	Number of Shares	Value
COMMON STOCKS — 99.3%
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

	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

	Number of Shares	Value
COMMON STOCKS — 99.7%
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

	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*	417		123,053
BlackRock, Inc.	73		47,151
Blackstone, Inc.	59		5,377
Brookfield Asset Management, Inc., Class A	295		11,685
Canadian Imperial Bank of Commerce	171		7,765
Capital One Financial Corp.	32		3,393
Charles Schwab Corp. (The)	150		11,950
Chubb Ltd.	35		7,521
Citigroup, Inc.	160		7,338
CME Group, Inc.	30		5,199
Discover Financial Services	24		2,507
Erie Indemnity Co., Class A	336		86,355
Fidelity National Financial, Inc.	1,496		58,912

	Number of Shares	Value
COMMON STOCKS (Continued)
FINANCIALS (Continued)
Franklin Resources, Inc.	1,861	$	43,640
Goldman Sachs Group, Inc. (The)	29		9,991
Intercontinental Exchange, Inc.	45		4,301
JPMorgan Chase & Co.	242		30,463
KKR & Co., Inc.	59		2,869
M&T Bank Corp.	17		2,862
Manulife Financial Corp.	362		5,991
MarketAxess Holdings, Inc.	301		73,456
Marsh & McLennan Cos., Inc.	392		63,304
MetLife, Inc.	66		4,832
Moody’s Corp.	153		40,525
Morgan Stanley	144		11,832
MSCI, Inc.	9		4,220
Nasdaq, Inc.	51		3,174
PNC Financial Services Group, Inc. (The)	34		5,502
Progressive Corp. (The)	48		6,163
Prudential Financial, Inc.	37		3,892
Raymond James Financial, Inc.	510		60,251
Royal Bank of Canada	263		24,320
S&P Global, Inc.	281		90,271
Sun Life Financial, Inc.	110		4,670
Synchrony Financial	1,047		37,231
Toronto-Dominion Bank (The)	339		21,693
Truist Financial Corp.	109		4,882
US Bancorp	122		5,179
Wells Fargo & Co.	313		14,395
Willis Towers Watson PLC	180		39,278
			1,202,207
HEALTH CARE — 13.2%
Abbott Laboratories	144		14,247
AbbVie, Inc.	146		21,374
Agilent Technologies, Inc.	24		3,320
Alcon, Inc.	49		2,973
AmerisourceBergen Corp.	22		3,459
Amgen, Inc.	45		12,166
Baxter International, Inc.	51		2,772
Becton Dickinson and Co.	24		5,663
Biogen, Inc.*	15		4,252
Boston Scientific Corp.*	117		5,044
Bristol-Myers Squibb Co.	176		13,635
Centene Corp.*	581		49,461

	Number of Shares	Value
COMMON STOCKS (Continued)
HEALTH CARE (Continued)
Charles River Laboratories International, Inc.*	153	$	32,474
Cigna Corp.	281		90,780
CVS Health Corp.	108		10,228
Danaher Corp.	59		14,849
DaVita, Inc.*	428		31,248
Dexcom, Inc.*	39		4,710
Edwards Lifesciences Corp.*	52		3,766
Elevance Health, Inc.	19		10,389
Eli Lilly & Co.	79		28,605
Gilead Sciences, Inc.	103		8,081
Humana, Inc.	238		132,823
IDEXX Laboratories, Inc.*	7		2,518
Illumina, Inc.*	17		3,890
Intuitive Surgical, Inc.*	30		7,394
IQVIA Holdings, Inc.*	17		3,564
Johnson & Johnson	218		37,925
McKesson Corp.	97		37,769
Medtronic PLC	109		9,520
Merck & Co., Inc.	209		21,151
Moderna, Inc.*	32		4,811
Pfizer, Inc.	464		21,599
Regeneron Pharmaceuticals, Inc.*	10		7,487
ResMed, Inc.	11		2,461
Seagen, Inc.*	17		2,162
Stryker Corp.	31		7,106
Thermo Fisher Scientific, Inc.	33		16,961
UnitedHealth Group, Inc.	240		133,236
Vertex Pharmaceuticals, Inc.*	21		6,552
Zoetis, Inc.	38		5,730
			838,155
INDUSTRIALS — 14.9%
3M Co.	46		5,786
AMETEK, Inc.	19		2,464
Boeing Co. (The)*	49		6,983
Booz Allen Hamilton Holding Corp.	949		103,299
Builders FirstSource, Inc.*	772		47,601
CACI International, Inc., Class A*	168		51,077
Canadian National Railway Co.	129		15,279
Canadian Pacific Railway Ltd.	759		56,538
Carrier Global Corp.	85		3,380

	Number of Shares	Value
COMMON STOCKS (Continued)
INDUSTRIALS (Continued)
Caterpillar, Inc.	45	$	9,741
CH Robinson Worldwide, Inc.	543		53,062
Cintas Corp.	128		54,726
Copart, Inc.*	24		2,760
CoStar Group, Inc.*	33		2,730
CSX Corp.	179		5,202
Cummins, Inc.	15		3,668
Deere & Co.	24		9,500
Eaton Corp. PLC	32		4,802
Emerson Electric Co.	49		4,243
Expeditors International of Washington, Inc.	490		47,946
Fastenal Co.	923		44,609
FedEx Corp.	22		3,526
General Dynamics Corp.	24		5,995
General Electric Co.	91		7,081
Honeywell International, Inc.	56		11,425
Illinois Tool Works, Inc.	25		5,338
JB Hunt Transport Services, Inc.	299		51,150
Johnson Controls International PLC	68		3,933
L3Harris Technologies, Inc.	18		4,436
Leidos Holdings, Inc.	447		45,411
Lockheed Martin Corp.	90		43,801
Masco Corp.	655		30,307
Norfolk Southern Corp.	19		4,333
Northrop Grumman Corp.	12		6,588
Old Dominion Freight Line, Inc.	10		2,746
Otis Worldwide Corp.	42		2,967
PACCAR, Inc.	34		3,292
Parker-Hannifin Corp.	10		2,906
Quanta Services, Inc.	256		36,362
Raytheon Technologies Corp.	122		11,568
Republic Services, Inc.	26		3,448
Ritchie Bros Auctioneers, Inc.	623		40,701
Rockwell Automation, Inc.	10		2,553
Thomson Reuters Corp.	92		9,778
Trane Technologies PLC	24		3,831
TransDigm Group, Inc.	3		1,727
Uber Technologies, Inc.*	163		4,331
Union Pacific Corp.	241		47,511
Verisk Analytics, Inc.	17		3,108

