EXCHANGE LISTED FUNDS TRUST

Cabana Target Drawdown 5 ETF (TDSA)

Cabana Target Drawdown 7 ETF (TDSB)

Cabana Target Drawdown 10 ETF (TDSC)

Cabana Target Drawdown 13 ETF (TDSD)

Cabana Target Drawdown 16 ETF (TDSE)

Cabana Target Leading Sector Aggressive ETF (CLSA)

Cabana Target Leading Sector Conservative ETF (CLSC)

Cabana Target Leading Sector Moderate ETF (CLSM)

Annual Report

April 30, 2023

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

April 30, 2023  

 

Management’s Discussion of Fund Performance

 

1

Cabana Target Drawdown 5 ETF

   

Schedule of Investments

 

17

Summary of Investments

 

18

Cabana Target Drawdown 7 ETF

   

Schedule of Investments

 

19

Summary of Investments

 

20

Cabana Target Drawdown 10 ETF

   

Schedule of Investments

 

21

Summary of Investments

 

22

Cabana Target Drawdown 13 ETF

   

Schedule of Investments

 

23

Summary of Investments

 

24

Cabana Target Drawdown 16 ETF

   

Schedule of Investments

 

25

Summary of Investments

 

26

Cabana Target Leading Sector Aggressive ETF

   

Schedule of Investments

 

27

Summary of Investments

 

28

Cabana Target Leading Sector Conservative ETF

   

Schedule of Investments

 

29

Summary of Investments

 

30

Cabana Target Leading Sector Moderate ETF

   

Schedule of Investments

 

31

Summary of Investments

 

32

i

Exchange Listed Funds Trust

TABLE OF CONTENTS (Concluded)

 

April 30, 2023  

 

Statements of Assets and Liabilities

 

33

Statements of Operations

 

35

Statements of Changes in Net Assets

 

37

Financial Highlights

 

41

Notes to Financial Statements

 

45

Report of Independent Registered Public Accounting Firm

 

58

Disclosure of Fund Expenses

 

59

Review of Liquidity Risk Management Program

 

61

Other Information

 

62

Trustees

 

63

Officers

 

64

Before investing you should carefully consider each 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.cabanaetfs.com. Please read a Fund’s prospectus carefully before you invest.

All investment strategies have different degrees of risk and the corresponding potential for profit or loss. Asset allocation and diversification will not necessarily improve returns and cannot eliminate the risk of investment losses. “Target Drawdown” is merely a descriptive term used to describe the general strategy and objective of the portfolio, it is not a guarantee, nor should it be construed to suggest safety or protection from loss. There is no guarantee that portfolio performance will remain consistent with the targeted drawdown parameter. While risk tolerance and targeted “drawdown” are identified on the front end for each portfolio, Cabana’s algorithm does not take any one client’s situation into account and there is no guarantee that Cabana’s strategies will be suitable for any investor. Investors and advisors should not simply rely on the name of any portfolio to determine what is suitable.

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 diversified investment company under the Investment Company Act of 1940 (the “1940 Act”) except for the Cabana Target Leading Sector Aggressive ETF, Cabana Target Leading Sector Conservative ETF and Cabana Target Leading Sector Moderate ETF, each of which may invest more of its assets in securities of a single issuer, which may have an adverse effect on a Fund’s performance. Concentration in a particular industry or sector will subject each 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 Nasdaq Stock Market LLC (the “Exchange”) through a brokerage account. However, shares are not individually redeemable directly from a 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

ii

Cabana Target Drawdown 5 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 5 ETF (the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long term growth within a targeted risk parameter by allocating its assets among ETFs in the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets by targeting a maximum drawdown of 5%. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 6.58% and the net asset value decreased 6.68% while the S&P Target Risk Conservative Index, a broad market index designed to measure the performance of conservative stock-bond allocations, increased 0.84%.

The Fund commenced operations on September 17, 2020, and had 1,075,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Drawdown 5 ETF.

Sincerely,

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

1

Cabana Target Drawdown 5 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date 
of the Fund

 

Average Annual
Return As of
4/30/2023

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 5 ETF (Net Asset Value)

 

9/17/2020

 

-6.68%

 

-5.51%

 

0.92%

 

0.69%

Cabana Target Drawdown 5 ETF (Market Price)

     

-6.58%

 

-5.51%

       

S&P Target Risk Conservative Index

     

0.84%

 

-0.31%

       

*   Reflects the expense ratios (inclusive of 0.12% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Conservative Index is designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.

