fund   Purchases     Sales  
ALPS Clean Energy ETF   $ 16,690,279     $ 16,623,571  
ALPS Disruptive Technologies ETF     11,540,349       11,613,036  
ALPS Electrification Infrastructure ETF     26,836,329       27,186,755  
ALPS Medical Breakthroughs ETF     80,886,098       79,832,680  
ALPS Nautilus SMR, Nuclear & Technology ETF     2,777,855       2,505,633  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS Clean Energy ETF   $ 37,915,657     $ 29,796,724  
ALPS Disruptive Technologies ETF     —       9,867,757  
ALPS Electrification Infrastructure ETF     85,138,691       26,258,438  
ALPS Medical Breakthroughs ETF     60,868,503       15,144,498  
ALPS Nautilus SMR, Nuclear & Technology ETF     12,337,216       1,166,609  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS Clean Energy ETF   $ 7,853,326  
ALPS Disruptive Technologies ETF     2,351,951  
ALPS Electrification Infrastructure ETF     4,758,131  
ALPS Medical Breakthroughs ETF     4,830,838  
ALPS Nautilus SMR, Nuclear & Technology ETF     343,017  

 

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 except for the ALPS Nautilus SMR, Nuclear & Technology ETF. Shares of ALPS Nautilus SMR, Nuclear & Technology ETF are created and redeemed in Creation Unit size aggregations of 10,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from each Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of each Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

 

6. RELATED PARTY TRANSACTIONS

 

 

The ALPS Clean Energy ETF and the ALPS Electrification Infrastructure ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six month period ended, May 31, 2026 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 or sub-adviser. The Board previously adopted procedures that apply to transactions 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.

31 | alpsfunds.com

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Transactions related to cross trades during the six months ended May 31, 2026, were as follows:

 

    Purchase cost paid     Sale proceeds received     Realized gain/(loss) on sales  
ALPS Clean Energy ETF   $ –     $ 1,363,881     $ (2,443,206 )
ALPS Electrification Infrastructure ETF     1,363,881       –       –  

 

7. MARKET RISK

 

 

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. Securities in the Funds' 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, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

8. CONCENTRATION RISK

 

 

Each Fund seeks to track an underlying index, which itself may have concentration in certain regions, economies, countries, markets, industries or sectors. Underperformance or increased risk in such concentrated areas may result in underperformance or increased risk in the Funds.

 

9. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

10. SUBSEQUENT EVENTS

 

 

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

32 | alpsfunds.com

 

ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

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, 2025:

 

Fund Qualified Dividend Income Dividend Received Deduction 1099 Dividends
ALPS Clean Energy ETF 69.05% 11.99% 0.00%
ALPS Disruptive Technologies ETF 100.00% 100.00% 0.00%
ALPS Electrification Infrastructure ETF 100.00% 68.87% 0.00%
ALPS Medical Breakthroughs ETF 0.00% 0.00% 0.00%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

 

LICENSING AGREEMENT

 

 

ALPS Clean Energy ETF

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

 

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

 

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

 

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

 

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

 

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

33 | alpsfunds.com

 

ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

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

 

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

 

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

 

ALPS Disruptive Technologies ETF

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

 

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

 

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

 

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

34 | alpsfunds.com

 

ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

ALPS Electrification Infrastructure ETF

Ladenburg Thalmann Index, LLC (the “Index Provider”) is not affiliated with the ALPS Electrification Infrastructure ETF (the “Fund”) or ALPS Advisors, Inc. (the “Adviser”). The Fund is entitled to use the Underlying Index pursuant to a licensing agreement with the Index Provider and the Adviser. The Adviser pays a licensing fee to the Index Provider out of the management fee.

 

LADENBURG THALMANN INDEX, LLC DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE LADENBURG THALMANN ELECTRIFICATION INFRASTRUCTURE INDEX (THE “INDEX”) OR ANY DATA INCLUDED THEREIN AND LADENBURG THALMANN INDEX, LLC SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LADENBURG THALMANN INDEX, LLC MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE ALPS ELECTRIFICATION INFRASTRUCURE ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. LADENBURG THALMANN INDEX, LLC 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 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LADENBURG THALMANN INDEX, LLC HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 

ALPS Medical Breakthroughs ETF

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

 

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

 

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

 

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

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ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

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

 

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

36 | alpsfunds.com

 

ALPS ETF Trust

 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

37 | alpsfunds.com

 

ALPS ETF Trust

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

38 | alpsfunds.com

 

ALPS ETF Trust

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

39 | alpsfunds.com

 

ALPS ETF Trust

 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

At its meeting held on December 2, 2025, the Board of Trustees of the Trust (the “Board” or the “Trustees”), where five of the six Trustees were not an "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to approve the Investment Advisory Agreement (the “New Fund Advisory Agreement”) between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS Nautilus SMR, Nuclear & Technology ETF (the "New Fund"). In evaluating the New Fund Advisory Agreement, the Board, including the Independent Trustees, considered various factors, including (i) the nature, extent and quality of the services expected to be provided by the Adviser to the New Fund under the New Fund Advisory Agreement; (ii) the advisory fees and other expenses proposed to be paid by the New Fund compared to those of similar funds managed by other investment advisers; (iii) the expected costs of the services to be provided to the New Fund and the projected profitability to be realized by the Adviser and its affiliates from the Adviser’s relationship with the New Fund; (iv) the extent to which economies of scale would be realized if and as the New Fund’s assets increase and whether the fee level in the New Fund Advisory Agreement reflects these economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

 

With respect to the nature, extent and quality of the services to be provided by the Adviser under the New Fund Advisory Agreement, the Board considered and reviewed information concerning the services proposed to be provided under the New Fund Advisory Agreement, the proposed investment strategy for the New Fund, financial information regarding the Adviser and its parent company, information describing the Adviser’s current organization and the background and experience of the persons who would be responsible for the day-to-day management of the New Fund, the anticipated financial support of the New Fund, and the nature and quality of services provided to other ETFs, open-end and closed-end funds sponsored by the Adviser. Based upon their review, the Board concluded that the Adviser was qualified to oversee the services to be provided by other service providers and that the services to be provided by the Adviser to the New Fund are expected to be satisfactory.

 

With respect to the costs of services to be provided and profits to be realized by the Adviser, the Board considered the resources involved in managing the New Fund as well as the fact that the Adviser agreed to pay all of the New Fund’s expenses (except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the New Fund’s business) out of the unitary advisory fee. Based on their review, the Board concluded that the expected profitability of the New Fund to the Adviser was not unreasonable.

 

The Board, including the Independent Trustees, also reviewed comparative fee and expense data provided by FUSE regarding the New Fund. The Trustees noted the proposed advisory fee for services to be provided to the New Fund by the Adviser was 0.65% of the New Fund’s average daily net assets. The Trustees also considered that the advisory fee with respect to the New Fund was a unitary one and that, as set forth above, the Adviser had agreed to pay all of the New Fund’s expenses (except for interest expenses, marketing fees, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the New Fund’s business) out of the unitary fee. The Board considered that, taking into account the impact of the New Fund’s unitary advisory fee, the New Fund’s expense ratio was below the median of both of its FUSE gross advisory fees peer group and total net expenses peer group. The Board took into account, among other things, the views of the Adviser with respect to the differences between the investment strategy of the New Fund and the investment strategies of the FUSE peer group and the other information available to them, the Board concluded that the advisory fee for the New Fund was reasonable under the circumstances and in light of the quality of services to be provided.

 

The Board also considered other benefits that may be realized by the Adviser from its relationship with the New Fund and concluded that the advisory fee was reasonable taking into account such benefits.

 

The Board considered the extent to which economies of scale would be realized as the New Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of the New Fund investors. Because the New Fund is newly organized, the Trustees reviewed the New Fund’s proposed unitary advisory fee and anticipated expenses and determined to review economies of scale in the future when the New Fund had attracted assets.

 

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

40 | alpsfunds.com

 

 

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Schedule of Investments  
ALPS Sector Dividend Dogs ETF 2
ALPS International Sector Dividend Dogs ETF 4
ALPS Emerging Sector Dividend Dogs ETF 6
ALPS REIT Dividend Dogs ETF 8
Statements of Assets and Liabilities 10
Statements of Operations 11
Statements of Changes in Net Assets  
ALPS Sector Dividend Dogs ETF 12
ALPS International Sector Dividend Dogs ETF 13
ALPS Emerging Sector Dividend Dogs ETF 14
ALPS REIT Dividend Dogs ETF 15
Financial Highlights 16
Notes to Financial Statements and Financial Highlights 20
Additional Information 29
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 30
Proxy Disclosures for Open-End Management Investment Companies 31
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 32
Statement Regarding Basis for Approval of Investment Advisory Contract 33

 

     

 

ALPS Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.48%)                
Communication Services (8.39%)                
AT&T, Inc.     941,701     $ 23,354,185  
Comcast Corp., Class A     865,566       21,526,626  
Omnicom Group, Inc.     335,531       24,396,459  
T-Mobile US, Inc.     120,034       22,509,976  
Verizon Communications, Inc.     508,031       24,288,962  
Total Communication Services             116,076,208  
                 
Consumer Discretionary (10.72%)                
Best Buy Co., Inc.     417,088       32,512,010  
Darden Restaurants, Inc.     128,950       26,294,194  
Ford Motor Co.     2,236,904       39,011,606  
Genuine Parts Co.     246,852       24,364,292  
Starbucks Corp.     263,298       26,108,630  
Total Consumer Discretionary             148,290,732  
                 
Consumer Staples (9.47%)                
Altria Group, Inc.     384,528       26,755,458  
General Mills, Inc.     662,931       22,413,697  
Kenvue, Inc.     1,492,531       25,790,936  
Kraft Heinz Co.     1,156,124       27,758,537  
Target Corp.     222,442       28,265,705  
Total Consumer Staples             130,984,333  
                 
Energy (9.00%)                
Chevron Corp.     132,588       24,192,007  
ConocoPhillips     214,135       24,407,107  
EOG Resources, Inc.     195,066       26,017,903  
Kinder Morgan, Inc.     781,821       24,298,997  
ONEOK, Inc.     305,847       25,672,797  
Total Energy             124,588,811  
                 
Financials (10.52%)                
KeyCorp     1,381,221       29,461,444  
Prudential Financial, Inc.     283,769       28,558,512  
T Rowe Price Group, Inc.     294,704       30,805,409  
Truist Financial Corp.     595,617       28,714,696  
US Bancorp     511,862       28,075,631  
Total Financials             145,615,692  
                 
Health Care (9.74%)                
AbbVie, Inc.     118,805       25,866,224  
Bristol-Myers Squibb Co.     441,820       25,263,268  
CVS Health Corp.     342,879       31,195,131  
Merck & Co., Inc.     225,836       26,811,250  
Pfizer, Inc.     982,177       25,713,394  
Total Health Care             134,849,267  
                 
Industrials (9.38%)                
Lockheed Martin Corp.     40,417       21,439,198  
Paychex, Inc.     281,877       27,336,431  
Snap-On, Inc.     71,055       26,376,327  
United Parcel Service, Inc., Class B     268,563       28,652,986  
Security Description   Shares     Value  
Industrials (9.38%) (continued)                
Watsco, Inc.(a)     70,899     $ 26,027,023  
Total Industrials             129,831,965  
                 
Information Technology (14.15%)                
Accenture PLC, Class A     132,633       24,811,655  
Hewlett Packard Enterprise Co.     1,209,661       52,063,810  
HP, Inc.     1,379,034       37,289,079  
Microchip Technology, Inc.     421,424       39,887,782  
Texas Instruments, Inc.     136,710       41,789,513  
Total Information Technology             195,841,839  
                 
Materials (8.93%)                
Amcor PLC     643,424       24,977,720  
International Paper Co.     700,829       23,456,747  
LyondellBasell Industries NV, Class A     360,442       24,023,459  
Smurfit Westrock PLC(a)     656,710       27,023,616  
The Dow Chemical Co.     712,855       24,058,856  
Total Materials             123,540,398  
                 
Utilities (9.18%)                
Dominion Resources, Inc.     412,955       27,643,208  
Edison International     363,344       25,412,279  
Evergy, Inc.     315,930       25,918,897  
Eversource Energy     356,503       24,338,460  
FirstEnergy Corp.     510,270       23,671,425  
Total Utilities             126,984,269  
                 
TOTAL COMMON STOCKS                
(Cost $1,234,387,059)             1,376,603,514  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (0.39%)                        
Money Market Fund (0.16%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $2,228,518)     3.55 %     2,228,518       2,228,518  
                         
Investments Purchased with Collateral from Securities Loaned (0.23%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $3,186,724)             3,186,724       3,186,724  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $5,415,242)                     5,415,242  
                         
TOTAL INVESTMENTS (99.87%)                        
(Cost $1,239,802,301)                   $ 1,382,018,756  
OTHER ASSETS IN EXCESS OF LIABILITIES (0.13%)                     1,775,726  
NET ASSETS - 100.00%                   $ 1,383,794,482  

 

See Notes to Financial Statements and Financial Highlights.

  2 | alpsfunds.com  

 

ALPS Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $20,552,833.

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

ALPS International Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.28%)                
Australia (8.20%)                
BHP Group, Ltd.(a)     292,234     $ 13,087,832  
Fortescue, Ltd.(a)     710,488       11,392,933  
Origin Energy, Ltd.(a)     1,251,195       9,775,382  
Woodside Energy Group, Ltd.(a)     468,764       10,330,126  
Total Australia             44,586,273  
                 
Austria (2.00%)                
OMV AG     151,471       10,892,047  
                 
Denmark (3.48%)                
A P Moller-Maersk A/S     3,947       9,738,530  
Coloplast A/S, Class B     148,455       9,169,910  
Total Denmark             18,908,440  
                 
Finland (5.14%)                
Nokia Oyj     1,236,357       18,011,639  
UPM-Kymmene Oyj(a)     340,356       9,940,647  
Total Finland             27,952,286  
                 
France (19.41%)                
BNP Paribas SA     104,894       11,372,265  
Bouygues SA     178,838       10,525,772  
Cap Gemini SA     82,574       9,819,231  
Carrefour SA     574,577       10,746,427  
Cie Generale des Etablissements Michelin SCA     300,294       11,036,769  
Engie SA     325,979       10,064,460  
Orange SA(a)     508,386       10,635,107  
Pernod Ricard SA(a)     129,684       9,593,113  
Publicis Groupe SA     117,797       11,505,728  
Sanofi SA     116,609       10,240,385  
Total France             105,539,257  
                 
Germany (7.47%)                
BASF SE     184,199       10,918,647  
Bayerische Motoren Werke AG     109,563       9,553,888  
Daimler Truck Holding AG     208,421       10,246,746  
Mercedes-Benz Group AG     162,339       9,882,278  
Total Germany             40,601,559  
                 
Hong Kong (3.85%)                
China Resources Power Holdings Co., Ltd.     4,141,600       11,235,363  
WH Group, Ltd.(b)(c)     8,383,000       9,680,633  
Total Hong Kong             20,915,996  
                 
Italy (6.62%)                
Banca Monte dei Paschi di Siena SpA     1,247,889       13,431,684  
Banco BPM SpA     779,190       12,255,788  
Enel SpA     917,239       10,297,461  
Total Italy             35,984,933  
                 
Japan (9.67%)                
Astellas Pharma, Inc.     687,900       9,860,771  
Canon, Inc.(a)     368,063       9,770,950  
Security Description   Shares     Value  
Japan (9.67%) (continued)                
Kyocera Corp.     641,000     $ 14,018,165  
Nippon Steel Corp.(a)     2,738,300       9,741,756  
Takeda Pharmaceutical Co., Ltd.     286,000       9,190,644  
Total Japan             52,582,286  
                 
Norway (5.75%)                
Aker BP ASA     311,735       11,213,283  
Equinor ASA     293,218       10,626,495  
Telenor ASA     578,199       9,448,585  
Total Norway             31,288,363  
                 
Poland (6.52%)                
Bank Polska Kasa Opieki SA     181,665       12,116,844  
Erste Bank Polska SA     69,502       11,758,855  
ORLEN SA     296,811       11,601,551  
Total Poland             35,477,250  
                 
Portugal (1.90%)                
EDP SA     2,024,189       10,310,534  
                 
Singapore (1.95%)                
Singapore Airlines, Ltd.     1,996,915       10,608,489  
                 
Sweden (6.37%)                
Evolution AB(a)(b)(c)     161,414       12,181,529  
Telefonaktiebolaget LM Ericsson, Class B     886,557       11,531,934  
Telia Co. AB     2,043,211       10,956,166  
Total Sweden             34,669,629  
                 
Switzerland (3.71%)                
Allwyn AG(a)     634,790       9,325,565  
Kuehne + Nagel International AG(a)     47,004       10,860,511  
Total Switzerland             20,186,076  
                 
United Kingdom (7.24%)                
British American Tobacco PLC     170,199       10,522,835  
GSK PLC     378,496       9,590,339  
Imperial Brands PLC     239,628       8,700,133  
Vodafone Group PLC     7,042,364       10,565,063  
Total United Kingdom             39,378,370  
                 
TOTAL COMMON STOCKS                
(Cost $435,286,651)             539,881,788  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (8.42%)                        
Money Market Fund (0.26%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $1,420,409)     3.55 %     1,420,409       1,420,409  

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

ALPS International Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day
Yield		     Shares     Value  
Investments Purchased with Collateral from Securities Loaned (8.16%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $44,351,889)           44,351,889     $ 44,351,889  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $45,772,298)                     45,772,298  
                         
TOTAL INVESTMENTS (107.70%)                        
(Cost $481,058,949)                   $ 585,654,086  
LIABILITIES IN EXCESS OF OTHER ASSETS (-7.70%)                     (41,861,017 )
NET ASSETS - 100.00%                   $ 543,793,069  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $74,363,137.
(b) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines utilized by the Valuation Designee. As of May 31, 2026 the aggregate market value of those securities was $21,862,162, representing 4.02% of net assets.
(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the aggregate market value of those securities was $21,862,162, representing 4.02% of net assets.

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

ALPS Emerging Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (95.53%)                
Brazil (8.07%)                
Axia Energia SA     54,900     $ 570,597  
BB Seguridade Participacoes SA     90,800       637,187  
Cia Energetica de Minas Gerais     271,500       579,108  
MBRF Global Foods Co. SA     188,334       597,720  
Total Brazil             2,384,612  
                 
Chile (5.82%)                
Empresas CMPC SA     436,377       522,648  
Empresas COPEC SA     85,316       606,138  
Falabella SA     92,216       590,571  
Total Chile             1,719,357  
                 
China (7.17%)                
China Feihe, Ltd.(a)(b)     1,214,000       474,019  
China Shenhua Energy Co., Ltd., Class H(c)     96,500       555,095  
COSCO SHIPPING Holdings Co., Ltd.     305,500       552,378  
Yankuang Energy Group Co., Ltd., Class H     288,400       535,812  
Total China             2,117,304  
                 
Colombia (4.09%)                
Cementos Argos SA     188,048       546,789  
Interconexion Electrica SA ESP     80,682       660,906  
Total Colombia             1,207,695  
                 
Hong Kong (1.89%)                
China State Construction International Holdings, Ltd.     500,000       558,256  
                 
Hungary (7.09%)                
Magyar Telekom Telecommunications PLC     100,630       872,207  
Richter Gedeon Nyrt     28,894       1,222,669  
Total Hungary             2,094,876  
                 
India (13.37%)                
Dr Reddy's Laboratories, Ltd., ADR(c)     70,568       961,842  
Infosys, Ltd., ADR     112,787       1,426,755  
Wipro, Ltd., ADR(c)     661,855       1,561,978  
Total India             3,950,575  
                 
Indonesia (9.06%)                
Alamtri Resources Indonesia Tbk PT     4,087,500       526,091  
Bank Mandiri Persero Tbk PT     2,134,500       487,340  
Bank Rakyat Indonesia Persero Tbk PT     2,888,600       476,853  
Telkom Indonesia Persero Tbk PT     3,413,800       578,837  
XLSMART Telecom Sejahtera Tbk PT     3,825,900       605,892  
Total Indonesia             2,675,013  
                 
Malaysia (9.34%)                
MISC Bhd     281,600       578,825  
Security Description   Shares     Value  
Malaysia (9.34%) (continued)                
MR DIY Group M Bhd(a)(b)     1,428,700     $ 569,318  
Petronas Dagangan Bhd     110,900       496,183  
Petronas Gas Bhd     134,700       580,925  
Sime Darby Bhd     1,016,000       532,984  
Total Malaysia             2,758,235  
                 
Mexico (8.56%)                
Banco del Bajio SA(a)(b)(c)     212,506       687,638  
Grupo Aeroportuario del Sureste SAB de CV, ADR     1,884       558,418  
Grupo Mexico SAB de CV, Series B     57,380       712,376  
Kimberly-Clark de Mexico SAB de CV, Class A(c)     256,900       569,012  
Total Mexico             2,527,444  
                 
Philippines (5.62%)                
Globe Telecom, Inc.     22,070       605,516  
Manila Electric Co.     59,080       547,184  
PLDT, Inc.     27,250       508,304  
Total Philippines             1,661,004  
                 
Russia (0.00%)(d)                
Novolipetsk Steel PJSC, GDR(a)(e)(f)(g)     17,594       176  
Severstal PAO, GDR(a)(e)(f)(g)     23,283       233  
X5 Retail Group NV, GDR(a)(e)(f)(g)     17,785       178  
Total Russia             587  
                 
South Africa (1.97%)                
Mr Price Group, Ltd.(c)     60,534       583,389  
                 
Thailand (11.42%)                
Bangkok Dusit Medical Services PCL     1,712,800       957,842  
Charoen Pokphand Foods PCL     1,022,700       597,059  
PTT Exploration & Production PCL     131,900       573,478  
PTT PCL     564,400       628,653  
Thai Beverage PCL     1,746,300       615,738  
Total Thailand             3,372,770  
                 
United States (2.06%)                
Anglogold Ashanti PLC     6,286       608,736  
                 
TOTAL COMMON STOCKS                
(Cost $29,011,633)             28,219,853  

 

Security Description   Shares     Value  
PREFERRED STOCKS (4.05%)                
Brazil (2.10%)                
Itausa SA     241,800       619,293  

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

ALPS Emerging Sector Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Colombia (1.95%)                
Grupo Argos SA/Colombia     171,612     $ 577,199  
                 
TOTAL PREFERRED STOCKS                
(Cost $1,084,489)             1,196,492  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (9.28%)                        
Money Market Fund (0.20%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $59,962)     3.55 %     59,962       59,962  
                         
Investments Purchased with Collateral from Securities Loaned (9.08%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $2,682,089)             2,682,089       2,682,089  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $2,742,051)                     2,742,051  
                         
TOTAL INVESTMENTS (108.86%)                        
(Cost $32,838,173)                   $ 32,158,396  
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.86%)                     (2,618,216 )
NET ASSETS - 100.00%                   $ 29,540,180  

 

(a) 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. These securities have been deemed liquid under guidelines utilized by the Valuation Designee. As of May 31, 2026 the aggregate market value of those securities was $1,731,562, representing 5.86% of net assets.
(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. As of May 31, 2026, the aggregate market value of those securities was $1,730,975, representing 5.86% of net assets.
(c) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $3,928,063.
(d) Less than 0.005%
(e) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 2 to the financial statements for additional information.
(f) Security deemed to be illiquid under the procedures utilized by the Valuation Designee. As of May 31, 2026, the fair value of illiquid securities in the aggregate was $587, representing less than 0.005% of the Fund's net assets.
(g) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights. 

  7 | alpsfunds.com  

 

ALPS REIT Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.37%)                
Data Center REITs (2.21%)                
Equinix, Inc.     231     $ 246,717  
                 
Diversified REITs (11.26%)                
AH Realty Trust, Inc.     40,885       278,427  
American Assets Trust, Inc.     11,909       277,480  
CTO Realty Growth, Inc.     11,949       245,552  
Gladstone Commercial Corp.     18,556       233,991  
Global Net Lease, Inc.     23,812       223,118  
Total Diversified REITs             1,258,568  
                 
Health Care REITs (10.73%)                
Alexandria Real Estate Equities, Inc.     4,619       229,472  
Chiron Real Estate, Inc.     6,659       239,990  
Community Healthcare Trust, Inc.     13,845       238,411  
Sila Realty Trust, Inc.     9,119       275,759  
Universal Health Realty Income Trust     5,213       216,079  
Total Health Care REITs             1,199,711  
                 
Hotel & Resort REITs (12.29%)                
Apple Hospitality REIT, Inc.     19,129       281,005  
Braemar Hotels & Resorts, Inc.     89,446       220,037  
Park Hotels & Resorts, Inc.     21,949       266,241  
RLJ Lodging Trust     30,094       292,815  
Summit Hotel Properties, Inc.     54,539       314,690  
Total Hotel & Resort REITs             1,374,788  
                 
Industrial REITs (11.74%)                
Americold Realty Trust, Inc.     20,087       315,165  
Innovative Industrial Properties, Inc.     4,251       246,515  
Lineage, Inc.     6,138       272,589  
LXP Industrial Trust     4,788       247,252  
One Liberty Properties, Inc.(a)     9,818       231,214  
Total Industrial REITs             1,312,735  
                 
Multi-Family Residential REITs (8.57%)                
BRT Apartments Corp.(a)     15,833       229,420  
Centerspace     3,609       243,535  
NexPoint Residential Trust, Inc.     8,695       252,677  
UDR, Inc.     6,313       232,950  
Total Multi-Family Residential REITs             958,582  
                 
Office REITs (11.58%)                
Brandywine Realty Trust     77,112       239,047  
Easterly Government Properties, Inc.     10,167       243,805  
Highwoods Properties, Inc.     10,424       272,066  
Postal Realty Trust, Inc.     11,615       267,610  
SL Green Realty Corp.(a)     6,008       272,763  
Total Office REITs             1,295,291  
                 
Retail REITs (10.15%)                
FrontView REIT, Inc.     13,955       247,562  
Getty Realty Corp.     6,735       219,089  
Security Description   Shares     Value  
Retail REITs (10.15%) (continued)                
NNN REIT, Inc.     4,966     $ 221,037  
Realty Income Corp.     3,474       212,887  
Saul Centers, Inc.     6,763       234,405  
Total Retail REITs             1,134,980  
                 
Self-Storage REITs (2.76%)                
National Storage Affiliates Trust     7,231       308,402  
                 
Single-Family Residential REITs (2.05%)                
UMH Properties, Inc.     15,267       229,311  
                 
Specialized REITs (7.65%)                
EPR Properties     3,978       226,945  
Gaming and Leisure Properties, Inc.     4,702       220,853  
Gladstone Land Corp.     19,686       186,623  
VICI Properties, Inc.     7,837       221,160  
Total Specialized REITs             855,581  
                 
Technology REITs (4.20%)                
Crown Castle, Inc.     2,553       233,600  
Digital Realty Trust, Inc.     1,245       236,550  
Total Technology REITs             470,150  
                 
Telecom Tower REITs (4.18%)                
American Tower Corp.     1,210       226,221  
SBA Communications Corp.     1,185       240,745  
Total Telecom Tower REITs             466,966  
                 
TOTAL COMMON STOCKS                
(Cost $11,164,435)             11,111,782  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (5.78%)                        
Money Market Fund (0.46%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $51,315)     3.55 %     51,315       51,315  

 

See Notes to Financial Statements and Financial Highlights.

  8 | alpsfunds.com  

 

ALPS REIT Dividend Dogs ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day
Yield		     Shares     Value  
Investments Purchased with Collateral from Securities Loaned (5.32%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $595,136)           595,136     $ 595,136  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $646,451)                     646,451  
                         
TOTAL INVESTMENTS (105.15%)                        
(Cost $11,810,886)                   $ 11,758,233  
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.15%)                     (576,453 )
NET ASSETS - 100.00%                   $ 11,181,780  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $578,174.

 

See Notes to Financial Statements and Financial Highlights.

  9 | alpsfunds.com  

 

ALPS ETF Trust

 

Statements of Assets and Liabilities May 31, 2026 (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(a)   $ 1,382,018,756     $ 585,654,086     $ 32,158,396     $ 11,758,233  
Foreign currency, at value (Cost $–, $434,266, $3,772 and $–)     —       434,269       3,772       —  
Receivable for investments sold     —       585,510       34,551       —  
Foreign tax reclaims     —       1,385,834       —       1,371  
Dividends receivable     5,376,251       1,052,205       123,522       20,577  
Receivable for shares sold     —       —       2,967       —  
Total Assets     1,387,395,007       589,111,904       32,323,208       11,780,181  
                                 
LIABILITIES:                                
Payable for investments purchased     —       739,488       85,818       —  
Payable to adviser     413,801       227,458       15,121       3,265  
Payable for collateral upon return of securities loaned     3,186,724       44,351,889       2,682,089       595,136  
Total Liabilities     3,600,525       45,318,835       2,783,028       598,401  
NET ASSETS   $ 1,383,794,482     $ 543,793,069     $ 29,540,180     $ 11,181,780  
                                 
NET ASSETS CONSIST OF:                                
Paid-in capital   $ 1,259,958,901     $ 432,853,563     $ 36,820,791     $ 21,573,317  
Total distributable earnings/(accumulated losses)     123,835,581       110,939,506       (7,280,611 )     (10,391,537 )
NET ASSETS   $ 1,383,794,482     $ 543,793,069     $ 29,540,180     $ 11,181,780  
                                 
INVESTMENTS, AT COST   $ 1,239,802,301     $ 481,058,949     $ 32,838,173     $ 11,810,886  
                                 
PRICING OF SHARES:                                
Net Assets   $ 1,383,794,482     $ 543,793,069     $ 29,540,180     $ 11,181,780  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     20,234,141       12,450,000       1,200,000       275,000  
Net Asset Value, offering and redemption price per share   $ 68.39     $ 43.68     $ 24.62     $ 40.66  

 

(a) Includes $20,552,833, $74,363,137, $3,928,063 and $578,174 of securities on loan for the ALPS Sector Dividend Dogs ETF, ALPS International Sector Dividend Dogs ETF, ALPS Emerging Sector Dividend Dogs ETF and ALPS REIT Dividend Dogs ETF, respectively,

 

See Notes to Financial Statements and Financial Highlights.

  10 | alpsfunds.com  

 

ALPS ETF Trust

 

Statements of Operations For the Six Months Ended May 31, 2026 (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:                                
Dividend income*   $ 28,244,555     $ 13,179,592     $ 705,425     $ 346,655  
Securities lending income     11,411       54,212       89,212       348  
Total investment income     28,255,966       13,233,804       794,637       347,003  
                                 
EXPENSES:                                
Investment adviser fees     2,380,187       1,216,649       85,619       17,800  
Total expenses     2,380,187       1,216,649       85,619       17,800  
NET INVESTMENT INCOME     25,875,779       12,017,155       709,018       329,203  
                                 
REALIZED AND UNREALIZED GAIN/(LOSS):                                
Net realized gain on investments(a)     101,136,052       42,258,481       2,676,408       18,499  
Net realized gain/(loss) on foreign currency transactions     —       18,450       (4,840 )     —  
Total net realized gain     101,136,052       42,276,931       2,671,568       18,499  
Net change in unrealized appreciation/(depreciation) on investments     58,219,192       24,979,830       (2,185,771 )     1,097,828  
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies     —       29,781       (22 )     8  
Total net change in unrealized appreciation/(depreciation) on investments     58,219,192       25,009,611       (2,185,793 )     1,097,836  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     159,355,244       67,286,542       485,775       1,116,335  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 185,231,023     $ 79,303,697     $ 1,194,793     $ 1,445,538  
* Net of foreign tax withholding:   $ —     $ 1,674,478     $ 89,230     $ —  

 

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

 

See Notes to Financial Statements and Financial Highlights.

  11 | alpsfunds.com  

 

ALPS Sector Dividend Dogs ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 25,875,779     $ 47,424,010  
Net realized gain     101,136,052       109,246,693  
Net change in unrealized appreciation/(depreciation)     58,219,192       (125,996,012 )
Net increase in net assets resulting from operations     185,231,023       30,674,691  
Net Equalization (Debits) (Note 2)     (206,279 )     (236,761 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (23,981,210 )     (46,142,983 )
Total distributions     (23,981,210 )     (46,142,983 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     18,763,437       58,454,264  
Cost of shares redeemed     (51,057,286 )     (67,616,461 )
Net income equalization (Note 2)     206,279       236,761  
Net decrease from capital share transactions     (32,087,570 )     (8,925,436 )
                 
Net increase/(decrease) in net assets     128,955,964       (24,630,489 )
                 
NET ASSETS:                
Beginning of period     1,254,838,518       1,279,469,007  
End of period   $ 1,383,794,482     $ 1,254,838,518  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     20,734,141       20,909,141  
Shares sold     300,000       1,000,000  
Shares redeemed     (800,000 )     (1,175,000 )
Shares outstanding, end of period     20,234,141       20,734,141  

 

See Notes to Financial Statements and Financial Highlights.

  12 | alpsfunds.com  

 

ALPS International Sector Dividend Dogs ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 12,017,155     $ 14,969,365  
Net realized gain     42,276,931       5,683,403  
Net change in unrealized appreciation     25,009,611       74,800,893  
Net increase in net assets resulting from operations     79,303,697       95,453,661  
Net Equalization Credits (Note 2)     288,308       2,057,496  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (6,468,572 )     (14,966,438 )
Total distributions     (6,468,572 )     (14,966,438 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     58,336,440       68,151,601  
Cost of shares redeemed     (9,033,367 )     (14,704,243 )
Net income equalization (Note 2)     (288,308 )     (2,057,496 )
Net increase from capital share transactions     49,014,765       51,389,862  
                 
Net increase in net assets     122,138,198       133,934,581  
                 
NET ASSETS:                
Beginning of period     421,654,871       287,720,290  
End of period   $ 543,793,069     $ 421,654,871  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     11,250,000       9,750,000  
Shares sold     1,425,000       2,000,000  
Shares redeemed     (225,000 )     (500,000 )
Shares outstanding, end of period     12,450,000       11,250,000  

 

See Notes to Financial Statements and Financial Highlights.

  13 | alpsfunds.com  

 

ALPS Emerging Sector Dividend Dogs ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		     For the
Year Ended
November 30, 2025		  
OPERATIONS:                
Net investment income   $ 709,018     $ 1,258,097  
Net realized gain     2,671,568       563,627  
Net change in unrealized appreciation/(depreciation)     (2,185,793 )     3,066,821  
Net increase in net assets resulting from operations     1,194,793       4,888,545  
Net Equalization Credits/(Debits) (Note 2)     53,183       (17,015 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (594,537 )     (1,751,296 )
Total distributions     (594,537 )     (1,751,296 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     2,548,335       —  
Cost of shares redeemed     (2,444,049 )     (526,095 )
Net income equalization (Note 2)     (53,183 )     17,015  
Net increase/(decrease) from capital share transactions     51,103       (509,080 )
                 
Net increase in net assets     704,542       2,611,154  
                 
NET ASSETS:                
Beginning of period     28,835,638       26,224,484  
End of period   $ 29,540,180     $ 28,835,638  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,200,000       1,225,000  
Shares sold     100,000       —  
Shares redeemed     (100,000 )     (25,000 )
Shares outstanding, end of period     1,200,000       1,200,000  

 

See Notes to Financial Statements and Financial Highlights.

  14 | alpsfunds.com  

 

ALPS REIT Dividend Dogs ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		     For the
Year Ended
November 30, 2025		  
OPERATIONS:                
Net investment income   $ 329,203     $ 396,317  
Net realized gain/(loss)     18,499       (8,211 )
Net change in unrealized appreciation/(depreciation)     1,097,836       (1,403,305 )
Net increase/(decrease) in net assets resulting from operations     1,445,538       (1,015,199 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (326,065 )     (470,808 )
From tax return of capital     —       (370,540 )
Total distributions     (326,065 )     (841,348 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     895,254       2,739,584  
Cost of shares redeemed     —       (6,388,463 )
Net increase/(decrease) from capital share transactions     895,254       (3,648,879 )
                 
Net increase/(decrease) in net assets     2,014,727       (5,505,426 )
                 
NET ASSETS:                
Beginning of period     9,167,053       14,672,479  
End of period   $ 11,181,780     $ 9,167,053  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     250,000       350,000  
Shares sold     25,000       75,000  
Shares redeemed     —       (175,000 )
Shares outstanding, end of period     275,000       250,000  

 

See Notes to Financial Statements and Financial Highlights.

  15 | alpsfunds.com  

 

ALPS Sector Dividend Dogs ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 60.52     $ 61.19     $ 48.72     $ 53.58     $ 50.47     $ 43.69  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     1.26       2.28       2.18       2.06       2.02       1.75  
Net realized and unrealized gain/(loss)     7.77       (0.73 )     12.49       (4.79 )     3.11       6.84  
Total from investment operations     9.03       1.55       14.67       (2.73 )     5.13       8.59  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (1.16 )     (2.22 )     (2.20 )     (2.13 )     (2.02 )     (1.81 )
Total distributions     (1.16 )     (2.22 )     (2.20 )     (2.13 )     (2.02 )     (1.81 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     7.87       (0.67 )     12.47       (4.86 )     3.11       6.78  
NET ASSET VALUE, END OF PERIOD   $ 68.39     $ 60.52     $ 61.19     $ 48.72     $ 53.58     $ 50.47  
                                                 
TOTAL RETURN(b)     15.12 %     2.75 %     30.83 %     (5.07 )%     10.42 %     19.77 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 1,383,794     $ 1,254,839     $ 1,279,469     $ 1,095,378     $ 1,302,568     $ 1,134,743  
                                                 
Ratio of expenses to average net assets     0.36 %(c)      0.36 %     0.36 %     0.37 %(d)      0.40 %     0.40 %
Ratio of net investment income to average net assets     3.91 %(c)      3.93 %     4.01 %     4.10 %     3.84 %     3.43 %
Portfolio turnover rate(e)     38 %     51 %     52 %     51 %     53 %     54 %
Undistributed net investment income included in price of units issued and redeemed(a)(f)   $ (0.01 )   $ (0.01 )   $ (0.04 )   $ (0.10 )   $ 0.06     $ (0.02 )

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Effective April 1, 2023 the Advisory Fee changed from 0.40% to 0.36%.
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.
(f) The per share amount of equalization is presented to show the impact of equalization on distributable earnings per share.