	Number of Shares	Value
COMMON STOCKS (Continued)
INDUSTRIALS (Continued)
Waste Connections, Inc.	48	$	6,332
Waste Management, Inc.	34		5,385
WW Grainger, Inc.	3		1,753
			949,019
INFORMATION TECHNOLOGY — 16.8%
Accenture PLC, Class A	54		15,331
Adobe, Inc.*	38		12,103
Advanced Micro Devices, Inc.*	134		8,048
Amphenol Corp., Class A	49		3,716
Analog Devices, Inc.	43		6,133
Apple, Inc.	1,348		206,702
Applied Materials, Inc.	73		6,445
Arista Networks, Inc.*	24		2,901
Atlassian Corp., Class A*	15		3,041
Autodesk, Inc.*	17		3,643
Automatic Data Processing, Inc.	34		8,218
Block, Inc.*	52		3,124
Broadcom, Inc.	33		15,514
Cadence Design Systems, Inc.*	24		3,633
CGI, Inc.*	609		49,006
Cisco Systems, Inc.	342		15,537
Cognizant Technology Solutions Corp., Class A	1,133		70,529
Corning, Inc.	84		2,702
Crowdstrike Holdings, Inc., Class A*	17		2,740
Datadog, Inc., Class A*	28		2,254
Enphase Energy, Inc.*	10		3,070
EPAM Systems, Inc.*	155		54,250
Fidelity National Information Services, Inc.	51		4,233
Fiserv, Inc.*	52		5,342
Fortinet, Inc.*	80		4,573
Genpact Ltd.	1,106		53,641
Global Payments, Inc.	27		3,085
GLOBALFOUNDRIES, Inc.*	45		2,552
HP, Inc.	102		2,817
Intel Corp.	339		9,638
International Business Machines Corp.	73		10,095
Intuit, Inc.	24		10,260
Keysight Technologies, Inc.*	17		2,961
KLA Corp.	12		3,797

	Number of Shares	Value
COMMON STOCKS (Continued)
INFORMATION TECHNOLOGY (Continued)
Lam Research Corp.	10	$	4,048
Marvell Technology, Inc.	85		3,373
Mastercard, Inc., Class A	80		26,254
Microchip Technology, Inc.	56		3,457
Micron Technology, Inc.	91		4,923
Microsoft Corp.	626		145,313
Motorola Solutions, Inc.	17		4,245
NVIDIA Corp.	206		27,804
NXP Semiconductors NV	25		3,652
ON Semiconductor Corp.*	43		2,642
Oracle Corp.	220		17,175
Palo Alto Networks, Inc.*	24		4,118
Paychex, Inc.	286		33,837
PayPal Holdings, Inc.*	95		7,940
QUALCOMM, Inc.	93		10,942
Roper Technologies, Inc.	10		4,145
Salesforce, Inc.*	81		13,170
ServiceNow, Inc.*	17		7,153
Shopify, Inc., Class A*	223		7,633
Snowflake, Inc., Class A*	26		4,168
Synopsys, Inc.*	12		3,511
TD SYNNEX Corp.	724		66,253
TE Connectivity Ltd.	31		3,789
Texas Instruments, Inc.	76		12,208
Trade Desk, Inc. (The), Class A*	38		2,023
Visa, Inc., Class A	136		28,174
VMware, Inc., Class A	35		3,939
Workday, Inc., Class A*	19		2,961
			1,070,484
MATERIALS — 4.8%
Agnico Eagle Mines Ltd.	87		3,825
Air Products and Chemicals, Inc.	136		34,054
Albemarle Corp.	10		2,799
Barrick Gold Corp.	2,676		40,220
Corteva, Inc.	59		3,855
Dow, Inc.	73		3,412
DuPont de Nemours, Inc.	51		2,917
Ecolab, Inc.	28		4,398
Franco-Nevada Corp.	37		4,573
Kinross Gold Corp.	13,643		49,524
Linde PLC	41		12,191

	Number of Shares	Value
COMMON STOCKS (Continued)
MATERIALS (Continued)
LyondellBasell Industries NV, Class A	27	$	2,064
Newmont Corp.	801		33,898
Nucor Corp.	26		3,416
Nutrien Ltd.	104		8,788
PPG Industries, Inc.	24		2,740
Royal Gold, Inc.	475		45,106
Sherwin-Williams Co. (The)	22		4,951
Southern Copper Corp.	785		36,872
Teck Resources Ltd., Class B	101		3,074
Wheaton Precious Metals Corp.	101		3,302
			305,979
REAL ESTATE — 5.6%
American Tower Corp., REIT	163		33,772
AvalonBay Communities, Inc., REIT	11		1,926
Crown Castle International Corp., REIT	36		4,797
Digital Realty Trust, Inc., REIT	28		2,807
EastGroup Properties, Inc., REIT	450		70,510
Equinix, Inc., REIT	8		4,532
Equity Residential, REIT	31		1,954
First Industrial Realty Trust, Inc., REIT	1,339		63,777
Gaming and Leisure Properties, Inc., REIT	919		46,060
Kimco Realty Corp., REIT	1,577		33,716
Prologis, Inc., REIT	402		44,522
Public Storage, REIT	15		4,646
Realty Income Corp., REIT	528		32,879
SBA Communications Corp., REIT	10		2,699
Simon Property Group, Inc., REIT	32		3,487
VICI Properties, Inc., REIT	94		3,010
Welltower, Inc., REIT	45		2,747
			357,841
UTILITIES — 4.7%
American Electric Power Co., Inc.	44		3,869
Brookfield Infrastructure Partners LP	87		3,165
CMS Energy Corp.	547		31,206
Consolidated Edison, Inc.	30		2,639
Constellation Energy Corp.	27		2,553
Dominion Energy, Inc.	68		4,758

	Number of Shares	Value
COMMON STOCKS (Continued)
UTILITIES (Continued)
Duke Energy Corp.	64	$	5,964
Entergy Corp.	371		39,749
Evergy, Inc.	549		33,560
Eversource Energy	423		32,266
Exelon Corp.	80		3,087
Fortis, Inc.	89		3,471
NextEra Energy, Inc.	169		13,097
PG&E Corp.*	175		2,613
Public Service Enterprise Group, Inc.	50		2,804
Sempra Energy	261		39,395
Southern Co. (The)	478		31,299
WEC Energy Group, Inc.	26		2,375
Xcel Energy, Inc.	626		40,759
			298,629
TOTAL COMMON STOCKS (Cost $6,625,502)			6,348,184

SHORT-TERM INVESTMENTS — 0.3%
Invesco Government & Agency Portfolio – Institutional Class, 3.07%(a)	19,858		19,858
TOTAL SHORT TERM INVESTMENTS (Cost $19,858)			19,858
TOTAL INVESTMENTS — 100.0% (Cost $6,645,360)			6,368,042
Other Assets in Excess of Liabilities — 0.0%			530
TOTAL NET ASSETS — 100.0%		$	6,368,572

* Non-income producing security.

