EXCHANGE LISTED FUNDS TRUST

Cabana Target Drawdown 5 ETF (TDSA)

Cabana Target Drawdown 7 ETF (TDSB)

Cabana Target Drawdown 10 ETF (TDSC)

Cabana Target Drawdown 13 ETF (TDSD)

Cabana Target Drawdown 16 ETF (TDSE)

Cabana Target Leading Sector Aggressive ETF (CLSA)

Cabana Target Leading Sector Conservative ETF (CLSC)

Cabana Target Leading Sector Moderate ETF (CLSM)

Annual Report

April 30, 2022

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

April 30, 2022  

 

Management’s Discussion of Fund Performance

 

1

Cabana Target Drawdown 5 ETF

   

Schedule of Investments

 

17

Summary of Investments

 

18

Cabana Target Drawdown 7 ETF

   

Schedule of Investments

 

19

Summary of Investments

 

20

Cabana Target Drawdown 10 ETF

   

Schedule of Investments

 

21

Summary of Investments

 

22

Cabana Target Drawdown 13 ETF

   

Schedule of Investments

 

23

Summary of Investments

 

24

Cabana Target Drawdown 16 ETF

   

Schedule of Investments

 

25

Summary of Investments

 

26

Cabana Target Leading Sector Aggressive ETF

   

Schedule of Investments

 

27

Summary of Investments

 

28

Cabana Target Leading Sector Conservative ETF

   

Schedule of Investments

 

29

Summary of Investments

 

30

Cabana Target Leading Sector Moderate ETF

   

Schedule of Investments

 

31

Summary of Investments

 

32

i

Exchange Listed Funds Trust

TABLE OF CONTENTS (Concluded)

 

April 30, 2022  

 

Statements of Assets and Liabilities

 

33

Statements of Operations

 

35

Statements of Changes in Net Assets

 

37

Financial Highlights

 

41

Notes to Financial Statements

 

45

Report of Independent Registered Public Accounting Firm

 

56

Disclosure of Fund Expenses

 

57

Review of Liquidity Risk Management Program

 

59

Board Consideration and Approval of Advisory and Sub-Advisory Agreements

 

60

Other Information

 

63

Trustees

 

64

Officers

 

65

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

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

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

Distributor: Foreside Fund Services, LLC

ii

Cabana Target Drawdown 5 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 5 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

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

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 8.51% and the net asset value decreased 8.39%, while the S&P Target Risk Conservative Index, a broad market index, decreased 7.30%, over the same period.

The Fund began trading on September 17, 2020, with 1,525,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 5 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

1

Cabana Target Drawdown 5 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date 
of the Fund

 

Average Annual
Return as of
4/30/2022

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 5 ETF (Net Asset Value)

 

9/17/2020

 

-8.39%

 

-4.77%

 

1.05%

 

0.69%

Cabana Target Drawdown 5 ETF (Market Price)

     

-8.51%

 

-4.84%

       

S&P Target Risk Conservative Index

     

-7.30%

 

-1.01%

       

*   Reflects the expense ratios (inclusive of 0.25% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Conservative Index is designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

2

Cabana Target Drawdown 7 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 7 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

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

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 8.62% and the net asset value decreased 8.48% while the S&P Target Risk Moderate Index, a broad market index, decreased 6.97%.

The Fund began trading on September 17, 2020, with 11,300,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 7 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

3

Cabana Target Drawdown 7 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return 
as of
4
/30/2022

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 7 ETF (Net Asset Value)

 

9/17/2020

 

-8.48%

 

-4.48%

 

1.04%

 

0.69%

Cabana Target Drawdown 7 ETF (Market Price)

     

-8.62%

 

-4.54%

       

S&P Target Risk Moderate Index

     

-6.97%

 

0.65%

       

*   Reflects the expense ratios (inclusive of 0.24% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

4

Cabana Target Drawdown 10 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 10 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

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

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 7.54% and the net asset value decreased 7.58% while S&P Target Risk Moderate Index, a broad market index, decreased 6.97%.

