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)  

Semi-Annual Report

October 31, 2022

(Unaudited)

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

October 31, 2022  

(Unaudited)  

QRAFT AI-Enhanced U.S. High Dividend ETF

   

Schedule of Investments

 

1

Summary of Investments

 

3

QRAFT AI-Enhanced U.S. Large Cap ETF

   

Schedule of Investments

 

4

Summary of Investments

 

9

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

   

Schedule of Investments

 

10

Summary of Investments

 

11

QRAFT AI-Enhanced U.S. Next Value ETF

   

Schedule of Investments

 

12

Summary of Investments

 

14

Statements of Assets and Liabilities

 

15

Statements of Operations

 

16

Statements of Changes in Net Assets

 

17

Financial Highlights

 

19

Notes to Financial Statements

 

21

Disclosure of Fund Expenses

 

29

Review of Liquidity Risk Management Program

 

30

Board Consideration and Approval of Advisory Agreement

 

31

Before investing you should carefully consider each Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Funds’ prospectus, a copy of which may be obtained by visiting the Funds’ website at www.qraftaietf.com. Please read the Funds’ 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, except for the QRAFT AI-Enhanced U.S. Large Cap ETF, is classified as a non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”). The QRAFT AI-Enhanced U.S. Large Cap ETF is classified as a diversified investment company under the 1940 Act. 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 NYSE Arca, Inc. (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

i

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2022  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS99.3%

COMMUNICATION SERVICES — 1.0%

 

 

 

News Corp., Class A

 

845

 

$

14,255

Sirius XM Holdings, Inc.

 

5,194

 

 

31,372

       

 

45,627

CONSUMER DISCRETIONARY — 26.2%

Advance Auto Parts, Inc.

 

86

 

 

16,333

Bath & Body Works, Inc.

 

337

 

 

11,249

Best Buy Co., Inc.

 

309

 

 

21,139

BRP, Inc.

 

132

 

 

8,824

Columbia Sportswear Co.

 

102

 

 

7,599

Crocs, Inc.*

 

101

 

 

7,146

Darden Restaurants, Inc.

 

170

 

 

24,334

Dick’s Sporting Goods, Inc.

 

85

 

 

9,670

Dollar Tree, Inc.*

 

294

 

 

46,599

DR Horton, Inc.

 

462

 

 

35,519

Garmin Ltd.

 

263

 

 

23,154

Genuine Parts Co.

 

189

 

 

33,616

Hasbro, Inc.

 

198

 

 

12,919

Home Depot, Inc. (The)

 

1,181

 

 

349,730

Lithia Motors, Inc., Class A

 

42

 

 

8,322

Lowe’s Cos., Inc.

 

792

 

 

154,400

Newell Brands, Inc.

 

636

 

 

8,783

O’Reilly Automotive, Inc.*

 

82

 

 

68,648

Penske Automotive Group, Inc.

 

110

 

 

12,278

Polaris, Inc.

 

92

 

 

9,347

Ross Stores, Inc.

 

461

 

 

44,113

Tapestry, Inc.

 

360

 

 

11,405

Target Corp.

 

592

 

 

97,236

Tempur Sealy International, Inc.

 

283

 

 

7,610

Tractor Supply Co.

 

149

 

 

32,746

Ulta Beauty, Inc.*

 

69

 

 

28,937

VF Corp.

 

543

 

 

15,340

Whirlpool Corp.

 

81

 

 

11,197

Williams-Sonoma, Inc.

 

100

 

 

12,383

Yum! Brands, Inc.

 

374

 

 

44,225

       

 

1,174,801

CONSUMER STAPLES — 32.1%

 

 

 

Albertsons Cos., Inc., Class A

 

735

 

 

15,075

Altria Group, Inc.

 

2,314

 

 

107,069

BJ’s Wholesale Club Holdings, Inc.*

 

192

 

 

14,861

Casey’s General Stores, Inc.

 

55

 

 

12,799

Clorox Co. (The)

 

168

 

 

24,535

Colgate-Palmolive Co.

 

1,081

 

 

79,821

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

CONSUMER STAPLES (Continued)

Coty, Inc., Class A*

 

1,309

 

$

8,783

Estee Lauder Cos., Inc. (The), Class A

 

300

 

 

60,147

Flowers Foods, Inc.