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

REIT : Real Estate Investment Trust

	Number of Shares	Value
COMMON STOCKS — 99.7%
CONSUMER DISCRETIONARY — 22.6%
AutoZone, Inc.*	101	$	255,821
Dollar Tree, Inc.*	1,370		217,145
Home Depot, Inc. (The)	2,957		875,656
Lowe’s Cos., Inc.	2,191		427,136
Lululemon Athletica, Inc.*	703		231,315
Murphy USA, Inc.	449		141,215
O’Reilly Automotive, Inc.*	317		265,383
Tractor Supply Co.	865		190,101
			2,603,772
CONSUMER STAPLES — 15.4%
BJ’s Wholesale Club Holdings, Inc.*	1,823		141,100
Casey’s General Stores, Inc.	625		145,444
Flowers Foods, Inc.	4,887		140,306
Hershey Co. (The)	869		207,491
Sysco Corp.	2,834		245,311
Walmart, Inc.	6,291		895,398
			1,775,050
ENERGY — 18.5%
Cenovus Energy, Inc.	18,631		376,346
Civitas Resources, Inc.	2,085		145,762
Continental Resources, Inc.	2,549		188,550
EOG Resources, Inc.	2,490		339,935
Hess Corp.	1,791		252,674
HF Sinclair Corp.	2,554		156,228
Marathon Petroleum Corp.	2,379		270,302
PBF Energy, Inc., Class A*	3,360		148,680
Valero Energy Corp.	2,032		255,118
			2,133,595
HEALTH CARE — 11.9%
AMN Healthcare Services, Inc.*	1,123		140,937
Chemed Corp.	283		132,124
Humana, Inc.	552		308,060
McKesson Corp.	689		268,276
Mettler-Toledo International, Inc.*	158		199,859
Vertex Pharmaceuticals, Inc.*	1,040		324,480
			1,373,736
INDUSTRIALS — 12.9%
Advanced Drainage Systems, Inc.	1,080		125,151
Applied Industrial Technologies, Inc.	1,142		142,042
Builders FirstSource, Inc.*	2,223		137,070
Carlisle Cos., Inc.	518		123,698

	Number of Shares	Value
COMMON STOCKS (Continued)
INDUSTRIALS (Continued)
CH Robinson Worldwide, Inc.	1,435	$	140,228
Fastenal Co.	3,825		184,862
Landstar System, Inc.	837		130,756
Rollins, Inc.	4,371		183,932
UFP Industries, Inc.	1,642		116,960
WW Grainger, Inc.	351		205,107
			1,489,806
INFORMATION TECHNOLOGY — 5.9%
Enphase Energy, Inc.*	738		226,566
Fair Isaac Corp.*	326		156,102
Qualys, Inc.*	868		123,742
Ubiquiti, Inc.	521		180,656
			687,066
MATERIALS — 12.5%
CF Industries Holdings, Inc.	1,632		173,416
ICL Group Ltd.	16,503		148,857
Mosaic Co. (The)	3,116		167,485
Nucor Corp.	1,684		221,244
Nutrien Ltd.	4,623		390,643
Reliance Steel & Aluminum Co.	772		155,543
Steel Dynamics, Inc.	1,984		186,595
			1,443,783
TOTAL COMMON STOCKS (Cost $10,777,995)			11,506,808

SHORT-TERM INVESTMENTS — 0.3%
Invesco Government & Agency Portfolio – Institutional Class, 3.07%(a)	36,041		36,041
TOTAL SHORT TERM INVESTMENTS (Cost $36,041)			36,041
TOTAL INVESTMENTS — 100.0% (Cost $10,814,036)			11,542,849
Other Assets in Excess of Liabilities — 0.0%			393
TOTAL NET ASSETS — 100.0%		$	11,543,242

* Non-income producing security.

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

	Number of Shares	Value
COMMON STOCKS — 99.7%
COMMUNICATION SERVICES — 3.0%
Gray Television, Inc.	3,000	$	42,450
Liberty Global PLC, Class A*	2,492		42,015
Nexstar Media Group, Inc., Class A	306		52,418
TEGNA, Inc.	1,532		31,988
			168,871
CONSUMER DISCRETIONARY — 5.5%
Century Communities, Inc.	406		18,071
Group 1 Automotive, Inc.	100		17,300
KB Home	453		13,056
Lithia Motors, Inc., Class A	142		28,137
MDC Holdings, Inc.	1,609		49,010
Meritage Homes Corp.*	480		36,557
Penske Automotive Group, Inc.	341		38,062
Taylor Morrison Home Corp.*	704		18,543
Toll Brothers, Inc.	675		29,079
Tri Pointe Homes, Inc.*	3,637		60,920
			308,735
CONSUMER STAPLES — 2.0%
Nomad Foods Ltd*	878		13,521
Tyson Foods, Inc., Class A	1,275		87,146
United Natural Foods, Inc.*	304		12,893
			113,560
ENERGY — 7.7%
Civitas Resources, Inc.	502		35,095
Coterra Energy, Inc.	3,896		121,282
Energy Transfer LP	13,376		170,812
Euronav NV	1,248		22,252
Frontline Ltd.	1,691		21,239
NuStar Energy LP	691		11,125
Plains All American Pipeline LP	3,263		39,058
World Fuel Services Corp.	412		10,502
			431,365
FINANCIALS — 43.9%
American Equity Investment Life Holding Co.	781		33,646
American International Group, Inc.	3,272		186,504
Ameris Bancorp	395		20,346
Associated Banc-Corp.	1,002		24,399
Assured Guaranty Ltd.	313		18,526
Atlantic Union Bankshares Corp.	393		13,574
Axis Capital Holdings Ltd.	399		21,813
Banner Corp.	251		18,762

	Number of Shares	Value
COMMON STOCKS (Continued)
FINANCIALS (Continued)
Cadence Bank	1,033	$	28,562
Citizens Financial Group, Inc.	2,313		94,602
CNA Financial Corp.	1,720		71,724
Columbia Banking System, Inc.	562		18,810
Enstar Group Ltd.*	176		35,292
First Financial Bancorp	656		17,102
First Interstate BancSystem, Inc., Class A	507		23,124
Flagstar Bancorp, Inc.	744		28,793
FNB Corp./PA	2,884		41,674
FS KKR Capital Corp.	1,845		35,424
Fulton Financial Corp.	1,239		22,587
Genworth Financial, Inc., Class A*	9,201		42,969
Hope Bancorp, Inc.	731		9,920
Horace Mann Educators Corp.	594		23,439
Invesco Ltd.	2,699		41,349
Jefferies Financial Group, Inc.	1,274		43,838
Lincoln National Corp.	1,101		59,311
Loews Corp.	1,117		63,691
M&T Bank Corp.	757		127,456
MetLife, Inc.	3,834		280,687
Nelnet, Inc., Class A	390		34,745
New York Community Bancorp, Inc.	5,138		47,835
Old National Bancorp	1,427		27,912
Prospect Capital Corp.	1,981		14,382
Prosperity Bancshares, Inc.	573		41,010
Provident Financial Services, Inc.	451		10,111
Prudential Financial, Inc.	1,685		177,245
Radian Group, Inc.	1,045		21,809
Reinsurance Group of America, Inc.	398		58,574
Renasant Corp.	386		15,583
Simmons First National Corp., Class A	636		15,181
SouthState Corp.	376		34,002
Towne Bank/Portsmouth VA	446		14,691
Truist Financial Corp.	5,490		245,897
Trustmark Corp.	459		16,786
United Bankshares, Inc./WV	929		39,343
Unum Group	1,945		88,673
Valley National Bancorp	3,401		40,370
WesBanco, Inc.	382		15,448
White Mountains Insurance Group Ltd.	28		39,652
			2,447,173

