6/19/2014 All Time High $ /31/13 1/31/14 2/28/14 3/31/14 4/30/14 5/31/14 6/30/14 7/31/14 8/31/14 9/30/14 10/31/14 11/30/14 12/31/14

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1 IDOG ETF Stats Ticker: Underlying Index: Listing Exchange: IDOG IDOGXTR NYSE Arca CUSIP: 00162Q 718 Fund Inception: 6/27/2013 Dividends Paid: Quarterly Most Recent Dividend**: $ Gross Expense Ratio: 0.50% NAV*: $26.22 Shares Outstanding: 5.45 Million * As of 12/31/2014 ** Dividend Paid on 1/2/2015 Investment Objective 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 (the Underlying Index ). Contributors Mike Akins Portfolio Manager Brian Burke Index Analyst Jeremy Brown Index Analyst Contact Info sdog@alpsinc.com Sector Dividend Dogs Quarterly Scorecard 4th Quarter 2014 what s INSIDE PERFORMANCE At the conclusion of Q4 2014, ALPS International Sector Dividend Dogs ETF (IDOG) closed at $26.22, down 6.94% for the quarter. This lagged the EAFE s (MXEA) loss of 3.57%. For the year ended December 31, 2014, IDOG was down 6% compared to MXEA down 4.9%. SECTOR ANALYSIS The top performing sector in IDOG for Q was Materials (6.56%), followed by Financials (-1.24). The worst performing sector was Energy (-27.96%), followed by Consumer Staples (-10.16%). COMPANY BREAKDOWN For the quarter, contribution to return was positive for 26 names and negative for 52^. The top performing security was UPM-Kymmene OYJ (UPM1V FH) (+20.42%), while the worst performer was Seadrill Ltd (SDRL NO) (-49.83%). DIVIDEND REVIEW As of December 31st, 2014 the S-Network International Sector Dividend Dogs Index had a TTM dividend yield of 5.24% relative to 4.99% on September 30th, PERFORMANCE as of 12/31/14 Total Returns 3 Month 6 Month YTD 1 Year Series Cumulative Since Inception 1 Annualized Since Inception 1 ALPS International Sector Dividend Dogs ETF (Net Asset Value) -6.94% % -6.00% -6.00% 10.76% 6.99% ALPS International Sector Dividend Dogs ETF (Market Price) % % -7.44% -7.44% 9.96% 6.48% EAFE Index (Bencmark) -3.57% -9.24% -4.90% -4.90% 12.27% 7.95% S-Network International Sector Dividend Dogs NTR Index % % -5.61% -5.61% 11.54% 7.49% Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than actual data quoted. Call or visit for current month end performance. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. 1 Fund inception date of 6/27/ Market Price is based on the midpoint of the bid/ask spread at 4 p.m. ET and does not represent the returns an investor would receive if shares were traded at other times. 3 The S-Network International Sector Dividend Dogs NTR Index (Ticker: IDOGX) is designed to serve as a fair, impartial and transparent measure of the performance of international large cap equities with above average dividend yields. ^ Numbers include the 26 add/drops from 12/19/2014 reconstitution

2 PERFORMANCE IDOG 1 Year Performance (NAV) $33 6/19/2014 All Time High $32.12 $32 $31 $30 $29 $28 12/15/2014 Low $25.73 $27 $26 $25 12/31/13 1/31/14 2/28/14 3/31/14 4/30/14 5/31/14 6/30/14 7/31/14 8/31/14 9/30/14 10/31/14 11/30/14 12/31/14 *Source: Bloomberg NAV returns as of 12/31/14. Past performance is not indicative of future results. RISK STATISTICS 3 Months 6 Months Year To Date 1 Year SI* (Annual.) Portfolio Statistics IDOG EAFE Total Return Standard Deviation (Annualized) Downside Risk (Annualized) Tracking Error (Annualized) Sharpe Ratio Information Ratio Source: Factset. * Fund inception date of 6/27/2013. INDEX CHARACTERISTICS Fundamentals & Risk Profile Description Value Dividend Yield 5.24% Price to Earnings Ratio Max Market Cap (Million $) $122,692 Price to Earnings Ratio using Fiscal Year 1 Estimate Min Market Cap (Million $) $6,960 Price to Earnings Ratio using Fiscal Year 2 Estimate Total Market Cap (Agg, Million $) $1,889,593 Price to Book Ratio 1.71 Weighted Avg. Market Cap ( Agg, Million $) $37,851 Price to Sales Ratio 0.85 Market Cap Breakdown Price to Cash Flow Ratio 6.85 Large Cap 80.09% Beta 0.88 Mid Cap 19.91% Volatility 9.54% Small Cap 0.00%

