what s INSIDE PERFORMANCE SECTOR ANALYSIS COMPANY BREAKDOWN DIVIDEND REVIEW PERFORMANCE as of 9/30/14 Total Returns

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1 SDOG Quarterly Scorecard 3rd Quarter 2014 what s INSIDE ETF Stats Ticker: SDOG Underlying Index: SDOGXTR Listing Exchange: NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/2012 Dividends Paid: Quarterly Most Recent Dividend**: $ Gross Expense Ratio: 0.40% NAV*: $37.22 Shares Outstanding: 22,903,175 * As of 9/30/2014 ** Dividend Paid on 10/1/2014 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 ). PERFORMANCE At the conclusion of Q3 2014, ALPS Sector Dividend Dogs ETF (SDOG) closed at 37.22, up.32% for the quarter. This lagged the S&P 500 s gain of 1.13%. YTD SDOG is up 11.49% compared to SPX up 8.34%. SECTOR ANALYSIS The top performing sector in SDOG for Q was Telecommunication Services (+8.61%), followed by Information Technology (+3.62). The worst performing sector was Energy (-8.70%), followed by Utilities (-3.81%). COMPANY BREAKDOWN For the quarter there was an even split with 25 names posting positive returns and 25 names with negative returns. The top performing security was CTL (+14.45%), while the worst performer was DO (-29.67%). DIVIDEND REVIEW As of September 30th, 2014 the S-Network Sector Dividend Dogs Index had a Trailing Twelve Month Yield (TTM Yield) of 3.53% relative to 3.76% on June 30th, Contributors Mike Akins Portfolio Manager Brian Burke Index Analyst Jeremy Brown Index Analyst Contact Info sdog@alpsinc.com Sector Dividend Dogs PERFORMANCE as of 9/30/14 Total Returns Series 3 Month YTD 1 Year Cumulative Since Inception 1 Annualized Since Inception 1 1 Month ALPS Sector Dividend Dogs ETF (Net Asset Value) -1.60% 0.32% 11.50% 20.40% 62.25% 23.94% ALPS Sector Dividend Dogs ETF (Market Price) % 0.32% 11.49% 20.42% 62.34% 23.97% S&P 500 Total Return Index (Benchmark) -1.40% 1.13% 8.34% 19.73% 51.97% 20.40% S-Network Sector Dividend Dogs TR Index (Benchmark) -1.58% 0.41% 11.91% 21.04% 64.06% 24.55% 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

2 PERFORMANCE SDOG 1 Year Performance (NAV) $40 9/5/2014 All Time High $38.22 $38 $36 2/3/2014 Low $32.12 $34 $32 $30 $28 9/30/13 10/31/13 11/29/13 12/31/13 1/31/14 2/28/14 3/31/14 4/30/14 5/30/14 6/30/14 7/31/14 8/29/14 9/30/14 *Source: Bloomberg NAV returns as of 9/30/14. 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. * Fund inception date of 6/29/2012. INDEX CHARACTERISTICS Fundamentals & Risk Profile Description Value Dividend Yield 3.53% Price to Earnings Ratio Max Market Cap (Million $) $270,782 Price to Earnings Ratio using Fiscal Year 1 Estimate Min Market Cap (Million $) $4,057 Price to Earnings Ratio using Fiscal Year 2 Estimate Total Market Cap (Agg, Million $) $2,784,862 Price to Book Ratio 2.46 Weighted Avg. Market Cap (Agg, Million $) $56,409 Price to Sales Ratio 1.80 Market Cap Breakdown Price to Cash Flow Ratio 8.51 Large Cap 74.58% Beta 0.86 Mid Cap 25.42% Volatility 9.55% Small Cap 0.00%

