Corbett Road Tactical Opportunity ETF
Management’s Discussion of Fund Performance		1
Schedule of Investments		3
Summary of Investments		4
Statement of Assets and Liabilities		5
Statement of Operations		6
Statements of Changes in Net Assets		7
Financial Highlights		8
Notes to Financial Statements		9
Report of Independent Registered Public Accounting Firm		17
Disclosure of Fund Expenses		18
Board Consideration of Approval of Advisory and Sub-Advisory Agreements		19
Other Information		22
Trustees		23
Officers		24

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Fund’s prospectus, a copy of which may be obtained by visiting the Fund’s website at www.corbettroadfunds.com. Please read the Fund’s prospectus carefully before you invest.

There are risks involved with investing, including possible loss of principal, and there is no guarantee the Fund will achieve its investment objective. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”). Concentration in a particular industry or sector will subject the Fund to loss due to adverse occurrences that may affect that industry or sector.

Individual shares of the Fund may be purchased or sold in the secondary market throughout the regular trading day on the NYSE Arca, Inc. (the “Exchange”) through a brokerage account. However, shares are not individually redeemable directly from the Fund. The Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares (“Creation Units”).

Distributor: Foreside Fund Services, LLC

Dear Shareholders,

Thank you for your investment in the Corbett Road Tactical Opportunity ETF (the “Fund” or “OPPX”). The information presented in this report relates to the operations of the Fund for the fiscal year December 1, 2021 through November 30, 2022.

The Fund seeks to provide long-term total return. The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, seeks to achieve its investment objective by investing in equity securities of companies listed on a U.S. securities exchange, including common stocks and American Depositary Receipts. During periods when the U.S. equity market is determined to be unfavorable by the Fund’s sub-adviser, Corbett Road Capital Management, LLC (the “Sub-Adviser”), the Fund may invest all or a portion of its assets in cash, cash equivalents, and fixed income ETFs.

The past fiscal year has been a challenging period for global equity markets. The post-pandemic economic recovery, characterized by record monetary and fiscal stimulus, led to elevated consumer demand and persistent supply chain issues this fiscal year. These factors led to an increase in inflationary pressures, which was further exacerbated by an energy supply shock at the beginning of 2022 due to Russia’s invasion of Ukraine. In an effort to bring down the decades-high inflation, the Federal Reserve tightened monetary policy at a record pace, pushing bond yields higher, putting downward pressure on valuations, and driving equity markets lower.

With leading economic indicators rolling over, market technicals deteriorating, and liquidity tightening, while inflation remained persistent, the MACROCASTTM risk model, a proprietary risk model employed by the Sub-Adviser, saw its composite score deteriorate throughout the fiscal year, suggesting rising recessionary risks and calling for a more defensive positioning of the Fund. During the past fiscal year, the declining MACROCAST score has called for reducing the Fund’s equity exposure twice:

• MACROCASTTM initially turned negative in April 2022, triggering a 10% reduction in equity exposure.

• Continued deterioration in the MACROCASTTM score called for further risk reduction in July 2022, and an additional 15% of the Fund’s equity assets were replaced with short duration, fixed income exposure.

As of November 30, 2022, approximately 75% of the Fund’s assets were invested in equities and the remaining 25% of assets were invested in cash and short duration fixed income securities.

While the defensive positioning of the Fund has helped to dampen volatility as the market has declined, it has also reduced upside participation when the market has rallied. Additionally, the equity allocation of the Fund has focused on investing in lower beta and higher quality defensive stocks, which was a drag on portfolio returns in the first quarter of 2022 as energy and commodity assets significantly outperformed the broader market.

The Fund had negative performance during the fiscal year ended November 30, 2022. The market price for OPPX decreased 18.35% and the NAV decreased 18.21% while the S&P 500® Index, a broad market index, decreased 9.21% over the same period.

The Fund commenced operations on February 25, 2021, with 775,000 shares outstanding as of November 30, 2022. We appreciate your investment in the Corbett Road Tactical Opportunity ETF.

