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)
Semi-Annual Report
October 31, 2022
(Unaudited)
|
Exchange Listed Funds Trust TABLE OF CONTENTS |
October
31,
2022 |
|
Cabana Target Drawdown 5 ETF |
||
|
1 | ||
|
2 | ||
|
Cabana Target Drawdown 7 ETF |
||
|
3 | ||
|
4 | ||
|
Cabana Target Drawdown 10 ETF |
||
|
5 | ||
|
6 | ||
|
Cabana Target Drawdown 13 ETF |
||
|
7 | ||
|
8 | ||
|
Cabana Target Drawdown 16 ETF |
||
|
9 | ||
|
10 | ||
|
Cabana Target Leading Sector Aggressive ETF |
||
|
11 | ||
|
12 | ||
|
Cabana Target Leading Sector Conservative ETF |
||
|
13 | ||
|
14 | ||
|
Cabana Target Leading Sector Moderate ETF |
||
|
15 | ||
|
16 |
i
|
Exchange Listed Funds Trust TABLE OF CONTENTS (Concluded) |
October
31,
2022 |
|
17 | ||
|
19 | ||
|
21 | ||
|
25 | ||
|
29 | ||
|
39 | ||
|
Board Consideration and Approval of Advisory and Sub-Advisory Agreements |
41 |
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 Sector 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 Nasdaq Stock Market LLC (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
|
Number of |
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.8% |
| |||||
|
FIXED INCOME — 99.8% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
220,230 |
$ |
24,218,693 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
24,218,693 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.3% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
62,718 |
|
62,718 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
62,718 |
| |||
|
TOTAL
INVESTMENTS — 100.1% |
|
24,281,411 |
| |||
|
Liabilities in Excess of Other
|
|
(11,059 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
24,270,352 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
1
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.8 |
% | |
|
Total Exchange-Traded Funds |
99.8 |
% | |
|
Short-Term Investments |
0.3 |
% | |
|
Total Investments |
100.1 |
% | |
|
Liabilities in Excess of Other Assets |
(0.1 |
)% | |
|
Total Net Assets |
100.0 |
% | |
2
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.9% |
| |||||
|
FIXED INCOME — 99.9% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
1,725,693 |
$ |
189,774,460 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
189,774,460 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.1% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
278,307 |
|
278,307 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
278,307 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
190,052,767 |
| |||
|
Liabilities in Excess of Other
|
|
(87,349 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
189,965,418 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
3
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.9 |
% | |
|
Total Exchange-Traded Funds |
99.9 |
% | |
|
Short-Term Investments |
0.1 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
4
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.9% |
| |||||
|
FIXED INCOME — 99.9% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
5,186,588 |
$ |
570,369,082 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
570,369,082 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.1% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
819,437 |
|
819,437 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
819,437 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
571,188,519 |
| |||
|
Liabilities in Excess of Other
|
|
(262,731 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
570,925,788 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
5
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.9 |
% | |
|
Total Exchange-Traded Funds |
99.9 |
% | |
|
Short-Term Investments |
0.1 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
6
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.9% |
| |||||
|
FIXED INCOME — 99.9% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
1,787,966 |
$ |
196,622,621 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
196,622,621 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.1% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
273,669 |
|
273,669 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
273,669 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
196,896,290 |
| |||
|
Liabilities in Excess of Other
|
|
(90,305 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
196,805,985 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
7
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.9 |
% | |
|
Total Exchange-Traded Funds |
99.9 |
% | |
|
Short-Term Investments |
0.1 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
8
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.9% |
| |||||
|
FIXED INCOME — 99.9% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
1,630,900 |
$ |
179,350,073 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
179,350,073 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.1% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