	Number of Shares	Value
COMMON STOCKS (Continued)
HEALTH CARE — 20.3%
Bio-Rad Laboratories, Inc., Class A*	144	$	50,646
Centene Corp.*	2,583		219,891
Cigna Corp.	1,436		463,914
CVS Health Corp.	4,178		395,657
			1,130,108
INDUSTRIALS — 6.8%
AerCap Holdings NV*	1,220		65,160
Air Lease Corp.	1,431		50,500
Boise Cascade Co.	356		23,770
CACI International, Inc., Class A*	227		69,015
GATX Corp.	259		27,120
Hub Group, Inc., Class A*	290		22,504
ICF International, Inc.	175		20,935
Ryder System, Inc.	248		19,967
Trinity Industries, Inc.	683		19,486
UniFirst Corp./MA	83		15,273
WESCO International, Inc.*	347		47,806
			381,536
INFORMATION TECHNOLOGY — 5.4%
Arrow Electronics, Inc.*	493		49,921
Avnet, Inc.	645		25,923
Global Payments, Inc.	1,227		140,197
Sanmina Corp.*	323		18,104
TD SYNNEX Corp.	723		66,162
			300,307
MATERIALS — 4.4%
Eldorado Gold Corp.*	3,772		21,085
Greif, Inc., Class A	732		48,466
Reliance Steel & Aluminum Co.	364		73,339
Westlake Corp.	605		58,473
Westrock Co.	1,202		40,940
			242,303
REAL ESTATE — 0.7%
Sabra Health Care REIT, Inc., REIT	1,286		17,567
SL Green Realty Corp., REIT	510		20,237
			37,804
TOTAL COMMON STOCKS (Cost $5,284,491)			5,561,762

	Number of Shares	Value
SHORT-TERM INVESTMENTS — 0.2%
Invesco Government & Agency Portfolio – Institutional Class, 3.07%(a)	13,280	$	13,280
TOTAL SHORT TERM INVESTMENTS (Cost $13,280)			13,280
TOTAL INVESTMENTS — 99.9% (Cost $5,297,771)			5,575,042
Other Assets in Excess of Liabilities — 0.1%			1,236
TOTAL NET ASSETS — 100.0%		$	5,576,278

* Non-income producing security.

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

REIT : Real Estate Investment Trust

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Communication Services	3.0	%
Consumer Discretionary	5.5	%
Consumer Staples	2.0	%
Energy	7.7	%
Financials	43.9	%
Health Care	20.3	%
Industrials	6.8	%
Information Technology	5.4	%
Materials	4.4	%
Real Estate	0.7	%
Total Common Stocks	99.7	%
Short-Term Investments	0.2	%
Total Investments	99.9	%
Other Assets in Excess of Liabilities	0.1	%
Total Net Assets	100.0	%

	QRAFT AI-Enhanced U.S. High Dividend ETF			QRAFT AI-Enhanced U.S. Large Cap ETF			QRAFT AI-Enhanced U.S. Large Cap Momentum ETF			QRAFT AI-Enhanced U.S. Next Value ETF
Assets:
Investments, at value	$	4,470,522		$	6,368,042		$	11,542,849		$	5,575,042
Cash		58			489			—			—
Dividends receivable		10,806			3,366			4,932			4,578
Investment securities sold		1,339			687			—			—
Foreign tax reclaim		673			38			2,871			—
Total Assets		4,483,398			6,372,622			11,550,652			5,579,620

Liabilities:
Advisory fee payable		2,730			4,050			7,410			3,342
Total Liabilities		2,730			4,050			7,410			3,342

Net Assets	$	4,480,668		$	6,368,572		$	11,543,242		$	5,576,278

Net Assets Consist of:
Paid-in capital	$	5,288,324		$	10,721,512		$	24,953,082		$	6,416,410
Distributable earnings (loss)		(807,656	)		(4,352,940	)		(13,409,840	)		(840,132	)
Net Assets	$	4,480,668		$	6,368,572		$	11,543,242		$	5,576,278

Net Assets	$	4,480,668		$	6,368,572		$	11,543,242		$	5,576,278
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		150,000			175,001			425,001			175,000
Net Asset Value, Offering and Redemption Price Per Share	$	29.87		$	36.39		$	27.16		$	31.86
Investments, at cost	$	4,346,607		$	6,645,360		$	10,814,036		$	5,297,771

	QRAFT AI-Enhanced U.S. High Dividend ETF			QRAFT AI-Enhanced U.S. Large Cap ETF			QRAFT AI-Enhanced U.S. Large Cap Momentum ETF			QRAFT AI-Enhanced U.S. Next Value ETF
	For the Six Months Ended October 31, 2022 (Unaudited)			For the Six Months Ended October 31, 2022 (Unaudited)			For the Six Months Ended October 31, 2022 (Unaudited)			For the Six Months Ended October 31, 2022 (Unaudited)
Investment Income:
Dividends*	$	78,241		$	79,432		$	122,570		$	53,636
Total Investment Income		78,241			79,432			122,570			53,636

Expenses:
Advisory fees		19,045			35,198			51,983			20,466
Total Expenses		19,045			35,198			51,983			20,466
Net Investment Income (Loss)		59,196			44,234			70,587			33,170

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(565,153	)		(1,716,334	)		(3,174,558	)		(501,146	)
In-kind redemptions		221,423			125,856			678,793			88,171
Foreign currency transactions		—			2			—			—
Net realized gain (loss)		(343,730	)		(1,590,476	)		(2,495,765	)		(412,975	)
Net change in unrealized appreciation (depreciation) on:
Investments		169,688			819,327			1,876,879			471,843
Net change in unrealized appreciation (depreciation)		169,688			819,327			1,876,879			471,843
Net realized and unrealized gain (loss)		(174,042	)		(771,149	)		(618,886	)		58,868
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(114,846	)	$	(726,915	)	$	(548,299	)	$	92,038
* Net of foreign withholding taxes	$	135		$	1,297		$	5,263		$	16

	QRAFT AI-Enhanced U.S. High Dividend ETF						QRAFT AI-Enhanced U.S. Large Cap ETF
	For the Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			For the Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	59,196		$	121,633		$	44,234		$	28,079
Net realized gain (loss)		(343,730	)		442,863			(1,590,476	)		1,335,248
Change in net unrealized appreciation (depreciation)		169,688			(288,760	)		819,327			(1,771,962	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(114,846	)		275,736			(726,915	)		(408,635	)