Sincerely,

J. Garrett Stevens,
Chief Executive Officer
Exchange Traded Concepts, LLC, Adviser to the Fund

Growth of a $10,000 Investment

(at net asset value)

		Average Annual Return As of 11/30/2022		Expense Ratio*
	Inception Date of the Fund	OneYear	Since Inception	Gross	Net
Corbett Road Tactical Opportunity ETF (Net Asset Value)	2/25/2021	-18.21%	-5.88%	0.75%	0.75%
Corbett Road Tactical Opportunity ETF (Market Price)		-18.35%	-5.98%
S&P 500® Index		-9.21%	3.79%

* Reflects the expense ratio as reported in the Prospectus dated April 1, 2022.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.corbettroadfunds.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P 500® Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) – The dollar value of a single share is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

	Number of Shares	Value
COMMON STOCKS — 59.9%
COMMUNICATION SERVICES — 5.5%
Alphabet, Inc., Class A*	5,755	$	581,197
Liberty Media Corp.-Liberty Formula One, Class C*	6,472		394,404
			975,601
CONSUMER DISCRETIONARY — 5.6%
Amazon.com, Inc.*	3,757		362,701
O’Reilly Automotive, Inc.*	729		630,249
			992,950
CONSUMER STAPLES — 6.7%
Costco Wholesale Corp.	1,518		818,582
General Mills, Inc.	4,381		373,699
			1,192,281
ENERGY — 2.5%
Exxon Mobil Corp.	3,984		443,579

FINANCIALS — 2.5%
Progressive Corp. (The)	3,343		441,777

HEALTH CARE — 11.0%
Agilent Technologies, Inc.	2,418		374,742
Elevance Health, Inc.	986		525,459
Eli Lilly & Co.	1,503		557,733
Vertex Pharmaceuticals, Inc.*	1,506		476,498
			1,934,432
INDUSTRIALS — 6.7%
CoStar Group, Inc.*	3,868		313,463
Northrop Grumman Corp.	885		471,962
Quanta Services, Inc.	2,606		390,587
			1,176,012
INFORMATION TECHNOLOGY — 15.3%
Arista Networks, Inc.*	2,519		350,897
Automatic Data Processing, Inc.	1,329		351,042
Enphase Energy, Inc.*	1,281		410,676
KLA Corp.	1,027		403,765
Mastercard, Inc., Class A	1,616		575,942
Visa, Inc., Class A	2,767		600,439
			2,692,761
UTILITIES — 4.1%
NextEra Energy, Inc.	8,455		716,139
TOTAL COMMON STOCKS
(Cost $9,635,208)			10,565,532

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 37.9%
EQUITY — 14.6%
iShares S&P 100 ETF	4,554	$	831,651
Vanguard S&P 500 ETF	4,645		1,739,506
			2,571,157
FIXED INCOME — 23.3%
iShares Short Treasury Bond ETF	37,403		4,118,070
TOTAL EXCHANGE-TRADED FUNDS
(Cost $ 6,680,585)			6,689,227

SHORT-TERM INVESTMENTS — 2.3%
Invesco Government & Agency Portfolio — Institutional Class, 3.73%(a)	402,473		402,473
TOTAL SHORT-TERM INVESTMENTS
(Cost $402,473)			402,473
TOTAL INVESTMENTS — 100.1%
(Cost $16,718,266)			17,657,232
Liabilities in Excess of Other Assets — (0.1%)			(12,542	)
TOTAL NET ASSETS — 100.0%		$	17,644,690

*Non-income producing security.

(a) The rate is the annualized seven-day yield at period end.

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Communication Services	5.5	%
Consumer Discretionary	5.6	%
Consumer Staples	6.7	%
Energy	2.5	%
Financials	2.5	%
Health Care	11.0	%
Industrials	6.7	%
Information Technology	15.3	%
Utilities	4.1	%
Total Common Stocks	59.9	%
Exchange-Traded Funds
Equity	14.6	%
Fixed Income	23.3	%
Total Exchange-Traded Funds	37.9	%
Short-Term Investments	2.3	%
Total Investments	100.1	%
Liabilities in Excess of Other Assets	(0.1	)%
Total Net Assets	100.0	%