The Fund began trading on September 17, 2020, with 32,675,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 10 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

5

Cabana Target Drawdown 10 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return 
as of
4
/30/2022

 

Expense Ratio*

One Year

 

Since
Inception

 

Gross

 

Net

Cabana Target Drawdown 10 ETF (Net Asset Value)

 

9/17/2020

 

-7.58%

 

-1.69%

 

1.02%

 

0.69%

Cabana Target Drawdown 10 ETF (Market Price)

     

-7.54%

 

-1.72%

       

S&P Target Risk Moderate Index

     

-6.97%

 

0.65%

       

*   Reflects the expense ratios (inclusive of 0.22% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

6

Cabana Target Drawdown 13 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 13 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

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

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 13.75% and the net asset value decreased 13.67% while the S&P Target Risk Growth Index, a broad market index, decreased 6.31%.

The Fund began trading on September 17, 2020, with 11,950,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 13 ETF.

Sincerely,

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

7

Cabana Target Drawdown 13 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
as of
4
/30/2022

 

Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

Cabana Target Drawdown 13 ETF (Net Asset Value)

 

9/17/2020

 

-13.67%

 

-3.83%

 

0.98%

 

0.69%

Cabana Target Drawdown 13 ETF (Market Price)

     

-13.75%

 

-3.93%

       

S&P Target Risk Growth Index

     

-6.31%

 

4.00%

       

*   Reflects the expense ratios (inclusive of 0.18% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Growth Index is designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

8

Cabana Target Drawdown 16 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Drawdown 16 ETF (the “Fund”). The following information pertains to the fiscal year May 1, 2021 through April 30, 2022.

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

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal year. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022.

For the fiscal year ended April 30, 2022, the Fund’s market price decreased 14.52% and the net asset value decreased 14.64% while the S&P Target Risk Aggressive Index, a broad market index, decreased 5.66%.

The Fund began trading on September 17, 2020, with 7,800,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Drawdown 16 ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, LLC, Adviser to the Fund

9

Cabana Target Drawdown 16 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Average Annual
Return
as of
4
/30/2022

 

Expense Ratio*

One Year

 

Since Inception

 

Gross

 

Net

Cabana Target Drawdown 16 ETF (Net Asset Value)

 

9/17/2020

 

-14.64%

 

-3.03%

 

1.00%

 

0.69%

Cabana Target Drawdown 16 ETF (Market Price)

     

-14.52%

 

-2.98%

       

S&P Target Risk Aggressive Index

     

-5.66%

 

7.37%

       

*   Reflects the expense ratios (inclusive of 0.20% of acquired fund fees and expenses) as reported in the Prospectus dated September 1, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Aggressive Index is designed to measure the performance of aggressive stock-bond allocations to equities, seeking to maximize opportunities for long-term capital accumulation. It may include small allocations to fixed income to enhance portfolio efficiency.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

10

Cabana Target Leading Sector Aggressive ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Aggressive ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (commencement of operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The Fund seeks to achieve this objective primarily by allocating its assets among exchange-traded funds that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 20.49% and the NAV decreased 20.39% while the S&P Target Risk Aggressive Index, a broad market index, decreased 8.83% over the same period.

The Fund began trading on July 13, 2021 and had 24,325,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Aggressive ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

11

Cabana Target Leading Sector Aggressive ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Cumulative
Total Return
As of
4/30/2022

 



Expense Ratio*

Gross

 

Net

Cabana Target Leading Sector Aggressive ETF (Net Asset Value)

 

7/13/2021

 

-20.39%

 

0.90%

 

0.69%

Cabana Target Leading Sector Aggressive ETF (Market Price)

     

-20.49%

       

S&P Target Risk Aggressive Index

     

-8.83%

       

*   Reflects the expense ratios (inclusive of 0.10% of acquired fund fees and expenses) as reported in the Prospectus dated July 21, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Aggressive Index is designed to measure the performance of aggressive stock-bond allocations to equities, seeking to maximize opportunities for long-term capital accumulation. It may include small allocations to fixed income to enhance portfolio efficiency.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

12

Cabana Target Leading Sector Conservative ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Conservative ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (Commencement of Operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The Fund seeks to achieve this objective primarily by allocating its assets among ETFs that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 13.82% and the NAV decreased 13.66% while the S&P Target Risk Conservative Index, a broad market index, decreased 9.26% over the same period.