 

See Notes to Financial Statements and Financial Highlights.

  16 | alpsfunds.com  

 

ALPS International Sector Dividend Dogs ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		    

For the Year
Ended

November 30,
2022

     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 37.48     $ 29.51     $ 28.69     $ 25.85     $ 26.47     $ 24.82  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     1.01       1.48       1.44       1.41       1.15       1.09  
Net realized and unrealized gain/(loss)     5.75       7.97       0.82       2.80       (0.68 )     1.65  
Total from investment operations     6.76       9.45       2.26       4.21       0.47       2.74  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.56 )     (1.48 )     (1.44 )     (1.37 )     (1.07 )     (1.08 )
From tax return of capital     –       –       –       –       (0.02 )     (0.01 )
Total distributions     (0.56 )     (1.48 )     (1.44 )     (1.37 )     (1.09 )     (1.09 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     6.20       7.97       0.82       2.84       (0.62 )     1.65  
NET ASSET VALUE, END OF PERIOD   $ 43.68     $ 37.48     $ 29.51     $ 28.69     $ 25.85     $ 26.47  
                                                 
TOTAL RETURN(b)     18.21 %     32.86 %     7.86 %     16.71 %     1.92 %     10.93 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 543,793     $ 421,655     $ 287,720     $ 236,666     $ 169,951     $ 157,489  
                                                 
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     4.94 %(c)      4.46 %     4.79 %     5.12 %     4.43 %     3.92 %
Portfolio turnover rate(d)     36 %     53 %     55 %     62 %     54 %     61 %
Undistributed net investment income included in price of units issued and redeemed(a)(e)   $ 0.02     $ 0.20     $ 0.09     $ 0.21     $ 0.03     $ (0.25 )

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.
(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 and Financial Highlights.

  17 | alpsfunds.com  

 

ALPS Emerging Sector Dividend Dogs ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 24.03     $ 21.41     $ 20.86     $ 21.27     $ 23.56     $ 20.96  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     0.62       1.04       1.12       1.39       1.11       1.04  
Net realized and unrealized gain/(loss)     0.49       3.02       0.43       (0.39 )     (2.41 )     2.50  
Total from investment operations     1.11       4.06       1.55       1.00       (1.30 )     3.54  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.52 )     (1.44 )     (1.00 )     (1.41 )     (0.99 )     (0.94 )
Total distributions     (0.52 )     (1.44 )     (1.00 )     (1.41 )     (0.99 )     (0.94 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     0.59       2.62       0.55       (0.41 )     (2.29 )     2.60  
NET ASSET VALUE, END OF PERIOD   $ 24.62     $ 24.03     $ 21.41     $ 20.86     $ 21.27     $ 23.56  
                                                 
TOTAL RETURN(b)     4.66 %     19.89 %     7.55 %     4.88 %     (5.20 )%     16.81 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 29,540     $ 28,836     $ 26,224     $ 30,243     $ 28,182     $ 24,742  
                                                 
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     4.97 %(c)      4.71 %     5.22 %     6.54 %     5.17 %     4.32 %
Portfolio turnover rate(d)     68 %     74 %     83 %     85 %     90 %     84 %
Undistributed net investment income included in price of units issued and redeemed(a)(e)   $ 0.05     $ (0.01 )   $ (0.01 )   $ (0.01 )   $ 0.06     $ 0.02  

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.
(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 and Financial Highlights.

  18 | alpsfunds.com  

 

ALPS REIT Dividend Dogs ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the
Six Months

Ended
May 31, 2026
(Unaudited)

     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 36.67     $ 41.92     $ 35.87     $ 41.51     $ 49.89     $ 40.49  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     1.21       1.15       1.16       1.51       1.49       1.21  
Net realized and unrealized gain/(loss)     4.03       (3.96 )     7.32       (4.62 )     (7.86 )     10.25  
Total from investment operations     5.24       (2.81 )     8.48       (3.11 )     (6.37 )     11.46  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (1.25 )     (1.36 )     (1.44 )     (1.46 )     (1.51 )     (1.36 )
From tax return of capital     –       (1.08 )     (0.99 )     (1.07 )     (0.50 )     (0.70 )
Total distributions     (1.25 )     (2.44 )     (2.43 )     (2.53 )     (2.01 )     (2.06 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     3.99       (5.25 )     6.05       (5.64 )     (8.38 )     9.40  
NET ASSET VALUE, END OF PERIOD   $ 40.66     $ 36.67     $ 41.92     $ 35.87     $ 41.51     $ 49.89  
                                                 
TOTAL RETURN(b)     14.82 %     (6.59 )%     24.51 %     (7.16 )%     (13.06 )%     29.03 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 11,182     $ 9,167     $ 14,672     $ 11,656     $ 20,754     $ 28,689  
                                                 
Ratio of expenses to average net assets     0.35 %(c)      0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Ratio of net investment income to average net assets     6.47 %(c)      3.12 %     3.05 %     4.09 %     3.23 %     2.60 %
Portfolio turnover rate(d)     36 %     54 %     57 %     89 %     85 %     78 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  19 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five 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”).

 

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. Each Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

Each Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. The Funds' Treasurer is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

 

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 last quoted sale price in such market.

 

The Funds investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the "Adviser") as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Funds may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

  20 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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.

  21 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2026:

 

ALPS Sector Dividend Dogs ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 1,376,603,514     $ –     $ –     $ 1,376,603,514  
Short Term Investments     5,415,242       –       –       5,415,242  
Total   $ 1,382,018,756     $ –     $ –     $ 1,382,018,756  

 

ALPS International Sector Dividend Dogs ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 539,881,788     $ –     $ –     $ 539,881,788  
Short Term Investments     45,772,298       –       –       45,772,298  
Total   $ 585,654,086     $ –     $ –     $ 585,654,086  

 

ALPS Emerging Sector Dividend Dogs ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks
Russia   $ –     $ –     $ 587     $ 587  
Other*     28,219,266       –       –       28,219,266  
Preferred Stocks*     1,196,492       –       –       1,196,492  
Short Term Investments     2,742,051       –       –       2,742,051  
Total   $ 32,157,809     $ –     $ 587     $ 32,158,396  

 

ALPS REIT Dividend Dogs ETF 

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 11,111,782     $ –     $ –     $ 11,111,782  
Short Term Investments     646,451       –       –       646,451  
Total   $ 11,758,233     $ –     $ –     $ 11,758,233  

 

* For a detailed sector/country breakdown, see the accompanying Schedules 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, 2026. On April 28, 2026, Mobile TeleSystems PJSC, which had been categorized as a Level 3 due to the use of significant unobservable inputs was liquidated from the ALPS Emerging Sector Dividend Dogs ETF. The liquidation resulted in proceeds of $102,242 and a realized loss of $397,600, which is included in Net realized gain/(loss) on investments on the Statement of Operations. The Adviser has determined that the value of Level 3 securities is not material; therefore, a reconciliation of assets of the ALPS Emerging Sector Dividend Dogs ETF for Level 3 investments for which significant unobservable inputs were used to determine fair value is not presented for the period ended May 31, 2026.

 

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 and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of the Fund’s investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. 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 a 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.

  22 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

 

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.

 

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 Statements of Changes in Net Assets.

 

H. Foreign Taxes

The ALPS International Sector Dividend Dogs ETF, the ALPS Emerging Sector Dividend Dogs ETF, and the ALPS REIT Dividend Dogs ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the Funds invest. These foreign taxes, if any, are paid by these Funds and are disclosed in each Fund’s Statement of Operations. Foreign taxes accrued as of May 31, 2026, if any, are reflected in each Fund’s Statement of Assets and Liabilities.

 

I. 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 or unitholders, 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.

  23 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

J. 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025
ALPS Sector Dividend Dogs ETF   $ 46,142,983     $ —     $ —  
ALPS International Sector Dividend Dogs ETF     14,966,438       —       —  
ALPS Emerging Sector Dividend Dogs ETF     1,751,296       —       —  
ALPS REIT Dividend Dogs ETF     470,808       —       370,540  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS Sector Dividend Dogs ETF   $ —     $ 120,036,877  
ALPS International Sector Dividend Dogs ETF     —       41,225,620  
ALPS Emerging Sector Dividend Dogs ETF     599,877       8,807,358  
ALPS REIT Dividend Dogs ETF     7,093,285       3,160,071  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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   $ 235,097,502     $ (96,920,782 )   $ 138,176,720     $ 1,243,842,036  
ALPS International Sector Dividend Dogs ETF     116,676,077       (14,030,252 )     102,645,825       483,008,261  
ALPS Emerging Sector Dividend Dogs ETF     3,039,327       (3,802,168 )     (762,841 )     32,921,237  
ALPS REIT Dividend Dogs ETF     1,196,655       (1,380,953 )     (184,298 )     11,942,531  

 

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in passive foreign investment companies. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2026.

 

K. 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, 2026, 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.

  24 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

L. 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statements of Operations.

 

The following is a summary of a Fund's securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund  

Market Value of

Securities on Loan

    

Cash Collateral

Received

    

Non-Cash

Collateral

Received

    

Total Collateral

Received

  
ALPS Sector Dividend Dogs ETF   $ 20,552,833     $ 3,186,724     $ 18,430,939     $ 21,617,663  
ALPS International Sector Dividend Dogs ETF     74,363,137       44,351,889       33,456,181       77,808,070  
ALPS Emerging Sector Dividend Dogs ETF     3,928,063       2,682,089       1,459,003       4,141,092  
ALPS REIT Dividend Dogs ETF     578,174       595,136       —       595,136  

 

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, 2026:

  25 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

ALPS 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   $ 3,186,724     $ —     $ —     $ —     $ 3,186,724  
Total Borrowings                                     3,186,724  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 3,186,724  

 

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     44,351,889       —       —       —       44,351,889  
Total Borrowings                                     44,351,889  
Gross amount of recognized liabilities for securities lending (collateral received)               44,351,889  

 

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     2,682,089       —       —       —       2,682,089  
Total Borrowings                                     2,682,089  
Gross amount of recognized liabilities for securities lending (collateral received)               2,682,089  

 

ALPS REIT 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     595,136       —       —       —       595,136  
Total Borrowings                                     595,136  
Gross amount of recognized liabilities for securities lending (collateral received)               595,136  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

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

 

Fund Advisory Fee
ALPS Sector Dividend Dogs ETF 0.36%
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.

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

  26 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, U.S. Government securities and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS Sector Dividend Dogs ETF   $ 507,551,928     $ 503,988,456  
ALPS International Sector Dividend Dogs ETF     191,056,169       175,179,744  
ALPS Emerging Sector Dividend Dogs ETF     20,086,812       19,454,560  
ALPS REIT Dividend Dogs ETF     3,695,291       3,690,897  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS Sector Dividend Dogs ETF   $ 18,755,963     $ 51,046,880  
ALPS International Sector Dividend Dogs ETF     47,290,739       9,106,527  
ALPS Emerging Sector Dividend Dogs ETF     1,092,498       1,534,674  
ALPS REIT Dividend Dogs ETF     895,215       —  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS Sector Dividend Dogs ETF   $ 9,218,924  
ALPS International Sector Dividend Dogs ETF     3,850,330  
ALPS Emerging Sector Dividend Dogs ETF     173,608  
ALPS REIT Dividend Dogs ETF     —  

 

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. 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 Dividend Dogs ETF engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2026 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 or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

 

Transactions related to cross trades during the six months ended May 31, 2026, were as follows:

 

    Purchase cost paid     Sale proceeds received     Realized gain/(loss) on sales  
ALPS Sector Dividend Dogs ETF   $ 550,323     $ 505,900     $ 74,160  

  27 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

7. MARKET RISK

 

 

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. Securities in the Funds' 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, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

8. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

9. SUBSEQUENT EVENTS

 

 

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

  28 | alpsfunds.com  

 

ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

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, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A
ALPS Sector Dividend Dogs ETF 100.00% 96.29% 0.00%
ALPS International Sector Dividend Dogs ETF 79.54% 0.00% 0.00%
ALPS Emerging Sector Dividend Dogs ETF 59.02% 0.00% 0.00%
ALPS REIT Dividend Dogs ETF 0.00% 0.00% 100.00%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

 

Pursuant to Section 853(c) of the Internal Revenue Code, the following Funds designated the following for the calendar year ended December 31, 2025:

 

    Foreign Taxes Paid     Foreign Source Income  
ALPS International Sector Dividend Dogs ETF   $ 1,001,337     $ 18,644,254  
ALPS Emerging Sector Dividend Dogs ETF   $ 168,122     $ 1,732,037  

 

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) in the case of SDOG, S-Network Sector Dividend DogsSM, (ii) in the case of IDOG, S-Network International Sector Dividend DogsSM, (iii) in the case of EDOG, S-Network Emerging Sector Dividend Dogs IndexSM, and (iv) in the case of RDOG, S-Network REIT Dividend Dogs IndexSM (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.

 

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.

  29 | alpsfunds.com  

 

ALPS ETF Trust

 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  30 | alpsfunds.com  

 

ALPS ETF Trust

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  31 | alpsfunds.com  

 

ALPS ETF Trust

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  32 | alpsfunds.com  

 

ALPS ETF Trust

 

Statement Regarding Basis for Approval of
Investment Advisory Contract		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  33 | alpsfunds.com  

 

 

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments 3
Statement of Assets and Liabilities 13
Statement of Operations 14
Statements of Changes in Net Assets 15
Financial Highlights 19
Notes to Financial Statements and Financial Highlights 23
Additional Information 31
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 33
Proxy Disclosures for Open-End Management Investment Companies 34
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 35
Statement Regarding Basis for Approval of Investment Advisory Contract 36

 

 

 

 

ALPS O’Shares U.S. Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.86%)                
Aerospace & Defense (1.48%)                
General Dynamics Corp.     11,535     $ 4,000,569  
Lockheed Martin Corp.     6,137       3,255,372  
Northrop Grumman Corp.     3,924       2,211,880  
RTX Corp.     8,405       1,510,042  
Total Aerospace & Defense             10,977,863  
                 
Air Freight & Logistics (0.52%)                
Expeditors International of Washington, Inc.     9,305       1,470,097  
United Parcel Service, Inc., Class B     22,275       2,376,520  
Total Air Freight & Logistics             3,846,617  
                 
Banks (0.70%)                
JPMorgan Chase & Co.     17,407       5,210,089  
                 
Beverages (1.96%)                
Coca-Cola Co.     128,360       10,141,724  
PepsiCo, Inc.     30,461       4,392,171  
Total Beverages             14,533,895  
                 
Biotechnology (1.61%)                
AbbVie, Inc.     8,399       1,828,630  
Amgen, Inc.     13,616       4,585,733  
Gilead Sciences, Inc.     41,073       5,521,443  
Total Biotechnology             11,935,806  
                 
Building Products (0.32%)                
Trane Technologies PLC     5,242       2,365,715  
                 
Capital Markets (4.23%)                
Blackrock, Inc.     3,956       4,141,457  
Cboe Global Markets, Inc.     20,485       6,832,977  
Moody's Corp.     15,655       7,095,629  
MSCI, Inc.     8,830       5,575,085  
S&P Global, Inc.     10,117       4,289,608  
T Rowe Price Group, Inc.     33,677       3,520,257  
Total Capital Markets             31,455,013  
                 
Commercial Services & Supplies (0.71%)                
Cintas Corp.     10,841       1,856,630  
Republic Services, Inc.     4,469       895,766  
Waste Management, Inc.     11,821       2,499,669  
Total Commercial Services & Supplies             5,252,065  
                 
Communications Equipment (5.34%)                
Cisco Systems, Inc.     275,513       33,177,275  
Motorola Solutions, Inc.     16,134       6,506,520  
Total Communications Equipment             39,683,795  
                 
Consumer Staples Distribution & Retail (1.43%)                
Costco Wholesale Corp.     4,815       4,604,681  
Walmart, Inc.     51,824       5,998,628  
Total Consumer Staples Distribution & Retail             10,603,309  

 

Security Description   Shares     Value  
Diversified Telecommunication Services (3.51%)                
AT&T, Inc.     125,229     $ 3,105,679  
Comcast Corp., Class A     592,923       14,745,995  
Verizon Communications, Inc.     172,524       8,248,373  
Total Diversified Telecommunication Services             26,100,047  
                 
Electrical Equipment (0.57%)                
AMETEK, Inc.     6,212       1,402,980  
Eaton Corp. PLC     7,022       2,813,013  
Total Electrical Equipment             4,215,993  
                 
Electronic Equipment, Instruments & Components (0.95%)
Amphenol Corp., Class A     47,633       7,085,885  
                 
Entertainment (0.34%)                
Walt Disney Co.     25,122       2,558,173  
                 
Financial Services (8.78%)                
Mastercard, Inc., Class A     62,297       30,773,472  
Visa, Inc., Class A     105,468       34,420,537  
Total Financial Services             65,194,009  
                 
Food Products (0.31%)                
General Mills, Inc.     8,651       292,491  
Hershey Co.     5,271       1,022,732  
Mondelez International, Inc., Class A     15,890       971,991  
Total Food Products             2,287,214  
                 
Ground Transportation (1.68%)                
CSX Corp.     54,748       2,477,895  
Norfolk Southern Corp.     6,192       1,888,312  
Union Pacific Corp.     30,911       8,118,465  
Total Ground Transportation             12,484,672  
                 
Health Care Equipment & Supplies (2.20%)                
Abbott Laboratories     166,396       14,243,498  
Medtronic PLC     16,871       1,245,248  
Stryker Corp.     2,722       830,455  
Total Health Care Equipment & Supplies             16,319,201  
                 
Health Care Providers & Services (0.78%)                
Cigna Group     2,314       641,904  
Elevance Health, Inc.     2,788       1,096,214  
UnitedHealth Group, Inc.     10,624       4,040,413  
Total Health Care Providers & Services             5,778,531  
                 
Hotels, Restaurants & Leisure (4.33%)                
Booking Holdings, Inc.     7,464       1,249,697  
McDonald's Corp.     91,128       25,442,938  
Starbucks Corp.     20,763       2,058,859  
Yum! Brands, Inc.     23,098       3,417,349  
Total Hotels, Restaurants & Leisure             32,168,843  
                 
Household Durables (0.29%)                
Garmin, Ltd.     9,093       2,127,035  

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

ALPS O’Shares U.S. Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Household Products (2.27%)                
Colgate-Palmolive Co.     32,359     $ 2,916,517  
Kimberly-Clark Corp.     11,674       1,139,382  
Procter & Gamble Co.     89,389       12,832,685  
Total Household Products             16,888,584  
                 
Industrial Conglomerates (0.96%)                
3M Co.     13,742       2,104,312  
Honeywell International, Inc.     21,075       5,012,900  
Total Industrial Conglomerates             7,117,212  
                 
Insurance (4.27%)                
Allstate Corp.     24,063       4,959,144  
Chubb, Ltd.     19,098       5,953,419  
Marsh & McLennan Cos., Inc.     106,364       17,015,049  
Travelers Cos., Inc.     13,104       3,824,927  
Total Insurance             31,752,539  
                 
Interactive Media & Services (6.37%)                
Alphabet, Inc., Class A     116,751       44,405,075  
Meta Platforms, Inc., Class A     4,669       2,953,189  
Total Interactive Media & Services             47,358,264  
                 
IT Services (3.76%)                
Accenture PLC, Class A     111,466       20,851,945  
Cognizant Technology Solutions Corp., Class A     74,341       4,144,882  
International Business Machines Corp.     9,831       2,927,672  
Total IT Services             27,924,499  
                 
Machinery (3.96%)                
Caterpillar, Inc.     8,407       7,363,439  
Cummins, Inc.     5,962       3,855,208  
Dover Corp.     7,964       1,683,271  
Graco, Inc.     12,066       910,380  
Illinois Tool Works, Inc.     29,517       7,298,964  
Otis Worldwide Corp.     31,991       2,266,242  
PACCAR, Inc.     16,850       1,859,734  
Parker-Hannifin Corp.     2,204       1,861,565  
Snap-on, Inc.     6,282       2,331,941  
Total Machinery             29,430,744  
                 
Personal Care Products (0.05%)                
Kenvue, Inc.     22,143       382,631  
                 
Pharmaceuticals (9.24%)                
Bristol-Myers Squibb Co.     28,875       1,651,073  
Eli Lilly & Co.     4,143       4,578,015  
Johnson & Johnson     166,868       37,600,366  
Merck & Co., Inc.     184,861       21,946,698  
Pfizer, Inc.     46,919       1,228,339  
Zoetis, Inc.     20,938       1,626,673  
Total Pharmaceuticals             68,631,164  
                 
Professional Services (1.59%)                
Automatic Data Processing, Inc.     29,620       6,570,901  

 

Security Description   Shares     Value  
Professional Services (1.59%) (continued)                
Broadridge Financial Solutions, Inc.     5,299     $ 814,562  
Paychex, Inc.     38,168       3,701,533  
Verisk Analytics, Inc.     4,090       715,709  
Total Professional Services             11,802,705  
                 
Semiconductors & Semiconductor Equipment (4.10%)                
QUALCOMM, Inc.     39,301       9,865,337  
Texas Instruments, Inc.     67,484       20,628,509  
Total Semiconductors & Semiconductor Equipment             30,493,846  
                 
Software (4.65%)                
Microsoft Corp.     73,238       32,974,677  
Salesforce, Inc.     8,216       1,570,078  
Total Software             34,544,755  
                 
Specialty Retail (8.31%)                
Home Depot, Inc.     86,640       27,477,010  
Lowe's Cos., Inc.     49,690       10,651,548  
Ross Stores, Inc.     15,380       3,564,007  
TJX Cos., Inc.     129,738       20,076,956  
Total Specialty Retail             61,769,521  
                 
Technology Hardware, Storage & Peripherals (5.51%)                
Apple, Inc.     131,205       40,943,832  
                 
Tobacco (1.24%)                
Altria Group, Inc.     76,697       5,336,577  
Philip Morris International, Inc.     21,947       3,892,959  
Total Tobacco             9,229,536  
                 
Trading Companies & Distributors (0.85%)                
Fastenal Co.     89,536       3,957,491  
WW Grainger, Inc.     1,932       2,384,552  
Total Trading Companies & Distributors             6,342,043  
                 
Wireless Telecommunication Services (0.69%)                
T-Mobile US, Inc.     27,261       5,112,255  
                 
TOTAL COMMON STOCKS                
(Cost $600,970,791)             741,907,900  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (0.07%)                        
Money Market Fund (0.07%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $534,759)     3.55 %     534,759       534,759  

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

ALPS O’Shares U.S. Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day Yield     Shares     Value  
TOTAL SHORT TERM INVESTMENTS                        
(Cost $534,759)                   $ 534,759  
                         
TOTAL INVESTMENTS (99.93%)                        
(Cost $601,505,550)                   $ 742,442,659  
OTHER ASSETS IN EXCESS OF LIABILITIES (0.07%)                     512,106  
NET ASSETS - 100.00%                   $ 742,954,765  

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

ALPS O’Shares U.S. Small-Cap Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.82%)                
Automobile Components (3.10%)                
Gentex Corp.     622,774     $ 15,046,220  
Lear Corp.     85,087       12,177,651  
Total Automobile Components             27,223,871  
                 
Beverages (0.48%)                
Molson Coors Beverage Co., Class B     105,940       4,187,808  
                 
Building Products (3.29%)                
A O Smith Corp.     238,117       13,505,996  
Armstrong World Industries, Inc.     29,643       4,680,630  
Simpson Manufacturing Co., Inc.     25,366       4,812,945  
UFP Industries, Inc.     72,415       5,865,615  
Total Building Products             28,865,186  
                 
Capital Markets (8.72%)                
Artisan Partners Asset Management, Inc., Class A     127,944       4,790,223  
Cohen & Steers, Inc.     83,950       5,859,710  
Evercore, Inc., Class A     12,847       4,379,028  
Federated Hermes, Inc.     249,129       13,966,172  
Houlihan Lokey, Inc.     75,974       10,762,477  
Lazard, Inc., Class A     78,091       3,696,047  
MarketAxess Holdings, Inc.     28,058       3,648,662  
Moelis & Co., Class A     69,031       4,645,096  
PJT Partners, Inc.     14,334       2,191,669  
SEI Investments Co.     201,585       17,715,290  
Victory Capital Holdings, Inc.     56,976       4,817,321  
Total Capital Markets             76,471,695  
                 
Commercial Services & Supplies (2.79%)                
Brady Corp., Class A     98,306       8,462,180  
Ennis, Inc.     175,397       3,588,623  
MSA Safety, Inc.     74,829       12,406,648  
Total Commercial Services & Supplies             24,457,451  
                 
Consumer Finance (1.00%)                
FirstCash Holdings, Inc.     39,804       8,753,298  
                 
Consumer Staples Distribution & Retail (0.37%)                
Albertsons Cos., Inc.     129,816       2,026,428  
PriceSmart, Inc.     7,196       1,223,248  
Total Consumer Staples Distribution & Retail             3,249,676  
                 
Distributors (1.66%)                
LKQ Corp.     537,452       14,575,698  
                 
Diversified Consumer Services (3.79%)                
ADT, Inc.     477,098       3,201,327  
Graham Holdings Co., Class B     3,025       3,319,302  
H&R Block, Inc.     339,391       13,063,160  
Service Corp. International     180,914       13,602,924  
Total Diversified Consumer Services             33,186,713  
                 
Electric Utilities (1.35%)                
IDACORP, Inc.     19,222       2,696,270  

 

Security Description   Shares     Value  
Electric Utilities (1.35%) (continued)                
MGE Energy, Inc.     12,799     $ 966,324  
OGE Energy Corp.     90,236       4,261,846  
Otter Tail Corp.     20,015       1,734,500  
Portland General Electric Co.     42,564       2,133,308  
Total Electric Utilities             11,792,248  
                 
Electronic Equipment, Instruments & Components (9.82%)
Avnet, Inc.     326,981       28,424,458  
Badger Meter, Inc.     67,538       8,367,958  
Littelfuse, Inc.     40,642       18,974,531  
TD SYNNEX Corp.     116,128       30,341,924  
Total Electronic Equipment, Instruments & Components             86,108,871  
                 
Financial Services (8.04%)                
Enact Holdings, Inc.     128,297       5,361,532  
Essent Group, Ltd.     275,339       15,939,375  
MGIC Investment Corp.     611,780       15,429,091  
Radian Group, Inc.     498,252       17,015,306  
Western Union Co.     2,056,891       16,722,524  
Total Financial Services             70,467,828  
                 
Food Products (3.34%)                
Bunge Global SA     81,191       10,010,850  
Cal-Maine Foods, Inc.     51,180       3,824,170  
Campbell's Company(a)     73,838       1,558,720  
Conagra Brands, Inc.     346,728       4,604,548  
Flowers Foods, Inc.     136,792       1,045,091  
Fresh Del Monte Produce, Inc.     20,828       669,412  
Ingredion, Inc.(a)     52,660       5,341,830  
J & J Snack Foods Corp.     7,571       576,304  
Lamb Weston Holdings, Inc.     11,710       505,638  
Marzetti Company     10,352       1,158,803  
Total Food Products             29,295,366  
                 
Gas Utilities (1.59%)                
Chesapeake Utilities Corp.     6,695       825,627  
National Fuel Gas Co.     29,622       2,288,299  
New Jersey Resources Corp.     62,382       3,446,606  
Northwest Natural Holding Co.     14,410       698,741  
ONE Gas, Inc.     22,049       1,714,089  
Southwest Gas Holdings, Inc.     13,358       1,151,593  
Spire, Inc.     20,965       1,724,581  
UGI Corp.     59,290       2,070,407  
Total Gas Utilities             13,919,943  
                 
Ground Transportation (1.94%)                
Landstar System, Inc.     82,356       17,039,456  
                 
Health Care Providers & Services (6.79%)                
Chemed Corp.     38,648       16,479,894  
Encompass Health Corp.     139,529       14,769,144  
National HealthCare Corp.     153,397       28,289,475  
Total Health Care Providers & Services             59,538,513  

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

ALPS O’Shares U.S. Small-Cap Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Hotels, Restaurants & Leisure (5.81%)                
Choice Hotels International, Inc.     35,264     $ 3,839,544  
Texas Roadhouse, Inc.     105,854       19,119,350  
Vail Resorts, Inc.(a)     98,163       13,114,577  
Wendy's Co.     555,292       4,275,748  
Wyndham Hotels & Resorts, Inc.     131,653       10,566,470  
Total Hotels, Restaurants & Leisure             50,915,689  
                 
Household Durables (1.07%)                
Meritage Homes Corp.     56,766       3,703,414  
Toll Brothers, Inc.     41,188       5,706,185  
Total Household Durables             9,409,599  
                 
Household Products (0.21%)                
Energizer Holdings, Inc.     19,170       349,278  
Reynolds Consumer Products, Inc.     34,539       748,460  
WD-40 Co.     3,493       698,495  
Total Household Products             1,796,233  
                 
Insurance (2.63%)                
Primerica, Inc.     64,466       17,403,886  
RLI Corp.     113,797       5,694,402  
Total Insurance             23,098,288  
                 
IT Services (1.49%)                
Amdocs, Ltd.     207,341       13,056,263  
                 
Machinery (12.34%)                
Allison Transmission Holdings, Inc.     145,721       16,543,705  
Crane Co.     25,203       4,612,149  
Donaldson Co., Inc.     216,805       17,749,825  
Federal Signal Corp.     32,677       3,486,636  
Franklin Electric Co., Inc.     78,255       7,698,727  
ITT, Inc.     82,720       16,130,400  
Lincoln Electric Holdings, Inc.     72,863       18,834,357  
Mueller Industries, Inc.     113,415       14,585,169  
Watts Water Technologies, Inc., Class A     27,847       8,604,166  
Total Machinery             108,245,134  
                 
Media (3.52%)                
New York Times Co., Class A     234,096       17,606,360  
Nexstar Media Group, Inc.     74,501       13,293,214  
Total Media             30,899,574  
                 
Multi-Utilities (0.57%)                
Avista Corp.     29,677       1,230,705  
Black Hills Corp.     28,330       2,062,991  
Northwestern Energy Group, Inc.     24,718       1,745,338  
Total Multi-Utilities             5,039,034  
                 
Pharmaceuticals (3.07%)                
Royalty Pharma PLC, Class A     482,094       26,881,561  
                 
Professional Services (1.78%)                
Exponent, Inc.     104,492       6,093,974  

 

Security Description   Shares     Value  
Professional Services (1.78%) (continued)                
Korn Ferry     136,479     $ 9,550,800  
Total Professional Services             15,644,774  
                 
Semiconductors & Semiconductor Equipment (2.10%)                
Skyworks Solutions, Inc.     236,919       18,444,144  
                 
Software (2.62%)                
Dolby Laboratories, Inc., Class A     245,360       13,693,542  
InterDigital, Inc.     36,723       9,257,501  
Total Software             22,951,043  
                 
Specialty Retail (1.62%)                
Dick's Sporting Goods, Inc.     21,827       4,967,170  
Murphy USA, Inc.     9,102       4,605,885  
Penske Automotive Group, Inc.     27,893       4,668,452  
Total Specialty Retail             14,241,507  
                 
Textiles, Apparel & Luxury Goods (1.19%)                
Columbia Sportswear Co.     63,241       4,185,289  
Ralph Lauren Corp.     17,060       6,208,134  
Total Textiles, Apparel & Luxury Goods             10,393,423  
                 
Tobacco (0.06%)                
Universal Corp.     9,596       497,745  
                 
Trading Companies & Distributors (0.94%)                
Applied Industrial Technologies, Inc.     26,990       8,199,832  
                 
Water Utilities (0.73%)                
American States Water Co.     16,263       1,256,642  
California Water Service Group     17,437       786,409  
Essential Utilities, Inc.     118,127       4,357,705  
Total Water Utilities             6,400,756  
                 
TOTAL COMMON STOCKS                
(Cost $814,539,967)             875,248,220  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (0.77%)                        
Money Market Fund (0.06%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $465,921)     3.55 %     465,921       465,921  

 

See Notes to Financial Statements and Financial Highlights.

7 | alpsfunds.com

 

ALPS O’Shares U.S. Small-Cap Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day Yield     Shares     Value  
Investments Purchased with Collateral from Securities Loaned (0.71%)
SECURITIES LENDING - GENERAL, 3.65%                        
(Cost $6,250,706)             6,250,706     $ 6,250,706  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $6,716,627)                     6,716,627  
                         
TOTAL INVESTMENTS (100.59%)                        
(Cost $821,256,593)                   $ 881,964,847  
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.59%)                     (5,113,028 )
NET ASSETS - 100.00%                   $ 876,851,819  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is 10,079,853.

 

See Notes to Financial Statements and Financial Highlights.

8 | alpsfunds.com

 

ALPS O’Shares Global Internet Giants ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.85%)                
Broadline Retail (13.69%)                
Alibaba Group Holding, Ltd., ADR     9,346     $ 1,160,960  
Amazon.com, Inc.(a)     29,471       7,976,031  
MercadoLibre, Inc.(a)     1,310       2,221,302  
Naspers, Ltd.     38,551       2,025,931  
PDD Holdings, Inc., ADR(a)     28,113       2,373,862  
Total Broadline Retail             15,758,086  
                 
Entertainment (6.29%)                
Live Nation Entertainment, Inc.(a)     4,021       677,177  
NetEase, Inc., ADR     4,945       607,345  
Netflix, Inc.(a)     19,370       1,666,207  
ROBLOX Corp., Class A(a)     26,950       1,270,692  
Spotify Technology SA(a)     2,215       1,102,361  
Take-Two Interactive Software, Inc.(a)     5,444       1,220,327  
Tencent Music Entertainment Group, ADR     75,107       692,487  
Total Entertainment             7,236,596  
                 
Ground Transportation (2.15%)                
Grab Holdings, Ltd.(a)     365,190       1,292,773  
Uber Technologies, Inc.(a)     16,774       1,180,889  
Total Ground Transportation             2,473,662  
                 
Health Care Technology (0.80%)                
Veeva Systems, Inc., Class A(a)     5,265       917,900  
                 
Hotels, Restaurants & Leisure (5.18%)                
Airbnb, Inc., Class A(a)     6,366       848,650  
Booking Holdings, Inc.     5,210       872,310  
DoorDash, Inc., Class A(a)     12,323       1,962,931  
Meituan, Class B(a)(b)(c)     136,017       1,274,796  
Trip.com Group, Ltd., ADR(a)     21,118       1,001,627  
Total Hotels, Restaurants & Leisure             5,960,314  
                 
Interactive Media & Services (17.19%)                
Alphabet, Inc., Class A     20,339       7,735,735  
Kuaishou Technology(b)(c)(d)     127,200       739,156  
Meta Platforms, Inc., Class A     9,689       6,128,389  
Reddit, Inc.(a)     15,549       2,736,624  
Tencent Holdings, Ltd.     45,017       2,453,938  
Total Interactive Media & Services             19,793,842  
                 
IT Services (7.97%)                
Cloudflare, Inc., Class A(a)     9,673       2,339,125  
MongoDB, Inc.(a)     5,620       1,885,791  
Shopify, Inc., Class A(a)     18,975       2,252,522  
Snowflake, Inc., Class A(a)     10,564       2,699,630  
Total IT Services             9,177,068  
                 
Professional Services (1.06%)                
Paychex, Inc.     6,111       592,645  
Recruit Holdings Co., Ltd.     9,400       623,853  
Total Professional Services             1,216,498  

 

Security Description   Shares     Value  
Real Estate Management & Development (0.61%)                
CoStar Group, Inc.(a)     21,915     $ 705,663  
                 
Software (44.91%)                
Adobe, Inc.(a)     2,809       728,121  
AppLovin Corp., Class A(a)     6,200       3,801,158  
Atlassian Corp., Class A(a)     17,058       1,835,611  
Constellation Software, Inc.     662       1,355,466  
Crowdstrike Holdings, Inc., Class A(a)     4,642       3,393,302  
Datadog, Inc., Class A(a)     11,066       2,737,175  
Fair Isaac Corp.(a)     1,261       1,576,994  
Fortinet, Inc.(a)     9,454       1,304,368  
Intuit, Inc.     2,205       731,024  
Microsoft Corp.     15,380       6,924,692  
Oracle Corp.     27,552       6,220,691  
Palantir Technologies, Inc., Class A(a)     26,550       4,156,137  
Palo Alto Networks, Inc.(a)     11,012       3,101,970  
Rubrik, Inc.(a)     32,136       2,526,854  
Salesforce, Inc.     5,679       1,085,257  
Samsara, Inc., Class A(a)     48,381       1,692,851  
SAP SE     5,562       1,007,251  
ServiceNow, Inc.(a)     14,931       1,856,968  
WiseTech Global, Ltd.(d)     58,619       1,517,193  
Workday, Inc., Class A(a)     6,659       973,479  
Xero, Ltd.(a)     35,203       1,901,969  
Zscaler, Inc.(a)     9,089       1,270,006  
Total Software             51,698,537  
                 
TOTAL COMMON STOCKS                
(Cost $90,460,244)             114,938,166  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (1.84%)
Investments Purchased with Collateral from Securities Loaned (1.84%)                        
SECURITIES LENDING - GENERAL, 3.65%                        
(Cost $2,122,319)             2,122,319       2,122,319  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $2,122,319)                     2,122,319  
                         
TOTAL INVESTMENTS (101.69%)                        
(Cost $92,582,564)                   $ 117,060,485  
                         
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.69%)                     (1,946,470 )
NET ASSETS - 100.00%                   $ 115,114,015  

 

(a) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights.

9 | alpsfunds.com

 

ALPS O’Shares Global Internet Giants ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

(b) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines utilized by the Valuation Designee. As of May 31, 2026 the aggregate market value of those securities was $2,013,952, representing 1.75% of net assets.
(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the aggregate market value of those securities was $2,013,952, representing 1.75% of net assets.
(d) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is 2,029,875.

 

See Notes to Financial Statements and Financial Highlights.