3 SECTOR ATTRIBUTION 3RD QUARTER Sector allocation had its largest positive effects from an overweight to Telecom, while the relative overweight to Utilities and underweight to Info Tech had the largest negative impacts. Overall selection effect was relatively flat, with the biggest gains coming from Telecom, and biggest losses coming from Healthcare and Financials. Avg % Wgt Contribution to Return Total Return Total Attribution Allocation Effect Selection Effect SDOG SPX +/- SDOG SPX +/- SDOG SPX +/- Consumer Discretionary 9.74% 11.88% -2.13% -0.08% 0.04% -0.12% -0.78% 0.26% -1.04% -0.08% 0.02% -0.11% Consumer Staples 9.73% 9.47% 0.26% 0.08% 0.19% -0.10% 0.79% 1.95% -1.16% -0.10% 0.00% -0.11% Energy 10.20% 10.42% -0.23% -0.90% -0.92% 0.02% -8.70% -8.62% -0.08% 0.02% 0.02% -0.01% Financials 12.05% 16.16% -4.11% -0.03% 0.37% -0.40% -0.22% 2.33% -2.55% -0.36% -0.05% -0.31% Health Care 10.06% 13.56% -3.50% 0.24% 0.72% -0.48% 2.43% 5.46% -3.03% -0.44% -0.15% -0.30% Industrials 7.88% 10.31% -2.42% 0.21% -0.11% 0.32% 2.65% -1.10% 3.76% 0.35% 0.06% 0.29% Information Technology 10.16% 19.29% -9.12% 0.35% 0.89% -0.54% 3.62% 4.77% -1.15% -0.44% -0.32% -0.12% Materials 10.16% 3.51% 6.65% 0.07% 0.01% 0.06% 0.60% 0.22% 0.37% -0.02% -0.06% 0.04% Telecommunication Services 10.41% 2.42% 7.99% 0.84% 0.07% 0.77% 8.61% 3.07% 5.55% 0.69% 0.12% 0.58% Utilities 9.60% 3.00% 6.61% -0.39% -0.13% -0.26% -3.81% -3.96% 0.16% -0.34% -0.34% 0.01% Past performance is not indicative of future results. Subject to change. SECTOR RETURNS 4 QUARTERS ROLLING The dispersion of sector returns from 2nd Quarter to 3rd Quarter was largest in Energy (28.42%) and Utilities (19.97%). Quarterly SDOG Returns by Sector th QTR 13 1st QTR '14 2nd QTR '14 3rd QTR '14 20% 15% 10% 5% 0% -5% -10% 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 Q3 was Centurylink Inc. (CTL), adding 28 basis points with a return of 14.45%. The leading detractor for the quarter was Diamond Offshore Drilling (DO), subtracting 61 basis points with a quarterly return of %. Constituent Contribution Basis Points Q3 CTL LMT INTC FTR DRI WIN NUE MO DD KMI PAYX WM IVZ LLY IRM MRK ABBV VZ LEG DOW STX T PFE CVC PM BAX WFC LO RAI CINF POM GE CA FE MCHP PBCT WMB ETR TE MCD KRFT BBT EXC SE PBI NEM FCX COP GRMN DO Past performance is not indicative of future results. Subject to change.

5 DIVIDEND UPDATE SDOG Distribution History Declaration Ex Date Record Payable SDOG Div / Share 9/23/14 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/ /25/13 6/26/13 6/28/13 7/3/ /19/13 3/20/13 3/22/13 3/27/ /24/12 12/26/12 12/28/12 1/3/ /25/12 9/26/12 9/28/12 10/3/ Past performance is not indicative of future results. 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* 7% S-Net Sector Dividend Dogs S&P 500 6% 5% 4% 3% 2% 1% 0% Telecom Cons Stpls Utilities Cons Disc Energy Financials Industrials Info Tech Materials Health Care * Excluding special dividends. Past performance is not indicative of future results. Dividend Commentary Of the 50 SDOG constituents, 10 companies, or 20% of the fund holdings, increased their dividend from Q2 to Q3. 32 companies, or 64% of the fund holdings, increased their dividend year over year from 2012, while only two companies, FirstEnergy (FE) and Newmont Mining Corp. (NEM), decreased their dividend year over year.

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