what s INSIDE SECTOR ANALYSIS CONSTITUENT ANALYSIS DISTRIBUTION ANALYSIS PERFORMANCE as of 9/30/15 3 Month Total Returns

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1 SDOG ETF Stats Ticker: Underlying Index: Listing Exchange: SDOG SDOGXTR NYSE Arca CUSIP: 00162Q 858 Fund Inception: 6/29/12 Dividends Paid: Quarterly Most Recent Dividend*: $ Gross Expense Ratio: 0.40% NAV**: $33.86 Shares Outstanding: 28,159,141 * Dividend Paid on 9/30/15 ** As of 9/30/15 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 3rd Quarter 2015 what s INSIDE PERFORMANCE, CHARACTERISTICS AND ALLOCATIONS At the conclusion of Q3 2015, the ALPS Sector Dividend Dogs ETF (SDOG) closed at $33.87, down 6.67% for the quarter. This slightly lagged the S&P 500 s (SPX) loss of 6.44%. The fund maintained its deep value profile, as it closed the quarter with a P/E ratio of vs. a P/E ratio of for the S&P 500. SECTOR ANALYSIS The top performing sector in SDOG for Q was Utilities (+19.17%), followed by Consumer Staples (+5.31). The worst performing sector was Energy (-27.72%), followed by Materials (-23.46%). CONSTITUENT ANALYSIS For the quarter, total return was positive for 15 underlying names, negative for 38, and flat for one. The top performing security was Teco Energy, Inc. (TE), with a return of %, while the worst performer was Freeport- McMoran Inc. (FCX), which posted a return of %. DISTRIBUTION ANALYSIS As of September 30, 2015 the S-Network Sector Dividend Dogs Index had a TTM dividend yield of 4.41% relative to 4.39% on June 30, PERFORMANCE as of 9/30/15 Total Returns Series 3 Month 6 Month 1 Year 3 Year Cumulative Since Inception 1 Annualized Since Inception 1 YTD ALPS Sector Dividend Dogs ETF (Net Asset Value) -6.70% -6.99% -8.58% -5.70% 12.27% 52.99% 13.96% ALPS Sector Dividend Dogs ETF (Market Price) % -7.01% -8.58% -5.76% 12.24% 52.99% 13.96% S&P 500 Total Return Index (Benchmark) -6.44% -6.18% -5.29% -0.61% 12.40% 51.04% 13.51% S-Network Sector Dividend Dogs TR Index (Benchmark) % -6.84% -8.36% -5.34% 12.80% 55.30% 14.48% 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 com 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 6/29/12. 2 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 Sector Dividend Dogs Index (Ticker: SDOGX) is a portfolio of stocks derived from a universe of mainly U.S. large capitalization stocks. One cannot invest directly in an index

2 PERFORMANCE SDOG 1 Year Performance (NAV) $40 12/3/14 High $39.03 $35 9/28/15 Low $33.21 $30 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 SDOG NAV 50 Day Moving Average 100 Day Moving Average *Source: Bloomberg NAV returns as of 9/30/15. Past performance is not indicative of future results. INDEX CHARACTERISTICS Fundamentals & Risk Profile SDOGX SPX Description SDOGX SPX Dividend Yield 4.41% 2.25% Price to Earnings Ratio Max Market Cap (Million $) $258,496 $629,010 Price to Earnings Ratio using FY1 Est Min Market Cap (Million $) $2,373 $1,455 Price to Earnings Ratio using FY2 Est Total Market Cap (Agg, Million $) $2,827,915 $18,632,343 Weighted Avg. Market Cap Price to Book Ratio (Agg, Million $) $58,886 $127,954 Price to Sales Ratio Market Cap Breakdown SDOGX SPX Price to Cash Flow Ratio Large Cap 70.26% 94.86% Beta 0.94 Mid Cap 29.74% 5.13% Volatility 15.46% 15.34% Small Cap 0.00% 0.01% Bloomberg Data as of 9/30/15. Beta is to the S&P 500 Index.