10 | alpsfunds.com

 

ALPS O’Shares International Developed Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (98.84%)                
Aerospace & Defense (5.16%)                
Airbus SE     1,610     $ 337,459  
Rolls-Royce Holdings PLC     32,157       579,169  
Safran SA     2,503       892,490  
Total Aerospace & Defense             1,809,118  
                 
Automobiles (3.37%)                
Ferrari NV(a)     1,601       551,258  
Toyota Motor Corp.(a)     33,100       632,218  
Total Automobiles             1,183,476  
                 
Banks (8.71%)                
Commonwealth Bank of Australia(a)     8,428       999,633  
HSBC Holdings PLC     73,915       1,387,200  
Nordea Bank Abp(a)     34,832       668,678  
Total Banks             3,055,511  
                 
Biotechnology (0.41%)                
CSL, Ltd.(a)     2,069       143,669  
                 
Broadline Retail (4.32%)                
Dollarama, Inc.     3,728       476,732  
Prosus NV     12,412       564,905  
Wesfarmers, Ltd.(a)     8,223       471,583  
Total Broadline Retail             1,513,220  
                 
Capital Markets (3.11%)                
3i Group PLC     13,252       406,005  
Brookfield Asset Management, Ltd., Class A     14,061       683,364  
Total Capital Markets             1,089,369  
                 
Consumer Staples Distribution & Retail (1.53%)                
Alimentation Couche-Tard, Inc.     9,504       536,950  
                 
Diversified Telecommunication Services (2.32%)                
Deutsche Telekom AG     24,138       812,540  
                 
Electric Utilities (3.00%)                
Iberdrola SA(a)     46,229       1,051,468  
                 
Electrical Equipment (6.40%)                
ABB, Ltd.     11,706       1,254,059  
Schneider Electric SE     3,142       989,319  
Total Electrical Equipment             2,243,378  
                 
Electronic Equipment, Instruments & Components (2.87%)
Keyence Corp.     2,000       1,005,996  
                 
Entertainment (0.90%)                
Nintendo Co., Ltd.(a)     7,000       314,168  
                 
Food Products (3.18%)                
Nestle SA     10,951       1,114,531  

 

Security Description   Shares     Value  
Ground Transportation (2.29%)                
Canadian National Railway Co.     6,782     $ 803,077  
                 
Health Care Equipment & Supplies (1.80%)                
Alcon AG     2,020       134,831  
EssilorLuxottica SA     1,022       208,789  
Hoya Corp.     1,700       289,053  
Total Health Care Equipment & Supplies             632,673  
                 
Household Durables (1.24%)                
Sony Group Corp.     20,200       436,812  
                 
Industrial Conglomerates (5.33%)                
Hitachi Ltd.     23,200       752,527  
Siemens AG     3,544       1,115,276  
Total Industrial Conglomerates             1,867,803  
                 
Machinery (2.49%)                
Atlas Copco AB(a)     45,404       872,615  
                 
Personal Care Products (4.38%)                
L'Oreal SA     1,840       821,018  
Unilever PLC     12,601       713,660  
Total Personal Care Products             1,534,678  
                 
Pharmaceuticals (11.97%)                
AstraZeneca PLC     3,808       707,795  
GSK PLC     7,293       184,790  
Novartis AG     8,018       1,210,276  
Novo Nordisk A/S, Class B     13,553       619,617  
Roche Holding AG     2,427       1,023,907  
Sanofi SA     5,114       449,102  
Total Pharmaceuticals             4,195,487  
                 
Professional Services (5.55%)                
Experian PLC     11,059       383,199  
Recruit Holdings Co., Ltd.     13,000       862,776  
RELX PLC     16,094       531,005  
Wolters Kluwer NV     2,358       167,827  
Total Professional Services             1,944,807  
                 
Semiconductors & Semiconductor Equipment (6.51%)
ASML Holding NV     1,414       2,283,933  
                 
Software (3.05%)                
Constellation Software, Inc.     147       300,987  
SAP SE     4,237       767,300  
Total Software             1,068,287  
                 
Specialty Retail (3.76%)                
Fast Retailing Co., Ltd.     1,600       827,099  
Industria de Diseno Textil SA(a)     7,932       493,125  
Total Specialty Retail             1,320,224  
                 
Textiles, Apparel & Luxury Goods (3.23%)                
Hermes International SCA     249       470,502  

 

See Notes to Financial Statements and Financial Highlights.

11 | alpsfunds.com

 

ALPS O’Shares International Developed Quality Dividend ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Textiles, Apparel & Luxury Goods (3.23%) (continued)
LVMH Moet Hennessy Louis Vuitton SE     1,201     $ 662,669  
Total Textiles, Apparel & Luxury Goods             1,133,171  
                 
Trading Companies & Distributors (1.96%)                
ITOCHU Corp.     56,700       689,058  
                 
TOTAL COMMON STOCKS                
(Cost $30,014,026)             34,656,019  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (9.86%)                        
Money Market Fund (0.11%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $37,317)     3.55 %     37,317       37,317  
                         
Investments Purchased with Collateral from Securities Loaned (9.75%)                        
SECURITIES LENDING - GENERAL, 3.65%                        
(Cost $3,419,480)             3,419,480       3,419,480  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $3,456,797)                     3,456,797  
                         
TOTAL INVESTMENTS (108.70%)                        
(Cost $33,470,823)                   $ 38,112,816  
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.70%)                     (3,051,734 )
NET ASSETS - 100.00%                   $ 35,061,082  

 

(a)  Security, or a portion of the security position is currently on loan. The total market value of securities on loan is 4,043,784.

 

See Notes to Financial Statements and Financial Highlights.

12 | alpsfunds.com

 

ALPS ETF Trust
 
Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

   

ALPS | O'Shares

U.S. Quality

Dividend ETF

    

ALPS | O'Shares

U.S. Small-Cap

Quality Dividend ETF

    

ALPS | O'Shares

Global Internet

Giants ETF

    

ALPS | O'Shares

International

Developed Quality

Dividend ETF

  
ASSETS:                        
Investments, at value(a)   $ 742,442,659     $ 881,964,847     $ 117,060,484     $ 38,112,817  
Cash     7,878       —       —       —  
Receivable for investments sold     —       —       1,659,691       —  
Foreign tax reclaims     —       17,289       7,682       317,830  
Dividends receivable     807,236       1,481,321       45,640       64,303  
Total Assets     743,257,773       883,463,457       118,773,497       38,494,950  
                                 
LIABILITIES:                                
Payable for investments purchased     —       —       1,474,966       —  
Payable to adviser     303,008       360,932       44,158       14,388  
Payable to custodian for overdraft     —       —       18,039       —  
Payable for collateral upon return of securities loaned     —       6,250,706       2,122,319       3,419,480  
Total Liabilities     303,008       6,611,638       3,659,482       3,433,868  
NET ASSETS   $ 742,954,765     $ 876,851,819     $ 115,114,015     $ 35,061,082  
                                 
NET ASSETS CONSIST OF:                                
Paid-in capital   $ 596,577,129     $ 817,653,380     $ 281,632,607     $ 36,702,783  
Total distributable earnings/(accumulated losses)     146,377,636       59,198,439       (166,518,592 )     (1,641,701 )
NET ASSETS   $ 742,954,765     $ 876,851,819     $ 115,114,015     $ 35,061,082  
                                 
INVESTMENTS, AT COST   $ 601,505,550     $ 821,256,594     $ 92,582,563     $ 33,470,824  
                                 
PRICING OF SHARES:                                
Net Assets   $ 742,954,765     $ 876,851,819     $ 115,114,015     $ 35,061,082  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     12,625,000       18,954,000       2,375,000       1,025,000  
Net Asset Value, offering and redemption price per share   $ 58.85     $ 46.26     $ 48.47     $ 34.21  

 

(a) Includes $–, $10,079,853, $2,029,875 and $4,043,784 of securities on loan for the ALPS | O'Shares U.S. Quality Dividend ETF, ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF, ALPS | O'Shares Global Internet Giants ETF and ALPS | O'Shares International Developed Quality Dividend ETF, respectively,

 

See Notes to Financial Statements and Financial Highlights.

13 | alpsfunds.com

 

ALPS ETF Trust
 
Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

   

ALPS | O'Shares

U.S. Quality

Dividend ETF

    

ALPS | O'Shares

U.S. Small-Cap

Quality Dividend ETF

    

ALPS | O'Shares

Global Internet

Giants ETF

    

ALPS | O'Shares

International

Developed Quality

Dividend ETF

  
INVESTMENT INCOME:                        
Dividend income*   $ 7,590,314     $ 11,160,716     $ 202,652     $ 528,653  
Securities lending income     23       20,610       1,237       2,851  
Total investment income     7,590,337       11,181,326       203,889       531,504  
                                 
EXPENSES:                                
Investment adviser fees     1,862,112       2,167,514       289,751       95,186  
Total expenses     1,862,112       2,167,514       289,751       95,186  
NET INVESTMENT INCOME/(LOSS)     5,728,225       9,013,812       (85,862 )     436,318  
                                 
REALIZED AND UNREALIZED GAIN/(LOSS):                                
Net realized gain on investments(a)     37,481,174       18,296,576       5,005,259       1,795,975  
Net realized loss on forward foreign currency transactions     —       —       (5,230 )     (314 )
Total net realized gain     37,481,174       18,296,576       5,000,029       1,795,661  
Net change in unrealized appreciation/(depreciation) on investments     (19,762,495 )     31,509,539       (19,051,784 )     (40,146 )
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies     —       —       (17 )     4,841  
Total net change in unrealized appreciation/(depreciation) on investments     (19,762,495 )     31,509,539       (19,051,801 )     (35,305 )
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS     17,718,679       49,806,115       (14,051,772 )     1,760,356  
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ 23,446,904     $ 58,819,927     $ (14,137,634 )   $ 2,196,674  
* Net of foreign tax withholding:   $ —     $ (394 )   $ 3,926     $ 90,257  

 

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

 

See Notes to Financial Statements and Financial Highlights.

14 | alpsfunds.com

 

ALPS O’Shares U.S. Quality Dividend ETF
 
Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 5,728,225     $ 11,732,283  
Net realized gain     37,481,174       39,065,509  
Net change in unrealized depreciation     (19,762,495 )     (9,594,560 )
Net increase in net assets resulting from operations     23,446,904       41,203,232  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (5,717,078 )     (11,744,042 )
Total distributions     (5,717,078 )     (11,744,042 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     —       55,132,008  
Cost of shares redeemed     (92,835,565 )     (88,710,857 )
Net decrease from capital share transactions     (92,835,565 )     (33,578,849 )
                 
Net decrease in net assets     (75,105,739 )     (4,199,659 )
                 
NET ASSETS:                
Beginning of period     818,060,504       822,180,163  
End of period   $ 742,954,765     $ 818,060,504  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     14,225,000       14,825,000  
Shares sold     —       1,000,000  
Shares redeemed     (1,600,000 )     (1,600,000 )
Shares outstanding, end of period     12,625,000       14,225,000  

 

See Notes to Financial Statements and Financial Highlights.

15 | alpsfunds.com

 

ALPS O’Shares U.S. Small-Cap Quality Dividend ETF
 
Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 9,013,812     $ 17,402,584  
Net realized gain     18,296,576       24,934,400  
Net change in unrealized appreciation/(depreciation)     31,509,539       (83,936,337 )
Net increase/(decrease) in net assets resulting from operations     58,819,927       (41,599,353 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (11,038,639 )     (17,530,692 )
Total distributions     (11,038,639 )     (17,530,692 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     8,000,703       268,390,801  
Cost of shares redeemed     (88,888,229 )     (161,952,406 )
Net increase/(decrease) from capital share transactions     (80,887,526 )     106,438,395  
                 
Net increase/(decrease) in net assets     (33,106,238 )     47,308,350  
                 
NET ASSETS:                
Beginning of period     909,958,057       862,649,707  
End of period   $ 876,851,819     $ 909,958,057  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     20,754,000       18,404,000  
Shares sold     175,000       6,125,000  
Shares redeemed     (1,975,000 )     (3,775,000 )
Shares outstanding, end of period     18,954,000       20,754,000  

 

See Notes to Financial Statements and Financial Highlights.

16 | alpsfunds.com

 

ALPS O’Shares Global Internet Giants ETF
 
Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment loss   $ (85,862 )   $ (343,082 )
Net realized gain     5,000,029       14,549,835  
Net change in unrealized appreciation/(depreciation)     (19,051,801 )     3,236,362  
Net increase/(decrease) in net assets resulting from operations     (14,137,634 )     17,443,115  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (104,463 )     —  
Total distributions     (104,463 )     —  
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     46       15,178,239  
Cost of shares redeemed     (19,397,517 )     (18,978,122 )
Net decrease from capital share transactions     (19,397,471 )     (3,799,883 )
                 
Net increase/(decrease) in net assets     (33,639,568 )     13,643,232  
                 
NET ASSETS:                
Beginning of period     148,753,583       135,110,351  
End of period   $ 115,114,015     $ 148,753,583  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     2,800,000       2,850,000  
Shares sold     —       325,000  
Shares redeemed     (425,000 )     (375,000 )
Shares outstanding, end of period     2,375,000       2,800,000  

 

See Notes to Financial Statements and Financial Highlights.

17 | alpsfunds.com

 

ALPS O’Shares International Developed Quality Dividend ETF
 
Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 436,318     $ 719,010  
Net realized gain     1,795,661       2,548,929  
Net change in unrealized appreciation/(depreciation)     (35,305 )     2,358,352  
Net increase in net assets resulting from operations     2,196,674       5,626,291  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (367,674 )     (1,475,315 )
Total distributions     (367,674 )     (1,475,315 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     —       4,885,933  
Cost of shares redeemed     (8,610,326 )     (2,365,481 )
Net increase/(decrease) from capital share transactions     (8,610,326 )     2,520,452  
                 
Net increase/(decrease) in net assets     (6,781,326 )     6,671,428  
                 
NET ASSETS:                
Beginning of period     41,842,408       35,170,980  
End of period   $ 35,061,082     $ 41,842,408  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,275,000       1,200,000  
Shares sold     —       150,000  
Shares redeemed     (250,000 )     (75,000 )
Shares outstanding, end of period     1,025,000       1,275,000  

 

See Notes to Financial Statements and Financial Highlights.

18 | alpsfunds.com

 

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

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Period

July 1, 2022 to

November 30, 2022(a)

    

For the Year

Ended

June 30, 2022

    

For the Year

Ended

June 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 57.51     $ 55.46     $ 44.41     $ 43.24     $ 40.29     $ 42.00     $ 33.16  
                                                         
INCOME/(LOSS) FROM OPERATIONS:                                                        
Net investment income(b)     0.43       0.79       0.78       0.81       0.36       0.77       0.69 (c) 
Net realized and unrealized gain/(loss)     1.33       2.05       11.07       1.19       2.95       (1.72 )     8.81  
Total from investment operations     1.76       2.84       11.85       2.00       3.31       (0.95 )     9.50  
                                                         
DISTRIBUTIONS:                                                        
From net investment income     (0.42 )     (0.79 )     (0.80 )     (0.83 )     (0.36 )     (0.76 )     (0.66 )
Total distributions     (0.42 )     (0.79 )     (0.80 )     (0.83 )     (0.36 )     (0.76 )     (0.66 )
                                                         

NET INCREASE/(DECREASE) IN NET ASSET VALUE

     1.34       2.05       11.05       1.17       2.95       (1.71 )     8.84  
NET ASSET VALUE, END OF PERIOD   $ 58.85     $ 57.51     $ 55.46     $ 44.41     $ 43.24     $ 40.29     $ 42.00  
                                                         
TOTAL RETURN(d)     3.08 %     5.21 %     26.90 %     4.74 %     8.27 %     (2.38 )%     28.84 %
                                                         
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (in 000s)   $ 742,955     $ 818,061     $ 822,180     $ 656,213     $ 748,122     $ 737,229     $ 688,720  
Ratio of expenses to average net assets     0.48 %(e)     0.48 %     0.48 %     0.48 %     0.48 %(e)     0.48 %     0.48 %
Ratio of net investment income to average net assets     1.48 %(e)     1.45 %     1.56 %     1.90 %     2.11 %(e)     1.78 %     1.81 %
Portfolio turnover rate(f)     3 %     17 %     32 %     34 %     25 %     15 %     26 %

 

(a) Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.
(b) Based on average shares outstanding during the period.
(c) The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.67 during the year ended June 30, 2021.
(d) 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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(e) Annualized
(f) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

19 | alpsfunds.com

 

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

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Period

July 1, 2022 to

November 30, 2022(a)

    

For the Year

Ended

June 30, 2022

    

For the Year

Ended

June 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 43.84     $ 46.87     $ 36.27     $ 35.30     $ 31.67     $ 35.08     $ 24.99  
                                                         
INCOME/(LOSS) FROM OPERATIONS:                                                        
Net investment income(b)     0.45       0.83       0.68       0.73       0.31       0.59       0.64 (c) 
Net realized and unrealized gain/(loss)     2.52       (3.02 )     10.56       0.94       3.59       (3.38 )     9.98  
Total from investment operations     2.97       (2.19 )     11.24       1.67       3.90       (2.79 )     10.62  
                                                         
DISTRIBUTIONS:                                                        
From net investment income     (0.55 )     (0.84 )     (0.64 )     (0.70 )     (0.27 )     (0.62 )     (0.53 )
Total distributions     (0.55 )     (0.84 )     (0.64 )     (0.70 )     (0.27 )     (0.62 )     (0.53 )
                                                         

NET INCREASE/(DECREASE) IN NET ASSET VALUE

     2.42       (3.03 )     10.60       0.97       3.63       (3.41 )     10.09  
NET ASSET VALUE, END OF PERIOD   $ 46.26     $ 43.84     $ 46.87     $ 36.27     $ 35.30     $ 31.67     $ 35.08  
                                                         
TOTAL RETURN(d)     6.81 %     (4.65 )%     31.17 %     4.82 %     12.39 %     (8.12 )%     42.79 %
                                                         
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (in 000s)   $ 876,852     $ 909,958     $ 862,650     $ 391,880     $ 181,944     $ 155,318     $ 149,215  
Ratio of expenses to average net assets     0.48 %(e)     0.48 %     0.48 %     0.48 %     0.48 %(e)     0.48 %     0.48 %
Ratio of net investment income to average net assets     2.00 %(e)     1.91 %     1.63 %     2.05 %     2.28 %(e)     1.69 %     2.08 %(f)
Portfolio turnover rate(g)     0       39 %     37 %     64 %     34 %     34 %     60 %

 

(a) Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.
(b) Based on average shares outstanding during the period.
(c) The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.57 during the year ended June 30, 2021.
(d) 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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(e) Annualized
(f) The ratio of net investment income, including waiver/reimbursement and excluding the impact of large, non-recurring dividends (special dividends) was 1.84% during the year ended June 30, 2021.
(g) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

20 | alpsfunds.com

 

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

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Period

July 1, 2022 to

November 30, 2022(a)

    

For the Year

Ended

June 30, 2022

    

For the Year

Ended

June 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 53.13     $ 47.41     $ 34.51     $ 25.11     $ 27.08     $ 57.04     $ 37.85  
                                                         
INCOME/(LOSS) FROM OPERATIONS:                                                        
Net investment loss(b)     (0.03 )     (0.12 )     (0.08 )     (0.09 )     (0.04 )     (0.15 )     (0.21 )
Net realized and unrealized gain/(loss)     (4.59 )     5.84       12.98       9.49       (1.93 )     (29.81 )     19.40  
Total from investment operations     (4.62 )     5.72       12.90       9.40       (1.97 )     (29.96 )     19.19  
                                                         
DISTRIBUTIONS:                                                        
From net investment income     (0.04 )     –       –       –       –       –       –  
Total distributions     (0.04 )     –       –       –       –       –       –  
                                                         
NET INCREASE/(DECREASE) IN NET ASSET VALUE     (4.66 )     5.72       12.90       9.40       (1.97 )     (29.96 )     19.19  
NET ASSET VALUE, END OF PERIOD   $ 48.47     $ 53.13     $ 47.41     $ 34.51     $ 25.11     $ 27.08     $ 57.04  
                                                         
TOTAL RETURN(c)     (8.70 )%     12.06 %     37.38 %     37.44 %     (7.27 )%     (52.52 )%     50.70 %
                                                         
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (in 000s)   $ 115,114     $ 148,754     $ 135,110     $ 136,310     $ 152,513     $ 209,867     $ 718,766  
Ratio of expenses to average net assets     0.48 %(d)     0.48 %     0.48 %     0.48 %     0.48 %(d)     0.48 %     0.48 %
Ratio of net investment income to average net assets     (0.14 )%(d)     (0.23 )%     (0.21 )%     (0.29 )%     (0.37 )%(d)     (0.32 )%     (0.40 )%
Portfolio turnover rate(e)     19 %     37 %     44 %     51 %     22 %     51 %     48 %

 

(a) Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.
(b) Based on average shares outstanding during the period.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(d) Annualized
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

21 | alpsfunds.com

 

ALPS O’Shares International Developed Quality Dividend ETF
 
Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026 (Unaudited)

    

For the Year

Ended

November 30, 2025(a)

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Period

July 1, 2022 to

November 30, 2022(b)

    

For the Year

Ended

June 30, 2022

    

For the Year

Ended

June 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 32.82     $ 29.31     $ 27.48     $ 24.18     $ 22.62     $ 28.00     $ 22.28  
                                                         
INCOME/(LOSS) FROM OPERATIONS:                                                        
Net investment income(c)     0.37       0.59       0.69       0.71       0.03       0.58       0.55 (d) 
Net realized and unrealized gain/(loss)     1.33       4.15       2.24       3.13       1.71       (5.33 )     5.97  
Total from investment operations     1.70       4.74       2.93       3.84       1.74       (4.75 )     6.52  
                                                         
DISTRIBUTIONS:                                                        
From net investment income     (0.31 )     (1.23 )     (1.10 )     (0.54 )     (0.18 )     (0.63 )     (0.80 )
Total distributions     (0.31 )     (1.23 )     (1.10 )     (0.54 )     (0.18 )     (0.63 )     (0.80 )
                                                         
NET INCREASE/(DECREASE) IN NET ASSET VALUE     1.39       3.51       1.83       3.30       1.56       (5.38 )     5.72  
NET ASSET VALUE, END OF PERIOD   $ 34.21     $ 32.82     $ 29.31     $ 27.48     $ 24.18     $ 22.62     $ 28.00  
                                                         
TOTAL RETURN(e)     5.25 %     16.72 %     10.72 %     15.99 %     7.78 %     (17.29 )%     29.72 %
                                                         
RATIOS/SUPPLEMENTAL DATA:                                                        
Net assets, end of period (in 000s)   $ 35,061     $ 41,842     $ 35,171     $ 36,416     $ 35,664     $ 40,716     $ 26,597  
Ratio of expenses to average net assets     0.48 %(f)     0.48 %     0.48 %     0.48 %     0.48 %(f)     0.48 %     0.48 %
Ratio of net investment income to average net assets     2.20 %(f)     1.88 %     2.30 %     2.68 %     0.29 %(f)     2.20 %     2.18 %
Portfolio turnover rate(g)     1 %     57 %     29 %     40 %     38 %     22 %     42 %

 

(a) Prior to October 1, 2025, the ALPS | O'Shares International Developed Quality Dividend ETF was known as the ALPS | O’Shares Europe Quality Dividend ETF.
(b) Effective November 30, 2022, the Board approved changing the fiscal year-end of the Fund from June 30 to November 30.
(c) Based on average shares outstanding during the period.
(d) The net investment income per share excluding the impact of large, non-recurring dividends (special dividends) was $0.54 during the year ended June 30, 2021.
(e) 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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(f) Annualized
(g) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

22 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains to the ALPS | O’Shares U.S. Quality Dividend ETF, the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF, the ALPS | O’Shares Global Internet Giants ETF and the ALPS | O’Shares International Developed Quality Dividend ETF (formerly, ALPS | O’Shares Europe Quality Dividend ETF) (each a “Fund” and collectively, the “Funds”).

 

The investment objective of the ALPS | O’Shares U.S. Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Quality Dividend Index. The investment objective of the ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares U.S. Small-Cap Quality Dividend Index. The investment objective of the ALPS | O’Shares Global Internet Giants ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares Global Internet Giants Index. Prior to October 1, 2025, the investment objective of the ALPS | O’Shares International Developed Quality Dividend ETF (formerly, ALPS | O’Shares Europe Quality Dividend ETF) was to seek investment results that tracked the performance (before fees and expenses) of the O’Shares Europe Quality Dividend Index. Effective October 1, 2025, the investment objective of the ALPS | O’Shares International Developed Quality Dividend ETF is to seek investment results that track the performance (before fees and expenses) of the O’Shares International Developed Quality Dividend Index.

 

ALPS | O’Shares Global Internet Giants ETF is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. ALPS | O’Shares U.S. Quality Dividend ETF, ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF and ALPS | O’Shares International Developed Quality Dividend ETF have each elected to qualify as a diversified series of the Trust under the 1940 Act.

 

Each Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). Each Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities 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.

 

In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. ALPS Advisors, Inc. (the "Adviser") is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

 

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 last quoted sale price in such market.

23 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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

 

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, 2026:

 

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

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 741,907,900     $ –     $ –     $ 741,907,900  
Short Term Investments     534,759       –       –       534,759  
Total   $ 742,442,659     $ –     $ –     $ 742,442,659  

24 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 875,248,220     $ –     $ –     $ 875,248,220  
Short Term Investments     6,716,627       –       –       6,716,627  
Total   $ 881,964,847     $ –     $ –     $ 881,964,847  

 

ALPS | O'Shares Global Internet Giants ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 114,938,166     $ –     $ –     $ 114,938,166  
Short Term Investments     2,122,319       –       –       2,122,319  
Total   $ 117,060,485     $ –     $ –     $ 117,060,485  

 

ALPS | O'Shares International Developed Quality Dividend ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 34,656,019     $ –       $ – $       34,656,019  
Short Term Investments     3,456,797       –       –       3,456,797  
Total   $ 38,112,816     $ –       $ – $       38,112,816  

 

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2026.

 

C. Foreign Investment Risk

The ALPS | O’Shares Global Internet Giants ETF and the ALPS | O’Shares International Developed Quality Dividend 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 and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic, social, regulatory, business or environmental developments could undermine the value of a Fund’s investments or prevent a Fund from realizing the full value of its investments. For example, the rights and remedies associated with investments in foreign securities may be different than investments in domestic securities. 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 a 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.

 

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

 

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. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Interest income, if any, is recorded on the accrual basis, including amortization of premiums and accretion of discounts. Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

25 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

F. Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid monthly, except for ALPS | O’Shares International Developed Quality Dividend ETF, which declares and pays dividends from net investment income quarterly. Distributions of net realized capital gains earned by the Funds, if any, are distributed at least annually.

 

G. 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 Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary Income    

Long-Term

Capital Gain

     Return of Capital  
November 30, 2025                        
ALPS | O'Shares U.S. Quality Dividend ETF   $ 11,744,042     $ —     $ —  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     17,530,692       —       —  
ALPS | O'Shares Global Internet Giants ETF     —       —       —  
ALPS | O'Shares International Developed Quality Dividend ETF     1,475,315       —       —  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS | O'Shares U.S. Quality Dividend ETF   $ 3,831,227     $ 27,013,375  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     6,802,399       10,582,089  
ALPS | O'Shares Global Internet Giants ETF     89,541,542       104,631,840  
ALPS | O'Shares International Developed Quality Dividend ETF     2,482,551       5,488,106  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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 | O'Shares U.S. Quality Dividend ETF   $ 195,271,723     $ (55,178,926 )   $ 140,092,797     $ 602,349,862  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     144,631,745       (84,652,112 )     59,979,633       821,985,214  
ALPS | O'Shares Global Internet Giants ETF     36,320,726       (12,748,034 )     23,572,692       93,487,793  
ALPS | O'Shares International Developed Quality Dividend ETF     7,251,399       (2,638,914 )     4,612,485       33,500,331  

 

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and investments in passive foreign investment companies. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2026.

 

H. Income Taxes

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

26 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

As of and during the six-months ended May 31, 2026, 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.

 

I. Lending of Portfolio Securities

Effective June 20, 2022, 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 Funds' securities held at SSB as custodian shall be available to be lent except those securities the Funds or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Funds 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 Statements of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Funds, and the Funds do 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.

 

The following is a summary of the Funds securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund  

Market Value of

Securities on Loan

    

Cash Collateral

Received

    

Non-Cash

Collateral

Received

    

Total Collateral

Received

  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF   $ 10,079,853     $ 6,250,706     $ 4,147,902     $ 10,398,608  
ALPS | O'Shares Global Internet Giants ETF     2,029,875       2,122,319       —       2,122,319  
ALPS | O'Shares International Developed Quality Dividend ETF     4,043,784       3,419,480       822,805       4,242,285  

 

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.

27 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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, 2026:

 

ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF   Remaining contractual maturity of the agreements  
Securities Lending Transactions   Overnight &
Continuous		     Up to 30 Days     30-90 Days     Greater than
90 Days		     Total  
Common Stocks   $ 6,250,706     $ –     $ –     $ –     $ 6,250,706  
Total Borrowings                                     6,250,706  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 6,250,706  

 

ALPS | O'Shares Global Internet Giants 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   $ 2,122,319     $ –     $ –     $ –     $ 2,122,319  
Total Borrowings                                     2,122,319  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 2,122,319  

 

ALPS | O'Shares International Developed Quality Dividend 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   $ 3,419,480     $ –     $ –     $ –     $ 3,419,480  
Total Borrowings                                     3,419,480  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 3,419,480  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

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

 

Fund Advisory Fee
ALPS | O’Shares U.S. Quality Dividend ETF Average net assets up to and including $2 billion 0.48%
  Average net assets greater than $2 billion up to and including $3 billion 0.44%
  Average net assets greater than $3 billion up to and including $4 billion 0.40%
  Average net assets greater than $4 billion up to and including $5 billion 0.36%
  Average net assets greater than $5 billion 0.32%
ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF Average net assets up to and including $2 billion 0.48%
  Average net assets greater than $2 billion up to and including $3 billion 0.44%
  Average net assets greater than $3 billion up to and including $4 billion 0.40%
  Average net assets greater than $4 billion up to and including $5 billion 0.36%
  Average net assets greater than $5 billion 0.32%
ALPS | O’Shares Global Internet Giants ETF   0.48%
ALPS | O’Shares International Developed Quality Dividend ETF   0.48%

 

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

 

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

28 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, U.S. Government securities and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS | O'Shares U.S. Quality Dividend ETF   $ 20,005,092     $ 19,585,839  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     11,178,795       116,096  
ALPS | O'Shares Global Internet Giants ETF     22,879,249       23,136,760  
ALPS | O'Shares International Developed Quality Dividend ETF     461,468       525,603  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS | O'Shares U.S. Quality Dividend ETF   $ —     $ 92,927,403  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     8,002,347       88,870,335  
ALPS | O'Shares Global Internet Giants ETF     —       19,347,942  
ALPS | O'Shares International Developed Quality Dividend ETF     —       8,571,197  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS | O'Shares U.S. Quality Dividend ETF   $ 31,572,963  
ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF     15,817,987  
ALPS | O'Shares Global Internet Giants ETF     6,920,151  
ALPS | O'Shares International Developed Quality Dividend ETF     1,735,293  

 

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

 

6. MARKET RISK

 

 

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. Securities in the Funds' 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, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

29 | alpsfunds.com

 

ALPS ETF Trust
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

30 | alpsfunds.com

 

ALPS ETF Trust
 
Additional Information May 31, 2026 (Unaudited)

 

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, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A Dividends
ALPS O’Shares U.S. Quality Dividend ETF 100% 100% 0%
ALPS O’Shares U.S. Small-Cap Quality Dividend ETF 92.94% 93.04% 0%
ALPS O’Shares Global Internet Giants ETF 100% 100% 0%
ALPS O’Shares International Developed Quality Dividend ETF 98.12% 0% 0%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

 

LICENSING AGREEMENT

 

 

O’Shares Investment Advisers, LLC ( “O’Shares”) has entered into an index licensing agreement with the Advisor with respect to each of the Funds, to allow the Adviser’s use of the O'Shares U.S. Quality Dividend Index, the O'Shares U.S. Small-Cap Quality Dividend Index, the O'Shares Global Internet Giants Index, and the O’Shares International Developed Quality Dividend Index (each, an “Underlying Index”). The following disclosure relates to O’Shares.

 

The Funds are not sponsored, endorsed, sold or promoted by O’Shares or its third party licensors. Neither O’Shares nor its third party licensors make any representation or warranty, express or implied, to shareholders of a Fund or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the Underlying Index to track general stock market performance. O’Shares’ and its third party licensor’s only relationship to the Adviser and each Fund is the licensing of certain trademarks, service marks and trade names of O’Shares and/or its third party licensors and for the providing the Underlying Index. Neither O’Shares nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of a Fund or the timing of the issuance or sale of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash. O’Shares has no obligation or liability in connection with the administration, marketing or trading of the Funds.

 

NEITHER O’SHARES, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. O’SHARES, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. O’SHARES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL O’SHARES, 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.

 

O’Shares Investments is a registered trademark and registered service mark of O’Shares Investment, Inc. and has been licensed for use by the Adviser and the Funds.

 

The Funds are not sponsored, endorsed, sold or promoted by O’Shares, its affiliates or their third party licensors, and neither O’Shares, its affiliates nor its third party licensors make any representation regarding the advisability of investing in the Funds.

 

O’Shares has entered into an agreement with S-Network Global Indexes Inc. (“S-Network”), pursuant to which S-Network calculates each Underlying Index. The following disclosure relates to O’Shares.

 

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

31 | alpsfunds.com

 

ALPS ETF Trust
 
Additional Information May 31, 2026 (Unaudited)

 

NEITHER S-NETWORK, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE CUSTOM 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-NETWORK, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S-NETWORK MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS TRADEMARKS, THE CUSTOM INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S-NETWORK, 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.

 

S-Network Global Indexes, Inc.SM, and SNGISM are registered trademarks and registered service marks of S-Network Global Indexes, Inc. “Calculated by S-Network Global Indexes, Inc.” and its related stylized mark are service marks of S-Network Global Indexes, Inc.SM, and have been licensed for use by the Adviser.

 

The Funds are not sponsored, endorsed, sold or promoted by SNGI, its affiliates or their third party licensors and neither SNGI, its affiliates nor their third party licensors make any representation regarding the advisability of investing in a Fund.

32 | alpsfunds.com

 

ALPS ETF Trust
 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

33 | alpsfunds.com

 

ALPS ETF Trust
 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

34 | alpsfunds.com

 

ALPS ETF Trust
 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee     97,000       –       97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Funds' unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

35 | alpsfunds.com

 

ALPS ETF Trust
 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

36 | alpsfunds.com

 

 

 

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments 2
Statement of Assets and Liabilities 7
Statement of Operations 8
Statements of Changes in Net Assets 9
Financial Highlights 10
Notes to Financial Statements and Financial Highlights 11
Additional Information 17
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 19
Proxy Disclosures for Open-End Management Investment Companies 20
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 21
Statement Regarding Basis for Approval of Investment Advisory Contract 22

 

 

 

 

Barron’s 400SM ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (98.43%)                
Communication Services (3.29%)                
Alphabet, Inc., Class A     1,653     $ 628,702  
AT&T, Inc.     17,868       443,126  
Charter Communications, Inc., Class A(a)(b)     2,271       327,138  
Comcast Corp., Class A     16,409       408,092  
EverQuote, Inc.(b)     30,080       578,739  
Fox Corp.     9,539       547,443  
Iridium Communications, Inc.     19,956       1,033,323  
Liberty Media Corp.-Liberty Formula One(b)     5,933       538,657  
Netflix, Inc.(b)     5,217       448,766  
New York Times Co., Class A     6,267       471,341  
QuinStreet, Inc.(b)     39,768       497,895  
Roku, Inc.(b)     5,423       705,966  
T-Mobile US, Inc.     2,278       427,193  
Total Communication Services             7,056,381  
                 
Consumer Discretionary (10.62%)                
Abercrombie & Fitch Co., Class A(b)     6,050       467,181  
Airbnb, Inc., Class A(b)     3,917       522,175  
American Public Education, Inc.(b)     8,590       424,947  
Booking Holdings, Inc.     2,925       489,733  
Boot Barn Holdings, Inc.(b)     3,027       514,196  
Boyd Gaming Corp.(a)     6,080       502,694  
Brinker International, Inc.(b)     3,445       490,499  
Burlington Stores, Inc.(b)     1,662       538,205  
Carnival Corp.     20,673       580,084  
Carvana Co.(a)(b)     8,310       606,631  
Chewy, Inc., Class A(b)     19,406       437,411  
Chipotle Mexican Grill, Inc.(b)     15,270       486,502  
Darden Restaurants, Inc.     2,459       501,415  
Deckers Outdoor Corp.(b)     4,911       559,117  
Dutch Bros, Inc., Class A(a)(b)     10,485       608,131  
eBay, Inc.     5,439       594,320  
Expedia, Inc.     2,183       492,900  
Five Below, Inc.(b)     2,365       537,706  
Frontdoor, Inc.(b)     7,863       488,056  
GigaCloud Technology, Inc.(a)(b)     12,125       436,985  
Grand Canyon Education, Inc.(b)     3,017       452,097  
Hasbro, Inc.     5,319       458,338  
Installed Building Products, Inc.     1,746       366,625  
Las Vegas Sands Corp.     9,216       466,053  
Laureate Education, Inc.(a)(b)     14,494       463,663  
Life Time Group Holdings, Inc.(b)     18,918       625,808  
Monarch Casino & Resort, Inc.     4,951       595,407  
Norwegian Cruise Line Holdings, Ltd.(a)(b)     26,219       480,856  
Perdoceo Education Corp.     13,858       448,722  
Ralph Lauren Corp.     1,498       545,122  
Ross Stores, Inc.     2,403       556,847  
Royal Caribbean Cruises, Ltd.     1,817       517,173  
Rush Street Interactive, Inc.(b)     24,511       621,110  
SharkNinja, Inc.(a)(b)     4,955       603,965  
Strategic Education, Inc.     6,151       472,089  
Strattec Security Corp.(a)(b)     6,705       536,132  

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
Stride, Inc.(a)(b)     5,890     $ 544,118  
Tapestry, Inc.     3,503       509,546  
TJX Cos., Inc.     3,183       492,569  
Toll Brothers, Inc.     3,624       502,069  
Ulta Beauty, Inc.(b)     921       468,651  
Urban Outfitters, Inc.(b)     7,828       568,704  
Viking Holdings, Ltd.(b)     7,269       669,549  
Williams-Sonoma, Inc.     2,747       559,207  
Total Consumer Discretionary             22,803,308  
                 
Consumer Staples (3.41%)                
Cal-Maine Foods, Inc.(a)     5,656       422,616  
Casey's General Stores, Inc.     751       576,123  
Church & Dwight Co., Inc.     5,067       484,557  
Coca-Cola Co.     6,418       507,086  
elf Beauty, Inc.(a)(b)     6,759       378,504  
Energizer Holdings, Inc.(a)     29,169       531,459  
Inter Parfums, Inc.(a)     5,433       512,712  
John B Sanfilippo & Son, Inc.     6,507       487,439  
Kenvue, Inc.     28,373       490,285  
Maplebear, Inc.(a)(b)     12,977       516,485  
Monster Beverage Corp.(b)     6,439       567,148  
Nature's Sunshine Products, Inc.(b)     20,468       435,559  
Procter & Gamble Co.     3,286       471,738  
Sprouts Farmers Market, Inc.(b)     6,039       498,942  
US Foods Holding Corp.(b)     5,235       428,485  
Total Consumer Staples             7,309,138  
                 
Energy (5.60%)                
APA Corp.     14,385       524,046  
Archrock, Inc.     14,325       479,744  
Baker Hughes Co.     9,149       584,438  
Cheniere Energy, Inc.     1,959       440,501  
CNX Resources Corp.(b)     11,742       395,588  
DHT Holdings, Inc.     29,442       480,493  
DT Midstream, Inc.     3,602       504,208  
EQT Corp.     7,699       422,906  
Expand Energy Corp.     4,627       430,218  
Innovex International, Inc.(b)     20,497       547,475  
International Seaways, Inc.     7,571       584,405  
Marathon Petroleum Corp.     2,192       545,304  
Nabors Industries, Ltd.(b)     6,482       600,429  
Oceaneering International, Inc.(b)     14,908       569,933  
ONEOK, Inc.     5,819       488,447  
Phillips 66     2,865       503,896  
Targa Resources Corp.     2,062       525,954  
TechnipFMC PLC     7,861       537,850  
Texas Pacific Land Corp.     930       365,490  
Tidewater, Inc.(a)(b)     6,468       475,333  
Valaris Ltd.(b)     5,305       491,402  
Venture Global, Inc.     37,768       454,727  
Weatherford International PLC     5,735       594,375  
Williams Cos., Inc.     6,774       483,596  
Total Energy           $ 12,030,758  

 

See Notes to Financial Statements and Financial Highlights.