The Fund began trading on July 13, 2021 and had 2,250,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Conservative ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

13

Cabana Target Leading Sector Conservative ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Cumulative
Total Return
As of
4
/30/2022

 



Expense Ratio*

Gross

 

Net

Cabana Target Leading Sector Conservative ETF (Net Asset Value)

 

7/13/2021

 

-13.66%

 

0.90%

 

0.69%

Cabana Target Leading Sector Conservative ETF (Market Price)

     

-13.82%

       

S&P Target Risk Conservative Index

     

-9.26%

       

*   Reflects the expense ratios (inclusive of 0.10% of acquired fund fees and expenses) as reported in the Prospectus dated July 21, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Conservative Index is designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

14

Cabana Target Leading Sector Moderate ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

April 30, 2022  

(Unaudited) 

Dear Shareholders,

Thank you for your investment in the Cabana Target Leading Sector Moderate ETF (the “Fund”). The information presented in this report relates to the operations of the Fund for the fiscal period July 13, 2021 (Commencement of Operations) through April 30, 2022.

The Fund seeks to provide long-term growth. The fund seeks to achieve this objective primarily by allocating its assets among exchange-traded funds that invest in securities of companies of the various sectors of the U.S. market: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. The Fund’s sub-adviser, Cabana Asset Management, selects investments in sectors of the market that it identifies utilizing a strategy designed to optimize performance while seeking to manage portfolio volatility and reduce exposure to down markets.

There are many factors that materially affected the Fund’s performance during the most recently completed fiscal period. In 2021, the Fund had positive performance. However, the Fund has experienced negative returns in 2022, as both the stock and bond markets have performed poorly. In particular, one impact on performance has been the drastic decrease in corporate earnings from 2021 to 2022, which is suggestive of a potential bear market.

The Fund had negative performance during the fiscal period ended April 30, 2022. The market price for the Fund decreased 12.64% and the NAV decreased 12.51% while the S&P Target Risk Moderate Index, a broad market index, decreased 9.17% over the same period.

The Fund began trading on July 13, 2021, and had 3,300,000 shares outstanding as of April 30, 2022. We appreciate your investment in the Cabana Target Leading Sector Moderate ETF.

Sincerely,

J. Garrett Stevens

Chief Executive Officer

Exchange Traded Concepts, Adviser to the Fund

15

Cabana Target Leading Sector Moderate ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Concluded)

 

April 30, 2022  

(Unaudited) 

Growth of a $10,000 Investment

(at net asset value)

 

Inception Date
of the Fund

 

Cumulative
Total Return
As of
4
/30/2022

 



Expense Ratio*

Gross

 

Net

Cabana Target Leading Sector Moderate ETF (Net Asset Value)

 

7/13/2021

 

-12.51%

 

0.90%

 

0.69%

Cabana Target Leading Sector Moderate ETF (Market Price)

     

-12.64%

       

S&P Target Risk Moderate Index

     

-9.17%

       

*   Reflects the expense ratios (inclusive of 0.10% of acquired fund fees and expenses) as reported in the Prospectus dated July 21, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.

Current performance may be lower or higher than performance data quoted. For the Fund’s most recent month end performance, please visit www.cabanaetfs.com.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities.

The Fund’s shares are listed on an exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

Net asset value (“NAV”) — The dollar value of a single share, is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.

16

Cabana Target Drawdown 5 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.7%

 

COMMODITY — 10.1%

     

 

 

 

Goldman Sachs Physical Gold ETF*

 

184,988

 

$

3,484,249

 

CURRENCY — 10.1%

     

 

 

 

WisdomTree Bloomberg U.S. Dollar Bullish Fund*

 

127,542

 

 

3,511,231

 

EQUITY — 29.8%

     

 

 

 

Invesco Nasdaq 100 ETF

 

26,755

 

 

3,449,790

 

Vanguard Health Care ETF

 

14,355

 

 

3,437,735

 

Vanguard Utilities ETF

 

22,031

 

 

3,408,857

 

       

 

10,296,382

 

FIXED INCOME — 49.7%

     

 

 

 

Vanguard Intermediate-Term Bond ETF

 

43,986

 

 

3,454,221

 

Vanguard Intermediate-Term Treasury ETF

 

56,483

 

 

3,461,843

 

Vanguard Long-Term Bond ETF

 

41,190

 

 

3,404,354

 

Vanguard Long-Term Treasury ETF

 

46,857

 

 

3,414,938

 

