What s Inside. Sector Analysis. Constituent Analysis. Distribution Analysis. Performance as of 9/30/16

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1 ALPS EMERGING SECTOR DIVIDEND DOGS ETF QUARTERLY SCORECARD EDOG ETF Stats Ticker: EDOG Underlying Index: EDOGXTR Listing Exchange: NYSE Arca CUSIP: 00162Q 668 Fund Inception: 3/27/14 Dividends Paid: Quarterly Most Recent Dividend*: Gross Expense Ratio: 0.60% NAV**: $22.26 Shares Outstanding: 750,000 * Dividend Paid on 9/28/16 ** As of 9/30/16 Investment Objective 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 (the Index ). What s Inside Performance, Characteristics and Allocations September 30, 2016 At the conclusion of Q3 2016, the ALPS Emerging Sector Dividend Dogs ETF (EDOG) closed at $22.26 up 3.86% for the quarter. This trailed the MSCI Emerging Markets Index s gain of 9.03%. Sector Analysis The top performing sector in EDOG in Q was Materials (+10.41%), followed by Consumer Staples (+10.25%). The worst performing sector for the fund was Telecommunication Services (-5.04%), followed by Utilities (-1.83%). Constituent Analysis For the quarter, total return was positive for 28 names and negative for 23. The top performing security was Country Garden Holdings Co. (2007 HK) which posted a return of %, while the worst performer was AES Gener SA (AESGENER CI) which had a return of % for the quarter. Distribution Analysis As of September 30, 2016, the S-Network Emerging Sector Dividend Dogs Index had a TTM dividend yield of 4.61% relative to 4.69% on June 30, Performance as of 9/30/16 Cumulative Annualized Contact Info sdog@alpsinc.com Total Returns 3 Mo. 6 Mo. YTD S.I. 1 Yr. S.I. 1 ALPS Emerging Sector Dividend Dogs ETF (Net Asset Value) 3.86% 1.78% 16.47% -2.09% 13.07% -0.84% ALPS Emerging Sector Dividend Dogs ETF (Market Price) % 1.16% 18.54% -1.16% 14.20% -0.46% MSCI EM TR Net Index (Benchmark) 9.03% 9.75% 16.02% -1.09% 16.78% -0.43% S-Network Emerging Sector Dividend Dogs NTR Index % 2.07% 17.17% 0.37% 14.25% 0.15% 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 3/27/ 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 Emerging Sector Dividend Dogs Index (Ticker: EDOGX) is a portfolio of stocks derived from a universe of mainly large capitalization stocks domiciled in emerging markets (the S-Network Emerging Markets Index SNEMX ). One cannot invest directly in an index. Learn More

2 Performance EDOG 1 Year Performance (NAV) $30 $25 $20 1/21/16 Low $ /15/16 High $23.57 $15 9/30/15 10/31/15 11/30/15 12/31/15 1/31/16 2/29/16 3/31/16 4/30/16 5/31/16 6/30/16 7/31/16 8/31/16 9/30/16 EDOG NAV 50 Day Moving Average 100 Day Moving Average * Source: Bloomberg NAV returns as of 9/30/16. Past performance is not indicative of future results. Index Characteristics Fundamentals & Risk EDOGX MXEF Profile EDOGX MXEF Price to Earnings Ratio Dividend Yield 4.61% 2.44% Price to Earnings Ratio using FY1 Est Max Market Cap (Million $) $50,788 $263,975 Price to Earnings Ratio using FY2 Est Min Market Cap (Million $) $1,271 $812 Price to Book Ratio Total Market Cap (Agg, Million $) $436,971 $10,202,433 Price to Sales Ratio Weighted Avg. Market Cap (Agg, Million $) $8,749 61,048 Price to Cash Flow Ratio Market Cap Breakdown EDOGX MXEF Beta 0.92 Large Cap 18.07% 68.23% Volatility 17.09% 16.24% Mid Cap 69.84% 29.98% Small Cap 12.09% 1.79% Bloomberg Data as of 9/30/16. Beta is to the MSCI Emerging Markets Index.

