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oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001414040 aetf:S000075797Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001414040 aetf:S000075798Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001414040 aetf:S000075796Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001414040 aetf:S000075795Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001414040 aetf:S000091676Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 iso4217:USD pure false 485BPOS N-1A 2026-03-31 ALPS ETF TRUST 0001414040 2026-03-31 Summary Section   ALPS Sector Dividend Dogs ETF (The “Fund”) INVESTMENT OBJECTIVE <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zqDXNLHoe2Zd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Sector Dividend Dogs Index (ticker symbol SDOGX) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zqeEZEJ81uVj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0.0000 0.0036 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zgykTAsKWpF8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 37 116 202 455 PORTFOLIO TURNOVER <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_z8EXS4i2k6z3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025 the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zKmYb8o2rPec">51%</span> of the average value of its portfolio. </p> 0.51 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zjr8oO6I0jsf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ALPS Advisors, Inc. (the “Adviser”) will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e., “Dividend Dogs”) in the S-Network US Equity WR Large-Cap 500 Index (the “S-Net 500”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors (excluding the real estate sector) that make up the S-Net 500 which offer the highest dividend yields. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index generally consists of 50 stocks on each annual reconstitution date, which is the third Friday of December each year. The Underlying Index’s stocks must be constituents of the S-Net 500, a benchmark of the 500 largest stocks. The Underlying Index methodology selects the five stocks in ten of the eleven GICS sectors (excluding the real estate sector) that make up the S-Net 500 which offer the highest dividend yields as of the last business day of November. Dividend yield is computed based on the regular cash dividends paid by the company over the previous twelve month period, divided by the share price. The eligible stocks that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. If a GICS sector does not contain five stocks which offer dividend yields as computed in the manner described above, then only those stocks in the sector which offer such dividend yields will be included in the Underlying Index. The Underlying Index is rebalanced quarterly. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--InvestmentRiskMember_z3uDkM02k5c2">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--ValueInvestingRiskMember_zICPuqbYHrs6">Value Investing Risk</span>. </b>Dividend Dogs typically have deep value characteristics that exhibit low valuations as identified through high dividend yields and favorable price-to-earnings (P/E) ratios relative to their segment peers. Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--MarketRiskMember_zXefkRc7Mbcl">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--NonCorrelationRiskMember_zlO7ckTRtCve">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--IndexManagementRiskMember_zXVOuR5IqMw6">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IssuerSpecificRiskMember_z7d6bT4atLWi">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--UnderlyingSectorRiskMember_zLIoMnD8ZMh8">Underlying Sector Risk</span>.</b> The Fund will be exposed to the additional risks associated with its investments in companies of each GICS sector of the Underlying Index. For more on these risks, see “Risks of Underlying Sectors” in this Prospectus. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--HighDividendYieldStyleRiskMember_zsFKXWH8DVHl">High Dividend Yield Style Risk</span>.</b> While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span><span id="xdx_916_ecustom--FluctuationOfNetAssetValueMember_zEsxHY6NBmU2">Fluctuation of Net Asset Value</span></span>.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zzbm075vvECh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zhSLr4cVl6we">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zJbVFKe9tdZ1">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zsvtKM08hyZi">www.alpsfunds.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zbwlTGxcQt2d">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.2236 0.1267 -0.1130 0.2409 -0.0037 0.2440 -0.0013 0.0406 0.1484 0.1108 <div id="xdx_A8B_eoef--BarChartClosingTextBlock_zKYTtMdZHPNk"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_z5qjxEGU3xt1">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_zgnRNacfFCK1">19.14%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_zFYWbQjHwWzc">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_znNWqsIDojAk">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_zt8ue0knWqS3">-32.27%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member__oef--ClassAxis__custom--C000115754Member_zb8MvxiEX6Wl">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.1914 2020-12-31 Lowest Quarterly Return -0.3227 2020-03-31 <p id="xdx_A8D_eoef--PerformanceTableNarrativeTextBlock_zWHsLTMtUboc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zZV9Dps03Dvi">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000037495Member_zUKb1o1bgmm6">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.1108 0.1052 0.0957 0.1009 0.0949 0.0858 0.0721 0.0820 0.0760 0.1141 0.1091 0.1000 0.1788 0.1442 0.1482 SUMMARY SECTION   ALPS International Sector Dividend Dogs ETF (The “Fund”)   INVESTMENT OBJECTIVE <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zn5Em83NRfIc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® International Sector Dividend Dogs Index (ticker symbol IDOGX) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zhXBMrXeqGec" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0050 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zHlxwoSGYtu2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested each year, and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 280 628 PORTFOLIO TURNOVER <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zHrNpn3vE75b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zCkl8iJI7mxc">53%</span> of the average value of the Fund. </p> 0.53 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zT8tL5MA0fj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ALPS Advisors, Inc. (the “Adviser”) will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e., “Dividend Dogs”) in the S-Network Developed International Equity 1000 Index, a universe of mainly large capitalization stocks in international developed markets not located in the Americas (the “S-Net Developed Markets”) on a sector by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors (excluding the real estate sector) that make up the S-Net Developed Markets which offer the highest dividend yields. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index generally consists of 50 stocks on each annual reconstitution date, which is the third Friday of December each year. The Underlying Index’s stocks must be constituents of the S-Net Developed Markets universe, which includes stocks whose domicile and primary exchange listings are in countries in Europe, Australia and the Far East and identified by the World Bank as High Income Countries, and excludes stocks from countries a) located in the Americas, b) that do not have stock exchanges, c) were members of the former Comecon (Council for Mutual Economic Assistance, a former economic organization led by the Soviet Union that comprised Eastern Bloc countries and other socialist states elsewhere in the world) and d) whose companies, in the opinion of the Index Provider (defined below), have idiosyncratic dividend policies. The World Bank’s methodology for identifying High Income Countries is based on the country’s gross national income (GNI) per capita. The selection criteria for the universe also includes requirements for sector inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index methodology selects the five stocks in ten of the eleven GICS sectors (excluding the real estate sector) that make up the S-Net Developed Markets which offer the highest dividend yields as of the last trading day of November. Dividend yield is computed based on the regular cash dividends paid by the company over the previous twelve month period, divided by the share price. The eligible stocks that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. If there are less than 5 eligible securities represented in any sector, then the Underlying Index will include only those securities that qualify. The Underlying Index is rebalanced quarterly. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk.</b> Dividend Dogs typically have deep value characteristics that exhibit low valuations as identified through high dividend yields and favorable price-to-earnings (P/E) ratios relative to their segment peers. Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--ForeignInvestmentRiskMember_zwLEDS9Plyy9">Foreign Investment Risk</span>.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Correlation Risk.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. Tax withholdings imposed by foreign countries may also contribute to differences between the Fund’s return and the return of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Index Management Risk.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_eus-gaap--GeographicConcentrationRiskMember_zzLjOHbpMVz6">Geographic Concentration Risk</span>.</b> To the extent the Underlying Index and the Fund are significantly comprised of securities of issuers from a single country, the Fund would be more likely to be impacted by events or conditions affecting that country. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Underlying Sector Risk.</b> The Fund will be exposed to the additional risks associated with its investments in companies of each GICS sector of the Underlying Index. For more on these risks, see “Risks of Underlying Sectors” in this Prospectus. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>High Dividend Yield Style Risk.</b> While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zc43ITPhfxud" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the</p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zZ4mrJ40UXil" style="display: none">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">average annual returns of the Underlying Index and an index that represents a broad measure of market performance. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_ztABY6U3VYp4">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zvnMLHCR3dM6">www.alpsfunds.com</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zq4a8WRkMY74">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.0397 0.2581 -0.1309 0.2086 -0.0134 0.1136 -0.0423 0.2264 0.0153 0.3983 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zbUSSgfqqqcb"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_zGlJkl4cXCA">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_zwCDbgG5zOck">21.46%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_zzeV1Gntvu1l">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_zPYCduFbyB51">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_zfFCgVJO96m7">-25.96%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member__oef--ClassAxis__custom--C000127212Member_ztJqz2TLZg3g">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.2146 2020-12-31 Lowest Quarterly Return -0.2596 2020-03-31 <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zsyfnR0fj55i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zMfR91zRo9rf">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span>Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000041000Member_zAqPfhWd8fW4">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.3983 0.1318 0.0967 0.3832 0.1228 0.0881 0.2450 0.1056 0.0784 0.4044 0.1359 0.1010 0.3168 0.0847 0.0805 SUMMARY SECTION   ALPS Emerging Sector Dividend Dogs ETF (The “Fund”) INVESTMENT OBJECTIVE <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zS7Jh3LoBE9a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the S-Network^® Emerging Sector Dividend Dogs Index (ticker symbol EDOGX) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zRvMVqe5MXaj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0060 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zJDSnpyKQgAe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gains are reinvested each year, and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 335 750 PORTFOLIO TURNOVER <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zCSy1J8BI588" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zcv5MkwhmnF">74%</span> of the average value of its portfolio. </p> 0.74 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zORoFziVCtWc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ALPS Advisors, Inc. (the “Adviser”) will seek to match the performance, before fees and expenses, of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks (i.e., “Dividend Dogs”) in the S-Network^® Emerging Markets Liquid 500 Index, a universe of mainly large capitalization stocks domiciled in emerging markets (the “S-Network Emerging Markets”) on a sector-by-sector basis. “Dividend Dogs” refers to the five stocks in each of the Global Industry Classification Standard (“GICS”) sectors (excluding the real estate sector) that make up the S-Network Emerging Markets which offer the highest dividend yields. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index generally consists of 50 stocks on each annual reconstitution date, which is the third Friday of December each year. The Underlying Index’s stocks must be constituents of the S-Network Emerging Markets universe, which includes stocks whose domicile and primary exchange listings are in countries identified by the World Bank as Upper Middle Income. The Underlying Index may include former Comecon (Council for Mutual Economic Assistance, a former economic organization led by the Soviet Union that comprised Eastern Bloc countries and other socialist states elsewhere in the world) countries classified by the World Bank as High Income, and certain Lower Middle Income countries may also be included. Stocks from countries that do not have stock exchanges or open stock exchange structures (i.e., those that offer transparent price discovery mechanisms, impose no investment restrictions, impose no foreign exchange restrictions, permit unrestricted foreign investment or are subject to regulatory oversight) will be excluded. The World Bank’s methodology for identifying Upper Middle Income Countries is based on the country’s gross national income (GNI) per capita. The selection criteria for the universe also includes requirements for sector inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index methodology selects the five stocks in ten of the eleven GICS sectors (excluding the real estate sector) that make up the S-Network Emerging Markets which offer the highest dividend yields as of the last trading day of November. Dividend yield is computed based on the regular cash dividends paid by the company over the previous twelve month period, divided by the share price. The eligible stocks that are selected for inclusion in the Index’s portfolio are equally weighted. If there are less than 5 eligible securities represented in any sector, then the Underlying Index will include only those securities that qualify. The Underlying Index is rebalanced quarterly. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk. </b>Dividend Dogs typically have deep value characteristics that exhibit low valuations as identified through high dividend yields and favorable price-to-earnings (P/E) ratios relative to their segment peers. Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Investment Risk.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--EmergingMarketsRiskMember_zqlBvrMFoWt2">Emerging Markets Risk</span>.</b> Emerging markets countries may have relatively unstable governments and may present heightened risks of potential expropriation or nationalization of private properties or businesses, restrictions on foreign ownership, less liquidity and prohibitions on the repatriation of assets. Emerging market countries may also have less stringent government regulation, which may result in market manipulation and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information. The economies of emerging market countries 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Correlation Risk.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. Tax withholdings imposed by foreign countries may also contribute to differences between the Fund’s return and the return of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Index Management Risk.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Concentration Risk.</b> To the extent the Underlying Index and the Fund are significantly comprised of securities of issuers from a single country, the Fund would be more likely to be impacted by events or conditions affecting that country. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Underlying Sector Risk.</b> The Fund will be exposed to the additional risks associated with its investments in companies of each GICS sector of the Underlying Index. For more on these risks, see “Risks of Underlying Sectors” in this Prospectus. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>High Dividend Yield Style Risk.</b> While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">their dividends, thus reducing the yield of the Fund. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--RiskOfCashTransactionsMember_zCdIVC5Zihqe">Risk of Cash Transactions</span>.</b> Unlike many ETFs, the Fund expects to effect redemptions for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions may entail higher transaction costs than in-kind transactions, which costs may be passed on to redeemers of Creation Units in the form of redemption transaction fees. </p> FUND PERFORMANCE <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zAcAsP501wJ3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zJZK6YyLIeY1">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zaFad83foS4g">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zRnQIyk6ogYj">www.alpsfunds.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zZeW6YBOTP9f">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.1408 0.1985 -0.1579 0.1270 0.0792 0.1208 -0.1042 0.1133 0.0220 0.2225 <div id="xdx_A86_eoef--BarChartClosingTextBlock_ztAKVwOICWQi"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_z8sAOAJ4p6r3">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_zayU6orbLT45">23.95%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_zGgjND6FqGT3">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_zbSWqj1M2RTk">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_zCJzqpFJ7tmd">-29.88%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member__oef--ClassAxis__custom--C000136752Member_zDwfYJklGlGe">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.2395 2020-12-31 Lowest Quarterly Return -0.2988 2020-03-31 <p id="xdx_A81_eoef--PerformanceTableNarrativeTextBlock_zDPEXjX7bQE7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_zPY1aGJ3SJ09">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000044070Member_z4Mps28lbrg1">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.2225 0.0691 0.0700 0.2098 0.0557 0.0592 0.1411 0.0520 0.0548 0.2289 0.0751 0.0772 0.2976 0.0476 0.0866 SUMMARY SECTION   ALPS REIT Dividend Dogs ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zjGV4c10pkn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of an index called the S-Network^® REIT Dividend Dogs Index (ticker symbol RDOGX) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zfpnyvkA7dte" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0035 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zzvJzxLOFBC9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 36 113 196 443 PORTFOLIO TURNOVER <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_z09yJZ4MRbJe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zRvt37Vdkwua">54%</span> of the average value of its portfolio. </p> 0.54 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zPw2ZP8yLiEh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ALPS Advisors, Inc. (the “Adviser”) will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying real estate investment trusts (“REITs”) (i.e., “Dividend Dogs”) in the S-Network^® US Composite REIT Index, a universe of mainly REITs listed in the United States (the “S-Net U.S. REIT”), on a segment-by-segment basis. “Dividend Dogs” refers to the five REITs in each of the nine segments that make up the S-Net U.S. REIT which offer the highest dividend yields. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will normally invest at least 90% of its total assets in common stocks and other equity securities (which may include REITs, American depositary receipts (“ADRs”), American depositary shares (“ADSs”) and global depositary receipts (“GDRs”)) that comprise the Underlying Index. The Fund may invest in companies with a market capitalization of greater than $50 million as of the annual reconstitution date, which is the third Friday of December each year. The Fund generally will invest in all of the securities that comprise the Underlying Index in proportion to their weightings in the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index, like the S-Net U.S. REIT from which components of the Underlying Index are selected, divides into nine segments, eight of which are based on Global Industry Classification Standard (“GICS”) Sub-Industries (excluding Technology REITs involved in cell towers and/or data centers) and a separate Technology REIT segment based on the research of the Underlying Index provider, S-Network^® Global Indexes, Inc. (the “Index Provider”). The Underlying Index generally consists of 45 REITs on each annual reconstitution date. The Underlying Index’s REITs must be constituents of the S-Net U.S. REIT universe, which includes a universe of mainly REITs listed in the United States. The selection criteria for the universe also includes requirements for segment inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. The Underlying Index is rebalanced quarterly. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Individual securities to be included in the Underlying Index are selected based on a ranking system within each segment that selects the top five REITs in the segment by indicated dividend yield as of the last trading day of November that have funds from operations per share greater than their trailing-12-month dividends per share. Indicated dividend yield is computed based on the last regular cash dividend paid by the company multiplied by the payment frequency, divided by the share price. (Special dividends are not included). The eligible REITs that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Value Investing Risk. </b>Dividend Dogs typically have deep value characteristics that exhibit low valuations as identified through high dividend yields and favorable price-to-earnings (P/E) ratios relative to their segment peers. Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--RealEstateInvestmentRiskMember_zcQGCYf0fkn9">Real Estate Investment Risk</span>. </b>The Fund invests in companies in the real estate industry, including real estate investment trusts (“REITs”). Therefore, the Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate; adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds (including changes in interest rates); the impact of changes in environmental laws; overbuilding in a real estate company’s market; and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--ReitInvestmentRiskMember_zS9v63hvjSb2">REIT Investment Risk</span>.</b> In addition to risks related to investments in real estate generally, investing in REITs involves certain other risks related to their structure and focus, which include, but are not limited to, management risk, non-diversification risk, financing risk, cash flow dependency risk, default risk, self-liquidation risk, mortgage financing and interest rate risks, and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs are also subject to unique federal tax requirements. Dividends received by the Fund from REITs generally will not constitute qualified dividend income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zBDNGJAuZBq5">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--ConcentrationRiskMember_z4CDQkRy1nh2">Concentration Risk</span>.</b> Real estate companies may lack diversification due to ownership of a limited number of properties and concentration in a particular geographic region or property type. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk.</b> Rising interest rates could result in higher costs of capital for real estate companies, which could negatively impact a real estate company’s ability to meet its payment obligations. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--UnderlyingSectorRiskMember_zcLiiNEiRrtg">Underlying Segment Risk</span>. </b>The Fund will be exposed to the additional risks associated with its investments in companies of each segment of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--HighDividendYieldStyleRiskMember_ziKcFJbB7sXc">High Dividend Yield Style Risk</span>. </b>While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--IssuerSpecificRiskMember_znxtT6Qc8TYj">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--LeverageRiskMember_zv90uXPkdy7c">Leverage Risk</span>.</b> Real estate companies may use leverage (and some may be highly leveraged), which increases investment risk and the risks normally associated with debt financing and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--LiquidityRiskMember_zPLltMqtt567">Liquidity Risk</span>. </b>Real estate is relatively illiquid and, therefore, a real estate company may have a limited ability to vary or liquidate properties in response to changes in economic or other conditions. These risks are especially applicable in conditions of declining real estate values. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--ManagementRiskMember_zLPN9M3E7uqf">Management Risk</span>.</b> Real estate companies are dependent upon management skills and may have limited financial resources. Real estate companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers and self-liquidation. In addition, transactions between real estate companies and their affiliates may be subject to conflicts of interest, which may adversely affect a real estate company’s shareholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--PropertyRiskMember_zsPr9pDeFQJi">Property Risk</span>.</b> Real estate companies may be subject to risks relating to functional obsolescence or reduced desirability of properties; extended vacancies; catastrophic events; and casualty or condemnation losses. Real estate income and values also may be greatly affected by demographic trends, changing tastes and values, or increasing vacancies or declining rents. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--RegulatoryRiskMember_zUcg4uGgzH52">Regulatory Risk</span>.</b> Real estate income and values may be adversely affected by such factors as applicable domestic and foreign laws (including tax laws). Government actions, such as tax increases, zoning law changes or environmental regulations, also may have a major impact on real estate. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--RepaymentRiskMember_zAEgxfE1lLh3">Repayment Risk</span>. </b>The prices of real estate company securities may drop because of the failure of borrowers to repay their loans, poor management, and the inability to obtain financing either on favorable terms or at all. If the properties do not generate sufficient income to meet operating expenses, ground lease payments, tenant improvements, third-party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of interest and principal on their loans will be adversely affected. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--NonCorrelationRiskMember_z2C98MPmcuTe">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--DepositaryReceiptRiskMember_zroKdlnDBgsk">Depositary Receipt Risk</span>. </b>The Fund may invest in depositary receipts which involve similar risks to those associated with investments in foreign securities. Investments in depositary receipts may be less liquid than the underlying shares in their primary trading market and, if not included in the Underlying Index, may negatively affect the Fund’s ability to replicate the performance of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--IndexManagementRiskMember_zbmQDM6CXLK9">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_eus-gaap--GeographicConcentrationRiskMember_z7iRxqxBAkqg">Geographic Concentration Risk</span>. </b>To the extent the Underlying Index and the Fund are significantly comprised of securities of issuers from a single country, the Fund would be more likely to be impacted by events or conditions affecting that country.<b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--FluctuationOfNetAssetValueMember_zIOyzLrEelxg">Fluctuation of Net Asset Value</span>.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zDR7Mh0aYtg4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">On January 2, 2020, the Fund changed its Underlying Index and principal investment strategies. Consequently, the Fund’s total returns shown below for the periods prior to January 2, 2020 are not necessarily indicative of the performance of the Fund, as it is currently managed. <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zhxtKTLUorAa">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, additional indexes and an index that represents a broad measure of market performance.</span> <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zDgOLV9epzu3">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zXx7RATvzR0h">www.alpsfunds.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zMa7MD2Cu2u8">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, additional indexes and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.0174 0.1105 -0.0482 0.2046 -0.1035 0.3542 -0.2542 0.1029 0.0456 0.0099 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zmPRYcnfOAXl"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_zAGwo8gutQhj">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_zsgQ0cv6Kwlc">20.47%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_z23dU1TAYtv4">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_z5BH02LeeP8g">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_zibMOrOlwUy5">-33.91%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member__oef--ClassAxis__custom--C000062111Member_ztUMaCoSg5Nd">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.2047 2020-12-31 Lowest Quarterly Return -0.3391 2020-03-31 <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zL25WESshTFd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_z70QFU0bq7p2">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000021672Member_zrLlz7LzW8yb">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><b> </b></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For the periods ended December 31, 2025 0.0099 0.0330 0.0317 -0.0040 0.0195 0.0181 0.0057 0.0196 0.0187 0.0136 0.0370 0.0516 0.0285 0.0476 0.0578 0.0136 0.0370 0.0388 0.1751 0.1347 0.1455 Summary Section   ALPS EQUAL SECTOR WEIGHT ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zApDVgFsP3Ch" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the performance of the NYSE^® Equal Sector Weight Index (ticker symbol NYXLEW) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zrJJP5AP9tac" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0008 0.0045 -0.0018 0.0027 March 31, 2027 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zycRWd2mM58d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 28 126 234 549 PORTFOLIO TURNOVER <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zuIDp1TdwxGe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_zNaLR9bYENI2">10%</span> of the average value of its portfolio. </p> 0.10 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zJxTNUbzz2Ta" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is an index of ETFs comprised of all active Select Sector SPDR^® ETFs in an equal weighted portfolio. These are the Communication Services Select Sector SPDR^® Fund, Consumer Discretionary Select Sector SPDR^® Fund, Consumer Staples Select Sector SPDR^® Fund, Materials Select Sector SPDR^® Fund, Energy Select Sector SPDR^® Fund, Technology Select Sector SPDR^® Fund, Utilities Select Sector SPDR^® Fund, Financial Select Sector SPDR^® Fund, Industrial Select Sector SPDR^® Fund, Health Care Select Sector SPDR^® Fund and Real Estate Select Sector SPDR^® Fund (each, an “Underlying Sector ETF” and collectively, the “Underlying Sector ETFs”). In order to track the Underlying Index, the Fund will use a “fund of funds” approach, and seek to achieve its investment objective by investing at least 90% of its total assets in the shares of the Underlying Sector ETFs. The Underlying Index is designed to track performance of the equally weighted Underlying Sector ETFs. Accordingly, the Underlying Index is rebalanced to an equal weighting quarterly during the months of March, June, September, and December. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each Underlying Sector ETF is an “index fund” that invests in the equity securities of companies in a particular sector or group of industries. The objective of each Underlying Sector ETF is to track its respective underlying sector index by replicating the securities in the underlying sector index. Together, the eleven Underlying Sector ETFs represent the Underlying Index as a whole. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose all or part of your money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--InvestmentRiskMember_zJP5luRsoCzb">Investment Risk</span>. </b>An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--FundOfFundsRiskMember_zRkADC2Jmknb">Fund of Funds Risk</span>.</b> The Fund pursues its investment objective by investing its assets in the Underlying Sector ETFs rather than investing directly in stocks, bonds, cash or other investments. The Fund’s investment performance depends on </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the investment performance of the Underlying Sector ETFs in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Sector ETFs that comprise the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--UnderlyingSectorEtfsRiskMember_zNv2CQZRqsn3">Underlying Sector ETFs Risk</span>. </b>Investment in the Underlying Sector ETFs may subject the Fund to the following risks: Market Risk and Non-Correlation Risk. The Fund may also be subject to certain other risks specific to each Underlying Sector ETF. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--MarketRiskMember_zsVi9IEodfpg">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The Fund’s investment in an Underlying Sector ETF involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic, political and social developments, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest rates, recessions, supply chain disruptions, and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--NonCorrelationRiskMember_zQm5DrsQ2k78">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--FluctuationOfNetAssetValueMember_z5dv6md22fge">Fluctuation of Net Asset Value</span>. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zrVvToV4fJKc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_z17ANdIJHg62">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span> Absent any applicable fee waivers and/or expense reimbursements, performance would have been lower. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_zfcASSu3t8li">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_z5KehfaYTLxd">www.alpsfunds.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_zEwH2IXQBywk">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.1322 0.1813 -0.0601 0.2786 0.1064 0.2927 -0.1058 0.1686 0.1632 0.1314 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zxiMSLIURd9c"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zbBXdDIShT1k">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zvMBz4jLW8kf">18.64%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zr4h6eAHPWj2">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zzR0O9yFT0h9">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zgnf14nZsnje">-22.29%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member__oef--ClassAxis__custom--C000077058Member_zTJIwOlOooUg">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.1864 2020-06-30 Lowest Quarterly Return -0.2229 2020-03-31 <p id="xdx_A8E_eoef--PerformanceTableNarrativeTextBlock_zkmz7oOVHi56" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_zpWctZlhRCBk">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000025771Member_z935H6IFDSH8">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.1314 0.1220 0.1220 0.1261 0.1165 0.1156 0.0804 0.0961 0.0993 0.1333 0.1236 0.1237 0.1788 0.1442 0.1482 SUMMARY SECTION   Alerian MLP ETF (“AMLP” OR THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zIWSgIzr7rZe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (ticker symbol AMZI) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zpMVxR4uVHCk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0084 0.0000 0.0017 0.0101 Example: <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zcA0b83yj4lk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 103 321 558 1235 PORTFOLIO TURNOVER <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z0D7ObqIilLl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the Fund’s most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_zXgLzQJfA6X2">14%</span> of the average value of its portfolio. </p> 0.14 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_z6WT2jPyVRdk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund employs a “passive management” - or indexing - investment approach designed to track the performance of the Underlying Index. The Underlying Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership (“MLP”) asset class. The Underlying Index was developed by Alerian, a leading provider of objective energy infrastructure and MLP benchmarks, data and analytics. The Underlying Index is comprised of energy infrastructure MLPs that earn a majority of their cash flow from the transportation, storage and processing of energy commodities. As of December 31, 2025, the U.S. dollar-denominated market capitalizations of the Index Components ranged from approximately $1.227 billion to approximately $69.356 billion. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Energy infrastructure MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To qualify as a MLP and not to 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 Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. Cash that is distributed in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Unlike direct investments in MLPs, income and losses from the Fund’s investments in MLPs will not directly flow through to the personal tax returns of shareholders. The Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as Fund shareholders, be treated as engaged in the business conducted by the underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. Individuals and certain other non-corporate investors will be entitled to a 20% deduction against taxable income allocated from direct investments in MLPs. Neither the Fund directly nor the Fund’s shareholders indirectly will be entitled to this deduction with respect to the Fund’s MLP investments. </p> Investors should consider the following risk factors associated with investing in the Fund which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--InvestmentriskMember_z3jzPj3yneH9">Investment Risk</span>. </b>An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--MarketriskMember_zwZkdoDTQfO7">Market Risk</span>. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--TaxStatusOfTheFundMember_zPmpIJbMNhge">Tax Status of the Fund</span>.</b> The Fund is taxed as a regular corporation for federal income tax purposes. This differs from most investment companies, which elect to be treated as “regulated investment companies” under 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. As a result, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income as opposed to most other investment companies which are not so obligated and may be liable for the corporate alternative minimum tax and for an excise tax on net redemptions incurred within a taxable year. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--DeferredTaxLiabilityMember_z9WhlSe5VUfg">Deferred Tax Liability</span>.</b> Cash distributions from an MLP 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 gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the securities. 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’s accrued deferred tax liability will be reflected each day in the Fund’s net asset value (“NAV”). Increases in deferred tax liability will decrease NAV. Conversely, decreases in deferred liability will increase NAV, but only to the extent of previously accrued deferred tax liability, i.e., no deferred tax asset will be accrued. The Fund will rely to a large extent on information provided by the MLPs, which is not necessarily timely, to estimate deferred tax liability for purposes of financial statement reporting and determining the NAV. From time to time, ALPS Advisors, Inc. will modify the estimates or assumptions regarding the Fund’s deferred tax liability as new information becomes available. The Fund’s estimates regarding its deferred tax liability are made in good faith, however, the daily estimate of the Fund’s deferred tax liability used to calculate the Fund’s NAV could </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">vary significantly from the Fund’s actual tax liability. The Fund will generally compute deferred income taxes based on the federal income tax rate applicable to corporations, currently 21%, and an assumed rate attributable to state taxes. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--PotentialSubstantialAfterTaxTrackingErrorFromUnderlyingIndexPerformanceMember_zBEUoXa28GE1">Potential Substantial After-Tax Tracking Error from Underlying Index Performance</span>.</b> As discussed above, the Fund will be subject to taxation on its taxable income plus potentially other taxes. The NAV of Fund Shares will also be reduced by the accrual of any current and 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 the Underlying Index are closely correlated. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--ReturnsOfCapitalDistributionsFromTheFundReduceTheTaxBasisOfFundSharesMember_zSA4NfgbDoyg">Returns of Capital Distributions From the Fund Reduce the Tax Basis of Fund Shares</span>.</b> A portion of the Fund’s distributions may be treated as a return of capital for tax purposes. Returns of capital distribution are not taxable income to you but reduce your tax basis in your 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IndustrySpecificRisksMember_zXglwhc4lXT">Industry Specific Risks</span>. </b>The Fund invests primarily in energy infrastructure companies. Energy infrastructure companies are subject to risks specific to the industry they serve including, but not limited to, the following: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">fluctuations in energy commodity prices which may impact the volume of energy commodities transported, processed, stored or distributed; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">reduced volumes of natural gas or other energy commodities available for transporting, processing or storing; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">new construction risks and acquisition risk which can limit growth potential; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">a sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes, or increased availability of alternative energy; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changes in the regulatory environment; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">extreme weather; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">global, political and economic instability; and </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">threats of attack by terrorists. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--MLPRiskMember_zZZkBNDhBnea">MLP Risk</span>. </b>Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price due to regulatory changes and cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power and distribution coverage. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--MLPTaxRiskMember_z7JL82jFF349">MLP Tax Risk</span>.</b> MLPs generally do not pay U.S. federal income tax at the partnership level, although under the centralized audit regime, MLPs are audited and imputed underpayments at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of your investment in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--LiquidityRiskMember_zPMldXwOew82">Liquidity Risk</span>.</b> Certain MLP securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain MLP securities experience limited trading volumes, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Fund is required to do so based on changes in the Underlying Index or to fund redemptions. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IssuerSpecificRiskMember_zJkTSz60E1O6">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Fund Risk.</b> The Fund is considered non-diversified and can 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--FluctuationOfNetAssetValueMember_zfOJyCyZ1eta">Fluctuation of Net Asset Value</span>. </b>The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--IndexManagementRiskMember_zFPhrDiNia0e">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--NonCorrelationRiskMember_zvR9xldrR8C7">Non-Correlation Risk</span>. </b>In addition to the risk of tracking error due to the effect of taxes, the Fund’s return may not match the return of the Underlying Index for other reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--RiskOfCashTransactionsMember_z64m69Au5R52">Risk of Cash Transactions</span>. </b>Unlike many ETFs, the Fund expects to effect redemptions for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions may entail higher transaction costs than in-kind transactions, which costs may be passed on to redeemers of Creation Units in the form of redemption transaction fees. </p> FUND PERFORMANCE <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zg6K5iQ3ZD4i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_zn7gRNMH48rl">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_zenyzwor4ccf">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_zwcXy8N09IF6">www.alpsfunds.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_zZRndfHQTZYj">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.1515 -0.0780 -0.1267 0.0595 -0.3253 0.3949 0.2512 0.2139 0.2261 0.0588 <div id="xdx_A86_eoef--BarChartClosingTextBlock_zAOOaNoqXZl7"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_zckH8b3JSki2">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_zgOgouSVVdr9">46.87%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_z9ft6hW8kXtc">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_z7Cylp7Vpnw5">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_zHgmE7G7MGq3">-58.27%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member__oef--ClassAxis__custom--C000091496Member_zQdo1QoGBPV6">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.4687 2020-06-30 Lowest Quarterly Return -0.5827 2020-03-31 <p id="xdx_A84_eoef--PerformanceTableNarrativeTextBlock_zg7QimaoRCHc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_z0F4YBygxNS2">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000029786Member_z9TPcf4pZcfh">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0588 0.2243 0.0619 0.0404 0.2109 0.0542 0.0481 0.1831 0.0485 0.0814 0.2571 0.0815 0.0976 0.2596 0.0885 0.1751 0.1347 0.1455 SUMMARY SECTION   Alerian Energy Infrastructure ETF (“ENFR” OR THE “FUND”) INVESTMENT OBJECTIVE The Fund seeks 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 (ticker symbol AMEI) (the “Underlying Index”). As a secondary objective, the Fund seeks to provide total return through income and capital appreciation. FEES AND EXPENSES OF THE FUND <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_znTABCfSK3Xi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0035 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_z1eI0cTnDFHe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 36 113 196 443 PORTFOLIO TURNOVER <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zealx1cJtNra" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zMIAWOGaSdSf">21%</span> of the average value of its portfolio. </p> 0.21 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zWdRjAtbG68h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. Developed by Alerian, a leading provider of objective energy infrastructure and master limited partnership (“MLP”) benchmarks, data and analytics (“Alerian”), the Underlying Index is intended to give investors a means of tracking the overall performance of North American energy infrastructure companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is a composite of North American energy infrastructure companies engaged in midstream activities involving energy commodities including gathering and processing, liquefaction, pipeline transportation, rail terminaling, and storage (also known as “midstream energy businesses”). Midstream energy companies include midstream MLPs and midstream corporations, either based in the United States or Canada. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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, MLP interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level income taxation. To qualify as an MLP and not be taxed as a corporation for income tax purposes, a partnership must, for any taxable year, receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code (as defined below). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index (or depositary receipts based on such securities). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Pursuant to Section 851(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), the Fund may invest no more than 25% of the value of its total assets in the securities of one or more qualified publicly traded partnerships, which include MLPs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Unlike direct investments in MLPs, income and losses from the Fund’s investments in MLPs will not directly flow through to the personal tax returns of shareholders. The Fund intends to qualify as a regulated investment company under Subchapter M of the Code. The Fund will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as Fund shareholders, be treated as engaged in the business conducted by underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Industry Specific Risks.</b> The Fund invests primarily in companies in the North American energy infrastructure sector. Companies in the North American energy infrastructure sector are subject to risks specific to the industry they serve including, but not limited to, the following: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">fluctuations in energy commodity prices which may impact the volume of energy commodities transported, processed, stored or distributed; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">reduced volumes of natural gas or other energy commodities available for transporting, processing or storing; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">new construction risks and acquisition risk which can limit growth potential; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">a sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes or increased availability of alternative energy; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changes in the regulatory environment; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">extreme weather; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities; </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">global, political and economic instability; and </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt"> </td> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">threats of attack by terrorists. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>MLP Risk. </b>Investments in securities of MLPs involve risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price due to regulatory changes and cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power and distribution coverage. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>MLP Tax Risk.</b> MLPs generally do not pay U.S. federal income tax at the partnership level, although under the centralized audit regime, MLPs are audited and imputed underpayments at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of your investment in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--CanadianInvestmentRiskMember_z9KXwo4BUIHd">Canadian Investment Risk</span>.</b> Investments in securities of Canadian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Canadian economy is very dependent on the demand for, and supply and price of, natural resources. There is a risk that any changes in natural resources sectors could have an adverse impact on the Canadian economy. Additionally, the Canadian economy is heavily dependent on relationships with certain key trading partners including the United States, countries in the European Union and China. Because the United States is Canada’s largest trading partner and foreign investor, the Canadian economy is dependent on and may be significantly affected by the U.S. economy. Reduction in spending on Canadian products and services or changes in the U.S. economy may adversely impact the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the North American Free Trade Agreement (“NAFTA”), or its successor, the United States-Mexico-Canada Agreement (“USMCA”), has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">patterns. In addition, certain sectors of Canada’s economy may be subject to foreign ownership limitations. This may negatively impact the Fund’s ability to invest in Canadian issuers and to track the Underlying Index. Because the Fund will invest in securities denominated in foreign currencies and the income received by the Fund will generally be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Returns of Capital Distributions From the Fund Reduce the Tax Basis of Fund Shares. </b>A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Returns of capital distribution are not taxable income to you but reduce your tax basis in your 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Fund Risk. </b>The Fund is considered non-diversified and can 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for Shares on the NYSE Arca, Inc. (“NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Index Management Risk.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Correlation Risk. </b>The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies.<b> </b></p> FUND PERFORMANCE <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zZZukIdYzeua" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zXG4hM48f2i">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zhih8OM8ybN8">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zTbZsTZ9B92d">www.alpsfunds.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zGlITEFMiZP4">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for a certain time period compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.4195 -0.0009 -0.1829 0.2120 -0.2431 0.3960 0.1833 0.1505 0.4206 0.0593 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zenPik2PMJTl"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_ztB3GWmx7vZa">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_zsUTPHe0A2x8">37.06%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_zRffPRxBnoL5">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_zwoidvcdAIhl">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_zvHhQQwwIB44">-49.41%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member__oef--ClassAxis__custom--C000131909Member_zpOZsZAaIyA5">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.3706 2020-06-30 Lowest Quarterly Return -0.4941 2020-03-31 <p id="xdx_A83_eoef--PerformanceTableNarrativeTextBlock_zhzGGIXzUDfh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_zipZYFKz7nlc">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000042676Member_z4I0UhZWSEs5">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0593 0.2338 0.1176 0.0533 0.2281 0.1114 0.0392 0.1916 0.0957 0.0658 0.2426 0.1270 0.0976 0.2596 0.0885 0.1751 0.1347 0.1455 Summary Section   RIVERFRONT STRATEGIC INCOME FUND (THE “FUND”)   INVESTMENT OBJECTIVE <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zbFZa7LNbbw2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks total return, with an emphasis on income as the source of that total return. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zhVdXf3V9e37" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0000 0.0046 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zweyX69WKJ0k" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 47 148 258 579 PORTFOLIO TURNOVER <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_z7q9AEFlHE6g" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zinqJ0GeWsS1">18%</span> of the average value of its portfolio. </p> 0.18 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_z4gnxchuqXA8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations. The Fund utilizes various investment strategies in a broad array of fixed income sectors. The Fund allocates its investments based upon the analysis of RiverFront Investment Group, LLC (“RiverFront” or the “Sub-Adviser”) of the pertinent economic and market conditions, as well as yield, maturity and currency considerations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s portfolio is constructed through a two-step process. The first step is setting the strategic allocation among different fixed income asset classes, with the objective being to construct an allocation that is designed to balance the probability of upside returns with downside risks for investors with a three- to five-year time horizon for their investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The second step is tactically adjusting these allocations as market conditions warrant and determining security selection within those asset classes in order to maximize potential returns over time. The strategic allocation across long-term, medium-term and short-term investment grade securities, long-term and short-term high yield securities and emerging market debt is adjusted at least annually or as market conditions warrant. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may purchase fixed income securities issued by U.S. or foreign corporations or financial institutions, including debt securities of all types and maturities, convertible securities and preferred stocks. The Fund also may purchase securities issued or guaranteed by the U.S. government or foreign governments (including foreign states, provinces and municipalities) or their agencies and instrumentalities (“government entities”) or issued or guaranteed by international organizations designated or supported by multiple government entities to promote economic reconstruction or development (“supranational entities”). The Fund may purchase or sell securities on a when issued, delayed delivery or forward commitment basis. The Fund may also invest in other exchange-traded funds (“ETFs”) and/or closed-end funds which invest in fixed income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has not established any credit rating criteria for the fixed income securities in which it may invest, and it may invest entirely in high yield securities (“junk bonds”). Junk bonds are debt securities that are rated below investment grade by nationally recognized statistical rating organizations (“NRSROs”), or are unrated securities that the Sub-Adviser believes are of comparable quality. The Sub-Adviser considers the credit ratings assigned by NRSROs as one of several factors in its independent credit analysis of issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest without limitation in U.S. dollar-denominated securities of foreign issuers in developed markets. Additionally, the Fund can invest up to 50% of its assets in non-dollar denominated securities. The Fund may also invest up to 50% of its assets in the securities of issuers located in emerging markets. In certain circumstances, the Sub-Adviser may attempt to offset a portion or all of the foreign </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">currency exposure in these securities by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). The Fund may elect to enter into swap contracts that effectively bundle the purchase of foreign bonds and the hedging of foreign currency into a single transaction. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The average maturity or duration of the Fund’s portfolio of fixed income securities will vary based on the Sub-Adviser’s assessment of economic and market conditions, as well as current and anticipated changes in interest rates; however, the Sub-Adviser intends to manage the Fund’s portfolio so that it has an average duration of between two and ten years, under normal circumstances. Duration measures the price sensitivity of a security to interest rate changes. The longer the duration, the more sensitive the Fund’s portfolio will be to a change in interest rates. A 1% change in interest rates is typically estimated to change the price of a fixed income security by 1% for each year of the security’s duration. For example, if a fixed income security has a duration of three years, a 1% rise in interest rates would typically be expected to reduce the price of the security by approximately 3%. Similar estimates would typically apply to a portfolio of fixed income securities, such as the Fund’s, based on the portfolio’s average duration. As the value of a security changes over time, so will its duration, which in turn will affect the Fund’s duration. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--InvestmentRiskMember_z5GlizHxanl2">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--CreditDefaultRiskMember_ztOdv7nLf7S">Credit/Default Risk</span>.</b> Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk.</b> When interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve. Rising interest rates may also lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell its bond investments at any given time. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--JunkBondRiskMember_z8gguqxJjIB1">Junk Bond Risk</span>.</b> The Fund may invest in junk bonds that are considered speculative. Junk bonds are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity. Even if an established secondary market exists, less active markets diminish the Fund’s ability to obtain accurate market quotations when valuing the portfolio securities and therefore give rise to valuation risk. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--CallRiskprepaymentRiskMember_zZeeWbWa1l87">Call Risk/Prepayment Risk</span>.</b> During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--IncomeRiskMember_ztTPWyjohD7k">Income Risk</span>.</b> Income risk is the risk that changing interest rates may adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--LiquidityRiskMember_z3hNpQ5VqVid">Liquidity Risk</span>.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. Such securities may become illiquid under adverse market or economic conditions and/or due to specific adverse changes in the condition of a particular issuer. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Liquidity risk is heightened in a changing interest rate or volatile environment, particularly for fixed-income or other debt instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--USGovernmentSecuritiesRiskMember_zkDmKxsPxT2i">U.S. Government Securities Risk</span>.</b> There are different types of U.S. government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-sponsored entity, such as Fannie Mae or Freddie Mac, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than those that are. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--ForeignInvestmentRiskMember_zUR5P7iLd248">Foreign Investment Risk</span>.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">could undermine the value of the Fund’s investments or prevent the 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--EmergingMarketsRiskMember_zaCcrYIQ7D4d">Emerging Markets Risk</span>.</b> The Fund may invest in securities and instruments that are economically tied to emerging market countries. Emerging markets countries may have relatively unstable governments and may present heightened risks of potential expropriation or nationalization of private properties or businesses, restrictions on foreign ownership, less liquidity and prohibitions on the repatriation of assets. Emerging market countries may have less stringent government regulation, which may result in market manipulation and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information. The economies of emerging market countries 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--ForeignCurrencyRiskMember_zGT6k3ANlIoj">Foreign Currency Risk</span>.</b> The value of the Fund’s investments denominated in foreign currencies may fluctuate relative to the value of the U.S. dollar. The Sub-Adviser does not intend, under normal circumstances, to attempt to hedge against currency risk. The Sub-Adviser may, in certain circumstances, attempt to reduce this risk by entering into foreign currency forward contracts, but its attempts may not be successful. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--RiskOfInvestmentInOtherInvestmentCompaniesMember_zYGbCAiZeiM6">Risk of Investment in Other Investment Companies</span>.</b> The market value of the shares of other investment companies may be less than their net asset values (“NAVs”). As an investor in investment companies, the Fund would bear its ratable share of that entity’s expenses, while continuing to pay its own advisory and administration fees and other expenses, causing Fund shareholders to absorb duplicate levels of fees with respect to investments in other investment companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--ConvertibleSecuritiesRiskMember_zcFMJc3s8ryb">Convertible Securities Risk</span>.