Vanguard Short-Term Bond ETF

 

45,115

 

 

3,475,208

 

       

 

17,210,564

 

TOTAL EXCHANGE-TRADED FUNDS
(Cost $35,587,792)

     

 

34,502,426

 

       

 

 

 

SHORT-TERM INVESTMENTS — 0.4%

 

Invesco Government & Agency Portfolio — Institutional Class, 0.35%(a)

 

127,186

 

 

127,186

 

TOTAL SHORT TERM INVESTMENTS
(Cost $127,186)

     

 

127,186

 

TOTAL INVESTMENTS — 100.1%
(Cost $35,714,978)

     

 

34,629,612

 

Liabilities in Excess of Other Assets — (0.1%)

     

 

(31,138

)

TOTAL NET ASSETS — 100.0%

     

$

34,598,474

 

*    Non-income producing security.

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

17

Cabana Target Drawdown 5 ETF

SUMMARY OF INVESTMENTS

 

April 30, 2022  

   

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Commodity

 

10.1

%

Currency

 

10.1

%

Equity

 

29.8

%

Fixed Income

 

49.7

%

Total Exchange-Traded Funds

 

99.7

%

Short-Term Investments

 

0.4

%

Total Investments

 

100.1

%

Liabilities in Excess of Other Assets

 

(0.1

)%

Total Net Assets

 

100.0

%

18

Cabana Target Drawdown 7 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.7%

COMMODITY — 10.1%

     

 

 

Goldman Sachs Physical Gold ETF*

 

1,365,069

 

$

25,711,075

CURRENCY — 10.1%

     

 

 

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

 

941,138

 

 

25,909,529

EQUITY — 29.7%

     

 

 

Invesco Nasdaq 100 ETF

 

197,420

 

 

25,455,335

Vanguard Health Care ETF

 

105,920

 

 

25,365,721

Vanguard Utilities ETF

 

162,585

 

 

25,156,777

       

 

75,977,833

FIXED INCOME — 49.8%

     

 

 

Vanguard Intermediate-Term Bond ETF

 

324,584

 

 

25,489,582

Vanguard Intermediate-Term Treasury ETF

 

416,763

 

 

25,543,404

Vanguard Long-Term Treasury ETF

 

345,732

 

 

25,196,948

Vanguard Short-Term Bond ETF

 

332,900

 

 

25,643,287

Vanguard Short-Term Inflation-Protected Securities ETF

 

507,667

 

 

25,723,487

       

 

127,596,708

TOTAL EXCHANGE-TRADED FUNDS
(Cost $264,023,640)

     

 

255,195,145

       

 

 

SHORT-TERM INVESTMENTS — 0.3%

Invesco Government & Agency Portfolio — Institutional Class, 0.35%(b)

 

853,501

 

 

853,501

TOTAL SHORT TERM INVESTMENTS
(Cost $853,501)

     

 

853,501

TOTAL INVESTMENTS — 100.0%
(Cost $264,877,141)

     

 

256,048,646

Other Assets in Excess of Liabilities — 0.0%

     

 

39,669

TOTAL NET ASSETS — 100.0%

     

$

256,088,315

*    Non-income producing security.

(a)      Affiliated issuer.

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

Other Affiliated Investments

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

Affiliate

 

Value at
beginning
of the
period

 

Purchases
Cost

 

Sales
Proceeds

 

Net
Realized
Gain
/
(Loss)

 

Net
Change in
Unrealized
Appreciation
/
(Depreciation)

 

Value at
the end
of the
period

 

Number of
Shares
at the
end of
the period

 

Dividend
Income

 

Capital
Gain
Distributions

WisdomTree Bloomberg
U.S. Dollar Bullish
Fund

 

$

 

$

27,588,140

 

$

(1,674,813

)

 

$

5,613

 

$

(9,411

)

 

$

25,909,529

 

941,138

 

$

 

$

19

Cabana Target Drawdown 7 ETF

SUMMARY OF INVESTMENTS

 

April 30, 2022  

   

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Commodity

 

10.1

%

Currency

 

10.1

%

Equity

 

29.7

%

Fixed Income

 

49.8

%

Total Exchange-Traded Funds

 

99.7

%

Short-Term Investments

 

0.3

%

Total Investments

 

100.0

%

Other Assets in Excess of Liabilities

 

