EXCHANGE LISTED FUNDS TRUST

QRAFT AI-Enhanced U.S. High Dividend ETF (HDIV)

QRAFT AI-Enhanced U.S. Large Cap ETF (QRFT)

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (AMOM)

QRAFT AI-Enhanced U.S. Next Value ETF (NVQ)

Annual Report

April 30, 2022

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

April 30, 2022  

 

Management’s Discussion of Fund Performance

 

1

QRAFT AI-Enhanced U.S. High Dividend ETF

   

Schedule of Investments

 

9

Summary of Investments

 

11

QRAFT AI-Enhanced U.S. Large Cap ETF

   

Schedule of Investments

 

12

Summary of Investments

 

17

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF

   

Schedule of Investments

 

18

Summary of Investments

 

19

QRAFT AI-Enhanced U.S. Next Value ETF

   

Schedule of Investments

 

20

Summary of Investments

 

22

Statements of Assets and Liabilities

 

23

Statements of Operations

 

24

Statements of Changes in Net Assets

 

25

Financial Highlights

 

27

Notes to Financial Statements

 

29

Report of Independent Registered Public Accounting Firm

 

38

Disclosure of Fund Expenses

 

39

Board Consideration and Approval of Advisory Agreement

 

40

Other Information

 

44

Trustees

 

45

Officers

 

46

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

There are risks involved with investing, including possible loss of principal, and there is no guarantee each Fund will achieve its investment objective. Each 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 each 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 each Fund. Each 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

i

QRAFT AI-Enhanced U.S. High Dividend ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited)  

Dear Shareholders,

Thank you for your investment in the QRAFT AI-Enhanced U.S. High Dividend ETF (“HDIV” or the “Fund”). The information presented in this report relates to the operations of HDIV for the fiscal year ended through April 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks long-term total returns through regular dividend income and capital appreciation. In seeking to achieve this objective, the Fund utilizes a proprietary artificial intelligence system to select dividend paying securities of U.S.-listed companies using a proprietary dividend factor scoring formula based on dividend and quality factors.

In 2021, both security selection and an overweight relative to the S&P 500 in the Consumer Discretionary Sector aided performance. From January through April 2022, relative to the S&P 500, the Fund’s overweighting’s in the Consumer Discretionary and Information Technology Sectors, and underweighting’s in the Energy and Utilities Sectors contributed to HDIV’s underperformance while an overweight in the Health Care Sector aided performance.

The Fund had positive performance during the fiscal year ended on April 30. The Fund’s market price increased 4.36% and the net asset value increased 4.45% while the S&P 500 Index, a broad market equity index, gained 0.21%.

The Fund commenced operations on February 26, 2020 and had 175,000 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. High Dividend ETF.

Sincerely,

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

1

QRAFT AI-Enhanced U.S. High Dividend ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited)  

Growth of a $10,000 Investment

(at net asset value)

 

 


Inception
Date
of the Fund

 

Average
Annual Return
as of 4/30/2022

 



Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

QRAFT AI-Enhanced U.S. High Dividend ETF
(Net Asset Value)

 

2/26/2020

 

4.45%

 

12.97%

 

0.75%

 

0.75%

QRAFT AI-Enhanced U.S. High Dividend ETF
(Market Price)

     

4.36%

 

12.95%

       

S&P 500® Index

     

0.21%

 

15.64%

       

*   Reflects the expense ratio as reported in the Prospectus dated September 1, 2021.

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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.qraftaietf.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. NAV is calculated at the end of each business day.

2

QRAFT AI-Enhanced U.S. Large Cap ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited)  

Dear Shareholders,

Thank you for your investment in the QRAFT AI-Enhanced U.S. Large Cap ETF (“QRFT” or the “Fund”). The information presented in this report relates to the operations of QRFT for the fiscal year ended April 30, 2022.

The Fund is an actively managed exchange-traded fund that aims to provide investors with capital appreciation by utilizing a proprietary artificial intelligence system to select large-capitalization U.S. stocks (which the Fund defines as companies having a market capitalization in excess of $4 billion) to be held in the portfolio. The Fund seeks to hold stocks with exposure to a variety of factors affecting the U.S. market including, but not limited to, quality (generally, a company’s profitability), size (market capitalization), value (comparison of a company’s market value versus its book value), momentum (a security’s recent price returns compared to the overall market over time), and volatility (a security’s systematic risk as compared to the market as a whole). The Fund’s adviser, Exchange Traded Concepts, LLC (the “Adviser”), utilizes proprietary artificial intelligence (AI) technology provided by QRAFT Technologies, Inc. to continuously learn the correlation of factor returns with various macroeconomic and valuation conditions.

