Exchange Listed Funds Trust TABLE OF CONTENTS

November 30, 2021

Corbett Road Tactical Opportunity ETF MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

November 30, 2021   (Unaudited)

Corbett Road Tactical Opportunity ETF MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

November 30, 2021   (Unaudited)

Corbett Road Tactical Opportunity ETF SCHEDULE OF INVESTMENTS

November 30, 2021

Corbett Road Tactical Opportunity ETF SUMMARY OF INVESTMENTS

November 30, 2021

Security Type/Sector		Percent of Total Net Assets
Common Stocks
Communication Services		8.9	%
Consumer Discretionary		15.0	%
Consumer Staples		7.8	%
Energy		2.0	%
Financials		8.6	%
Health Care		10.6	%
Industrials		15.1	%
Information Technology		24.6	%
Real Estate		2.5	%
Utilities		3.4	%
Total Common Stocks		98.5	%
Short-Term Investments		1.5	%
Total Investments		100.0	%
Liabilities in Excess of Other Assets		(0.0	)%
Total Net Assets		100.0	%

EXCHANGE LISTED FUNDS TRUST STATEMENT OF ASSETS AND LIABILITIES

November 30, 2021

		Corbett Road Tactical Opportunity ETF
Assets:
Investments, at value		$	18,795,155
Dividends receivable			6,569
Total Assets			18,801,724
Liabilities:
Advisory fee payable			11,627
Total Liabilities			11,627
Net Assets		$	18,790,097
Net Assets Consist of:
Paid-in capital		$	17,286,738
Distributable earnings (loss)			1,503,359
Net Assets		$	18,790,097
Net Assets		$	18,790,097
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)			675,000
Net Asset Value, Offering and Redemption Price Per Share		$	27.84
Investments, at cost		$	16,914,347

EXCHANGE LISTED FUNDS TRUST STATEMENT OF OPERATIONS

		Corbett Road Tactical Opportunity ETF
		For the period February 25, 2021(1) to November 30, 2021
Investment Income:
Dividends*		$	62,291
Total Investment Income			62,291
Expenses:
Advisory fees			70,623
Total Expenses			70,623
Net Investment Income (Loss)			(8,332	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments			(374,348	)
In-kind redemptions			29,467
Net realized gain (loss)			(344,881	)
Net change in unrealized appreciation (depreciation) on:
Investments			1,880,808
Net change in unrealized appreciation (depreciation)			1,880,808
Net realized and unrealized gain (loss)			1,535,927
Net Increase (Decrease) in Net Assets Resulting from Operations		$	1,527,595
* Net of foreign withholding taxes		$	357

​(1)  Commencement of operations.

EXCHANGE LISTED FUNDS TRUST STATEMENT OF CHANGES IN NET ASSETS

		Corbett Road Tactical Opportunity ETF
		For the period February 25, 2021(1) to November 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)		$	(8,332	)
Net realized gain (loss)			(344,881	)
Change in net unrealized appreciation (depreciation)			1,880,808
Net increase (decrease) in net assets resulting from operations			1,527,595
Capital Transactions:
Proceeds from shares issued			20,296,161
Cost of shares redeemed			(3,033,659	)
Net increase (Decrease) in Net Assets Resulting from Capital Share Transactions			17,262,502
Total Increase (Decrease) in Net Assets			18,790,097
Net Assets:
Beginning of period			—
End of period		$	18,790,097
Change in Shares Outstanding:
Shares outstanding, beginning of period			—
Shares issued			800,000
Shares redeemed			(125,000	)
Shares outstanding, end of period			675,000

​(1)  Commencement of operations.

EXCHANGE LISTED FUNDS TRUST FINANCIAL HIGHLIGHTS

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

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS

November 30, 2021

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued)

November 30, 2021

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued)

November 30, 2021

(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, 2021, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

(d) 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 Trust, including the Fund, pursuant to an investment advisory agreement entered into by the Adviser and the Trust on behalf of the Fund (“Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund. The Adviser 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 supervision 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”). Pursuant to an arrangement between the Adviser and the Sub-Adviser, the Sub-Adviser has agreed to assume the Adviser’s obligation to pay Fund expenses (except Excluded Expenses) and has agreed, to the extent applicable, to pay the Adviser’s 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 makes investment decisions for the Fund and continuously reviews, supervises, and administers the investment program of the Fund, subject to the supervision of the Adviser and the Board. The Adviser pays a fee to the Sub-Adviser, which is calculated daily and paid monthly, at an annual rate of 0.63% on up to $1 billion in assets, 0.65% on the next $2 billion in assets, and 0.67% on assets in excess of $3 billion.