3 Allocations Geography Sector Market Cap Asia Pacific 40.22% Thailand 10.34% Indonesia 10.29% China 9.93% Malaysia 9.66% Eastern Europe 29.32% Russia 9.78% Poland 9.76% Turkey 7.79% Czech Republic 1.99% South & Central America 16.21% Brazil 10.32% Chile 3.88% Columbia 2.01% Africa / Middle East 10.31% South Africa 10.31% Central Asia 3.94% India 3.94% Sector Attribution - Q Information Technology 10.24% Consumer Staples 10.17% Energy 10.13% Materials 10.13% Health Care 10.07% Telecommunication Services 9.96% Industrials 9.94% Consumer Discretionary 9.84% Financials 9.81% Utilities 9.71% Large Cap 18.07% Mid Cap 69.84% Small Cap 12.09% Overall, sector allocation effect was negative, with its largest positive effects coming from the fund s exclusion of the Real Estate sector and a relative overweight to Materials; the largest negative effects came from a relative underweight to Information Technology. Selection effect had an adverse impact on the fund s performance, with the biggest gains coming from names in Consumer Staples and Materials, and the biggest losses coming from Information Technology and Telecommunication Services constituents. Avg % Wgt Contribution to Return Total Return MSCI EAFE +/- EDOG MSCI EAFE +/- EDOG MSCI EAFE +/- Allocation Effect Selection Effect EDOG Consumer Discretionary 9.87% 10.56% -0.68% 0.00% 1.00% -1.01% -0.13% 9.58% -9.71% 0.00% -0.67% Consumer Staples 10.68% 8.07% 2.60% 1.02% 0.09% 0.93% 10.25% 1.00% 9.26% -0.17% 1.08% Energy 9.56% 7.20% 2.36% 0.54% 0.59% -0.05% 5.50% 8.21% -2.71% 0.00% -0.05% Financials 9.65% 23.63% % 0.86% 2.39% -1.52% 9.42% 10.25% -0.82% -0.22% -0.30% Health Care 10.25% 2.68% 7.57% 0.48% 0.06% 0.43% 4.77% 1.74% 3.03% -0.59% 0.16% Industrials 9.97% 6.14% 3.83% 0.07% 0.30% -0.23% 0.69% 4.79% -4.09% -0.14% -0.26% Information Technology 9.72% 23.00% % 0.50% 3.57% -3.07% 5.14% 16.10% % -0.78% -0.85% Materials 11.12% 6.49% 4.63% 1.06% 0.66% 0.40% 10.41% 10.18% 0.23% 0.01% 0.18% Real Estate 0.00% 2.77% -2.77% 0.00% 0.17% -0.17% 0.00% 5.89% -5.89% 0.07% 0.00% Telecommunication Services 9.58% 6.38% 3.20% -0.46% 0.17% -0.63% -5.04% 2.37% -7.42% -0.18% -0.84% Utilities 9.60% 3.08% 6.52% -0.16% 0.03% -0.19% -1.83% 0.75% -2.58% -0.47% -0.28% Totals -2.47% -1.83% Past performance is not indicative of future results. Subject to change.