2 | alpsfunds.com

 

Barron’s 400SM ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (continued)            
Financials (21.91%)                
1st Source Corp.     7,325       540,732  
Affiliated Managers Group, Inc.     1,836       556,033  
Allstate Corp.     2,405       495,646  
Amalgamated Financial Corp.     13,034       540,650  
Arch Capital Group, Ltd.(b)     5,300       473,502  
Arrow Financial Corp.     15,285       560,960  
Artisan Partners Asset Management, Inc., Class A(a)     14,008       524,460  
Associated Banc-Corp     20,263       563,514  
Axis Capital Holdings, Ltd.     4,909       466,011  
Axos Financial, Inc.(b)     5,862       509,466  
Bank OZK     11,397       551,501  
Burke & Herbert Financial Services Corp.(a)     7,997       508,609  
Byline Bancorp, Inc.     16,265       538,209  
California BanCorp(a)     28,324       537,590  
Capital City Bank Group, Inc.     11,717       534,764  
City Holding Co.     4,177       519,243  
Civista Bancshares, Inc.     22,302       577,622  
Commerce Bancshares, Inc.     10,398       542,984  
Community Trust Bancorp, Inc.     8,473       566,505  
Corpay, Inc.(b)     1,564       565,855  
East West Bancorp, Inc.     4,761       583,413  
Encore Capital Group, Inc.(a)(b)     7,482       598,036  
Enova International, Inc.(b)     3,721       600,979  
Esquire Financial Holdings, Inc.(a)     4,503       494,835  
Evercore, Inc., Class A     1,862       634,680  
EVERTEC, Inc.     16,907       413,714  
EZCORP, Inc., Class A(a)(b)     19,229       600,714  
Federated Hermes, Inc.     8,714       488,507  
Financial Institutions, Inc.     16,399       594,136  
First BanCorp     24,157       579,285  
First Financial Corp.     8,125       562,088  
Five Star Bancorp     13,598       574,244  
Fulton Financial Corp.     25,253       547,738  
GCM Grosvenor, Inc.     47,944       509,645  
German American Bancorp, Inc.(a)     12,386       541,516  
Hamilton Insurance Group, Ltd.     17,057       505,058  
HCI Group, Inc.     2,967       457,126  
Heritage Insurance Holdings, Inc.(a) (b)     17,566       380,831  
Hingham Institution For Savings The(a)     1,861       538,555  
Home Bancorp, Inc.     8,580       552,380  
Home BancShares, Inc.     18,862       504,747  
HomeTrust Bancshares, Inc.     11,767       546,812  
International Bancshares Corp.     7,364       531,386  
Jack Henry & Associates, Inc.     2,944       401,326  
Kinsale Capital Group, Inc.(a)     1,357       413,573  
Mastercard, Inc., Class A     992       490,028  
Mercantile Bank Corp.     9,911       525,184  
Moelis & Co., Class A(a)     9,613       646,858  
Moody's Corp.     1,153       522,597  

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
Nicolet Bankshares, Inc.     3,322     $ 465,977  
Northrim BanCorp, Inc.     22,052       544,905  
OFG Bancorp     12,629       575,377  
Oppenheimer Holdings, Inc.     6,022       552,037  
Orrstown Financial Services, Inc.     14,514       538,905  
Palomar Holdings, Inc.(b)     4,123       441,326  
Pathward Financial, Inc.     5,448       448,044  
Piper Sandler Cos.     7,027       550,987  
Popular, Inc.     3,803       564,860  
Preferred Bank     5,583       534,963  
Provident Financial Services, Inc.     24,301       539,239  
Red River Bancshares, Inc.     5,710       519,153  
Remitly Global, Inc.(b)     32,485       650,349  
RenaissanceRe Holdings, Ltd.     1,686       472,670  
Republic Bancorp, Inc.     7,246       586,564  
SEI Investments Co.     6,221       546,701  
ServisFirst Bancshares, Inc.     6,775       528,382  
Sezzle, Inc.(a)(b)     7,502       886,360  
Shore Bancshares, Inc.(a)     27,920       576,827  
SiriusPoint, Ltd.(b)     24,350       519,873  
Skyward Specialty Insurance Group, Inc.(b)     10,962       483,643  
Slide Insurance Holdings, Inc.(b)     28,101       506,661  
Southern Missouri Bancorp, Inc.     8,019       553,792  
Stock Yards Bancorp, Inc.     7,871       564,666  
The Hartford Financial Services Group, Inc.     3,729       474,068  
Tompkins Financial Corp.     6,710       578,067  
Trustmark Corp.     12,124       535,396  
UMB Financial Corp.     4,483       588,439  
United Community Banks, Inc.     16,517       544,235  
Unity Bancorp, Inc.     9,894       552,679  
Universal Insurance Holdings, Inc.     14,464       535,457  
Velocity Financial, Inc.(a)(b)     28,499       498,733  
Victory Capital Holdings, Inc., Class A     7,487       633,025  
Virtu Financial, Inc., Class A     12,704       637,105  
Visa, Inc., Class A     1,613       526,419  
Wintrust Financial Corp.     3,801       571,024  
WisdomTree, Inc.(a)     32,765       624,172  
WSFS Financial Corp.     7,917       565,670  
Total Financials             47,030,597  
                 
Health Care (11.72%)                
ACADIA Pharmaceuticals, Inc.(b)     24,003       519,905  
ADMA Biologics, Inc.(b)     32,818       261,888  
Align Technology, Inc.(b)     3,013       527,124  
Amgen, Inc.     1,346       453,319  
ANI Pharmaceuticals, Inc.(b)     7,051       553,574  
Arrowhead Pharmaceuticals, Inc.(b)     9,046       704,774  
BioCryst Pharmaceuticals, Inc.(b)     60,369       537,888  
Bristol-Myers Squibb Co.     8,407       480,712  
Cardinal Health, Inc.     2,291       450,869  
Catalyst Pharmaceuticals, Inc.(a)(b)     21,394       668,135  
Collegium Pharmaceutical, Inc.(b)     14,400       483,984  
CytomX Therapeutics, Inc.(b)     105,982       381,535  

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

Barron’s 400SM ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
Dexcom, Inc.(b)     7,712     $ 568,683  
Eli Lilly & Co.     502       554,710  
Encompass Health Corp.     4,933       522,158  
Ensign Group, Inc.     2,360       395,654  
Exelixis, Inc.(b)     12,040       607,779  
Gilead Sciences, Inc.     3,420       459,751  
Globus Medical, Inc., Class A(b)     5,859       479,735  
Halozyme Therapeutics, Inc.(b)     7,786       518,080  
HCA Healthcare, Inc.     925       350,150  
IDEXX Laboratories, Inc.(b)     859       484,072  
Illumina, Inc.(b)     4,166       678,891  
Incyte Corp.(b)     5,370       519,494  
Innoviva, Inc.(b)     22,524       482,464  
Inspire Medical Systems, Inc.(b)     8,472       350,402  
Insulet Corp.(b)     2,263       327,999  
Intuitive Surgical, Inc.(b)     1,043       442,900  
iRadimed Corp.     4,988       452,212  
Johnson & Johnson     2,066       465,532  
Krystal Biotech, Inc.(a)(b)     2,014       622,386  
LeMaitre Vascular, Inc.(a)     4,583       433,781  
Ligand Pharmaceuticals, Inc.(a)(b)     2,449       568,070  
Medpace Holdings, Inc.(b)     1,097       490,480  
Merck & Co., Inc.     4,303       510,852  
Novavax, Inc.(a)(b)     48,478       531,804  
Nutex Health, Inc.(a)(b)     5,645       728,825  
Penumbra, Inc.(b)     1,474       469,174  
Phibro Animal Health Corp., Class A(a)     10,025       308,670  
Quest Diagnostics, Inc.     2,492       485,691  
Regeneron Pharmaceuticals, Inc.     665       408,829  
ResMed, Inc.     2,146       408,963  
Rigel Pharmaceuticals, Inc.(a)(b)     19,079       581,719  
Stryker Corp.     1,470       448,482  
Tactile Systems Technology, Inc.(b)     18,392       452,627  
Tenet Healthcare Corp.(b)     2,173       380,970  
TransMedics Group, Inc.(a)(b)     3,989       268,061  
United Therapeutics Corp.(b)     921       512,831  
Universal Health Services, Inc., Class B     2,571       375,649  
Vertex Pharmaceuticals, Inc.(b)     1,057       473,050  
West Pharmaceutical Services, Inc.     2,118       683,712  
Zoetis, Inc.     4,284       332,824  
Total Health Care             25,161,823  
                 
Industrials (19.20%)                
Advanced Drainage Systems, Inc.     3,603       501,393  
American Superconductor Corp.(b)     15,973       813,665  
AO Smith Corp.(a)     7,412       420,409  
Applied Industrial Technologies, Inc.     1,933       587,265  
Argan, Inc.     1,074       716,379  
Armstrong World Industries, Inc.     2,967       468,489  
Atmus Filtration Technologies, Inc.     8,776       410,541  
Automatic Data Processing, Inc.     2,374       526,648  
AZZ, Inc.     4,008       543,124  
Blue Bird Corp.(a)(b)     9,322       631,752  

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
Brady Corp., Class A     5,834     $ 502,191  
Broadridge Financial Solutions, Inc.     2,785       428,110  
BWX Technologies, Inc.     2,563       502,040  
CACI International, Inc., Class A(b)     811       416,457  
Cadre Holdings, Inc.(a)     15,681       488,306  
Carlisle Cos., Inc.     1,453       501,009  
Carpenter Technology Corp.     1,369       642,034  
Cintas Corp.     2,546       436,028  
Comfort Systems USA, Inc.     361       659,984  
Construction Partners, Inc., Class A(a)(b)     4,344       505,946  
Copart, Inc.(b)     14,523       475,919  
Core & Main, Inc.(b)     10,302       509,434  
Cummins, Inc.     938       606,539  
Curtiss-Wright Corp.     756       565,193  
Delta Air Lines, Inc.     8,474       698,936  
Douglas Dynamics, Inc.     12,148       541,193  
Dycom Industries, Inc.(b)     1,420       724,200  
EMCOR Group, Inc.     697       576,294  
ESCO Technologies, Inc.     1,890       551,691  
Everus Construction Group, Inc.(b)     4,422       657,861  
Expeditors International of Washington, Inc.     3,479       549,647  
Fastenal Co.     10,904       481,957  
Federal Signal Corp.     4,696       501,063  
Flowserve Corp.(a)     6,675       504,029  
Genpact, Ltd.     12,912       425,450  
Gorman-Rupp Co.(a)     8,635       647,193  
Graco, Inc.     5,671       427,877  
HEICO Corp., Class A     2,250       584,573  
Howmet Aerospace, Inc.     2,092       540,259  
Hubbell, Inc.     1,056       500,132  
IBEX Holdings, Ltd.(b)     17,275       546,581  
IES Holdings, Inc.(a)(b)     1,121       760,430  
Innovative Solutions and Support, Inc.(a)(b)     17,918       308,906  
Insteel Industries, Inc.     15,740       432,693  
Interface, Inc.     17,904       529,958  
ITT, Inc.     2,647       516,165  
Leidos Holdings, Inc.     2,859       365,380  
Limbach Holdings, Inc.(a)(b)     6,279       486,309  
Lincoln Electric Holdings, Inc.     1,930       498,886  
Moog, Inc., Class A     1,638       589,631  
MSA Safety, Inc.     2,796       463,577  
Mueller Industries, Inc.     4,514       580,500  
Mueller Water Products, Inc.     17,833       449,570  
Nextpower, Inc.(b)     4,140       647,496  
Northrop Grumman Corp.     673       379,357  
Parker-Hannifin Corp.     551       465,391  
Paychex, Inc.     5,350       518,843  
Paycom Software, Inc.(a)     3,946       551,138  
Paylocity Holding Corp.(b)     4,528       520,403  
Powell Industries, Inc.     2,962       842,452  
Power Solutions International, Inc.(a)(b)     8,748       364,617  
RBC Bearings, Inc.(b)     920       526,203  

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

Barron’s 400SM ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
SkyWest, Inc.(b)     5,554     $ 475,700  
Snap-on, Inc.     1,347       500,020  
SPX Technologies Inc(b)     2,499       541,433  
Sterling Infrastructure, Inc.(b)     1,244       1,070,884  
Taylor Devices, Inc.(b)     6,645       338,895  
UL Solutions, Inc.(a)     5,969       593,916  
United Airlines Holdings, Inc.(b)     5,740       658,952  
Upwork, Inc.(a)(b)     40,518       357,369  
Veralto Corp.     5,509       453,005  
Verisk Analytics, Inc.     2,459       430,300  
Vertiv Holdings Co.     1,915       604,585  
Watts Water Technologies, Inc., Class A     1,658       512,289  
Willdan Group, Inc.(a)(b)     6,247       567,477  
Woodward, Inc.     1,384       484,442  
Zurn Elkay Water Solutions Corp.     10,816       508,352  
Total Industrials             41,213,315  
                 
Information Technology (17.71%)                
Adeia, Inc.(a)     21,802       582,549  
Advanced Micro Devices, Inc.(b)     2,573       1,327,924  
Amphenol Corp., Class A     3,699       550,263  
Analog Devices, Inc.     1,629       674,162  
Appfolio, Inc., Class A(a)(b)     2,878       463,847  
Apple, Inc.     1,979       617,567  
Applied Materials, Inc.     1,465       659,338  
AppLovin Corp., Class A(b)     1,082       663,363  
Arista Networks, Inc.(b)     3,710       591,634  
Autodesk, Inc.(b)     1,970       455,681  
Broadcom, Inc.     1,553       693,834  
Cadence Design Systems, Inc.(b)     1,738       651,628  
CDW Corp.     4,280       536,926  
Cirrus Logic, Inc.(b)     3,731       634,083  
Clear Secure, Inc.     11,085       614,663  
Cognizant Technology Solutions Corp., Class A     8,197       457,024  
Consensus Cloud Solutions, Inc.(b)     16,507       567,015  
Corning, Inc.     3,836       694,930  
Credo Technology Group Holding, Ltd.(b)     4,208       993,214  
Dell Technologies, Inc.     3,271       1,376,796  
ePlus, Inc.     6,556       538,182  
F5, Inc.(b)     1,727       662,218  
Fabrinet(b)     1,000       654,160  
Fortinet, Inc.(b)     5,953       821,335  
Gen Digital, Inc.     23,982       618,496  
HubSpot, Inc.(b)     1,875       413,681  
InterDigital, Inc.(a)     1,374       346,372  
Itron, Inc.(a)(b)     5,521       455,372  
Keysight Technologies, Inc.(b)     1,811       612,716  
KLA Corp.     349       670,677  
Lam Research Corp.     2,344       745,814  
LiveRamp Holdings, Inc.(b)     17,764       667,216  
Marvell Technology, Inc.     5,656       1,159,480  
Micron Technology, Inc.     1,165       1,131,215  
Microsoft Corp.     1,251       563,250  

 

Security Description   Shares     Value  
COMMON STOCKS (continued)                
Mitek Systems, Inc.(b)     35,741     $ 614,030  
Motorola Solutions, Inc.     1,045       421,428  
Napco Security Technologies, Inc.     11,666       437,825  
NVE Corp.(a)     7,358       720,643  
NVIDIA Corp.     2,783       587,603  
Palantir Technologies, Inc., Class A(b)     3,285       514,234  
Progress Software Corp.(a)(b)     14,444       474,197  
PTC, Inc.(b)     3,177       440,745  
Rambus, Inc.(b)     5,271       766,720  
Salesforce, Inc.     2,567       490,554  
Samsara, Inc., Class A(a)(b)     15,646       547,454  
Sandisk Corp.(b)     752       1,274,624  
Seagate Technology PLC     1,291       1,135,822  
ServiceNow, Inc.(b)     4,356       541,756  
Sprinklr, Inc.(b)     85,047       474,562  
Teradata Corp.(b)     18,615       633,841  
Teradyne, Inc.     1,767       661,406  
Texas Instruments, Inc.     2,606       796,602  
TTM Technologies, Inc.(b)     5,483       952,507  
Western Digital Corp.     1,818       965,740  
Zoom Communications, Inc., Class A(b)     6,742       684,920  
Total Information Technology             38,003,838  
                 
Materials (3.23%)                
Alcoa Corp.     7,792       604,971  
Avery Dennison Corp.     2,910       462,894  
Ball Corp.     7,967       435,556  
CF Industries Holdings, Inc.     3,841       431,536  
Coeur Mining, Inc.     24,581       474,905  
Ecolab, Inc.     1,801       461,056  
Hecla Mining Co.     25,308       449,723  
Idaho Strategic Resources, Inc.(b)     14,173       554,306  
Newmont Corp.     4,516       495,902  
PPG Industries, Inc.     4,859       548,970  
Royal Gold, Inc.     1,911       428,981  
Southern Copper Corp.(a)     2,926       559,738  
SSR Mining, Inc.(b)     17,568       548,473  
United States Lime & Minerals, Inc.     4,174       475,794  
Total Materials             6,932,805  
                 
Utilities (1.74%)                
AES Corp.     34,864       511,454  
American Electric Power Co., Inc.     3,706       469,439  
Edison International     6,925       484,335  
Eversource Energy     6,784       463,144  
National Fuel Gas Co.     5,141       397,142  
NiSource, Inc.     10,446       482,814  
Public Service Enterprise Group, Inc.     5,938       467,024  
Southern Co.     5,052       465,037  
Total Utilities           $ 3,740,389  
                 
TOTAL COMMON STOCKS                
(Cost $170,645,045)             211,282,352  

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

Barron’s 400SM ETF
 
Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
LIMITED PARTNERSHIPS (1.37%)                
Energy (1.13%)                
Cheniere Energy Partners LP     7,720       456,020  
Enterprise Products Partners LP     13,403       493,096  
Hess Midstream LP, Class A     12,729       477,338  
MPLX LP     8,453       461,956  
Western Midstream Partners LP     12,127       519,885  
Total Energy             2,408,295  
                 
Utilities (0.24%)                
Dominion Energy, Inc.     7,838       524,676  
                 
TOTAL LIMITED PARTNERSHIPS                
(Cost $2,326,017)             2,932,971  

 

    7-Day Yield     Shares     Value  
SHORT TERM INVESTMENTS (1.86%)                        
Money Market Fund (0.19%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $401,417)     3.55 %     401,417       401,417  
                         
Investments Purchased with Collateral from Securities Loaned (1.67%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $3,581,238)             3,581,239       3,581,238  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $3,982,655)                     3,982,655  
                         
TOTAL INVESTMENTS (101.66%)                        
(Cost $176,953,717)                   $ 218,197,978  
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.66%)                     (3,554,177 )
NET ASSETS - 100.00%                   $ 214,643,801  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $22,745,305.
(b) Non-income producing security.

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

Barron’s 400SM ETF
 
Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:        
Investments, at value(a)   $ 218,197,978  
Receivable for investments sold     651,598  
Dividends receivable     133,555  
Total Assets     218,983,131  
         
LIABILITIES:        
Payable for investments purchased     641,196  
Payable to adviser     116,896  
Payable for collateral upon return of securities loaned     3,581,238  
Total Liabilities     4,339,330  
NET ASSETS   $ 214,643,801  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 186,197,649  
Total distributable earnings/(accumulated losses)     28,446,152  
NET ASSETS   $ 214,643,801  
         
INVESTMENTS, AT COST   $ 176,953,717  
         
PRICING OF SHARES:        
Net Assets   $ 214,643,801  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     2,375,000  
Net Asset Value, offering and redemption price per share   $ 90.38  

 

(a) Includes $22,745,305 of securities on loan.

 

See Notes to Financial Statements and Financial Highlights.

7 | alpsfunds.com

 

Barron’s 400SM ETF
 
Statement of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:        
Dividend income*   $ 1,329,875  
Securities lending income     19,149  
Total investment income     1,349,024  
         
EXPENSES:        
Investment adviser fees     653,413  
Total expenses     653,413  
NET INVESTMENT INCOME     695,611  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments(a)     6,365,417  
Net change in unrealized appreciation on investments     13,787,821  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     20,153,238  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 20,848,849  
* Net of foreign tax withholding:   $ 2,531  

 

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

 

See Notes to Financial Statements and Financial Highlights.

8 | alpsfunds.com

 

Barron’s 400SM ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 695,611     $ 1,252,044  
Net realized gain     6,365,417       17,955,319  
Net change in unrealized appreciation/(depreciation)     13,787,821       (12,268,707 )
Net increase in net assets resulting from operations     20,848,849       6,938,656  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (1,102,770 )     (1,034,000 )
Total distributions     (1,102,770 )     (1,034,000 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     17,129,593       21,327,278  
Cost of shares redeemed     (4,314,553 )     (7,449,757 )
Net increase from capital share transactions     12,815,040       13,877,521  
                 
Net increase in net assets     32,561,119       19,782,177  
                 
NET ASSETS:                
Beginning of period     182,082,682       162,300,505  
End of period   $ 214,643,801     $ 182,082,682  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     2,225,000       2,050,000  
Shares sold     200,000       275,000  
Shares redeemed     (50,000 )     (100,000 )
Shares outstanding, end of period     2,375,000       2,225,000  

 

See Notes to Financial Statements and Financial Highlights.

9 | alpsfunds.com

 

Barron’s 400SM ETF
 
Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Year

Ended

November 30, 2024

    

For the Year

Ended

November 30, 2023

    

For the Year

Ended

November 30, 2022

    

For the Year

Ended

November 30, 2021

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 81.83     $ 79.17     $ 58.02     $ 58.02     $ 62.39     $ 47.32  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(a)     0.30       0.59       0.69       0.91       0.75       0.52  
Net realized and unrealized gain/(loss)     8.74       2.57       21.24       (0.02 )     (4.55 )     15.05  
Total from investment operations     9.04       3.16       21.93       0.89       (3.80 )     15.57  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.49 )     (0.50 )     (0.78 )     (0.89 )     (0.57 )     (0.50 )
Total distributions     (0.49 )     (0.50 )     (0.78 )     (0.89 )     (0.57 )     (0.50 )
                                                 

NET INCREASE/(DECREASE) IN NET ASSET VALUE

     8.55       2.66       21.15       0.00       (4.37 )     15.07  
NET ASSET VALUE, END OF PERIOD   $ 90.38     $ 81.83     $ 79.17     $ 58.02     $ 58.02     $ 62.39  
                                                 
TOTAL RETURN(b)     11.09 %     4.06 %     38.15 %     1.67 %     (6.18 )%     33.18 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 214,644     $ 182,083     $ 162,301     $ 131,987     $ 139,248     $ 155,968  
                                                 
Ratio of expenses to average net assets     0.65 %(c)     0.65 %     0.65 %     0.65 %     0.65 %     0.65 %
Ratio of net investment income to average net assets     0.69 %(c)     0.77 %     1.03 %     1.63 %     1.32 %     0.90 %
Portfolio turnover rate(d)     44 %     93 %     90 %     83 %     94 %     91 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized.
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

10 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Barron’s 400SM ETF (the “Fund”). The investment objective of the Fund is to seek investment results that correspond generally, before fees and expenses, to the performance of the Barron’s 400 IndexSM (the “Underlying Index”). The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

 

The following is a summary of significant accounting policies consistently followed by the Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation 

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

 

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

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (“the Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

11 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements 

The 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 Fund's investments by major category are as follows:

 

Equity securities and Limited Partnerships, 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 the 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 Fund’s investments as of May 31, 2026:

 

Barron's 400SM ETF                        
Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Common Stocks*   $ 211,282,352     $       –     $         –     $ 211,282,352  
Limited Partnerships*     2,932,971       –       –       2,932,971  
Short Term Investments     3,982,655       –       –       3,982,655  
Total   $ 218,197,978     $ –     $ –     $ 218,197,978  

 

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

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

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

12 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

E. Federal Tax and Tax Basis Information 

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund  

Ordinary

Income

    

Long-Term

Capital Gain

    

Return

of Capital

  
November 30, 2025                        
Barron's 400SM ETF   $ 1,034,000     $ —     $ —  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
Barron's 400SM ETF   $ 20,140,867     $ —  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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

  
Barron's 400SM ETF   $ 49,951,765     $ (8,258,684 )   $ 41,693,081     $ 176,504,897  

 

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales, investments in partnerships and passive foreign investment companies. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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.

13 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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 Statement 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 

The following is a summary of the Fund’s securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund  

Market Value of

Securities on Loan

    

Cash

Collateral

Received

    

Non-Cash

Collateral

Received

    

Total

Collateral

Received

  
Barron's 400SM ETF   $ 22,745,305     $ 3,581,239     $ 19,663,991     $ 23,245,230  

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund 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, 2026:

 

Barron's 400SM 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   $ 3,581,239     $ —     $ —     $ —     $ 3,581,239  
Total Borrowings                                     3,581,239  
Gross amount of recognized liabilities for securities lending (collateral received)             $ 3,581,239  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.65% of the Fund’s average daily net assets. From time to time, the Adviser may waive all or a portion of its fee.

 

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

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

14 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, and short-term investments, were as follows:

 

Fund   Purchases     Sales  
Barron's 400SM ETF   $ 88,985,137     $ 89,163,116  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
Barron's 400SM ETF   $ 17,157,770     $ 4,317,273  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
Barron's 400SM ETF   $ 927,547  

 

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 the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the 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 Fund engaged in cross trades between other funds in the Trust, or other funds to which the Adviser provides advisory services, during the six months ended May 31, 2026 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 or sub-adviser. The Board previously adopted procedures that apply to transactions pursuant to Rule 17a-7. These transactions related to cross trades during the period complied with the requirements set forth by Rule 17a-7 and the Trust’s procedures.

 

Transactions related to cross trades during the six months ended May 31, 2026, were as follows:

 

    Purchase cost paid     Sale proceeds received     Realized gain/(loss) on sales  
Barron's 400SM ETF   $ 505,900     $ 550,323     $ 23,551  

 

7. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

15 | alpsfunds.com

 

Barron’s 400SM ETF
 
Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

8. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

9. SUBSEQUENT EVENTS

 

 

Subsequent events, if any, after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

 

On July 1, 2026, the Fund underwent a four-for-one stock split. The impact of the stock split was to increase the number of shares outstanding by a factor of four, while decreasing the NAV of shares outstanding by a factor of four, resulting in no effect to the net assets of the Fund.

16 | alpsfunds.com

 

Barron’s 400SM ETF
 
Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction
Barron's 400SM ETF 100% 100%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

 

LICENSING AGREEMENT

 

 

MarketGrader Capital, LLC (the “Index Provider”) has entered into a license agreement with Dow Jones & Company to use the “Barron’s” name and certain related intellectual property in connection with the Underlying Index. The Index Provider also has entered into a license and services agreement with its parent company, MarketGrader.com, to use the methodology for constructing the Underlying Index. The Index Provider in turn has entered into the Sublicense Agreement with the Adviser to use the Underlying Index. The following disclosure relates to such licensing agreements:

 

The Fund is not sponsored, managed or advised by the Index Provider. The Index Provider makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying Index to track the performance of a market or sector. The Index Provider’s only relationship to the Adviser or the Fund is the licensing of certain service marks and trade names of the Index Provider and of the Underlying Index that is determined, composed and calculated by the Index Provider without regard to the Adviser or the Fund. The Index Provider has no obligation to take the needs of the Adviser or the Fund or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index.

 

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

 

“The Barron’s 400 IndexSM” is calculated and published by the Index Provider. “Barron’s,” “Barron’s 400” and “Barron’s 400 Index” are trademarks or service marks of DJC & Company, Inc. (“DJC”) or its affiliates and have been licensed to the Index Provider and sublicensed for certain purposes by Barron’s 400 Exchange Traded Fund, a sub-fund of that certain ALPS ETF Trust, a Delaware Statutory Trust (the “Sub-Licensee”). The Barron’s 400SM ETF (the “Product”) is not sponsored or advised by DJC or its affiliates. DJC and its affiliates make no representation or warranty, express or implied, to the Licensee or to the owners of the Product(s) or any member of the public regarding the advisability of trading in the Product. DJC and its affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of DJC. The Barron's 400 IndexSM is determined, composed and calculated by the Index Provider without regard to DJC. DJC has no obligation to take the needs of the Licensee or the owners of the Product into consideration in connection with its licensing of the Barron’s 400 IndexSM to the Index Provider or the Sub-Licensee to Licensee. DJC and its affiliates are not responsible for and have not participated in the calculation of the Barron's 400 IndexSM or in the determination of the timing of, prices at, or quantities of the Fund to be sold or in the determination or calculation of the equation by which the Product are to be converted into cash. DJC and its affiliates have no obligation or liability in connection with the administration, marketing or trading of the Barron’s 400 IndexSM or the Product.

 

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BARRON’S 400 INDEXSM OR ANY DATA INCLUDED THEREIN AND DOW JONES AND ITS AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES AND ITS AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARRON’S 400 INDEXSM OR ANY DATA INCLUDED THEREIN. DOW JONES AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES. AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARRON’S 400 INDEXSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES AND ITS AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DJC AND THE LICENSEE, OTHER THAN THE LICENSORS OF MARKETGRADER.

17 | alpsfunds.com

 

Barron’s 400SM ETF
 
Additional Information May 31, 2026 (Unaudited)

 

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

18 | alpsfunds.com

 

Barron’s 400SM ETF
 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

19 | alpsfunds.com

 

Barron’s 400SM ETF
 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

20 | alpsfunds.com

 

Barron’s 400SM ETF
 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

21 | alpsfunds.com

 

Barron’s 400SM ETF
 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

22 | alpsfunds.com

 

 

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Schedule of Investments 2
Statement of Assets and Liabilities 3
Statement of Operations 4
Statements of Changes in Net Assets 5
Financial Highlights 6
Notes to Financial Statements and Financial Highlights 7
Additional Information 12
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 13
Proxy Disclosures for Open-End Management Investment Companies 14
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 15
Statement Regarding Basis for Approval of Investment Advisory Contract 16

 

     

 

Level Four Large Cap Growth Active ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (94.98%)                
Communication Services (10.06%)                
Alphabet, Inc., Class A     18,328     $ 6,970,872  
Meta Platforms, Inc., Class A     5,244       3,316,882  
Netflix, Inc.(a)     24,795       2,132,866  
Walt Disney Co.     11,238       1,144,366  
Total Communication Services             13,564,986  
                 
Consumer Discretionary (12.78%)                
Amazon.com, Inc.(a)     25,491       6,898,884  
Booking Holdings, Inc.     15,243       2,552,136  
Etsy, Inc.(a)     18,449       1,253,056  
Home Depot, Inc.     3,339       1,058,930  
McDonald's Corp.     4,003       1,117,638  
PulteGroup, Inc.     10,094       1,192,909  
RH(a)(b)     21,328       3,166,995  
Total Consumer Discretionary             17,240,548  
                 
Consumer Staples (1.43%)                
Celsius Holdings, Inc.(a)     21,326       709,516  
Constellation Brands, Inc., Class A     8,808       1,222,727  
Total Consumer Staples             1,932,243  
                 
Energy (1.84%)                
Phillips 66     14,080       2,476,390  
                 
Financials (8.28%)                
Blackrock, Inc.     2,173       2,274,870  
Mastercard, Inc., Class A     4,447       2,196,729  
Morgan Stanley     7,601       1,581,008  
PayPal Holdings, Inc.     87,600       3,920,100  
Visa, Inc., Class A     3,650       1,191,214  
Total Financials             11,163,921  
                 
Health Care (7.28%)                
AbbVie, Inc.     6,228       1,355,960  
Dexcom, Inc.(a)     18,376       1,355,046  
Intuitive Surgical, Inc.(a)     2,729       1,158,843  
UnitedHealth Group, Inc.     12,238       4,654,234  
Vertex Pharmaceuticals, Inc.(a)     2,891       1,293,838  
Total Health Care             9,817,921  
                 
Industrials (6.48%)                
Copart, Inc.(a)     28,850       945,415  
Fortive Corp.     18,287       1,066,498  
Lockheed Martin Corp.     2,672       1,417,362  
Paycom Software, Inc.(b)     6,569       917,492  
TransDigm Group, Inc.     973       1,224,345  
Uber Technologies, Inc.(a)     45,134       3,177,434  
Total Industrials             8,748,546  
                 
Information Technology (46.38%)                
Apple, Inc.     29,858       9,317,487  
Applied Materials, Inc.     4,325       1,946,509  
Arista Networks, Inc.(a)     8,733       1,392,652  
Broadcom, Inc.     7,139       3,189,491  
Docusign, Inc.(a)     36,315       1,907,264  
Security Description   Shares     Value  
Information Technology (46.38%) (continued)                
Lam Research Corp.     6,358     $ 2,022,988  
Micron Technology, Inc.     3,737       3,628,627  
Microsoft Corp.     20,475       9,218,664  
MongoDB, Inc.(a)     9,165       3,075,316  
Monolithic Power Systems, Inc.     2,390       3,743,242  
NVIDIA Corp.     27,327       5,769,823  
Palo Alto Networks, Inc.(a)     6,039       1,701,126  
Ralliant Corp.(b)     28,723       1,777,092  
Salesforce, Inc.     14,720       2,812,992  
ServiceNow, Inc.(a)     25,936       3,225,660  
Snowflake, Inc., Class A(a)     14,176       3,622,677  
Twilio, Inc., Class A(a)     22,061       4,205,709  
Total Information Technology             62,557,319  
                 
Real Estate (0.45%)                
Zillow Group, Inc.(a)     17,554       614,390  
                 
TOTAL COMMON STOCKS                
(Cost $100,201,233)             128,116,264  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (7.56%)                        
Money Market Fund (5.01%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $6,756,095)     3.55 %     6,756,095       6,756,095  
                         
Investments Purchased with Collateral from Securities Loaned (2.55%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $3,439,148)             3,439,148       3,439,148  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $10,195,243)                     10,195,243  
                         
TOTAL INVESTMENTS (102.54%)                        
(Cost $110,396,476)                   $ 138,311,507  
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.54%)                     (3,426,286 )
NET ASSETS - 100.00%                   $ 134,885,221  

 

(a) Non-income producing security.
(b) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $3,359,824.

 

See Notes to Financial Statements and Financial Highlights.

  2 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:      
Investments, at value(a)   $ 138,311,507  
Dividends receivable     67,650  
Total Assets     138,379,157  
         
LIABILITIES:        
Payable to adviser     54,788  
Payable for collateral upon return of securities loaned     3,439,148  
Total Liabilities     3,493,936  
NET ASSETS   $ 134,885,221  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 97,259,875  
Total distributable earnings/(accumulated losses)     37,625,346  
NET ASSETS   $ 134,885,221  
         
INVESTMENTS, AT COST   $ 110,396,476  
         
PRICING OF SHARES:        
Net Assets   $ 134,885,221  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     3,058,400  
Net Asset Value, offering and redemption price per share   $ 44.10  

 

(a) Includes $3,359,824 of securities on loan.

