ALPS EMERGING SECTOR DIVIDEND DOGS ETF (EDOG) MONTHLY INSIGHTS

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1 Key Takeaways The ALPS Emerging Sector Dividend Dogs ETF () gained 0.41%, trimming its loss for the 12 months ended Sept. 30, 2018 to 10.35%. Bolstered by geopolitical events, including new U.S. sanctions against Iran, energy names were the biggest contributors to s September upside. The average three-year price-to-earnings ratio (P/E ratio) for the S-Network Emerging Sector Dividend Dogs Index currently resides at 12.33x. Performance gained 0.41% last month, outperforming the MSCI EM Net Return Index, which lost 0.53%. Positive out-performance relative to the benchmark was largely attributed to s overweight in Turkish stocks relative to the MSCI Emerging Markets Index. Last month, got a lift from rebounding emerging markets currencies. The most meaningful gain came from s investments in Turkey. The Turkish Lira relative to the U.S. Dollar spot rate rose 8.18% last month. Looking to stem the Lira s slide and assuage skittish foreign investors, Turkey s central bank boosted its benchmark lending rate to 24% from 17.75%. vs Benchmarks (NAV) 3.0% 0.0% -3.0% -6.0% -9.0% -12.0% -15.0% 0.41% 0.49% Sep % 0.22% 0.35% 3 Months -1.09% S-Network Emerging Sector Dividend Dogs NTR Index % % -7.68% Year to Date Source: ALPS, Bloomberg L.P., as of 09/30/2018 Past performance goes not guarantee future results. For standardized performance, please see Page % -9.79% One Year -0.81% MSCI EM Net Return Index Strategy Breakdown is an Exchange Traded Fund that applies the Dogs of the Dow Theory on a sector-by-sector basis using the S-Network Emerging Markets Index as its starting universe of eligible securities. The strategy provides high dividend exposure across all sectors of the market by selecting the five highest yielding securities in each sector. In addition, the country representation is capped at five eligible securities per country. Equally weighting at the stock and sector level may provide diversification while avoiding sector biases. Dividend Analysis As of Sept. 30, 2018, 24 holdings increased dividends relative to those names previous distributions. In the past three months, 24 holdings have gone ex-dividend. On Sept. 27, 2018, paid out a quarterly dividend of 36 cents a share to investors, up 10 cents a share from the second-quarter payout. Dividend Actions Increases No Change Decreases

2 Return Attribution Energy was the best-performing sector in last month largely due to more U.S. sanctions against Iran. Lukoil (Ticker: LKOD LI; Weight: 2.17%) was a leading positive contributor among s energy holdings last month. Shares of the Russian energy giant climbed 11.16% last month. Positive return was partly affected by U.S. imposed sanctions on Iranian oil. Refiners and oil producers consequently saw a shift in the landscape s economics. U.S. allies who plan to adhere to the ban of importing Iranian oil see other suppliers to satisfy their demand. Contribution to Return by Sector Total Return (%) Energy Utilities Industrials Materials Consumer Discretionary Information Technology Communication Services Consumer Staples Financials Health Care At the geographic level, Turkey was s top performer. As of Sept. 30, 2018, had a 10.23% weight to Turkish equities compared to just 0.61% in the MSCI Emerging Markets Index. Among s Turkey holdings, Tupras-Turkiye Petrol Rafinerileri (Ticker: TUPRS TI; weight: 2.02%) was the highest contributor to positive return. Shares jumped 24.57% last month after Turkey indicated that it would not adhere to new U.S. sanctions on Iranian Oil. The withdrawal of major players who import Iranian Oil will yield favorable purchasing power for the Turkish refinery. Contribution to Return by Country Total Return (%) Turkey Russia China Chile Thailand Indonesia Czech Republic India Mexico Hungary Poland Philippines Argentina Malaysia South Africa Brazil Valuation Notes s underlying index sports a dividend yield of 5.18%, or 2.5% more than the yield on the MSCI Emerging Markets Index. When looking at the historical monthly Price/ Earnings Ratio of the S-Network Emerging Sector Dividend Dogs Index, the current Price/ Earnings Ratio is slight at a discount to its three-year average. Price Multiples S-Network Emerging Sector Dividend Dogs Index Current 3 Year Average MSCI EM Index Current 3 Year Average Price/Earnings Ratio (x) Price/Book Ratio (x) Price/Cash Flow Ratio (x) Price/Sales Ratio (x) Trailing 12 Month Yield (%)