 

331

 

 

9,503

Hershey Co. (The)

 

193

 

 

46,083

Kellogg Co.

 

452

 

 

34,723

Kimberly-Clark Corp.

 

440

 

 

54,762

Kroger Co. (The)

 

940

 

 

44,452

PepsiCo, Inc.

 

1,753

 

 

318,310

Philip Morris International, Inc.

 

1,977

 

 

181,587

Sysco Corp.

 

662

 

 

57,303

US Foods Holding Corp.*

 

343

 

 

10,208

Walmart, Inc.

 

2,513

 

 

357,675

       

 

1,437,696

ENERGY — 3.1%

     

 

 

Antero Midstream Corp.

 

776

 

 

8,264

Enterprise Products Partners LP

 

2,819

 

 

71,180

Magellan Midstream Partners LP

 

295

 

 

15,915

MPLX LP

 

1,331

 

 

44,642

       

 

140,001

FINANCIALS — 6.1%

     

 

 

AGNC Investment Corp., REIT

 

847

 

 

6,962

American Financial Group, Inc.

 

120

 

 

17,413

Annaly Capital Management, Inc., REIT

 

636

 

 

11,798

Citizens Financial Group, Inc.

 

672

 

 

27,485

FS KKR Capital Corp.

 

451

 

 

8,659

Invesco Ltd.

 

689

 

 

10,555

KeyCorp

 

1,276

 

 

22,802

Owl Rock Capital Corp.

 

649

 

 

7,704

Prudential Financial, Inc.

 

488

 

 

51,333

T Rowe Price Group, Inc.

 

302

 

 

32,060

Truist Financial Corp.

 

1,711

 

 

76,636

       

 

273,407

HEALTH CARE — 4.2%

     

 

 

Cardinal Health, Inc.

 

368

 

 

27,931

CVS Health Corp.

 

1,675

 

 

158,623

       

 

186,554

INDUSTRIALS — 7.0%

     

 

 

3M Co.

 

734

 

 

92,330

Acuity Brands, Inc.

 

51

 

 

9,362

AGCO Corp.

 

111

 

 

13,783

Donaldson Co., Inc.

 

187

 

 

10,743

1

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS (Concluded)

 

October 31, 2022  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

INDUSTRIALS (Continued)

Fastenal Co.

 

760

 

$

36,731

Ferguson PLC

 

282

 

 

30,811

Fortune Brands Home & Security, Inc.

 

193

 

 

11,642

Landstar System, Inc.

 

57

 

 

8,904

Lennox International, Inc.

 

52

 

 

12,146

Robert Half International, Inc.

 

159

 

 

12,157

Snap-On, Inc.

 

75

 

 

16,654

UFP Industries, Inc.

 

100

 

 

7,123

WESCO International, Inc.*

 

77

 

 

10,608

WW Grainger, Inc.

 

67

 

 

39,151

       

 

312,145

INFORMATION TECHNOLOGY — 15.9%

Cisco Systems, Inc.

 

5,270

 

 

239,416

Hewlett Packard Enterprise Co.

 

1,772

 

 

25,286

International Business Machines Corp.

 

1,154

 

 

159,587

Juniper Networks, Inc.

 

468

 

 

14,321

Logitech International SA

 

241

 

 

11,963

National Instruments Corp.

 

209

 

 

7,980

NetApp, Inc.

 

303

 

 

20,989

Seagate Technology Holdings PLC

 

293

 

 

14,550

Texas Instruments, Inc.

 

1,164

 

 

186,973

Ubiquiti, Inc.

 

82

 

 

28,434

       

 

709,499

MATERIALS — 3.1%

     

 

 

Dow, Inc.

 

943

 

 

44,076

Reliance Steel & Aluminum Co.

 

85

 

 

17,126

Southern Copper Corp.

 

1,012

 

 

47,533

Steel Dynamics, Inc.

 

253

 

 

23,795

United States Steel Corp.