3 SECTOR ATTRIBUTION 4TH QUARTER Overall sector allocation was slightly negative, with its largest positive effects coming from an overweight to Information Technology and largest negative effects coming from the relative overweight to Energy. Selection effect was also negative, with the biggest gains coming from Materials and biggest losses coming from Consumer Discretionary. Avg % Wgt Contribution to Return Total Return EAFE +/- IDOG EAFE +/- IDOG EAFE +/- Total Attribution Allocation Selection Effect Effect IDOG Consumer Discretionary 9.95% 11.97% -2.02% -0.55% 0.37% -0.92% -5.55% 3.14% -8.69% -0.87% -0.13% -1.18% Consumer Staples 9.63% 11.08% -1.45% -0.92% -0.17% -0.75% % -1.56% -8.60% -0.74% -0.03% -0.60% Energy 8.91% 6.17% 2.73% -2.81% -1.28% -1.52% % % -8.99% -1.54% -0.47% -0.75% Financials 10.29% 25.95% % -0.12% -0.79% 0.67% -1.24% -3.04% 1.80% 0.90% -0.04% 0.23% Health Care 10.13% 11.16% -1.02% -0.70% -0.60% -0.09% -6.67% -5.29% -1.38% -0.07% 0.02% -0.04% Industrials 10.09% 12.44% -2.35% -0.56% -0.41% -0.15% -5.57% -3.31% -2.26% -0.10% -0.01% -0.09% Information Technology 10.20% 4.68% 5.52% -0.24% -0.02% -0.21% -2.31% -0.42% -1.89% -0.30% 0.25% 0.04% Materials 10.42% 7.61% 2.81% 0.67% -0.40% 1.06% 6.56% -5.25% 11.81% 0.96% -0.05% 1.28% Telecommunication Services 10.03% 5.00% 5.04% -0.57% -0.02% -0.55% -5.50% -0.43% -5.07% -0.61% 0.17% -0.63% Utilities 10.35% 3.89% 6.46% -0.45% -0.15% -0.30% -4.25% -3.82% -0.43% -0.40% -0.08% -0.13% Past performance is not indicative of future results. Subject to change. SECTOR RETURNS 4 QUARTERS ROLLING The dispersion of sector returns from 3rd Quarter to 4th Quarter was largest in Materials (17.76%) and Energy (14.55%). Quarterly IDOG Returns by Sector % 1st QTR '14 2nd QTR '14 3rd QTR '14 4th QTR '14 10% 5% 0% -5% -10% -15% -20% -25% -30% Cons Disc Cons Stpls Energy Financials Health Care Industrials Info Tech Materials Telecom Utilities Past performance is not indicative of future results.