In 2021, an overweight in the Information Technology Sector bolstered Fund performance while all other relative sector weights diminished performance relative to the S&P 500. From January through April 2022, relative to the S&P 500, the Fund had overweightings in the Consumer Discretionary and Information Technology Sectors and underweightings in the Energy and Utilities Sectors, which contributed to QRFT’s underperformance, while an overweight in the Materials Sector, specifically, companies in the Steel Sub-Industry bolstered performance.

The Fund had negative performance during the fiscal year ended April 30, 2022. The Fund’s market price decreased 4.63% and the net asset value decreased 4.57% while the S&P 500 Index, a broad market equity index, gained 0.21%.

The Fund commenced operations on May 20, 2019 and had 300,001 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. Large Cap ETF.

Sincerely,

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

3

QRAFT AI-Enhanced U.S. Large Cap ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited)  

Growth of a $10,000 Investment

(at net asset value)

 

 


Inception
Date
of the Fund

 

Average
Annual Return
as of 4/30/2022

 



Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

QRAFT AI-Enhanced U.S. Large Cap ETF
(Net Asset Value)

 

5/20/2019

 

-4.57%

 

18.75%

 

0.75%

 

0.75%

QRAFT AI-Enhanced U.S. Large Cap ETF
(Market Price)

     

-4.63%

 

18.69%

       

S&P 500® Index

     

0.21%

 

15.46%

       

*   Reflects the expense ratio as reported in the Prospectus dated September 1, 2021.

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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.qraftaietf.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. NAV is calculated at the end of each business day.

4

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited)  

Dear Shareholders,

Thank you for your investment in the QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (“AMOM” or the “Fund”). The information presented in this report relates to the operations of AMOM for the fiscal year ended April 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks to provide investors with capital appreciation. Exchange Traded Concepts LLC, the Fund’s adviser, utilizes proprietary artificial intelligence (AI) technology provided by Qraft Technologies, Inc. to manage the Fund’s portfolio on a day-to-day basis. The AI technology seeks to create optimal portfolio factor weights by analyzing market data. Utilizing the AI, the adviser selects stocks of U.S. large-capitalization companies stocks (which the Fund defines as companies having a market capitalization in excess of $4 billion) based on the stocks’ momentum over a certain time period.

In 2021, security selection within the Industrials Sector aided Fund performance while securities selected within the Consumer Discretionary Sector hurt Fund performance. An overweight in securities in the Information Technology sector bolstered Fund performance relative to the S&P 500 in 2021, but hurt performance from January through April 2022. Also for the period January through April 2022, an overweight in the Consumer Discretionary Sector and an underweight in the Energy Sector contributed to AMOM’s underperformance while an overweight in the Materials Sector, specifically, companies in the Steel Sub-Industry bolstered performance relative to the S&P 500.

The Fund had negative performance during the fiscal year ending on April 30, 2022. The Fund’s market price decreased 20.67% and the net asset value decreased 20.63% while the S&P 500 Index, a broad market equity index, gained 0.21%.

The Fund commenced operations on May 20, 2019 and had 575,001 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. Large Cap Momentum ETF.

Sincerely,

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

5

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited)  

Growth of a $10,000 Investment

(at net asset value)

 

 


Inception Date
of the Fund

 

Average
Annual Return
as of 4/30/2022

 



Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF
(Net Asset Value)

 

5/20/2019

 

-20.63%

 

14.31%

 

0.75%

 

0.75%

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF
(Market Price)

     

-20.67%

 

14.26%

       

S&P 500® Index

     

0.21%

 

15.46%

       

*   Reflects the expense ratio as reported in the Prospectus dated September 1, 2021.

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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.qraftaietf.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. NAV is calculated at the end of each business day.

6

QRAFT AI-Enhanced U.S. Next Value ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited)  

Dear Shareholders,

Thank you for your investment in the QRAFT AI-Enhanced U.S. Next Value ETF (“NVQ” or the “Fund”). The information presented in this report relates to the operations of NVQ for the fiscal year ended April 30, 2022.

The Fund is an actively managed exchange-traded fund that seeks capital appreciation by utilizing a value investing strategy enhanced by the use of artificial intelligence. The Fund’s adviser, Exchange Traded Concepts, LLC, consults proprietary artificial intelligence technology provided by Qraft Technologies, Inc. to develop a portfolio of investments based on the theory that a value investing strategy that adjusts a company’s book value by taking into account future intangible assets (e.g., a company’s investment in research and development, marketing and advertising, and intellectual property) in addition to typical value factors (e.g., book value to market value ratio, earning to market value ratio, and EV to EBIDTA ratio (also known as enterprise multiple, which is a ratio used to determine the value of a company – enterprise value, or EV, divided by earnings before interest, taxes, depreciation, and amortization, or EBITDA)), may outperform more conventional value investing strategies that do not take such assets into account in comparing a company’s book value to its intrinsic value.