 

386

 

 

7,859

       

 

140,389

REAL ESTATE — 0.4%

     

 

 

Omega Healthcare Investors, Inc., REIT

 

349

 

 

11,091

Vornado Realty Trust, REIT

 

310

 

 

7,313

       

 

18,404

UTILITIES — 0.2%

     

 

 

NextEra Energy Partners LP

 

128

 

 

9,481

TOTAL COMMON STOCKS
(Cost $4,324,089)

     

 

4,448,004

 

Number of
Shares

 

Value

SHORT-TERM INVESTMENTS — 0.5%

Invesco Government & Agency Portfolio – Institutional Class, 3.07%(a)

 

22,518

 

$

22,518

TOTAL SHORT TERM INVESTMENTS
(Cost $22,518)

     

 

22,518

TOTAL INVESTMENTS — 99.8%
(Cost $4,346,607)

     

 

4,470,522

Other Assets in Excess of Liabilities — 0.2%

     

 

10,146

TOTAL NET ASSETS — 100.0%

     

$

4,480,668

*   Non-income producing security.

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

REIT  :  Real Estate Investment Trust

2

QRAFT AI-Enhanced U.S. High Dividend ETF

SUMMARY OF INVESTMENTS

 

October 31, 2022  

(Unaudited)  

Security Type/Sector

 

Percent of
Total
Net
Assets

Common Stocks

   

 

Communication Services

 

1.0

%

Consumer Discretionary

 

26.2

%

Consumer Staples

 

32.1

%

Energy

 

3.1

%

Financials

 

6.1

%

Health Care

 

4.2

%

Industrials

 

7.0

%

Information Technology

 

15.9

%

Materials

 

3.1

%

Real Estate

 

0.4

%

Utilities

 

0.2

%

Total Common Stocks

 

99.3

%

Short-Term Investments

 

0.5

%

Total Investments

 

99.8

%

Other Assets in Excess of Liabilities

 

0.2

%

Total Net Assets

 

100.0

%

3

QRAFT AI-Enhanced U.S. Large Cap ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2022  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS99.7%

COMMUNICATION SERVICES — 3.4%

Activision Blizzard, Inc.

 

65

 

$

4,732

Alphabet, Inc., Class A*

 

1,025

 

 

96,873

AT&T, Inc.

 

591

 

 

10,774

BCE, Inc.

 

171

 

 

7,712

Comcast Corp., Class A

 

369

 

 

11,712

Electronic Arts, Inc.

 

27

 

 

3,401

Meta Platforms, Inc., Class A*

 

190

 

 

17,700

Netflix, Inc.*

 

37

 

 

10,800

TELUS Corp.

 

261

 

 

5,452

T-Mobile US, Inc.*

 

103

 

 

15,611

Verizon Communications, Inc.

 

346

 

 

12,930

Walt Disney Co. (The)*

 

150

 

 

15,981

Warner Bros Discovery, Inc.*

 

241

 

 

3,133

       

 

216,811

CONSUMER DISCRETIONARY — 8.9%

Airbnb, Inc., Class A*

 

31

 

 

3,314

Amazon.com, Inc.*

 

855

 

 

87,586

AutoZone, Inc.*

 

2

 

 

5,066

Booking Holdings, Inc.*

 

3

 

 

5,608

Chipotle Mexican Grill, Inc.*

 

3

 

 

4,495

Coupang, Inc.*

 

134

 

 

2,314

Dollar Tree, Inc.*

 

24

 

 

3,804

Ferrari NV

 

17

 

 

3,345

Ford Motor Co.

 

325

 

 

4,345

Home Depot, Inc. (The)

 

85

 

 

25,171

Las Vegas Sands Corp.*

 

76

 

 

2,889

Lowe’s Cos., Inc.

 

52

 

 

10,137

Lululemon Athletica, Inc.*

 

349

 

 

114,835

Magna International, Inc.

 

66

 

 

3,678

McDonald’s Corp.

 

60

 

 

16,360

MercadoLibre, Inc.*

 

3

 

 

2,705

Murphy USA, Inc.

 

204

 

 

64,160

NVR, Inc.*

 

17

 

 

72,042

O’Reilly Automotive, Inc.*

 

5

 

 

4,186

Pool Corp.

 

132

 

 

40,158

Rivian Automotive, Inc., Class A*

 

89

 

 

3,112

Ross Stores, Inc.

 

29

 

 

2,775

Starbucks Corp.