4 BY COMPANY The leading individual contributor for Q4 was UPM-Kymmene OYJ (UPM1V FH), adding 32 basis points with a return of 20.42%. The leading detractor for the quarter was Seadrill Ltd (SDRL NO), subtracting 96 basis points with a quarterly return of %. Constituent Contribution Basis Points Q4 UPM1V FH 9201 JP (-) STERV FH (-) FMG AU (+) ZURN VX (-) BELG BB TLS AU BEZQ IT (-) RIO AU (+) SPK NZ (-) ICL IT (-) SKC NZ (-) 7741 JP (-) IMT LN BHP AU (+) 880 HK (+) 494 HK (+) ANTO LN (+) SSE LN 7751 JP PSON LN (+) WPL AU (+) AGL AU (+) NG/ LN (+) AMS SM (+) IAG AU (+) SAN/D SM REP/D SM NAB AU SPH SP (-) FER SM (+) TSCO LN WBC AU MKS LN (+) BP/ LN (+) CNA LN (+) SWEDA SS (-) TLSN SS (+) GJF NO (+) PSM GR (+) OMV AV (+) AZN LN EN FP (+) BA/ LN CAP FP (+) ATL IM (+) REP SM (+) TEF SM (+) ORA FP (+) GSZ FP 4523 JP EOAN GR (-) 4502 JP 5214 JP (-) 7752 JP ORI AU (-) ERICB SS GSK LN SKT NZ (-) TRN IM (-) WES AU 5201 JP (-) YAR NO (-) RDSA NA (-) FUM1V FH (-) SAN SM OPAP GA (-) MEO1V FH (-) SAND SS NRE1V FH (-) WOW AU FP FP (-) SAN FP ORK NO ENI IM STL NO (-) PTC PL (-) SDRL NO (-) (+) = New Add from 12/19/14 rebalance (-) = Drop from 12/19/14 rebalance Past performance is not indicative of future results. Subject to change.

5 DIVIDEND UPDATE IDOG Distribution History Declaration Ex Date Record Payable IDOG Div / Share 12/23/14 12/24/14 12/29/14 1/2/ /23/14 9/24/14 9/26/14 10/1/ /24/14 6/25/14 6/27/14 7/2/ /25/14 3/26/14 3/28/14 4/2/ /24/13 12/26/13 12/30/13 1/3/ /24/13 9/25/13 9/27/13 10/2/ Past performance is not indicative of future results. Sector Yield Breakdown The principal focus and primary screen of the S-Networks International Sector Dividend Dogs Index, yield on a sector-bysector basis, generally provides meaningfully higher yields than the broad based benchmark across all 10 GICS Sectors. TTM Yield S-Net Intl. Sector Dividend Dogs EAFE 8% 7% 6% 5% 4% 3% 2% 1% 0% Financials Energy Materials Cons Stpls Utilities Cons Disc Telecom Industrials Health Care Info Tech Total Past performance is not indicative of future results. *Excluding special dividends. Dividend Commentary Of the 50 IDOG constituents, 19 companies, or 38% of the fund holdings, paid a dividend in Q4. Of those 19 companies, 6 pay dividends on a quarterly distribution schedule, and 13 pay on a semi-annual schedule.

6 IMPORTANT DISCLOSURES & DEFINITIONS An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus which contain this and other information call or visit Read the prospectus carefully before investing. ALPS International Sector Dividend Dogs ETF Shares are not individually redeemable. Investors buy and sell shares of the ALPS International Sector Dividend Dogs ETF on a secondary market. Only market makers or authorized participants may trade directly with the Fund, typically in blocks of 50,000 shares. There are risks involved with investing in ETFs including the loss of money. Additional information regarding the risks of this investment is available in the prospectus. The Fund is subject to the additional risks associated with concentrating its investments in companies in the market sector. Diversification does not eliminate the risk of experiencing investment losses. 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, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the Fund s investments or prevent the Fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the United States. Finally, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. An investor cannot invest directly in an index. The S-Net Developed Markets Index (ex-americas): 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. EAFE Index (MXEA): A stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. and Canada. Dogs of the Dow Theory: an investment strategy which proposes that an investor annually select for investment the ten Dow Jones Industrial Average stocks whose dividend is the highest fraction of their price. Downside risk: the probability that an asset will fall in price. It is also the measure of the possible loss from that decline. Tracking error: a measure of how closely a portfolio follows the index to which it is benchmarked. Sharpe ratio: a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment. Information ratio: A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. Price to earnings ratio: an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Price to book ratio: a financial ratio used to compare a company s current market price to its book value. Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Dividend yield: a dividend expressed as a percentage of a current share price. Basis point: A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. ALPS Portfolio Solutions Distributor, Inc. is the distributor for the ALPS International Sector Dividend Dogs ETF. DOG /30/15