Form 497 ALPS Variable Investment

ALPS VARIABLE INVESTMENT TRUST

ALPS/Red Rocks Global Opportunity Portfolio

(the “Portfolios”)

SUPPLEMENT DATED DECEMBER 8, 2022

TO THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION DATED APRIL 29, 2022,

AS SUPPLEMENTED

Effective January 24, 2023, the Portfolio’s name will change from “ALPS | Red Rocks Global Opportunity Portfolio” to “ALPS Global Opportunity Portfolio.” Accordingly, as of January 24, 2023, all references in the Summary Prospectus, Prospectus, and SAI to the Portfolio’s name are deleted and replaced with “ALPS Global Opportunity Portfolio.”

The following paragraphs are hereby added to the “Management” section in the Portfolio’s Prospectus at the end of the sub-section “ALPS/Red Rocks Global Opportunity Portfolio”:

On December 3, 2022, Red Rocks Capital, LLC (the “Sub-Adviser”), the investment sub-adviser to the Portfolio, agreed to be acquired by ALPS Advisors, Inc. (the “Adviser”), the investment adviser to the Portfolio (the “Transaction”).

The Adviser and Sub-Adviser expect the closing of the Transaction, which is subject to certain conditions, to occur on January 3, 2023. Under the terms of the investment advisory agreement, ALPS Advisors, Inc., will no longer employ a sub-adviser and will assume day-to-day responsibilities of the investment and reinvestment of Portfolio assets as contemplated therein.

The Portfolio’s investment objective and investment strategies are not expected to change as a result of the Transaction, and the investment advisory personnel of the Adviser who provide services to the Portfolio are expected to continue to do so. Day-to-day management of the Portfolio will pass to the Adviser. The advisory fee rates payable to the Adviser will remain the same.

Accordingly, effective on or about January 3, 2023, Andrew Drummond, Vice President and Portfolio Manager will become an employee of ALPS Advisors, Inc., and will continue to have portfolio management responsibilities over the Portfolio.

Please retain this supplement for future reference.

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