	Corbett Road Tactical Opportunity ETF
Assets:
Investments, at value	$	17,657,232
Investment securities sold receivable		540,983
Dividends receivable		14,884
Total Assets		18,213,099

Liabilities:
Advisory fee payable		11,344
Capital shares payable		557,065
Total Liabilities		568,409

Net Assets	$	17,644,690

Net Assets Consist of:
Paid-in capital	$	20,295,948
Distributable earnings (loss)		(2,651,258	)
Net Assets	$	17,644,690

Net Assets	$	17,644,690
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		775,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.77
Investments, at cost	$	16,718,266

	Corbett Road Tactical Opportunity ETF
	Year Ended November 30, 2022
Investment Income:
Dividends*	$	212,824
Total Investment Income		212,824

Expenses:
Advisory fees		140,654
Total Expenses		140,654
Net Investment Income (Loss)		72,170

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(3,295,319	)
In-kind redemptions		236,006
Net realized gain (loss)		(3,059,313	)
Net change in unrealized appreciation (depreciation) on:
Investments		(941,842	)
Net change in unrealized appreciation (depreciation)		(941,842	)
Net realized and unrealized gain (loss)		(4,001,155	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,928,985	)
* Net of foreign withholding taxes	$	613

	Corbett Road Tactical Opportunity ETF
	Year Ended November 30, 2022			For the period February 25, 2021(1) to November 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	72,170		$	(8,332	)
Net realized gain (loss)		(3,059,313	)		(344,881	)
Change in net unrealized appreciation (depreciation)		(941,842	)		1,880,808
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,928,985	)		1,527,595

Capital Transactions:
Proceeds from shares issued		6,606,975			20,296,161
Cost of shares redeemed		(3,823,397	)		(3,033,659	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		2,783,578			17,262,502
Total Increase (Decrease) in Net Assets		(1,145,407	)		18,790,097

Net Assets:
Beginning of period		18,790,097			—
End of period	$	17,644,690		$	18,790,097

Change in Shares Outstanding:
Shares outstanding, beginning of period		675,000			—
Shares issued		275,000			800,000
Shares redeemed		(175,000	)		(125,000	)
Shares outstanding, end of period		775,000			675,000

(1) Commencement of operations.

Corbett Road Tactical Opportunity ETF Selected Per Share Data	Year Ended November 30, 2022			For the period February 25, 2021(1) through November 30, 2021
Net Asset Value, beginning of period	$	27.84		$	25.34
Investment Activities
Net investment income (loss)(2)		0.09			(0.02	)
Net realized and unrealized gain (loss)		(5.16	)		2.52
Total from investment activities		(5.07	)		2.50
Net Asset Value, end of period	$	22.77		$	27.84
Total Return (%)		(18.21	)		9.87	(3)
Total Return at Market Price (%)		(18.35	)		9.86	(3)
Ratios to Average Net Assets
Expenses (%)		0.75			0.75	(4)
Net investment income (loss) (%)		0.38			(0.09	)(4)
Supplemental Data
Net Assets at end of period (000’s)	$	17,645		$	18,790
Portfolio turnover (%)(5)		123			45	(3)

(1) Commencement of operations.

(2) Per share numbers have been calculated using the average shares method.

(3) Not annualized for periods less than one year.

(4) Annualized for periods less than one year.

(5) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

Note 1 – Organization

Exchange Listed Funds Trust (the “Trust”) was organized on April 4, 2012 as a Delaware statutory trust and is registered with the Securities and Exchange Commission (“SEC”) under the 1940 Act as an open-end management investment company. The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest (”Shares”) in one or more series representing interests in separate portfolios of securities. The Trust has registered its Shares in multiple separate series. The assets of each series in the Trust are segregated and a shareholder’s interest is limited to the series in which Shares are held. The financial statements herein are for the Corbett Road Tactical Opportunity ETF (the “Fund”).

The Fund is an actively managed exchange-traded fund (“ETF”). Unlike index ETFs, actively managed ETFs do not seek to track the performance of a specified index. Instead, the Fund uses an active investment strategy in seeking to meet its investment objective.