3 ALLOCATIONS Geography Sector Market Cap United States - 100% Utilities % Consumer Staples % Financials % Industrials % Information Technology % Health Care % Consumer Discretionary % Materials % Energy % Telecommunication Services % Large Cap % Mid Cap % SECTOR ATTRIBUTION - Q Overall sector allocation was negative, with its largest positive effects coming from an overweight to Utilities and largest negative effects coming from the relative overweight to Materials. Selection effect was also negative, with the biggest gains coming from the names in Utilities and Consumer Staples and biggest losses coming from Energy and Consumer Discretionary. Avg % Wgt Contribution to Return Total Return Total Attribution Allocation Effect Selection Effect SDOG SPX +/- SDOG SPX +/- SDOG SPX +/- Consumer Discretionary 10.20% 12.91% -2.71% -1.30% -0.33% -0.98% % -2.56% -9.82% -1.17% -0.11% -1.06% Consumer Staples 10.86% 9.66% 1.20% 0.47% -0.04% 0.50% 5.31% -0.25% 5.57% 0.60% 0.04% 0.56% Energy 8.65% 7.20% 1.45% -2.91% -1.37% -1.56% % % % -1.46% -0.18% -1.29% Financials 10.50% 16.68% -6.17% -0.57% -1.17% 0.60% -5.36% -6.72% 1.45% 0.17% 0.02% 0.15% Health Care 10.63% 15.38% -4.75% -0.75% -1.70% 0.96% -6.79% % 4.35% 0.67% 0.22% 0.45% Industrials 10.31% 10.03% 0.28% -0.23% -0.71% 0.48% -2.15% -6.90% 5.10% 0.51% 0.01% 0.51% Information Technology 10.05% 19.90% -9.85% -0.53% -0.74% 0.21% -5.39% -3.70% -1.75% -0.47% -0.29% -0.18% Materials 9.05% 2.95% 6.10% -2.44% -0.54% -1.91% % % -7.88% -1.54% -0.78% -0.76% Telecommunication Services 8.23% 2.36% 5.87% -0.56% -0.17% -0.39% -6.62% -6.85% 0.25% 0.00% -0.03% 0.03% Utilities 11.52% 2.94% 8.59% 1.98% 0.14% 1.84% 19.17% 5.40% 13.07% 2.46% 1.01% 1.44% Totals -0.23% -0.09% -0.15% Past performance is not indicative of future results. Subject to change.

4 CONSTITUENT ANALYSIS: TOTAL RETURN DISPERSION TECO ENERGY INC (TE US) REYNOLDS AMERICAN INC (RAI US) CONSOLIDATED EDISON INC (ED US) PPL CORP (PPL US) ALTRIA GROUP INC (MO US) LOCKHEED MARTIN CORP (LMT US) WASTE MANAGEMENT INC (WM US) CINCINNATI FINANCIAL CORP (CINF US) SOUTHERN CO/THE (SO US) TALEN ENERGY CORP (TLN US) DOMINION RESOURCES INC/VA (D US) KRAFT FOODS GROUP INC (KRFT US) PAYCHEX INC (PAYX US) ELI LILLY & CO (LLY US) PHILIP MORRIS INTERNATIONAL (PM US) BAXALTA INC (BXLT US) PEOPLE'S UNITED FINANCIAL (PBCT US) FRONTIER COMMUNICATIONS CORP (FTR US) DARDEN RESTAURANTS INC (DRI US) GAMESTOP CORP-CLASS A (GME US) JOHNSON & JOHNSON (JNJ US) PITNEY BOWES INC (PBI US) GENERAL ELECTRIC CO (GE US) SEAGATE TECHNOLOGY (STX US) KRAFT HEINZ CO/THE (KHC US) VERIZON COMMUNICATIONS INC (VZ US) PFIZER INC (PFE US) CA INC (CA US) AT&T INC (T US) PROCTER & GAMBLE CO/THE (PG US) MICROCHIP TECHNOLOGY INC (MCHP US) KINDER MORGAN INC (KMI US) JPMORGAN CHASE & CO (JPM US) ONEOK INC (OKE US) KLA-TENCOR CORP (KLAC US) TRANSOCEAN LTD (RIG US) BB&T CORP (BBT US) PRUDENTIAL FINANCIAL INC (PRU US) MERCK & CO. INC. (MRK US) CENTURYLINK INC (CTL US) BAXTER INTERNATIONAL INC (BAX US) NUCOR CORP (NUE US) COACH INC (COH US) DOW CHEMICAL CO/THE (DOW US) MATTEL INC (MAT US) LYONDELLBASELL INDU-CL A (LYB US) INTERNATIONAL PAPER CO (IP US) CONOCOPHILLIPS (COP US) STAPLES INC (SPLS US) NOBLE CORP PLC (NE US) EATON CORP PLC (ETN US) DIAMOND OFFSHORE DRILLING (DO US) ENSCO PLC-CL A (ESV US) FREEPORT-MCMORAN INC (FCX US) Past performance is not indicative of future results. Subject to change.

5 Dividend Update Of the 49 current SDOG constituents, 9 companies, or 18% of the fund holdings, increased their dividend from Q to Q3 2015, while there were 2 holdings that decreased their dividends on a quarter- over- quarter basis. 37 companies, or 76% of the fund holdings, increased their dividend year- over- year from Q3 2014, while only three companies, Baxter International, Inc. (BAX), Freeport-McMoran Inc. (FCX), and Ensco PLC (ESV) decreased their dividends. At the fund level, SDOG s 3rd quarter distribution increased by 1.59% year- over- year from Q Quarter/Quarter Increases Decreases Q Q Q Q Year/Year 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* 8% S-Net Sector Dividend Dogs S&P 500 7% 6% 5% 4% 3% 2% 1% 0% Energy Telecom Materials Cons Disc Utilities Info Tech Health Care Industrials Cons Stpls * Excluding special dividends. Past performance is not indicative of future results. Financials Total

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 /31/16