3 Top/Bottom Performers Leaders 1 Month Performance (%) Sector TUPRAS-TURKIYE PETROL RAFINE Energy TURKCELL ILETISIM HIZMET-ADR Communication Services AES GENER SA Utilities Laggards 1 Month Performance (%) Sector CIELO SA Information Technology ASTRO MALAYSIA HOLDINGS BHD Communication Services FLEURY SA Health Care Holdings subject to change. Company Snapshot Company: Lukoil PJSC Weight: 2.17% Sector: Energy Country: Russia Russia s Lukoil PJSC (LKOD), often referred to as the Exxon Mobil of Russia, added 11.16% last month as Brent crude prices surged. The second-largest oil producer in Russia said last month it expects to repurchase $1 billion of its own shares by the end of Lukoil is in the midst of a $3 billion repurchase plan that is expected to be completed by Last month, Russian oil output reached a post-soviet era record of million barrels per day (bpd), up from bpd in August. Russian Energy Minister Alexander Novak said the desired price range for producers and consumers is $70 to $80 per barrel. Russian oil output surged as the Organization of the Petroleum Exporting Countries (OPEC) and other large global oil producers led by Russia agreed in June to ease production curbs and stick to the initial levels of output, in line with a 2016Vienna agreement, according to Reuters. Lukoil also said last month it is expanding capacity at the Yarega field in the Republic of Komi. In the first half of this year, production was 77% higher than in the first six months of Lukoil and other Russian oil giants are viewed by some market observers as inexpensive relative to Western competitors. Over the past 20 years, Lukoil s dividend, in Ruble terms, has steadily grown. Last year, the company paid a dividend of 130 Rubles, up from 112 Rubles in Lukoil s payout ratio (dividends per share dividend by earnings per share) was 36% at the end of 2017.

4 Performance as of 9/30/18 Cumulative Annualized Total Returns 3 Mo. 6 Mo. YTD S.I. 1 Yr. 3 Yr. S.I. 1 ALPS Emerging Sector Dividend Dogs ETF (Net Asset Value) 0.22% % % -0.32% % 4.80% -0.07% ALPS Emerging Sector Dividend Dogs ETF (Market Price) % % % -0.98% % 4.59% -0.22% MSCI EM TR Net Index (Benchmark) -1.09% -8.97% -7.68% 20.14% -0.81% 12.36% 4.15% S-Network Emerging Sector Dividend Dogs NTR Index % % % 3.58% -9.79% 5.64% 0.78% 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. Gross Expense Ratio: 0.60% 1 Fund inception 03/28/ 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: X) 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. ETF Stats Ticker: Underlying Index: XTR Listing Exchange: NYSE Arca CUSIP: 0016Q668 Fund Inception: 3/28/2014 Dividends Paid: Quarterly Most Recent Dividend*: $ Gross Expense Ratio: 0.60% NAV**: $21.14 * Dividend Paid on 9/27/18 ** As of 9/30/18 Top 10 Holdings (%)^ LUKOIL PJSC-SPON ADR 2.23 KALBE FARMA TBK PT 2.20 GREAT WALL MOTOR COMPANY GAZPROM PAO -SPON ADR 2.18 PERUSAHAAN GAS NEGARA PERS 2.18 FORD OTOMOTIV SANAYI AS 2.16 SINOPEC SHANGHAI PETROCHEM 2.14 INDOCEMENT TUNGGAL PRAKAR 2.14 LENOVO GROUP LTD 2.12 ABSA GROUP LTD 2.10 ^ As of 9/30/2018. Holdings subject to change. Daily holdings are available on the Alpsfunds.com website.

5 Important Disclosure & 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 Emerging Sector Dividend Dogs ETF Shares are not individually redeemable. Investors buy and sell shares of the ALPS Emerging 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 Emerging Sector Dividend Dogs Index (Ticker: X) 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 ). The X methodology selects the five stocks in each of the ten GICS sectors that make up the universe which offer the highest dividend yields as of the last trading day of November. The fifty stocks that are selected for inclusion in the portfolio are equally weighted. The universe includes stocks whose domicile and primary exchange listings are in countries identified by the World Bank as Upper Middle Income (certain lower middle income countries are also included, as well as stocks traded on the Taiwan Stock Exchange despite non-recognition by the World Bank). The selection criteria for the universe, in addition to the aforementioned country qualifications, also include requirements for sector inclusion, primary exchange listing, minimum market capitalization, share price, average daily trading volume and other factors. An investor cannot invest directly in an index. MSCI EM TR Net Index: a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. An investor cannot invest directly in an index. ALPS Portfolio Solutions Distributor, Inc. is the distributor for the ALPS International Sector Dividend Dogs ETF. Price/Earnings Ratio - A valuation ratio of a company s current share price compared to its per-share earnings. Price/Book Ratio - The weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company s per-share book value. Price/Cash Flow Ratio - This represents the weighted average of the price/cash-flow ratios of the stocks in a portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company s operations. Price/Sales Ratio - This represents the weighted average of the price/sales ratios of the stocks in a portfolio. Price/sales represent the amount an investor is willing to pay for a dollar generated from a particular company s operations. Dividend Yield - 12 Month Yield is the sum of a fund s total trailing 12-month interest and dividend payments divided by the last month s ending share price (NAV) plus any capital gains distributed over the same period. DOG /31/2019