EXCHANGE LISTED FUNDS TRUST

Akros Monthly Payout ETF (MPAY)

Semi-Annual Report

May 31, 2023

(Unaudited)

Akros Monthly Payout ETF
Schedule of Investments		1
Summary of Investments		3
Statement of Assets and Liabilities		4
Statement of Operations		5
Statements of Changes in Net Assets		6
Financial Highlights		7
Notes to Financial Statements		8
Disclosure of Fund Expenses		16
Review of Liquidity Risk Management Program		17

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

There are risks involved with investing, including possible loss of principal, and there is no guarantee the Fund will achieve its investment objective. The Fund is classified as a 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.

The Fund seeks to make cash distributions once per month throughout a calendar year with the goal, but not the guarantee, of an annualized target rate of 7.0%, which is based on the Fund’s per-share net asset value (“NAV”) on the date of a distribution’s declaration. See Note 2(f) — Distributions to Shareholders for additional information on the Fund’s target distributions.

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

Distributor: Foreside Fund Services, LLC

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Security Type/Sector		Percent of Total Net Assets
Common Stocks
Consumer Discretionary		7.9	%
Consumer Staples		6.1	%
Financials		0.8	%
Health Care		2.6	%
Industrials		6.9	%
Information Technology		3.4	%
Materials		2.3	%
Total Common Stocks		30.0	%
Exchange-Traded Funds
Fixed Income		69.8	%
Total Exchange-Traded Funds		69.8	%
Short-Term Investments		0.2	%
Total Investments		100.0	%
Other Assets in Excess of Liabilities		0.0	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

		Akros Monthly Payout ETF
Assets:
Investments, at value		$	2,193,520
Dividends receivable			1,790
Foreign tax reclaim			10
Total Assets			2,195,320
Liabilities:
Advisory fee payable			875
Total Liabilities			875
Net Assets		$	2,194,445
Net Assets Consist of:
Paid-in capital		$	2,334,663
Distributable earnings (loss)			(140,218	)
Net Assets		$	2,194,445
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)			100,001
Net Asset Value, Offering and Redemption Price Per Share		$	21.94
Investments, at cost		$	2,240,879

See accompanying Notes to Financial Statements.

		Akros Monthly Payout ETF
		For the Six Months Ended May 31, 2023 (Unaudited)
Investment Income:
Dividends*		$	34,553
Total Investment Income			34,553
Expenses:
Advisory fees			8,604
Total Expenses			8,604
Less fees waived:
Waiver			(2,868	)
Net Expenses			5,736
Net Investment Income (Loss)			28,817
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments			38,731
In-kind redemptions			39,220
Capital gain distributions from underlying funds			12
Net realized gain (loss)			77,963
Net change in unrealized appreciation (depreciation) on:
Investments			(92,800	)
Net change in unrealized appreciation (depreciation)			(92,800	)
Net realized and unrealized gain (loss)			(14,837	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	13,980
* Net of foreign withholding taxes		$	15

See accompanying Notes to Financial Statements.

		Akros Monthly Payout ETF
		For the Six Months Ended May 31, 2023 (Unaudited)				For the period May 6, 2022(1) to November 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)		$	28,817			$	28,199
Net realized gain (loss)			77,963				(72,773	)
Change in net unrealized appreciation (depreciation)			(92,800	)			45,441
Net Increase (Decrease) in Net Assets Resulting from Operations			13,980				867
Distributions to Shareholders:
Distributions			(81,465	)			(28,199	)
Return of capital			—				(39,557	)
Total Distributions to Shareholders			(81,465	)			(67,756	)
Capital Share Transactions:
Proceeds from shares issued			676,753				3,738,178
Cost of shares redeemed			(907,564	)			(1,178,572	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			(230,811	)			2,559,606
Total Increase (Decrease) in Net Assets			(298,296	)			2,492,717
Net Assets:
Beginning of period(2)			2,492,741				24
End of period		$	2,194,445			$	2,492,741
Change in Shares Outstanding:
Shares outstanding, beginning of period			110,001				1
Shares issued			30,000				160,000
Shares redeemed			(40,000	)			(50,000	)
Shares outstanding, end of period			100,001				110,001

​(1)  Commencement of operations.

​(2)  Beginning capital of $24 was contributed by the Adviser in exchange for 1 share of the Fund in connection with the commencement of operations.

See accompanying Notes to Financial Statements.

Akros Monthly Payout ETF Selected Per Share Data		For the Six Months Ended May 31, 2023 (Unaudited)				For the period May 6, 2022(1) through November 30, 2022
Net Asset Value, beginning of period		$	22.66			$	24.28
Investment Activities
Net investment income (loss)(2)			0.28				0.34
Net realized and unrealized gain (loss)			(0.21	)			(1.16	)
Total from investment activities			0.07				(0.82	)
Distributions to shareholders from:
Net investment income			(0.79	)			(0.33	)
Return of Capital			—				(0.47	)
Total distributions			(0.79	)			(0.80	)
Net Asset Value, end of period		$	21.94			$	22.66
Total Return (%)			0.28	​(3)			(3.36	)(3)
Total Return at Market Price (%)			0.61	​(3)			(3.41	)(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)			0.75	​(5)			0.75	​(5)
Expenses after fee waiver (%)(4)			0.50	​(5)			0.50	​(5)
Net investment income (loss) (%)			2.51	​(5)			2.60	​(5)
Supplemental Data
Net Assets at end of period (000’s)		$	2,194			$	2,493
Portfolio turnover (%)(6)			166	​(3)			223	​(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)  The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

​(5)  Annualized for periods less than one year.

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

See accompanying Notes to Financial Statements.

Note 1 – Organization

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

The Fund is a passively managed exchange-traded fund (“ETF”).

The Fund’s investment objective is to seek to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Akros Multi-Asset Index (the “Index”). The Fund commenced operations on May 6, 2022.

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

Note 2 – Basis of Presentation and Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Trust in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.”

(a) Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities.

(b) Valuation of Investments

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

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

Pursuant to the requirements of Rule 2a-5, the Board (i) has designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Fund through the Adviser’s Valuation Committee and (ii) approved the Adviser’s Valuation Procedures.

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

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

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

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

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

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

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

The following is a summary of the valuations as of May 31, 2023 for the Fund based upon the three levels defined above:

Akros Monthly Payout ETF		Level 1			Level 2			Level 3			Total
Investments
Exchange-Traded Funds(a)		$	1,531,045		$	—		$	—		$	1,531,045
Common Stocks(a)			657,281			—			—			657,281
Short-Term Investments			5,194			—			—			5,194
Total		$	2,193,520		$	—		$	—		$	2,193,520

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

(c) Investment Transactions and Related Income

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