In 2021, security selection within the Industrials Sector aided Fund performance while securities selected within the Consumer Discretionary Sector hurt Fund performance. From January through April 2022, overweightings in the Consumer Staples, Energy, Health Care and Materials Sectors and an underweight in the Information Technology Sector contributed to NVQ’s outperformance relative to the S&P 500. However, marginal exposure to mid capitalization and small capitalization companies constrained NVQ’s outperformance of its benchmark for the period.

The Fund had positive performance during the fiscal year ended April 30, 2022. The Fund’s market price increased 1.32% and the net asset value increased 1.62% while the broad market equity index, the S&P 500 Index returned 0.21%.

The Fund commenced operations on December 2, 2020 and had 175,000 shares outstanding on April 30, 2022.

We appreciate your investment in the QRAFT AI-Enhanced U.S. Next Value ETF.

Sincerely,

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

7

QRAFT AI-Enhanced U.S. Next Value ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited)  

Growth of a $10,000 Investment

(at net asset value)

 

 


Inception Date
of the Fund

 

Average
Annual Return
as of 4/30/2022

 



Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

QRAFT AI-Enhanced U.S. Next Value ETF
(Net Asset Value)

 

12/2/2020

 

1.62%

 

19.25%

 

0.75%

 

0.75%

QRAFT AI-Enhanced U.S. Next Value ETF
(Market Price)

     

1.32%

 

19.53%

       

S&P 500® Index

     

0.21%

 

10.35%

       

*   Reflects the expense ratio as reported in the Prospectus dated September 1, 2021.

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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.qraftaietf.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. NAV is calculated at the end of each business day.

8

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

  

 

Number of
Shares

 

Value

COMMON STOCKS — 99.5%

   

COMMUNICATION SERVICES — 8.0%

       

AT&T, Inc.

 

7,504

 

$

141,526

Lumen Technologies, Inc.

 

1,113

 

 

11,197

Paramount Global, Class A

 

627

 

 

19,782

Sirius XM Holdings, Inc.

 

4,206

 

 

25,236

Verizon Communications, Inc.

 

4,408

 

 

204,090

Warner Bros Discovery, Inc.*

 

1,815

 

 

32,942

       

 

434,773

CONSUMER DISCRETIONARY — 5.7%

     

 

 

ADT, Inc.

 

864

 

 

5,918

Advance Auto Parts, Inc.

 

66

 

 

13,176

Best Buy Co., Inc.

 

257

 

 

23,112

BRP, Inc.

 

98

 

 

7,941

Columbia Sportswear Co.

 

73

 

 

5,998

Dick’s Sporting Goods, Inc.

 

70

 

 

6,749

Gap, Inc. (The)

 

424

 

 

5,266

Genuine Parts Co.

 

152

 

 

19,768

Hanesbrands, Inc.

 

398

 

 

5,277

Kohl’s Corp.

 

153

 

 

8,856

Macy’s, Inc.

 

325

 

 

7,855

Newell Brands, Inc.

 

467

 

 

10,811

Penske Automotive Group, Inc.

 

86

 

 

9,015

PVH Corp.

 

79

 

 

5,750

Ralph Lauren Corp.

 

53

 

 

5,530

Target Corp.

 

504

 

 

115,240

Under Armour, Inc., Class A*

 

456

 

 

7,004

VF Corp.

 

416

 

 

21,632

Whirlpool Corp.

 

64

 

 

11,617

Williams-Sonoma, Inc.

 

80

 

 

10,438

       

 

306,953

CONSUMER STAPLES — 20.4%

     

 

 

Albertsons Cos., Inc., Class A

 

520

 

 

16,266

Altria Group, Inc.

 

1,919

 

 

106,639

Casey’s General Stores, Inc.

 

41

 

 

8,253

Kellogg Co.

 

365

 

 

25,002

PepsiCo, Inc.

 

1,452

 

 

249,323

Philip Morris International, Inc.

 

1,629

 

 

162,900

Sysco Corp.

 

537

 

 

45,903

US Foods Holding Corp.*

 

246

 

 

9,254

Walgreens Boots Alliance, Inc.

 

915

 

 

38,796

Walmart, Inc.

