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, 2021

(Unaudited)

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

October 31, 2021  

(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 of 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 each Fund’s prospectus, a copy of which may be obtained by visiting the Funds’ website at www.qraftaietf.com. Please read a Fund’s prospectus carefully before you invest.

There are risks involved with investing, including possible loss of principal, and there is no guarantee each Fund will achieve its investment objective. Each Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”) and may invest more of its assets in securities of a single issuer, which may have an adverse effect on a Fund’s performance. Concentration in a particular industry or sector will subject a Fund to loss due to adverse occurrences that may affect that industry or sector.

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

Distributor: Foreside Fund Services, LLC

i

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2021  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS99.5%

COMMUNICATION SERVICES — 5.0%

Fox Corp., Class A

 

508

 

$

20,188

Lumen Technologies, Inc.

 

1,006

 

 

11,931

Sirius XM Holdings, Inc.

 

3,687

 

 

22,454

Verizon Communications, Inc.

 

3,769

 

 

199,719

ViacomCBS, Inc., Class A

 

534

 

 

20,789

       

 

275,081

CONSUMER DISCRETIONARY — 14.8%

Best Buy Co., Inc.

 

228

 

 

27,871

Ford Motor Co.*

 

3,572

 

 

61,010

Genuine Parts Co.

 

130

 

 

17,044

Home Depot, Inc. (The)

 

961

 

 

357,242

Kohl’s Corp.

 

142

 

 

6,891

Lowe’s Cos., Inc.

 

630

 

 

147,307

Newell Brands, Inc.

 

387

 

 

8,858

Scientific Games Corp.*

 

88

 

 

7,044

Target Corp.

 

446

 

 

115,791

Tractor Supply Co.

 

104

 

 

22,586

Wayfair, Inc., Class A*

 

70

 

 

17,437

Williams-Sonoma, Inc.

 

68

 

 

12,630

YETI Holdings, Inc.*

 

80

 

 

7,866

       

 

809,577

CONSUMER STAPLES — 27.9%

Altria Group, Inc.

 

1,679

 

 

74,061

BJ’s Wholesale Club Holdings, Inc.*

 

124

 

 

7,247

Campbell Soup Co.

 

276

 

 

11,026

Clorox Co. (The)

 

112

 

 

18,257

Colgate-Palmolive Co.

 

768

 

 

58,514

Conagra Brands, Inc.

 

437

 

 

14,071

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

 

212

 

 

68,758

General Mills, Inc.

 

552

 

 

34,114

Hershey Co. (The)

 

132

 

 

23,146

Kellogg Co.

 

310

 

 

19,003

Kimberly-Clark Corp.

 

307

 

 

39,753

Kroger Co. (The)

 

680

 

 

27,214

PepsiCo, Inc.

 

1,258

 

 

203,293

Philip Morris International, Inc.

 

1,419

 

 

134,152

Procter & Gamble Co. (The)

 

2,210

 

 

316,008

Sysco Corp.

 

466

 

 

35,835

Tyson Foods, Inc., Class A

 

268

 

 

21,432

Walgreens Boots Alliance, Inc.

 

787

 

 

37,005

Walmart, Inc.

 

2,551

 

 

381,170

       

 

1,524,059

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

ENERGY — 13.2%

Baker Hughes Co.

 

754

 

$

18,910

ConocoPhillips

 

1,219

 

 

90,803

Coterra Energy, Inc.

 

364

 

 

7,760

Energy Transfer LP

 

2,462

 

 

23,414

Enterprise Products Partners LP

 

1,989

 

 

45,111

EOG Resources, Inc.

 

531

 

 

49,096

Exxon Mobil Corp.

 

3,854

 

 

248,467

Magellan Midstream Partners LP

 

203

 

 

9,947

Marathon Oil Corp.

 

718

 

 

11,718

MPLX LP

 

934

 

 

28,132

Occidental Petroleum Corp.

 

850

 

 

28,500

ONEOK, Inc.

 

406

 

 

25,830

Phillips 66 Partners LP

 

208

 

 

7,684

Plains All American Pipeline LP

 

653

 

 

6,608

Schlumberger NV

 

1,273

 

 

41,067

Targa Resources Corp.

 

208

 

 

11,371

Valero Energy Corp.

 

372

 

 

28,767

Western Midstream Partners LP

 

376

 

 

7,990

Williams Cos., Inc. (The)

 

1,106

 

 

31,068

       

 

722,243

FINANCIALS — 5.6%

AGNC Investment Corp., REIT

 

478

 

 

7,610

Annaly Capital Management, Inc., REIT

 

1,315

 

 

11,125

Ares Capital Corp.