0.0

%

Total Net Assets

 

100.0

%

20

Cabana Target Drawdown 10 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.5%

COMMODITY — 10.1%

     

 

 

Goldman Sachs Physical Gold ETF*(a)

 

4,182,967

 

$

78,786,183

EQUITY — 39.7%

     

 

 

Invesco Nasdaq 100 ETF

 

604,895

 

 

77,995,161

Vanguard Consumer Staples ETF

 

390,929

 

 

78,228,802

Vanguard Health Care ETF

 

324,545

 

 

77,722,037

Vanguard Utilities ETF

 

498,154

 

 

77,079,369

       

 

311,025,369

FIXED INCOME — 49.7%

     

 

 

Vanguard Intermediate-Term Bond ETF

 

994,616

 

 

78,107,194

Vanguard Intermediate-Term Treasury ETF

 

1,277,019

 

 

78,268,495

Vanguard Long-Term Bond ETF

 

931,358

 

 

76,976,739

Vanguard Long-Term Treasury ETF

 

1,059,356

 

 

77,205,865

Vanguard Total Bond Market ETF

 

1,025,365

 

 

78,122,559

       

 

388,680,852

TOTAL EXCHANGE-TRADED FUNDS
(Cost $807,691,195)

     

 

778,492,404

       

 

 

SHORT-TERM INVESTMENTS — 0.4%

Invesco Government & Agency Portfolio — Institutional Class, 0.35%(b)

 

3,473,656

 

 

3,473,656

TOTAL SHORT TERM INVESTMENTS
(Cost $3,473,656)

     

 

3,473,656

TOTAL INVESTMENTS — 99.9%
(Cost $811,164,851)

     

 

781,966,060

Other Assets in Excess of Liabilities — 0.1%

     

 

76,295

TOTAL NET ASSETS — 100.0%

     

$

782,042,355

*    Non-income producing security.

(a)      Affiliated issuer.

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

Other Affiliated Investments

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

Affiliate

 

Value at
beginning
of the
period

 

Purchases
Cost

 

Sales
Proceeds

 

Net
Realized
Gain
/
(Loss)

 

Net
Change in
Unrealized
Appreciation
/
(Depreciation)

 

Value at
the end
of the
period

 

Number of
Shares
at the
end of
the period

 

Dividend
Income

 

Capital
Gain
Distributions

Goldman Sachs Physical Gold ETF

 

$

 

$

93,147,290

 

$

(17,483,950

)

 

$

324,665

 

$

2,798,178

 

$

78,786,183

 

4,182,967

 

$

 

$

21

Cabana Target Drawdown 10 ETF

SUMMARY OF INVESTMENTS

 

April 30, 2022  

   

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Commodity

 

10.1

%

Equity

 

39.7

%

Fixed Income

 

49.7

%

Total Exchange-Traded Funds

 

99.5

%

Short-Term Investments

 

0.4

%

Total Investments

 

99.9

%

Other Assets in Excess of Liabilities

 

0.1

%

Total Net Assets

 

100.0

%

22

Cabana Target Drawdown 13 ETF

SCHEDULE OF INVESTMENTS

 

April 30, 2022  

   

 

Number of
Shares

 

Value

EXCHANGE-TRADED FUNDS — 99.8%

COMMODITY — 10.1%

     

 

 

 

Goldman Sachs Physical Gold ETF*

 

1,491,111

 

$

28,085,076

 

EQUITY — 59.9%

     

 

 

 

Invesco Nasdaq 100 ETF

 

323,468

 

 

41,707,964

 

Vanguard Consumer Discretionary ETF

 

50,544

 

 

13,654,967

 

Vanguard Health Care ETF

 

173,536

 

 

41,558,401

 

Vanguard Information Technology ETF

 

38,655

 

 

14,194,116

 

Vanguard Small-Cap ETF

 

71,313

 

 

13,909,601

 

Vanguard Utilities ETF

 

266,375

 

 

41,216,204

 

       

 

166,241,253

 

FIXED INCOME — 29.8%

     

 

 

 

Vanguard Intermediate-Term Treasury ETF

 

455,231

 

 

27,901,108

 

Vanguard Long-Term Bond ETF

 

166,012

 

 

13,720,892

 

Vanguard Long-Term Treasury ETF

 

566,438