The Fund’s shares are listed on the 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

Cabana Target Drawdown 7 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 7 ETF (the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long term growth within a targeted risk parameter by allocating its assets among ETFs in the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets by targeting a maximum drawdown of 7%. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 5.29% and the net asset value decreased 5.31% while the S&P Target Risk Moderate Index, a broad market index designed to measure the performance of moderate stock-bond allocations, increased 1.23%.

The Fund commenced operations on September 17, 2020, and had 7,350,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Drawdown 7 ETF.

Sincerely,

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

3

Cabana Target Drawdown 7 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return As of
4/30/2023

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 7 ETF (Net Asset Value)

 

9/17/2020

 

-5.31%

 

-4.80%

 

0.92%

 

0.69%

Cabana Target Drawdown 7 ETF (Market Price)

     

-5.29%

 

-4.83%

       

S&P Target Risk Moderate Index

     

1.23%

 

0.87%

       

*   Reflects the expense ratios (inclusive of 0.12% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on the 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

Cabana Target Drawdown 10 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 10 ETF (the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long term growth within a targeted risk parameter by allocating its assets among ETFs in the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets by targeting a maximum drawdown of 10%. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 5.70% and the net asset value decreased 5.78% while the S&P Target Risk Moderate Index, a broad market index designed to measure the performance of moderate stock-bond allocations, increased 1.23%.

The Fund commenced operations on September 17, 2020, and had 20,825,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Drawdown 10 ETF.

Sincerely,

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

5

Cabana Target Drawdown 10 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return As of
4/30/2023

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 10 ETF (Net Asset Value)

 

9/17/2020

 

-5.78%

 

-3.27%

 

0.91%

 

0.69%

Cabana Target Drawdown 10 ETF (Market Price)

     

-5.70%

 

-3.26%

       

S&P Target Risk Moderate Index

     

1.23%

 

0.87%

       

*   Reflects the expense ratios (inclusive of 0.11% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on the 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

Cabana Target Drawdown 13 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 13 ETF (the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long term growth within a targeted risk parameter by allocating its assets among ETFs in the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets by targeting a maximum drawdown of 13%. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 5.81% and the net asset value decreased 5.92% while the S&P Target Risk Growth Index, a broad market index designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk, increased 1.99%.

The Fund commenced operations on September 17, 2020, and had 6,325,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Drawdown 13 ETF.

Sincerely,

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

7

Cabana Target Drawdown 13 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
As of
4/30/2023

 

Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

Cabana Target Drawdown 13 ETF (Net Asset Value)

 

9/17/2020

 

-5.92%

 

-4.63%

 

0.91%

 

0.69%

Cabana Target Drawdown 13 ETF (Market Price)

     

-5.81%

 

-4.65%

       

S&P Target Risk Growth Index

     

1.99%

 

3.23%

       

*   Reflects the expense ratios (inclusive of 0.11% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Growth Index is designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk.

The Fund’s shares are listed on the 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

Cabana Target Drawdown 16 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 16 ETF (the “Fund”). The following information pertains to the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long term growth within a targeted risk parameter by allocating its assets among ETFs in the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments for the Fund pursuant to an asset allocation strategy designed to manage portfolio volatility and reduce exposure to down markets by targeting a maximum drawdown of 16%. The Sub-Adviser utilizes its Cyclical Asset Reallocation Algorithm (“CARA”), a proprietary algorithm developed by the Sub-Adviser that monitors market conditions to identify assets that are particularly attractive at a given time in the business cycle.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 4.46% and the net asset value decreased 4.33% while the S&P Target Risk Aggressive Index, a broad market index designed to measure the performance of aggressive stock-bond allocations, increased 2.72%.

The Fund commenced operations on September 17, 2020, and had 4,325,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Drawdown 16 ETF.

Sincerely,

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

9

Cabana Target Drawdown 16 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
As of
4/30/2023

 

Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

Cabana Target Drawdown 16 ETF (Net Asset Value)

 

9/17/2020

 

-4.33%

 

-3.53%

 

0.91%

 

0.69%

Cabana Target Drawdown 16 ETF (Market Price)

     

-4.46%

 

-3.55%

       

S&P Target Risk Aggressive Index

     

2.72%

 

5.57%

       

*   Reflects the expense ratios (inclusive of 0.11% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Aggressive Index is designed to measure the performance of aggressive stock-bond allocations to equities, seeking to maximize opportunities for long-term capital accumulation. It may include small allocations to fixed income to enhance portfolio efficiency.

The Fund’s shares are listed on the 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.

10

Cabana Target Leading Sector Aggressive ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Aggressive ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long-term growth primarily by allocating its assets among ETFs that invest in companies of various sectors of the U.S. market. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 4.82% and the net asset value decreased 4.95% while the S&P Target Risk Aggressive Index, a broad market index designed to measure the performance of aggressive stock-bond allocations, increased 2.72%.