 

412

 

 

8,833

Citizens Financial Group, Inc.

 

388

 

 

18,383

CNA Financial Corp.

 

247

 

 

11,080

Credicorp Ltd.

 

72

 

 

9,336

Jefferies Financial Group, Inc.

 

225

 

 

9,675

MetLife, Inc.

 

780

 

 

48,984

OneMain Holdings, Inc.

 

120

 

 

6,337

People’s United Financial, Inc.

 

390

 

 

6,685

Prudential Financial, Inc.

 

351

 

 

38,628

Regions Financial Corp.

 

869

 

 

20,578

State Street Corp.

 

313

 

 

30,846

Truist Financial Corp.

 

1,215

 

 

77,116

       

 

305,216

HEALTH CARE — 18.2%

     

 

 

AbbVie, Inc.

 

1,609

 

 

184,504

Amgen, Inc.

 

517

 

 

107,004

Anthem, Inc.

 

222

 

 

96,599

Bristol-Myers Squibb Co.

 

2,023

 

 

118,143

Cerner Corp.

 

269

 

 

19,984

CVS Health Corp.

 

1,201

 

 

107,225

1

QRAFT AI-Enhanced U.S. High Dividend ETF

SCHEDULE OF INVESTMENTS (Concluded)

 

October 31, 2021  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

HEALTH CARE (Continued)

Gilead Sciences, Inc.

 

1,141

 

$

74,028

Humana, Inc.

 

117

 

 

54,190

McKesson Corp.

 

141

 

 

29,311

Merck & Co., Inc.

 

2,304

 

 

202,867

       

 

993,855

INDUSTRIALS — 4.0%

     

 

 

3M Co.

 

527

 

 

94,164

CH Robinson Worldwide, Inc.

 

120

 

 

11,639

Fastenal Co.

 

523

 

 

29,853

PACCAR, Inc.

 

316

 

 

28,320

TransDigm Group, Inc.*

 

50

 

 

31,191

WW Grainger, Inc.

 

47

 

 

21,766

       

 

216,933

INFORMATION TECHNOLOGY — 9.3%

Citrix Systems, Inc.

 

113

 

 

10,705

Intel Corp.

 

3,693

 

 

180,957

International Business Machines Corp.

 

816

 

 

102,082

Juniper Networks, Inc.

 

296

 

 

8,738

NetApp, Inc.

 

204

 

 

18,217

NortonLifeLock, Inc.

 

529

 

 

13,463

Texas Instruments, Inc.

 

840

 

 

157,483

Ubiquiti, Inc.

 

57

 

 

17,415

       

 

509,060

MATERIALS — 0.4%

CF Industries Holdings, Inc.

 

196

 

 

11,133

Westrock Co.

 

243

 

 

11,688

       

 

22,821

REAL ESTATE — 0.3%

     

 

 

Iron Mountain, Inc., REIT

 

263

 

 

12,003

Vornado Realty Trust, REIT

 

174

 

 

7,418

       

 

19,421

UTILITIES — 0.8%

     

 

 

Edison International

 

346

 

 

21,774

PPL Corp.

 

701

 

 

20,189

       

 

41,963

TOTAL COMMON STOCKS
(Cost $5,335,502)

     

 

5,440,229

 

Number of
Shares

 

Value

SHORT-TERM INVESTMENTS — 0.3%

Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)

 

13,735

 

$

13,735

TOTAL SHORT TERM INVESTMENTS
(Cost $13,735)

     

 

13,735

TOTAL INVESTMENTS — 99.8%
(Cost $5,349,237)

     

 

5,453,964

Other Assets in Excess of Liabilities — 0.2%

     

 

11,524

TOTAL NET ASSETS — 100.0%

     

$

5,465,488

*    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, 2021  

(Unaudited)  

Security Type/Sector

 

Percent of
Total
Net
Assets

Common Stocks

   

 

Communication Services

 

5.0

%

Consumer Discretionary

 

14.8

%

Consumer Staples

 

27.9

%

Energy

 

13.2

%

Financials

 

5.6

%

Health Care

 

18.2

%

Industrials

 

4.0

%

Information Technology

 

9.3

%

Materials

 

0.4

%

Real Estate

 

0.3

%

Utilities

 

0.8

%

Total Common Stocks

 

99.5

%

Short-Term Investments

 

0.3

%

Total Investments

 

99.8

%

Other Assets in Excess of Liabilities

 

0.2

%

Total Net Assets

 

100.0

%

3

QRAFT AI-Enhanced U.S. Large Cap ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2021  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS99.8%

COMMUNICATION SERVICES — 5.1%

Activision Blizzard, Inc.

