what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 3/31/15 Total Returns Fund inception date of 6/29/2012.

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1 SDOG ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/2012 Dividends Paid: Quarterly Most Recent Dividend*: $ Gross Expense Ratio: 0.40% NAV**: $37.05 Shares Outstanding: 32,460,000 * Dividend Paid on 4/1/2015 ** As of 3/31/15 Investment Objective 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 (the Underlying Index ). Contact Info sdog@alpsinc.com Sector Dividend Dogs Quarterly Scorecard 1st Quarter 2015 what s INSIDE PERFORMANCE At the conclusion of Q1 2015, the ALPS Sector Dividend Dogs ETF (SDOG) closed at $37.09, down 1.68% for the quarter. This lagged the S&P 500 s (SPX) gain of.95%. The under-performance to the benchmark was largely due to the Energy sector, which had a -1.96% contribution to return compared to -.23% for the S&P. SECTOR ANALYSIS The top performing sector in SDOG for Q was Consumer Staples (+10.11%), followed by Health Care (+2.29%). The worst performing sector was Energy (-18.68%), followed by Utilities (-6.59%). COMPANY BREAKDOWN For the quarter, contribution to return was positive for 25 names and negative for 25. The top performing security was KRFT (+39.03%)*, while the worst performer was ESV (-29.21%). DIVIDEND REVIEW As of March 31st, 2015 the S-Network Sector Dividend Dogs Index had a TTM dividend yield of 4.68% relative to 4.35% on December 31st, PERFORMANCE as of 3/31/15 Total Returns Series 3 Month 6 Month 1 Year Cumulative Since Inception 1 Annualized Since Inception 1 YTD ALPS Sector Dividend Dogs ETF (Net Asset Value) -1.71% 1.38% -1.71% 9.76% 64.49% 19.81% ALPS Sector Dividend Dogs ETF (Market Price) % 1.35% -1.68% 9.76% 64.53% 19.82% S&P 500 Total Return Index (Benchmark) 0.95% 5.93% 0.95% 12.73% 60.98% 18.88% S-Network Sector Dividend Dogs TR Index (Benchmark) -1.63% 1.61% -1.63% 10.28% 66.70% 20.39% 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 6/29/ 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. * On 3/25/15, HJ Heinz CO announced it would be acquiring Kraft Foods Group. Estimated completion of this acquisition according to Bloomberg will be 12/31/15. The outperformance of KRFT was largely due to this acquisition as the price appreciated 35.62% on the 25th

2 PERFORMANCE SDOG 1 Year Performance (NAV) $40 12/3/14 All Time High $39.03 $38 4/11/14 Low $34.39 $36 $34 $32 $30 $28 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 1/31/15 2/28/15 3/31/15 *Source: Bloomberg NAV returns as of 3/31/15. Past performance is not indicative of future results. RISK STATISTICS 3 Months 6 Months Year To Date 1 Year 2 Years (Annual.) SI* (Annual.) Portfolio Statistics SDOG SPX SDOG SPX SDOG SPX SDOG SPX SDOG SPX SDOG SPX Total Return Standard Deviation (Annualized) Downside Risk (Annualized) Tracking Error (Annualized) Sharpe Ratio Information Ratio Source: Factset as of 3/31/15. * Fund inception date of 6/29/2012. Annualized performance. INDEX CHARACTERISTICS Fundamentals & Risk Profile Description Value Dividend Yield 4.68% Price to Earnings Ratio Max Market Cap (Million $) $279,724 Price to Earnings Ratio using FY1 Est Min Market Cap (Million $) $3,455 Price to Earnings Ratio using FY2 Est Total Market Cap (Agg, Million $) $2,666,843 Price to Book Ratio 1.92 Weighted Avg. Market Cap ( Agg, Million $) $53,178 Price to Sales Ratio 1.43 Market Cap Breakdown Price to Cash Flow Ratio 6.87 Large Cap 70.32% Beta 0.89 Mid Cap 29.68% Volatility 11.56% Small Cap 0.00%