The Fund commenced operations on July 13, 2021, and had 4,375,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Leading Sector Aggressive ETF.

Sincerely,

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

11

Cabana Target Leading Sector Aggressive ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
As of
4/30/2023

 

Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

Cabana Target Leading Sector Aggressive ETF (Net Asset Value)

 

7/13/2021

 

-4.95%

 

-14.35%

 

0.93%

 

0.69%

Cabana Target Leading Sector Aggressive ETF (Market Price)

     

-4.82%

 

-14.34%

       

S&P Target Risk Aggressive Index

     

2.72%

 

-3.58%

       

*   Reflects the expense ratios (inclusive of 0.13% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Aggressive Index is designed to measure the performance of aggressive stock-bond allocations to equities, seeking to maximize opportunities for long-term capital accumulation. It may include small allocations to fixed income to enhance portfolio efficiency.

The Fund’s shares are listed on the 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.

12

Cabana Target Leading Sector Conservative ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Conservative ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund ("ETF”) that seeks to provide long-term growth. The Fund seeks to achieve this objective primarily by allocating its assets among ETFs that invest in companies of various sectors of the U.S. market. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 5.71% and the net asset value decreased 5.81% while the S&P Target Risk Conservative Index, a broad market index designed to measure the performance of conservative stock-bond allocations, seeking to produce an income stream and avoid excessive volatility of returns, increased 0.84%.

The Fund commenced operations on July 13, 2021 and had 2,250,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Leading Sector Conservative ETF.

Sincerely,

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

13

Cabana Target Leading Sector Conservative ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
As of
4/30/2023

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Leading Sector Conservative ETF (Net Asset Value)

 

7/13/2021

 

-5.81%

 

-10.85%

 

0.94%

 

0.69%

Cabana Target Leading Sector Conservative ETF (Market Price)

     

-5.71%

 

-10.88%

       

S&P Target Risk Conservative Index

     

0.84%

 

-4.82%

       

*   Reflects the expense ratios (inclusive of 0.14% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Conservative Index is designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.

The Fund’s shares are listed on the 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.

14

Cabana Target Leading Sector Moderate ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2023  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Moderate ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal year ended April 30, 2023.

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide long-term growth primarily by allocating its assets among ETFs that invest in companies of various sectors of the U.S. market. The Fund’s sub-adviser, Cabana Asset Management (the “Sub-Adviser”), selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

Stock and bond market volatility provided a landscape for the fiscal year ended April 30, 2023 that most money managers would consider very challenging. By the end of calendar year 2022, the S&P 500® was down 18.11% for the year, while the NASDAQ 100 was down 33.13% and long-term treasury bonds were down 30.76% according to the IDC US Treasury 20+ Year Index. This one direction movement in both stocks and bonds made it difficult to hedge from the equity market decline. Further, the sharp rise in interest rates impacted asset prices around the world. In response to these events, the Sub-Adviser incorporated enhancements to its security selection process in an attempt to address a similar market environment in the future, which will allow the Fund to move more quickly to defensive allocations.

For the fiscal year ended April 30, 2023, the Fund’s market price decreased 4.18% and the net asset value decreased 4.27% while the S&P Target Risk Moderate Index, a broad market index designed to measure the performance of moderate stock-bond allocations, increased 1.23%.

The Fund commenced operations on July 13, 2021, and had 8,400,000 shares outstanding on April 30, 2023.

We appreciate your investment in the Cabana Target Leading Sector Moderate ETF.

Sincerely,

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

15

Cabana Target Leading Sector Moderate ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2023  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
As of
4/30/2023

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Leading Sector Moderate ETF (Net Asset Value)

 

7/13/2021

 

-4.27%

 

-9.38%

 

0.91%

 

0.69%

Cabana Target Leading Sector Moderate ETF (Market Price)

     

-4.18%

 

-9.41%

       

S&P Target Risk Moderate Index

     

1.23%

 

-4.56%

       

*   Reflects the expense ratios (inclusive of 0.11% of acquired fund fees and expenses) as reported in the Prospectus dated September 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.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.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 Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on the 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.