 

94

 

 

8,140

Stellantis NV

 

312

 

 

4,218

Target Corp.

 

38

 

 

6,242

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

CONSUMER DISCRETIONARY (Continued)

Tesla, Inc.*

 

262

 

$

59,616

TJX Cos., Inc. (The)

 

96

 

 

6,922

Yum! Brands, Inc.

 

28

 

 

3,311

       

 

570,534

CONSUMER STAPLES — 3.9%

     

 

 

Altria Group, Inc.

 

150

 

 

6,940

Archer-Daniels-Midland Co.

 

45

 

 

4,364

Coca-Cola Co. (The)

 

359

 

 

21,486

Colgate-Palmolive Co.

 

69

 

 

5,095

Costco Wholesale Corp.

 

157

 

 

78,736

Estee Lauder Cos., Inc. (The), Class A

 

18

 

 

3,609

General Mills, Inc.

 

49

 

 

3,997

Hershey Co. (The)

 

15

 

 

3,582

Hormel Foods Corp.

 

45

 

 

2,090

Kimberly-Clark Corp.

 

28

 

 

3,485

Kroger Co. (The)

 

73

 

 

3,452

Mondelez International, Inc., Class A

 

115

 

 

7,070

Monster Beverage Corp.*

 

45

 

 

4,217

PepsiCo, Inc.

 

115

 

 

20,882

Philip Morris International, Inc.

 

129

 

 

11,849

Procter & Gamble Co. (The)

 

199

 

 

26,799

Sysco Corp.

 

42

 

 

3,636

Walgreens Boots Alliance, Inc.

 

86

 

 

3,139

Walmart, Inc.

 

227

 

 

32,309

       

 

246,737

ENERGY — 4.6%

     

 

 

Canadian Natural Resources Ltd.

 

218

 

 

13,067

Cenovus Energy, Inc.

 

371

 

 

7,494

Chevron Corp.

 

163

 

 

29,487

ConocoPhillips

 

108

 

 

13,618

Coterra Energy, Inc.

 

1,865

 

 

58,057

Devon Energy Corp.

 

54

 

 

4,177

Enbridge, Inc.

 

381

 

 

14,840

Energy Transfer LP

 

308

 

 

3,933

Enterprise Products Partners LP

 

1,446

 

 

36,512

EOG Resources, Inc.

 

48

 

 

6,553

Exxon Mobil Corp.

 

347

 

 

38,451

Hess Corp.

 

31

 

 

4,374

Marathon Petroleum Corp.

 

45

 

 

5,113

4

QRAFT AI-Enhanced U.S. Large Cap ETF

SCHEDULE OF INVESTMENTS (Continued)

 

October 31, 2022  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

ENERGY (Continued)

MPLX LP

 

101

 

$

3,388

Occidental Petroleum Corp.

 

78

 

 

5,663

Ovintiv, Inc.

 

59

 

 

2,988

Pembina Pipeline Corp.

 

104

 

 

3,433

Phillips 66

 

39

 

 

4,067

Pioneer Natural Resources Co.

 

20

 

 

5,128

Schlumberger NV

 

116

 

 

6,035

Suncor Energy, Inc.

 

267

 

 

9,182

TC Energy Corp.

 

185

 

 

8,125

Valero Energy Corp.

 

33

 

 

4,143

Williams Cos., Inc. (The)

 

121

 

 

3,960

       

 

291,788

FINANCIALS — 18.9%

     

 

 

Aflac, Inc.

 

65

 

 

4,232

Allstate Corp. (The)

 

279

 

 

35,224

American Express Co.

 

62

 

 

9,204

American International Group, Inc.

 

79

 

 

4,503

Ameriprise Financial, Inc.

 

10

 

 

3,091

Aon PLC, Class A

 

202

 

 

56,861

Apollo Global Management, Inc.

 

58

 

 

3,211

Arthur J Gallagher & Co.

 

208

 

 

38,913

Bank of America Corp.

 

666

 

 

24,003

Bank of Montreal

 

122

 

 

11,234

Bank of New York Mellon Corp. (The)

 

80

 

 

3,369

Bank of Nova Scotia (The)

 

227

 

 

10,969

Berkshire Hathaway, Inc., Class B*