Distributions to Shareholders		(66,657	)		(119,751	)		(40,108	)		(12,969	)

Capital Transactions:
Proceeds from shares issued		2,150,279			10,245,459			3,743,500			33,253,331
Cost of shares redeemed		(2,914,871	)		(10,277,772	)		(8,229,083	)		(41,521,513	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(764,592	)		(32,313	)		(4,485,583	)		(8,268,182	)
Total Increase (Decrease) in Net Assets		(946,095	)		123,672			(5,252,606	)		(8,689,786	)

Net Assets:
Beginning of period		5,426,763			5,303,091			11,621,178			20,310,964
End of period	$	4,480,668		$	5,426,763		$	6,368,572		$	11,621,178

Change in Shares Outstanding:
Shares outstanding, beginning of period		175,000			175,000			300,001			500,001
Shares issued		75,000			325,000			100,000			775,000
Shares redeemed		(100,000	)		(325,000	)		(225,000	)		(975,000	)
Shares outstanding, end of period		150,000			175,000			175,001			300,001

	QRAFT AI-Enhanced U.S. Large Cap Momentum ETF						QRAFT AI-Enhanced U.S. Next Value ETF
	For the Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			For the Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$	70,587		$	7,984		$	33,170		$	98,152
Net realized gain (loss)		(2,495,765	)		(2,585,937	)		(412,975	)		584,404
Change in net unrealized appreciation (depreciation)		1,876,879			(1,710,381	)		471,843			(497,144	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(548,299	)		(4,288,334	)		92,038			185,412

Distributions to Shareholders		(64,887	)		(206,693	)		(36,008	)		(105,822	)

Capital Transactions:
Proceeds from shares issued		8,566,622			106,001,332			769,798			17,074,429
Cost of shares redeemed		(12,350,152	)		(107,558,504	)		(768,296	)		(16,375,345	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(3,783,530	)		(1,557,172	)		1,502			699,084
Total Increase (Decrease) in Net Assets		(4,396,716	)		(6,052,199	)		57,532			778,674

Net Assets:
Beginning of period		15,939,958			21,992,157			5,518,746			4,740,072
End of period	$	11,543,242		$	15,939,958		$	5,576,278		$	5,518,746

Change in Shares Outstanding:
Shares outstanding, beginning of period		575,001			625,001			175,000			150,000
Shares issued		325,000			2,925,000			25,000			525,000
Shares redeemed		(475,000	)		(2,975,000	)		(25,000	)		(500,000	)
Shares outstanding, end of period		425,001			575,001			175,000			175,000

QRAFT AI-Enhanced U.S. High Dividend ETF Selected Per Share Data	For the Six Months Ended October 31, 2022 (Unaudited)			Years Ended April 30						For the period February 26, 2020(1) through April 30, 2020
	For the Six Months Ended October 31, 2022 (Unaudited)			2022			2021			For the period February 26, 2020(1) through April 30, 2020
Net Asset Value, beginning of period	$	31.01		$	30.30		$	22.18		$	24.79
Investment Activities
Net investment income (loss)(2)		0.35			0.63			0.53			0.09
Net realized and unrealized gain (loss)		(1.09	)		0.72			8.11			(2.70	)
Total from investment activities		(0.74	)		1.35			8.64			(2.61	)
Distributions to shareholders from:
Net investment income		(0.40	)		(0.64	)		(0.52	)		—
Total distributions		(0.40	)		(0.64	)		(0.52	)		—
Net Asset Value, end of period	$	29.87		$	31.01		$	30.30		$	22.18
Total Return (%)		(2.34	)(3)		4.45			39.50			(10.53	)(3)
Total Return at Market Price (%)		(2.41	)(3)		4.36			39.21			(10.29	)(3)
Ratios to Average Net Assets
Expenses (%)		0.75	(4)		0.75			0.75			0.75	(4)
Net investment income (loss) (%)		2.33	(4)		2.01			2.05			2.46	(4)
Supplemental Data
Net Assets at end of period (000’s)	$	4,481		$	5,427		$	5,303		$	2,773
Portfolio turnover (%)(5)		85	(3)		208			198			45	(3)

QRAFT AI-Enhanced U.S. Large Cap ETF Selected Per Share Data	For the Six Months Ended October 31, 2022 (Unaudited)			Years Ended April 30						For the period May 20, 2019(1) through April 30, 2020
	For the Six Months Ended October 31, 2022 (Unaudited)			2022			2021			For the period May 20, 2019(1) through April 30, 2020
Net Asset Value, beginning of period	$	38.74		$	40.62		$	26.83		$	24.73
Investment Activities
Net investment income (loss)(2)		0.18			0.06			(0.02	)		0.14
Net realized and unrealized gain (loss)		(2.36	)		(1.91	)		14.50			3.07
Total from investment activities		(2.18	)		(1.85	)		14.48			3.21
Distributions to shareholders from:
Net investment income		(0.17	)		(0.03	)		(0.02	)		(0.12	)
Net realized gain		—			—			(0.67	)		(0.99	)
Total distributions		(0.17	)		(0.03	)		(0.69	)		(1.11	)
Net Asset Value, end of period	$	36.39		$	38.74		$	40.62		$	26.83
Total Return (%)		(5.60	)(3)		(4.57	)		54.12			12.84	(3)
Total Return at Market Price (%)		(5.47	)(3)		(4.63	)		53.83			12.96	(3)
Ratios to Average Net Assets
Expenses (%)		0.75	(4)		0.75			0.75			0.75	(4)
Net investment income (loss) (%)		0.94	(4)		0.15			(0.06	)		0.56	(4)
Supplemental Data
Net Assets at end of period (000’s)	$	6,369		$	11,621		$	20,311		$	3,354
Portfolio turnover (%)(5)		190	(3)		180			263			219	(3)

(1) Commencement of operations.

(2) Per share numbers have been calculated using the average shares method.

(3) Not annualized for periods less than one year.

(4) Annualized for periods less than one year.