4 Region Attribution - Q From a region perspective, negative attribution was largely driven by adverse impacts on the fund s relative performance from security selection in the Asia Pacific and Eastern Europe regions, and a relative overweight to Eastern Europe. Overall currency effect was slightly negative for the quarter. % Average Weight Contribution to Return (%) Total Return (%) Total Attribution (Alpha) (%) Allocation Effect (%) Selection Effect (%) Currency Effect (%) EDOG MXEF +/- EDOG MXEF +/- EDOG MXEF +/- Africa / Middle East Asia Pacific Central Asia Eastern Europe North America South & Central America Western Europe Totals Constituent Analysis Total Return Dispersion - Q COUNTRY GARDEN HOLDINGS CO (2007 HK) IMPERIAL HOLDINGS LTD (IPL SJ) PERUSAHAAN GAS NEGARA PERSER (PGAS IJ) LUKOIL PJSC-SPON ADR (LKOD LI) UNITED TRACTORS TBK PT (UNTR IJ) NATURA COSMETICOS SA (NATU3 BZ) INDOFOOD SUKSES MAKMUR TBK P (INDF IJ) MMC NORILSK NICKEL PJSC-ADR (MNOD LI) KGHM POLSKA MIEDZ SA (KGH PW) DELTA ELECTRONICS THAI PCL (DELTA TB) NETCARE LTD (NTC SJ) BANK HANDLOWY W WARSZAWIE SA (BHW PW) LENOVO GROUP LTD (992 HK) CIA SIDERURGICA NACIONAL SA (CSNA3 BZ) CHINA OILFIELD SERVICES-H (2883 HK) CIA BRASILEIRA DE DIS-SP PRF (CBD US) CORONATION FUND MANAGERS LTD (CML SJ) KALBE FARMA TBK PT (KLBF IJ) LIFE HEALTHCARE GROUP HOLDIN (LHC SJ) YTL POWER INTERNATIONAL BHD (YTLP MK) SONDA SA (SONDA CI) TELEFONICA BRASIL-ADR (VIV US) CHINA SHENHUA ENERGY CO-H (1088 HK) ALMACENES EXITO SA (EXITO CB) CEZ AS (CEZ CP) GAZPROM PAO -SPON ADR (OGZD LI) INDOCEMENT TUNGGAL PRAKARSA (INTP IJ) TOTAL ACCESS COMMUNICATION (DTAC TB) BEC WORLD PUBLIC CO LTD (BEC TB) TOTVS SA (TOTS3 BZ) UMW HOLDINGS BHD (UMWH MK) EREGLI DEMIR VE CELIK FABRIK (EREGL TI) SIME DARBY BERHAD (SIME MK) SINOPEC ENGINEERING GROUP-H (2386 HK) MEGAFON-REG S GDR (MFON LI) POWSZECHNY ZAKLAD UBEZPIECZE (PZU PW) BTS GROUP HOLDINGS PCL (BTS TB) BANGKOK DUSIT MED SERVICE (BDMS TB) TURK TRAKTOR VE ZIRAAT MAKIN (TTRAK TI) BANK PEKAO SA (PEO PW) MOBILE TELESYSTEMS-SP ADR (MBT US) DOCTOR REDDY'S LAB-ADR (RDY US) ASTRO MALAYSIA HOLDINGS BHD (ASTRO MK) BRITISH AMERICAN TOBACCO BHD (ROTH MK) PGE SA (PGE PW) MTN GROUP LTD (MTN SJ) TURKCELL ILETISIM HIZMET AS (TCELL TI) TOFAS TURK OTOMOBIL FABRIKA (TOASO TI) INFOSYS LTD-SP ADR (INFY US) TUPRAS-TURKIYE PETROL RAFINE (TUPRS TI) AES GENER SA (AESGENER CI) (+) = Added at 12/18/2015 rebalance (-) = Dropped at 12/18/2015 rebalance Past performance is not indicative of future results. Subject to change.

5 Dividend Update Of the 50 EDOG constituents, 24 companies, or 48% of the fund holdings, paid a dividend in Q Of those 24 companies, 5 pay dividends on a quarterly schedule, 4 pay on an irregular schedule, 10 pay on a semi-annual schedule, and 5 pay on an annual schedule. 8 companies increased their dividend year- over- year from Q Trailing Twelve Month Anticipated Div. Increases/Decreases Year/Year Dividend Increases Increases Decreases Q Q Q Q Payers by Quarter Q Q Q Q Past performance is not indicative of future results. # of Payers Increasing Dividend Year/Year Payers by Quarter Year/Year Dividend Increases Q Q Q Q Sector Yield Breakdown The S-Networks Emerging Sector Dividend Dogs Index s use of yield analysis on a sector-by-sector basis as its primary screen continues to provide meaningfully higher yield compared to its broad based benchmark across the 10 GICS Sectors, ex Real Estate. TTM Yield* 9% S-Net Emerging Sector Dividend Dogs MSCI Emerging Markets 8% 7% 6% 5% 4% 3% 2% 1% 0% Telecom Financials Utilities Industrials Energy Cons Disc Info Tech Materials Cons Stpls Health Care Real Estate 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. 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. 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 Sector Dividend Dogs ETF. DOG /31/17 Learn More