ALPS REIT Dividend Dogs ETF

ALPS REIT Dividend Dogs ETF (RDOG) tracks the S-Network REIT Dividend Dogs Index. The index picks the five highest-yielding real estate investment trusts (REITs) in each of nine REIT segments and weights its roughly 45 picks equally. That tilts it toward smaller, lower-valued REITs and a high yield: 6.42% over the 12 months to October 27, 2026. Its 0.35% yearly fee is well above broad REIT funds such as Schwab US REIT ETF, at 0.07%.

• Over the year to Oct 27, 2026, RDOG returned +12.8%, 1st of 7 among similar funds.
• Its 5-year annualized return was +0.5% and its 10-year +4.2%.
• In the 2020 COVID crash it fell 49.4% and regained its old high 13.2 months after the low.
• Its worst full calendar year was 2022 (-25.5%); its best was 2009 (+41.6%).
• The deepest fall in its price history was 67.6% (May 30, 2008 to Mar 9, 2009), recovered by Apr 27, 2011.

As of Aug 31, 2026, the fund held 43 securities; the ten largest made up 25.17% of assets.

• Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.64%, -0.27%, -2.05%.

RDOG is managed by ALPS Advisors and tries to match the S-Network REIT Dividend Dogs Index before fees. The index starts with the S-Network US Composite REIT Index. That is a pool of mainly US-listed REITs that pass screens for size, share price and trading volume. The pool is split into nine segments. Eight follow standard industry groups. Cell-tower and data-center REITs go into a separate technology segment that the index provider, S-Network Global Indexes, defines itself.

Each December, the index picks its “Dividend Dogs”: the five REITs in each segment with the highest indicated yield on November's last trading day. Indicated yield is the latest regular dividend times the number of payments per year, divided by the share price. Special dividends don't count. A REIT qualifies only if its funds from operations per share were greater than its dividends over the past 12 months. Funds from operations (FFO) is a common measure of a REIT's cash earnings. The roughly 45 picks are weighted equally, and the index is rebalanced quarterly.

The fund generally owns every stock in the index, in index proportions. As of August 31, 2026, it held 45 positions plus 0.41% cash, with no derivatives or leverage. The largest stake, LXP Industrial Trust, was 2.73% of assets, and the top 10 made up 25.17%. Portfolio turnover measures how much of the fund is traded in a year. It was 54%, according to the prospectus filed March 30, 2026, reflecting the yearly reshuffle.

• RDOG charges 0.35% a year, versus an average of 0.31% for the similar funds below (4th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).

Its main appeal is a high quarterly REIT payout, but as a single-sector fund with deep past drops it fits as a limited slice rather than a core holding.

RDOG could add a high stream of REIT dividends: 6.42% over the 12 months to October 27, 2026, paid quarterly. The trade-off is large swings. It launched in May 2008, after the 2007 market peak, yet fell 67.6% in the financial crisis. It hit bottom on March 9, 2009 and took about 26 months from that low to recover. It dropped 49.4% in the 2020 COVID crash and recovered by April 30, 2021. In the 2022 bear market it fell 30.3% and needed nearly 44 months from its October 2022 low to recover. Its worst calendar year was 2022, a 25.4% loss.

Cashing in shares during stretches like these would lock in losses, and REITs can cut dividends under stress. The 0.35% yearly fee adds up to $443 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan needs to consider the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.