</b> The Fund’s investments in convertible securities subject the Fund to the risks associated with both fixed income securities and common stocks. To the extent that a convertible security’s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--PreferredStockRiskMember_zVidDaHr4fDi">Preferred Stock Risk</span>. </b>Preferred stock generally has a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--IssuerspecificRiskMember_zZDeNovKO9T5">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--ActiveManagementRiskMember_zsi3iD3o2279">Active Management Risk</span>.</b> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results or expected returns. The Sub-Adviser’s decisions relating to the Fund’s duration will also affect the Fund’s yield, and in unusual circumstances will affect its share price. To the extent that the Sub-Adviser anticipates interest rates imprecisely, the Fund’s yield at times could lag those of other similarly managed funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--FluctuationOfNetAssetValueMember_zjYAOrxkOeG8">Fluctuation of Net Asset Value</span>.</b> The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Sub-Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. These deviations and premiums/discounts may be particularly significant during periods of market volatility or other unusual market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--RiskOfCashTransactionsMember_zCVVOj9srSg7">Risk of Cash Transactions</span>.</b> The Fund may effect creations and redemptions partly or wholly for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions may entail higher transaction costs than in-kind transactions, which costs may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--SwapsRiskMember_zIpIchpC6FP4">Swaps Risk</span>.</b> The Fund expects to use cleared and over-the-counter (“OTC”) swap agreements, which involve liquidity, interest rate, investment, credit/default and management risks, as well as the potential for mispricing or valuation complexity. The Fund’s use of swap agreements may result in losses to </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the Fund, a reduction in the Fund’s returns and/or increased volatility. OTC swap agreements are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--DerivativesRiskMember_z8sX7qU559o7">Derivatives Risk</span>. </b>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 possibly greater than, the risks associated with investing directly in 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 Fund’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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--ForwardCurrencyContractsRiskMember_zzWC1lRsfjId">Forward Currency Contracts Risk</span>. </b>A forward currency contract is a negotiated agreement between two parties to exchange specified amounts of two or more currencies at a specified future time at a specified rate. The rate specified by the forward contract can be higher or lower than the spot rate between the currencies that are the subject of the contract. By entering into a forward currency contract for the purchase or sale, for a fixed amount of dollars or other currency, of the amount of foreign currency involved in the underlying security transactions, the Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar or other currency which is being used for the security purchase and the foreign currency in which the security is denominated during the period between the date on which the security is purchased or sold and the date on which payment is made or received. Furthermore, such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the extent that currency contracts create exposure to currencies in which the Fund’s securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. Forward currency contracts may limit gains on portfolio securities that could otherwise be realized had they not been utilized and could result in losses. The contracts also may increase the Fund’s volatility and may involve a significant amount of risk relative to the investment of cash. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--AssetAllocationProgramRiskMember_zEyxx4NbG3E4">Asset Allocation Program Risk</span>. </b>The Sub-Adviser specializes in managing asset allocation portfolios, which invest in various investment vehicles, including the Fund and other ETFs, to obtain targeted amounts of exposure to different asset classes. The Fund was developed to serve as, and will serve as, an investment vehicle for such asset allocation portfolios. As the manager of the Fund and the portfolios, the Sub-Adviser is likely to encounter conflicts of interest. For example, the Sub-Adviser may need to reduce its asset allocation portfolios’ exposure to an asset class to which the portfolios obtain exposure by investing in the Fund. Under such circumstances, the Sub-Adviser would liquidate some or all of the portfolios’ investments in the Fund, which could adversely affect the Fund. </p> FUND PERFORMANCE <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zo7hnaGqtQ91" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zTujzWWp6QTk">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_znx2PlhawNba">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zknbHB8CuQEc">www.alpsfunds.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zdZkvFpcYA5f">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) 0.0877 0.0469 -0.0007 0.0692 0.0407 0.0150 -0.0577 0.0624 0.0285 0.0684 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zOMNz6fyIbDa" style="margin-top: 0; margin-bottom: 0; display: none"> </p> <div></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_zGnOxPkOyYtc">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"> <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_zLikYu9E3U9c">7.37%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_zEk3vDPz1rx1">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_zGGbBZ8d5RM1">Lowest Quarterly Return</span> </p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_z13MvpUTCXwi">-6.49%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member__oef--ClassAxis__custom--C000092591Member_zTyuFNpOiCA1">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.0737 2020-06-30 Lowest Quarterly Return -0.0649 2020-03-31 <p id="xdx_A84_eoef--PerformanceTableNarrativeTextBlock_zudqULhtqgrj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zdBNifp90gNd">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000030145Member_zijn4tsIF8ae">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0684 0.0223 0.0352 0.0476 0.0074 0.0188 0.0402 0.0105 0.0197 0.0730 -0.0036 0.0201 Summary Section   ALPS DYNAMIC CORE INCOME ETF (formerly, RiverFront Dynamic Core Income ETF) (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zXPP62ry5Ja2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks total return, with an emphasis on income as the source of that total return. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zOJV15aZAbri" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0051 0.0000 0.0051 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zRJy22W5jdHj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 52 164 285 640 PORTFOLIO TURNOVER <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zWDb3vznhgIf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_ziaAReVhT5q6">28%</span> of the average value of its portfolio. </p> 0.28 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zM1SLZnFfGp2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing in a global portfolio of fixed income securities of various maturities, ratings and currency denominations. The Fund allocates its investments based upon the analysis of ALPS Advisors, Inc. (“ALPS Advisors”, or the “Adviser”) of the pertinent economic and market conditions, as well as yield, maturity, credit and currency considerations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s portfolio is constructed by ALPS Advisors through a two-step process. The first step involves setting the strategic allocation among a broad array of fixed income asset classes, with the objective being to construct an allocation that is designed to balance the probability of upside returns with downside risks, assuming a five-year time horizon. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The second step involves ALPS Advisors tactically adjusting these allocations as market conditions warrant and determining security selection within the asset classes in order to seek to maximize potential returns. The Fund’s allocation across long-term, medium-term and short-term investment grade securities, long-term and short-term high yield securities and emerging market debt is adjusted at least annually, but may be adjusted more frequently if, in the sole discretion of ALPS Advisors, market conditions warrant. ALPS Advisors’ allocation decisions will be based on a quantitative methodology, the inputs for which reflect ALPS Advisors’ qualitative judgements about market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may purchase fixed income securities issued by U.S. or foreign corporations or financial institutions, including debt securities of all types and maturities, convertible securities and preferred stocks. The Fund also may purchase securities issued or guaranteed by the U.S. Government or foreign governments (including foreign states, provinces and municipalities) or their agencies and instrumentalities (“government entities”) or issued or guaranteed by international organizations designated or supported by multiple government entities to promote economic reconstruction or development (“supranational entities”). The Fund may purchase or sell securities on a when issued, delayed delivery or forward commitment basis. The Fund may also invest in other exchange-traded funds (“ETFs”) and/or closed-end funds which invest in fixed income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has established a credit rating criteria for the fixed income securities in which it may invest, and it may invest up to 15% in high yield securities (“junk bonds”). Junk bonds are debt securities that are rated below investment grade by nationally recognized statistical rating organizations (“NRSROs”), or are unrated securities that the Adviser believes are of comparable quality. The Adviser considers the credit ratings assigned by NRSROs as one of several factors in its independent credit analysis of issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest without limitation in U.S. dollar-denominated securities of foreign issuers in developed markets. The Fund may invest up to 10% of its assets in securities denominated in foreign currencies and up to 10% of its assets in securities of </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">issuers located in emerging markets. In certain circumstances, the Adviser may attempt to offset a portion or all of the foreign currency exposure in these securities by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). The Fund may elect to enter into swap contracts that effectively bundle the purchase of foreign bonds and the hedging of foreign currency into a single transaction. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The average maturity or duration of the Fund’s portfolio of fixed income securities will vary based on the Adviser’s assessment of economic and market conditions, as well as current and anticipated changes in interest rates; however, the Adviser intends to manage the Fund’s portfolio so that it has an average duration of between two and eight years, under normal circumstances. Duration measures the price sensitivity of a security to interest rate changes. The longer the duration, the more sensitive the Fund’s portfolio will be to a change in interest rates. A 1% change in interest rates is typically estimated to change the price of a fixed income security by 1% for each year of the security’s duration. For example, if a fixed income security has a duration of three years, a 1% rise in interest rates would typically be expected to reduce the price of the security by approximately 3%. Similar estimates would typically apply to a portfolio of fixed income securities, such as the Fund’s, based on the portfolio’s average duration. As the value of a security changes over time, so will its duration, which in turn will affect the Fund’s duration. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--InvestmentRiskMember_z349412ZrDVa">Investment Risk</span>. </b>An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--CreditDefaultRiskMember_zOwsgWwWnOB1">Credit/Default Risk</span>.</b> Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk.</b> When interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve. Rising interest rates may also lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell its bond investments at any given time. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--JunkBondRiskMember_zSmnCj92EP2b">Junk Bond Risk</span>.</b> The Fund may invest in junk bonds that are considered speculative. Junk bonds are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity. Even if an established secondary market exists, less active markets diminish the Fund’s ability to obtain accurate market quotations when valuing the portfolio securities and therefore give rise to valuation risk. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--CallRiskprepaymentRiskMember_z0JOEEnf7kr4">Call Risk/Prepayment Risk</span>.</b> During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--IncomeRiskMember_z3SDN9e4Ymdf">Income Risk</span>.</b> Income risk is the risk that changing interest rates may adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--LiquidityRiskMember_zsP2szgnNyha">Liquidity Risk</span>.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. Such securities may become illiquid under adverse market or economic conditions and/or due to specific adverse changes in the condition of a particular issuer. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Liquidity risk is heightened in a changing interest rate or volatile environment, particularly for fixed-income or other debt instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--ForeignInvestmentRiskMember_zudqC3WiaVbe">Foreign Investment Risk</span>.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--EmergingMarketsRiskMember_zRnraH69HOjc">Emerging Markets Risk</span>. </b>The Fund may invest in securities and instruments that are economically tied to emerging market countries. Emerging markets countries may have relatively unstable governments and may present heightened risks of potential expropriation or nationalization of private properties or businesses, restrictions on foreign ownership, less liquidity and prohibitions on the repatriation of assets. Emerging market countries may have less stringent government regulation, which may result in market manipulation and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information. Economies of emerging market countries 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--ForeignCurrencyRiskMember_z423uSZchqg5">Foreign Currency Risk</span>. </b>The value of the Fund’s investments denominated in foreign currencies may fluctuate relative to the value of the U.S. dollar. The Adviser does not intend, under normal circumstances, to attempt to hedge against currency risk. The Adviser may, in certain circumstances, attempt to reduce this risk by entering into foreign currency forward contracts, but its attempts may not be successful. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--RiskOfInvestmentInOtherInvestmentCompaniesMember_zAnPioOPiw5f">Risk of Investment in Other Investment Companies</span>. </b>The market value of the shares of other investment companies may be less than their net asset values (“NAVs”). As an investor in investment companies, the Fund would bear its ratable share of that entity’s expenses, while continuing to pay its own advisory and administration fees and other expenses, causing Fund shareholders to absorb duplicate levels of fees with respect to investments in other investment companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--ConvertibleSecuritiesRiskMember_zoRjVqOtE2E">Convertible Securities Risk</span>.</b> The Fund’s investments in convertible securities subject the Fund to the risks associated with both fixed income securities and common stocks. To the extent that a convertible security’s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--PreferredStockRiskMember_zkzerkkcX1ad">Preferred Stock Risk</span>. </b>Preferred stock generally has a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--IssuerSpecificRiskMember_zcpvWWauPwel">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--ActiveManagementRiskMember_zhpu9vsb9PM9">Active Management Risk</span>. </b>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Adviser’s decisions relating to the Fund’s duration will also affect the Fund’s yield, and in unusual circumstances will affect its share price. To the extent that the Adviser anticipates interest rates imprecisely, the Fund’s yield at times could lag those of other similarly managed funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--AssetAllocationProgramRiskMember_zxFwOvhD3Buj">Asset Allocation Program Risk</span>.</b> The Adviser specializes in managing asset allocation portfolios, which invest in various investment vehicles, including the Fund and other ETFs, to obtain targeted amounts of exposure to different asset classes. The Fund was developed to serve as, and will serve as, an investment vehicle for such asset allocation portfolios. As the manager of the Fund and the portfolios, the Adviser is likely to encounter conflicts of interest. For example, the Adviser may need to reduce its asset allocation portfolios’ exposure to an asset class to which the portfolios obtain exposure by investing in the Fund. Under such circumstances, the Adviser would liquidate some or all of the portfolios’ investments in the Fund, which could adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--FluctuationOfNetAssetValueMember_zWoENMbXoXS4">Fluctuation of Net Asset Value</span>. </b>The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--RiskOfCashTransactionsMember_zdrohuLLg1Vg">Risk of Cash Transactions</span>. </b>The Fund may effect creations and redemptions partly or wholly for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions may entail higher transaction </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">costs than in-kind transactions, which costs may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--DerivativesRiskMember_za0qFJGSlXyh">Derivatives Risk</span>.</b> 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 possibly greater than, the risks associated with investing directly in 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 Fund’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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--SwapsRiskMember_ziSbdISmjQQf">Swaps Risk</span>.</b> The Fund expects to use cleared and over-the-counter (“OTC”) swap agreements, which involve liquidity, interest rate, investment, credit/default and management risks, as well as the potential for mispricing or valuation complexity. The Fund’s use of swap agreements may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. OTC swap agreements are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--QuantitativeMethodologyRiskMember_zUC45ZyntsLk">Quantitative Methodology Risk</span>. </b>The Adviser uses certain quantitative methodologies to help assess the criteria of issuers to be included in the Fund’s portfolio, including information that may be based on assumptions and estimates. Neither the Fund, the Adviser nor the Adviser can offer assurances that the quantitative methodology will provide an accurate assessment of included issuers. </p> FUND PERFORMANCE <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zlM7JMeGXj9e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_z8vb2op6Xozd">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_zogV4vpX26Hj">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_zsIBcQrX3fbe">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_z87yAqOABzIe">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) 0.0327 -0.0076 0.0856 0.0626 -0.0148 -0.0929 0.0590 0.0274 0.0669 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zsoeF21PNTZj"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_zlPfsj0AF9Uh">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_z9QSbW0imlE6">6.54%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_zglsAkfHUGk4">12/31/23</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_zRRH1hd25vYk">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_z0NjN6mEpArd">-5.33%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member__oef--ClassAxis__custom--C000162390Member_zBMWc9wB8Y4i">3/31/22</span></p></td> </tr> </table> Highest Quarterly Return 0.0654 2023-12-31 Lowest Quarterly Return -0.0533 2022-03-31 <p id="xdx_A80_eoef--PerformanceTableNarrativeTextBlock_zdTtS7OPkXd7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_zmSJdzzHFKfd">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000051619Member_znlysu69nK9j">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0669 0.0074 0.0200 2016-06-13 0.0472 -0.0068 0.0078 2016-06-13 0.0393 -0.0003 0.0101 2016-06-13 0.0730 -0.0036 0.0163 2016-06-13 Summary Section   ALPS Dynamic US Dividend Advantage ETF (formerly, RiverFront Dynamic US Dividend Advantage ETF) (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zUSyMeNg5RX2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to provide capital appreciation and dividend income. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zdO0LyyT6Nsg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0052 0.0000 0.0052 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zar8gnNSS8d4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 167 291 652 PORTFOLIO TURNOVER <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zSpT3QWTRb73" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zkGz1oBuj0Mk">1%</span> of the average value of its portfolio. </p> 0.01 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zCn7W8nYYWsg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 65% of its net assets in a portfolio of equity securities of publicly traded U.S. companies with the potential for dividend income. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In selecting the Fund’s portfolio securities, ALPS Advisors, Inc., the Fund’s adviser (“ALPs Advisors” or the “Adviser”), assembles a portfolio of eligible securities based on several core attributes, including, but not limited to, value, quality and momentum. The Adviser will consider multiple proprietary factors within each core attribute, such as the price-to-book value of a security when determining value, a company’s cash as a percentage of the company’s market capitalization when determining quality and a security’s three month relative price change when determining momentum. Additionally, within a given sector, security selection will emphasize companies offering a meaningful dividend yield premium over alternative investments within that sector. The Adviser then assigns each qualifying security a score based on its core attributes, including its dividend yield, and selects the individual securities with the highest scores for investment. In doing so, the Adviser utilizes its proprietary optimization process to maximize the percentage of high-scoring securities included in the portfolio in accordance with sector and risk factor (e.g., beta, quality, volatility) limitations, subject to the Adviser’s fundamental active overlay. The Adviser will also consider the market capitalization of the companies in which the Fund may invest, the potential for dividend income, and the trading volume of a company’s shares in the secondary market. The strategy is largely quantitative and rules-based, but also includes multiple parameters over which the Adviser may exercise discretion (including, but not limited to, the number of holdings and the weightings of particular holdings) in connection with its active management of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in small-, mid- and large-capitalization companies. The Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of U.S. issuers. The Fund considers a “U.S. issuer” to be one (i) domiciled or with a principal place of business or primary securities trading market in the United States, or (ii) that derives more than 50% of its total revenues or profits from the United States. The Fund may invest significantly in companies involved in the financial services sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in other exchange-traded funds (“ETFs”) and/or closed-end funds which invest in equity securities. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--EquityRiskMember_zMQiBg6Aaltg">Equity Risk</span>.</b> The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, inflation (or expectations for inflation), changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--InvestmentRiskMember_zyHf3y2zQSF8">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--MarketRiskMember_zxSc3G7pjCdf">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--IssuerSpecificRiskMember_zhAk5tFZ0Sa5">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--QuantitativeMethodologyRiskMember_ziRomg7Lgzni">Quantitative Methodology Risk</span>.</b> The Adviser uses certain quantitative methodologies to help assess the criteria of issuers to be included in the Fund’s portfolio, including information that may be based on assumptions and estimates. Neither the Fund, the Adviser nor the Adviser can offer assurances that the quantitative methodology will provide an accurate assessment of included issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--SmallAndMidCapitalizationCompanyRiskMember_ztCFWNKorgja">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--DividendPayingStockRiskMember_zmKVFBB4TW3b">Dividend-Paying Stock Risk</span>. </b>The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. An issuer of a security may also be unable or unwilling to make dividend payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--FinancialServicesSectorRiskMember_zCsciJyW5OIj">Financial Services Sector Risk</span>.</b> The financial services sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--RealEstateInvestmentRiskMember_zlZqk4oIJkDe">Real Estate Investment Risk</span>. </b>The Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate, adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds (including changes in interest rates), the impact of changes in environmental laws, overbuilding in a real estate company’s market, and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--ReitInvestmentRiskMember_z6g3gUcTQVo3">REIT Investment Risk</span>.</b> In addition to risks related to investments in real estate generally, investing in REITs involves certain other risks related to their structure and focus, which include, but are not limited to, management risk, non-diversification risk, financing risk, cash flow dependency risk, default risk, self-liquidation risk, mortgage financing and interest rate risks, and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs are also subject to unique federal tax requirements. Dividends received by the Fund from REITs generally will not constitute qualified dividend income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--ManagementRiskMember_zlrUfipaIU2g">Management Risk</span>.</b> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--AssetAllocationProgramRiskMember_zGKlrMPwt8of">Asset Allocation Program Risk</span>.</b> The Adviser specializes in managing asset allocation portfolios, which invest in various investment vehicles, including the Fund and other ETFs, to obtain targeted amounts of exposure to different asset classes. As the manager of the Fund and the portfolios, the Adviser is </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">likely to encounter conflicts of interest. For example, the Adviser may need to reduce its asset allocation portfolios’ exposure to an asset class to which the portfolios obtain exposure by investing in the Fund. Under such circumstances, the Adviser would liquidate some or all of the portfolios’ investments in the Fund, which could adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--FluctuationOfNetAssetValueMember_z0ngry4E0cF1">Fluctuation of Net Asset Value</span>. </b>The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--GrowthInvestmentRiskMember_znAtbVXLVFwi">Growth Investment Risk</span>.</b> Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--LiquidityRiskMember_zs4nE11RSS18">Liquidity Risk</span>. </b>The Fund may invest in equity securities that may have limited liquidity despite being listed on a securities exchange. Equity securities that are less liquid or that trade less can be more difficult or more costly to buy, or to sell, compared to other more liquid or active investments. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--MomentumInvestingRiskMember_zlZv9BmN3mK2">Momentum Investing Risk</span>.</b> The Fund may employ in part a “momentum” style methodology that emphasizes selecting securities that have had higher recent price performance compared to other securities. The Fund may be subject to more risk because securities in which the Fund invests based on momentum may be more volatile than a broad cross-section of securities or the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--ValueInvestingRiskMember_z6Qss48MhELe">Value Investing Risk</span>.</b> Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--PortfolioTurnoverRiskMember_zTnrVLCwmN9k">Portfolio Turnover Risk</span>.</b> The Fund may trade all or a significant portion of the securities in its portfolio in seeking to achieve its investment objective. A high portfolio turnover rate may increase transaction costs, including brokerage commissions, on the sale of the securities and on reinvestment in other securities, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> FUND PERFORMANCE <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zpUhLpMljNm1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zCbNQmMNm8zc">The following bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for a certain time period compare with the Fund’s benchmark index, which represents a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zacblkcWWUH5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zhBrvn2PBG7f">www.alpsfunds.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zRufLY4NOJN7">866.759.5679</span>.<b> </b></p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for a certain time period compare with the Fund’s benchmark index, which represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) 0.1974 -0.0888 0.2688 0.1127 0.2575 -0.0862 0.1714 0.2009 0.1628 <div id="xdx_A84_eoef--BarChartClosingTextBlock_zGULpcoQhPu"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_zmMb5ztdIbpd">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_zyBxuuyjOALj">20.27%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_z8mEObPLrp63">June 30, 2020</span> </p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_z5EGFRZAnmz9">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_zbwn0DIsJWH3">-22.17%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member__oef--ClassAxis__custom--C000166225Member_z83GpgX2VIs2">March 31, 2020</span></p></td> </tr> </table> Highest Quarterly Return 0.2027 2020-06-30 Lowest Quarterly Return -0.2217 2020-03-31 <p id="xdx_A8F_eoef--PerformanceTableNarrativeTextBlock_zNzLvgQucFJ2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_ztB5dx2vwH4e">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000052852Member_zTKmeywros1l">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 2016-06-06 2016-06-06 2016-06-06 2016-06-06 0.1628 0.1345 0.1268 0.1566 0.1273 0.1201 0.0993 0.1058 0.1032 0.1788 0.1442 0.1504 Summary Section   ALPS Active Equity Opportunity ETF (The “Fund”) INVESTMENT OBJECTIVE <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zBTNkek5MODg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to provide capital appreciation. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zDHJvDg8DlCf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0000 0.0048 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zvnLf2Y9ezh3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 603 PORTFOLIO TURNOVER <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zteH4EXVSkPg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_zwil81GAwD7j">42%</span> of the average value of its portfolio. </p> 0.42 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zDNo9C0aL0Ef" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its net assets in a portfolio of equity securities. Equity securities include common stocks and common or preferred shares of real estate investment trusts (“REITs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The primary decision factor in selecting the Fund’s portfolio’s securities is the combination of dividend-paying stocks and stocks determined to have high or improving return on invested capital (“ROIC”). In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfolio managers typically apply a “bottom up” approach in choosing investments. Due to the nature of the securities in which the Fund invests, the Fund may have relatively high portfolio turnover compared to other funds. The portfolio managers use a disciplined sell strategy for the Fund. The portfolio managers may sell securities because of a deterioration of the underlying company’s financials, such as earnings or cash flow, or because of an increase in the price of a security that would make it expensive relative to the other securities held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. Portfolio managers can also sell any security at their discretion based on changes in expected valuation, volatility or other statistical or fundamental parameters. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in small-, mid- and large-capitalization companies. The Fund will normally invest at least 75% of its net assets in securities of U.S. issuers. The Fund considers a “U.S. issuer” to be one (i) domiciled or with a principal place of business or primary securities trading market in the United States, or (ii) that derives more than 50% of its total revenues or profits from the United States. The Fund may invest substantially in companies in the financial services sector. The Fund may also invest in other exchange-traded funds (“ETFs”) and/or closed-end funds which invest in equity securities. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--EquityRiskMember_zqWiCtmDjdXj">Equity Risk</span>.</b> The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">conditions, inflation (or expectations for inflation), changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--InvestmentRiskMember_zzN8LhoSe6ug">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--MarketRiskMember_zsnkmixHjOL">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--FinancialServicesSectorRiskMember_zVZbqT7v8exg">Financial Services Sector Risk</span>.</b> The financial services sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--InformationTechnologySectorRiskMember_zTkr3wuUoLN8">Information Technology Sector Risk</span>.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--RealEstateInvestmentRiskMember_zCi70B4UYKH5">Real Estate Investment Risk</span>.</b> The Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate, adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds (including changes in interest rates), the impact of changes in environmental laws, overbuilding in a real estate company’s market, and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--ReitInvestmentRiskMember_zGONhzV2vTZ6">REIT Investment Risk</span>.</b> In addition to risks related to investments in real estate generally, investing in REITs involves certain other risks related to their structure and focus, which include, but are not limited to, management risk, non-diversification risk, financing risk, cash flow dependency risk, default risk, self-liquidation risk, mortgage financing and interest rate risks, and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs are also subject to unique federal tax requirements. Dividends received by the Fund from REITs generally will not constitute qualified dividend income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--IssuerSpecificRiskMember_ziFC3UACacW9">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zPI2TlYfPu85">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--ManagementRiskMember_zrorv071AIsj">Management Risk</span>. </b>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--FluctuationOfNetAssetValueMember_z2D51OMS798">Fluctuation of Net Asset Value</span>.</b> The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--GrowthInvestmentRiskMember_zAwngTEf10bi">Growth Investment Risk</span>.</b> Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--LiquidityRiskMember_z2cpF8zxMq03">Liquidity Risk</span>.</b> The Fund may invest in equity securities that may have limited liquidity despite being listed on a securities exchange. Equity securities that are less liquid or that trade less can be more difficult or more costly to buy, or to sell, compared to other more liquid or active investments. Liquidity risk is heightened in a changing interest rate environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--ValueInvestingRiskMember_zGzglqTTYcJ2">Value Investing Risk</span>.</b> Value securities may present risks in addition to the general risks associated with investing in securities. These securities are selected on the basis of an issuer’s business and economic fundamentals or a security’s current credit profile, relative to current market practice. Investing in value stocks carries the risk that the market will not recognize a stock’s potential value for a long time, or that a stock judged to be undervalued may actually be appropriately valued. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--PortfolioTurnoverRiskMember_zk03LnmQ4d7h">Portfolio Turnover Risk</span>. </b>The Fund may trade all or a significant portion of the securities in its portfolio in seeking to achieve its investment objective. A high portfolio turnover rate may increase transaction costs, including brokerage commissions, on the sale of the securities and on reinvestment in other securities, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> FUND PERFORMANCE <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zCrMhkZqAF69" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">On June 1, 2023, ALPS Advisors, Inc., the Fund’s investment adviser, assumed all responsibility for selecting the Fund’s investments and certain of the Fund’s principal investment strategies changed. Performance figures shown below for periods before June 1, 2023 represent performance of the Fund during the times when the Fund’s investments were selected by the prior sub-advisor to the Fund pursuant to the prior principal investment strategies. Consequently, the Fund’s total returns shown below for the periods prior to June 1, 2023 are not necessarily indicative of the performance of the Fund, as it is currently managed. <span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_zVmXxmmn3fR1">The following bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for a certain time period compares with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_z74Bp6LiGOe4">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_zurBL5TAKBn2">www.alpsfunds.com</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_z4zC9fwmunKc">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for a certain time period compares with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) 0.2081 -0.0966 0.2453 0.1175 0.2231 -0.1456 0.1956 0.2333 0.1682 <div id="xdx_A81_eoef--BarChartClosingTextBlock_zgW7lH0KlF0a"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 44%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zZICAULSW9n7">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 18%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zT4UGIQog3Hf">22.32%</span></p></td> <td style="vertical-align: bottom; width: 38%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zCKV62hKk13j">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 44%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zH6Yz4jyjy4h">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 18%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zc0Eli4Q2Isj">-25.22%</span></p></td> <td style="vertical-align: bottom; width: 38%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member__oef--ClassAxis__custom--C000166226Member_zIHmwfmfzSN9">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.2232 2020-06-30 Lowest Quarterly Return -0.2522 2020-03-31 <p id="xdx_A89_eoef--PerformanceTableNarrativeTextBlock_zzBFfG42f4d1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_zLz007S1Qk8l">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000052853Member_zueJtq3cRpki">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.1682 0.1248 0.1213 2016-06-06 0.1659 0.1218 0.1179 2016-06-06 0.1010 0.0991 0.0998 2016-06-06 0.1702 0.1396 0.1461 2016-06-06 0.1751 0.1347 0.1475 2016-06-06 Summary Section   BARRON’S 400SM ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zkHHX2WjgOkf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond generally, before fees and expenses, to the performance of the Barron’s 400^SM Index (ticker symbol B400) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zLe42bCpFNFh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0000 0.0065 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zP8jODP3Ftt7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 66 208 362 810 PORTFOLIO TURNOVER <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zTCcdivVc7Ub" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_zw3Ey6uty6re">93%</span> of the average value of its portfolio. </p> 0.93 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zRA3x7yCfrLd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond generally, before fees and expenses, to the performance of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking the overall performance of high performing equity securities of U.S. companies. The Fund will invest at least 80% of its total assets in the equity securities which comprise the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index generally consists of 400 stocks. The Underlying Index’s stocks are constituents of the MarketGrader U.S. Coverage Universe. In compiling the Underlying Index, MarketGrader Capital, LLC (the “Index Provider”) selects the 400 stocks from MarketGrader’s U.S. Coverage Universe by using a methodology that selects components based on the strength of their fundamentals in growth, value, profitability and cash flow and then screens such potential Underlying Index components for certain criteria regarding concentration, market capitalization and liquidity. The eligible stocks that are selected for inclusion in the Underlying Index’s portfolio are equally weighted. The Underlying Index is rebalanced by the Index Provider semiannually, on the third Friday of March and September each year. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--InvestmentRiskMember_z9Liw0X5Svml">Investment Risk</span>. </b>An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--MarketRiskMember_zFAoFxYsjHm5">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zYU6A2Jp4Db5">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--NonCorrelationRiskMember_zeNsat9ZSc64">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--IndexManagementRiskMember_zt0ysTiApmtg">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--IssuerSpecificRiskMember_zx743AVvrBve">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--FluctuationOfNetAssetValueMember_zMQdwpPxtIg2">Fluctuation of Net Asset Value</span>. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc., (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zoEGhTD9yoL4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_z8At55dzroue">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_z1gJ39KZ3pT4">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_zOvxX5wpo5i9">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_zuSdVxYIsQV2">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ending 12/31) 0.1743 0.1894 -0.1345 0.2130 0.1746 0.3058 -0.1585 0.1819 0.1777 0.1375 <div id="xdx_A85_eoef--BarChartClosingTextBlock_z14GjeDWwdm"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_zEQtIB5Sy0N3">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_z97sE7nmrhUd">25.45%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_z9b7Gs3OtEw">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_zdQ5w1lBUTWf">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_zpFaDFtBqs5b">-26.90%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member__oef--ClassAxis__custom--C000125863Member_zALsr41m0sj3">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.2545 2020-06-30 Lowest Quarterly Return -0.2690 2020-03-31 <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zSoVNnTX8Uk8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_zhmgDGKxi5Cd">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000040588Member_zsKCR0SQCoB4">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.1375 0.1171 0.1160 0.1360 0.1144 0.1136 0.0826 0.0930 0.0961 0.1431 0.1239 0.1230 0.1751 0.1347 0.1455 Summary Section   ALPS MEDICAL BREAKTHROUGHS ETF (THE “FUND”)   INVESTMENT OBJECTIVE <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zvr6tdfnBtE7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the S-Network^® Medical Breakthroughs Index (ticker symbol PMBI) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zueCPfOmc5De" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0050 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zjBCn7dHiJA3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 280 628 PORTFOLIO TURNOVER <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zjtoeNiqt4Rb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zz7knZCyrN04">58%</span> of the average value of its portfolio. </p> 0.58 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_z15DGXaRKxji" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index is comprised of small and mid-cap stocks of biotechnology companies that have one or more drugs in either Phase II or Phase III of the U.S. Food and Drug Administration (“FDA”) clinical trials. In a Phase II trial, the drug is administered to a group of 100-300 people to see if it is effective and to evaluate its safety. In a Phase III trial, the drug is given to a larger group, between 500-3,000 people, to confirm its effectiveness, monitor side effects, compare it to commonly used treatments and collect information that will allow the drug or treatment to be used safely. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stocks selected for inclusion in the Underlying Index must be listed on a U.S. stock exchange. Underlying Index constituents must have a market capitalization of no less than $200 million and no more than $5 billion. Stocks included in the Underlying Index must also sustain an average daily trading volume in excess of $1 million for the 90-day period preceding an Underlying Index reconstitution. Constituents must be able to sustain the monthly rates at which they use shareholder capital (“cash burn rates”) for at least 24 months. As of December 31, 2025, the Underlying Index had 87 constituents. The Underlying Index is reconstituted semi-annually on the third Fridays of June and December. The stocks in the Underlying Index are reviewed and rebalanced on the third Friday of the last month of each calendar quarter. The Underlying Index uses a modified capitalization weighting methodology, meaning components are weighted according to the total market value of their outstanding shares, which is not adjusted for the number of shares available for trading (“float”). The index weight of the largest stock is capped at 4.5%, and the excess weight is redistributed proportionately over the remainder of the Underlying Index. Share weights are based on prices as of the close of trading on the Thursday prior to the second Friday of the rebalancing month. In addition to the scheduled quarterly reviews, the Underlying Index is reviewed on an ongoing basis. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will normally invest at least 80% of its net assets in securities that comprise the Underlying Index (or depositary receipts based on such securities). </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--InvestmentRiskMember_zIUTescYq7g3">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. The Fund could lose money due to short-term market movements and over longer periods during market downturns. The value of the Fund’s investments may decline due to factors affecting securities markets generally </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">or particular asset classes or industries, or due to geopolitical and other risks, including war, terrorism, trade disputes, public health crises, and environmental disasters. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--MarketRiskMember_zYxdubty3qMh">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--ConcentrationRiskMember_z9eS0tMTvdS5">Concentration Risk</span>.</b> The Fund seeks to track the Underlying Index, which itself currently is concentrated in the biotechnology industry and may have concentration in certain other industries or sectors, as well as regions, economies or markets. Underperformance or increased risk in such other concentrated areas may result in underperformance or increased risk in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--BiotechnologyIndustryRiskMember_z6tD9JS0S0Y8">Biotechnology Industry Risk</span>.</b> Biotechnology companies are subject to various risks, including the loss or impairment of patents or intellectual property rights and significant costs associated with developing, procuring and/or marketing of new drugs, products or technologies. Biotechnology companies may also experience difficulties obtaining financing and government approvals, sudden and dramatic changes in their stock price, and adverse effects resulting from government regulation. A biotechnology company’s valuation can also be greatly affected if one of its products proves unsafe, ineffective or unprofitable. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zPUsjv0URsod">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--ForeignInvestmentRiskMember_zlX4ax2KxY0b">Foreign Investment Risk</span>. </b>The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--DepositaryReceiptRiskMember_z28Ix1Ycbep2">Depositary Receipt Risk</span>.</b> The Fund may invest in depositary receipts which involve similar risks to those associated with investments in foreign securities. Investments in depositary receipts may be less liquid than the underlying shares in their primary trading market and, if not included in the Underlying Index, may negatively affect the Fund’s ability to replicate the performance of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--LiquidityRiskMember_zw5SK9XZS6j7">Liquidity Risk</span>.</b> It may be more difficult for the Fund to buy and sell significant amounts of some securities without an unfavorable impact on prevailing market prices, particularly during times of market turmoil or economic, financial and public health crises. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund’s investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. Liquidity risk is heightened in a changing interest rate or volatile environment, particularly for fixed-income or other debt instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--NonCorrelationRiskMember_zHkQDrDbnBal">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--IssuerSpecificRiskMember_z3toivvr4V2">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--FluctuationOfNetAssetValueMember_z2rVzxqJSgLd">Fluctuation of Net Asset Value</span>.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (“NYSE Arca”). ALPS Advisors, Inc. (the “Adviser”) cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. These deviations and premiums/discounts may be particularly significant during periods of market volatility or other unusual market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--IndexManagementRiskMember_zPYmZ1Mx65fc">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. In addition, unusual market conditions or unforeseen circumstances (such as natural disasters, political unrest, or war) may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal composition. </p> FUND PERFORMANCE <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zlN52WhmqFD8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zZFKgSjrJkMk">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zesCuKjmf267">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zsvyINKLoiwe">www.alpsfunds.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zmu9VPTqmyjb">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) -0.2766 0.4491 -0.1120 0.4986 0.2121 -0.1754 -0.2787 0.0817 0.0417 0.5424 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zk47ID2sYPM"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zPOBSqm5aWn5">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zkX1nBeAWRh5">33.88%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zM8oRSDGuru8">12/31/19</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zcYBdevGOK5j">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zDSWNRKWiLpj">-30.81%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member__oef--ClassAxis__custom--C000150206Member_zc00LNQmA59g">3/31/16</span></p></td> </tr> </table> Highest Quarterly Return 0.3388 2019-12-31 Lowest Quarterly Return -0.3081 2016-03-31 <p id="xdx_A86_eoef--PerformanceTableNarrativeTextBlock_zWthPftMTm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zuz06JA3F1Z4">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000047823Member_zD1g0SjiTnbb">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.5424 0.0067 0.0574 0.5424 0.0038 0.0540 0.3211 0.0035 0.0440 0.5392 0.0099 0.0606 0.3343 0.0452 0.0557 0.1751 0.1347 0.1455 ALPS DISRUPTIVE TECHNOLOGIES ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zKOWRESDW7l4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the Indxx Disruptive Technologies Index (ticker symbol IDTEC) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zcyrGl3Hcxhf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0050 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_znIWeHED5TD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 280 628 PORTFOLIO TURNOVER <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zqJ2OSqYQqv7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zeeKobFC799b">31%</span> of the average value of its portfolio. </p> 0.31 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zq8qlx24ejH8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index utilizes a rules-based methodology developed by Indxx, LLC (the “Index Provider”), which is designed to identify the companies using disruptive technologies in each of ten thematic areas: Healthcare Innovation, Internet of Things, Clean Energy and Smart Grid, Cloud Computing, Data and Analytics, FinTech, Robotics and Artificial Intelligence, Cybersecurity, 3D Printing, and Mobile Payments (each a “Theme” and together, the “Themes”). Companies using disruptive technologies are those that are entering traditional markets with new digital forms of production and distribution, seek to disrupt an existing market and value network, displace established market-leading firms, products and alliances and increasingly gain market share. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is compiled by the Index Provider and may be comprised of U.S. and non-U.S. companies, including foreign and emerging markets companies. In order to be eligible for inclusion in the Underlying Index’s Index Universe, a company’s stock must be traded on one or more major global securities exchanges, have a minimum market capitalization of at least $500 million, and have a six month minimum average daily trading volume of $2 million, and the company must derive a minimum of 50% of its revenue from a single Theme. All equity securities meeting the above criteria are selected for inclusion in the Index Universe. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">From the Index Universe, the Underlying Index methodology selects ten stocks in each Theme according to proprietary quantitative and qualitative factors. Components within each Theme are equally weighted at the time of reconstitution and rebalance. Each Theme is assigned a weight of 10% since the Underlying Index has 10 themes. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is reconstituted annually on the third Friday of September and rebalanced quarterly. The Index Provider will review the Themes every three years for inclusion in the Index Methodology based on a proprietary, rules-based research process. The particular Themes, as well as the number of Themes, included in the Index Methodology are subject to change in the Index Provider’s discretion based on such review. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will invest at least 80% of its net assets in securities that comprise the Underlying Index. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--InvestmentRiskMember_zK3O0G8qT6Kc">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--MarketRiskMember_zTi4hQ6Rtmce">Market Risk</span>. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--InformationTechnologySectorRiskMember_zFerXWUsga3b">Information Technology Sector Risk</span>. </b>The Fund may invest a significant portion of its assets in securities issued by companies in the information technology sector in order to track the Underlying Index’s allocation to that sector. Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. The Fund was 46.90% invested in this sector as of the most recent fiscal year ended November 30, 2025. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--FinancialTechnologySectorRiskMember_zqHq6pFy9gZb">Financial Technology Sector Risk</span>.</b> FinTech companies may face competition from larger and more established firms, and a FinTech company may not currently or in the future derive any revenue from disruptive technologies. In addition, FinTech companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--HealthCareSectorRiskMember_zqLVxaZYYV5h">Health Care Sector Risk</span>. </b>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of the companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, change in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.<b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--DisruptiveTechnologyRiskMember_z6WX4ZZkGa4b">Disruptive Technology Risk</span>. </b>Companies that the Index Provider believes are developing disruptive technologies may not in fact do so or may not be able to capitalize on those technologies. Companies that develop disruptive technologies may face political, legal or regulatory challenges. Such companies may also be exposed to risks applicable to industries or sectors other than the disruptive technology Theme for which they are chosen and may underperform relative to other companies that are also focused on a particular Theme. These companies may also face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Regulators have become increasingly focused on the potential impact of artificial intelligence and may, in the future, issue regulations that affect the use of artificial intelligence. Moreover, advancements in artificial intelligence and other technologies may result in the introduction of errors, defects or security vulnerabilities, which can go undetected. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--MicrocapitalizationCompanyRiskMember_zcaOAgOY1bwd">Micro-Capitalization Company Risk</span>.</b> Micro-cap stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zdKylda09s1k">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--LargeCapitalizationCompanyRiskMember_zE6hZlzp92og">Large Capitalization Company Risk</span>. </b>The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--QuantitativeAndQualitativeMethodologyRiskMember_ztOtv3le23bf">Quantitative and Qualitative Methodology Risk</span>.</b> The Index Provider uses certain quantitative and qualitative methodologies to help assess the criteria of issuers to be included in the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the quantitative and qualitative methodologies will provide an accurate assessment of included issuers.<b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--ConcentrationRiskMember_zUVKisHIIbwi">Concentration Risk</span>. </b>The Fund seeks to track the 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 Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--ForeignInvestmentRiskMember_zZiJo356bAp3">Foreign Investment Risk</span>.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--EmergingMarketsRiskMember_zGGkGv0aIn2b">Emerging Markets Risk</span>. </b>The Fund may invest in securities and instruments that are economically tied to emerging market countries. Emerging markets countries may have relatively unstable governments and may present heightened risks of potential expropriation or nationalization of private properties or businesses, restrictions on foreign ownership, less liquidity and prohibitions on the repatriation of assets. Emerging market countries may also have less stringent government regulation, which may result in market manipulation and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information. The economies of emerging market countries 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--GrowthInvestmentRiskMember_zX1BDUC46ZJj">Growth Investment Risk</span>. </b>Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--NonCorrelationRiskMember_zUr3Q4XxUH44">Non-Correlation Risk</span>. </b>The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. Tax withholdings imposed by foreign countries may also contribute to differences between the Fund’s return and the return of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--IssuerSpecificRiskMember_zXW2jgdl0ZG4">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--FluctuationOfNetAssetValueMember_zT3Keu3vI6Ad">Fluctuation of Net Asset Value</span>. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--IndexManagementRiskMember_z6eNdKnovSc1">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> FUND PERFORMANCE <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zHFvF76pj2j9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zvRBU8UEhc7l">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. </span><span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zmmrAHJpPCM9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zHvATiGSQ8Yh">www.alpsfunds.com</span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zoJL0B5rhgci">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar year ended 12/31) -0.0328 0.3411 0.4425 0.0505 -0.3109 0.2487 0.1016 0.0678 <div id="xdx_A87_eoef--BarChartClosingTextBlock_zjM6n6lgONP6"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_zbOU1A33Vzh">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_zsN4l3Hq9bg9">29.91%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_zDOixbCx68f3">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_ztJaGa2hr0Ab">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_zLEaKPOlD8i7">-22.24%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member__oef--ClassAxis__custom--C000196973Member_zXF6WseaHCrh">6/30/22</span></p></td> </tr> </table> Highest Quarterly Return 0.2991 2020-06-30 Lowest Quarterly Return -0.2224 2022-06-30 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_zo2zCZp6I2P6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zQ9BVJgdXOTd">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000060186Member_zmO6eaGfQTpa">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0678 0.0124 0.0891 2017-12-28 0.0677 0.0119 0.0883 2017-12-28 0.0402 0.0095 0.0720 2017-12-28 0.0708 0.0158 0.0924 2017-12-28 0.2213 0.1068 0.1031 2017-12-28 Summary Section   ALPS Clean Energy ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zBdlJCw7I1a6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index, the CIBC Atlas Clean Energy Index (ticker symbol NACEX) (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_z28WhtJ71A2l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0055 0.0000 0.0055 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zxZGRqi0lRxg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 PORTFOLIO TURNOVER <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zFW0Gx95Y2hc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zPybvdMNJX4j">39%</span> of the average value of its portfolio. </p> 0.39 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zdnJFVc6c4kj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index utilizes a rules-based methodology developed by CIBC National Trust Company (the “Index Provider”), which is designed to provide exposure to a diverse set of U.S. and Canadian companies involved in the clean energy sector including renewables and clean technology. The clean energy sector is comprised of companies that provide the products and services that enable the evolution of a more sustainable energy sector. Clean energy business segments include, but are not limited to, the following activities: (i) renewable energy sources, including solar power, wind power, hydroelectricity, geothermal energy, biomass, biofuels, and tidal/wave energy, (ii) clean technologies, including electric vehicles, energy storage, lithium, fuel cell, smart grid, and energy efficiency technologies and (iii) other emerging clean energy activities and technologies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is compiled by the Index Provider and may be comprised of U.S. or Canadian companies. In order to be eligible for inclusion in the Underlying Index’s Index Universe (defined below), a company’s stock must be traded on one or more major U.S. or Canadian securities exchanges, be based in the U.S. or in Canada, have a minimum float-adjusted market capitalization and minimum average daily trading value thresholds established by the index rulebook of at least $300 million, and have a minimum median average daily trading liquidity of greater than $3 million over the last 60 trading days prior to the selection date, and the company must derive a majority of its value from clean energy business segments (as defined above). Such eligible companies shall be defined as the “Index Universe.” All equity securities meeting the above criteria are selected for inclusion in the Index Universe. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">From the Index Universe, it is the intent of the Index Provider to include at least 30 stocks that meet the Index criteria. The eligible stocks that are selected for inclusion in the Index’s portfolio are weighted according to each stock’s float-adjusted market-capitalization. The index weight of the largest stock is capped at 5% as of the rebalance date, and the excess weight is redistributed proportionally over the remainder of the Underlying Index. As of December 31, 2025 the Underlying Index consisted of 37 securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is reconstituted and rebalanced quarterly on the third Friday in March, June, September and December. The Index Provider’s Index Committee reviews and approves all changes to the Underlying Index as well as regularly reviews the constituent criteria and index construction guidelines based on a proprietary, rules-based research process. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will invest at least 80% of its net assets in securities that comprise the Underlying Index. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--InvestmentRiskMember_z9hDbhGm9n6l">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--MarketriskMember_zTIAtvQ36xKd">Market Risk</span>. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--CleanEnergySectorRiskMember_zO7u8WaDVpCf">Clean Energy Sector Risk</span>.</b> Obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants and general economic conditions can significantly affect companies in the clean energy sector. In addition, intense competition and legislation resulting in more strict government regulations and enforcement policies and specific expenditures for cleanup efforts can significantly affect this sector. Risks associated with hazardous materials, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects and tax and other government regulations can significantly affect companies in the clean energy sector. Also, supply and demand for specific products or services, the supply and demand for oil and gas, the price of oil and gas, production spending, government regulation, world events and economic conditions may affect this sector. Currently, certain valuation methods used to value companies involved in the clean energy sector, particularly those companies that have not yet traded publicly, have not been in widespread use for a significant period of time. As a result, the use of these valuation methods may serve to increase further the volatility of certain clean energy company share prices. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--ConsumerDiscretionarySectorRiskMember_z4A8XdsEw2f8">Consumer Discretionary Sector Risk</span>. </b>The Fund may invest a portion of its assets in securities issued by companies in the consumer discretionary sector in order to track the Underlying Index’s allocation to that sector. These companies may be adversely affected by fluctuations in supply and demand and changes in consumer spending. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--IndustrialsSectorRiskMember_zYjTo5DjeFc7">Industrials Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the industrials sector in order to track the Underlying Index’s allocation to that sector. Stock prices for the types of companies included in the industrial sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--UtilitiesSectorRiskMember_zTrSwSwYyq45">Utilities Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the utilities sector in order to track the Underlying Index’s allocation to that sector. Stock prices for companies in the utilities sector are affected by supply and demand, operating costs, governmental regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and international competition, difficulty in raising adequate amounts of capital and governmental limitation on rates charged to customers. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--InformationTechnologySectorRiskMember_zuBuWGhO4XH6">Information Technology Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the information technology sector in order to track the Underlying Index’s allocation to that sector. Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--MicrocapitalizationCompanyRiskMember_zxjIEVoUWN58">Micro-Capitalization Company Risk</span>.</b> Micro-cap stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zrGiEdvGWqb6">Small- and Mid-Capitalization Company Risk</span>. </b>Smaller and mid-size companies often have narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--LargeCapitalizationCompanyRiskMember_z8hUGJURR40a">Large Capitalization Company Risk</span>.</b> The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--ConcentrationRiskMember_z0ngGIyljqS7">Concentration Risk</span>.</b> The Fund seeks to track the 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 Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--RisksRelatedToInvestmentsInTheSolarEnergyCompaniesMember_zgdagGqLIvff">Risks Related to Investments in the Solar Energy Companies</span>.</b> Solar energy companies typically face intense competition, short product lifecycles and potentially rapid product obsolescence. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies. Investors should take notice of the distinction between implemented government policy based on legislation and less guaranteed commitments which may be aspirational, subject to political risk, and difficult to enforce. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Solar energy companies may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources, technological developments and labor relations. A decline in the price of conventional energy such as oil and natural gas could have a materially adverse impact on solar energy companies. Renewable energy resources may be highly dependent on government policies that support renewable energy generation and enhance the economic viability of owning renewable electric generation assets. Additionally, adverse environmental conditions may cause fluctuations in renewable electric generation and adversely affect the cash flows associated with solar energy companies.<b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--CanadianInvestmentRiskMember_zwmnAfTy8Js4">Canadian Investment Risk</span>.</b> The Fund may be subject to risks relating to its investment in Canadian securities. Investments in securities of Canadian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Canadian economy is very dependent on the demand for, and supply and price of, natural resources. There is a risk that any changes in natural resources sectors could have an adverse impact on the Canadian economy. Additionally, the Canadian economy is heavily dependent on relationships with certain key trading partners including the United States, countries in the European Union and China. Because the United States is Canada’s largest trading partner and foreign investor, the Canadian economy is dependent on and may be significantly affected by the U.S. economy. Reduction in spending on Canadian products and services or changes in the U.S. economy may adversely impact the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the North American Free Trade Agreement (“NAFTA”), or its successor, the United States-Mexico-Canada Agreement (“USMCA”), has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade patterns. In addition, certain sectors of Canada’s economy may be subject to foreign ownership limitations. This may negatively impact the Fund’s ability to invest in Canadian issuers. Because the Fund will invest in securities denominated in foreign currencies and the income received by the Fund will generally be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--GrowthInvestmentRiskMember_zwbNQVREyz3g">Growth Investment Risk</span>. </b>Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--NonCorrelationRiskMember_z1Ljfr1Ej4y7">Non-Correlation Risk</span>.</b> The Fund’s return may not match the return of the Underlying Index for a number of reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--IssuerSpecificRiskMember_zrieONZcsq6k">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Fund Risk. </b>The Fund is considered non-diversified and can invest a greater portion of its 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--ReturnOfCapitalRiskMember_zp6alyLNSRMd">Return of Capital Risk</span>.</b> A portion of the Fund’s distributions are expected to be treated as a return of capital for tax purposes. Returns of capital distribution are not taxable income to you but reduce your tax basis in your 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--FluctuationOfNetAssetValueMember_zTs3dGS5IPDc">Fluctuation of Net Asset Value</span>. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca Exchange, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--IndexManagementRiskMember_zcqvk8HBneg4">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--QuantitativeAndQualitativeMethodologyRiskMember_zW178SbdcRX7">Quantitative and Qualitative Methodology Risk</span>.</b> The Index Provider uses certain quantitative and qualitative methodologies to help assess the criteria of issuers to be included in the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the quantitative and qualitative methodologies will provide an accurate assessment of included issuers. </p> FUND PERFORMANCE <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_z3S6TD4EC9o4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zpn9SO5Ybzff">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zjHpsvJ2Zuh8">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zHh84dm4lP11">www.alpsfunds.com</span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_z5kSy0atX9Kk">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.5155 1.3996 -0.1931 -0.2811 -0.2033 -0.2674 0.2578 <div id="xdx_A83_eoef--BarChartClosingTextBlock_zY816aJnnP61"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_zgQlVq6vSYEg">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_zIEzxlyMKcwg">44.54%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_z5TNbFXiwO4c">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_zs9YiO9nQt2e">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_zo1cyI1ZTGn">-22.86%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member__oef--ClassAxis__custom--C000201215Member_zkKT1svuVeTb">6/30/22</span></p></td> </tr> </table> Highest Quarterly Return 0.4454 2020-12-31 Lowest Quarterly Return -0.2286 2022-06-30 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zpkL6GK4YdGi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zi6YqFoBn6xi">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000062205Member_zzTRjoOg7XY7">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.2578 -0.1569 0.0471 2018-06-28 0.2556 -0.1584 0.0453 2018-06-28 0.1530 -0.1088 0.0368 2018-06-28 0.2577 -0.1573 0.0492 2018-06-28 0.0704 0.0857 0.0828 2018-06-28 0.1751 0.1347 0.1454 2018-06-28 ALPS ACTIVE REIT ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_ziVwLwLYAdUj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks total return through dividends and capital appreciation. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z5En4JBQyVL4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0000 0.0068 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z3xHalrOVbP3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 69 218 379 846 PORTFOLIO TURNOVER <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zxBHLrpjxgW3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended November 30, 2025 the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zM22ONd3tjhj">61%</span> of the average value of the portfolio. </p> 0.61 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zrINCbfyZUcf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will, under normal circumstances, seek to achieve its investment objective by investing at least 80% of its net assets in publicly traded equity securities of real estate investment trusts (“REITs”). The Fund will primarily invest in publicly traded common equity securities of U.S. REITs. The Fund may also invest a portion of its assets in publicly traded common equity of U.S. real estate operating companies (not structured as REITs), publicly traded preferred equity of U.S. REITs and real estate operating companies, and cash and cash equivalents. GSI Capital Advisors LLC, the Fund’s sub-adviser (“GSI Capital” or the “Sub-Adviser”), is responsible for implementing the Fund’s investment strategy in connection with its active management of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Adviser implements a methodical, data driven investment approach in implementing the Fund’s investment strategy. The primary factor influencing the Fund’s investment strategy is individual stock selection based on fundamental research and the Sub-Adviser’s analysis of the intrinsic value of the underlying properties held by REITs, as well as the corresponding intrinsic value of the publicly traded U.S. REITs in which the Fund seeks to invest. The Sub-Adviser’s research and investment process is driven by assessing the relative merits of a company based on a set of variables determined by the Sub-Adviser, with an emphasis on those variables most likely to influence total return. Using this investment process, the Sub-Adviser seeks to invest in eligible companies that trade at the largest discounts to the Sub-Adviser’s assessment of intrinsic value relative to other eligible companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Adviser’s valuation methodology incorporates multiple complex inputs, including capitalization rates, net operating income growth estimates, the valuation of land and other income or non-income generating assets, and adjustments for marking to market the value of the company’s debt, which are driven by a broad set of proprietary, third-party and public data sources. The Fund may invest in small-, mid- and large-capitalization companies. The Fund considers a “U.S.” company to be one (i) domiciled or with a principal place of business or primary securities trading market in the United States, or (ii) that derives more than 50% of its total revenues or profits from the United States and its stock is listed on an exchange that trades contemporaneously with the Shares. The Fund is actively managed and does not seek to track an index. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--FluctuationOfNetAssetValueMember_zlCscsdiOoY5">Fluctuation of Net Asset Value</span></b>. The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the Nasdaq Stock Market LLC (the “Nasdaq Exchange”). Neither the Adviser nor the Sub-Adviser can predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--EquityRiskMember_z8g9PbqLOAV7">Equity Risk</span>. </b>The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, inflation (or expectations for inflation), changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--InvestmentRiskMember_zfJBirHUZbI9">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--MarketriskMember_zEwBSPhGF2L5">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--RealEstateInvestmentRiskMember_zL9LXAGguNhk">Real Estate Investment Risk</span>.</b> The Fund invests in companies in the real estate industry, including real estate investment trusts (“REITs”). Therefore, the Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, possible declines in the value of real estate; adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds (including changes in interest rates); the impact of changes in environmental laws; overbuilding in a real estate company’s market; and environmental problems. The real estate sector is particularly sensitive to economic downturns and changes to interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--REITsInvestmentRiskMember_zTcbw3D8BGDk">REITs Investment Risk</span>.</b> In addition to risks related to investments in real estate generally, investing in REITs involves certain other risks related to their structure and focus, which include, but are not limited to, management risk, non-diversification risk, financing risk, cash flow dependency risk, default risk, self-liquidation risk, mortgage financing and interest rate risks, and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. REITs are also subject to the risk that the real estate market may experience an economic downturn generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. REITs are also subject to unique federal tax requirements. Dividends received by the Fund from REITs generally will not constitute qualified dividend income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--ActiveManagementRiskMember_zCKWpDFrcyA8">Active Management Risk</span>. </b>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--ConcentrationRiskMember_zRc1CtLwu33a">Concentration Risk</span>.</b> Real estate companies may lack diversification due to ownership of a limited number of properties and concentration in a particular geographic region or property type. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk.</b> Rising interest rates could result in higher costs of capital for real estate companies, which could negatively impact a real estate company’s ability to meet its payment obligations. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--IssuerSpecificRiskMember_zrLfVTEsF5x8">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--LeverageRiskMember_zrTptTfBeRb9">Leverage Risk</span>. </b>Real estate companies may use leverage (and some may be highly leveraged), which increases investment risk and the risks normally associated with debt financing and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--LiquidityRiskMember_z6kQJRfKr3Yd">Liquidity Risk</span>.</b> Real estate is relatively illiquid and, therefore, a real estate company may have a limited ability to vary or liquidate properties in response to changes in economic or other conditions. These risks are especially applicable in conditions of declining real estate values. Liquidity Risk is heightened in a changing interest rate environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--ManagementRiskMember_zQfU7gPvknoi">Management Risk</span>.</b> Real estate companies are dependent upon management skills and may have limited financial resources. Real estate companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers and self-liquidation. In addition, transactions between real estate companies and their affiliates may be subject to conflicts of interest, which may adversely affect a real estate company’s shareholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--PropertyRiskMember_zZSzBB7Y6wQ7">Property Risk</span>.</b> Real estate companies may be subject to risks relating to functional obsolescence or reduced desirability of properties; extended vacancies; catastrophic events; and casualty or condemnation losses. Real estate income and values also may be greatly affected by demographic trends, changing tastes and values, or increasing vacancies or declining rents. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--RegulatoryRiskMember_zaz5Y57UcAna">Regulatory Risk</span>.</b> Real estate income and values may be adversely affected by such factors as applicable domestic and foreign laws (including tax laws). Government actions, such as tax increases, zoning law changes or environmental regulations, also may have a major impact on real estate. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--RepaymentRiskMember_zOnN1eRNgQb2">Repayment Risk</span>.</b> The prices of real estate company securities may drop because of the failure of borrowers to repay their loans, poor management, and the inability to obtain financing either on favorable terms or at all. If the properties do not generate sufficient income to meet operating expenses, ground lease payments, tenant improvements, third-party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of interest and principal on their loans will be adversely affected. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_eus-gaap--GeographicConcentrationRiskMember_zAZp0KwAz2y8">Geographic Concentration Risk</span>.</b> To the extent the Fund is significantly comprised of securities of issuers from a single country, such as the United States, the Fund would be more likely to be impacted by events or conditions affecting that country. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--SmallMidandLargeCapitalizationCompanyRiskMember_zGnpOvVw1zvh">Small-, Mid- and Large-Capitalization Company Risk</span>. </b>Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Fund Risk.</b> The Fund is considered non-diversified and can invest a greater portion of its 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. </p> FUND PERFORMANCE <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_z5FJyqOP2j47" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zR83LNtaIpUa">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zSkh0IYltCY5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zXA0KKs3z9Ki">www.alpsfunds.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zemedzwvo3Qb">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) -0.2092 0.1374 0.0740 -0.0068 <div id="xdx_A81_eoef--BarChartClosingTextBlock_z6ZZqIXcPQFe"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_ztMZokGPfTH7">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_zALDqPCAeuo">16.11%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_z5DM2KX9Vy4k">12/31/23</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_zVCZchcA9sGi">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_zrAxKleMSrCd">-14.69%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member__oef--ClassAxis__custom--C000223930Member_z2ZFHZvcXbX5">6/30/22</span></p></td> </tr> </table> Highest Quarterly Return 0.1611 2023-12-31 Lowest Quarterly Return -0.1469 2022-06-30 <p id="xdx_A83_eoef--PerformanceTableNarrativeTextBlock_zIhc8XHIIBnf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zfZDf2P3BcGk">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000070441Member_zNgm8hTMGL33">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 -0.0068 0.0501 2021-02-25 -0.0172 0.0367 2021-02-25 -0.0040 0.0330 2021-02-25 0.0301 0.0560 2021-02-25 0.1751 0.1334 2021-02-25 Summary Section INVESTMENT OBJECTIVE <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z7NVlChEo9U5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks above average total return from a combination of current income and capital appreciation. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zqoMbGKvbC9b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0059 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zC1LLkxi2Vkj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 737 PORTFOLIO TURNOVER <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z5B8bYRLD9kg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zu9apD9hF5k5">147%</span> of the average value of its portfolio. </p> 1.47 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zGTTNhG836S3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, convertible bonds, commercial and residential mortgage-backed securities, and zero-coupon bonds. The Fund will target a weighted average effective duration +/- 40% of the current effective duration of the Bloomberg U.S. Aggregate Bond Index. The Fund does not intend to invest in contingent convertible bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in asset-backed securities, money market instruments, commercial loans, and foreign debt securities (including investments in emerging markets). Investments in high yield/high risk bonds (also known as “junk” bonds) are expected to represent, under normal market conditions, less than 20% of the Fund’s net assets. Under normal market conditions, investments in non-agency mortgage-backed securities are expected to comprise not more than 20% of the Fund’s net assets and investments in non-agency commercial mortgage-backed securities are expected to be less than 5% of the Fund’s net assets. The Fund’s investments in agency mortgage-backed securities are generally not subject to limitation, except to the extent such investments would be inconsistent with another stated investment strategy or policy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks above average total return, defined as outperformance of the Bloomberg U.S. Aggregate Bond Index, net of Fund fees and expenses. The Fund seeks to generate total return from a combination of current income and capital appreciation, but income is usually the dominant portion. In selecting securities, Smith Capital Investors, LLC, the Fund’s Sub-Adviser, considers many factors, including yield, credit ratings, liquidity, call risk, duration, structure, and capital appreciation potential. Due to the nature of the process and the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Though the Fund does not typically expect to use derivatives, for purposes of meeting its policy to invest at least 80% of net assets in bonds, the Fund may include derivatives that have characteristics similar to the securities in which the Fund may directly invest. In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfolio manager typically applies a “bottom up” approach in choosing investments. This means that the portfolio manager looks at income producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. The portfolio manager additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--FixedIncomeSecuritiesRiskMember_z9o2hILf90rl">Fixed Income Securities Risk</span></b>. A rise in interest rates typically causes bond prices to fall. The longer the duration of the bonds held by a fund, the more sensitive it will likely be to interest rate fluctuations. Duration measures the weighted average term to maturity of a bond’s expected cash flows. Duration also represents the approximate percentage change that the price of a bond would experience for a 1% change in yield. For example: the price of a bond with a duration of 5 years would change approximately 5% for a 1% change in yield. The price of a bond with a duration of 10 years would be expected to decline by approximately 10% if its yield was to rise by +1%. Bond yields tend to fluctuate in response to changes in market levels of interest rates. Generally, if interest rates rise, a bond’s yield will also rise in response; the duration of the bond will determine how much the price of the bond will change in response to the change in yield. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investments in fixed-income securities and positions in fixed-income derivatives may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities and any long positions in fixed-income derivatives held by the Fund are likely to decrease, whereas the value of its short positions in fixed-income derivatives is likely to increase. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk</b>. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, and are usually more volatile than securities with shorter durations. For example, if an instrument has an average duration of five years, a 1% increase in interest rates generally would result in a 5% decrease in the instrument’s value. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Inflation-protected securities decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations, and in turn, may negatively impact the performance of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--CorporateDebtRiskMember_zFuTZ2FYjM1f">Corporate Debt Risk</span></b>. Corporate debt securities in which the Fund may invest are taxable debt obligations issued by corporations, are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to factors such as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The market value of a debt security generally reacts inversely to interest rate changes. When prevailing interest rates decline, the price of the debt obligation usually rises, and when prevailing interest rates rise, the price usually declines. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Credit Risk</b>. Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--SectorAndSecuritiesSelectionRiskMember_zMgyUUREt1k3">Sector and Securities Selection Risk</span></b>. Companies in which the Fund may invest with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to invest in any particular sector or sectors, the Fund may, from time to time, emphasize investments in one or more sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--HighYieldHighRiskBondRiskMember_zBOH4ZxuTzq8">High-Yield/High-Risk Bond Risk</span></b>. High-yield/high-risk bonds, or “junk” bonds, are bonds rated below investment-grade by the primary rating agencies, such as Standard &amp; Poor’s, Fitch and Moody’s, or are unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment-grade bonds. Issuers of high-yield/high-risk bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings. Further, secondary markets for high-yield securities are less liquid than the market for investment-grade securities. Therefore, it may be more difficult to value the securities because valuation may require more research, and elements of judgment may play a larger role in the valuation because there is less reliable, objective data available. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--MarketRiskMember_zSR9SuMMBnQd">Market Risk</span></b>. Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural or man-made disasters, the spread of infectious illness or other public issues or adverse investor sentiment generally affect the securities and derivatives markets. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">conditions within an industry. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--LiquidityAndValuationRiskMember_zauZt8FTyxEk">Liquidity and Valuation Risk</span></b>. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the portfolio manager would like or at the price the portfolio manager believes the security is currently worth. Liquidity risk may be increased to the extent that the Fund invests in Rule 144A and restricted securities. Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--MortgageBackedAndAssetBackedSecuritiesRiskMember_zODcJWrK4c5j">Mortgage-Backed and Asset-Backed Securities Risk</span></b>. The Fund may invest in mortgage- and asset-backed securities, which represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. Mortgage-and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These risks may reduce the Fund’s returns. In addition, the Fund’s investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--USGovernmentSecuritiesRiskMember_zjxg0v6m2Op6">U.S. Government Securities Risk</span></b>. The Fund may invest in U.S. government debt securities. U.S. government debt securities are generally considered low risk. Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is a risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if those entities are not able to meet their financial obligations. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--SovereignDebtRiskMember_znUfeLFkh5u7">Sovereign Debt Risk</span></b>. The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/ or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. To the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--ManagedPortfolioRiskMember_zZRMH6s4rMUh">Managed Portfolio Risk</span></b>. The Sub-Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes, securities or sectors may prove to be incorrect. Such errors could result in a negative return and a loss to you. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--PrepaymentAndExtensionRiskMember_zOKIXUSIzUhi">Prepayment and Extension Risk</span></b>. The Fund may invest in securities that are exposed to prepayment and/or extension risk. When interest rates fall, issuers of high interest debt obligations in which the Fund invest may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s share price and yield and could hurt the Fund’s performance. Prepayments could also create capital gains tax liability in some instances. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--CallRiskMember_zC3vR4IhAqR6">Call Risk</span></b>. The Fund may invest in securities that are subject to call risk. Call risk is the risk that, during periods of falling interest rates, an issuer of a fixed income security held by the Fund may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--IncomeGenerationRiskMember_z2Iad7AXtHHh">Income Generation Risk</span></b>. The Fund may fail to generate anticipated levels of income due to, among other factors, unanticipated market conditions or the materialization of risks associated with the securities owned by the Fund, which failure in turn could negatively impact the Fund’s ability to meet its income level objectives. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--FloatingRateObligationsRiskMember_zhBTfFbEYWr">Floating Rate Obligations Risk</span></b>. There may be a number of intermediate participants in floating rate obligation transactions and loan agreements that have specific rights and obligations, and terms and conditions. Unexpected changes in the interest rates on floating rate obligations could result in losses to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations and that there may be restrictions on their transfer. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--PortfolioTurnoverRiskMember_zTyMlZMuoI31">Portfolio Turnover Risk</span></b>. The strategy used by the Fund may result in high portfolio turnover. A higher portfolio turnover will result in higher transactional costs and may result in higher taxes when Fund shares are held in a taxable account. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--FluctuationOfNetAssetValueMember_zCLHkzYtaFi3">Fluctuation of Net Asset Value</span></b>. The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Sub-Adviser cannot predict whether the Shares will trade below, at or above their NAV. To </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--RiskOfCashTransactionsMember_znrDFHQRSAHi">Risk of Cash Transactions</span></b>. Unlike many ETFs, the Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions may entail higher transaction costs than in-kind transactions, which costs may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. </p> FUND PERFORMANCE <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zuQouRv57Lq1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zTjZU4lXzLLe">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zIPROCzWnVhg">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zPlzIJGQYgF8">www.alpsfunds.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zebygJKnFZAa">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, which represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.0268 0.0707 <div id="xdx_A87_eoef--BarChartClosingTextBlock_z9eEPVMFVYNe"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_z7LcPnD43z9j">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_zSgnlv8jn3ia">4.66%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_zFR69s4Msh32">9/30/24</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_zXA9npIRxQE2">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_zZXz6fHVjGKl">-2.26%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member__oef--ClassAxis__custom--C000245178Member_z3fxfsi9CKkg">12/31/24</span></p></td> </tr> </table> Highest Quarterly Return 0.0466 2024-09-30 Lowest Quarterly Return -0.0226 2024-12-31 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zY4bAr55MnAd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zcZENbc9Kz4d">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000082009Member_zbsVRNq4fhhl">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 2023-12-05 2023-12-05 2023-12-05 2023-12-05 0.0707 0.0659 0.0512 0.0466 0.0415 0.0421 0.0730 0.0540 Level Four Large Cap Growth Active ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zjszWskuYjO9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks maximum total return and above peer average risk-adjusted return. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zeSZc2PnX5n" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0050 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_ztIZqyLqV3qf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 280 628 PORTFOLIO TURNOVER <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zMm8UrtQizLd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_zQqIp4TKAaQ3">15%</span> of the average value of the portfolio. </p> 0.15 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zTPNoKHnWEFh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests primarily in equity securities of carefully selected, high-quality U.S. companies. The Fund invests primarily in the domestic equity securities of companies selected by Level Four Capital Management, LLC (“Level Four” or the “Sub-Adviser”) for their growth potential within various market sectors. The Fund emphasizes investments in large, seasoned companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of large-capitalization companies. For these purposes, “large-capitalization companies” are those that, at the time of investment, have market capitalizations of greater than $10 billion. While the market capitalizations of companies in the Bloomberg US 1000 Growth Index, the Fund’s benchmark index for performance comparison purposes, ranged from approximately $1.820 billion to $4.531 trillion as of December 31, 2025, the Fund normally will invest in common stocks of companies with market capitalizations in the top half of that benchmark range. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Adviser expects that normally the Fund’s portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities. The investment team allocates the Fund’s investments among broad sector groups based on the fundamental company research conducted by the Sub-Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The investment team may vary the percentage allocations among market sectors and may change the market sectors in which the Fund invests. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--EquityRiskMember_zJwmUmV0wjGf">Equity Risk</span>. </b>The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, inflation (or expectations for inflation), changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--InvestmentRiskMember_z4MXy3O1FZli">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--MarketRiskMember_zYA9SIOjsOcd">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--GrowthInvestmentRiskMember_zpRDicuZpvog">Growth Investment Risk</span>.</b> Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--SectorRiskMember_zn1TINW7xlv4">Sector Risk</span>.</b> Sector risk is the possibility that certain sectors of the economy may underperform other sectors or the market as a whole. The Fund may, from time to time, invest a significant portion of its assets in companies within a particular sector and its performance may suffer if that sector underperforms the overall stock market. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--InformationTechnologySectorRiskMember_z9cJ8RYVB4ve">Information Technology Sector Risk</span>.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, potential loss or impairment of patent and intellectual property rights, a competitive market for hiring qualified personnel, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--ActiveManagementRiskMember_zRodbtg7hVzl">Active Management Risk.</span></b> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--IssuerSpecificRiskMember_ze67cNXGDbu5">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b> <span id="xdx_913_ecustom--LargeCapitalizationCompanyRiskMember_zeSeWzB94eGj">Large Capitalization Company Risk</span>.</b> The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b> <span id="xdx_91E_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zb4G6ytGsp1k">Small- and Mid-Capitalization Company Risk</span>.</b> Smaller and mid-size companies often have a more limited track record, narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of the Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--ForeignInvestmentRiskMember_zLAdTsORCE9k">Foreign Investment Risk</span>.</b> The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--NewFundRiskMember_zeJmtbHk624h">New Fund Risk</span>.</b> The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--FluctuationOfNetAssetValueMember_zL8i2C36HcHh">Fluctuation of Net Asset Value</span>.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the Nasdaq Stock Market LLC (the “Nasdaq Exchange”). Neither the Adviser nor the Sub-Adviser can predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zzWHqFnjLQwi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_zkLOPWrAmk73">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_zRFPphuv8ZD4">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_zjSIzwK3FHih">www.alpsfunds.com</span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_zEGCdqTLdjFe">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.2406 0.1812 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_z6cACrzvSbs4"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_zXd25pD7HtO3">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_zoXfEdn8Z9J2">16.18%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_ztvc6vh8VMDj">6/30/25</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_zwSqg6H6UCEc">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_zLtXPXp24Jik">-8.62%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member__oef--ClassAxis__custom--C000243275Member_ztprOpp1UX57">3/31/25</span></p></td> </tr> </table> Highest Quarterly Return 0.1618 2025-06-30 Lowest Quarterly Return -0.0862 2025-03-31 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zpCVaSiBsZZh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_z0KIQIaBcwMh">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000080742Member_z1TENXpYq63">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 2023-08-22 2023-08-22 2023-08-22 2023-08-22 2023-08-22 0.1812 0.2384 0.1802 0.2371 0.1078 0.1873 0.1793 0.2473 0.1751 0.2218 Summary Section   ALPS | BBH INTERMEDIATE MUNICIPAL BOND ETF (FORMERLY, ALPS INTERMEDIATE MUNICIPAL BOND ETF) (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zDOMxaxaLF0g" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Fund is to protect investor’s capital and generate attractive risk-adjusted returns. </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z5AfRQmKxFwb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0044 0.0000 0.0044 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zUKtz7tzjpA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 45 141 246 554 PORTFOLIO TURNOVER <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zL2JMCKoEjK3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_zlKjSjbebBfd">98%</span> of the average value of the portfolio. </p> 0.98 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zm491qJkyi25" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to actively achieve its investment objective by applying bottom-up fundamental analysis and investing in a long-term, tax-aware manner. The Fund aims to actively implement the strategy by investing primarily in a diversified portfolio of investment grade municipal bonds rated in the four highest credit ratings categories (AAA to BBB, or equivalent) at the time of purchase by at least one nationally recognized credit rating agency, or, if unrated, deemed to be of comparable quality by Brown Brothers Harriman &amp; Co., through a separately identifiable department, the Fund’s sub-adviser (“BBH&amp;Co.” or the “Sub-Adviser”). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that pay interest that is generally excludable from gross income for federal income tax purposes (except that the interest paid by certain municipal securities may be includable in taxable income for purposes of the federal alternative minimum tax). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in fixed-, variable- or floating-rate municipal securities issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, authorities thereof, and multi-state agencies, issued to obtain funds for various public purposes. These may include general obligation bonds, which typically are backed by the issuer’s ability to levy taxes, and revenue bonds, which typically are backed by a stream of revenue from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Municipal securities also include auction rate municipal securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest up to 20% of its total assets in securities that are not municipal securities, if, in the opinion of the Sub-Adviser, these securities will enhance after-tax returns for Fund investors. Non-municipal securities investments may include notes and bonds issued by domestic and foreign corporations and financial institutions and the U.S. Government, its agencies and guaranteed issuers. In addition, the Fund may purchase asset-backed securities, mortgage backed securities, auction rate securities and other sovereign debt when the Sub-Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Under normal circumstances, the Fund portfolio’s dollar weighted average duration is expected to be between 3 and 7 years. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in money market instruments, repurchase agreements and derivative instruments, including futures, swaps and options, to hedge its investments or to seek to enhance returns. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will not invest 25% or more of total assets in municipal obligations relating to similar types of projects or with other similar economic, business, or political characteristics (such as bonds of airport facilities or healthcare providers). For purposes of this policy, securities of the U.S. Government, its agencies, or instrumentalities and municipal obligations backed by the </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">credit of governmental entities are not subject to this 25% limit. The Fund may invest more than 25% of its total assets in municipal securities whose issuers are located in any one state. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Embedded within the Sub-Adviser’s overall investment approach is the consideration of environmental, social, and/or governance (“ESG”) criteria as one of several factors that the Sub-Adviser may deem to be material to an obligor or sector. The Sub-Adviser defines ESG as a set of environmental, social and governance factors that are considered when evaluating the creditworthiness of an obligor. Examples of environmental criteria may include an obligor’s carbon footprint or resiliency after a natural disaster. Examples of social considerations may include an obligor’s labor relations, tax policies and affordability. Governance examples may include the consideration of an obligor’s quality and timeliness of disclosures, long-term planning or governmental practices. A less favorable ESG profile may not preclude the Fund from investing in a bond of an obligor, as the consideration of ESG factors is not more influential than the consideration of other investment criteria. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--InvestmentRiskMember_zLZEFlTTUe67">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--MarketriskMember_zUNVyFxech52">Market Risk</span>. </b>The values of a security may decline due to general market conditions that are not specifically related to a particular company or issuer, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), changes in the general outlook for corporate earnings, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Interest Rate Risk. </b>When interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve. Rising interest rates may also lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell its bond investments at any given time. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--IlliquidInvestmentRiskMember_zWYeyHNVTpLb">Illiquid Investment Risk</span>.</b> Illiquid investment risk exists when a particular instrument is difficult to purchase or sell. Size of a transaction or illiquid markets may be factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--CreditDefaultRiskMember_zryi9XWeWiCi">Credit/Default Risk</span>. </b>Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--MunicipalIssuerRiskMember_zpHIvuIH5b9c">Municipal Issuer Risk</span>. </b>The Fund invests principally in municipal securities. The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of a default or bankruptcy. If a security’s structure fails to function as intended, the security could become taxable or decline in value. Additionally, issuers of municipal obligations may not be able to make timely payments because of general economic downturns or increased governmental costs. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--MunicipalRevenueSectorRiskMember_zNKkSe1pvWS2">Municipal Revenue Sector Risk</span>. </b>The Fund will not invest 25% or more of its total assets in any one municipal revenue sector relating to bonds backed by revenues from similar types of projects (such as those relating to higher education, healthcare, housing, airports or utilities) or with other similar economic, business, or political characteristics. However, as the Fund’s exposure to such similar projects increases, the Fund will also become more sensitive to adverse economic, business or political developments relevant to these projects. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--GeographicRiskMember_zYSUPWsJaSQe">Geographic Risk</span>.</b> From time to time the Fund may have a significant position in municipal securities whose issuers are located in a particular state. Under these circumstances, changes in the economic conditions in that state are likely to affect the Fund’s investments and performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--TaxationRiskMember_z3IKOzQbdBf4">Taxation Risk</span>.</b> The Internal Revenue Service (“IRS”) has announced that holders of tax-exempt bonds such as the Fund have certain risks if the bonds were issued in connection with abusive transactions, refinancing irregularities, or the misuse of proceeds from the bond offering. Failure of municipal obligations to qualify for tax-exempt status, either at issuance or as a result of a deemed reissuance, may adversely affect the Fund and its shareholders, including its ability to distribute exempt-interest dividends. While the Fund endeavors to purchase only bona fide tax-exempt bonds, there is a risk that a bond may be reclassified by the IRS as a taxable bond creating taxable income for the Fund and its shareholders. In this case, the Fund might be required to send to you and file with the IRS information returns for prior calendar years reclassifying some of its exempt-interest dividends as taxable dividends. To qualify to pay exempt-interest dividends, which are treated as items of interest excludable from gross income for federal income tax purposes, at least 50% of the value of the total assets of the Fund must consist of obligations exempt from regular income tax as of the close of each quarter of the Fund’s taxable year. If the proportion of taxable investments held by the Fund exceeds 50% of the Fund’s total assets as of the close of any quarter of any Fund taxable year, the Fund will not for that taxable year </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">satisfy the general eligibility test that otherwise permits it to pay exempt-interest dividends. Additionally, the Fund is generally not a suitable investment for individual retirement accounts, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--ShareholderConcentrationRiskMember_zbq36rcceXP1">Shareholder Concentration Risk</span>. </b>Asset allocation decisions, particularly large redemptions, made by a financial intermediary whose discretionary clients make up a large percentage of the Fund’s shareholders may adversely impact remaining Fund shareholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--ActiveManagementRiskMember_zyaiz1DBJJI5">Active Management Risk</span>.</b> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Sub-Adviser’s decisions relating to the Fund’s duration may also affect the Fund’s yield, and in unusual circumstances may affect its share price. To the extent that the Sub-Adviser anticipates interest rates imprecisely, the Fund’s yield at times could lag those of other similarly managed funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--CallRiskMember_zGOEnJPJGOY">Call Risk</span>.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--DerivativesRiskMember_z1ZY98QPUIuf">Derivatives Risk</span>.</b> Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset or index. Risks are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Risks include illiquid investment risk, interest rate risk, market risk, credit risk, risk of mis-pricing or improper valuation and the risk of miscorrelation. The Fund could lose more than the principal amount invested. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--NewFundRiskMember_zFPE6HFyt3ij">New Fund Risk</span>. </b>The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--FluctuationOfNetAssetValueMember_zf5Kn4sYArJb">Fluctuation of Net Asset Value</span>. </b>The NAV of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca. Neither the Adviser nor the Sub-Adviser can predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--RiskOfCashTransactionsMember_zhquWlrg5jBb">Risk of Cash Transactions</span>.</b> Unlike many ETFs, the Fund primarily effects creations and redemptions partly or wholly for cash, rather than in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF, which may avoid realizing capital gains by making only in-kind redemptions. Moreover, cash transactions entail higher transaction costs than in-kind transactions, which costs may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--ESGIntegrationRiskMember_z9EtCTeZiAEc">ESG Integration Risk</span>.</b> Integrating ESG analysis into the investment process carries the risk that the Fund may perform differently from, and may underperform, funds that do not integrate ESG into their analysis, or funds that evaluate different ESG characteristics. ESG characteristics are not the only factors considered and as a result, the Fund’s investments may not have favorable ESG characteristics or high ESG ratings. </p> FUND PERFORMANCE <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zl4UsWYDWKck" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_zUjWt3uVy76d">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, and an index that represents a broad measure of market performance. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_z9FsFl8fmYY9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_z32K2MVQOqZh">www.alpsfunds.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_z3r73nxOeTXl">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for certain time periods compare with the average annual returns of the Fund’s benchmark index, and an index that represents a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.0647 0.0228 0.0542 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zl18jFoCInd4"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_zaKlaSnV4UYb">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_zhqOUaZAaTk1">6.50%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_zHPdOADQ4GB6">12/31/23</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_zi1UjW4rtVsj">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 14%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_ztttzHEfkoL3">-2.47%</span></p></td> <td style="vertical-align: bottom; width: 41%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member__oef--ClassAxis__custom--C000234248Member_zYi5QLQ4EySj">9/30/23</span></p></td> </tr> </table> Highest Quarterly Return 0.0650 2023-12-31 Lowest Quarterly Return -0.0247 2023-09-30 <p id="xdx_A80_eoef--PerformanceTableNarrativeTextBlock_zh2K1z4eZu11" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_zyJ4OtcWZg19">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000075318Member_z7Aj92JvBtW8">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For periods ended December 31, 2025 0.0542 0.0475 2022-05-19 0.0513 0.0433 2022-05-19 0.0432 0.0409 2022-05-19 0.0518 0.0381 2022-05-19 0.0425 0.0381 2022-05-19 Summary Section   ALPS | O’Shares U.S. Quality Dividend ETF (The “Fund”) INVESTMENT OBJECTIVE <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zlAd20RF5Ga4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to track the performance (before fees and expenses) of the O’Shares U.S. Quality Dividend Index (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zCpUKLgT4hZh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0000 0.0048 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zjHx6sYtUylb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 603 PORTFOLIO TURNOVER <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zK3w8yxRO9Ri" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zheT2A2htoY1">17%</span> of the average value of its portfolio. </p> 0.17 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zNnsAoebjX9b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The constituents of the Underlying Index are selected from the S-Network US Equity Large-Cap 500 Index. As of December 31, 2025, the Underlying Index consisted of 100 securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is constructed using a proprietary, rules-based methodology designed to select equity securities from the S-Network US Equity Large-Cap 500 Index that have exposure to the following four factors: 1) quality, 2) low volatility, 3) dividend yield and 4) dividend quality. The “quality” factor is calculated by combining measures of profitability and leverage with the objective of identifying companies with strong profitability and balance sheets. The “low volatility” factor measures the risk of price moves for a security with the objective of reducing allocations to riskier companies. The “dividend yield” factor measures the income generated by an investment with the objective of identifying companies with higher dividend yields. The “dividend quality” factor measures the income available to a company to pay dividends to common shareholders together with the growth of a company’s dividends over time, with the objective of identifying companies with less risk of dividend cuts or suspensions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each company in the S-Network US Equity Large-Cap 500 Index is weighted based on: (i) the company’s market capitalization weight in the S-Network US Equity Large-Cap 500 Index, as adjusted by (ii) the quality, low volatility, dividend yield and dividend quality factors, with the quality and low volatility factors receiving greater emphasis. The inclusion of each company is then subject to certain constraints (e.g., diversification, capacity and sector) prior to adjusting the final weights in the Underlying Index. The diversification constraint limits maximum position weights. All stocks included in the S-Network US Equity Large-Cap 500 Index are screened for free float (the number of shares readily available for purchase on the open market) and average daily trading volume. The sector constraints limit sector deviations. The Underlying Index is rebalanced quarterly and reconstituted annually. Individual index constituent weights are capped at 5% at each quarterly rebalance to avoid overexposure to any single security. The Underlying Index’s investable universe includes companies from the following GICS sectors within the S-Network US Equity Large-Cap 500 Index: Communication Services, Consumer Discretionary, Consumer Staples, Financials, Health Care, Industrials, Information Technology, and Utilities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may use either a replication strategy or representative sampling strategy in seeking to track the performance of the Underlying Index. Under a replication strategy, the Fund intends to replicate the constituent securities of the Underlying Index as closely as possible. Under a representative sampling strategy, the Fund would invest in what it believes to be a representative sample of the component securities of the Underlying Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Underlying Index (e.g., where the Underlying Index contains component securities too numerous to efficiently purchase or sell); or, in certain instances, when a component security of the Underlying Index becomes temporarily illiquid, unavailable or less liquid. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the Underlying Index from the Fund’s portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its net assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its total assets in investments not included in the Underlying Index, but which ALPS Advisors, Inc. (the “Adviser”) believes will help the Fund track the Underlying Index. For example, there may be instances in which the Adviser may choose to purchase or sell investments, including exchange-traded funds (“ETFs”) and other investment company securities, and cash and cash equivalents, as substitutes for one or more Underlying Index components or in anticipation of changes in the Underlying Index’s components. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--MarketRiskMember_zH2Mk3R6vsC5">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--MultifactorRiskMember_zotJ30yRZbD9">Multifactor Risk</span>.</b> The Underlying Index, and thus the Fund, seeks to achieve specific factor exposures identified in the Fund’s principal investment strategies above. There can be no assurance that targeting exposure to such factors will enhance the Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is no guarantee the Index Provider’s methodology will be successful in creating an index that achieves the specific factor exposures identified above. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--QualityStocksRiskMember_zU4CT5SYz7M1">Quality Stocks Risk</span>.</b> This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market. In addition, there may be periods when quality investing is out of favor and during which the investment performance of a fund using a quality strategy may suffer. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--DividendPayingStockRiskMember_zZMxzPJ1yUW3">Dividend-Paying Stock Risk</span>.</b> The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. An issuer of a security may also be unable or unwilling to make dividend payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--VolatilityRiskMember_zVRapKwiEiUc">Volatility Risk</span>. </b>There is a risk that the present and future volatility of a security, relative to the S-Network US Equity Large-Cap 500 Index, will not be the same as it historically has been and thus that the Underlying Index will not be exposed to the less volatile securities in the S-Network US Equity Large-Cap 500 Index. Volatile stocks are subject to sharp swings in value. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--IndexManagementRiskMember_zzBG459LpZjh">Index Management Risk</span>. </b>Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--SamplingRiskMember_zPFasjK8Eve6">Sampling Risk</span>.</b> To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">development respecting a security held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to a security in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--TrackingErrorRiskMember_zDvn5sbXzIAd">Tracking Error Risk</span>. </b>Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to, among other things, fees and expenses paid by the Fund, including the cost of buying and selling securities that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error. If the Fund is not fully invested, holding cash balances may prevent it from tracking the Underlying Index. In addition, the Fund’s NAV may deviate from the Underlying Index if the Fund fair values a portfolio security at a price other than the price used by the Underlying Index for that security. To the extent the Fund uses a representative sampling strategy to track the Underlying Index, such a strategy may produce greater tracking error than if the Fund employed a full replication strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--ConcentrationRiskMember_zKQoEreRg6k">Concentration Risk</span>.</b> To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries, which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry or group of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--SectorRiskMember_zpDXlAPgtC1e">Sector Risk</span>.</b> To the extent the Underlying Index, and thereby the Fund, emphasizes, from time to time, investments in a particular sector, the Fund is subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--MidAndLargeCapitalizationCompanyRiskMember_zl4Th1gV0YCj">Mid-, and Large Capitalization Company Risk</span>. </b>Investing in securities of medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Medium capitalization companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--InvestmentRiskMember_zJkQbFI2mOX5">Investment Risk</span>. </b>An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--LiquidityRiskMember_z5bBjaJ8WuQj">Liquidity Risk</span>. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. Such securities may become illiquid under adverse market or economic conditions and/or due to specific adverse changes in the condition of a particular issuer. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--CashAndCashEquivalentsRiskMember_zZpeuoUkVWLc">Cash and Cash Equivalents Risk</span>.</b> Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IssuerSpecificRiskMember_zbRKkyUtMV29">Issuer-Specific Risk</span>.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91C_ecustom--FluctuationOfNetAssetValueMember_zK02bhBgkUn2">Fluctuation of Net Asset Value</span>.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zjo7zSLu4MI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The O’Shares U.S. Quality Dividend ETF (the “Predecessor Fund”), a series of OSI ETF Trust, was reorganized into the Fund on June 17, 2022. The Fund adopted the historical performance of the Predecessor Fund as the result of the reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Previously, the Predecessor Fund had adopted the historical performance of the O’Shares FTSE U.S. Quality Dividend ETF (the “Previous Predecessor Fund”), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Effective June 1, 2020, the Predecessor Fund’s underlying index was changed to the Underlying Index from the FTSE USA Qual/Vol/Yield Factor 5% Capped Index (the “Former Index”). Thus, Predecessor Fund performance shown below through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Index, and Predecessor Fund performance shown below beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown below reflects the blended performance of the Former Index through May 31, 2020 and the Underlying Index thereafter. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zbEz24PQBbTa">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zUUli9k3bZij">The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Predecessor Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_z9tq3VeWq8Z1">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zOO32liUf9Fe">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.1231 0.1878 -0.0306 0.2524 0.0688 0.2365 -0.0921 0.1323 0.1707 0.1031 <div id="xdx_A84_eoef--BarChartClosingTextBlock_zqFZMT3c8j4l"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_zJpVR5bIgiv9">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_zPBZ73VH4KN1">15.16%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_zheOlIArtS6d">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_z4NyQEehWO44">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_zosPsvPAZlr9">-20.34%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member__oef--ClassAxis__custom--C000235089Member_zOeg02wSleyh">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.1516 2020-06-30 Lowest Quarterly Return -0.2034 2020-03-31 <p id="xdx_A81_eoef--PerformanceTableNarrativeTextBlock_zcffBhnXHE6a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zfzoQ2NE8WV">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000075797Member_zmarfGYSfHq4">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For the periods ended December 31, 2025 0.1031 0.1042 0.1101 0.0992 0.0997 0.1021 0.0635 0.0819 0.0872 0.1087 0.1098 0.1157 0.1883 0.1338 0.1250 0.1751 0.1347 0.1455 SUMMARY SECTION   ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zmvQpYtRZFnd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to track the performance (before fees and expenses) of the O’Shares U.S. Small-Cap Quality Dividend Index (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z0L6h0oSJiY6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0000 0.0048 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z5kkVKp5pGW5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 603 PORTFOLIO TURNOVER <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zDk2iIznfOn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_zNnK2ejl7ZNe">39%</span> of the average value of its portfolio. </p> 0.39 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zX8EwxnZtEd2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is designed to reflect the performance of publicly-listed small-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility factors are designed to reduce exposure to high dividend equities that have experienced large price declines, as may occur with some dividend investing strategies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The constituents of the Underlying Index are selected from the S-Network US Equity Mid/Small-Cap 2500 Index. As of December 31, 2025, the Underlying Index consisted of 110 securities with a market capitalization range of between $412 million and $22.34 billion. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is constructed using a proprietary, rules-based methodology designed to select equity securities from the S-Network US Equity Mid/Small-Cap 2500 Index that have exposure to the following four factors: 1) quality, 2) low volatility, 3) dividend yield and 4) dividend quality. The “quality” factor is calculated by combining measures of profitability and leverage with the objective of identifying companies with strong profitability and balance sheets. The “low volatility” factor measures the risk of price moves for a security with the objective of reducing allocations to riskier companies. The “dividend yield” factor measures the income generated by an investment with the objective of identifying companies with higher dividend yields. The “dividend quality” factor measures the income available to a company to pay dividends to common shareholders together with the growth of a company’s dividends over time, with the objective of identifying companies with less risk of dividend cuts or suspensions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each company in the S-Network US Equity Mid/Small-Cap 2500 Index is weighted based on: (i) the company’s market capitalization weight in the S-Network US Equity Mid/Small-Cap 2500 Index, as adjusted by (ii) the quality, low volatility, dividend yield and dividend quality factors, with the quality and low volatility factors receiving greater emphasis. The inclusion of each company is then subject to certain constraints (e.g., diversification, capacity and sector) prior to adjusting the final weights in the Underlying Index. The diversification constraint limits maximum position weights. All stocks included in the S-Network US Equity Mid/Small-Cap 2500 Index are screened for free float (the number of shares readily available for purchase on the open market) and average daily trading volume. The sector constraints limit sector deviations. The Underlying Index is rebalanced quarterly and reconstituted annually. Individual index constituent weights are capped at 2% at each quarterly rebalance to avoid overexposure to any single security. The Underlying Index’s investable universe includes companies from the following GICS sectors within the S-Network US </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Mid/Small-Cap 2500 Index: Communication Services, Consumer Discretionary, Consumer Staples, Financials, Health Care, Industrials, Information Technology, and Utilities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may use either a replication strategy or representative sampling strategy in seeking to track the performance of the Underlying Index. Under a replication strategy, the Fund intends to replicate the constituent securities of the Underlying Index as closely as possible. Under a representative sampling strategy, the Fund would invest in what it believes to be a representative sample of the component securities of the Underlying Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Underlying Index (e.g., where the Underlying Index contains component securities too numerous to efficiently purchase or sell); or, in certain instances, when a component security of the Underlying Index becomes temporarily illiquid, unavailable or less liquid. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the Underlying Index from the Fund’s portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. The Fund considers the companies included in the Underlying Index to be “small capitalization” companies. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its net assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of December 31, 2025, the Underlying Index was concentrated in the financials and industrials sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its total assets in investments not included in the Underlying Index, but which ALPS Advisors, Inc. (the “Adviser”) believes will help the Fund track the Underlying Index. For example, there may be instances in which the Adviser may choose to purchase or sell investments, including exchange-traded funds (“ETF”) and other investment company securities, and cash and cash equivalents, as substitutes for one or more Underlying Index components or in anticipation of changes in the Underlying Index’s components. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span>Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Multifactor Risk.</b> The Underlying Index, and thus the Fund, seeks to achieve specific factor exposures identified in the Fund’s principal investment strategies above. There can be no assurance that targeting exposure to such factors will enhance the Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is no guarantee the Index Provider’s methodology will be successful in creating an index that achieves the specific factor exposures identified above. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Quality Stocks Risk.</b> This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market. In addition, there may be periods when quality investing is out of favor and during which the investment performance of a fund using a quality strategy may suffer. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Dividend-Paying Stock Risk.</b> The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. An issuer of a security may also be unable or unwilling to make dividend payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Volatility Risk. </b>There is a risk that the present and future volatility of a security, relative to the S-Network US Equity Mid/Small-Cap 2500 Index, will not be the same as it historically has been and thus that the Underlying Index will not be exposed to the less volatile securities in the S-Network US Equity Mid/Small-Cap 2500 Index. Volatile stocks are subject to sharp swings in value. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Index Management Risk.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sampling Risk. </b>To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting a security held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to a security in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to, among other things, fees and expenses paid by the Fund, including the cost of buying and selling securities that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error. If the Fund is not fully invested, holding cash balances may prevent it from tracking the Underlying Index. In addition, the Fund’s NAV may deviate from the Underlying Index if the Fund fair values a portfolio security at a price other than the price used by the Underlying Index for that security. To the extent the Fund uses a representative sampling strategy to track the Underlying Index, such a strategy may produce greater tracking error than if the Fund employed a full replication strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Concentration Risk.</b> To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries, which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry or group of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Risk.</b> To the extent the Underlying Index, and thereby the Fund, emphasizes, from time to time, investments in a particular sector, the Fund is subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--SmallAndMidCapitalizationCompanyRiskMember_zR7ZLsuPGlJb">Small- and Mid-Capitalization Company Risk</span>.</b> Investments in securities of small- and mid-capitalization companies are subject to the risks of common stocks. Investments in smaller and mid-sized companies may involve greater risks because these companies generally have a limited track record. Smaller and mid-sized companies often have narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of a Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. Such securities may become illiquid under adverse market or economic conditions and/or due to specific adverse changes in the condition of a particular issuer. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Cash and Cash Equivalents Risk.</b> Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zF7VeeyRIHT1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The O’Shares U.S. Small Cap Quality Dividend ETF (the “Predecessor Fund”), a series of OSI ETF Trust, was reorganized into the Fund on June 17, 2022. The Fund adopted the historical performance of the Predecessor Fund as the result of the reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Effective May 4, 2018, the Predecessor Fund’s underlying index was changed from the FTSE USA Small Cap Qual/Vol/Yield Factor 3% Capped Index (the “Former Underlying Index 1”) to the FTSE USA Small Cap ex Real Estate 2Qual/Vol/Yield 3% Capped Factor Index (the “Former Underlying Index 2” and together with the Former Underlying Index 1, the “Former Underlying Indexes”). Effective June 1, 2020, the Predecessor Fund’s underlying index was changed from the Former Underlying Index 2 to the Underlying Index. Thus, Predecessor Fund performance shown below prior to May 4, 2018 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 1, Predecessor Fund performance shown below from May 4, 2018 through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the Former Underlying Index 2, and Predecessor Fund performance shown below beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Underlying Index. In addition, the Underlying Index performance shown below reflects the blended performance of the Former Underlying Index 1 through May 3, 2018, the Former Underlying Index 2 from May 4, 2018 through May 31, 2020 and the Underlying Index thereafter. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_z3cHJwLqQIf3">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_zhr7n727jpxj">The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Predecessor Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_zYpFECAft3Ee">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_z6JqzfM7ACd5">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.1068 -0.1028 0.2762 0.0759 0.2156 -0.0789 0.1879 0.1339 0.0216 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zwH2X2WxSWK2"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_zAlNLhDcoq8k">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_zFa7DKJIctGd">19.32%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_zhswqiAhEBrl">12/31/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_zURePgDqtWuh">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_z2EXOPe0yZU3">-28.24%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member__oef--ClassAxis__custom--C000235090Member_zf1gfaynbTyi">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.1932 2020-12-31 Lowest Quarterly Return -0.2824 2020-03-31 <p id="xdx_A8D_eoef--PerformanceTableNarrativeTextBlock_zG5xH54xt8Wd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_ztI2d78uC7k6">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000075798Member_z78JoO5s7a66">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For the periods ended December 31, 2025 0.0216 0.0902 0.0857 2016-12-30 0.0162 0.0855 0.0786 2016-12-30 0.0161 0.0707 0.0665 2016-12-30 0.0265 0.0955 0.0911 2016-12-30 0.1048 0.1032 0.0757 2016-12-30 0.1751 0.1347 0.1477 2016-12-30 SUMMARY SECTION   ALPS | O’Shares Global Internet Giants ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zSiJaLEdO0d5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to track the performance (before fees and expenses) of the O’Shares Global Internet Giants Index (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zBuL2FUhzcda" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0000 0.0048 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z3ogkJrq0lMg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 603 PORTFOLIO TURNOVER <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zfp4f6Q5OzN1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zrKYpX24kzr">37%</span> of the average value of its portfolio. </p> 0.37 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zJesjiycBGJ9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. The Underlying Index is a rules-based index intended to give investors a means of tracking stocks exhibiting quality and growth characteristics in the “internet sector”, as defined by O’Shares Investment Advisers, LLC (the “Index Provider”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is constructed using a proprietary, rules-based methodology designed to select equity securities from 2500 global stocks in two main business segments, Internet Technology and Internet Commerce, by identifying companies in the following industries: Application Software, Integrated Telecommunication Services, Interactive Media &amp; Services, Internet &amp; Direct Marketing Retail, Systems Software, Movies &amp; Entertainment, Interactive Home Entertainment and Internet Services &amp; Infrastructure, selecting those that have exposure to the following factors: 1) quality and 2) growth. The selection criteria include requirements for minimum capitalization (adjusted for free float), minimum price and minimum average daily trading volume. The universe of eligible securities includes the 1000 largest U.S. listed companies, the 500 largest European companies, the 500 largest Pacific basin companies and the 500 largest emerging market companies, measured by market capitalization. Constituents of the Fund’s Underlying Index must derive at least 50% of their revenues from Internet Technology and/or Internet Commerce. The “quality” factor is determined primarily by “cash burn rate”, the monthly rate that a company uses shareholder capital. Companies with a high ratio of cash burn rate to balance sheet cash and cash equivalents are excluded from the Underlying Index. The “growth” factor is measured by revenue growth and stocks are assigned a growth rating. The Underlying Index excludes pass-through securities such as real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), business development companies (“BDCs”) and closed-end funds (“CEFs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (“VIE”). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese company. These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stock weightings in the Underlying Index are determined according to a modified market capitalization weighting method, using the full market capitalization combined with the growth rating, subject to constraints for diversification and capacity. The diversification constraint limits maximum position weights. The capacity criteria include primary exchange listing, minimum capitalization, minimum price and minimum average </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">daily trading volume requirements. The Underlying Index is rebalanced quarterly and reconstituted semi-annually. At the quarterly rebalance, a capping methodology is applied to limit individual stock concentration and increase diversification in the Underlying Index. As of December 31, 2025, the Underlying Index was comprised of approximately 61 securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may use either a replication strategy or representative sampling strategy in seeking to track the performance of the Underlying Index. Under a replication strategy, the Fund intends to replicate the constituent securities of the Underlying Index as closely as possible. Under a representative sampling strategy, the Fund would invest in what it believes to be a representative sample of the component securities of the Underlying Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Underlying Index (e.g., where the Underlying Index contains component securities too numerous to efficiently purchase or sell); or, in certain instances, when a component security of the Underlying Index becomes temporarily illiquid, unavailable or less liquid. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the Underlying Index from the Fund’s portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its net assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. As of December 31, 2025, the Communication Services, Consumer Discretionary and Information Technology sectors each represented a substantial portion of the Underlying Index. The Underlying Index provides exposure to various global markets, including emerging markets. As of December 31, 2025 the Underlying Index included the following countries: Australia, Canada, China, Germany, Hong Kong, Ireland, Israel, New Zealand, Sweden, Singapore, South Africa, Uruguay and United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its total assets in investments not included in the Underlying Index, but which ALPS Advisors, Inc. (the “Adviser”) believes will help the Fund track the Underlying Index. For example, there may be instances in which the Adviser may choose to purchase or sell investments, including exchange-traded funds (“ETF”) and other investment company securities, and cash and cash equivalents, as substitutes for one or more Underlying Index components or in anticipation of changes in the Underlying Index’s components. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that a relatively high percentage of the Fund’s assets may be invested in a limited number of issuers. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Multifactor Risk.</b> The Underlying Index, and thus the Fund, seeks to achieve specific factor exposures identified in the Fund’s principal investment strategies above. There can be no assurance that targeting exposure to such factors will enhance the Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is no guarantee the Index Provider’s methodology will be successful in creating an index that achieves the specific factor exposures identified above. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--InternetCompaniesRiskMember_zuHJTJoSNR7h">Internet Companies Risk</span>. </b>Companies involved with the internet, technology and e-commerce are exposed to risks associated with rapid advances in technology, obsolescence of current products and services, the finite life of patents and the constant threat of global competition and substitutes. In addition to these risks, these companies may be adversely impacted by market and economic cyclicality and changing industry standards. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Quality Stocks Risk. </b>This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market. In addition, there may be periods when quality investing is out of favor and during which the investment performance of a fund using a quality strategy may suffer. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--GrowthInvestmentRiskMember_zTTMxNHOr05">Growth Investment Risk</span>.</b> Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--ForeignInvestmentRiskMember_zedyJAXK7DQ">Foreign Investment Risk</span>. </b>The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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. 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--EmergingMarketsRiskMember_ziEFKqzQMYz">Emerging Markets Risk</span>. </b>Emerging markets countries may have relatively unstable governments and may present heightened risks of potential expropriation or nationalization of private properties or businesses, restrictions on foreign ownership, less liquidity and prohibitions on the repatriation of assets. Emerging market countries may also have less stringent government regulation, which may result in market manipulation and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements, which limit the quality and availability of financial information. The economies of emerging market countries 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Concentration Risk.</b> To the extent the Underlying Index and the Fund are significantly comprised of securities of issuers from a single country, the Fund would be more likely to be impacted by events or conditions affecting that country. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>China Risk.</i> Investments in Chinese securities, including certain Hong Kong-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information, including restrictions on the Public Company Accounting Oversight Board’s (“PCAOB”) access to public accounting firms, and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. To the Adviser’s knowledge, the Chinese government has never approved VIE structures. Investments through a VIE structure are subject to the risk that the VIE will breach its contracts with the listed company that holds such contractual rights; that any breach of such contracts will likely be subject to Chinese law and jurisdiction; and that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or contracts between the VIE and the listed company may otherwise not be enforceable under Chinese law. As a result, the market value of the Fund’s associated holdings would likely be significantly negatively impacted, which may result in significant losses with little or no recourse available. Further, investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of the investments of the listed company. Under extreme circumstances, China might prohibit the existence of VIEs, or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of the Fund’s associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IndexManagementRiskMember_zx0iWxMQ2eT9">Index Management Risk</span>.</b> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sampling Risk. </b>To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting a security held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to a security in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to, among other things, fees and expenses paid by the Fund, including the cost of buying and selling securities that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error. If the Fund is not fully invested, holding cash balances may prevent it from tracking the Underlying Index. In addition, the Fund’s NAV may deviate from the Underlying Index if the Fund fair values a portfolio security at a price other than the price used by the Underlying Index for that security. To the extent the Fund uses a representative sampling strategy to track the Underlying Index, such a strategy may produce greater tracking error than if the Fund employed a full replication strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Non-Diversified Fund Risk. </b>The Fund is considered non-diversified and can 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Concentration Risk.</b> To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries, which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry or group of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Risk. </b>To the extent the Underlying Index, and thereby the Fund, emphasizes, from time to time, investments in a particular sector, the Fund is subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--LargeCapitalizationCompanyRiskMember_z5kjgzFk4Ypf">Large Capitalization Company Risk</span>. </b>The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Small- and Mid-Capitalization Company Risk. </b>Smaller and mid-size companies often have narrower markets, less liquidity, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. As a result, their performance can be more volatile, which may increase the volatility of a Fund’s portfolio. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk. </b>An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--DepositaryReceiptsRiskMember_zABOT6F8tQ9e">Depositary Receipts Risk</span>.</b> The risks of investments in depositary receipts are substantially similar to Foreign Investment Risk. In addition, depositary receipts may not track the price of the underlying foreign securities and their value may change materially at times when the U.S. markets are not open for trading. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. Such securities may become illiquid under adverse market or economic conditions and/or due to specific adverse changes in the condition of a particular issuer. If the Fund invests in illiquid securities or securities that become illiquid, Fund returns may be reduced because the Fund may be unable to sell the illiquid securities at an advantageous time or price. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Cash and Cash Equivalents Risk.</b> Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--RiskOfCashTransactionsMember_z7MD4AKrp0Xl">Risk of Cash Transactions</span>. </b>Unlike many ETFs, the Fund expects to effect redemptions for cash, rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. ETFs generally are able to make in-kind redemptions and avoid being taxed on gain on the distributed portfolio securities at the Fund level. Because the Fund may effect redemptions for cash, rather than in-kind distributions, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally distributes these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees. These brokerage fees, which will be higher than if the Fund redeemed its Shares in-kind, may be passed on to redeemers of Creation Units in the </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">form of redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s Shares than for more conventional ETFs. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk.</b> The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zFgDLYvKr5D4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The O’Shares Global Internet Giants ETF (the “Predecessor Fund”), a series of OSI ETF Trust, was reorganized into the Fund on June 17, 2022. The Fund adopted the historical performance of the Predecessor Fund as the result of the reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_ziB1qV76lIm">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zDr9vZ9UPu3">The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Predecessor Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zNqQPX2FbTL2">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zSZWpJH6dTPh">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index, an additional index and an index that represents a broad measure of market performance. The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.3662 1.0722 -0.0907 -0.5062 0.4961 0.2608 0.1466 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zW32gXbyszi1"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_zTpeXK78XHi">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_zGOs2m9KAf66">52.99%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_zqDG1bj9inId">6/30/20</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_zOXdKYLkYNdl">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_znijKJm2leX5">-28.23%</span> </p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member__oef--ClassAxis__custom--C000235088Member_ztr7HQgvCE39">6/30/22</span></p></td> </tr> </table> Highest Quarterly Return 0.5299 2020-06-30 Lowest Quarterly Return -0.2823 2022-06-30 <p id="xdx_A87_eoef--PerformanceTableNarrativeTextBlock_zW4B9lHwd1u1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zntDJz7tBnMa">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000075796Member_zhrHOZrTYyAe">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For the periods ended December 31, 2025 0.1466 -0.0058 0.1035 2018-06-05 0.1464 -0.0059 0.1034 2018-06-05 0.0869 -0.0044 0.0842 2018-06-05 0.1523 -0.0009 0.1092 2018-06-05 0.2102 0.1530 0.1915 2018-06-05 0.1751 0.1347 0.1426 2018-06-05 SUMMARY SECTION   ALPS | O’Shares International Developed Quality Dividend ETF (formerly, ALPS | O’Shares Europe Quality Dividend ETF) (the “fund”) INVESTMENT OBJECTIVE <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zylJjVx6WkUe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to track the performance (before fees and expenses) of the O’Shares International Developed Quality Dividend Index (the “Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_ztEUjXk6sh15" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0000 0.0048 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z79F7hp7vpZ5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 603 PORTFOLIO TURNOVER <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zF16xGQiwjZh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zmOtDed3fbD1">57%</span> of the average value of its portfolio. </p> 0.57 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zQlwhn3k3tg1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that replicate as closely as possible, before fees and expenses, the performance of the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is designed to measure the performance of non-U.S. publicly-listed large-capitalization and mid-capitalization dividend-paying issuers that meet certain market capitalization, high quality, low volatility, dividend yield, and dividend quality thresholds, as determined by O’Shares Investment Advisers, LLC (the “Index Provider”). The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The constituents of the Underlying Index are selected from the VettaFi Developed World Ex United States Index. VettaFi determines eligible securities for the VettaFi Developed World Ex United States Index in accordance with VettaFi’s World Developed region classification, based on measures such as country of incorporation, country of domicile, country of primary listing and country in which the greatest percentage of revenue is generated. As of December 31, 2025, the Underlying Index consisted of 50 securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is constructed using a proprietary, rules-based methodology designed to select equity securities from the VettaFi Developed World Ex United States Index that have exposure to the following four factors: 1) quality, 2) low volatility, 3) dividend yield and 4) dividend quality. The “quality” factor is calculated by combining measures of profitability and leverage with the objective of identifying companies with strong profitability and balance sheets. The “low volatility” factor measures the risk of price moves for a security with the objective of reducing allocations to riskier companies. The “dividend yield” factor measures the income generated by an investment with the objective of identifying companies with higher dividend yields. The “dividend quality” factor measures the income available to a company to pay dividends to common shareholders together with the growth of a company’s dividends over time, with the objective of identifying companies with less risk of dividend cuts or suspensions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each company in the VettaFi Developed World Ex United States Index is weighted by VettaFi based on: (i) the company’s market capitalization weight in the VettaFi Developed World Ex United States Index, as adjusted by (ii) the quality, low volatility, dividend yield and dividend quality factors, with the quality and low volatility factors receiving greater emphasis. The inclusion of each company in the Underlying Index is then subject to certain constraints (e.g., diversification, country, currency exposure, capacity and sector) prior to adjusting the final weights in the Underlying Index. The diversification constraint limits maximum position weights. All stocks included in the VettaFi Developed World Ex United States Index are weighted based on their free float (the number of shares readily available for purchase on the open market). The sector constraints limit sector deviations. The Underlying Index is rebalanced quarterly and reconstituted </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">annually. Individual index constituent weights are capped at each quarterly rebalance to avoid overexposure to any single security at the lesser of (i) 5% or (ii) the sum of 2% and the ratio of the constituent’s float-adjusted market capitalization to the sum of all of the float-adjusted market capitalizations of the constituents of the VettaFi Developed World Ex United States Index. The Underlying Index’s investable universe includes companies from the following Intercontinental Exchange, Inc. (“ICE”) sectors within the VettaFi Developed World Ex United States Index: Consumer Discretionary, Consumer Staples, Financials, Health Care, Industrials, Media and Communications, Technologies, and Utilities. Constituents of the VettaFi Developed World Ex United States Index whose country of listing, domicile or incorporation imposes trading costs, idiosyncratic dividend policies, transferability restrictions, or other impediments that could diminish the portfolio performance will be excluded. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may use either a replication strategy or representative sampling strategy in seeking to track the performance of the Underlying Index. Under a replication strategy, the Fund intends to replicate the constituent securities of the Underlying Index as closely as possible. Under a representative sampling strategy, the Fund would invest in what it believes to be a representative sample of the component securities of the Underlying Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Underlying Index (e.g., where the Underlying Index contains component securities too numerous to efficiently purchase or sell); or, in certain instances, when a component security of the Underlying Index becomes temporarily illiquid, unavailable or less liquid. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the Underlying Index from the Fund’s portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund will invest at least 80% of its total assets in the components of the Underlying Index and in depositary receipts representing such securities. To the extent that the Underlying Index concentrates (i.e., holds 25% or more of its net assets) in the securities of a particular industry or group of industries, the Fund is expected to concentrate to approximately the same extent. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its total assets in investments not included in the Underlying Index, but which ALPS Advisors, Inc. (the “Adviser”) believes will help the Fund track the Underlying Index. For example, there may be instances in which the Adviser may choose to purchase or sell investments as substitutes for one or more Underlying Index components or in anticipation of changes in the Underlying Index’s components. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural or man-made disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Multifactor Risk. </b>The Underlying Index, and thus the Fund, seeks to achieve specific factor exposures identified in the Fund’s principal investment strategies above. There can be no assurance that targeting exposure to such factors will enhance the Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is no guarantee the Index Provider’s methodology will be successful in creating an index that achieves the specific factor exposures identified above. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Quality Stocks Risk. </b>This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market. In addition, there may be periods when quality investing is out of favor and during which the investment performance of a fund using a quality strategy may suffer. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Dividend-Paying Stock Risk. </b>The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. An issuer of a security may also be unable or unwilling to make dividend payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Volatility Risk.</b> There is a risk that the present and future volatility of a security, relative to the VettaFi Developed World Ex United States Index, will not be the same as it historically has been and thus that the Underlying Index will not be exposed to the less volatile securities in the VettaFi Developed World Ex United States Index. Volatile stocks are subject to sharp swings in value. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Foreign Investment Risk. </b>The Fund’s 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, less complete financial information and less stringent accounting, corporate governance and financial reporting standards than for U.S. issuers. In addition, adverse political, economic or social developments, including the imposition of sanctions, could undermine the value of the Fund’s investments or prevent the 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 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. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Concentration Risk. </b>To the extent the Underlying Index and the Fund are significantly comprised of securities of issuers from a single country, the Fund would be more likely to be impacted by events or conditions affecting that country. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sampling Risk.</b> To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting a security held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to a security in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to, among other things, fees and expenses paid by the Fund, including the cost of buying and selling securities that are not reflected in the Underlying Index. If the Fund is small, it may experience greater tracking error. If the Fund is not fully invested, holding cash balances may prevent it from tracking the Underlying Index. In addition, the Fund’s NAV may deviate from the Underlying Index if the Fund fair values a portfolio security at a price other than the price used by the Underlying Index for that security. To the extent the Fund uses a representative sampling strategy to track the Underlying Index, such a strategy may produce greater tracking error than if the Fund employed a full replication strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Concentration Risk. </b>To the extent that the Underlying Index is concentrated in a particular industry or group of industries, the Fund is also expected to be concentrated in that industry or group of industries, which may subject the Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry or group of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Sector Risk. </b>To the extent the Underlying Index, and thereby the Fund, emphasizes, from time to time, investments in a particular sector, the Fund is subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91F_ecustom--IndustrialsSectorRiskMember_zZfJGaojXLb4">Industrials Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the industrials sector in order to track the Underlying Index’s allocation to that sector. Stock prices for the types of companies included in the industrial sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Large Capitalization Securities Risk.</b> The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Mid-Capitalization Securities Risk. </b>The securities of mid-capitalization companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities during market downturns. Compared to larger companies, mid-capitalization companies may have a shorter history of operations, and may have limited product lines, markets or financial resources. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Investment Risk.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Depositary Receipts Risk.</b> The risks of investments in depositary receipts are substantially similar to Foreign Investment Risk. In addition, depositary receipts may not track the price of the underlying foreign securities and their value may change materially at times when the U.S. markets are not open for trading. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Liquidity Risk.</b> Liquidity risk exists when investments are difficult to purchase or sell. This can reduce the Fund’s returns because the Fund or an entity in which it invests may be unable to transact at advantageous times or prices. Liquidity risk is heightened in a changing interest rate or volatile environment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Cash and Cash Equivalents Risk.</b> Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Issuer-Specific Risk. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Fluctuation of Net Asset Value.</b> The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the NYSE Arca, Inc. (the “NYSE Arca”). The Adviser cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> FUND PERFORMANCE <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zDFoKfFZVzf4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The O’Shares Europe Quality Dividend ETF (the “Predecessor Fund”), a series of OSI ETF Trust, was reorganized into the Fund on June 17, 2022. The Fund adopted the historical performance of the Predecessor Fund as the result of the reorganization in which the Fund acquired all of the assets, subject to liabilities, of the Predecessor Fund. The returns presented for the Fund for periods prior to June 17, 2022 reflect the performance of the Predecessor Fund. At the time of the reorganization, the investment objectives of the Fund and the Predecessor Fund were identical and the investment strategies of the Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Previously, the Predecessor Fund had adopted the historical performance of the O’Shares FTSE Europe Quality Dividend ETF (the “Previous Predecessor Fund”), a series of FQF Trust, as the result of a reorganization in which the Predecessor Fund acquired all of the assets, subject to liabilities, of the Previous Predecessor Fund on June 28, 2018. The returns presented for the Predecessor Fund for periods prior to June 28, 2018 reflect the performance of the Previous Predecessor Fund. At the time of the reorganization, the investment objectives of the Previous Predecessor Fund and the Predecessor Fund were identical and the investment strategies of the Previous Predecessor Fund and the Predecessor Fund were substantially the same. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Effective June 1, 2020, the Predecessor Fund’s underlying index was changed to the O’Shares Europe Quality Dividend Index (the “Second Former Index”) from the FTSE Developed Europe Qual/Vol/Yield 5% Capped Factor Index (the “First Former Index”). Thus, Predecessor Fund performance shown below through May 31, 2020 reflects the Predecessor Fund seeking to track the performance of the First Former Index, and Predecessor Fund performance shown below beginning June 1, 2020 reflects the Predecessor Fund seeking to track the performance of the Second Former Index. Effective October 1, 2025, the Fund’s underlying index was changed to the Underlying Index from the Second Former Index. Thus, Fund performance show below from June 1, 2020 through September 30, 2025 reflects the Fund seeking to track the performance of the Second Former Index. In addition, the Underlying Index performance shown below reflects the blended performance of the First Former Index through May 31, 2020, the Second Former Index through September 30, 2025, and the Underlying Index thereafter. Because the Underlying Index is materially different from the Second Former Index, the Fund’s performance beginning October 1, 2025 may differ materially from the performance information shown below for the period prior to October 1, 2025. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zYkNDzsM7Lyf">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance.</span> 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 &amp; Small Cap Index to better align with the Fund’s current strategy. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_z83fhqaplzN">The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Total return figures assume reinvestment of dividends and capital gains distributions and include the effect of the Predecessor Fund’s recurring expenses. Updated performance information is available online at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zc1AMmO4codb">www.alpsfunds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zmRCdxQ4ZSYf">866.759.5679</span>. </p> The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Predecessor Fund and Fund’s performance from year to year and by showing how the Predecessor Fund and Fund’s average annual returns for certain time periods compare with the average annual returns of the Underlying Index and an index that represents a broad measure of market performance. The Predecessor Fund and Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alpsfunds.com 866.759.5679 Annual Total Returns (calendar years ended 12/31) 0.2155 -0.1166 0.2252 0.0018 0.2137 -0.1799 0.2493 0.0139 0.2372 -0.0355 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zv3kBkFoitKl"></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_zjHaG3cQYsp">Highest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_zNtiuAyBTPAi">17.47%</span></p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_zG2B2anFHWal">12/31/22</span></p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 45%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_zdqm7hTSFaMk">Lowest Quarterly Return</span></p></td> <td style="vertical-align: bottom; width: 16%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_z2kBJ81qUWC8">-20.66%</span> </p></td> <td style="vertical-align: bottom; width: 39%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member__oef--ClassAxis__custom--C000235087Member_zbdJK1xxNye1">3/31/20</span></p></td> </tr> </table> Highest Quarterly Return 0.1747 2022-12-31 Lowest Quarterly Return -0.2066 2020-03-31 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zl349GGEPWgk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zqTz1ncA3cch">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260331__20260331__dei--LegalEntityAxis__custom--S000075795Member_zxAyPjQf8wn6">After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></p> The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns For the periods ended December 31, 2025 0.2372 0.0930 0.0708 0.2327 0.0878 0.0609 0.1458 0.0745 0.0532 0.2409 0.0973 0.0757 0.3230 0.0909 0.0850 0.3629 0.1007 0.0899 Summary Section   Alps Electrification Infrastructure ETF (THE “FUND”) INVESTMENT OBJECTIVE <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zWTw4buMA15c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks investment results that correspond (before fees and expenses) generally to the performance of the Ladenburg Thalmann Electrification Infrastructure Index (ticker symbol LTELFYX) (“Underlying Index”). </p> FEES AND EXPENSES OF THE FUND <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zby8UCYTBq9d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0050 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zXWAkRquQtaj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year. </p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 160 280 628 PORTFOLIO TURNOVER <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zSM8umnbN2B" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period from April 9, 2025 (commencement of operations) through November 30, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260331__20260331__dei--LegalEntityAxis__custom--S000091676Member_zX05GDdNQqyi">16%</span> of the average value of its portfolio. </p> 0.16 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zulZjBDdhMal" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will seek investment results that correspond (before fees and expenses) generally to the performance of the Underlying Index. The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Underlying Index. The Underlying Index utilizes a proprietary, rules-based methodology developed by Ladenburg Thalmann Index, LLC (the “Index Provider”), which is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization companies that are positioned to benefit from “electrification” (each, an “Electrification Company”). For these purposes, “electrification” means the process of charging, equipping, or supplying with or operating with electricity, or the conversion of a machine or system to the use of electrical power. The selection criteria for the Underlying Index include requirements for ICE Uniform Entity Sector Classification Schema (“ICE”) sub-industry classification, primary exchange listing, minimum market capitalization, average daily trading volume and other factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is comprised of the common stock of companies assigned to one of eighteen ICE sub-industries. The eighteen ICE sub-industries are: (i) electricity generation - renewable; (ii) electricity generation - non-renewable; (iii) multi-utilities; (iv) integrated electricity; (v) electricity distribution &amp; transmission; (vi) electronic components; (vii) electronic equipment &amp; instruments; (viii) electrical components &amp; power equipment; (ix) battery technology; (x) construction engineering &amp; services; (xi) construction; (xii) copper; (xiii) diversified base metals; (xiv) thermal coal; (xv) uranium; (xvi) oil &amp; gas pipelines &amp; storage; (xvii) oil &amp; gas freight; and (xviii) solar cells. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To be included in the Underlying Index, a company’s stock must also be listed on a U.S. securities exchange, have a minimum total market capitalization of at least $5 billion, have a minimum three-month average daily trading volume greater than $5 million prior to the selection date, and have traded on at least 90% of eligible trading days over the six months prior to the selection date. Companies newly listed on a U.S. securities exchange will be eligible for inclusion in the Index Universe on such date that is 90 days after the date of such initial public offering if such company has traded on at least 90% of eligible trading days over the three months prior to the selection date. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The eligible stocks that are selected for inclusion in the Index’s portfolio will be equally weighted. As of December 31, 2025, the Underlying Index consisted of 100 securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is reconstituted and rebalanced quarterly on the third Friday in March, June, September and December. The Index Provider’s Index Committee reviews and approves all changes to the Underlying Index as well as regularly reviews the constituent criteria and index construction guidelines based on a proprietary, rules-based research process. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will invest at least 80% of its net assets in securities that comprise the Underlying Index. </p> Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_917_ecustom--InvestmentRiskMember_zRPmHcA7fALi">Investment Risk</span>.</b> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--MarketRiskMember_zyfx9RkVrHz1">Market Risk</span>.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The values of equity securities, such as common stocks and preferred stock, may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political and social conditions, inflation (or expectations for inflation), deflation (or expectations for deflation), changes in the general outlook for corporate earnings, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events, changes in interest or currency rates, recessions, supply chain disruptions, or adverse investor sentiment generally. Equity securities generally have greater price volatility than fixed-income securities. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_916_ecustom--AssociatedRisksRelatedToInvestingInElectrificationCompaniesMember_zIHdHfGY7YF8">Associated Risks Related to Investing in Electrification Companies</span>.</b> The Fund invests in Electrification Companies, including companies that are involved in conventional and alternative electricity generation, transmission, and distribution and technological solutions, as well as the development of grid infrastructure and smart grid technologies. General risks of Electrification Companies include the general state of the economy, intense competition, consolidation, domestic and international politics, and excess capacity. In addition, Electrification Companies may also be significantly affected by overall capital spending levels (including both private and public sector spending), economic cycles, technological obsolescence, delays in modernization, and labor relations. Electrification Companies may also be significantly impacted by government policies, regulations, import controls, and contractual fixed pricing. Actions taken by central governments may dramatically impact supply and demand forces that influence the market price of conventional and alternative electricity, resulting in sudden decreases in value for Electrification Companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Some Electrification Companies may rely heavily on local, state or national government contracts, and are therefore subject to higher degrees of political risk and could be negatively impacted by changes in government policies or a deterioration in government balance sheets in the future. Seasonal weather conditions and extreme weather events, fluctuations in the supply of and demand for power, and changes in electricity prices may cause fluctuations in the performance of such companies. The customers and/or suppliers of Electrification Companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Electrification Companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--MidAndLargeCapitalizationCompanyRiskMember_ziBMegk0m1Di">Mid- and Large-Capitalization Company Risk</span>.</b> Investing in securities of medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Medium capitalization companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--ConcentrationRiskMember_zczfOe3DBdmh">Concentration Risk</span>.</b> The Fund seeks to track the 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 Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_914_ecustom--UtilitiesSectorRiskMember_zjaH8hKdV1i1">Utilities Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the utilities sector in order to track the Underlying Index’s allocation to that sector. Stock prices for companies in the utilities sector are affected by supply and demand, operating costs, governmental regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and international competition, difficulty in raising adequate amounts of capital and governmental limitation on rates charged to customers. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--EnergySectorRiskMember_zixD3xEA0PHl">Energy Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the energy sector in order to track the Underlying Index’s allocation to that sector. Stock prices for the types of companies included in the energy sector are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events, exchange rates and economic conditions will likewise affect the performance of </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">these companies. Correspondingly, securities of companies in the energy field are subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of exploration projects and tax and other governmental regulatory policies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--MaterialsSectorRiskMember_z1DVNHx4d6U">Materials Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the materials sector in order to track the Underlying Index’s allocation to that sector. Stock prices for the types of companies included in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IndustrialsSectorRiskMember_zsL4CEVyfY4f">Industrials Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the industrials sector in order to track the Underlying Index’s allocation to that sector. Stock prices for the types of companies included in the industrial sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Transportation stocks, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreement and insurance costs. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91D_ecustom--InformationTechnologySectorRiskMember_z4KzDdAJjYeg">Information Technology Sector Risk</span>.</b> The Fund may invest a portion of its assets in securities issued by companies in the information technology sector in order to track the Underlying Index’s allocation to that sector. Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--CanadianInvestmentRiskMember_zCLl8r1Sv0gc">Canadian Investment Risk</span>.</b> The Fund may be subject to risks relating to its investment in Canadian securities. Investments in securities of Canadian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Canadian economy is very dependent on the demand for, and supply and price of, natural resources. There is a risk that any changes in natural resources sectors could have an adverse impact on the Canadian economy. Additionally, the Canadian economy is heavily dependent on relationships with certain key trading partners including the United States, which recently imposed tariffs on Canadian imports, countries in the European Union and China. Because the United States is Canada’s largest trading partner and foreign investor, the Canadian economy is dependent on and may be significantly affected by the U.S. economy. Reduction in spending on Canadian products and services, the imposition of additional tariffs by the United States, or changes in the U.S. economy may adversely impact the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the North American Free Trade Agreement (“NAFTA”), or its successor, the United States-Mexico-Canada Agreement (“USMCA”), has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade patterns. In addition, certain sectors of Canada’s economy may be subject to foreign ownership limitations. This may negatively impact the Fund’s ability to invest in Canadian issuers and to track the Underlying Index. Because the Fund will invest in securities denominated in foreign currencies and the income received by the Fund will generally be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Geographic Concentration Risk. </b>To the extent the Fund is significantly comprised of securities of issuers from a single country, such as the United States, the Fund would be more likely to be impacted by events or conditions affecting that country. For example, political and economic conditions and changes in regulatory, tax or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--IssuerSpecificRiskMember_zWUUd3WL1MUj">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_912_ecustom--FluctuationOfNetAssetValueMember_z1BScTRgwZ7b">Fluctuation of Net Asset Value</span>. </b>The net asset value (“NAV”) of the Fund’s Shares will generally fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Shares on the Nasdaq Stock Market LLC (the “Nasdaq Exchange”). ALPS Advisors, Inc. (“Adviser”) cannot predict whether the Shares will trade below, at or above their NAV. To the extent securities held by the Fund trade in a market that is closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of a security and the last quoted price for the security in the closed foreign market. These deviations may in turn lead to wider bid-ask spreads or premiums/discounts for Fund shares with the result that investors may receive less than the underlying value of the Fund shares when they sell their Fund shares or pay more than the underlying value of the Fund shares when they purchase their Fund shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91B_ecustom--IndexManagementRiskMember_z9bKGHHMwCm5">Index Management Risk</span>. </b>Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not necessarily sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--QuantitativeAndQualitativeMethodologyRiskMember_zUeEJzduycb6">Quantitative and Qualitative Methodology Risk</span>.</b> The Index Provider uses certain quantitative and qualitative methodologies to help assess the criteria of issuers to be included in the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the quantitative and qualitative methodologies will provide an accurate assessment of included issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_911_ecustom--NonCorrelationRiskMember_zLEvEu2oWVL">Non-Correlation Risk</span>. </b>In addition to the risk of tracking error due to the effect of taxes, the Fund’s return may not match the return of the Underlying Index for other reasons, including operating expenses incurred by the Fund not applicable to the Underlying Index, costs in buying and selling securities, asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cash flows or operational inefficiencies. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--NewFundRiskMember_zyrXkbMCTAWh">New Fund Risk</span>.</b> The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. </p> FUND PERFORMANCE <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z13TrpZWtBG4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, the Fund has not yet completed a full calendar year of investment operations. <span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260331__20260331__dei--LegalEntityAxis__custom--S000091676Member_zU1551TAdYg">When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Underlying Index and an index that represents a broad measure of market performance.</span> Updated performance information, when available, will be available online at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260331__20260331__dei--LegalEntityAxis__custom--S000091676Member_zn8sJeLsrIAk">www.alpfunds.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260331__20260331__dei--LegalEntityAxis__custom--S000091676Member_zale1v5TnBbb">866.759.5679</span>. </p> When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the Underlying Index and an index that represents a broad measure of market performance. www.alpfunds.com 866.759.5679 Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the net total return. The net total return is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax. Broad-based securities market index. Index performance shown in the table is the net total return. The net total return is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. The Index commenced operations on October 29, 2019. The Index commenced operations on February 12, 2016. The performance shown reflects a combination of the Fund’s current Underlying 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. Broad-based securities market index. The Adviser has contractually agreed, through March 31, 2027, to reduce its advisory fee by 0.18%. This fee waiver may only be terminated by the Fund’s Board of Trustees (and not by the Adviser) prior to such date. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. The Fund is classified for federal income tax purposes as a taxable regular corporation or so-called Subchapter ‘‘C’’ corporation. As a ‘‘C’’ corporation, the Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of master limited partnerships considered to be a return of capital and for any net operating gains. The Fund’s accrued deferred tax liability, if any, is reflected each day in the Fund’s net asset value per share. The deferred income tax expense/(benefit) represents an estimate of the Fund’s potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. An estimate of deferred income tax expense/(benefit) is dependent upon the Fund’s net investment income/(loss) and realized and unrealized gains/(losses) on investments and such expenses may vary greatly from year to year and from day to day depending on the nature of the Fund’s investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred income tax expense (benefit) cannot be reliably predicted from year to year. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. The Fund’s management fees consist of a fee of 0.11% paid to the Fund’s investment adviser and a fee of 0.35% paid to the Fund’s sub-adviser. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the net total return. The net total return is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is the total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is total return, which assumes reinvestment of any dividends and distributions during the time periods shown. 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. Index performance shown in the table is total return, which assumes reinvestment of any dividends and distributions during the time periods shown. 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. Index performance shown in the table is total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index. Index performance shown in the table is net total return. The net total return is obtained by reinvesting the net dividend, which is equal to the ordinary gross dividend minus the amount of withholding tax. 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 O’Shares International Developed Quality Dividend Index thereafter. Broad-based securities market index of the Fund beginning October 1, 2025. Index performance shown in the table is total return, which assumes reinvestment of any dividends and distributions during the time periods shown. Broad-based securities market index of the Fund through September 30, 2025.