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

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF Selected Per Share Data	For the Six Months Ended October 31, 2022 (Unaudited)			Years Ended April 30						For the period May 20, 2019(1) through April 30, 2020
	For the Six Months Ended October 31, 2022 (Unaudited)			2022			2021			For the period May 20, 2019(1) through April 30, 2020
Net Asset Value, beginning of period	$	27.72		$	35.19		$	25.75		$	24.70
Investment Activities
Net investment income (loss)(2)		0.13			0.01			(0.04	)		0.07
Net realized and unrealized gain (loss)		(0.57	)		(7.21	)		17.27			2.41
Total from investment activities		(0.44	)		(7.20	)		17.23			2.48
Distributions to shareholders from:
Net investment income		(0.12	)		(0.01	)		(0.02	)		(0.04	)
Net realized gain		—			(0.26	)		(7.77	)		(1.39	)
Total distributions		(0.12	)		(0.27	)		(7.79	)		(1.43	)
Net Asset Value, end of period	$	27.16		$	27.72		$	35.19		$	25.75
Total Return (%)		(1.53	)(3)		(20.63	)		69.95			9.99	(3)
Total Return at Market Price (%)		(1.46	)(3)		(20.67	)		69.50			10.16	(3)
Ratios to Average Net Assets
Expenses (%)		0.75	(4)		0.75			0.75			0.75	(4)
Net investment income (loss) (%)		1.02	(4)		0.03			(0.13	)		0.28	(4)
Supplemental Data
Net Assets at end of period (000’s)	$	11,543		$	15,940		$	21,992		$	2,575
Portfolio turnover (%)(5)		242	(3)		790			346			275	(3)

QRAFT AI-Enhanced U.S. Next Value ETF Selected Per Share Data	For the Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			For the period December 2, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	31.54		$	31.60		$	25.14
Investment Activities
Net investment income (loss)(2)		0.19			0.52			0.10
Net realized and unrealized gain (loss)		0.34			0.01			6.46
Total from investment activities		0.53			0.53			6.56
Distributions to shareholders from:
Net investment income		(0.21	)		(0.44	)		(0.10	)
Net realized gain		—			(0.15	)		—
Total distributions		(0.21	)		(0.59	)		(0.10	)
Net Asset Value, end of period	$	31.86		$	31.54		$	31.60
Total Return (%)		1.75	(3)		1.62			26.10	(3)
Total Return at Market Price (%)		2.04	(3)		1.32			26.89	(3)
Ratios to Average Net Assets
Expenses (%)		0.75	(4)		0.75			0.75	(4)
Net investment income (loss) (%)		1.22	(4)		1.63			0.83	(4)
Supplemental Data
Net Assets at end of period (000’s)	$	5,576		$	5,519		$	4,740
Portfolio turnover (%)(5)		119	(3)		379			173	(3)

(1) Commencement of operations.

(2) Per share numbers have been calculated using the average shares method.

(3) Not annualized for periods less than one year.

(4) Annualized for periods less than one year.

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

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 presented herein relate to the funds listed below and are individually referred to as a “Fund” or collectively as the “Funds”:

QRAFT AI-Enhanced U.S. High Dividend ETF
QRAFT AI-Enhanced U.S. Large Cap ETF
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF
QRAFT AI-Enhanced U.S. Next Value ETF

Each Fund is an actively managed exchange-traded fund (“ETF”). Unlike index ETFs, actively managed ETFs do not seek to track the performance of a specified index. Instead, actively managed ETFs use an active investment strategy in seeking to meet their investment objectives. Actively managed ETFs are required to publish their portfolio holdings on a daily basis. The availability of this information, which is used by, among others, large institutional investors when deciding to purchase or redeem Creation Units of the ETF, is designed to ensure that shares of the ETF do not trade at a material premium or discount in relation to NAV per share.

The QRAFT AI-Enhanced U.S. High Dividend ETF seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amounts of any borrowings for investment purposes, in dividend paying securities of U.S. listed companies. Each of the QRAFT AI-Enhanced U.S. Large Cap ETF and the QRAFT AI-Enhanced U.S. Large Cap Momentum ETF seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amounts of any borrowings for investment purposes, in securities of U.S. listed large capitalization companies (as such term is defined in each Fund’s prospectus). The QRAFT AI-Enhanced U.S. Next Value ETF seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amounts of any borrowings for investment purposes, in securities of U.S. listed companies.

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”. 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 each Fund ultimately realizes upon sale of the securities.

(a) Valuation of Investments

Each 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 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 Adviser’s fair value committee (the “Committee”), in accordance with the Trust’s Board-approved valuation procedures, to determine a security’s fair value. In determining such value, the 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. With respect to securities that are primarily listed on foreign exchanges, the value of each Fund’s portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

Each 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 each Fund (observable inputs) and (2) each 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 each 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 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 October 31, 2022 for each Fund based upon the three levels defined above:

QRAFT AI-Enhanced U.S. High Dividend ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks(a)	$	4,448,004	$	—	$	—	$	4,448,004
Short-Term Investments		22,518		—		—		22,518
Total	$	4,470,522	$	—	$	—	$	4,470,522

QRAFT AI-Enhanced U.S. Large Cap ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks(a)	$	6,348,184	$	—	$	—	$	6,348,184
Short-Term Investments		19,858		—		—		19,858
Total	$	6,368,042	$	—	$	—	$	6,368,042

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks(a)	$	11,506,808	$	—	$	—	$	11,506,808
Short-Term Investments		36,041		—		—		36,041
Total	$	11,542,849	$	—	$	—	$	11,542,849

QRAFT AI-Enhanced U.S. Next Value ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks(a)	$	5,561,762	$	—	$	—	$	5,561,762
Short-Term Investments		13,280		—		—		13,280
Total	$	5,575,042	$	—	$	—	$	5,575,042

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

(b) 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 and Interest Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund’s understanding of the applicable tax rules and regulations.

The accounting records of each Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of each Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. Each Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. Each Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which each Fund invests.

(d) Federal Income Tax

It is the policy of each Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the “Code”) and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as each Fund qualifies as a regulated investment company.

Management of each Fund has evaluated tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets

the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require each Fund to record a tax liability and, therefore, there is no impact to the Fund’s financial statements. Each Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of October 31, 2022, no Fund had any interest or penalties associated with the underpayment of any income taxes.

(e) Distributions to Shareholders

Each Fund pays out dividends from its net investment income at least quarterly and distributes its net capital gains, if any, to investors at least annually. Each Fund may make distributions on a more frequent basis for such Fund to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

Note 3 – Transactions with Affiliates and Other Servicing Agreements

(a) Investment Advisory Agreement

Exchange Traded Concepts, LLC (the “Adviser”) serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund. The Adviser is responsible for the day-to-day management of the Funds, including, among other things, providing an investment program for each Fund, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for each Fund to operate. The Adviser administers each Fund’s business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust.

For the services it provides, each Fund pays the Adviser a fee calculated daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (“Excluded Expenses”).

QRAFT Technologies, Inc. (“Qraft”) is the Funds’ sponsor. In connection with an arrangement between the Adviser and Qraft, Qraft has agreed to assume the Adviser’s obligation to pay all expenses of the Funds (except Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee. Qraft will also provide marketing support for the Funds including, but not limited to, distributing each Fund’s materials and providing the Funds with access to and the use of Qraft’s other marketing capabilities, including communications through print and electronic media. For its services, Qraft is entitled to a fee from the Adviser, which is calculated daily and paid monthly, based on a percentage of the average daily net assets of each Fund. Qraft does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds.

An Interested Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

(b) Distribution Arrangement

Foreside Fund Services, LLC (the “Distributor”), a Delaware limited liability company, is the principal underwriter and distributor of each Fund’s Shares. The Distributor does not maintain any secondary market in any Fund’s Shares.