The Fund’s investment objective is to seek to provide long-term total return by investing in equity securities of companies listed on U.S. securities exchange, including common stocks and American Depository Receipts (“ADRs”), and equity ETFs that invest in such securities. During periods when the U.S. equity market is determined to be unfavorable by the Fund’s sub-adviser, the Fund may invest all or a portion of its assets in cash, cash equivalents, and fixed income ETFs. The Fund commenced operations on February 25, 2021.

Under the Trust’s organizational documents, its officers and Board of Trustees (the “Board”) are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

Note 2 – Basis of Presentation and Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Trust in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities.

(a) Valuation of Investments

The Fund records investments at fair valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the “Committee”) established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Trust’s Board and were implemented through a Fair Value Committee designated by the Board.

In the event that current market valuations are not readily available or such valuations do not reflect current fair market value, the Trust’s procedures require the Committee, in accordance with the Trust’s Board-approved valuation procedures, to determine a security’s fair value. In determining such value, the Committee may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates or market indices). Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund’s portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level 1 – Quoted prices in active markets for identical assets.

• Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Pursuant to the valuation procedures noted previously, equity securities, ETFs and short-term investments are generally categorized as Level 1 in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 or Level 3).

The following is a summary of the valuations as of November 30, 2022 for the Fund based upon the three levels defined above:

Corbett Road Tactical Opportunity ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks(a)	$	10,565,532	$	—	$	—	$	10,565,532
Exchange-Traded Funds(a)		6,689,227		—		—		6,689,227
Short-Term Investments		402,473		—		—		402,473
Total	$	17,657,232	$	—	$	—	$	17,657,232

(a) See Schedule of Investments for additional detailed categorizations.

(b) Investment Transactions and Related Income

For financial reporting purposes, investment transactions are reported on trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount, using the effective yield method. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations.

The accounting records of the Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of the Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. The Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

(d) Federal Income Tax

It is the policy of the Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the “Code”), and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as the Fund qualifies as a regulated investment company.

Management of the Fund has evaluated tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Fund to record a tax liability and, therefore, there is no impact to the Fund’s financial statements. The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of November 30, 2022, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

(e) Distributions to Shareholders

The Fund distributes net investment income and capital gains, if any, at least annually. The Fund may make distributions on a more frequent basis for the Fund to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

Note 3 – Transactions with Affiliates and Other Servicing Agreements

(a) Investment Advisory Agreement

Exchange Traded Concepts, LLC (the “Adviser”) serves as the investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for, among other things, overseeing the Sub-Adviser (as defined below), including regular review of the Sub-Adviser’s performance, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund’s business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust.

For the services it provides to the Fund, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of average daily net assets of the Fund.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”). As part of an arrangement between the Sub-Adviser (as defined below) and the Adviser, the Sub-Adviser has agreed to assume the Adviser’s obligation to pay, or cause to be paid, all expenses of the Fund (except the Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee.

An interested Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

(b) Investment Sub-Advisory Agreement

The Adviser has entered into an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with respect to the Fund with Corbett Road Capital Management, LLC (the “Sub-Adviser”). Under the Sub-Advisory Agreement, the Sub-Adviser is responsible for making investment decisions for the Fund and continuously reviewing and administering the investment program of the Fund, subject to the supervision of the Adviser and the oversight of the Board. The Adviser pays a fee to the Sub-Adviser out of the fee the Adviser receives from the Fund, which is calculated daily and paid monthly at an annual rate of 0.63% on the first $1 billion of the Fund’s average daily net assets, 0.65% on the next $2 billion, and 0.67% on assets greater than $3 billion.

Foreside Fund Services, LLC (the “Distributor”), a Delaware limited liability company, is the principal underwriter and distributor of the Fund’s Shares. The Distributor does not maintain any secondary market in Fund’s Shares.

The Trust has adopted a Rule 12b-1 Distribution and Service Plan (the “Distribution and Service Plan”) pursuant to which payments of up to a maximum of 0.25% of a Fund’s average daily net assets may be made to compensate or reimburse financial intermediaries for activities principally intended to result in the sale of the Fund’s Shares. In accordance with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Trust.

Currently, no payments are made under the Distribution and Service Plan. Such payments may only be made after approval by the Board. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Trust.

