ALPS Medical Breakthroughs ETF is an exchange-traded fund that provides targeted exposure to small- and mid-cap biotechnology companies advancing innovative treatments through clinical development. The fund tracks the S-Network Medical Breakthroughs Index, which comprises US-listed biotech firms with one or more drugs in Phase II or Phase III of FDA clinical trials. Holdings must maintain market capitalizations between $200 million and $5 billion and demonstrate sufficient cash reserves for at least 24 months of operations. The fund employs a passive indexing strategy, replicating its underlying index through modified market-cap weighting with individual position limits. ALPS Medical Breakthroughs ETF offers investors diversified access to clinical-stage biotechnology companies positioned in the latter stages of drug development, focusing on firms with meaningful clinical progress rather than early-stage or established pharmaceutical companies. The fund's portfolio is entirely concentrated in the healthcare sector, making it suitable for investors seeking specialized exposure to biotechnology companies demonstrating tangible advancement toward commercialization.