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Statement of Operations For the Period Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:      
Dividend income   $ 494,271  
Securities lending income     1,353  
Total investment income     495,624  
         
EXPENSES:        
Investment adviser fees     304,885  
Total expenses     304,885  
NET INVESTMENT INCOME     190,739  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized gain on investments(a)     9,866,899  
Net change in unrealized appreciation on investments     1,048,593  
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS     10,915,492  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 11,106,231  

 

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

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		     For the
Year Ended
November 30, 2025		  
OPERATIONS:                
Net investment income   $ 190,739     $ 223,489  
Net realized gain     9,866,899       12,797,827  
Net change in unrealized appreciation     1,048,593       2,523,838  
Net increase in net assets resulting from operations     11,106,231       15,545,154  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (242,465 )     (308,091 )
Total distributions     (242,465 )     (308,091 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     31,208,103       40,125,413  
Cost of shares redeemed     (25,657,772 )     (29,537,151 )
Net increase from capital share transactions     5,550,331       10,588,262  
                 
Net increase in net assets     16,414,097       25,825,325  
                 
NET ASSETS:                
Beginning of period     118,471,124       92,645,799  
End of period   $ 134,885,221     $ 118,471,124  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     2,908,400       2,628,400  
Shares sold     770,000       1,075,000  
Shares redeemed     (620,000 )     (795,000 )
Shares outstanding, end of period     3,058,400       2,908,400  

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months Ended
May 31, 2026
(Unaudited)		     For the Year Ended
November 30, 2025		     For the Year Ended
November 30, 2024		     For the Period
August 22, 2023
(Commencement of
operations) to
November 30, 2023		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 40.73     $ 35.25     $ 26.34     $ 25.00  
                                 
INCOME/(LOSS) FROM OPERATIONS:                                
Net investment income(a)     0.06       0.08       0.14       0.07  
Net realized and unrealized gain     3.39       5.51       8.95       1.27  
Total from investment operations     3.45       5.59       9.09       1.34  
                                 
DISTRIBUTIONS:                                
From net investment income     (0.08 )     (0.10 )     (0.18 )     –  
From net realized gain on investments     –       (0.01 )     –       –  
Total distributions     (0.08 )     (0.11 )     (0.18 )     –  
                                 
NET INCREASE IN NET ASSET VALUE     3.37       5.48       8.91       1.34  
NET ASSET VALUE, END OF PERIOD   $ 44.10     $ 40.73     $ 35.25     $ 26.34  
                                 
TOTAL RETURN(b)     8.49 %     15.90 %     34.63 %     5.36 %
                                 
RATIOS/SUPPLEMENTAL DATA:                                
Net assets, end of period (in 000s)   $ 134,885     $ 118,471     $ 92,646     $ 65,144  
                                 
Ratio of expenses to average net assets     0.50 %(c)      0.50 %     0.50 %     0.50 %(c) 
Ratio of net investment income to average net assets     0.31 %(c)      0.22 %     0.44 %     1.01 %(c) 
Portfolio turnover rate(d)     7 %     15 %     8 %     0 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the Level Four Large Cap Growth Active ETF (the “Fund”). The investment objective of the Fund is to seek maximum total return and above peer average risk-adjusted return. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

The Fund’s Shares (“Shares”) are listed on the Nasdaq Stock Market LLC (“Nasdaq Exchange”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 5,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities. 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 Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (“the Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

  7 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund's investments by major category are as follows:

 

Equity securities and Limited Partnerships, 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 the 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 Fund’s investments as of May 31, 2026:

 

Level Four Large Cap Growth Active ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Common Stocks*   $ 128,116,264     $ –     $ –     $ 128,116,264  
Short Term Investments     10,195,243       –       –       10,195,243  
Total   $ 138,311,507     $ –     $ –     $ 138,311,507  

 

* For a detailed sector breakdown, see the accompanying schedule of investments.

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

Dividends from net investment income of the 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 Fund, if any, are distributed at least annually.

  8 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025                  
Level Four Large Cap Growth Active ETF   $ 308,091     $ —     $ —  

 

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

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund   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		  
Level Four Large Cap Growth Active ETF   $ 33,146,019     $ (6,330,844 )   $ 26,815,175     $ 111,496,332  

 

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, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

G. Lending of Portfolio Securities

The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the 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.

  9 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

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 Statement 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 or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations.

 

The following is a summary of the Fund’s securities lending agreement and related cash and non-cash collateral received as of May 31, 2026:

 

Fund   Market Value of
Securities on Loan		     Cash
Collateral
Received		     Non-Cash
Collateral
Received		     Total
Collateral
Received		  
Level Four Large Cap Growth Active ETF   $ 3,359,824     $ 3,439,148     $ —     $ 3,439,148  

 

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 Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund 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, 2026:

 

Level Four Large Cap Growth Active 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   $ 3,439,148     $ —     $ —     $ —     $ 3,439,148  
Total Borrowings                                     3,439,148  
Gross amount of recognized liabilities for securities lending (collateral received)       $ 3,439,148  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.50% of the Fund’s average daily net assets.

 

Out of the unitary management fees, the Adviser pays substantially all expenses of the 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 acquired fund fees and expenses, interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser’s unitary management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services to the Fund.

 

Level Four Capital Management, LLC (“Level Four” or the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the “Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.25% of the Fund's average daily net assets.

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

  10 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six month period ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, and short-term investments, were as follows:

 

Fund   Purchases     Sales  
Level Four Large Cap Growth Active ETF   $ 7,789,324     $ 10,528,132  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
Level Four Large Cap Growth Active ETF   $ 30,001,402     $ 24,684,124  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
Level Four Large Cap Growth Active ETF   $ 10,914,895  

 

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 the Fund only in Creation Unit size aggregations of 5,000 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 Fund. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per unit of the 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. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

  11 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

 

The Level Four Large Cap Growth Active ETF designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A
Level Four Large Cap Growth Active ETF 100.00% 100.00% 0.00%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

  12 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  13 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  14 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

    Aggregate Regular
Compensation From the Trust		     Aggregate Special
Compensation From the Trust		    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  15 | alpsfunds.com  

 

Level Four Large Cap Growth Active ETF

 

Statement Regarding Basis for Approval of

Investment Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  16 | alpsfunds.com  

 

     

 

     

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies  
Schedule of Investments  
ALPS Dynamic Core Income ETF 2
ALPS Dynamic US Dividend Advantage ETF 4
ALPS Strategic Income Fund 6
Statement of Assets and Liabilities 9
Statement of Operations 10
Statements of Changes in Net Assets  
ALPS Dynamic Core Income ETF 11
ALPS Dynamic US Dividend Advantage ETF 12
ALPS Strategic Income Fund 13
Financial Highlights 14
Notes to Financial Statements and Financial Highlights 17
Additional Information 24
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 25
Proxy Disclosures for Open-End Management Investment Companies 26
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 27
Statement Regarding Basis for Approval of Investment Advisory Contract 28

 

     

 

ALPS Dynamic Core Income ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
CORPORATE BONDS (69.03%)                
Communications (2.31%)                
Comcast Corp.                
5.17%, 01/15/2037(a)   $ 149,000     $ 145,531  
Verizon Communications, Inc.                
4.75%, 01/15/2033     218,000       216,019  
Total Communications             361,550  
                 
Consumer Discretionary (15.87%)                
American Honda Finance Corp.                
5.05%, 07/10/2031     180,000       181,258  
Ford Motor Co.                
9.63%, 04/22/2030     203,000       232,417  
Ford Motor Credit Co. LLC                
7.35%, 11/04/2027     336,000       346,743  
General Motors Financial Co., Inc.                
6.40%, 01/09/2033     504,000       538,206  
Goodyear Tire & Rubber Co.                
4.88%, 03/15/2027     148,000       147,526  
Hyatt Hotels Corp.                
5.75%, 04/23/2030     504,000       518,871  
Lennar Corp.                
5.20%, 07/30/2030     180,000       182,720  
Marriott International, Inc.                
4.00%, 04/15/2028     337,000       335,161  
Total Consumer Discretionary             2,482,902  
                 
Energy (11.42%)                
Columbia Pipelines Holding Co. LLC                
5.00%, 11/17/2032(a)     226,000       224,682  
Hess Midstream Operations LP                
4.25%, 02/15/2030(a)     148,000       143,852  
Kinetik Holdings LP                
6.63%, 12/15/2028(a)     587,000       599,784  
MPLX LP                
5.00%, 01/15/2033     176,000       175,386  
ONEOK, Inc.                
5.40%, 10/15/2035     176,000       176,520  
Phillips 66 Co.                
5.25%, 06/15/2031     291,000       297,279  
Williams Cos., Inc.                
5.30%, 09/30/2035     170,000       170,370  
Total Energy             1,787,873  
                 
Financials (14.45%)                
Bank of America Corp.                
4.25%, 10/22/2026     205,000       205,121  
5Y US TI + 3.23%(b)(c)     364,000       368,046  
Citigroup, Inc.                
4.45%, 09/29/2027     267,000       267,057  
6.63%, 06/15/2032     190,000       206,605  
Goldman Sachs Group, Inc.                
1D US SOFR + 1.135%, 10/23/2030(b)     242,000       241,661  
Security Description   Principal
Amount		     Value  
Financials (14.45%) (continued)                
Iron Mountain, Inc.                
4.88%, 09/15/2027(a)   $ 286,000     $ 285,105  
PNC Financial Services Group, Inc.                
5Y US TI + 3.238%(b)(c)     364,000       368,980  
Royal Bank of Canada                
6.00%, 11/01/2027     311,000       318,764  
Total Financials             2,261,339  
                 
Industrials (6.02%)                
Ingersoll Rand, Inc.                
5.70%, 08/14/2033     504,000       524,193  
Johnson Controls International PLC / Tyco Fire & Security Finance SCA                
4.90%, 12/01/2032     206,000       206,914  
Textron, Inc.                
5.50%, 05/15/2035     206,000       210,167  
Total Industrials             941,274  
                 
Materials (1.37%)                
PPG Industries, Inc.                
4.38%, 03/15/2031     218,000       214,936  
                 
Technology (7.89%)                
Concentrix Corp.                
6.85%, 08/02/2033     504,000       461,189  
Dell International LLC / EMC Corp.                
4.75%, 10/06/2032     176,000       174,848  
Flex, Ltd.                
5.25%, 01/15/2032     206,000       206,994  
HP, Inc.                
5.40%, 04/25/2030     180,000       184,185  
Microchip Technology, Inc.                
5.05%, 02/15/2030     206,000       208,030  
Total Technology             1,235,246  
                 
Utilities (9.70%)                
Dominion Energy, Inc.                
4.25%, 06/01/2028     337,000       336,081  
Duke Energy Corp.                
4.95%, 09/15/2035     218,000       214,055  
Public Service Enterprise Group, Inc.                
5.85%, 11/15/2027     336,000       343,068  
Southern California Gas Co.                
5.20%, 06/01/2033     297,000       302,962  
Vistra Operations Co. LLC                
7.75%, 10/15/2031(a)     307,000       321,996  
Total Utilities             1,518,162  
                 
TOTAL CORPORATE BONDS                
(Cost $10,733,892)             10,803,282  

 

See Notes to Financial Statements and Financial Highlights.

  2 | alpsfunds.com  

 

ALPS Dynamic Core Income ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
GOVERNMENT BONDS (28.43%)                
Mexico Government International Bond                
6.00%, 05/13/2030   $ 151,000     $ 155,870  
United States Treasury Bond (27.43%)                
3.63%, 05/15/2053     500,000       396,260  
4.00%, 11/15/2052     800,000       679,500  
4.38%, 05/15/2034     809,000       810,943  
4.75%, 02/15/2037     600,000       616,359  
4.75%, 11/15/2043     1,827,000       1,789,711  
Total United States Treasury Bond             4,292,773  
                 
TOTAL GOVERNMENT BONDS                
(Cost $4,743,362)             4,448,643  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (1.51%)                        
Money Market Fund (1.51%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $237,024)     3.55 %     237,024       237,024  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $237,024)                     237,024  
                         
TOTAL INVESTMENTS (98.97%)                        
(Cost $15,714,278)                   $ 15,488,949  
OTHER ASSETS IN EXCESS OF LIABILITIES (1.03%)                     161,437  
NET ASSETS - 100.00%                   $ 15,650,386  

 

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

TI - Treasury Index

 

Reference Rates:

1D US SOFR - 1 Day SOFR as of May 31, 2026 was 3.63%

5Y US TI - 5 Year US TI as of May 31, 2026 was 4.13%

 

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the aggregate market value of those securities was $1,720,950, representing 11.00% of net assets.
(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 2026 is based on the reference rate plus the displayed spread as of the security’s last reset date.
(c) Securities are perpetual and thus do not have a predetermined maturity date.

 

See Notes to Financial Statements and Financial Highlights.

  3 | alpsfunds.com  

 

ALPS Dynamic US Dividend Advantage ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
COMMON STOCKS (99.29%)                
Communication Services (8.27%)                
Alphabet, Inc., Class C     8,750     $ 3,293,762  
AT&T, Inc.     47,812       1,185,738  
Comcast Corp., Class A     28,438       707,253  
Omnicom Group, Inc.     10,624       772,471  
Verizon Communications, Inc.     26,770       1,279,874  
Total Communication Services             7,239,098  
                 
Consumer Discretionary (5.44%)                
Ford Motor Co.     23,675       412,892  
Hasbro, Inc.     4,532       390,522  
Lowe’s Cos., Inc.     1,646       352,837  
Magna International, Inc.     6,666       431,690  
McDonald’s Corp.     2,740       765,008  
NIKE, Inc., Class B     17,812       823,449  
Perdoceo Education Corp.     23,156       749,791  
Vail Resorts, Inc.(a)(a)     6,250       835,000  
Total Consumer Discretionary             4,761,189  
                 
Consumer Staples (6.13%)                
Altria Group, Inc.     12,812       891,459  
B&G Foods, Inc.(a)(a)     154,870       633,418  
Coca-Cola Co.     11,032       871,638  
Kraft Heinz Co.     37,604       902,872  
Philip Morris International, Inc.     5,386       955,369  
Walmart, Inc.     9,584       1,109,348  
Total Consumer Staples             5,364,104  
                 
Energy (11.62%)                
Antero Midstream Corp.     40,109       840,685  
Baker Hughes Co.     13,750       878,350  
ConocoPhillips     17,188       1,959,088  
Crescent Energy Co.(a)(a)     67,410       779,260  
Enbridge, Inc.(a)(a)     15,938       872,446  
Exxon Mobil Corp.     11,147       1,619,213  
Kinder Morgan, Inc.     26,155       812,897  
Phillips 66     8,816       1,550,558  
Schlumberger Ltd.     15,624       852,289  
Total Energy             10,164,786  
                 
Financials (14.29%)                
Citigroup, Inc.     13,124       1,652,312  
Franklin Resources, Inc.(a)(a)     30,312       940,278  
Goldman Sachs Group, Inc.     1,334       1,368,097  
Invesco, Ltd.     33,020       939,749  
JPMorgan Chase & Co.     7,911       2,367,842  
Moelis & Co., Class A(a)(a)     11,980       806,134  
OneMain Holdings, Inc.     14,058       777,548  
PNC Financial Services Group, Inc.     3,624       801,339  
T Rowe Price Group, Inc.     8,334       871,153  
US Bancorp     21,818       1,196,717  
Wells Fargo & Co.     10,104       783,464  
Security Description   Shares     Value  
Financials (14.29%) (continued)                
Total Financials           $ 12,504,633  
                 
Health Care (9.61%)                
Bristol-Myers Squibb Co.     27,812       1,590,290  
Cigna Group     2,980       826,652  
Gilead Sciences, Inc.     6,198       833,197  
Johnson & Johnson     10,938       2,464,660  
Merck & Co., Inc.     7,334       870,692  
NRC Health(a)(a)     48,034       938,104  
UnitedHealth Group, Inc.     2,316       880,798  
Total Health Care             8,404,393  
                 
Industrials (8.57%)                
Caterpillar, Inc.     2,062       1,806,044  
Eaton Corp. PLC     2,010       805,206  
Genco Shipping & Trading, Ltd.     35,969       865,414  
Lockheed Martin Corp.     2,891       1,533,531  
RTX Corp.     4,416       793,379  
Union Pacific Corp.     3,282       861,984  
United Parcel Service, Inc., Class B     7,760       827,914  
Total Industrials             7,493,472  
                 
Information Technology (20.99%)                
Apple, Inc.     6,209       1,937,581  
Cisco Systems, Inc.     9,250       1,113,885  
Hewlett Packard Enterprise Co.     57,406       2,470,754  
International Business Machines Corp.     9,689       2,885,384  
Microsoft Corp.     6,811       3,066,585  
NVIDIA Corp.     16,519       3,487,822  
QUALCOMM, Inc.     6,064       1,522,185  
Taiwan Semiconductor Manufacturing Co., Ltd., ADR     4,480       1,874,656  
Total Information Technology             18,358,852  
                 
Materials (4.70%)                
Amcor PLC(a)(a)     20,104       780,437  
Greif, Inc.(a)(a)     9,541       766,142  
Mosaic Co.     34,166       816,568  
Myers Industries, Inc.     38,700       882,360  
Southern Copper Corp.     4,523       865,250  
Total Materials             4,110,757  
                 
Real Estate (4.86%)                
Camden Property Trust     8,089       861,964  
Chiron Real Estate, Inc.(a)(a)     11,691       421,344  
Equity Residential     6,666       436,290  
Invitation Homes, Inc.     30,694       897,799  
Medical Properties Trust, Inc.     158,835       811,647  
Welltower, Inc.     4,000       821,320  
Total Real Estate             4,250,364  
                 
Utilities (4.81%)                
AES Corp.     57,188       838,948  
Alliant Energy Corp.     11,562       827,955  
Clearway Energy, Inc., Class C(a)(a)     21,907       901,692  

 

See Notes to Financial Statements and Financial Highlights.

  4 | alpsfunds.com  

 

ALPS Dynamic US Dividend Advantage ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Shares     Value  
Utilities (4.81%) (continued)                
Duke Energy Corp.     6,562     $ 805,354  
Edison International     11,874       830,468  
Total Utilities             4,204,417  
                 
TOTAL COMMON STOCKS                
(Cost $77,471,361)             86,856,065  

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (1.99%)                        
Money Market Fund (0.56%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $489,455)     3.55 %     489,455       489,455  
                         
Investments Purchased with Collateral from Securities Loaned (1.43%)                        
State Street Navigator Securities Lending Government Money Market Portfolio, 3.65%                        
(Cost $1,249,197)             1,249,197       1,249,197  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $1,738,652)                     1,738,652  
                         
TOTAL INVESTMENTS (101.28%)                        
(Cost $79,210,013)                   $ 88,594,717  
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.28%)                     (1,119,043 )
NET ASSETS - 100.00%                   $ 87,475,674  

 

(a) Security, or a portion of the security position is currently on loan. The total market value of securities on loan is $5,597,231.

 

See Notes to Financial Statements and Financial Highlights.

  5 | alpsfunds.com  

 

ALPS Strategic Income Fund

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
CORPORATE BONDS (66.43%)                
Communications (1.83%)                
Charter Communications Operating LLC / Charter Communications Operating Capital                
5.85%, 12/01/2035   $ 694,000     $ 675,987  
Netflix, Inc.                
4.38%, 11/15/2026     4,000       4,008  
Sirius XM Radio LLC                
5.00%, 08/01/2027(a)     482,000       481,516  
Total Communications             1,161,511  
                 
Consumer Discretionary (12.28%)                
American Honda Finance Corp.                
4.90%, 04/10/2031     580,000       578,747  
Brink’s Co.                
6.50%, 06/15/2029(a)     664,000       680,905  
Group 1 Automotive, Inc.                
6.38%, 01/15/2030(a)     694,000       705,881  
Hilton Domestic Operating Co., Inc.                
5.50%, 03/31/2034(a)     816,000       812,674  
Hyatt Hotels Corp.                
5.75%, 01/30/2027     588,000       593,054  
Las Vegas Sands Corp.                
6.00%, 08/15/2029     640,000       658,579  
Lennar Corp.                
4.75%, 11/29/2027     585,000       586,486  
MGM Resorts International                
5.50%, 04/15/2027     592,000       592,865  
Marriott International, Inc.                
4.90%, 04/15/2029     570,000       576,115  
Newell Brands, Inc.                
6.38%, 09/15/2027     697,000       705,569  
Service Corp. International                
5.75%, 10/15/2032     695,000       701,511  
Volkswagen Group of America Finance LLC                
6.45%, 11/16/2030(a)     581,000       613,472  
Total Consumer Discretionary             7,805,858  
                 
Consumer Staples (2.02%)                
Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC                
5.60%, 01/15/2031(a)     690,000       670,911  
Post Holdings, Inc.                
6.25%, 02/15/2032(a)     604,000       614,352  
Total Consumer Staples             1,285,263  
                 
Energy (9.20%)                
Columbia Pipelines Holding Co. LLC                
5.00%, 11/17/2032(a)     408,000       405,622  
6.04%, 08/15/2028(a)     587,000       603,726  
Security Description   Principal
Amount		     Value  
Energy (9.20%) (continued)                
Hess Midstream Operations LP                
6.50%, 06/01/2029(a)   $ 640,000     $ 656,803  
Hilcorp Energy I LP / Hilcorp Finance Co.                
7.25%, 02/15/2035(a)     695,000       705,577  
Kinetik Holdings LP                
6.63%, 12/15/2028(a)     587,000       599,784  
Murphy Oil Corp.                
6.00%, 10/01/2032     1,159,000       1,166,719  
Sunoco LP / Sunoco Finance Corp.                
7.00%, 09/15/2028(a)     587,000       601,120  
Sunoco LP                
5.63%, 03/15/2031(a)     371,000       371,625  
Venture Global Plaquemines LNG LLC                
6.75%, 01/15/2036(a)     697,000       739,643  
Total Energy             5,850,619  
                 
Financials (15.24%)                
Aircastle, Ltd.                
6.50%, 07/18/2028(a)     587,000       606,081  
American Express Co.                
5.85%, 11/05/2027     628,000       642,046  
Avolon Holdings Funding, Ltd.                
6.38%, 05/04/2028(a)     598,000       615,143  
Citigroup, Inc.                
4.45%, 09/29/2027     800,000       800,171  
EPR Properties                
4.75%, 12/15/2026     4,000       4,001  
HSBC USA, Inc.                
5.29%, 03/04/2027     604,000       609,492  
Howard Hughes Corp.                
5.88%, 03/01/2032(a)     646,000       635,143  
Iron Mountain, Inc.                
4.88%, 09/15/2027(a)     554,000       552,266  
Keybank National Association                
5.85%, 11/15/2027     587,000       597,952  
Macquarie Airfinance Holdings, Ltd.                
6.40%, 03/26/2029(a)     664,000       685,595  
OneMain Finance Corp.                
6.63%, 01/15/2028     640,000       651,137  
6.63%, 05/15/2029     699,000       710,770  
Penske Truck Leasing Co. Lp / PTL Finance Corp.                
6.05%, 08/01/2028(a)     587,000       603,469  
Royal Bank of Canada                
6.00%, 11/01/2027     628,000       643,678  
Block, Inc.                
6.50%, 05/15/2032     616,000       628,218  
Starwood Property Trust, Inc.                
6.00%, 04/15/2030(a)     694,000       700,381  

 

See Notes to Financial Statements and Financial Highlights.

  6 | alpsfunds.com  

 

ALPS Strategic Income Fund

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description   Principal
Amount		     Value  
Financials (15.24%) (continued)                
Starwood Property Trust, Inc. (continued)                
Total Financials           $ 9,685,543  
                 
Health Care (1.80%)                
DaVita, Inc.                
4.63%, 06/01/2030(a)   $ 554,000       538,607  
HCA, Inc.                
5.63%, 09/01/2028     592,000       603,168  
Total Health Care             1,141,775  
                 
Industrials (7.82%)                
L3Harris Technologies, Inc.                
5.40%, 07/31/2033     760,000       780,477  
MasTec, Inc.                
4.50%, 08/15/2028(a)     524,000       519,098  
Textron, Inc.                
5.50%, 05/15/2035     900,000       918,206  
TransDigm, Inc.                
6.38%, 03/01/2029(a)     604,000       616,615  
Trinity Industries, Inc.                
7.75%, 07/15/2028(a)     640,000       656,444  
United Rentals North America, Inc.                
6.00%, 12/15/2029(a)     758,000       771,681  
WESCO Distribution, Inc.                
6.38%, 03/15/2029(a)     694,000       710,429  
Total Industrials             4,972,950  
                 
Materials (10.17%)                
Alcoa Nederland Holding BV                
7.13%, 03/15/2031(a)     592,000       618,343  
ArcelorMittal SA                
6.55%, 11/29/2027     587,000       603,668  
Avient Corp.                
6.25%, 11/01/2031(a)     695,000       705,465  
Ball Corp.                
6.00%, 06/15/2029     592,000       602,607  
Celanese US Holdings LLC                
6.50%, 04/15/2030     464,000       476,087  
7.55%, 11/15/2030     587,000       624,911  
FMC Corp.                
8.00%, 06/01/2031(a)     638,000       667,195  
Freeport-McMoRan, Inc.                
5.00%, 09/01/2027     268,000       268,090  
Methanex Corp.                
5.13%, 10/15/2027     485,000       485,283  
Methanex US Operations, Inc.                
6.25%, 03/15/2032(a)     388,000       399,722  
Qnity Electronics, Inc.                
5.75%, 08/15/2032(a)     694,000       699,387  
Sasol Financing USA LLC                
4.38%, 09/18/2026     315,000       314,378  
Security Description   Principal
Amount		     Value  
Materials (10.17%) (continued)                
Sasol Financing USA LLC (continued)                
Total Materials           $ 6,465,136  
                 
Technology (3.19%)                
CDW LLC / CDW Finance Corp.                
3.57%, 12/01/2031   $ 508,000       464,620  
Concentrix Corp.                
6.60%, 08/02/2028     852,000       849,139  
Seagate Data Storage Technology Pte, Ltd.                
5.88%, 07/15/2030(a)     699,000       712,850  
Total Technology             2,026,609  
                 
Utilities (2.88%)                
American Electric Power Co., Inc.                
5.75%, 11/01/2027     628,000       639,443  
NRG Energy, Inc.                
5.75%, 01/15/2028     578,000       578,987  
Vistra Operations Co. LLC                
7.75%, 10/15/2031(a)     587,000       615,674  
Total Utilities             1,834,104  
                 
TOTAL CORPORATE BONDS                
(Cost $41,978,732)             42,229,368  
                 
GOVERNMENT BONDS (30.69%)                
Mexico Government International Bond                
6.00%, 05/13/2030     606,000       625,544  
United States Treasury Bond (29.71%)                
4.00%, 02/15/2034     964,000       943,440  
4.00%, 11/15/2052     4,998,000       4,245,176  
4.13%, 02/29/2032     964,000       960,291  
4.13%, 02/15/2036     482,000       470,251  
4.38%, 05/15/2034     3,042,000       3,049,308  
4.50%, 02/15/2044     3,290,000       3,119,974  
4.63%, 09/30/2030     783,000       798,507  
4.63%, 05/15/2044     1,017,000       978,247  
4.75%, 02/15/2037     1,608,000       1,651,843  
4.75%, 11/15/2043     2,722,000       2,666,443  
Total United States Treasury Bond             18,883,480  
                 
TOTAL GOVERNMENT BONDS                
(Cost $21,099,734)             19,509,024  

 

See Notes to Financial Statements and Financial Highlights.

  7 | alpsfunds.com  

 

ALPS Strategic Income Fund

 

Schedule of Investments May 31, 2026 (Unaudited)

 

    7-Day
Yield		     Shares     Value  
SHORT TERM INVESTMENTS (3.54%)                        
Money Market Fund (3.54%)                        
State Street Institutional Treasury Plus Money Market Fund (Premier Class)                        
(Cost $2,251,628)     3.55 %     2,251,628     $ 2,251,628  
                         
TOTAL SHORT TERM INVESTMENTS                        
(Cost $2,251,628)                     2,251,628  
                         
TOTAL INVESTMENTS (100.66%)                        
(Cost $65,330,094)                   $ 63,990,020  
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.66%)                     (424,171 )
NET ASSETS - 100.00%                   $ 63,565,849  

 

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the aggregate market value of those securities was $21,893,199, representing 34.44% of net assets.

 

See Notes to Financial Statements and Financial Highlights.

  8 | alpsfunds.com  

 

ALPS ETF Trust

 

Statements of Assets and Liabilities May 31, 2026 (Unaudited)

 

    ALPS Dynamic
Core Income
ETF		     ALPS Dynamic
US Dividend
Advantage ETF		     ALPS Strategic
Income Fund		  
ASSETS:                        
Investments, at value(a)   $ 15,488,949     $ 88,594,717     $ 63,990,020  
Cash     —       2,167       —  
Dividends receivable     —       164,931       —  
Interest receivable     168,195       651       729,420  
Total Assets     15,657,144       88,762,466       64,719,440  
                         
LIABILITIES:                        
Payable for investments purchased     —       —       1,128,342  
Payable to adviser     6,758       37,595       25,249  
Payable for collateral upon return of securities loaned     —       1,249,197       —  
Total Liabilities     6,758       1,286,792       1,153,591  
NET ASSETS   $ 15,650,386     $ 87,475,674     $ 63,565,849  
                         
NET ASSETS CONSIST OF:                        
Paid-in capital   $ 19,453,517     $ 64,557,769     $ 80,451,307  
Total distributable earnings/(accumulated losses)     (3,803,131 )     22,917,905       (16,885,458 )
NET ASSETS   $ 15,650,386     $ 87,475,674     $ 63,565,849  
                         
INVESTMENTS, AT COST   $ 15,714,278     $ 79,210,013     $ 65,330,094  
                         
PRICING OF SHARES:                        
Net Assets   $ 15,650,386     $ 87,475,674     $ 63,565,849  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     700,000       1,250,002       2,775,000  
Net Asset Value, offering and redemption price per share   $ 22.36     $ 69.98     $ 22.91  

 

(a) Includes $–, $5,597,231 and $– of securities on loan for the ALPS Dynamic Core Income ETF, ALPS Dynamic US Dividend Advantage ETF and ALPS Strategic Income Fund, respectively,

 

See Notes to Financial Statements and Financial Highlights.

  9 | alpsfunds.com  

 

ALPS ETF Trust

 

Statements of Operations For the Six Months Ended May 31, 2026 (Unaudited)

 

    ALPS Dynamic
Core Income ETF		     ALPS Dynamic US
Dividend Advantage ETF		     ALPS Strategic
Income Fund		  
INVESTMENT INCOME:                        
Interest   $ 393,298     $ –     $ 1,756,450  
Dividend income*     5,756       1,173,844       42,702  
Securities lending income     –       4,081       –  
Total investment income     399,054       1,177,925       1,799,152  
                         
EXPENSES:                        
Investment adviser and sub-adviser fees (Note 3)     41,310       214,466       159,727  
Total expenses     41,310       214,466       159,727  
NET INVESTMENT INCOME     357,744       963,459       1,639,425  
                         
REALIZED AND UNREALIZED GAIN/(LOSS):                        
Net realized gain/(loss) on investments(a)     (10,964 )     17,766,133       (39,876 )
Total net realized gain/(loss)     (10,964 )     17,766,133       (39,876 )
Net change in unrealized depreciation on investments     (317,776 )     (9,176,738 )     (1,085,017 )
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies     —       (23 )     —  
Total net change in unrealized depreciation on investments     (317,776 )     (9,176,761 )     (1,085,017 )
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS     (328,740 )     8,589,372       (1,124,893 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 29,004     $ 9,552,831     $ 514,532  
* Net of foreign tax withholding:   $ —     $ 2,181     $ —  

 

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

 

See Notes to Financial Statements and Financial Highlights.

  10 | alpsfunds.com  

 

ALPS Dynamic Core Income ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		     For the
Year Ended
November 30, 2025		  
OPERATIONS:                
Net investment income   $ 357,744     $ 918,473  
Net realized loss     (10,964 )     (7,348 )
Net change in unrealized appreciation/(depreciation)     (317,776 )     143,495  
Net increase in net assets resulting from operations     29,004       1,054,620  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (364,863 )     (910,938 )
Total distributions     (364,863 )     (910,938 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     —       —  
Cost of shares redeemed     (1,703,019 )     (5,080,886 )
Net decrease from capital share transactions     (1,703,019 )     (5,080,886 )
                 
Net decrease in net assets     (2,038,878 )     (4,937,204 )
                 
NET ASSETS:                
Beginning of period     17,689,264       22,626,468  
End of period   $ 15,650,386     $ 17,689,264  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     775,000       1,000,000  
Shares redeemed     (75,000 )     (225,000 )
Shares outstanding, end of period     700,000       775,000  

 

See Notes to Financial Statements and Financial Highlights.

  11 | alpsfunds.com  

 

ALPS Dynamic US Dividend Advantage ETF

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		     For the
Year Ended
November 30, 2025		  
OPERATIONS:                
Net investment income   $ 963,459     $ 1,259,141  
Net realized gain     17,766,133       3,535,791  
Net change in unrealized appreciation/(depreciation)     (9,176,761 )     2,863,724  
Net increase in net assets resulting from operations     9,552,831       7,658,656  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (963,244 )     (1,533,716 )
Total distributions     (963,244 )     (1,533,716 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     45,190,725       13,123,106  
Cost of shares redeemed     (51,663,496 )     (12,444,831 )
Net increase/(decrease) from capital share transactions     (6,472,771 )     678,275  
                 
Net increase in net assets     2,116,816       6,803,215  
                 
NET ASSETS:                
Beginning of period     85,358,858       78,555,643  
End of period   $ 87,475,674     $ 85,358,858  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     1,350,002       1,350,002  
Shares sold     675,000       225,000  
Shares redeemed     (775,000 )     (225,000 )
Shares outstanding, end of period     1,250,002       1,350,002  

 

See Notes to Financial Statements and Financial Highlights.

  12 | alpsfunds.com  

 

ALPS Strategic Income Fund

 

Statements of Changes in Net Assets

 

    For the Six
Months Ended
May 31, 2026
(Unaudited)		    

For the

Year Ended

November 30, 2025

  
OPERATIONS:                
Net investment income   $ 1,639,425     $ 4,225,938  
Net realized gain/(loss)     (39,876 )     174,946  
Net change in unrealized appreciation/(depreciation)     (1,085,017 )     352,978  
Net increase in net assets resulting from operations     514,532       4,753,862  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (1,632,222 )     (4,228,436 )
Total distributions     (1,632,222 )     (4,228,436 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     2,301,642       24,087,557  
Cost of shares redeemed     (15,619,698 )     (27,015,772 )
Net decrease from capital share transactions     (13,318,056 )     (2,928,215 )
                 
Net decrease in net assets     (14,435,746 )     (2,402,789 )
                 
NET ASSETS:                
Beginning of period     78,001,595       80,404,384  
End of period   $ 63,565,849     $ 78,001,595  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     3,350,000       3,475,000  
Shares sold     100,000       1,050,000  
Shares redeemed     (675,000 )     (1,175,000 )
Shares outstanding, end of period     2,775,000       3,350,000  

 

See Notes to Financial Statements and Financial Highlights.

  13 | alpsfunds.com  

 

ALPS Dynamic Core Income ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)(a)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 22.82     $ 22.63     $ 21.91     $ 22.23     $ 25.35     $ 26.21  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(b)     0.50       1.02       0.95       0.75       0.47       0.47  
Net realized and unrealized gain/(loss)     (0.45 )     0.18       0.73       (0.29 )     (2.71 )     (0.87 )
Total from investment operations     0.05       1.20       1.68       0.46       (2.24 )     (0.40 )
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.51 )     (1.01 )     (0.96 )     (0.78 )     (0.50 )     (0.46 )
From net realized gain on investments     –       –       –       –       (0.38 )     –  
Total distributions     (0.51 )     (1.01 )     (0.96 )     (0.78 )     (0.88 )     (0.46 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     (0.46 )     0.19       0.72       (0.32 )     (3.12 )     (0.86 )
NET ASSET VALUE, END OF PERIOD   $ 22.36     $ 22.82     $ 22.63     $ 21.91     $ 22.23     $ 25.35  
                                                 
TOTAL RETURN(c)     0.21 %     5.44 %     7.80 %     2.12 %     (9.02 )%     (1.51 )%
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 15,650     $ 17,689     $ 22,626     $ 25,738     $ 43,341     $ 117,873  
                                                 
Ratio of expenses to average net assets     0.51 %(d)      0.51 %     0.51 %     0.51 %     0.51 %     0.51 %
Ratio of net investment income to average net assets     4.42 %(d)      4.52 %     4.24 %     3.40 %     2.03 %     1.83 %
Portfolio turnover rate(e)     3 %     28 %     17 %     54 %     50 %     45 %

 

(a) Prior to March 31, 2026, the ALPS Dynamic Core Income ETF was known as the RiverFront Dynamic Core Income ETF.
(b) Based on average shares outstanding during the period.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(d) Annualized
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  14 | alpsfunds.com  

 

ALPS Dynamic US Dividend Advantage ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)(a)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 63.23     $ 58.19     $ 45.68     $ 44.76     $ 44.92     $ 37.03  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(b)     0.76       1.35       1.41       1.25       1.46       0.62  
Net realized and unrealized gain/(loss)     6.75       4.81       12.50       0.89       (0.21 )     7.90  
Total from investment operations     7.51       6.16       13.91       2.14       1.25       8.52  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.76 )     (1.12 )     (1.40 )     (1.22 )     (1.41 )     (0.63 )
Total distributions     (0.76 )     (1.12 )     (1.40 )     (1.22 )     (1.41 )     (0.63 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     6.75       5.04       12.51       0.92       (0.16 )     7.89  
NET ASSET VALUE, END OF PERIOD   $ 69.98     $ 63.23     $ 58.19     $ 45.68     $ 44.76     $ 44.92  
                                                 
TOTAL RETURN(c)     11.98 %     10.81 %     30.90 %     4.96 %     2.86 %     23.13 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 87,476     $ 85,359     $ 78,556     $ 73,081     $ 92,881     $ 132,524  
                                                 
Ratio of expenses to average net assets     0.52 %(d)      0.52 %     0.52 %     0.52 %     0.52 %     0.52 %
Ratio of net investment income to average net assets     2.34 %(d)      2.35 %     2.75 %     2.84 %     3.23 %     1.47 %
Portfolio turnover rate(e)     59 %     1 %     28 %     50 %     104 %     0  

 

(a) Prior to March 31, 2026, the ALPS Dynamic US Dividend Advantage ETF was known as the RiverFront Dynamic US Dividend Advantage ETF.
(b) Based on average shares outstanding during the period.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(d) Annualized
(e) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  15 | alpsfunds.com  

 

ALPS Strategic Income Fund

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

    For the
Six Months
Ended
May 31, 2026
(Unaudited)(a)		     For the Year
Ended
November 30,
2025		     For the Year
Ended
November 30,
2024		     For the Year
Ended
November 30,
2023		     For the Year
Ended
November 30,
2022		     For the Year
Ended
November 30,
2021		  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 23.28     $ 23.14     $ 22.53     $ 22.65     $ 24.53     $ 24.79  
                                                 
INCOME/(LOSS) FROM OPERATIONS:                                                
Net investment income(b)     0.54       1.10       1.01       0.78       0.55       0.55  
Net realized and unrealized gain/(loss)     (0.37 )     0.15       0.63       (0.12 )     (1.82 )     (0.18 )
Total from investment operations     0.17       1.25       1.64       0.66       (1.27 )     0.37  
                                                 
DISTRIBUTIONS:                                                
From net investment income     (0.54 )     (1.11 )     (1.03 )     (0.78 )     (0.61 )     (0.63 )
Total distributions     (0.54 )     (1.11 )     (1.03 )     (0.78 )     (0.61 )     (0.63 )
                                                 
NET INCREASE/(DECREASE) IN NET ASSET VALUE     (0.37 )     0.14       0.61       (0.12 )     (1.88 )     (0.26 )
NET ASSET VALUE, END OF PERIOD   $ 22.91     $ 23.28     $ 23.14     $ 22.53     $ 22.65     $ 24.53  
                                                 
TOTAL RETURN(c)     0.76 %     5.56 %     7.42 %     2.98 %     (5.20 )%     1.52 %
                                                 
RATIOS/SUPPLEMENTAL DATA:                                                
Net assets, end of period (in 000s)   $ 63,566     $ 78,002     $ 80,404     $ 111,513     $ 104,759     $ 142,893  
                                                 
Ratio of expenses to average net assets     0.46 %(d)(e)      0.46 %     0.46 %     0.46 %     0.46 %     0.46 %
Ratio of net investment income to average net assets     4.72 %(d)      4.80 %     4.41 %     3.47 %     2.35 %     2.23 %
Portfolio turnover rate(f)     11 %     18 %     42 %     52 %     24 %     50 %

 

(a) Prior to May 21, 2026, the ALPS Strategic Income Fund was known as the RiverFront Strategic Income Fund.
(b) Based on average shares outstanding during the period.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested at actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(d) Annualized
(e) Effective May 21, 2026, the net investment adviser fee changed from 0.46% to 0.45%.
(f) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

 

See Notes to Financial Statements and Financial Highlights.