(d) Other Servicing Agreements

The Bank of New York Mellon (“BNY Mellon”) serves as the Fund’s fund accountant, transfer agent, custodian and administrator.

Note 4 – Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended November 30, 2022 were as follows:

Fund		Purchases			Sales
Corbett Road Tactical Opportunity ETF		$	22,750,670		$	22,704,959

Purchases and sales of in-kind transactions for the year ended November 30, 2022 were as follows:

Fund		Purchases			Sales
Corbett Road Tactical Opportunity ETF		$	6,406,760		$	3,713,311

Note 5 – Capital Share Transactions

Fund Shares are listed and traded on the Exchange each day that the Exchange is open for business (“Business Day”). The Fund’s Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund’s Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

The Fund offers and redeems Shares on a continuous basis at NAV only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Fund Shares may only be purchased or redeemed directly from the Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of the Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing Shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit the Fund to use such collateral to purchase the missing Shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such Shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. The Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee

to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fee for the Fund is $500, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund’s securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the Fund’s securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for the Fund is $500, regardless of the number of Creation Units redeemed in the transaction.

Note 6 – Principal Risks

As with any investment, an investor could lose all or part of their investment in the Fund and the Fund’s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund’s prospectus. Please refer to the Fund’s prospectus for a complete description of the principal risks of investing in the Fund.

Asset Allocation Risk. The Fund’s investment performance depends upon the successful allocation by the Sub-Adviser of the Fund’s assets among asset classes. There is no guarantee that the Sub-Adviser’s allocation techniques and decisions will produce the desired results.

Market Risk. The market price of a security or instrument could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. The market value of a security may also decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

Non-Diversification Risk. The Fund is a non-diversified investment company under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund’s performance.

Trading Risk. Shares of the Fund may trade on the Exchange above (premium) or below (discount) their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The market prices of the Fund’s shares will fluctuate continuously throughout trading hours based on market supply and demand and may deviate significantly from the value of the Fund’s holdings, particularly in times of market stress, with the result that investors may pay more or receive less than the underlying value of the Fund shares bought or sold. When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask), which is known as the bid-ask spread. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. In stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. In such a circumstance, the Fund’s shares could trade at a premium or discount to their NAV.

Note 7 – Federal Income Taxes

GAAP requires certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended November 30, 2022, the following amounts resulting primarily from the differing book and tax treatment relating to the reversal of gains and losses emanating from redemption-in-kind transactions have been reclassified:

Fund		Paid-in Capital			Total Distributable Earnings (Loss)
Corbett Road Tactical Opportunity ETF		$	225,632		$	(225,632	)

As of the tax year ended November 30 2022, the components of Distributable earnings (loss) on a tax basis were as follows:

Fund		Undistributed Ordinary Income			Undistributed Long-Term Capital Gains (Losses)				Unrealized Appreciation (Depreciation) on Investments			Distributable Earnings (Loss)
Corbett Road Tactical Opportunity ETF		$	63,838		$	(3,599,260	)		$	884,164		$	(2,651,258	)

At November 30, 2022, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

Fund		Tax Cost of Investments			Unrealized Appreciation on Investments			Unrealized Depreciation on Investments				Net Unrealized Appreciation (Depreciation) on Investments
Corbett Road Tactical Opportunity ETF		$	16,773,068		$	1,325,388		$	(441,224	)		$	884,164

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of the tax year ended November 30 2022, the Fund had non-expiring accumulated capital loss carryforwards as follows:

Fund		Short-Term			Long-Term			Total Amount
Corbett Road Tactical Opportunity ETF		$	3,599,260		$	—		$	3,599,260

To the extent that the Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Note 8 – Recent Market Events

The spread of COVID-19 around the world has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to the COVID-19 pandemic, as well as its impact on the U.S. and international economies. The operational and financial performance of the issuers of securities in which the Fund invest depends on future developments, including the duration and spread of the outbreak, and such developments may in turn impact the value of the Fund’s investments. The ultimate impact of the pandemic on the financial performance of the Fund’s investments is not reasonably able to be estimated at this time.

On February 24, 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.