The Trust has adopted a Rule 12b-1 Distribution and Service Plan (the “Distribution and Service Plan”) pursuant to which payments of up to a maximum of 0.25% of average daily net assets may be made to compensate or reimburse financial intermediaries for activities principally intended to result in the sale of each Fund’s Shares. In accordance with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Trust.

Currently, no payments are made under the Distribution and Service Plan. Such payments may only be made after approval by the Board. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Trust.

The Bank of New York Mellon (“BNY Mellon”) serves as each Fund’s fund accountant, transfer agent, custodian and administrator.

Note 4 – Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended October 31, 2022 were as follows:

Fund	Purchases		Sales
QRAFT AI-Enhanced U.S. High Dividend ETF	$	4,226,463	$	458,256
QRAFT AI-Enhanced U.S. Large Cap ETF		17,278,318		18,169,708
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF		32,986,004		33,757,396
QRAFT AI-Enhanced U.S. Next Value ETF		6,419,747		6,790,262

Purchases and sales of in-kind transactions for the period ended October 31, 2022 were as follows:

Fund	Purchases		Sales
QRAFT AI-Enhanced U.S. High Dividend ETF	$	2,131,015	$	2,582,869
QRAFT AI-Enhanced U.S. Large Cap ETF		3,743,170		7,320,589
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF		8,544,912		11,561,705
QRAFT AI-Enhanced U.S. Next Value ETF		761,241		370,557

Note 5 – Capital Share Transactions

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business (“Business Day”). Each Fund’s Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund’s Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Each Fund offers and redeems Shares on a continuous basis at NAV only in large blocks of Shares (“Creation Unit”). Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased or redeemed directly from each Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the

National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of each Fund, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A participant agreement may permit each Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of each Fund acquiring such shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from each Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fees for QRAFT AI-Enhanced U.S. High Dividend ETF, QRAFT AI-Enhanced U.S. Large Cap ETF, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF and QRAFT AI-Enhanced U.S. Next Value ETF are $500, $1,750, $250 and $500, respectively, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for each Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting each Fund’s securities to the account of the Trust. The non-standard charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund’s securities and the cash redemption amount and other transactions costs. The standard redemption transaction fees for QRAFT AI-Enhanced U.S. High Dividend ETF, QRAFT AI-Enhanced U.S. Large Cap ETF, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF and QRAFT AI-Enhanced U.S. Next Value ETF are $500, $1,750, $250 and $500, respectively, regardless of the number of Creation Units created in the transaction.

Note 6 – Principal Risks

As with any investment, an investor could lose all or part of their investment in each Fund and each Fund’s performance could trail that of other investments. Unless otherwise noted, each Fund is subject to the principal risks noted below, any of which may adversely affect each Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Funds’ prospectus. Please refer to the relevant Fund’s prospectus for a complete description of the principal risks of investing in that Fund.

Market Risk. The market price of a security or instrument could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. The market value of a security may also decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

Models and Data Risk. Each Fund relies heavily on a proprietary artificial intelligence selection model as well as data and information supplied by third parties that are utilized by such model. To the extent the model does not perform as designed or as intended, each Fund’s strategy may not be successfully implemented, and each Fund may lose value. If the model or data are incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the model or data been correct and complete.

Non-Diversification Risk (QRAFT AI-Enhanced U.S. High Dividend ETF, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF, and QRAFT AI-Enhanced U.S. Next Value ETF only). As non-diversified investment companies under the 1940 Act, each Fund may hold a smaller number of portfolio securities than many other funds and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. To the extent a Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by that Fund may affect its value more than if it invested in a larger number of issuers. The value of a Fund’s shares may be more volatile than the values of shares of more diversified funds.

Sector Focus Risk. Each Fund may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors. Each Fund identifies its sector weightings in its Summary of Investments and the sector exposure is expected to vary over time.

Note 7 – Federal Income Taxes

As of the tax year ended April 30, 2022, the components of Distributable earnings (loss) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains (Losses)			Unrealized Appreciation (Depreciation) on Investments			Distributable Earnings (Loss)
QRAFT AI-Enhanced U.S. High Dividend ETF	$	17,292	$	(567,911	)	$	(75,534	)	$	(626,153	)
QRAFT AI-Enhanced U.S. Large Cap ETF		977		(2,001,594	)		(1,585,300	)		(3,585,917	)
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF		—		(11,567,510	)		(1,229,144	)		(12,796,654	)
QRAFT AI-Enhanced U.S. Next Value ETF		4,993		(594,947	)		(306,208	)		(896,162	)

At October 31, 2022, gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:

Fund	Tax Cost of Investments		Unrealized Appreciation on Investments		Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments
QRAFT AI-Enhanced U.S. High Dividend ETF	$	4,346,607	$	219,819	$	(95,904	)	$	123,915
QRAFT AI-Enhanced U.S. Large Cap ETF		6,645,360		276,113		(553,431	)		(277,318	)
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF		10,814,036		890,758		(161,945	)		728,813
QRAFT AI-Enhanced U.S. Next Value ETF		5,297,771		472,212		(194,941	)		277,271

As of the tax year ended April 30, 2022, each Fund has non-expiring accumulated capital loss carryforwards as follows:

Fund	Short-Term		Long-Term		Total Amount
QRAFT AI-Enhanced U.S. High Dividend ETF	$	565,029	$	2,882	$	567,911
QRAFT AI-Enhanced U.S. Large Cap ETF		1,940,464		61,130		2,001,594
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF		11,565,039		1,603		11,566,642
QRAFT AI-Enhanced U.S. Next Value ETF		591,494		3,453		594,947

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Code limitations.

As of April 30, 2022, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF had $868 of qualified late-year ordinary losses, which are deferred until May 1, 2022 for tax purposes. Net late-year losses incurred after December 31, 2021, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Note 8 – Recent Market Events

The spread of COVID-19 around the world has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to the COVID-19 pandemic, as well as its impact on the U.S. and international economies. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such developments may in turn impact the value of each Fund’s investments. The ultimate impact of the pandemic on the financial performance of each Fund’s investments is not reasonably able to be estimated at this time.

On February 24, 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.

Note 9 – Events Subsequent to the Fiscal Year End

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. On December 19, 2022, the Board approved the liquidation of the QRAFT AI-Enhanced U.S. High Dividend ETF. The Fund is expected to liquidate on or about January 23, 2023.

Management has determined there are no other material events.