  16 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to ALPS Dynamic Core Income ETF, ALPS Dynamic US Dividend Advantage ETF, and ALPS Strategic Income Fund (each a “Fund” and collectively, the “Funds”), which were known as the RiverFront Dynamic Core Income ETF, the RiverFront Dynamic US Dividend Advantage ETF, and the RiverFront Strategic Income Fund, respectively, prior to their name changes.

 

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

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Fund as a whole. The Funds’ Treasurer is the CODM for each Fund. Each Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

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

 

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

  17 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;
Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
  18 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The following is a summary of the inputs used to value the Funds’ investments as of May 31, 2026:

 

ALPS Dynamic Core Income ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Corporate Bonds*   $ –     $ 10,803,282     $ –     $ 10,803,282  
Government Bonds*     –       4,448,643       –       4,448,643  
Short Term Investments     237,024       –       –       237,024  
Total   $ 237,024     $ 15,251,925     $ –     $ 15,488,949  

 

ALPS Dynamic US Dividend Advantage ETF

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Common Stocks*   $ 86,856,065     $ –     $ –     $ 86,856,065  
Short Term Investments     1,738,652       –       –       1,738,652  
Total   $ 88,594,717     $ –     $ –     $ 88,594,717  

 

ALPS Strategic Income Fund

 

Investments in Securities at Fair Value   Level 1 - Quoted and
Unadjusted Prices		     Level 2 - Other Significant
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		     Total  
Corporate Bonds*   $ –     $ 42,229,368     $ –     $ 42,229,368  
Government Bonds*     –       19,509,024       –       19,509,024  
Short Term Investments     2,251,628       –       –       2,251,628  
Total   $ 2,251,628     $ 61,738,392     $ –     $ 63,990,020  

 

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

 

The Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the six months ended May 31, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

Dividends from net investment income for each Fund, if any, are declared and paid monthly or as the Board may determine from time to time. Distributions

of net realized capital gains earned by the Funds, if any, are distributed at least annually.

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return
of Capital		  
November 30, 2025                        
ALPS Dynamic Core Income ETF   $ 910,938     $ —     $ —  
ALPS Dynamic US Dividend Advantage ETF     1,533,716       —       —  
ALPS Strategic Income Fund     4,228,436       —       —  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

  19 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Fund   Short-Term     Long-Term  
ALPS Dynamic Core Income ETF   $ 2,106,622     $ 1,453,721  
ALPS Dynamic US Dividend Advantage ETF     4,248,805       —  
ALPS Strategic Income Fund     8,084,409       7,372,293  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund   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 Dynamic Core Income ETF   $ 181,132     $ (406,461 )   $ (225,329 )   $ 15,714,278  
ALPS Dynamic US Dividend Advantage ETF     11,427,611       (2,310,971 )     9,116,640       79,478,077  
ALPS Strategic Income Fund     475,196       (1,815,362 )     (1,340,166 )     65,330,186  

 

The difference between book-basis and tax-basis is primarily due to the difference between premium amortization due to Accounting Standards Update 2017-08, and the tax deferral of wash sale losses. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of May 31, 2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Each Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the 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, 2026, each Fund did not have a liability for any unrecognized tax benefits. Each Fund files US federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Each Fund’s tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

G. Lending of Portfolio Securities

The ALPS Dynamic US Dividend Advantage ETF has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The 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, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

 

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

  20 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026:

 

Fund   Market Value of
Securities on Loan		     Cash
Collateral
Received		     Non-Cash
Collateral
Received		     Total
Collateral
Received		  
ALPS Dynamic US Dividend Advantage ETF   $ 5,597,231     $ 1,249,197     $ 4,524,021     $ 5,773,218  

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Funds could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received. As of November 30, 2025, ALPS Dynamic Core Income ETF and ALPS Strategic Income Fund did not have any securities on loan.

 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of May 31, 2026:

 

ALPS Dynamic US Dividend Advantage ETF   Remaining Contractual Maturity of the Agreements
Securities Lending Transactions   Overnight &
Continuous		   Up to 30
Days		     30-90
Days		     Greater
than 90
Days		     Total  
Common Stocks   $1,249,197   $ —     $ —     $ —     $ 1,249,197  
Total Borrowings                                 1,249,197  
Gross amount of recognized liabilities for securities lending (collateral received)   $ 1,249,197  

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

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

 

Fund Advisory Fee
ALPS Dynamic Core Income ETF 0.51%(a)
ALPS Dynamic US Dividend Advantage ETF 0.52%(b)
ALPS Strategic Income Fund 0.45%(c)

 

(a) The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.51% for average net assets up to $600 million, (ii) 0.48% for average net assets equal to or greater than $600 million.
(b) The unitary advisory fee as a percentage of net assets is subject to the following breakpoints: (i) 0.52% for average net assets up to $600 million, (ii) 0.49% for average net assets equal to or greater than $600 million.
(c) Effective May 21, 2026, the investment adviser fee changed from 0.11% to 0.45%.

 

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

  21 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

Prior to March 31, 2026, RiverFront Investment Group, LLC (the “Sub-Adviser”) served as the ALPS Dynamic Core Income ETF and the ALPS Dynamic US Dividend Advantage ETF sub-adviser pursuant to a sub-advisory agreement with the Trust (the “Sub-Advisory Agreement”). Prior to May 21, 2026, the Sub-Adviser served as the ALPS Strategic Income Fund’s sub-adviser pursuant to a sub-advisory agreement with the Trust. Pursuant to the Sub-Advisory Agreement, the Adviser paid the Sub-Adviser a sub-advisory fee out of the Adviser’s advisory fee for the services it provided besides ALPS Strategic Income Fund, in which the Fund directly paid the Sub-Adviser. The fee was payable on a monthly basis at the annual rate of the relevant Fund’s average daily net assets as set out below:

 

Fund Sub-Advisory Fee
ALPS Dynamic Core Income ETF 0.35%
ALPS Dynamic US Dividend Advantage ETF 0.35%
ALPS Strategic Income Fund 0.35%

 

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

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

For the six months ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions, US Government securities and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS Dynamic Core Income ETF   $ 358,575     $ 452,230  
ALPS Dynamic US Dividend Advantage ETF     50,742,803       48,482,764  
ALPS Strategic Income Fund     5,356,166       7,114,500  

 

For the six months ended May 31, 2026, the purchases and sales of US Government Obligations were as follows:

 

Fund   Purchases     Sales  
ALPS Dynamic Core Income ETF   $ 459,664     $ —  
ALPS Strategic Income Fund     3,523,977       —  

 

For the six months ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

Fund   Purchases     Sales  
ALPS Dynamic Core Income ETF   $ —     $ 1,655,421  
ALPS Dynamic US Dividend Advantage ETF     44,270,843       51,879,878  
ALPS Strategic Income Fund     2,215,296       15,505,174  

 

For the six months ended May 31, 2026, the in-kind net realized gain/(losses) were as follows:

 

Fund   Net Realized Gain/(Loss)  
ALPS Dynamic Core Income ETF   $ 2,124  
ALPS Dynamic US Dividend Advantage ETF     21,155,375  
ALPS Strategic Income Fund     (52,574 )

 

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.

  22 | alpsfunds.com  

 

ALPS ETF Trust

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

5. CAPITAL SHARE TRANSACTIONS

 

 

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

 

6. MARKET RISK

 

 

The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Funds to lose value. Securities in the Funds’ 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, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

  23 | alpsfunds.com  

 

ALPS ETF Trust

 

Additional Information May 31, 2026 (Unaudited)

 

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, 2025:

 

  Qualified Dividend Income Dividend Received Deduction 199A Dividends
ALPS Dynamic Core Income ETF 0.00% 0.00% 0.00%
ALPS Dynamic US Dividend Advantage ETF 87.34% 82.14% 6.49%
ALPS Strategic Income Fund 0.00% 0.00% 0.00%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Funds will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

  24 | alpsfunds.com  

 

ALPS ETF Trust

 

Changes in and Disagreements with Accountants for
Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

  25 | alpsfunds.com  

 

ALPS ETF Trust

 

Proxy Disclosures for Open-End Management
Investment Companies		 May 31, 2026 (Unaudited)

 

A Special Meeting of Shareholders of the ALPS Strategic Income Fund (the “Fund”) was held on May 20, 2026. At the meeting, the following matters were voted on by the Shareholders. The results of the Special Meeting of Shareholders are noted below:

 

Proposal 1: To approve an amendment to the Investment Advisory Agreement between the Trust, on behalf of the Fund, and ALPS Advisors, Inc., the Fund’s investment adviser, to increase the advisory fee rate paid to ALPS Advisors, Inc. by the Fund, which will lower the Fund’s aggregate advisory fee rate.

 

Shares Voted in Favor Shares Voted Against/Withheld
or Abstentions		 Proposal Approved
     
1,182,712 296,709 Yes
  26 | alpsfunds.com  

 

ALPS ETF Trust

 

Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies		 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

     Aggregate Special
Compensation From the Trust		     Total Compensation
From the Trust		  
Edmund J. Burke, Trustee     97,000       –       97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an “interested person” by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Funds’ unitary fee arrangements, the Funds do not pay any Trustee fees. The Trustee fees are paid by the Adviser.

  27 | alpsfunds.com  

 

ALPS ETF Trust

 

Statement Regarding Basis for Approval of
Investment Advisory Contract		 May 31, 2026 (Unaudited)

 

At its meetings held on March 11, 2026, the Board of Trustees of the Trust (the “Board” or the “Trustees”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), evaluated a proposal to amend (i) the Investment Advisory Agreement between the Trust and ALPS Advisors, Inc. (the “Adviser” or “AAI”) with respect to the ALPS Strategic Income Fund (the “Fund”). In approving the amended Investment Advisory Agreement for the Fund, the Independent Trustees relied upon the advice of independent legal counsel and the Trustees on their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information previously provided and provided at this Meeting and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Investment Advisory Agreement. The Trustees considered the (i) nature, extent, and quality of services provided by the Adviser with respect to the Fund; (ii) advisory fees and other expenses paid by the Fund compared to those of similar funds managed by other investment advisers; (iii) the costs of services provided to the Fund and the profits realized by the Adviser and its affiliates from its relationship to the Fund; (iv) the extent to which economies of scale have been or would be realized if and as the assets of the Fund grow and whether fees reflect the economies of scale for the benefit of shareholders; and (v) any additional benefits and other considerations.

  28 | alpsfunds.com  

 

     

 

 

 

 

Table of Contents

 

Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Schedule of Investments 2
Statement of Assets and Liabilities 21
Statement of Operations 22
Statements of Changes in Net Assets 23
Financial Highlights 24
Notes to Financial Statements and Financial Highlights 25
Additional Information 30
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 31
Proxy Disclosures for Open-End Management Investment Companies 32
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies 33
Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contract 34

 

 

 

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
BANK LOANS (0.86%)
  
Aerospace & Defense (0.41%)
TransDigm, Inc.
1M US SOFR + 2.50%, 02/28/2031(a)   $ 11,145,647     $ 11,186,886  
 
Biotechnology (0.13%)
BioMarin Pharmaceutical, Inc.
3M SOFR + 1.75%, 04/27/2033(a)     3,521,000       3,529,803  
                 
Casinos & Gaming (0.22%)
Caesars Entertainment, Inc.
1M SOFR + 2.25%, 02/06/2031(a)     6,327,905       6,134,113  
                 
Pharmaceuticals (0.10%)
Amneal Pharmaceuticals LLC
1M SOFR + 3.00%, 08/02/2032(a)     2,697,544       2,714,822  
                 
TOTAL BANK LOANS
(Cost $23,732,817)             23,565,624  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%)
 
Fannie Mae
Series 2000-34, Class TZ,
8.500%, 10/25/2030     70,504       73,432  
Series 2000-40, Class FA,
30D US SOFR + 0.614%, 07/25/2030(a)     23,481       23,477  
Series 2001-51, Class PZ,
6.500%, 10/25/2031     76,621       79,114  
Series 2002-60, Class FV,
30D US SOFR + 1.114%, 04/25/2032(a)     5,178       5,230  
Series 2002-90, Class A1,
6.500%, 06/25/2042     158,925       159,953  
Series 2003-119, Class ZP,
4.000%, 12/25/2033     29,093       28,161  
Series 2003-18, Class A1,
6.500%, 12/25/2042     32,764       33,470  
Series 2003-30, Class JQ,
5.500%, 04/25/2033     1,586       1,606  
Series 2003-47, Class PE,
5.750%, 06/25/2033     23,350       24,033  
Series 2004-52, Class ZX,
7.000%, 07/25/2034     228,569       237,683  
Series 2004-90, Class AZ,
6.000%, 12/25/2034     346,403       357,947  
Series 2004-92, Class TB,
5.500%, 12/25/2034     6,262       6,391  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2005-105, Class Z,
6.000%, 12/25/2035   $ 458,716     $ 479,685  
Series 2005-122, Class PY,
6.000%, 01/25/2036     18,131       18,719  
Series 2005-27, Class GH,
5.500%, 04/25/2035     90,702       92,557  
Series 2005-3, Class CH,
5.250%, 02/25/2035     3,431       3,472  
Series 2005-48, Class TD,
5.500%, 06/25/2035     53,920       54,964  
Series 2005-75, Class ZP,
5.750%, 09/25/2035     144,691       149,177  
Series 2005-99, Class AC,
5.500%, 12/25/2035     38,000       37,986  
Series 2006-125, Class KY,
5.500%, 01/25/2037     77,111       76,976  
Series 2006-78, Class BZ,
6.500%, 08/25/2036     286,299       301,101  
Series 2007-36, Class PH,
5.500%, 04/25/2037     88,431       90,291  
Series 2007-55, Class PH,
6.000%, 06/25/2047     29,099       30,473  
Series 2007-77, Class HN,
6.000%, 08/25/2037     337,874       351,276  
Series 2008-24, Class WD,
5.500%, 02/25/2038     96,975       96,785  
Series 2008-6, Class A,
5.000%, 02/25/2038     159,325       157,687  
Series 2009-106, Class DZ,
4.500%, 01/25/2040     52,828       51,851  
Series 2009-106, Class LK,
5.500%, 08/25/2037     488,839       491,716  
Series 2009-77, Class NX,
5.500%, 10/25/2039     543,478       560,991  
Series 2010-123, Class BP,
4.500%, 11/25/2040     74,835       74,617  
Series 2010-141, Class AL,
4.000%, 12/25/2040     14,660       14,238  
Series 2010-2, Class GZ,
5.000%, 01/25/2040     128,769       126,928  
Series 2010-41, Class NB,
5.000%, 05/25/2040     59,697       60,579  
Series 2010-85, Class NJ,
4.500%, 08/25/2040     310,293       305,794  
Series 2010-9, Class ME,
5.000%, 02/25/2040     35,005       35,171  
Series 2011-110, Class ED,
2.500%, 04/25/2041     51,823       51,045  
Series 2011-121, Class JP,
4.500%, 12/25/2041     12,186       11,914  
Series 2011-145, Class JA,
4.500%, 12/25/2041     3,143       3,120  
Series 2011-148, Class P,
4.000%, 09/25/2041     102,907       101,808  

 

See Notes to Financial Statements and Financial Highlights.

2 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2011-29, Class JC,
4.000%, 03/25/2041   $ 107,842     $ 104,447  
Series 2011-74, Class UB,
4.000%, 07/25/2040     96,679       89,546  
Series 2012-103, Class PY,
3.000%, 09/25/2042     8,000       6,979  
Series 2012-108, Class PL,
3.000%, 10/25/2042     193,144       173,733  
Series 2012-111, Class B,
7.000%, 10/25/2042     166,852       177,887  
Series 2012-111, Class PB,
1.750%, 06/25/2042     100,967       92,914  
Series 2012-112, Class DA,
3.000%, 10/25/2042     160,738       146,613  
Series 2012-120, Class QC,
2.500%, 11/25/2042     151,000       107,876  
Series 2012-128, Class JE,
2.000%, 09/25/2042     116,667       105,992  
Series 2012-128, Class NP,
2.500%, 11/25/2042     78,164       52,936  
Series 2012-129, Class HT,
2.000%, 12/25/2032     372,368       336,831  
Series 2012-133, Class KA,
2.500%, 07/25/2042     129,259       115,868  
Series 2012-136, Class PL,
3.500%, 12/25/2042     418,000       395,577  
Series 2012-137, Class CZ,
4.000%, 12/25/2042     166,941       159,084  
Series 2012-139, Class GB,
2.500%, 12/25/2042     102,000       70,616  
Series 2012-152, Class PB,
3.500%, 01/25/2043     12,933       12,482  
Series 2012-154, Class PW,
3.000%, 10/25/2042     252,593       214,265  
Series 2012-16, Class K,
4.000%, 10/25/2041     65,552       64,974  
Series 2012-17, Class JA,
3.500%, 12/25/2041     71,183       67,240  
Series 2012-19, Class CB,
3.500%, 03/25/2042     246,645       232,899  
Series 2012-26, Class MA,
3.500%, 03/25/2042     39,012       36,641  
Series 2012-28, Class PT,
4.000%, 03/25/2042     243,260       236,638  
Series 2012-29, Class NM,
3.500%, 04/25/2042     50,000       45,319  
Series 2012-30, Class DZ,
4.000%, 04/25/2042     169,167       162,027  
Series 2012-35, Class EP,
2.000%, 11/25/2040     29,977       29,665  
Series 2012-36, Class MB,
2.000%, 08/25/2041     208,225       205,638  
Series 2012-37, Class CA,
2.000%, 01/25/2040     48,172       47,650  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2012-38, Class MC,
3.000%, 04/25/2042   $ 80,000     $ 67,811  
Series 2012-39, Class NB,
4.000%, 04/25/2042     32,000       29,772  
Series 2012-47, Class HF,
30D US SOFR + 0.514%, 05/25/2027(a)     492       492  
Series 2012-51, Class HJ,
3.500%, 05/25/2042     62,156       54,224  
Series 2012-56, Class WB,
3.500%, 05/25/2042     183,793       175,647  
Series 2012-58, Class KB,
3.500%, 06/25/2042     190,360       179,723  
Series 2012-75, Class KE,
4.000%, 07/25/2042     200,000       189,678  
Series 2012-83, Class AC,
3.000%, 08/25/2042     85,000       76,583  
Series 2012-90, Class PB,
2.500%, 01/25/2042     54,909       52,979  
Series 2012-93, Class TL,
3.000%, 09/25/2042     190,000       162,554  
Series 2013-10, Class GD,
2.000%, 02/25/2033     109,733       102,689  
Series 2013-119, Class NU,
1.750%, 05/25/2043     133,679       130,875  
Series 2013-123, Class AG,
2.500%, 02/25/2033     198,176       197,023  
Series 2013-14, Class PC,
1.250%, 03/25/2043     200,485       169,462  
Series 2013-18, Class NG,
2.000%, 12/25/2042     43,404       38,692  
Series 2013-20, Class CA,
2.500%, 01/25/2043     35,736       31,862  
Series 2013-29, Class JE,
1.250%, 04/25/2043     23,296       19,095  
Series 2013-35, Class KL,
2.000%, 04/25/2033     72,225       67,589  
Series 2013-37, Class PK,
3.500%, 04/25/2043     300,000       277,373  
Series 2013-41, Class JL,
1.500%, 04/25/2038     142,660       131,164  
Series 2013-44, Class Z,
3.000%, 05/25/2043     740,658       573,607  
Series 2013-67, Class KZ,
2.500%, 04/25/2043     149,885       130,136  
Series 2013-67, Class PK,
3.000%, 05/25/2042     153,455       151,057  
Series 2013-7, Class PZ,
2.000%, 02/25/2043     195,797       118,983  
Series 2013-75, Class FC,
30D US SOFR + 0.364%, 07/25/2042(a)     64,932       64,792  
Series 2013-86, Class CY,
4.500%, 08/25/2043     1,320,900       1,238,809  

 

See Notes to Financial Statements and Financial Highlights.

3 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2013-86, Class LG,
3.500%, 08/25/2043   $ 230,000     $ 196,593  
Series 2013-86, Class Z,
3.000%, 08/25/2043     182,296       137,587  
Series 2013-9, Class BC,
6.500%, 07/25/2042     125,271       131,429  
Series 2014-14, Class PA,
3.500%, 02/25/2044     78,455       76,534  
Series 2014-8, Class Z,
3.000%, 03/25/2034     105,812       101,965  
Series 2015-27, Class ME,
3.500%, 10/25/2044     30,000       28,451  
Series 2015-47, Class AY,
3.000%, 07/25/2045     72,686       64,128  
Series 2015-58, Class ZL,
3.000%, 08/25/2045     269,434       233,556  
Series 2015-59, Class LP,
3.500%, 08/25/2045     127,000       104,212  
Series 2015-65, Class LD,
3.500%, 01/25/2036     124,000       118,833  
Series 2015-66, Class KC,
2.000%, 09/25/2045     369,580       309,769  
Series 2015-75, Class LB,
3.000%, 10/25/2045     103,071       77,441  
Series 2016-26, Class PA,
3.000%, 10/25/2045     98,158       91,467  
Series 2016-28, Class TA,
3.250%, 07/25/2043     494,202       380,948  
Series 2016-37, Class BK,
3.000%, 06/25/2046     46,205       44,315  
Series 2016-42, Class DA,
3.000%, 07/25/2045     88,466       84,311  
Series 2016-6, Class PA,
3.000%, 11/25/2044     85,899       82,916  
Series 2016-79, Class JC,
2.500%, 11/25/2046     340,168       275,929  
Series 2016-8, Class CB,
3.500%, 03/25/2046     42,072       39,453  
Series 2017-10, Class FA,
30D US SOFR + 0.514%, 03/25/2047(a)     21,173       20,981  
Series 2017-15, Class PE,
3.500%, 04/25/2046     38,185       36,678  
Series 2017-25, Class QH,
3.000%, 04/25/2047     238,497       209,997  
Series 2017-38, Class JA,
3.000%, 03/25/2047     56,368       50,819  
Series 2017-38, Class JG,
2.500%, 03/25/2047     316,084       277,706  
Series 2017-98, Class JC,
2.500%, 11/25/2047     119,007       104,702  
Series 2018-15, Class KG,
2.500%, 01/25/2048     76,115       64,974  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2018-2, Class BA,
3.000%, 02/25/2045   $ 49,559     $ 49,047  
Series 2018-2, Class HD,
3.000%, 02/25/2047     32,130       31,541  
Series 2018-25, Class AL,
3.500%, 04/25/2048     98,000       88,485  
Series 2018-28, Class CA,
3.000%, 05/25/2048     81,303       71,914  
Series 2018-35, Class LB,
3.500%, 05/25/2048     106,000       95,133  
Series 2018-50, Class DY,
3.000%, 10/25/2047     80,330       73,598  
Series 2018-6, Class PA,
3.000%, 02/25/2048     54,374       48,475  
Series 2018-8, Class KL,
2.500%, 03/25/2047     73,848       67,019  
Series 2018-83, Class LH,
4.000%, 11/25/2048     36,967       34,753  
Series 2018-94, Class KD,
3.500%, 12/25/2048     121,724       110,097  
Series 2019-12, Class HA,
3.500%, 11/25/2057     45,487       43,554  
Series 2019-36, Class NJ,
3.000%, 07/25/2049     100,000       83,982  
Series 2019-45, Class PT,
3.000%, 08/25/2049     42,888       38,750  
Series 2019-74, Class GL,
3.500%, 12/25/2049     174,253       122,600  
Series 2019-81, Class ML,
2.500%, 01/25/2050     119,847       77,809  
Series 2020-10, Class DA,
3.500%, 03/25/2060     258,603       231,101  
Series 2020-38, Class LC,
1.500%, 06/25/2040     80,010       73,880  
Series 2021-59, Class H,
2.000%, 06/25/2048     45,496       37,987  
Series 2021-6, Class KU,
1.500%, 02/25/2051     191,229       109,667  
Series 2021-66, Class HU,
1.500%, 10/25/2051     366,995       174,885  
Series 2021-72, Class NA,
1.500%, 10/25/2051     98,024       50,685  
Series 2021-87, Class QB,
2.000%, 12/25/2051     46,229       27,185  
Series 2021-94, Class PU,
2.000%, 01/25/2052     39,318       24,802  
Series 2022-90, Class AY,
4.500%, 12/25/2041     405,000       399,773  
Series 2023-12, Class GB,
6.000%, 06/25/2045     10,424,163       10,552,779  
Series 2023-42, Class B,
6.000%, 07/25/2045     5,758,298       5,832,577  

 

See Notes to Financial Statements and Financial Highlights.

4 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2024-39, Class AZ,
3.000%, 11/25/2047   $ 138,028     $ 111,509  
              34,795,707  
Freddie Mac
Series 1998-2034, Class Z,
6.500%, 02/15/2028     1,976       1,998  
Series 1998-2045, Class PD,
6.750%, 04/15/2028     26,315       26,480  
Series 1998-2098, Class ZB,
6.000%, 11/15/2028     195,730       197,906  
Series 1998-2104, Class QH,
6.500%, 12/15/2028     82,889       84,445  
Series 2002-2412, Class OF,
30D US SOFR + 1.064%, 12/15/2031(a)     42,905       43,279  
Series 2002-2422, Class TA,
6.500%, 02/15/2032     187,717       194,890  
Series 2002-2455, Class GK,
6.500%, 05/15/2032     12,149       12,618  
Series 2002-2489, Class PE,
6.000%, 08/15/2032     215,776       222,021  
Series 2002-2495, Class ZB,
4.500%, 09/15/2032     1,742       1,705  
Series 2002-2513, Class AF,
30D US SOFR + 1.114%, 02/15/2032(a)     13,198       13,328  
Series 2003-2554, Class MN,
5.500%, 01/15/2033     3,597       3,637  
Series 2003-2624, Class QH,
5.000%, 06/15/2033     13,075       13,228  
Series 2003-2646, Class ZN,
5.000%, 07/15/2033     156,228       155,392  
Series 2003-2673, Class PE,
5.500%, 09/15/2033     108,721       111,351  
Series 2003-2725, Class TA,
4.500%, 12/15/2033     24,483       24,350  
Series 2004-2768, Class PW,
4.250%, 03/15/2034     6,571       6,485  
Series 2005-2944, Class OH,
5.500%, 03/15/2035     41,722       43,119  
Series 2005-2973, Class GE,
5.500%, 05/15/2035     199,838       204,280  
Series 2005-2978, Class CN,
5.500%, 05/15/2035     106,445       110,062  
Series 2005-3033, Class WY,
5.500%, 09/15/2035     75,444       77,303  
Series 2005-3034, Class ZM,
6.000%, 09/15/2035     431,586       448,211  
Series 2006-3108, Class PZ,
6.000%, 02/15/2036     209,476       219,130  
Series 2006-3137, Class XP,
6.000%, 04/15/2036     2,493       2,590  
Series 2007-3259, Class ZL,
4.500%, 01/15/2037     410,961       407,744  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2007-3271, Class PC,
6.000%, 02/15/2037   $ 744,501     $ 773,841  
Series 2007-3388, Class DZ,
5.500%, 11/15/2037     164,573       164,580  
Series 2008-3472, Class CZ,
6.000%, 08/15/2036     1,174,612       1,219,594  
Series 2008-3485, Class MA,
5.500%, 07/15/2036     28,266       28,877  
Series 2009-3515, Class LE,
3.116%, 05/15/2037(a)(b)     160,313       166,561  
Series 2009-3533, Class CB,
4.500%, 05/15/2029     28,371       28,253  
Series 2009-3575, Class D,
4.500%, 03/15/2037     142,705       141,859  
Series 2009-3587, Class DA,
4.500%, 10/15/2039     52,348       52,203  
Series 2010-3626, Class ME,
5.000%, 01/15/2040     26,678       26,866  
Series 2010-3638, Class DB,
5.000%, 02/15/2040     75,000       76,060  
Series 2010-3645, Class WD,
4.500%, 02/15/2040     15,000       14,715  
Series 2010-3662, Class QB,
5.000%, 03/15/2038     97,400       98,325  
Series 2010-3674, Class QN,
5.750%, 05/15/2036     363,142       349,780  
Series 2010-3681, Class MT,
4.564%, 02/15/2038(a)(b)     73,472       68,051  
Series 2010-3704, Class CT,
7.000%, 12/15/2036     457,815       483,489  
Series 2010-3764, Class QY,
4.000%, 11/15/2030     778,385       763,690  
Series 2010-3772, Class NE,
4.500%, 12/15/2040     172,000       157,785  
Series 2011-3924, Class LC,
4.000%, 09/15/2041     94,471       90,784  
Series 2011-3943, Class LA,
3.000%, 10/15/2026     11,957       11,914  
Series 2011-3954, Class PG,
2.500%, 07/15/2041     31,323       30,035  
Series 2011-3957, Class BZ,
4.000%, 11/15/2041     160,189       153,440  
Series 2011-3957, Class HZ,
4.000%, 11/15/2041     288,544       270,898  
Series 2011-3966, Class NA,
4.000%, 12/15/2041     111,516       108,382  
Series 2011-3968, Class G,
3.000%, 12/15/2026     18,591       18,532  
Series 2012-3985, Class B,
2.367%, 01/15/2042     123,083       111,074  
Series 2012-3990, Class GY,
3.500%, 01/15/2042     140,000       122,823  
Series 2012-3992, Class HZ,
4.000%, 01/15/2042     457,284       436,805  

 

See Notes to Financial Statements and Financial Highlights.

5 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2012-3994, Class HJ,
2.000%, 06/15/2041   $ 192,892     $ 187,680  
Series 2012-3997, Class EC,
3.500%, 02/15/2042     62,765       54,542  
Series 2012-4029, Class NE,
2.500%, 03/15/2041     79,276       78,058  
Series 2012-4039, Class LT,
3.500%, 05/15/2042     40,000       34,816  
Series 2012-4050, Class ND,
2.500%, 09/15/2041     197       197  
Series 2012-4068, Class PE,
3.000%, 06/15/2042     8,501       7,801  
Series 2012-4075, Class PB,
3.000%, 07/15/2042     21,791       20,021  
Series 2012-4077, Class BE,
4.000%, 07/15/2042     15,000       13,969  
Series 2012-4093, Class PA,
3.000%, 08/15/2042     57,317       51,928  
Series 2012-4096, Class BY,
2.000%, 08/15/2042     190,000       157,371  
Series 2012-4101, Class QN,
3.500%, 09/15/2042     4,988       4,507  
Series 2012-4112, Class CP,
2.000%, 01/15/2042     154,526       150,455  
Series 2012-4116, Class UC,
2.500%, 10/15/2042     40,000       29,492  
Series 2012-4117, Class EB,
3.500%, 10/15/2042     83,000       70,545  
Series 2012-4118, Class PB,
2.500%, 10/15/2042     146,513       127,106  
Series 2012-4125, Class KP,
2.500%, 05/15/2041     56,685       55,263  
Series 2012-4135, Class AU,
2.000%, 11/15/2042     168,055       121,339  
Series 2012-4138, Class HA,
1.250%, 12/15/2027     34,732       34,318  
Series 2012-4140, Class BW,
2.500%, 12/15/2042     150,000       112,118  
Series 2012-4147, Class LW,
2.000%, 12/15/2032     185,625       172,297  
Series 2013-4160, Class HB,
2.500%, 12/15/2032     8,809       8,348  
Series 2013-4161, Class BA,
2.500%, 12/15/2041     27,370       26,983  
Series 2013-4161, Class LT,
2.500%, 08/15/2042     7,337       6,828  
Series 2013-4161, Class ZW,
2.500%, 02/15/2033     172,117       147,567  
Series 2013-4163, Class YL,
2.500%, 02/15/2043     1,595,600       1,307,360  
Series 2013-4171, Class MN,
3.000%, 02/15/2043     46,000       34,863  
Series 2013-4176, Class YD,
3.000%, 03/15/2043     66,000       55,792  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2013-4193, Class PK,
3.000%, 04/15/2043   $ 68,170     $ 65,332  
Series 2013-4224, Class PA,
3.000%, 12/15/2042     232,149       227,635  
Series 2013-4229, Class ZA,
4.000%, 07/15/2043     107,950       103,122  
Series 2013-4247, Class AK,
4.500%, 12/15/2042     23,865       23,844  
Series 2014-4315, Class UZ,
3.000%, 03/15/2044     957,289       870,150  
Series 2014-4330, Class PE,
3.000%, 11/15/2043     137,852       134,033  
Series 2014-4383, Class WT,
3.147%, 09/15/2029(a)     96,545       95,380  
Series 2015-4447, Class PA,
3.000%, 12/15/2044     144,447       137,329  
Series 2015-4472, Class MA,
3.000%, 05/15/2045     98,439       92,957  
Series 2015-4491, Class CD,
2.500%, 03/15/2040     238,331       205,734  
Series 2016-4613, Class AF,
30D US SOFR + 1.21%, 11/15/2037(a)     239,300       239,616  
Series 2016-4614, Class PB,
3.000%, 01/15/2046     110,876       102,887  
Series 2016-4616, Class HP,
3.000%, 09/15/2046     66,205       59,740  
Series 2016-4619, Class GP,
3.000%, 10/15/2046     351,294       303,226  
Series 2016-4619, Class MC,
2.500%, 05/15/2043     72,789       71,546  
Series 2016-4621, Class DA,
3.000%, 12/15/2045     98,741       92,921  
Series 2016-4624, Class BA,
2.000%, 04/15/2036     162,783       149,373  
Series 2017-4670, Class TY,
3.000%, 03/15/2047     222,000       180,096  
Series 2017-4734, Class WA,
5.708%, 01/15/2041(a)     190,362       195,922  
Series 2018-4760, Class P,
3.000%, 02/15/2044     79,879       79,384  
Series 2018-4792, Class BD,
3.500%, 02/15/2048     85,809       80,434  
Series 2018-4813, Class CJ,
3.000%, 08/15/2048     167,532       146,360  
Series 2018-4819, Class CB,
4.000%, 08/15/2048     780,248       732,578  
Series 2018-4824, Class KQ,
4.000%, 06/15/2046     40,228       40,117  
Series 2018-4827, Class LA,
3.500%, 08/15/2044     37,218       37,129  
Series 2018-4839, Class AE,
4.000%, 04/15/2051     103,298       100,899  

 

See Notes to Financial Statements and Financial Highlights.

6 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2019-4879, Class BC,
3.000%, 04/15/2049   $ 122,380     $ 109,443  
Series 2019-4888, Class NW,
3.000%, 05/15/2049     174,400       133,457  
Series 2019-4911, Class HG,
2.250%, 04/15/2049     15,530       13,037  
Series 2019-4919, Class JL,
2.500%, 09/25/2049     480,746       405,064  
Series 2019-4926, Class BP,
3.000%, 10/25/2049     257,714       226,779  
Series 2019-4932, Class CB,
3.500%, 03/25/2049     255,309       244,287  
Series 2020-4961, Class JB,
2.500%, 12/15/2042     59,885       54,745  
Series 2020-4988, Class AK,
1.000%, 07/25/2050     120,107       93,520  
Series 2020-4989, Class FA,
30D US SOFR + 0.464%, 08/15/2040(a)     28,297       27,752  
Series 2020-4989, Class FB,
30D US SOFR + 0.464%, 10/15/2040(a)     25,700       25,192  
Series 2020-5002, Class TJ,
2.000%, 07/25/2050     119,135       99,862  
Series 2020-5005, Class DY,
1.500%, 08/25/2050     142,756       62,076  
Series 2020-5036, Class NL,
2.500%, 11/25/2050     111,000       64,965  
Series 2020-5058, Class LW,
1.250%, 01/25/2051     48,315       23,162  
Series 2021-5080, Class CA,
2.000%, 02/25/2051     30,270       16,709  
Series 2021-5083, Class MA,
2.000%, 03/25/2051     231,266       135,656  
Series 2021-5085, Class HA,
1.500%, 03/25/2051     235,174       123,191  
Series 2021-5094, Class Z,
2.000%, 07/25/2050     218,977       153,318  
Series 2021-5116, Class HJ,
2.000%, 06/25/2051     31,738       17,076  
Series 2022-5206, Class ZY,
3.500%, 03/25/2052     156,017       119,568  
Series 2022-5271, Class A,
5.500%, 10/25/2047     251,041       253,818  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2024-5407, Class LB,
6.000%, 05/25/2054   $ 9,033,173     $ 9,208,230  
              27,844,983  
Freddie Mac Strips
Series 2016-349, Class 300,
3.000%, 05/15/2046     88,982       83,064  
                 
Freddie Mac Structured Pass-Through Certificates
Series 2002-41, Class 3A,
4.437%, 07/25/2032(a)     11,805       10,806  
                 
Ginnie Mae
Series 2003-40, Class PZ,
5.500%, 05/16/2033     353,287       352,531  
Series 2003-52, Class AP,
–%, 06/16/2033(c)     10,895       9,711  
Series 2004-1, Class TE,
5.000%, 06/20/2033     32,917       32,836  
Series 2004-87, Class BC,
4.500%, 10/20/2034     4,109       4,091  
Series 2005-13, Class BG,
5.000%, 02/20/2035     52,836       52,921  
Series 2005-20, Class GZ,
5.000%, 02/16/2035     141,458       141,121  
Series 2005-51, Class DC,
5.000%, 07/20/2035     2,871       2,876  
Series 2005-73, Class PH,
5.000%, 09/20/2035     96,251       96,051  
Series 2006-17, Class NZ,
6.000%, 04/20/2036     206,259       207,364  
Series 2006-20, Class QB,
6.000%, 04/20/2036     162,648       162,393  
Series 2006-38, Class ZK,
6.500%, 08/20/2036     120,292       120,007  
Series 2007-35, Class NE,
6.000%, 06/16/2037     941,954       951,068  
Series 2007-57, Class Z,
5.500%, 10/20/2037     190,188       192,405  
Series 2008-38, Class PL,
5.500%, 05/20/2038     13,028       13,249  
Series 2008-50, Class KB,
6.000%, 06/20/2038     95,852       97,570  
Series 2008-55, Class PL,
5.500%, 06/20/2038     14,469       14,439  
Series 2008-60, Class JP,
5.500%, 07/20/2038     39,968       39,885  
Series 2008-7, Class PB,
5.000%, 02/20/2038     127,618       127,286  
Series 2008-7, Class PQ,
5.000%, 02/20/2038     4,372       4,361  
Series 2009-15, Class FM,
1M CME TERM SOFR + 1.154%, 03/20/2039(a)     31,571       31,579  

 

See Notes to Financial Statements and Financial Highlights.