 

176

 

$

13,761

Alphabet, Inc., Class A*

 

140

 

 

414,529

AT&T, Inc.

 

1,616

 

 

40,820

BCE, Inc.

 

461

 

 

23,728

Comcast Corp., Class A

 

1,037

 

 

53,333

Electronic Arts, Inc.

 

65

 

 

9,116

Facebook, Inc., Class A*

 

537

 

 

173,757

Liberty Broadband Corp., Class A*

 

43

 

 

6,913

Match Group, Inc.*

 

60

 

 

9,047

Netflix, Inc.*

 

101

 

 

69,721

ROBLOX Corp., Class A*

 

118

 

 

9,914

Roku, Inc.*

 

25

 

 

7,622

Snap, Inc., Class A*

 

301

 

 

15,827

Spotify Technology SA*

 

42

 

 

12,155

TELUS Corp.

 

689

 

 

15,813

T-Mobile US, Inc.*

 

283

 

 

32,553

Twitter, Inc.*

 

181

 

 

9,691

Verizon Communications, Inc.

 

937

 

 

49,652

Walt Disney Co. (The)*

 

412

 

 

69,657

       

 

1,037,609

CONSUMER DISCRETIONARY — 6.6%

Airbnb, Inc., Class A*

 

78

 

 

13,312

Amazon.com, Inc.*

 

114

 

 

384,457

AutoZone, Inc.*

 

5

 

 

8,924

Booking Holdings, Inc.*

 

10

 

 

24,208

Chipotle Mexican Grill, Inc.*

 

6

 

 

10,674

Coupang, Inc.*

 

353

 

 

10,505

DoorDash, Inc., Class A*

 

67

 

 

13,052

DR Horton, Inc.

 

82

 

 

7,320

eBay, Inc.

 

155

 

 

11,892

Ferrari NV

 

43

 

 

10,198

Ford Motor Co.*

 

887

 

 

15,150

Home Depot, Inc. (The)

 

240

 

 

89,218

Lowe’s Cos., Inc.

 

160

 

 

37,411

Lucid Group, Inc.*

 

366

 

 

13,538

Lululemon Athletica, Inc.*

 

29

 

 

13,514

Magna International, Inc.

 

154

 

 

12,520

McDonald’s Corp.

 

168

 

 

41,252

MercadoLibre, Inc.*

 

100

 

 

148,102

O’Reilly Automotive, Inc.*

 

16

 

 

9,957

Ross Stores, Inc.

 

82

 

 

9,282

Starbucks Corp.

 

267

 

 

28,321

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

CONSUMER DISCRETIONARY (Continued)

Target Corp.

 

112

 

$

29,078

Tesla, Inc.*

 

332

 

 

369,848

TJX Cos., Inc. (The)

 

273

 

 

17,879

Yum! Brands, Inc.

 

68

 

 

8,496

       

 

1,338,108

CONSUMER STAPLES — 2.4%

     

 

 

Altria Group, Inc.

 

417

 

 

18,394

Archer-Daniels-Midland Co.

 

127

 

 

8,158

Coca-Cola Co. (The)

 

977

 

 

55,074

Colgate-Palmolive Co.

 

192

 

 

14,628

Costco Wholesale Corp.

 

101

 

 

49,646

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

 

53

 

 

17,190

General Mills, Inc.

 

138

 

 

8,528

Kimberly-Clark Corp.

 

76

 

 

9,841

Kroger Co. (The)

 

168

 

 

6,723

Mondelez International, Inc., Class A

 

317

 

 

19,255

Monster Beverage Corp.*

 

120

 

 

10,200

PepsiCo, Inc.

 

312

 

 

50,419

Philip Morris International, Inc.

 

354

 

 

33,467

Procter & Gamble Co. (The)

 

555

 

 

79,359

Sysco Corp.

 

115

 

 

8,844

Walgreens Boots Alliance, Inc.

 

196

 

 

9,216

Walmart, Inc.

 

634

 

 

94,732

       

 

493,674

ENERGY — 1.7%

     

 

 

Canadian Natural Resources Ltd.

 

604

 

 

25,676

Cenovus Energy, Inc.

 

1,026

 

 

12,292

Chevron Corp.