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued)

November 30, 2021

(c) Distribution Arrangement

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.

An officer of the Trust is also an employee of an affiliate of the Distributor and receives no compensation from the Trust for serving as an officer.

(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 period ended November 30, 2021 were as follows:

Fund		Purchases			Sales
Corbett Road Tactical Opportunity ETF		$	5,618,685		$	5,562,319

Purchases and sales of in-kind transactions for the period ended November 30, 2021 were as follows:

Fund		Purchases			Sales
Corbett Road Tactical Opportunity ETF		$	19,820,559		$	2,895,985

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 large blocks of Shares (“Creation Unit”). 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

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued)

November 30, 2021

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.

Exchange-Traded Funds Risk. Through its investments in ETFs, the Fund is subject to the risks associated with the ETFs’ investments, including the possibility that the value of the instruments held by an ETF could decrease. The Fund’s exposure to a particular risk will be proportionate to the Fund’s overall allocation and each ETF’s asset allocation. In addition, by investing in the Fund, shareholders indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses. As a result, the cost of investing in the Fund may exceed the costs of investing directly in ETFs. The Fund may purchase ETFs at prices that exceed the net asset value of their underlying investments and may sell ETF investments at prices below such net asset value, and will likely incur brokerage costs when it purchases and sells ETFs.

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued)

November 30, 2021

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.

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.

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 period ended November 30, 2021, 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		$	24,236		$	(24,236)

As of the tax period ended November 30, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund		Undistributed Ordinary Income				Undistributed Long-Term Capital Gains (Losses)			Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation) on Investments			Accumulated Earnings (Deficit)
Corbett Road Tactical Opportunity ETF		$	(8,332	)		$	(338,597)		$	—		$	1,850,288		$	1,503,359

At November 30, 2021, 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		$	16,944,867		$	2,286,632		$	(436,344)		$	1,850,288

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.

EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Concluded)

November 30, 2021

As of the tax period ended November 30, 2021, the Fund has non-expiring accumulated capital loss carryforwards as follows:

Fund		Short-Term			Long-Term
Corbett Road Tactical Opportunity ETF		$	338,597		$	—

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 Code limitations.

As of November 30, 2021, the Corbett Road Tactical Opportunity ETF had $8,332 of qualified late-year ordinary losses, which are deferred until December 1, 2021 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

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 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 invests 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.

Note 9 – Events Subsequent to the Fiscal Period End

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined there are no subsequent events that would require disclosure in the Fund’s financial statements.

EXCHANGE LISTED FUNDS TRUST Report of Independent Registered Public Accounting Firm

November 30, 2021

To the Shareholders of Corbett Road Tactical Opportunity ETF and

Board of Trustees of Exchange Listed Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Corbett Road Tactical Opportunity ETF (the “Fund”), a series of Exchange Listed Funds Trust, as of November 30, 2021, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the period from February 25, 2021 (commencement of operations) through November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations, changes in net assets, and the financial highlights for the period from February 25, 2021 (commencement of operations) through November 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

COHEN & COMPANY, LTD.

Chicago, Illinois

January 25, 2022

EXCHANGE LISTED FUNDS TRUST DISCLOSURE OF FUND EXPENSES

November 30, 2021   (Unaudited)

All ETFs have operating expenses. As a shareholder of the Fund, you incur an advisory fee. In addition to the advisory fee, a shareholder may pay brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses), if any. It is important for you to understand the impact of these ongoing costs on your investment returns. Shareholders may incur brokerage commissions on their purchases and sales of the Fund’s shares, which are not reflected in these examples.

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (unless otherwise noted below). The table below illustrates the Fund’s cost in two ways:

Actual Fund Return

This section helps you to estimate the actual expenses after fee waivers that the Fund may have incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return

This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio for the period is unchanged. This example is useful in making comparisons because the SEC requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown may not apply to your specific investment.

		Beginning Account Value June 1, 2021			Ending Account Value November 30, 2021			Annualized Expense Ratio		Expenses Paid During Period(1)
Corbett Road Tactical Opportunity ETF
Actual Performance		$	1,000.00		$	1,089.10		0.75%		$	3.93
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.31		0.75%		$	3.80

​(1)  Expenses paid during the period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

EXCHANGE LISTED FUNDS TRUST OTHER INFORMATION

November 30, 2021   (Unaudited)

EXCHANGE LISTED FUNDS TRUST TRUSTEES

November 30, 2021   (Unaudited)

EXCHANGE LISTED FUNDS TRUST OFFICERS

November 30, 2021   (Unaudited)