7 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2009-45, Class ZB,
6.000%, 06/20/2039   $ 412,859     $ 428,014  
Series 2009-47, Class LT,
5.000%, 06/20/2039     61,739       61,768  
Series 2009-61, Class AP,
4.000%, 08/20/2039     27,860       27,228  
Series 2009-94, Class FA,
1M CME TERM SOFR + 0.814%, 10/16/2039(a)     15,455       15,481  
Series 2010-134, Class YL,
4.500%, 10/20/2040     47,000       45,837  
Series 2010-29, Class AD,
3.500%, 10/20/2039     71,452       69,202  
Series 2010-H20, Class AF,
1M CME TERM SOFR + 0.444%, 10/20/2060(a)     7,712       7,688  
Series 2010-H27, Class FA,
1M CME TERM SOFR + 0.494%, 12/20/2060(a)     70,460       69,954  
Series 2011-100, Class MY,
4.000%, 07/20/2041     19,738       19,227  
Series 2011-141, Class GH,
3.000%, 10/16/2041     56,490       44,932  
Series 2011-150, Class DW,
3.000%, 07/16/2041     136,884       122,368  
Series 2011-71, Class ZC,
5.500%, 07/16/2034     34,846       34,971  
Series 2011-H11, Class FB,
1M CME TERM SOFR + 0.614%, 04/20/2061(a)     12,226       12,218  
Series 2012-108, Class CB,
2.500%, 09/20/2042     17,000       13,849  
Series 2012-108, Class PB,
2.750%, 09/16/2042     38,000       30,321  
Series 2012-116, Class BY,
3.000%, 09/16/2042     60,000       50,583  
Series 2012-124, Class LD,
2.000%, 10/20/2042     130,650       100,631  
Series 2012-32, Class PE,
3.500%, 03/16/2042     144,000       131,276  
Series 2012-40, Class PW,
4.000%, 01/20/2042     99,825       97,291  
Series 2012-61, Class MY,
3.000%, 05/16/2042     25,000       21,461  
Series 2012-65, Class LM,
3.000%, 05/20/2042     125,102       115,150  
Series 2012-77, Class MU,
2.500%, 06/20/2042     156,704       135,455  
Series 2012-84, Class QH,
2.500%, 07/16/2042     102,713       93,211  
Series 2012-97, Class BP,
2.500%, 08/20/2042     146,000       114,996  
Series 2012-H14, Class FK,
1M CME TERM SOFR + 0.694%, 07/20/2062(a)     10,792       10,796  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2012-H20, Class PT,
4.460%, 07/20/2062(a)   $ 38,133     $ 38,344  
Series 2012-H30, Class GA,
1M CME TERM SOFR + 0.464%, 12/20/2062(a)     47,613       47,280  
Series 2013-117, Class ED,
4.000%, 08/20/2043     151,000       141,487  
Series 2013-149, Class BP,
3.500%, 10/20/2043     104,000       85,893  
Series 2013-150, Class PY,
3.500%, 10/16/2043     120,000       112,663  
Series 2013-152, Class HL,
4.000%, 06/20/2043     100,000       92,156  
Series 2013-22, Class GB,
2.500%, 08/20/2042     78,152       71,042  
Series 2013-41, Class MY,
3.000%, 03/20/2043     16,129       14,523  
Series 2013-44, Class CE,
2.500%, 03/16/2043     286,782       227,808  
Series 2013-58, Class C,
2.500%, 04/20/2043     161,384       137,748  
Series 2013-9, Class KY,
3.000%, 01/20/2043     25,000       22,171  
Series 2013-H22, Class FB,
1M CME TERM SOFR + 0.814%, 08/20/2063(a)     67,226       67,369  
Series 2014-129, Class KJ,
3.000%, 07/16/2039     100,000       94,076  
Series 2014-21, Class PB,
4.000%, 02/16/2044     22,000       19,765  
Series 2014-32, Class DA,
3.500%, 02/20/2044     163,826       140,220  
Series 2014-72, Class ML,
3.500%, 03/20/2044     246,544       225,723  
Series 2014-98, Class ZP,
3.000%, 07/16/2044     249,471       197,106  
Series 2014-H19, Class HA,
3.000%, 09/20/2064     242,310       235,126  
Series 2014-H25, Class FB,
1M CME TERM SOFR + 0.594%, 12/20/2064(a)     39,942       39,914  
Series 2015-159, Class XO,
–%, 12/20/2043(c)     2,202,733       1,397,552  
Series 2015-31, Class B,
3.000%, 02/20/2045     200,000       181,118  
Series 2015-H29, Class FA,
1M CME TERM SOFR + 0.814%, 10/20/2065(a)     245       247  
Series 2016-163, Class B,
3.000%, 10/20/2046     40,000       31,167  
Series 2016-46, Class Z,
3.000%, 04/20/2046     33,818       21,566  
Series 2016-66, Class AB,
6.422%, 08/20/2034(a)     474,301       491,014  

 

See Notes to Financial Statements and Financial Highlights.

8 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2016-H08, Class FT,
1M CME TERM SOFR + 0.834%, 02/20/2066(a)   $ 12,738     $ 12,791  
Series 2016-H22, Class FA,
1M CME TERM SOFR + 0.88448%, 10/20/2066(a)     129,387       130,022  
Series 2016-H24, Class FG,
1M CME TERM SOFR + 0.864%, 10/20/2066(a)     114,102       114,515  
Series 2017-11, Class PZ,
4.000%, 01/20/2047     290,333       228,572  
Series 2017-134, Class CG,
2.500%, 09/20/2047     139,121       118,824  
Series 2017-H14, Class FD,
1M CME TERM SOFR + 0.584%, 06/20/2067(a)     10,140       10,129  
Series 2018-1, Class QJ,
3.000%, 01/20/2048     137,000       87,395  
Series 2018-115, Class CA,
3.500%, 08/20/2048     94,261       86,706  
Series 2018-14, Class P,
2.250%, 08/20/2046     548,491       489,128  
Series 2018-H07, Class FE,
1M CME TERM SOFR + 0.464%, 02/20/2068(a)     2,495       2,486  
Series 2019-108, Class NJ,
3.500%, 08/20/2049     105,848       94,401  
Series 2019-119, Class JE,
3.000%, 09/20/2049     52,505       46,429  
Series 2019-145, Class PA,
3.500%, 08/20/2049     158,204       151,725  
Series 2019-153, Class JZ,
3.000%, 12/20/2049     182,928       160,947  
Series 2019-158, Class LA,
3.500%, 04/20/2049     255,572       246,995  
Series 2019-18, Class HD,
3.500%, 02/20/2049     120,000       107,489  
Series 2019-20, Class AB,
3.250%, 02/20/2049     165,728       155,759  
Series 2019-61, Class KU,
3.500%, 05/20/2049     335,121       298,826  
Series 2019-85, Class KG,
3.000%, 06/20/2043     87,023       84,268  
Series 2020-116, Class CA,
1.000%, 08/20/2050     330,943       149,806  
Series 2020-122, Class MA,
1.000%, 08/20/2050     253,959       115,404  
Series 2020-149, Class WB,
1.000%, 10/20/2050     54,095       23,474  
Series 2020-15, Class JH,
2.500%, 02/20/2050     219,215       182,578  
Series 2020-160, Class KU,
1.500%, 10/20/2050     249,998       125,305  
Series 2020-183, Class BK,
1.250%, 12/20/2050     231,648       113,240  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2020-183, Class HM,
1.000%, 12/20/2050   $ 330,000     $ 177,355  
Series 2020-183, Class HY,
1.000%, 12/20/2050     146,000       59,336  
Series 2020-34, Class WB,
0.217%, 02/20/2050(a)     370,676       260,578  
Series 2020-62, Class WD,
0.417%, 05/20/2050(a)     729,034       423,368  
Series 2020-67, Class UA,
2.000%, 05/20/2050     126,605       71,177  
Series 2020-98, Class CE,
3.000%, 07/20/2050     9,736       8,960  
Series 2020-H04, Class FP,
1M CME TERM SOFR + 0.614%, 06/20/2069(a)     23,757       23,802  
Series 2020-H13, Class FC,
1M CME TERM SOFR + 0.564%, 07/20/2070(a)     305,063       303,790  
Series 2020-H20, Class FA,
1M CME TERM SOFR + 0.464%, 04/20/2070(a)     153,331       151,818  
Series 2021-214, Class GX,
2.000%, 12/20/2051     240,998       146,592  
Series 2021-225, Class EU,
2.000%, 12/20/2051     37,249       21,406  
Series 2021-7, Class TU,
1.000%, 01/16/2051     189,999       99,040  
Series 2021-76, Class ND,
1.250%, 08/20/2050     2,099       1,634  
Series 2021-97, Class JT,
2.000%, 06/20/2051     108,849       55,028  
Series 2021-H08, Class AF,
30D US SOFR + 0.30%, 01/20/2068(a)     421,474       420,935  
Series 2021-H19, Class FM,
30D US SOFR + 0.82%, 12/20/2071(a)     172,882       173,150  
Series 2022-24, Class BC,
4.000%, 02/20/2052     145,554       136,275  
Series 2022-36, Class UP,
2.000%, 11/20/2051     100,000       59,935  
Series 2023-113, Class JD,
6.000%, 08/20/2053     175,000       177,833  
Series 2023-13, Class CA,
2.500%, 12/20/2051     872,260       759,567  
Series 2023-149, Class B,
6.000%, 01/20/2050     165,739       166,312  
Series 2023-170, Class HC,
6.000%, 11/20/2041     166,837       167,267  
Series 2023-173, Class DX,
6.000%, 11/20/2053     780,000       794,368  
Series 2023-19, Class GZ,
5.000%, 02/20/2053     612,074       545,884  
Series 2023-19, Class WB,
5.631%, 11/20/2051(a)     87,528       89,250  

 

See Notes to Financial Statements and Financial Highlights.

9 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COLLATERALIZED MORTGAGE OBLIGATIONS (2.96%) (continued)
Series 2023-47, Class BL,
6.500%, 03/20/2053   $ 462,841     $ 474,751  
Series 2023-48, Class J,
5.000%, 09/20/2048     189,389       189,153  
Series 2023-81, Class AL,
4.500%, 08/20/2040     275,000       262,930  
Series 2024-20, Class PL,
7.500%, 02/20/2054     237,000       262,661  
Series 2024-22, Class EL,
3.000%, 02/20/2054     120,000       89,143  
Series 2024-57, Class JL,
1.000%, 05/20/2051     105,000       54,927  
Series 2024-77, Class PA,
7.500%, 11/20/2052     62,197       63,933  
Series 2024-97, Class PA,
7.500%, 02/20/2054     94,107       95,356  
              18,785,458  
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $80,635,880)             81,520,018  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.33%)
 
Fannie Mae-Aces
Series 2016-M11, Class AL,
2.944%, 07/25/2039     81,330       73,805  
Series 2018-M15, Class 1A2,
3.700%, 01/25/2036     400,000       377,450  
Series 2019-M16, Class X,
1.155%, 07/25/2031(a)     4,543,218       139,005  
Series 2019-M23, Class X3,
0.324%, 10/25/2031(a)(b)     36,612,700       529,497  
Series 2019-M26, Class X1,
0.603%, 03/25/2030(a)(b)     9,762,055       133,273  
Series 2019-M32, Class X2,
1.121%, 10/25/2029(a)(b)     4,029,674       105,801  
Series 2020-M10, Class X2,
1.716%, 12/25/2030(a)(b)     9,529,969       482,411  
Series 2020-M12, Class IO,
1.282%, 07/25/2029(a)(b)     2,305,583       62,474  
Series 2020-M13, Class X1,
1.130%, 06/25/2031(a)(b)     4,233,876       119,533  
Series 2020-M15, Class X1,
1.448%, 09/25/2031(a)(b)     6,298,911       338,532  
Series 2020-M19, Class X2,
0.240%, 12/25/2032(a)(b)     21,089,910       266,201  
Series 2020-M30, Class X,
0.899%, 07/25/2031(a)(b)     5,602,324       174,367  
Series 2021-M21, Class X,
0.643%, 03/25/2028(a)(b)     33,561,980       160,527  
Series 2021-M3, Class X1,
1.830%, 11/25/2033(a)     2,694,923       149,709  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.33%) (continued)
Series 2021-M8, Class X,
0.215%, 11/25/2035(a)   $ 9,198,759     $ 121,633  
              3,234,218  
Freddie Mac Multiclass Certificates Series 2020-P003
Series 2020-P003, Class A3,
1.956%, 09/25/2046     1,400,000       1,089,353  
                 
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2017-KW03, Class X1,
0.762%, 06/25/2027(a)(b)     34,342,422       164,799  
Series 2017-Q006, Class A2,
3.157%, 04/25/2028(a)     1,994,321       1,932,532  
Series 2018-Q007, Class APT2,
5.728%, 10/25/2047(a)     582,443       582,188  
Series 2019-K094, Class X1,
0.872%, 06/25/2029(a)(b)     1,925,643       44,760  
Series 2019-Q010, Class APT3,
3.908%, 02/25/2027(a)     664,303       659,532  
Series 2020-KG04, Class X1,
0.837%, 11/25/2030(a)     4,867,795       146,612  
Series 2020-Q014, Class X,
2.734%, 10/25/2055(a)     4,134,773       575,978  
Series 2023-KJ45, Class A2,
4.660%, 01/25/2031     600,000       602,427  
              4,708,828  
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $9,069,235)             9,032,399  
                 

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%)
 
Fannie Mae Pool
Series 2004-,
6.000%, 08/01/2034     21,003       21,611  
Series 2006-,
5.500%, 01/01/2037     159,171       160,526  
Series 2007-,
5.500%, 08/01/2037     341,753       342,655  
Series 2007-943003,
5.500%, 08/01/2047     30,027       30,411  
Series 2008-,
6.340%, 08/01/2038     1,152,037       1,149,052  
Series 2009-,
5.000%, 12/01/2039     334,670       331,528  
5.450%, 11/01/2037     130,848       129,854  
5.500%, 02/01/2037     236,098       238,657  
Series 2010-,
6.500%, 08/01/2028     488,973       487,741  
Series 2012-AM1671,
2.100%, 12/01/2027     66,016       65,014  

 

See Notes to Financial Statements and Financial Highlights.

10 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
Series 2013-,
2.500%, 03/01/2033   $ 240,641     $ 227,700  
3.000%, 01/01/2043     332,165       303,148  
3.500%, 07/01/2043     350,257       327,957  
Series 2015-,
2.830%, 04/01/2030     215,856       204,381  
3.410%, 01/01/2032     139,518       132,813  
3.500%, 06/01/2030     139,972       137,362  
3.600%, 02/01/2040     552,797       517,809  
5.530%, 03/01/2038     469,186       480,284  
Series 2016-,
3.100%, 03/01/2033     183,777       170,220  
4.500%, 01/01/2039     166,407       165,059  
Series 2017-,
2.000%, 07/01/2032     150,617       141,513  
2.500%, 01/01/2047     147,233       126,418  
3.000%, 10/01/2027     1,295,930       1,277,264  
3.210%, 11/01/2032     60,000       55,815  
3.260%, 08/01/2029     141,336       137,379  
3.500%, 11/01/2047     529,250       478,307  
3.630%, 01/01/2037     666,658       615,596  
5.500%, 09/01/2056     242,134       246,059  
5.909%, 05/01/2048     500,063       514,842  
7.000%, 02/01/2030     271,719       277,382  
Series 2017-AN6670,
3.210%, 09/01/2027     27,110       26,722  
Series 2017-AN7060,
2.930%, 10/01/2027     195,000       191,477  
Series 2018-,
3.000%, 03/01/2033     341,823       325,895  
3.000%, 01/01/2048     251,773       226,995  
3.000%, 04/01/2048     289,358       254,589  
3.485%, 04/01/2028     805,000       794,932  
3.545%, 04/01/2028     476,836       471,350  
4.000%, 11/01/2040     368,963       359,933  
4.500%, 07/01/2040     85,350       84,221  
4.500%, 09/01/2040     192,495       186,973  
4.500%, 02/01/2041     408,587       403,186  
5.500%, 12/01/2048     70,973       72,720  
Series 2018-387770,
3.625%, 07/01/2028     115,000       113,695  
Series 2018-387983,
3.630%, 08/01/2028     196,146       192,317  
Series 2018-AN8272,
3.170%, 02/01/2028     200,000       196,806  
Series 2019-,
3.340%, 05/01/2031     227,870       217,842  
3.800%, 01/01/2029     100,721       99,133  
4.000%, 08/01/2048     110,604       105,430  
Series 2020-,
2.010%, 04/01/2030     183,080       167,902  
Series 2021-,
1.270%, 12/01/2029     181,252       163,033  
2.000%, 09/01/2051     944,661       768,286  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
2.500%, 09/01/2051   $ 1,823,394     $ 1,523,995  
6.000%, 01/01/2039     199,642       205,463  
Series 2022-,
3.010%, 04/01/2032     103,357       96,279  
3.680%, 04/01/2032     310,000       294,560  
3.890%, 07/01/2032     200,000       193,410  
Series 2023-,
3.500%, 04/01/2044     291,637       275,034  
4.070%, 07/01/2033     120,000       116,739  
4.490%, 06/01/2028     40,000       40,168  
4.520%, 07/01/2033     220,000       220,034  
4.610%, 11/01/2030     175,344       176,934  
4.670%, 07/01/2030     185,000       187,187  
4.775%, 03/01/2035     346,497       347,863  
4.790%, 03/01/2028     260,000       260,318  
4.920%, 08/01/2028     200,000       201,081  
4.980%, 08/01/2028     195,840       197,122  
5.130%, 10/01/2028     40,000       40,684  
5.320%, 02/01/2033     250,000       250,973  
5.350%, 07/01/2033     1,656,000       1,667,337  
5.470%, 11/01/2033     1,948,503       2,004,090  
5.555%, 01/01/2030     1,000,000       1,023,322  
5.620%, 01/01/2032     491,765       510,108  
6.000%, 10/01/2028     3,277,469       3,398,368  
6.220%, 06/01/2032     2,100,000       2,198,989  
6.500%, 06/01/2053     1,018,364       1,069,036  
6.500%, 07/01/2053     5,542,308       5,788,103  
6.500%, 08/01/2053     1,474,752       1,544,016  
6.500%, 10/01/2053     127,593       133,240  
7.000%, 04/01/2053     502,002       524,848  
7.500%, 01/01/2054     2,141,167       2,360,059  
Series 2024-,
5.340%, 07/01/2029     4,500,000       4,544,889  
5.790%, 01/01/2029     750,000       755,763  
5.810%, 06/01/2031     7,415,000       7,628,428  
6.000%, 06/01/2054     1,333,168       1,379,339  
6.000%, 07/01/2054     1,680,701       1,736,499  
6.470%, 01/01/2034     1,170,000       1,208,763  
6.500%, 01/01/2054     966,132       1,009,667  
7.000%, 02/01/2054     1,906,636       2,043,217  
7.000%, 05/01/2054     905,900       963,641  
7.500%, 01/01/2054     212,530       224,090  
7.500%, 03/01/2054     169,248       179,420  
Series 2025-,
1.500%, 02/01/2051     17,392,094       12,956,228  
3.500%, 08/01/2049     7,369,395       6,760,500  
6.000%, 04/01/2040     3,116,881       3,233,154  
              86,390,752  
Freddie Mac Gold Pool
Series 2004-,
5.500%, 07/01/2034     64,509       64,628  
Series 2005-,
5.500%, 11/01/2035     82,593       84,154  

 

See Notes to Financial Statements and Financial Highlights.

11 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
Series 2006-,
6.500%, 12/01/2034   $ 188,625     $ 190,905  
Series 2013-,
3.000%, 04/01/2043     1,209,107       1,092,905  
Series 2015-,
4.500%, 06/01/2034     367,765       368,806  
Series 2024-,
2.500%, 02/01/2047     1,465,296       1,263,802  
              3,065,200  
Freddie Mac Non Gold Pool
Series 2016-,
5Y US TI + 1.24%, 06/01/2045(a)     363,314       356,133  
                 
Freddie Mac Pool
Series 2018-,
3.000%, 06/01/2043     283,385       255,859  
3.500%, 03/01/2043     276,330       258,743  
4.000%, 06/01/2037     615,487       593,377  
4.500%, 01/01/2036     15,010       14,793  
5.500%, 07/01/2033     87,136       87,153  
Series 2019-,
3.000%, 10/01/2049     223,564       194,614  
3.000%, 11/01/2049     3,584,621       3,193,337  
3.500%, 02/01/2049     826,740       750,411  
Series 2020-,
1.500%, 12/01/2045     3,463,940       2,698,428  
2.000%, 06/01/2050     643,856       506,647  
3.500%, 02/01/2050     2,671,515       2,394,037  
Series 2021-,
1.000%, 11/01/2036     127,071       111,060  
1.500%, 10/01/2036     3,704,501       3,313,261  
4.000%, 07/01/2051     1,172,137       1,082,112  
Series 2022-,
3.000%, 12/01/2051     296,416       258,015  
3.000%, 03/01/2052     4,173,269       3,712,076  
3.500%, 07/01/2037     394,835       353,548  
3.750%, 06/01/2037     335,768       306,085  
5.500%, 09/01/2052     620,586       626,402  
6.000%, 06/01/2052     233,533       240,856  
6.500%, 12/01/2038     278,177       288,337  
Series 2023-,
4.350%, 01/01/2033     1,000,000       988,699  
4.450%, 04/01/2030     998,899       996,708  
5.100%, 06/01/2028     1,150,000       1,146,870  
6.500%, 04/01/2053     875,282       915,130  
6.500%, 07/01/2053     635,386       663,976  
6.500%, 08/01/2053     3,404,013       3,565,084  
6.500%, 11/01/2053     62,096       64,579  
7.000%, 12/01/2053     281,017       300,167  
Series 2024-,
5.030%, 02/01/2029     5,000,000       5,010,416  
6.500%, 01/01/2054     3,490,843       3,651,656  
6.500%, 02/01/2054     1,355,839       1,420,353  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
6.500%, 04/01/2054   $ 1,153,946     $ 1,204,765  
7.000%, 08/01/2054     1,263,272       1,320,769  
              42,488,323  
Ginnie Mae I Pool
Series 2011-,
4.500%, 03/15/2041     571,118       561,722  
Series 2013-,
3.500%, 02/15/2043     458,357       422,316  
3.500%, 06/15/2043     104,461       96,530  
Series 2015-,
3.000%, 07/15/2045     583,962       522,829  
              1,603,397  
Ginnie Mae II Pool
Series 2011-,
4.000%, 10/20/2041     329,627       308,821  
Series 2012-,
3.150%, 12/20/2042     253,823       227,304  
3.500%, 04/20/2042     120,989       109,778  
3.500%, 05/20/2042     126,276       114,162  
3.500%, 11/20/2042     150,165       136,157  
4.500%, 03/20/2042     834,171       838,509  
Series 2013-,
2.500%, 02/20/2043     2,940,332       2,522,213  
3.000%, 01/20/2043     576,029       527,141  
3.000%, 03/20/2043     382,375       351,100  
Series 2015-,
3.000%, 01/20/2040     530,603       476,509  
4.700%, 02/20/2065(a)     78,892       79,448  
Series 2016-,
3.000%, 07/20/2046     322,014       286,722  
3.750%, 09/20/2046     112,704       104,162  
3.750%, 10/20/2046     122,597       113,382  
Series 2017-,
3.000%, 11/20/2047     670,840       597,295  
3.750%, 07/20/2047     2,465,099       2,220,276  
4.000%, 09/20/2047     268,542       250,099  
Series 2018-,
3.500%, 04/20/2048     318,936       290,888  
4.500%, 02/20/2048     642,897       623,302  
4.500%, 05/20/2048     746,417       717,267  
4.500%, 09/20/2048     37,694       36,746  
Series 2019-,
4.500%, 11/20/2049     773,457       745,094  
5.000%, 07/20/2049     662,120       657,207  
6.000%, 05/20/2049     101,585       106,334  
Series 2020-,
3.000%, 01/20/2050     2,556,085       2,253,932  
3.000%, 03/20/2050     1,721,872       1,513,971  
3.500%, 12/20/2049     805,453       709,354  
6.500%, 05/20/2039     148,778       159,554  
Series 2021-,
2.000%, 03/20/2051     942,447       762,264  
2.000%, 09/20/2051     2,754,257       2,227,632  
2.500%, 09/20/2036     445,531       409,929  

 

See Notes to Financial Statements and Financial Highlights.

12 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
2.500%, 02/20/2051   $ 2,759,680     $ 2,344,454  
2.500%, 09/20/2051     3,255,810       2,757,857  
2.500%, 12/20/2051     258,760       220,620  
3.000%, 08/20/2051     26,497       23,886  
3.500%, 02/20/2051     440,833       402,671  
3.500%, 03/20/2051     522,203       471,190  
6.500%, 11/20/2036     150,162       156,557  
6.500%, 09/20/2051     231,581       248,360  
Series 2022-,
3.000%, 12/20/2044     5,662       5,042  
3.000%, 06/20/2051     1,206,721       1,062,041  
3.500%, 01/20/2052     99,444       88,325  
4.000%, 12/20/2051     314,471       287,719  
5.000%, 11/20/2052     238,984       236,950  
5.500%, 07/20/2035     151,275       152,477  
5.500%, 12/20/2052     3,984,976       3,854,315  
5.500%, 08/20/2062     4,242,858       4,271,462  
6.000%, 12/20/2037     92,644       96,117  
7.000%, 11/20/2052     152,032       157,246  
Series 2023-,
5.500%, 08/20/2053     118,822       121,427  
6.000%, 09/20/2053     1,762,882       1,823,883  
6.500%, 09/20/2053     609,662       644,453  
6.500%, 10/20/2053     29,728       31,218  
6.500%, 11/20/2053     1,639,332       1,723,799  
7.000%, 11/20/2053     16,101       16,602  
8.000%, 12/20/2063     520,416       547,143  
Series 2024-,
3.000%, 10/20/2050     4,220,931       3,721,631  
6.000%, 01/20/2054     274,939       286,132  
6.000%, 02/20/2054     3,636,155       3,770,561  
6.000%, 06/20/2054     2,905,124       3,003,142  
6.000%, 11/20/2064     5,546,739       5,690,808  
6.500%, 01/20/2054     5,864,642       6,153,992  
6.500%, 08/20/2054     931,530       972,499  
6.500%, 04/20/2064     342,317       357,646  
6.500%, 05/20/2064     2,026,734       2,117,489  
6.500%, 09/20/2064     1,523,965       1,589,638  
6.500%, 10/20/2064     2,462,829       2,573,115  
6.500%, 12/20/2064     1,895,851       1,980,751  
7.000%, 04/20/2054     844,257       873,928  
7.000%, 12/20/2063     408,221       426,678  
8.000%, 12/20/2053     526,351       548,472  
8.000%, 08/20/2054     2,175,308       2,274,640  
8.000%, 09/20/2054     386,925       412,634  
8.000%, 12/20/2063     856,799       896,707  
8.500%, 06/20/2054     513,262       553,229  
Series 2025-,
6.500%, 06/20/2055     758,889       798,663  
6.500%, 09/20/2055     2,809,260       2,880,131  
6.500%, 12/20/2064     1,155,726       1,206,433  
6.500%, 01/20/2065     10,635,174       11,103,765  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
MORTGAGE-BACKED SECURITIES (8.39%) (continued)
Series 2026-,
6.500%, 09/20/2065   $ 406,190     $ 424,379  
              96,839,429  
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $228,372,283)             230,743,234  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%)
 
Aerospace & Defense (4.33%)
Boeing Co.
6.53%, 05/01/2034     11,604,000       12,671,497  
7.01%, 05/01/2064     22,950,000       26,244,952  
General Dynamics Corp.
4.95%, 08/15/2035     3,973,000       3,992,894  
General Electric Co.
4.90%, 01/29/2036     5,820,000       5,815,557  
Honeywell Aerospace, Inc.
4.30%, 03/16/2031(d)     2,994,000       2,950,410  
4.95%, 03/16/2036(d)     6,357,000       6,290,482  
5.73%, 03/16/2056(d)     6,338,000       6,344,939  
Howmet Aerospace, Inc.
4.75%, 04/15/2036     2,648,000       2,578,674  
L3Harris Technologies, Inc.
5.35%, 06/01/2034     10,165,000       10,377,974  
Lockheed Martin Corp.
5.00%, 08/15/2035     8,840,000       8,909,331  
Northrop Grumman Corp.
5.25%, 07/15/2035     15,025,000       15,309,771  
RTX Corp.
6.10%, 03/15/2034     16,275,000       17,499,506  
Total Aerospace & Defense             118,985,987  
                 
Airlines (1.63%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027(d)     2,824,412       2,831,570  
Alaska Airlines, Inc.
6.50%, 06/01/2031(d)     6,800,000       6,766,656  
AS Mileage Plan IP, Ltd.
5.02%, 10/20/2029(d)     7,893,000       7,825,126  
5.31%, 10/20/2031(d)     5,907,000       5,804,986  
Southwest Airlines Co.
5.25%, 11/15/2035     8,048,000       7,803,311  
United Airlines 2020-1 Class A Pass Through Trust
5.88%, 10/15/2027     1,816,206       1,844,012  
United Airlines Holdings, Inc.
4.88%, 03/01/2029     6,104,000       6,038,486  
5.38%, 03/01/2031     6,035,000       5,976,259  
Total Airlines             44,890,406  
                 
Apparel & Textile Products (0.99%)
Gildan Activewear, Inc.
5.40%, 10/07/2035(d)     15,905,000       15,636,034  

 

See Notes to Financial Statements and Financial Highlights.

13 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)                
VF Corp.                
2.95%, 04/23/2030   $ 12,814,000     $ 11,607,738  
Total Apparel & Textile Products             27,243,772  
                 
Auto Parts Manufacturing (0.18%)                
Goodyear Tire & Rubber Co.                
5.63%, 04/30/2033     1,950,000       1,700,287  
6.63%, 07/15/2030     3,426,000       3,352,129  
Total Auto Parts Manufacturing             5,052,416  
                 
Automobiles Manufacturing (1.75%)                
Ford Motor Credit Co. LLC                
6.47%, 05/22/2036     4,200,000       4,309,865  
6.50%, 02/07/2035     12,027,000       12,416,742  
6.80%, 05/12/2028     7,250,000       7,476,871  
General Motors Co.                
5.63%, 04/15/2030     2,800,000       2,882,767  
6.25%, 04/15/2035     4,916,000       5,171,516  
General Motors Financial Co., Inc.                
5.45%, 01/08/2036     6,630,000       6,620,221  
Hyundai Capital America                
4.55%, 01/08/2031(d)     6,411,000       6,314,716  
5.45%, 06/24/2026(d)     2,942,000       2,944,654  
Total Automobiles Manufacturing             48,137,352  
                 
Banks (4.13%)                
Capital One NA                
USISOA05 + 1.73%, 08/09/2028(a)     5,550,000       5,664,507  
Cooperatieve Rabobank UA                
3.75%, 07/21/2026     2,750,000       2,748,472  
Danske Bank A/S                
1Y US TI + 0.95%, 03/01/2028(a)(d)     4,588,000       4,622,900  
1Y US TI + 0.98%, 03/27/2032(a)(d)     845,000       847,338  
1Y US TI + 1.40%, 03/01/2030(a)(d)     3,370,000       3,456,798  
Fifth Third Bancorp                
1D US SOFR + 0.95%, 04/29/2032(a)     6,124,000       6,023,903  
1D US SOFR + 1.24%, 01/29/2037(a)     2,584,000       2,532,778  
First Citizens BancShares, Inc.                
1D US SOFR + 1.41%, 03/12/2031(a)     2,858,000       2,847,422  
5Y US TI + 1.97%, 03/12/2040(a)     14,000,000       13,797,039  
Huntington Bancshares, Inc.                
5Y US TI + 1.35%, 01/28/2041(a)     1,343,000       1,315,999  
Morgan Stanley Private Bank NA                
1D US SOFR + 1.02%, 11/19/2031(a)     6,570,000       6,471,392  
Pinnacle Financial Partners, Inc.                
1D US SOFR + 2.347%, 11/01/2030(a)     11,450,000       11,754,881  
                 

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)                
PNC Financial Services Group, Inc.                
5Y US TI + 1.17%, 01/25/2041(a)   $ 8,941,000     $ 8,790,597  
Regions Bank/Birmingham AL                
1D US SOFR + 0.807%, 07/27/2029(a)     3,960,000       3,972,396  
US Bancorp                
1D US SOFR + 0.867%, 01/26/2032(a)     1,289,000       1,272,126  
5Y US TI + 0.95%, 11/03/2036(a)     2,764,000       2,403,281  
1D US SOFR + 1.101%, 01/26/2037(a)     773,000       761,822  
Wells Fargo & Co.                
1D US SOFR + 0.97%, 05/20/2032(a)     3,140,000       3,138,084  
1D US SOFR + 1.10%, 01/23/2037(a)     6,670,000       6,516,438  
1D US SOFR + 1.23%, 01/23/2047(a)     5,468,000       5,255,686  
1D US SOFR + 1.74%, 04/23/2036(a)     9,575,000       9,826,496  
1D US SOFR + 2.02%, 04/24/2034(a)     9,300,000       9,471,397  
Total Banks             113,491,752  
                 
Biotechnology (0.41%)                
BioMarin Pharmaceutical, Inc.                
5.50%, 02/15/2034(d)     4,893,000       4,836,447  
GENMAB A/S/GENMAB FINANCE LLC                
6.25%, 12/15/2032(d)     3,754,000       3,827,180  
Gilead Sciences, Inc.                
4.40%, 05/20/2029     2,636,000       2,636,926  
Total Biotechnology             11,300,553  
                 
Cable & Satellite (0.34%)                
CCO Holdings LLC / CCO Holdings Capital Corp.                
5.00%, 02/01/2028(d)     4,961,000       4,914,516  
Sirius XM Radio LLC                
5.00%, 08/01/2027(d)     4,422,000       4,417,557  
Total Cable & Satellite             9,332,073  
                 
Casinos & Gaming (0.27%)                
Penn Entertainment, Inc.                
5.63%, 01/15/2027(d)     2,689,000       2,689,109  
Station Casinos LLC                
4.50%, 02/15/2028(d)     4,797,000       4,731,723  
Total Casinos & Gaming             7,420,832  
                 
Chemicals (0.77%)                
Celanese US Holdings LLC                
7.00%, 02/15/2031     5,684,000       5,895,991  
Eastman Chemical Co.                
4.50%, 02/20/2031     4,700,000       4,617,086  

 

See Notes to Financial Statements and Financial Highlights.