 

437

 

 

50,032

ConocoPhillips

 

305

 

 

22,720

Enbridge, Inc.

 

1,031

 

 

43,158

Enterprise Products Partners LP

 

496

 

 

11,249

EOG Resources, Inc.

 

131

 

 

12,112

Exxon Mobil Corp.

 

958

 

 

61,762

Marathon Petroleum Corp.

 

147

 

 

9,692

Pembina Pipeline Corp.

 

281

 

 

9,298

Phillips 66

 

106

 

 

7,927

Pioneer Natural Resources Co.

 

55

 

 

10,284

Schlumberger NV

 

317

 

 

10,226

Suncor Energy, Inc.

 

756

 

 

19,883

TC Energy Corp.

 

499

 

 

26,996

Williams Cos., Inc. (The)

 

292

 

 

8,202

       

 

341,509

4

QRAFT AI-Enhanced U.S. Large Cap ETF

SCHEDULE OF INVESTMENTS (Continued)

 

October 31, 2021  

(Unaudited)  

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

FINANCIALS — 8.1%

     

 

 

Aflac, Inc.

 

151

 

$

8,104

Allstate Corp. (The)

 

68

 

 

8,410

American Express Co.

 

180

 

 

31,280

American International Group, Inc.

 

195

 

 

11,523

Ameriprise Financial, Inc.

 

28

 

 

8,460

Aon PLC, Class A

 

51

 

 

16,316

Arthur J Gallagher & Co.

 

50

 

 

8,383

Bank of America Corp.

 

1,921

 

 

91,785

Bank of Montreal

 

328

 

 

35,591

Bank of New York Mellon Corp. (The)

 

196

 

 

11,603

Bank of Nova Scotia (The)

 

617

 

 

40,451

Berkshire Hathaway, Inc., Class B*

 

518

 

 

148,671

BlackRock, Inc.

 

35

 

 

33,021

Blackstone Group, Inc.

 

157

 

 

21,732

Brookfield Asset Management, Inc., Class A

 

843

 

 

50,909

Canadian Imperial Bank of Commerce

 

229

 

 

27,769

Capital One Financial Corp.

 

103

 

 

15,556

Charles Schwab Corp. (The)

 

410

 

 

33,632

Chubb Ltd.

 

100

 

 

19,538

Citigroup, Inc.

 

468

 

 

32,367

CME Group, Inc.

 

82

 

 

18,085

Coinbase Global, Inc., Class A*

 

33

 

 

10,541

Discover Financial Services

 

69

 

 

7,819

FactSet Research Systems, Inc.

 

391

 

 

173,561

Goldman Sachs Group, Inc. (The)

 

76

 

 

31,415

Intercontinental Exchange, Inc.

 

127

 

 

17,584

JPMorgan Chase & Co.

 

685

 

 

116,375

KKR & Co., Inc.

 

131

 

 

10,437

Manulife Financial Corp.

 

988

 

 

19,256

Marsh & McLennan Cos., Inc.

 

114

 

 

19,015

MetLife, Inc.

 

198

 

 

12,434

Moody’s Corp.

 

41

 

 

16,570

Morgan Stanley

 

415

 

 

42,654

MSCI, Inc.

 

218

 

 

144,944

Nasdaq, Inc.

 

37

 

 

7,765

PNC Financial Services Group, Inc. (The)

 

95

 

 

20,048

Progressive Corp. (The)

 

132

 

 

12,524

Prudential Financial, Inc.

 

89

 

 

9,794

 

Number of
Shares

 

Value

COMMON STOCKS (Continued)

FINANCIALS (Continued)

Robinhood Markets, Inc., Class A*

 

175

 

$

6,120

Royal Bank of Canada

 

724

 

 

75,303

S&P Global, Inc.

 

54

 

 

25,605

Sun Life Financial, Inc.

 

299

 

 

17,034

SVB Financial Group*

 

13

 

 

9,326

T Rowe Price Group, Inc.

 

52

 

 

11,278

Toronto-Dominion Bank (The)

 

925

 

 

67,072

Truist Financial Corp.

 

303

 

 

19,231

US Bancorp

 

336

 

 

20,284

Wells Fargo & Co.

 

930

 

 

47,579

       

 

1,644,754

HEALTH CARE — 24.9%

     

 

 

Abbott Laboratories

 

401

 

 

51,685

AbbVie, Inc.

 

399

 

 

45,753

ABIOMED, Inc.*

 

575

 

 

190,923

Acceleron Pharma, Inc.*

 

848