16

Cabana Target Drawdown 5 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2023  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.5%

 

COMMODITY — 9.9%

     

 

 

 

Goldman Sachs Physical Gold ETF*

 

111,975

 

$

2,209,267

 

CURRENCY — 9.9%

     

 

 

 

Invesco DB U.S. Dollar Index Bullish Fund

 

26,655

 

 

739,676

 

WisdomTree Bloomberg U.S. Dollar Bullish Fund

 

56,872

 

 

1,484,928

 

       

 

2,224,604

 

EQUITY — 10.1%

     

 

 

 

Invesco Nasdaq 100 ETF

 

17,134

 

 

2,273,339

 

FIXED INCOME — 69.6%

     

 

 

 

Goldman Sachs Access Treasury 0-1 Year ETF

 

22,281

 

 

2,230,551

 

iShares 1-3 Year Treasury Bond ETF

 

27,121

 

 

2,228,804

 

iShares 3-7 Year Treasury Bond ETF

 

18,892

 

 

2,232,657

 

Vanguard Intermediate-Term Treasury ETF

 

37,058

 

 

2,233,486

 

Vanguard Long-Term Treasury ETF

 

33,724

 

 

2,214,992

 

Vanguard Mortgage-Backed Securities ETF(a)

 

47,724

 

 

2,227,279

 

Vanguard Short-Term Bond ETF

 

29,121

 

 

2,231,833

 

       

 

15,599,602

 

TOTAL EXCHANGE-TRADED FUNDS
(Cost $22,266,009)

     

 

22,306,812

 

       

 

 

 

SHORT-TERM INVESTMENTS — 10.2%

 

Dreyfus Institutional Preferred Government Money Market Fund, 4.82%(b)(c)

 

2,148,974

 

 

2,148,974

 

Invesco Government & Agency Portfolio — Institutional Class, 4.78%(b)

 

129,640

 

 

129,640

 

       

 

2,278,614

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,278,614)

     

 

2,278,614

 

TOTAL INVESTMENTS — 109.7%

(Cost $24,544,623)

     

 

24,585,426

 

Liabilities in Excess of Other
Assets — (9.7%)

     

 

(2,158,588

)

TOTAL NET ASSETS — 100.0%

     

$

22,426,838

 

____________

*    Non-income producing security.

(a)      All or a portion of security is on loan. The aggregate market value of the securities on loan is $2,115,878; the aggregate market value of the collateral held by the fund is $2,148,974.

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

(c)      Collateral received from brokers for securities lending was invested in these short-term investments.

17

Cabana Target Drawdown 5 ETF

SUMMARY OF INVESTMENTS

 

April 30, 2023  

   

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Commodity

 

9.9

%

Currency

 

9.9

%

Equity

 

10.1

%

Fixed Income

 

69.6

%

Total Exchange-Traded Funds

 

99.5

%

Short-Term Investments

 

10.2

%

Total Investments

 

109.7

%

Liabilities in Excess of Other Assets

 

(9.7

)%

Total Net Assets

 

100.0

%

18

Cabana Target Drawdown 7 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2023  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.3%

CURRENCY — 9.9%

     

 

 

Invesco DB U.S. Dollar Index Bullish Fund

 

183,891

 

$

5,102,975

WisdomTree Bloomberg U.S. Dollar Bullish Fund

 

392,309

 

 

10,243,188

       

 

15,346,163

EQUITY — 10.1%

     

 

 

Invesco Nasdaq 100 ETF

 

118,203

 

 

15,683,174

FIXED INCOME — 79.3%

     

 

 

BNY Mellon Core Bond ETF

 

358,847

 

 

15,369,417

Goldman Sachs Access Treasury 0-1 Year ETF

 

153,715

 

 

15,388,409

iShares 1-3 Year Treasury Bond ETF

 

187,102

 

 

15,376,042

iShares 3-7 Year Treasury Bond ETF

 

130,332

 

 

15,402,636

Vanguard Intermediate-Term Treasury ETF

 

255,649

 

 

15,407,965

Vanguard Long-Term Treasury ETF

 

232,630

 

 

15,279,138

Vanguard Mortgage-Backed Securities ETF(a)

 

329,227

 

 

15,365,024

Vanguard Short-Term Bond ETF

 

200,882

 

 

15,395,597

       

 

122,984,228

TOTAL EXCHANGE-TRADED FUNDS

(Cost $153,522,584)

     

 

154,013,565

       

 

 
 

Number of
Shares

 

Value

SHORT-TERM INVESTMENTS — 9.3%

 

Dreyfus Institutional Preferred Government Money Market Fund, 4.82%(b)(c)

 

13,257,736

 

 

13,257,736

 

Invesco Government & Agency Portfolio — Institutional Class, 4.78%(b)

 

1,225,039

 

 

1,225,039

 

       

 

14,482,775

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $14,482,775)

     

 

14,482,775

 

TOTAL INVESTMENTS — 108.6%

(Cost $168,005,359)

     

 

168,496,340

 

Liabilities in Excess of Other Assets — (8.6%)

     

 

(13,348,899

)

TOTAL NET ASSETS — 100.0%

     

$

155,147,441

 

(a)      All or a portion of security is on loan. The aggregate market value of the securities on loan is $13,047,205; the aggregate market value of the collateral held by the fund is $13,257,736.

