About ALPSA wholly owned subsidiary of DST Systems, Inc., headquartered in Denver with offices in Boston, New York, Seattle, and Toronto, ALPS is a 28-year-old financial services firm focused on asset servicing and asset gathering. With more than 400 employees, over 200 clients, and an executive team that has been in place for over 18 years, ALPS continues to actively promote all of its various business segments, from asset servicing through ALPS Fund Services, Inc. to asset gathering through ALPS Distributors, Inc. and ALPS Advisors, Inc. As of December 31, 2012, the firm managed more than $8.25 billion in assets and provided servicing to more than $377 billion in client assets. For more information about ALPS and the services available, visit www.alpsinc.com, and for additional information about ALPS products, visit www.alpsfunds.com. Risks The Fund should be considered a speculative trading instrument and is not necessarily appropriate for investors who seek to avoid or minimize their exposure to stock market volatility. Principal Investment Risks: Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. Investors should also note that the risk factors titled “Put Option Risk,” “Equity Risk” and “Implied Volatility Risk” concern the features of the Fund from which the Fund expects to derive its investment return. These risk factors have been summarized for this document. See the prospectus for additional detail on each of these risk factors. Investment Risk: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal investment. Put Option Risk. Options are generally subject to volatile swings in price based on changes in value of underlying instrument, and options written by the Fund may be particularly subject to this risk as the underlying stocks are selected by the Index Provider to have high volatility. While the Fund will collect premiums on the options it writes, the Fund’s risk of loss may substantially outweigh the gains to the Fund from the receipt of such option premiums.
Equity Risk: The value of the Fund's options are based on the value of the underlying stocks, so the Fund is exposed to equity risk that the value of the stocks underlying options held by the Fund will fall. If the value of the stocks underlying the Fund’s options increases, however, the Fund’s returns will not increase accordingly.Implied Volatility Risk. When the Fund writes options and receives premium it also incurs corresponding liability representing the value of the options until the options cash settle or expire worthless. The options values are partly based on the volatility used by dealers to price such options, so increases in the implied volatility of such options will cause the value of such options to increase, which will result in a corresponding increase in the liabilities of the Fund and a decrease the Fund’s NAV. Tax Efficiency Risk. Unlike most exchange-traded funds, the Fund effects creations and redemptions for cash, rather than in-kind redemptions. If the Fund recognizes gains on sales, this generally will cause the Fund to recognize gains than would otherwise be required if it were able to distribute portfolio securities in-kind. As such, investment in the Fund may be less tax-efficient than investments in conventional exchange-traded funds. Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, an option sold by the Fund may be exercised prior to its expiration, which will result in the Fund buying the underlying stock at that time and holding the stock until the end of the 60-day period, but the Index will not reflect the early exercise of the option at that time. The Fund may also need to sell additional options (or terminate certain options it has already sold) prior to the end of the 60-day period to reflect Fund inflows or outflows; the costs of doing so may also contribute to tracking error. In addition, the Fund incurs a number of operating expenses not applicable to the Index and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index.
Portfolio Turnover Risk. The Fund will pay transaction costs, such as commissions or mark-ups in the bid/offer spread on an option position, when it writes options at the beginning of each 60-day period (or “turns over” its portfolio). A higher portfolio turnover (e.g., over 100% per year) will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account.Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole. Non-Diversified Fund Risk. The Fund is considered nondiversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. This risk may be particularly applicable to the Fund because the Fund will only sell options on 20 underlying stocks. An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing. Before investing obtain a prospectus which contains this and other information, by visiting www.alpsfunds.com or call 877.526.9298. Read the prospectus carefully before investing. Shares are not individually redeemable and the owners of shares may purchase or redeem shares from a fund in creation units (blocks of 100,000 shares) only. The fund is new with limited operating history. Put Option: An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. NYSE Arca US Equity High Volatility Put Write Index: seeks to generate income by selling put options on the most volatile stocks in a given two month period along with interest earned on T-bills.
One may not invest directly in an index.ALPS Advisors, Inc. is Investment Adviser, Rich Investment Solutions, LLC Sub-Adviser, ALPS Distributors, Inc. Distributor for HVPW. The Index commenced calculation and public dissemination upon or shortly before commencement of operations of the ETF. NYSE Arca is the Index Provider for HVPW. Not FDIC Insured • No Bank Guarantee • May Lose Value RIS000110 Exp. 3/1/2014