 

2,910

 

 

445,201

       

 

1,107,537

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

   

ENERGY — 7.3%

       

Coterra Energy, Inc.

 

869

 

$

25,018

Crescent Point Energy Corp.

 

1,442

 

 

9,978

Enterprise Products Partners LP

 

2,304

 

 

59,697

EOG Resources, Inc.

 

617

 

 

72,041

Magellan Midstream Partners LP

 

232

 

 

11,240

MPLX LP

 

1,077

 

 

34,852

Occidental Petroleum Corp.

 

987

 

 

54,374

PDC Energy, Inc.

 

108

 

 

7,532

Pioneer Natural Resources Co.

 

256

 

 

59,512

Plains All American Pipeline LP

 

788

 

 

8,164

Shell Midstream Partners LP

 

444

 

 

6,274

Valero Energy Corp.

 

433

 

 

48,271

       

 

396,953

FINANCIALS — 5.8%

     

 

 

AGNC Investment Corp., REIT

 

582

 

 

6,390

American Financial Group, Inc.

 

92

 

 

12,740

Annaly Capital Management, Inc., REIT

 

1,595

 

 

10,240

Ares Capital Corp.

 

7

 

 

142

Blackstone, Inc.

 

737

 

 

74,857

Credicorp Ltd.

 

86

 

 

11,944

Deutsche Bank AG*

 

2,200

 

 

21,736

FS KKR Capital Corp.

 

319

 

 

6,683

Jefferies Financial Group, Inc.

 

267

 

 

8,213

Old Republic International Corp.

 

339

 

 

7,461

OneMain Holdings, Inc.

 

143

 

 

6,568

Owl Rock Capital Corp.

 

444

 

 

6,354

Progressive Corp. (The)

 

616

 

 

66,134

Prudential Financial, Inc.

 

398

 

 

43,187

T Rowe Price Group, Inc.

 

243

 

 

29,899

       

 

312,548

HEALTH CARE — 34.8%

     

 

 

AbbVie, Inc.

 

1,856

 

 

272,609

Amgen, Inc.

 

586

 

 

136,649

Bristol-Myers Squibb Co.

 

2,332

 

 

175,530

Cardinal Health, Inc.

 

298

 

 

17,299

CVS Health Corp.

 

1,380

 

 

132,659

ELI Lilly & Co.

 

999

 

 

291,838

Gilead Sciences, Inc.

 

1,322

 

 

78,447

Johnson & Johnson

 

2,500

 

 

451,150

LHC Group, Inc.*

 

36

 

 

5,971

Merck & Co., Inc.

 

2,652

 

 

235,206

Moderna, Inc.*

 

427

 

 

57,393

Quest Diagnostics, Inc.

 

132

 

 

17,667

Viatris, Inc.

 

1,309

 

 

13,522

       

 

1,885,940

9

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS (Concluded)

 

April 30, 2022  

  

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

   

INDUSTRIALS — 3.2%

       

3M Co.

 

602

 

$

86,820

AGCO Corp.

 

81

 

 

10,319

Brookfield Business Partners LP

 

292

 

 

6,953

FedEx Corp.

 

280

 

 

55,647

Lincoln Electric Holdings, Inc.

 

65

 

 

8,758

WESCO International, Inc.*

 

57

 

 

7,026

       

 

175,523

INFORMATION TECHNOLOGY — 10.7%

 

 

 

Hewlett Packard Enterprise Co.

 

1,390

 

 

21,420

Intel Corp.

 

4,276

 

 

186,391

International Business Machines Corp.

 

943

 

 

124,674

Logitech International SA

 

180

 

 

11,754

NetApp, Inc.

 

238

 

 

17,433

Texas Instruments, Inc.

 

970

 

 

165,143

VMware, Inc., Class A

 

444

 

 

47,970

Western Union Co. (The)

 

437

 

 

7,324

       

 

582,109

MATERIALS — 2.3%

     

 

 

Dow, Inc.

 

778

 

 

51,737

International Paper Co.

 

404

 

 

18,697

LyondellBasell Industries NV, Class A

 

353

 

 

37,429

Olin Corp.

 

172

 

 

9,873

Sonoco Products Co.

 

110

 

 

6,810

       

 

124,546

REAL ESTATE — 0.8%

     

 

 

Gaming and Leisure Properties, Inc., REIT

 

259

 

 

11,494

Iron Mountain, Inc., REIT

 

312

 

 

16,764

Lamar Advertising Co., Class A, REIT

 

95

 

 

10,489

Omega Healthcare Investors, Inc., REIT

 

265

 

 

6,752

       

 

45,499

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

   

UTILITIES — 0.5%

       

AES Corp. (The)

 

761

 

$

15,540

Nextera Energy Partners LP

 

93

 

 

6,199

UGI Corp.

