NYSE ARCA: AMLP Visit us at ALERIANMLP.

COM

4Q FUND UPDATE | 12.31.11 ETF STATS

Ticker: Underlying Index: Listing Exchange: CUSIP: Net Asset Value: Last Quarterly Distribution: Last Payable Date: Dividends Paid: Total Expense Ratio: Shares Outstanding: AMLP AMZI NYSE Arca 00162Q866 $16.59 $0.2577520 11/14/2011 Quarterly 0.85% 119,926,019

DEScrIPTION

The Alerian MLP Exchange Traded Fund (NYSE: AMLP) delivers exposure to the Alerian MLP Infrastructure Index (NYSE: AMZI), a capped, float-adjusted, capitalization-weighted composite of 25

energy infrastructure Master Limited Partnerships that earn the majority of their cash flow from the
transportation, storage, and processing of energy commodities.

Why mLPS?

The sources of North Americas energy commodities supply are on the move. As transportation dynamics change, billions of investment dollars will be required for infrastructure. We believe MLPs have been and will continue to be at the forefront of this value creation. MLP returns have exhibited insignificant correlation with the S&P 500 market over nearly two decades.1 MLPs typically pay out most of their operating cash flow in the form of quarterly distributions.2

INvESTmENT ObjEcTIvE
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the Index).

Why ENErgy INFrASTrUcTUrE?

Thematically, MLPs represent an investment in the build-out of U.S. energy infrastructure over the next decade. These companies operate toll-road business models with:

Inflation hedges built into their contracts Regional monopoly footprints Inelastic long-term demand growth

FUND STrATEgy
The Fund employs a passive management - or indexing - investment approach designed to track the performance of the Index. The Index is calculated using a capped, float-adjusted, capitalization-weighted methodology intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership (MLP) asset class. MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity-level taxation.

ALErIAN mLP ETF POTENTIAL ADvANTAgES

No K-1s 1099 Tax Reporting Qualified Dividends No Leverage Continuous Liquidity IRA and 401k Eligible

ALErIAN mLP ETF rISkS

Investments in securities of MLPs involve risks that differ from an investment in common stock. MLPs are controlled by their general partners, which generally have conflicts of interest and limited fiduciary duties to the MLP, which may permit the general partner to favor its own interests over the MLPs. The benefit you are expected to derive from the Funds investment in MLPs depends largely on the MLPs being treated as partnerships for federal income tax purposes. As a partnership, an MLP has no federal income tax liability at the entity level. Therefore, treatment of one or more MLPs as a corporation for federal income tax purposes could affect the Funds ability to meet its investment objective and would reduce the amount of cash available to pay or distribute to you. Legislative, judicial, or administrative changes and differing interpretations, possibly on a retroactive basis, could negatively impact the value of an investment in MLPs and therefore the value of your investment in the Fund. 1 Source: Alerian. Past performance does not guarantee future results. There is no guarantee the Alerian MLP ETF will exhibit the same results. 2 The current 25 constituents all pay quarterly distributions.

Call us at

1.877.398.8461

NYSE ARCA: AMLP Visit us at ALERIANMLP.COM

4Q FUND UPDATE
All data as of 12.31.11 unless noted otherwise

PErFOrmANcE
Total Returns
Alerian MLP ETF (Net Asset Value)4 Alerian MLP ETF (Market Price)5 Alerian MLP Infrastructure Index (Benchmark)
6

1 Month

3 Month

YTD

1 Year

Since Inception1,2

Since Inception1,3

TOP 10 ETF hOLDINgS^

Kinder Morgan Energy Partners LP Enterprise Products Partners LP Plains All American Pipeline LP Magellan Midstream Partners LP ONEOK Partners LP Energy Transfer Partners LP Enbridge Energy Partners LP El Paso Pipeline Partners LP Williams Partners LP Buckeye Partners LP
^

3.88% 4.01 6.08

10.48% 10.04% 10.04% 10.55 16.74 10.04 16.99 10.04 16.99

19.58% 19.65 32.78

14.12% 14.17 23.30

9.75% 9.26 7.22 7.11 7.10 6.92 4.91 4.60 4.55 4.54

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 1.877.398.8461 or visit www.alerianmlp.com for current month end performance. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.
1 2 3 4

5 6

Future holdings are subject to change.

Fund inception date of 8.25.10. Cumulative. Annualized. Under current law, the Fund is not eligible to elect treatment as a regulated investment company due to its investments primarily in MLPs. The Fund must be taxed as a regular corporation for federal income purposes. Whereas the NAV of Fund Shares is reduced by the accrual of any deferred tax liabilities, the Alerian MLP Infrastructure Index is calculated without any tax deductions. 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. The Alerian MLP Infrastructure Index is comprised of 25 midstream energy Master Limited Partnerships. An investor cannot invest directly in an index.

INDEx POrTFOLIO chArAcTErISTIcS AbOUT ALErIAN

Alerian is an independent company that provides objective market information. The company is a leader of MLP-market intelligence, providing benchmarks, data sets, and analytics that are used extensively by a wide range of stakeholders. The Alerian Index Series is used for the purposes of asset allocation, investment analysis, portfolio hedging, and the creation of index tracking funds. ALERI AN . COM n n n n Petroleum Transportation Natural Gas Pipelines Gathering and Processing Other | Refining 41.9% 33.4 24.1 0.6 Number of Companies Market Capitalization ($ Millions) Company Size by Market Capitalization ($ Millions) Average Median Largest Smallest % Weight Largest Company Top 10 Holdings (% Market Cap Share) Correlation with S&P 500 Index 25 $ 188,523 $ $ $ $ 7,541 4,071 41,100 751 9.75% 66.0% 0.45

SEcTOr WEIghTINgS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1.877.398.8461 or visit www.alpsetfs.com. Read the prospectus carefully before investing. Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or authorized participants may trade directly with the Fund, typically in blocks of 50,000 shares. The Fund invests primarily in energy infrastructure companies which may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, changes in exchange rates and depletion of natural resources. All K-1s are received and processed by the Alerian MLP

ETF. The Alerian MLP ETF distributes a single Form 1099 to its shareholders. This notice is provided to you for informational purposes only, and should not be considered tax advice. Please consult your tax advisor for further assistance. There are risks involved with investing in ETFs including the loss of money. An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. The Fund is taxed as a regular corporation for federal income tax purposes. This differs from most investment companies, which elect to be treated as regulated investment companies under the Code in order to avoid paying entity level income taxes. The Alerian MLP ETF is a new product with limited operating history.

MLP - Master Limited Partnership. S&P 500 Index is the Standard & Poors composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. One cannot invest directly in an index. Index performance does not reflect fund performance. Correlation: a statistical measure of how two securities move in relation to each other. Liquidity: the degree to which an asset or security can be bought or sold in the market without affecting the assets price. The Alerian MLP ETF is distributed by ALPS Distributors, Inc. Not FDIC Insured No Bank Guarantee May Lose Value. ALR000185 04/30/12