14 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Ecolab, Inc.
4.80%, 06/15/2031   $ 2,089,000     $ 2,106,187  
5.15%, 06/15/2033     3,134,000       3,182,836  
5.35%, 06/15/2036     5,249,000       5,339,027  
Total Chemicals             21,141,127  
                 
Consumer Finance (2.19%)
American Express Co.
5Y US TI + 1.15%, 02/08/2041(a)     784,000       782,623  
1D US SOFR + 1.237%, 10/24/2036(a)     7,304,000       7,070,677  
SOFRINDX + 1.32%, 01/30/2036(a)(e)     3,345,000       3,415,641  
1D US SOFR + 1.79%, 04/25/2036(a)     1,800,000       1,867,469  
Fidelity National Information Services, Inc.
2.25%, 03/01/2031     6,240,000       5,557,335  
4.55%, 03/10/2029     2,990,000       2,974,088  
4.80%, 03/10/2031     6,196,000       6,152,045  
Fiserv, Inc.
2.65%, 06/01/2030     3,700,000       3,392,501  
5.25%, 08/11/2035     4,300,000       4,211,929  
5.45%, 03/15/2034     3,650,000       3,641,047  
Global Payments, Inc.
4.88%, 11/15/2030     6,340,000       6,242,268  
5.55%, 11/15/2035     5,900,000       5,758,283  
PayPal Holdings, Inc.
5.55%, 06/01/2036     3,187,000       3,191,201  
Rocket Cos., Inc.
6.13%, 08/01/2030(d)     1,200,000       1,218,993  
Rocket Mortgage LLC
3.88%, 03/01/2031(d)     1,600,000       1,487,989  
Synchrony Financial
3.70%, 08/04/2026     1,500,000       1,498,744  
Visa, Inc.
4.70%, 02/12/2036     1,628,000       1,615,061  
Total Consumer Finance             60,077,894  
                 
Consumer Products (0.35%)
Clorox Co.
5.25%, 05/15/2036     3,740,000       3,743,306  
L'Oreal SA
5.00%, 05/20/2035(d)     5,900,000       5,965,383  
Total Consumer Products             9,708,689  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Consumer Services (0.20%)
Automatic Data Processing, Inc.
5.00%, 05/07/2036   $ 5,535,000     $ 5,522,302  
 
Diversified Banks (1.90%)
Bank of America Corp.
1D US SOFR + 1.04%, 04/23/2032(a)     2,915,000       2,897,990  
5Y US TI + 1.20%, 09/21/2036(a)     6,895,000       6,018,508  
1D US SOFR + 1.572%, 04/23/2037(a)     4,077,000       4,059,819  
1D US SOFR + 1.91%, 04/25/2034(a)     5,867,000       5,962,640  
JPMorgan Chase & Co.
1D US SOFR + 0.93%, 04/22/2028(a)     2,434,000       2,460,465  
1D US SOFR + 0.99%, 04/23/2032(a)     4,080,000       4,047,342  
1D US SOFR + 1.07%, 01/22/2037(a)     3,866,000       3,768,750  
1D US SOFR + 1.19%, 10/22/2036(a)     4,562,000       4,429,120  
1D US SOFR + 1.26%, 04/23/2037(a)     3,058,000       3,040,473  
1D US SOFR + 1.30%, 02/05/2037(a)     3,920,000       3,857,316  
1D US SOFR + 1.62%, 01/23/2035(a)     8,176,000       8,301,303  
1D US SOFR + 1.635%, 07/23/2036(a)     3,249,000       3,303,047  
Total Diversified Banks             52,146,773  
                 
Electrical Equipment Manufacturing (0.11%)
GE Vernova, Inc.
4.88%, 02/04/2036     2,945,000       2,903,822  
                 
Entertainment Content (0.71%)
Discovery Global Holdings, Inc.
5.14%, 03/15/2052     8,566,000       5,857,003  
Paramount Global
4.20%, 05/19/2032     2,575,000       2,230,528  
4.38%, 03/15/2043     3,252,000       2,082,950  
4.95%, 05/19/2050     10,334,000       6,637,651  
Walt Disney Co.
4.63%, 03/14/2036     2,644,000       2,574,960  
Total Entertainment Content             19,383,092  
                 
Exploration & Production (1.90%)
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
6.63%, 07/15/2033(d)     353,000       362,765  
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028(d)     4,240,000       4,258,787  
7.25%, 02/15/2035(d)     10,297,000       10,453,700  
Occidental Petroleum Corp.
7.88%, 09/15/2031     10,820,000       12,327,312  

 

See Notes to Financial Statements and Financial Highlights.

15 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Permian Resources Operating LLC
5.88%, 07/01/2029(d)   $ 2,324,000     $ 2,327,298  
6.25%, 02/01/2033(d)     3,637,000       3,738,381  
7.00%, 01/15/2032(d)     6,218,000       6,486,170  
9.88%, 07/15/2031(d)     3,612,000       3,813,792  
SM Energy Co.
8.75%, 07/01/2031(d)     2,000,000       2,094,502  
Viper Energy Partners LLC
5.70%, 08/01/2035     6,267,000       6,411,360  
Total Exploration & Production             52,274,067  
                 
Financial Services (4.65%)
Affiliated Managers Group, Inc.
5.50%, 02/15/2036     4,566,000       4,517,816  
Bank of New York Mellon Corp.
1D US SOFR + 1.177%, 04/23/2037(a)     2,730,000       2,716,056  
Charles Schwab Corp.
SOFRINDX + 1.05%, 03/03/2027(a)(e)     3,718,000       3,736,224  
1D US SOFR + 1.28%, 05/21/2037(a)     2,810,000       2,850,864  
Citadel Securities Global Holdings LLC
5.50%, 06/18/2030(d)     7,484,000       7,614,436  
5.75%, 03/27/2036(d)     2,690,000       2,659,239  
6.20%, 06/18/2035(d)     7,496,000       7,707,826  
Goldman Sachs Group, Inc.
1D US SOFR + 1.03%, 06/03/2032(a)     1,420,000       1,423,656  
5Y US TI + 1.18%, 02/02/2041(a)     6,257,000       6,104,337  
1D US SOFR + 1.19%, 01/21/2037(a)     5,940,000       5,813,073  
1D US SOFR + 1.55%, 07/23/2035(a)     6,405,000       6,448,279  
1D US SOFR + 1.58%, 04/23/2031(a)     5,479,000       5,560,203  
Jane Street Group / JSG Finance, Inc.
6.13%, 11/01/2032(d)     3,544,000       3,554,872  
6.75%, 05/01/2033(d)     4,450,000       4,579,477  
7.13%, 04/30/2031(d)     12,550,000       13,017,325  
Lseg US Fin Corp.
5.25%, 03/23/2036(d)     5,906,000       5,891,871  
Morgan Stanley
5Y US TI + 1.17%, 01/18/2041(a)     7,252,000       7,086,245  
SOFRINDX + 1.18%, 04/16/2032(a)(e)     6,480,000       6,453,838  
1D US SOFR + 1.184%, 01/30/2037(a)     3,949,000       3,868,447  
SOFRINDX + 1.41%, 04/10/2037(a)(e)     2,040,000       2,035,257  
1D US SOFR + 2.62%, 04/20/2037(a)     6,026,000       6,035,303  
1D US SOFR + 1.314%, 10/22/2036(a)     6,325,000       6,139,792  
                 

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
State Street Corp.
1D US SOFR + 1.49%, 11/01/2034(a)   $ 1,585,000     $ 1,488,384  
UBS Group AG
1D US SOFR + 1.34%, 08/10/2037(a)(d)     2,465,000       2,427,630  
1D US SOFR + 1.34%, 03/23/2037(a)(d)     8,400,000       8,191,272  
Total Financial Services             127,921,722  
                 
Food & Beverage (0.42%)
Molson Coors Beverage Co.
4.90%, 07/08/2031     1,970,000       1,977,018  
5.50%, 07/08/2036     2,815,000       2,837,378  
Pilgrim's Pride Corp.
3.50%, 03/01/2032     555,000       504,961  
6.25%, 07/01/2033     1,840,000       1,923,505  
6.88%, 05/15/2034     3,862,000       4,177,869  
Total Food & Beverage             11,420,731  
                 
Health Care Facilities & Services (0.33%)
HCA, Inc.
2.38%, 07/15/2031     8,850,000       7,862,255  
5.70%, 11/15/2055     1,216,000       1,143,602  
Total Health Care Facilities & Services             9,005,857  
                 
Homebuilders (0.02%)
Taylor Morrison Communities, Inc.
5.13%, 08/01/2030(d)     603,000       597,384  
                 
Integrated Oils (0.41%)
Saudi Arabian Oil Co.
4.38%, 02/02/2031(d)     2,414,000       2,371,013  
5.00%, 02/02/2036(d)     6,133,000       6,003,070  
TotalEnergies Capital USA LLC
4.86%, 01/13/2036     3,078,000       3,036,152  
Total Integrated Oils             11,410,235  
                 
Internet Media (0.99%)
Alphabet, Inc.
4.70%, 11/15/2035     6,091,000       5,991,386  
4.80%, 02/15/2036     3,700,000       3,659,986  
5.35%, 11/15/2045     1,260,000       1,231,093  
5.45%, 11/15/2055     2,300,000       2,222,768  
5.65%, 02/15/2056     1,848,000       1,838,409  
5.70%, 11/15/2075     2,700,000       2,641,265  
Meta Platforms, Inc.
5.25%, 05/15/2036     4,130,000       4,128,092  
6.30%, 05/15/2056     5,530,000       5,583,567  
Total Internet Media             27,296,566  

 

See Notes to Financial Statements and Financial Highlights.

16 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Machinery Manufacturing (0.33%)
Eaton Corp.
4.50%, 03/06/2033   $ 2,675,000     $ 2,630,665  
4.80%, 03/06/2036     6,681,000       6,575,512  
Total Machinery Manufacturing             9,206,177  
                 
Manufactured Goods (0.09%)
Chart Industries, Inc.
7.50%, 01/01/2030(d)     2,310,000       2,394,333  
                 
Medical Equipment & Devices Manufacturing (1.69%)
Abbott Laboratories
4.65%, 03/15/2036     2,657,000       2,583,368  
Augusta SpinCo Corp.
4.66%, 03/23/2031     3,222,000       3,204,343  
5.25%, 03/23/2036     7,826,000       7,826,230  
Insulet Corp.
6.50%, 04/01/2033     325,000       330,978  
Medline Borrower LP/Medline Co.-Issuer, Inc.
6.25%, 04/01/2029(d)     8,260,000       8,487,893  
Solventum Corp.
5.45%, 03/13/2031     5,850,000       6,009,233  
Thermo Fisher Scientific, Inc.
4.90%, 02/12/2036     7,818,000       7,723,797  
5.55%, 02/12/2046     3,874,000       3,843,246  
VSP Optical Group, Inc.
5.45%, 12/01/2035(d)     6,600,000       6,543,688  
Total Medical Equipment & Devices Manufacturing             46,552,776  
                 
Oil & Gas Services & Equipment (0.46%)
Baker Hughes Holdings LLC / Baker Hughes Co.- Obligor, Inc.
4.35%, 06/15/2031     5,349,000       5,263,361  
5.00%, 06/15/2036     5,050,000       4,975,897  
5.85%, 06/15/2056     2,525,000       2,518,939  
Total Oil & Gas Services & Equipment             12,758,197  
                 
Pharmaceuticals (1.19%)
Amneal Pharmaceuticals LLC
6.88%, 08/01/2032(d)     9,599,000       9,955,228  
Eli Lilly & Co.
4.85%, 05/20/2036     8,315,000       8,261,767  
5.60%, 05/20/2056     4,160,000       4,175,522  
Merck & Co., Inc.
5.20%, 05/22/2036     1,965,000       1,990,463  
5.85%, 05/22/2056     2,810,000       2,885,492  
Novartis Capital Corp.
4.90%, 03/18/2036     5,363,000       5,344,050  
Total Pharmaceuticals             32,612,522  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Pipeline (1.61%)
Buckeye Partners LP
4.13%, 12/01/2027   $ 1,823,000     $ 1,797,845  
4.50%, 03/01/2028(d)     4,374,000       4,329,879  
6.88%, 07/01/2029(d)     8,721,000       8,996,496  
Energy Transfer LP
7.38%, 02/01/2031(d)     6,349,000       6,580,445  
Flex Intermediate Holdco LLC
3.36%, 06/30/2031(d)     7,300,000       6,739,474  
4.32%, 12/30/2039(d)     5,250,000       4,459,767  
Kinetik Holdings LP
6.63%, 12/15/2028(d)     5,640,000       5,762,834  
NuStar Logistics LP
6.38%, 10/01/2030     4,238,000       4,402,350  
Targa Resources Corp.
4.35%, 01/15/2029     1,212,000       1,207,453  
Total Pipeline             44,276,543  
                 
Power Generation (0.63%)
Constellation Energy Generation LLC
4.40%, 01/15/2031     2,867,000       2,829,255  
4.80%, 01/15/2032     2,070,000       2,060,749  
5.30%, 06/01/2036     3,107,000       3,095,375  
5.88%, 01/15/2066     5,633,000       5,493,336  
Vistra Operations Co. LLC
7.75%, 10/15/2031(d)     3,709,000       3,890,177  
Total Power Generation             17,368,892  
                 
Property & Casualty Insurance (0.20%)
Brown & Brown, Inc.
5.55%, 06/23/2035     5,550,000       5,567,120  
                 
Publishing & Broadcasting (0.29%)
Nexstar Media, Inc.
6.50%, 09/15/2033(d)     8,029,000       8,098,676  
                 
Real Estate (1.14%)
CBRE Services, Inc.
5.25%, 06/01/2036     1,712,000       1,686,386  
CoStar Group, Inc.
2.80%, 07/15/2030(d)     6,325,000       5,772,203  
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028(d)     5,998,000       6,007,051  
GLP Capital LP / GLP Financing II, Inc.
5.30%, 01/15/2029     2,840,000       2,859,204  
5.63%, 03/01/2036     3,765,000       3,698,974  
Iron Mountain, Inc.
5.25%, 03/15/2028(d)     603,000       603,321  
Kennedy-Wilson, Inc.
7.00%, 06/01/2031(d)     4,210,000       4,311,930  
VICI Properties LP / VICI Note Co., Inc.
4.13%, 08/15/2030(d)     6,529,000       6,268,297  
Total Real Estate             31,207,366  

 

See Notes to Financial Statements and Financial Highlights.

17 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Refining & Marketing (0.23%)
HF Sinclair Corp.
5.00%, 02/01/2028   $ 1,000,000     $ 999,128  
Sunoco LP
5.38%, 07/15/2031(d)     990,000       985,605  
5.63%, 03/15/2031(d)     1,379,000       1,381,324  
5.63%, 07/15/2034(d)     990,000       978,153  
5.88%, 03/15/2034(d)     1,879,000       1,868,903  
Total Refining & Marketing             6,213,113  
                 
Restaurants (0.22%)
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028(d)     3,346,000       3,290,236  
Starbucks Corp.
3.35%, 03/12/2050     3,900,000       2,670,000  
Total Restaurants             5,960,236  
                 
Retail - Consumer Discretionary (0.83%)
Amazon.com, Inc.
4.88%, 03/13/2036     13,177,000       13,023,530  
5.80%, 03/13/2056     3,817,000       3,823,322  
Gap, Inc.
3.63%, 10/01/2029(d)     4,311,000       4,037,967  
O'Reilly Automotive, Inc.
5.10%, 03/12/2036     1,871,000       1,852,506  
Total Retail - Consumer Discretionary             22,737,325  
                 
Semiconductors (1.26%)
Broadcom, Inc.
5.20%, 07/15/2035     4,339,000       4,366,516  
Foundry JV Holdco LLC
6.10%, 01/25/2036(d)     6,200,000       6,522,259  
6.25%, 01/25/2035(d)     5,000,000       5,292,496  
6.30%, 01/25/2039(d)     11,250,000       11,897,676  
Intel Corp.
6.13%, 05/15/2056     6,605,000       6,658,066  
Total Semiconductors             34,737,013  
                 
Software & Services (2.44%)
Fair Isaac Corp.
6.00%, 05/15/2033(d)     6,085,000       6,029,965  
Leidos, Inc.
2.30%, 02/15/2031     1,967,000       1,757,758  
5.00%, 03/15/2036     1,854,000       1,797,398  
5.40%, 03/15/2032     6,071,000       6,195,264  
Mobility Global, Inc.
5.45%, 06/15/2031(d)     1,970,000       1,992,939  
6.05%, 06/15/2036(d)     2,815,000       2,865,825  
Oracle Corp.
5.70%, 02/04/2036     4,119,000       4,048,432  
6.70%, 02/04/2056     3,683,000       3,549,719  
Salesforce, Inc.
5.55%, 03/15/2036     6,921,000       6,973,081  
ServiceNow, Inc.
5.40%, 05/15/2036     3,326,000       3,352,268  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
Synopsys, Inc.
4.85%, 04/01/2030   $ 7,870,000     $ 7,915,911  
5.15%, 04/01/2035     10,820,000       10,810,133  
VMware LLC
2.20%, 08/15/2031     3,050,000       2,696,854  
4.70%, 05/15/2030     7,181,000       7,208,853  
Total Software & Services             67,194,400  
                 
Supermarkets & Pharmacies (0.63%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
5.50%, 03/31/2031(d)     1,225,000       1,207,731  
5.63%, 03/31/2032(d)     1,901,000       1,857,353  
6.50%, 02/15/2028(d)     9,350,000       9,455,206  
Kroger Co.
5.00%, 09/15/2034     4,739,000       4,693,584  
Total Supermarkets & Pharmacies             17,213,874  
                 
Transportation & Logistics (0.37%)
Allison Transmission, Inc.
5.88%, 12/01/2033(d)     3,917,000       3,929,765  
Fedex Freight Holding Co., Inc.
5.25%, 03/15/2036(d)     6,536,000       6,378,645  
Total Transportation & Logistics             10,308,410  
                 
Travel & Lodging (0.54%)
Carnival Corp., Ltd.
4.00%, 08/01/2028(d)     3,134,000       3,079,927  
5.75%, 08/01/2032(d)     11,600,000       11,732,611  
Total Travel & Lodging             14,812,538  
                 
Utilities (0.44%)
American Water Capital Corp.
4.63%, 06/01/2029     2,755,000       2,767,361  
5.15%, 03/01/2034     1,725,000       1,756,978  
5.25%, 03/01/2035     5,049,000       5,133,363  
Edison International
4.80%, 03/15/2031     2,375,000       2,313,870  
Total Utilities             11,971,572  
                 
Waste & Environment Services & Equipment (0.14%)
GFL Environmental, Inc.
4.00%, 08/01/2028(d)     4,021,000       3,946,303  
                 
Wireless Telecommunications Services (0.39%)
AT&T, Inc.
5.25%, 10/30/2036     6,550,000       6,486,986  
6.20%, 10/30/2056     4,105,000       4,134,672  
Total Wireless Telecommunications Services             10,621,658  
                 
Wireline Telecommunications Services (0.29%)
Black Pearl Compute LLC
6.13%, 02/15/2031(d)     2,306,000       2,349,031  

 

See Notes to Financial Statements and Financial Highlights.

18 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
CORPORATE BONDS (44.39%) (continued)
HUT 8 DC LLC
6.19%, 11/15/2042(d)   $ 4,022,000     $ 4,071,524  
Meridian Arc Holdco LLC
6.25%, 04/30/2031(d)     1,491,000       1,499,472  
Total Wireline Telecommunications Services             7,920,027  
                 
TOTAL CORPORATE BONDS
(Cost $1,217,144,042)             1,220,344,475  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
GOVERNMENT BONDS (37.78%)
 
U.S.Treasury Bonds (37.78%)
United States Treasury Bonds
4.38%, 05/15/2036     48,779,000       48,531,294  
4.63%, 11/15/2055     100,878,000       95,250,899  
4.63%, 11/15/2045     112,665,000       107,683,095  
4.63%, 02/15/2046     1,267,000       1,210,282  
4.75%, 08/15/2055     86,575,000       83,379,165  
4.75%, 02/15/2056     45,574,000       43,936,184  
4.88%, 08/15/2045     70,228,000       69,366,610  
5.00%, 05/15/2056     13,487,000       13,529,147  
United States Treasury Notes
3.38%, 02/29/2028     153,513,000       151,941,890  
3.50%, 01/31/2028     20,146,000       19,987,036  
3.50%, 10/31/2027     37,323,000       37,085,357  
3.63%, 08/31/2027     52,016,000       51,817,892  
3.75%, 06/30/2027     8,083,000       8,069,739  
3.88%, 03/31/2028     13,471,000       13,441,795  
3.88%, 04/30/2031     13,564,000       13,408,226  
4.00%, 05/31/2030     37,684,000       37,539,741  
4.13%, 10/31/2029     118,260,000       118,417,064  
4.13%, 02/15/2036     42,916,000       41,869,923  
4.13%, 04/30/2033     2,668,000       2,643,404  
4.25%, 01/31/2030     79,179,000       79,594,999  
Total U.S.Treasury Bonds             1,038,703,742  
TOTAL GOVERNMENT BONDS
(Cost $1,049,008,023)             1,038,703,742  

 

Security Description   Shares    

Value

(Note 2)

  
PREFERRED STOCK (3.87%)
 
Energy (0.06%)
Pipeline (0.06%)
Energy Transfer LP, Series B, 4.16%(a)(f)     1,712,000       1,732,984  
                 
Financials (2.08%)
Banks (0.48%)
Bank of Hawaii, 8.000%     86,678       2,282,232  
US Bancorp, 5Y US TI + 2.541%(a)(f)     4,402,000       4,353,099  
Wells Fargo & Co., Series GG, 5Y US TI + 2.340%(a)(f)     6,537,000       6,593,682  

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
PREFERRED STOCK (3.87%) (continued)
Consumer Finance (0.23%)
Ally Financial, Inc., Series C, 7Y US TI + 3.481%(a)(f)     2,500,000     $ 2,433,541  
American Express Co., 5Y US TI + 2.854%(a)(f)     3,912,000       3,891,635  
Diversified Banks (0.32%)
HSBC Holdings PLC, Series ., 5Y US TI + 2.798%(a)(f)     2,530,000       2,583,335  
JPMorgan Chase & Co., Series PP, 5Y US TI + 2.080%(a)(f)     6,230,000       6,282,810  
Financial Services (1.03%)
Bank of New York Mellon Corp., Series I, 5Y US TI + 2.630%(a)(f)     3,595,000       3,563,135  
Charles Schwab Corp., Series I, 5Y US TI + 3.168%(a)(f)     7,818,000       7,818,000  
Charles Schwab Corp., Series L, 5Y US TI + 2.250%(a)(f)     2,735,000       2,739,639  
Depository Trust & Clearing Corp., Series D, 5Y US TI + 2.606%(a) (d)(f)     3,212,000       3,208,174  
Goldman Sachs Group, Inc., Series X, 5Y US TI + 2.809%(a)(f)     2,909,000       3,053,179  
UBS Group AG, 6.000%(a)(d)(f)     7,952,000       8,038,192  
Life Insurance (0.02%)
Jackson Financial, Inc., 5Y US TI + 3.728%(a)(f)     16,545       426,199  
Total Financials             57,266,852  
                 
Government (0.49%)
Government Agencies (0.49%)
CoBank ACB, Series M, 5Y US TI + 2.818%(a)(f)     5,326,000       5,439,444  
CoBank ACB, Series N, 5Y US TI + 2.620%(a)(f)     3,140,000       3,164,978  
Farm Credit Bank of Texas, 5Y US TI + 3.291%(a)(f)     3,543,000       3,696,408  
Farm Credit Bank of Texas, Series 6, 5Y US TI + 3.010%(a)(f)     1,156,000       1,191,077  
Total Government             13,491,907  
                 
Health Care (0.24%)
Health Care Facilities & Services (0.24%)
CVS Health Corp., 5Y US TI + 2.886%(a)(f)     6,200,000       6,464,488  
                 
Utilities (1.00%)
Power Generation (0.08%)
Vistra Corp., 5Y US TI + 6.930%(a) (d)(f)     2,175,000       2,193,881  
Utilities (0.92%)
American Electric Power Co., Inc., 5Y US TI + 2.675%(a)     7,765,000       7,689,773  
Dominion Energy, Inc., 5Y US TI + 2.262%(a)     1,763,000       1,773,603  
Emera, Inc., Series 16-A, 3M US SOFR + 5.44%(a)     1,982,000       1,983,273  
Entergy Corp., 5Y US TI + 2.67%(a)     2,988,000       3,100,695  

 

See Notes to Financial Statements and Financial Highlights.

19 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Schedule of Investments May 31, 2026 (Unaudited)

 

Security Description  

Principal

Amount

    

Value

(Note 2)

  
PREFERRED STOCK (3.87%) (continued)
Eversource Energy, Series B, 5Y US TI + 2.325%(a)     2,100,000     $ 2,106,378  
PacifiCorp, 5Y US TI + 3.292%(a)     3,574,000       3,595,201  
Sierra Pacific Power Co., 5Y US TI + 2.638%(a)     1,990,000       1,988,733  
Xcel Energy, Inc., 5Y US TI + 2.168%(a)     2,944,000       2,918,859  
Total Utilities             27,350,396  
                 
TOTAL PREFERRED STOCK
(Cost $104,801,842)             106,306,627  

 

    7-Day Yield     Shares    

Value

(Note 2)

  
SHORT TERM INVESTMENTS (0.43%)
 
Money Market Fund (0.43%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio     3.51 %     11,712,179       11,712,179  
                         
TOTAL SHORT TERM INVESTMENTS
(Cost $11,712,179)                     11,712,179  
                         
TOTAL INVESTMENTS (99.01%)
(Cost $2,724,476,301)                   $ 2,721,928,298  
                         
Other Assets In Excess Of Liabilities (0.99%)                     27,268,421  
                         
NET ASSETS (100.00%)                   $ 2,749,196,719  

 

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

TI - Treasury Index

SOFRINDX - US SOFR Secured Overnight Financing Rate Compounded Index

 

Reference Rates:

1D US SOFR - 1 Day SOFR as of May 31, 2026 was 3.63%

7Y US TI - 7 Year US TI as of May 31, 2026 was 4.27%

30D US SOFR - 30 Day SOFR as of May 31, 2026 was 3.59%

1M US SOFR - 1 Month SOFR as of May 31, 2026 was 3.62%

1M CME TERM SOFR – 1 Month CME TERM SOFR as of May 31, 2026 was 3.62%

3M US SOFR - 3 Month SOFR as of May 31, 2026 was 3.64%

3M CME TERM SOFR – 3 Month CME TERM SOFR as of May 31, 2026 was 3.66%

1Y US TI - 1 Year US Treasury Bill as of May 31, 2026 was 3.79%

5Y US TI - 5 Year US TI as of May 31, 2026 was 4.13%

 

(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of May 31, 2026 is based on the reference rate plus the displayed spread as of the security's last reset date.
(b) Interest only security.
(c) Issued with zero coupon.

 

(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the aggregate market value of those securities was $414,169,171, representing 15.07% of net assets.
(e) The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.
(f) Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

 

See Notes to Financial Statements and Financial Highlights.

20 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Statement of Assets and Liabilities May 31, 2026 (Unaudited)

 

ASSETS:        
Investments, at value   $ 2,721,928,298  
Cash     5,053,612  
Receivable for investments sold     11,032,269  
Interest receivable     25,719,900  
Total Assets     2,763,734,079  
         
LIABILITIES:        
Payable for investments purchased     13,069,075  
Payable to adviser     1,349,299  
Accrued expenses and other liabilities     118,986  
Total Liabilities     14,537,360  
NET ASSETS   $ 2,749,196,719  
         
NET ASSETS CONSIST OF:        
Paid-in capital   $ 2,759,228,550  
Total distributable earnings/(accumulated losses)     (10,031,831 )
NET ASSETS   $ 2,749,196,719  
         
INVESTMENTS, AT COST   $ 2,724,476,301  
         
PRICING OF SHARES:        
Net Assets   $ 2,749,196,719  
Shares of beneficial interest outstanding (Unlimited number of shares authorized, par value $0.01 per share)     107,000,000  
Net Asset Value, offering and redemption price per share   $ 25.69  

 

See Notes to Financial Statements and Financial Highlights.

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ALPS | Smith Core Plus Bond ETF

 

Statement of Operations For the Period Ended May 31, 2026 (Unaudited)

 

INVESTMENT INCOME:        
Interest   $ 60,908,288  
Dividend income     103,223  
Total investment income     61,011,511  
         
EXPENSES:        
Investment adviser fees     7,380,393  
Total expenses     7,380,393  
NET INVESTMENT INCOME     53,631,118  
         
REALIZED AND UNREALIZED GAIN/(LOSS):        
Net realized loss on investments     (4,164,145 )
Net change in unrealized depreciation on investments     (44,700,076 )
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS     (48,864,221 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 4,766,897  

 

See Notes to Financial Statements and Financial Highlights.

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ALPS | Smith Core Plus Bond ETF

 

Statements of Changes in Net Assets

 

   

For the Six

Months Ended

May 31, 2026

(Unaudited)

    

For the Year Ended

November 30, 2025

  
OPERATIONS:            
Net investment income   $ 53,631,119     $ 79,714,802  
Net realized gain/(loss)     (4,164,145 )     413,790  
Net change in unrealized appreciation/(depreciation)     (44,700,077 )     32,488,493  
Net increase in net assets resulting from operations     4,766,897       112,617,085  
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
From distributable earnings     (53,885,982 )     (83,313,999 )
Total distributions     (53,885,982 )     (83,313,999 )
                 
CAPITAL SHARE TRANSACTIONS:                
Proceeds from sale of shares     518,488,818       961,169,052  
Net increase from capital share transactions     518,488,818       961,169,052  
                 
Net increase in net assets     469,369,733       990,472,138  
                 
NET ASSETS:                
Beginning of period     2,279,826,986       1,289,354,848  
End of period   $ 2,749,196,719     $ 2,279,826,986  
                 
OTHER INFORMATION:                
CAPITAL SHARE TRANSACTIONS:                
Beginning shares     87,025,000       49,800,000  
Shares sold     19,975,000       37,225,000  
Shares outstanding, end of period     107,000,000       87,025,000  

 

See Notes to Financial Statements and Financial Highlights.

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ALPS | Smith Core Plus Bond ETF

 

Financial Highlights For a Share Outstanding Throughout the Periods Presented

 

   

For the

Six Months

Ended

May 31, 2026

(Unaudited)

    

For the Year

Ended

November 30, 2025

    

For the Period

December 5, 2023

(Commencement

of Operations) to

November 30, 2024

  
NET ASSET VALUE, BEGINNING OF PERIOD   $ 26.20     $ 25.89     $ 25.00  
                         
INCOME/(LOSS) FROM OPERATIONS:                        
Net investment income(a)     0.55       1.15       1.15  
Net realized and unrealized gain/(loss)     (0.51 )     0.36       0.84  
Total from investment operations     0.04       1.51       1.99  
                         
DISTRIBUTIONS:                        
From net investment income     (0.55 )     (1.16 )     (1.10 )
From net realized gain on investments     –       (0.04 )     –  
Total distributions     (0.55 )     (1.20 )     (1.10 )
                         
NET INCREASE/(DECREASE) IN NET ASSET VALUE     (0.51 )     0.31       0.89  
NET ASSET VALUE, END OF PERIOD   $ 25.69     $ 26.20     $ 25.89  
                         
TOTAL RETURN(b)     0.17 %     6.01 %     8.00 %
                         
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (in 000s)   $ 2,749,197     $ 2,279,827     $ 1,289,355  
                         
Ratio of expenses to average net assets     0.59 %(c)     0.59 %     0.59 %(c)
Ratio of net investment income to average net assets     4.29 %(c)     4.47 %     4.57 %(c)
Portfolio turnover rate(d)     54 %     147 %     169 %

 

(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 actual reinvestment prices. Total return calculated for a period of less than one year is not annualized.
(c) Annualized
(d) Portfolio turnover for periods less than one year are not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

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ALPS | Smith Core Plus Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (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, 2026, the Trust consisted of twenty-five separate portfolios. Each portfolio represents a separate series of the Trust. This report pertains solely to the ALPS | Smith Core Plus Bond ETF (the “Fund”). The investment objective of the Fund is to seek above average total return from a combination of current income and capital appreciation. The Fund has elected to qualify as a diversified series of the Trust under the 1940 Act.

 

The Fund’s Shares (“Shares”) are listed on the NYSE Arca, Inc. (the “NYSE Arca”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 25,000 Shares, each of which is called a “Creation Unit”. The Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. 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 Fund 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. The 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. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of the Fund as a whole. The Fund’s Treasurer is the CODM for the Fund. The Fund’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that the Fund is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of the Fund, against which the CODM assesses performance.

 

A. Portfolio Valuation

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

 

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

 

The market price for debt securities is generally the evaluated price supplied by an independent third-party pricing service approved by the Trust’s Board of Trustees (the “Board”), which references a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Fund’s debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of the Fund’s debt securities to determine the market price.

 

The Fund’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value according to procedures adopted by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated ALPS Advisors, Inc. (the “Adviser”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by the Valuation Designee. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market price is not available from a pre-established primary pricing source or the pricing source is not willing to provide a price; a security with respect to which an event has occurred that is most likely to materially affect the value of the security after the market has closed but before the calculation of 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.

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ALPS | Smith Core Plus Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

B. Fair Value Measurements

The 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 Fund’s investments by major category are as follows:

 

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

 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

 

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 the 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 Fund’s investments as of May 31, 2026:

 

ALPS | Smith Core Plus Bond ETF

Investments in Securities at Fair Value  

Level 1 - Quoted and

Unadjusted Prices

    

Level 2 - Other Significant

Observable Inputs

    

Level 3 - Significant

Unobservable Inputs

     Total  
Bank Loans*   $ –     $ 23,565,624     $ –     $ 23,565,624  
Collateralized Mortgage Obligations*     –       81,520,018       –       81,520,018  
Commercial Mortgage-Backed Securities*     –       9,032,399       –       9,032,399  
Mortgage-Backed Securities*     –       230,743,234       –       230,743,234  
Corporate Bonds*     –       1,220,344,475       –       1,220,344,475  
Government Bonds*     –       1,038,703,742       –       1,038,703,742  
Preferred Stock*     2,708,431       103,598,196       –       106,306,627  
Short Term Investments     11,712,179       –       –       11,712,179  
Total   $ 14,420,610     $ 2,707,507,688     $ –     $ 2,721,928,298  

 

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

26 | alpsfunds.com

 

ALPS | Smith Core Plus Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

The Fund 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, 2026.

 

C. Securities Transactions and Investment Income

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

 

D. Dividends and Distributions to Shareholders

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

 

E. Federal Tax and Tax Basis Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s 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, 2026.

 

The tax character of the distributions paid during the fiscal year ended November 30, 2025 was as follows:

 

Fund  

Ordinary

Income

    

Long-Term

Capital Gain

    

Return

of Capital

  
November 30, 2025                        
ALPS | Smith Core Plus Bond ETF   $ 83,313,999     $ —     $ —  

 

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

 

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

 

As of November 30, 2025, the following amounts are available as carry forwards to the next tax year:

 

Fund   Short-Term     Long-Term  
ALPS | Smith Core Plus Bond ETF   $ 2,318,564     $ 310,591  

 

As of May 31, 2026, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

 

Fund  

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 | Smith Core Plus Bond ETF   $ 15,810,545     $ (22,632,749 )   $ (6,822,204 )   $ 2,728,750,502  

 

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, 2026. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of 5/31/2026.

 

F. Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. The 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.

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ALPS | Smith Core Plus Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

As of and during the six months ended May 31, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The 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.

 

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

 

 

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Fund pays the Adviser an annual management fee for the services and facilities it provides, payable on a monthly basis at the annual rate of 0.59% of the Fund’s average daily net assets.

 

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

 

Smith Capital Investors, LLC (the “Sub-Adviser”) serves as the Fund's sub-adviser pursuant to a sub-advisory agreement with the Trust (the ‘‘Sub-Advisory Agreement’’). Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a sub-advisory fee out of the Adviser's advisory fee for the services it provides. The fee is payable on a monthly basis at the annual rate of 0.30% of the Fund's average daily net assets. ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund.

 

Effective April 1, 2025, each Trustee receives (1) a quarterly retainer of $27,500, (2) a per meeting fee of $16,500, (3) $4,000 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 $7,000, the Chairman of the Audit Committee receives a quarterly retainer of $4,000, and the Chairman of the Nominating & Governance Committee receives a quarterly retainer of $2,500, each in connection with their respective roles.

 

4. PURCHASES AND SALES OF SECURITIES

 

 

For the six months ended May 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding in-kind transactions and short-term investments, were as follows:

 

Fund   Purchases     Sales  
ALPS | Smith Core Plus Bond ETF   $ 1,973,042,238     $ 1,328,065,848  

 

For the six months ended May 31, 2026, the purchases and sales of U.S. Government Obligations were as follows:

 

Fund   Purchases     Sales  
ALPS | Smith Core Plus Bond ETF   $ 882,097,288     $ 876,319,673  

 

For the period ended May 31, 2026, there were no in-kind transactions or realized gain/(loss) on in-kind transactions.

 

5. CAPITAL SHARE TRANSACTIONS

 

 

Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 Shares. Only broker-dealers or large institutional investors with creation and redemption agreements called Authorized Participants (“AP”) are permitted to purchase or redeem Creation Units from the Fund. An additional variable charge for cash creations, redemptions, partial cash creations or partial cash redemptions may also be imposed to compensate the Fund for the costs associated with buying or selling the applicable securities.

 

6. MARKET RISK

 

 

The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments), defaults and shutdowns, bank failures, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, technological developments (including those related to artificial intelligence) or failures (for example, widespread system outages or disruptions or faulty updates to software applications) and other similar events and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, bank failures, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, recessions, supply chain disruptions and related geopolitical events.

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ALPS | Smith Core Plus Bond ETF

 

Notes to Financial Statements and Financial Highlights May 31, 2026 (Unaudited)

 

7. RECENT ACCOUNTING PRONOUNCEMENT

 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments that should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

 

8. SUBSEQUENT EVENTS

 

 

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

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ALPS | Smith Core Plus Bond ETF

 

Additional Information May 31, 2026 (Unaudited)

 

TAX INFORMATION

 

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2025:

 

  Qualified Dividend Income Dividend Received Deduction
ALPS | Smith Core Plus Bond ETF 0% 0%

 

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

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ALPS | Smith Core Plus Bond ETF

 

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

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ALPS | Smith Core Plus Bond ETF

 

Proxy Disclosures for Open-End Management

Investment Companies

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

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ALPS | Smith Core Plus Bond ETF

 

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

 May 31, 2026 (Unaudited)

 

The following chart provides certain information about the Trustee fees paid by the Trust for the six months ended May 31, 2026:

 

   

Aggregate Regular

Compensation From the Trust

    

Aggregate Special

Compensation From the Trust

    

Total Compensation

From the Trust

  
Edmund J. Burke, Trustee   $ 97,000     $ –     $ 97,000  
Jeremy W. Deems, Trustee     100,000       –       100,000  
Rick A. Pederson, Trustee     106,000       –       106,000  
Joseph F. Keenan, Trustee     92,000       –       92,000  
Susan K. Wold, Trustee     92,000       –       92,000  
Laton Spahr, President and Trustee*     –       –       –  
Total   $ 487,000     $ –     $ 487,000  

 

* Mr. Spahr, the President of the Trust, is deemed an "interested person" by virtue of his position as an officer of the Trust and of ALPS Advisors, Inc.

 

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

 

Pursuant to the Fund's unitary fee arrangement, the Fund does not pay any Trustee fees. The Trustee fees are paid by the Adviser.

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ALPS | Smith Core Plus Bond ETF

 

Statement Regarding Basis for Approval of

Investment Advisory and Sub-Advisory Contract

 May 31, 2026 (Unaudited)

 

Not applicable for this reporting period.

34 | alpsfunds.com