 

232

 

 

7,958

       

 

29,697

TOTAL COMMON STOCKS
(Cost $5,447,851)

     

 

5,402,078

       

 

 

SHORT-TERM INVESTMENTS — 0.3%

Invesco Government & Agency Portfolio - Institutional
Class, 0.35%
(a)

 

15,311

 

 

15,311

TOTAL SHORT TERM INVESTMENTS
(Cost $15,311)

     

 

15,311

TOTAL INVESTMENTS — 99.8%
(Cost $5,463,162)

     

 

5,417,389

Other Assets in Excess of Liabilities — 0.2%

     

 

9,374

TOTAL NET ASSETS — 100.0%

     

$

5,426,763

*   Non-income producing security.

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

REIT : Real Estate Investment Trust

10

QRAFT AI-Enhanced U.S. High Dividend ETF

SUMMARY OF INVESTMENTS

 

April 30, 2022  

  

Security Type/Sector

 

Percent of
Total Net
Assets

Common Stocks

   

 

Communication Services

 

8.0

%

Consumer Discretionary

 

5.7

%

Consumer Staples

 

20.4

%

Energy

 

7.3

%

Financials

 

5.8

%

Health Care

 

34.8

%

Industrials

 

3.2

%

Information Technology

 

10.7

%

Materials

 

2.3

%

Real Estate

 

0.8

%

Utilities

 

0.5

%

Total Common Stocks

 

99.5

%

Short-Term Investments

 

0.3

%

Total Investments

 

99.8

%

Other Assets in Excess of Liabilities

 

0.2

%

Total Net Assets

 

100.0

%

11

QRAFT AI-Enhanced U.S. Large Cap ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

  

 

Number of
Shares

 

Value

COMMON STOCKS — 99.7%

   

COMMUNICATION SERVICES — 4.0%

       

Activision Blizzard, Inc.

 

113

 

$

8,543

Alphabet, Inc., Class A*

 

90

 

 

205,397

AT&T, Inc.

 

1,019

 

 

19,218

BCE, Inc.

 

295

 

 

15,685

Comcast Corp., Class A

 

644

 

 

25,605

Electronic Arts, Inc.

 

42

 

 

4,958

Match Group, Inc.*

 

42

 

 

3,324

Meta Platforms, Inc., Class A*

 

329

 

 

65,955

Netflix, Inc.*

 

65

 

 

12,373

Snap, Inc., Class A*

 

197

 

 

5,607

TELUS Corp.

 

446

 

 

11,154

T-Mobile US, Inc.*

 

178

 

 

21,919

Twitter, Inc.*

 

115

 

 

5,637

Verizon Communications, Inc.

 

599

 

 

27,734

Walt Disney Co. (The)*

 

258

 

 

28,801

Warner Bros Discovery, Inc.*

 

245

 

 

4,447

       

 

466,357

CONSUMER DISCRETIONARY — 6.9%

 

 

 

Airbnb, Inc., Class A*

 

50

 

 

7,660

Amazon.com, Inc.*

 

73

 

 

181,451

AutoZone, Inc.*

 

4

 

 

7,822

Booking Holdings, Inc.*

 

5

 

 

11,052

Chipotle Mexican Grill, Inc.*

 

6

 

 

8,734

Dollar Tree, Inc.*

 

30

 

 

4,874

DoorDash, Inc., Class A*

 

43

 

 

3,501

eBay, Inc.

 

84

 

 

4,361

Ferrari NV

 

27

 

 

5,663

Ford Motor Co.

 

560

 

 

7,930

Home Depot, Inc. (The)

 

151

 

 

45,360

Las Vegas Sands Corp.*

 

109

 

 

3,862

Lowe’s Cos., Inc.

 

95

 

 

18,784

Lucid Group, Inc.*

 

233

 

 

4,213

Lululemon Athletica, Inc.*

 

535

 

 

189,727

Magna International, Inc.

 

98

 

 

5,906

McDonald’s Corp.

 

105

 

 

26,162

MercadoLibre, Inc.*

 

5

 

 

4,868

NVR, Inc.*

 

17

 

 

74,396

O’Reilly Automotive, Inc.*

 

9

 

 

5,459

Rivian Automotive, Inc., Class A*

 

125

 

 

3,780

Ross Stores, Inc.

 

51

 

 

5,088

Starbucks Corp.

 

163