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

(c)      Collateral received from brokers for securities lending was invested in these short-term investments.

Other Affiliated Investments

Fiscal period to date transactions with investments which are or were affiliates are as follows:

Affiliate

 

Value at
beginning
of the
period

 

Purchases
Cost

 

Sales
Proceeds

 

Net
Realized Gain
/
(Loss)

 

Net
Change in
Unrealized
Appreciation
/
(Depreciation)

 

Value at
the end
of the
period

 

Number of
Shares
at the
end of
the period

 

Dividend
Income

 

Capital
Gain
Distributions

WisdomTree Bloomberg U.S. Dollar Bullish Fund(a)

 

$

25,909,529

 

$

32,896,994

 

$

(48,528,614

)

 

$

(94,152

)

 

$

59,431

 

$

10,243,188

 

392,309

 

$

 

$

686,076

(a)      Security is no longer affiliated company at period end.

19

Cabana Target Drawdown 7 ETF

SUMMARY OF INVESTMENTS

 

April 30, 2023  

   

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Currency

 

9.9

%

Equity

 

10.1

%

Fixed Income

 

79.3

%

Total Exchange-Traded Funds

 

99.3

%

Short-Term Investments

 

9.3

%

Total Investments

 

108.6

%

Liabilities in Excess of Other Assets

 

(8.6

)%

Total Net Assets

 

100.0

%

20

Cabana Target Drawdown 10 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2023  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.3%

COMMODITY — 9.8%

     

 

 

Goldman Sachs Physical Gold ETF*(a)

 

2,295,667

 

$

45,293,510

CURRENCY  9.9%

     

 

 

Invesco DB U.S. Dollar Index Bullish Fund

 

546,522

 

 

15,165,985

WisdomTree Bloomberg U.S. Dollar Bullish Fund(a)

 

1,166,033

 

 

30,445,122

       

 

45,611,107

EQUITY — 20.2%

     

 

 

Consumer Staples Select Sector SPDR Fund

 

603,723

 

 

46,752,309

Technology Select Sector SPDR Fund

 

309,142

 

 

46,627,888

       

 

93,380,197

FIXED INCOME — 59.4%

     

 

 

iShares 1-3 Year Treasury Bond ETF

 

556,109

 

 

45,701,038

iShares 3-7 Year Treasury Bond ETF

 

387,342

 

 

45,776,077

Vanguard Intermediate-Term Treasury ETF

 

759,792

 

 

45,792,664

Vanguard Long-Term Treasury ETF

 

691,393

 

 

45,410,692

Vanguard Mortgage-Backed Securities ETF

 

978,498

 

 

45,666,502

Vanguard Short-Term Bond ETF

 

597,090

 

 

45,760,977

       

 

274,107,950

TOTAL EXCHANGE-TRADED FUNDS
(Cost $456,586,698)

     

 

458,392,764

       

 

 
 

Number of
Shares

 

Value

SHORT-TERM INVESTMENTS — 0.8%

 

Invesco Government & Agency Portfolio — Institutional Class, 4.78%(b)

 

3,581,182

 

$

3,581,182

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,581,182)

     

 

3,581,182

 

TOTAL INVESTMENTS 100.1%
(Cost $460,167,880)

     

 

461,973,946

 

Liabilities in Excess of Other
Assets — (0.1%)

     

 

(250,344

)

TOTAL NET ASSETS — 100.0%

     

$

461,723,602

 

*    Non-income producing security.

(a)      Affiliated issuer.

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

Other Affiliated Investments

Fiscal period to date transactions with investments which are or were affiliates are as follows:

Affiliate

 

Value at
beginning
of the
period

 

Purchases
Cost

 

Sales
Proceeds

 

Net
Realized
Gain
/
(Loss)

 

Net
Change in
Unrealized
Appreciation
/
(Depreciation)

 

Value at
the end
of the
period

 

Number of
Shares
at the
end of
the period

 

Dividend
Income

 

Capital
Gain
Distributions

BNY Mellon U.S. Large Capital Core Equity ETF(a)

 

$

 

$

69,946,717

 

$

(72,167,251

)

 

$

2,220,534

 

 

$

 

 

$

 

 

$

 

$

Goldman Sachs Physical Gold ETF

 

 

78,786,183

 

 

178,237,691

 

 

(205,442,386

)