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

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

Actual Fund Return

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

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

Hypothetical 5% Return

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

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

	Beginning Account Value May 1, 2022		Ending Account Value October 31, 2022		Annualized Expense Ratio	Expenses Paid During Period(1)
QRAFT AI-Enhanced U.S. High Dividend ETF
Actual Performance	$	1,000.00	$	976.60	0.75%	$	3.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	0.75%	$	3.82
QRAFT AI-Enhanced U.S. Large Cap ETF
Actual Performance	$	1,000.00	$	944.00	0.75%	$	3.67
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	0.75%	$	3.82
QRAFT AI-Enhanced U.S. Large Cap Momentum ETF
Actual Performance	$	1,000.00	$	984.70	0.75%	$	3.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	0.75%	$	3.82
QRAFT AI-Enhanced U.S. Next Value ETF
Actual Performance	$	1,000.00	$	1,017.50	0.75%	$	3.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42	0.75%	$	3.82

(1) Expenses paid during the period are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

At a meeting held on September 21, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of Exchange Listed Funds Trust (the “Trust”) considered and approved the continuance of the investment advisory agreement between the Trust, on behalf of the QRAFT AI-Enhanced U.S Large Cap ETF and QRAFT AI-Enhanced U.S Large Cap Momentum ETF, QRAFT AI-Enhanced U.S. High Dividend ETF, and QRAFT AI-Enhanced U.S. Next Value ETF (collectively, the “Funds”), and Exchange Traded Concepts, LLC (“ETC”) pursuant to which ETC provides advisory services to the Funds (the “Agreement”).

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Agreement must be approved by a vote of (i) the Trustees or the shareholders of the Fund and (ii) a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and ETC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement. In addition, rules under the 1940 Act require each Fund to disclose in its shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval of the Agreement.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed written materials from ETC and, at the Meeting, representatives from ETC presented additional oral and written information to help the Board evaluate the Agreement. Among other things, representatives from ETC provided an overview of its advisory business, including investment personnel and investment processes. Prior to the Meeting, the Trustees met to review and discuss certain information provided. During the Meeting, the Board discussed the materials it received, including a memorandum from legal counsel to the Independent Trustees on the responsibilities of Trustees in considering the approval of investment advisory agreements under the 1940 Act, considered ETC’s oral presentation, and deliberated on the approval of the Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel separately and without management present.

In considering whether to approve the continuance of the Agreement, the Board took into consideration (i) the nature, extent, and quality of the services provided by ETC to each Fund; (ii) each Fund’s performance; (iii) ETC’s costs of and profits realized from providing advisory services to each Fund, including any fall-out benefits enjoyed by ETC or its affiliates; (iv) comparative fee and expense data; (v) the extent to which the advisory fee for each Fund reflects economies of scale shared with Fund shareholders; and (vi) other factors the Board deemed to be relevant.

Nature, Extent, and Quality of Services. With respect to the nature, extent, and quality of the services provided to each Fund, the Board considered ETC’s specific responsibilities in all aspects of day-to-day management of the Funds. The Board noted that such responsibilities include developing, implementing, and maintaining each Fund’s investment program; trading portfolio securities and other investment instruments on behalf of each Fund; selecting broker-dealers to execute purchase and sale transactions; determining the daily baskets of deposit securities and cash components; executing portfolio securities trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; overseeing general portfolio compliance with relevant law; monitoring compliance with various policies and procedures and applicable securities regulations; quarterly reporting to the Board; and implementing Board directives as they relate to each Fund. The Board noted that it had been provided with ETC’s registration form on Form ADV as well as ETC’s responses to a detailed series of questions, which included a description of ETC’s operations, services, personnel, compliance program, risk management program, and financial condition, and whether there had been material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience, and responsibilities of ETC’s investment personnel, the quality of ETC’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that ETC has appropriate compliance policies and procedures in place. The Board considered ETC’s experience working with ETFs including the Funds, other series of the Trust, and other ETFs outside of the Trust.

The Board also considered other services provided to the Funds by ETC, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate; administering the Funds’ business affairs; providing office facilities and equipment and certain clerical, bookkeeping and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to the Funds’ business activities; supervising each Fund’s registration as an investment company and the offering of

Fund shares to the public, including oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for each Fund’s shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

Based on the factors discussed above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services provided to each Fund by ETC.

Performance. The Board reviewed each Fund’s performance in light of its stated investment objective, noting that each Fund is actively managed. The Board was provided with reports regarding the past performance of each Fund, including a report prepared by ISS, an independent third party, and compared each Fund’s performance to the performance of a group of peer funds for various time periods. The Board noted that, for all periods ended June 30, 2022, QRFT’s performance was above its peer group average, HDIV’s performance was above its peer group median, NVQ’s performance was above its peer group median and average, and AMOM’s performance was lower than its peer group median and average for the one-year and year-to-date periods ended June 30, 2022 but higher than its peer group median and average for the three-year period ended June 30, 2022. In reviewing each Fund’s performance, the Board took into account that each Fund has had a relatively short operating history over which to consider performance. The Board further noted that it received regular reports regarding each Fund’s performance at its quarterly meetings.

Cost of Advisory Services and Profitability. The Board reviewed the advisory fee paid by each Fund to ETC under the Agreement. The Board reviewed a report prepared by ISS, an independent third party, comparing each Fund’s advisory fee to those paid by a group of peer funds. The Board noted that the report included one or more mutual funds in each Fund’s peer groups, which were intended to enhance the Board’s ability to evaluate the quality of fees and expenses on a broader scale. The Board took into account the differences in operations and fee structures between ETFs and mutual funds and gave such weight to the mutual fund data as it deemed appropriate. The Board noted that ISS selected the particular mutual funds that were included in its report. The Board noted that each Fund’s advisory fee was higher than the median of its peer group range and that HDIV was the highest of its ETF peers and each of QRFT, NVQ, and AMOM was second highest of its ETF peers. The Board took into account that due to the specialized nature of each Fund’s strategy, there are limitations in comparing the Fund’s advisory fee to those of other funds and the information provided by the peer group report may not provide meaningful direct comparisons to the Funds. The Board took into consideration that the advisory fee for each Fund is a “unitary fee,” meaning that each Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, ETC is responsible for compensating each Fund’s other service providers and paying each Fund’s other expenses out of its own fee and resources and that, while the Funds’ sponsor has agreed to assume such responsibility, ETC is ultimately responsible for ensuring the obligation is satisfied. The Board considered information provided about the costs and expenses incurred by ETC in providing advisory services, evaluated the compensation and benefits received by ETC from its relationship with each Fund, and reviewed a profitability analysis from ETC with respect to each Fund. The Board considered the risks borne by ETC associated with providing services to the Funds, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Funds. Based on the foregoing information, the Board concluded that the advisory fees appeared reasonable in light of the services rendered.

Economies of Scale. The Board considered whether economies of scale have been realized with respect to the Funds. The Board concluded that no significant economies of scale have been realized and that the Board will have the opportunity to periodically reexamine whether such economies have been achieved.

Conclusion. No single factor was determinative of the Board’s decision to approve the continuance of the Agreement on behalf of each Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, determined that the Agreement, including the compensation payable thereunder, was fair and reasonable to each Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the continuance of the Agreement was in the best interests of each Fund and its shareholders.

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