3 SECTOR ATTRIBUTION 1ST QUARTER Overall sector allocation was negative, with its largest positive effects coming from an underweight to Financials and largest negative effects coming from the relative overweight to Utilities. Selection effect was mostly negative, with the biggest gains coming from Consumer Staples and biggest losses coming from Energy. Avg % Wgt Contribution to Return Total Return Total Attribution Allocation Effect Selection Effect SDOG SPX +/- SDOG SPX +/- SDOG SPX +/- Consumer Discretionary 10.18% 12.28% -2.10% 0.22% 0.57% -0.35% 2.05% 4.80% -2.75% -0.33% -0.08% -0.26% Consumer Staples 10.25% 9.82% 0.43% 0.96% 0.10% 0.86% 10.11% 1.00% 9.11% 0.85% -0.02% 0.87% Energy 9.98% 8.19% 1.79% -1.96% -0.23% -1.73%-18.68% -2.85%-15.82% -1.75% -0.09% -1.66% Financials 9.67% 16.20% -6.53% -0.16% -0.35% 0.19% -1.48% -2.05% 0.58% 0.26% 0.20% 0.06% Health Care 9.88% 14.69% -4.81% 0.22% 0.92% -0.69% 2.29% 6.52% -4.23% -0.64% -0.24% -0.39% Industrials 10.04% 10.33% -0.29% 0.17% -0.09% 0.26% 1.79% -0.86% 2.65% 0.27% 0.00% 0.27% Information Technology 9.88% 19.70% -9.82% -0.28% 0.10% -0.39% -2.76% 0.57% -3.33% -0.31% 0.03% -0.34% Materials 10.02% 3.22% 6.80% 0.04% 0.03% 0.01% 0.65% 0.99% -0.34% -0.04% -0.02% -0.03% Telecommunication Services 10.18% 2.31% 7.87% -0.13% 0.04% -0.16% -1.42% 1.54% -2.96% -0.26% 0.04% -0.29% Utilities 9.90% 3.16% 6.74% -0.64% -0.16% -0.48% -6.59% -5.17% -1.41% -0.54% -0.40% -0.14% Past performance is not indicative of future results. Subject to change. SECTOR RETURNS 4 QUARTERS ROLLING The dispersion of sector returns from 4th Quarter to 1st quarter was largest in Utilities (19.04%) and Materials (13.87%). Quarterly SDOG Returns by Sector 20% 2nd QTR '14 3rd QTR '14 4th QTR 14 1st QTR 15 15% 10% 5% 0% -5% -10% -15% -20% 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 Q1 was Kraft Foods Group INC. (KRFT), adding 77 basis points with a return of 39.03%. The leading detractor for the quarter was Ensco PLC-CL A. (ESV), subtracting 62 basis points with a quarterly return of %. Constituent Contribution Basis Points Q1 KRFT US DRI US GME US LYB US PFE US COH US MCHP US FTR US PAYX US RAI US CA US WM US LMT US LLY US DOW US VZ US LO US CINF US BMS US MO US MRK US IP US PBCT US BBT US ETN US GE US T US NUE US JPM US JNJ US PBI US TE US BAX US PM US PPL US ED US WIN US D US SO US COP US SPLS US PRU US CTL US NE US KLAC US RIG US FCX US STX US MAT US DO US ESV US BMS dropped at 3/20 rebalance replaced by IP Past performance is not indicative of future results. Subject to change.

5 Dividend Update Of the 50 current SDOG constituents, 14 companies, or 28% of the fund holdings, increased their dividend from Q to Q1 2015, while there was 1 decrease. 36 companies, or 72% of the fund holdings, increased their dividend year- over- year from Q1 2014, while only one company, Ensco PLC (ESV) decreased its dividend. At the fund level, SDOG s 1st quarter distribution increased 12.47% year- over- year from Q Quarter/Quarter Year/Year Increases Decreases Q Q Q Q Q Q Q Q Past performance is not indicative of future results. Portfolio Names Increasing Dividend Quarter/Quarter Dividend Increases Year/Year Dividend Increases Q Q Q Q Sector Yield Breakdown The S-Networks Sector Dividend Dogs Index s focus on yield on a sector-by-sector basis as its primary screen continues to provide meaningfully higher yields than the broad based benchmark across all 10 GICS Sectors. TTM Yield* 12% S-Net Sector Dividend Dogs S&P % 8% 6% 4% 2% 0% Energy Telecom Utilities Cons Disc Materials Cons Stpls Info Tech Financials Industrials Health Care Total * Excluding special dividends. Past performance is not indicative of future results.

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 Sector Dividend Dogs ETF Shares are not individually redeemable. Investors buy and sell shares of the ALPS 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-Network Sector Dividend Dogs Index (Ticker: SDOGX) is designed to serve as a fair, impartial and transparent measure of the performance of US large cap equities with above average dividend yields. 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. The S&P 500 (Ticker: SPX) is an index of 500 stocks chosen for market size, liquidity and industry grouping among other factors. S&P 500: an index of 500 stocks chosen for market size, liquidity and industry grouping among other factors. 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 Sector Dividend Dogs ETF. DOG /31/15