257,666 |
|
257,666 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
257,666 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
179,607,739 |
| |||
|
Liabilities in Excess of Other
|
|
(81,842 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
179,525,897 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
9
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.9 |
% | |
|
Total Exchange-Traded Funds |
99.9 |
% | |
|
Short-Term Investments |
0.1 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
10
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.6% |
| |||||
|
FIXED INCOME — 99.6% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
544,647 |
$ |
59,894,830 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
59,894,830 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.4% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
247,482 |
|
247,482 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
247,482 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
60,142,312 |
| |||
|
Liabilities in Excess of Other
|
|
(24,674 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
60,117,638 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
11
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.6 |
% | |
|
Total Exchange-Traded Funds |
99.6 |
% | |
|
Short-Term Investments |
0.4 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
12
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.6% |
| |||||
|
FIXED INCOME — 99.6% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
2,655,796 |
$ |
292,057,886 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
292,057,886 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.4% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
1,161,493 |
|
1,161,493 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
1,161,493 |
| |||
|
TOTAL
INVESTMENTS — 100.0% |
|
293,219,379 |
| |||
|
Liabilities in Excess of Other
|
|
(119,848 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
293,099,531 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
13
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.6 |
% | |
|
Total Exchange-Traded Funds |
99.6 |
% | |
|
Short-Term Investments |
0.4 |
% | |
|
Total Investments |
100.0 |
% | |
|
Liabilities in Excess of Other Assets |
(0.0 |
)% | |
|
Total Net Assets |
100.0 |
% | |
14
|
Number of
|
Value | |||||
|
EXCHANGE-TRADED FUNDS — 99.7% |
| |||||
|
FIXED INCOME — 99.7% |
|
| ||||
|
iShares Short Treasury Bond ETF(a) |
305,531 |
$ |
33,599,244 |
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS |
|
33,599,244 |
| |||
|
|
| |||||
|
SHORT-TERM INVESTMENTS — 0.4% |
| |||||
|
Invesco Government &
Agency Portfolio — Institutional |
123,968 |
|
123,968 |
| ||
|
TOTAL SHORT
TERM INVESTMENTS |
|
123,968 |
| |||
|
TOTAL
INVESTMENTS — 100.1% |
|
33,723,212 |
| |||
|
Liabilities in Excess of Other
|
|
(13,786 |
) | |||
|
TOTAL NET ASSETS — 100.0% |
$ |
33,709,426 |
| |||
(a) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com.
(b) The rate is the annualized seven-day yield at period end.
15
|
Security Type/Sector |
Percent of
| ||
|
Exchange-Traded Funds |
| ||
|
Fixed Income |
99.7 |
% | |
|
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 |
% | |
16
|
|
Cabana Target
|
Cabana Target
|
Cabana Target
|
Cabana Target
| ||||||||||||
|
Assets: |
|
|
|
|
|
|
|
| ||||||||
|
Investments, at value |
$ |
24,281,411 |
|
$ |
190,052,767 |
|
$ |
571,188,519 |
|
$ |
196,896,290 |
| ||||
|
Dividends receivable |
|
237 |
|
|
694 |
|
|
2,050 |
|
|
691 |
| ||||
|
Total Assets |
|
24,281,648 |
|
|
190,053,461 |
|
|
571,190,569 |
|
|
196,896,981 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Liabilities: |
|
|
|
|
|
|
|
| ||||||||
|
Advisory fee payable |
|
11,296 |
|
|
88,043 |
|
|
264,781 |
|
|
90,996 |
| ||||
|
Total Liabilities |
|
11,296 |
|
|
88,043 |
|
|
264,781 |
|
|
90,996 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Net Assets |
$ |
24,270,352 |
|
$ |
189,965,418 |
|
$ |
570,925,788 |
|
$ |
196,805,985 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Net Assets Consist of: |
|
|
|
|
|
|
|
| ||||||||
|
Paid-in capital |
$ |
32,257,382 |
|
$ |
266,424,785 |
|
$ |
767,642,455 |
|
$ |
302,723,863 |
| ||||
|
Distributable earnings (loss) |
|
(7,987,030 |
) |
|
(76,459,367 |
) |
|
(196,716,667 |
) |
|
(105,917,878 |
) | ||||
|
Net Assets |
$ |
24,270,352 |
|
$ |
189,965,418 |
|
$ |
570,925,788 |
|
$ |
196,805,985 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Net Assets |
$ |
24,270,352 |
|
$ |
189,965,418 |
|
$ |
570,925,788 |
|
$ |
196,805,985 |
| ||||
|
Shares of
Beneficial Interest Outstanding |
|
1,125,000 |
|
|
8,800,000 |
|
|
25,100,000 |
|
|
9,000,000 |
| ||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
21.57 |
|
$ |
21.59 |
|
$ |
22.75 |
|
$ |
21.87 |
| ||||
|
Investments, at cost |
$ |
24,283,841 |
|
$ |
190,071,998 |
|
$ |
571,252,234 |
|
$ |
196,918,093 |
| ||||
17
|
EXCHANGE LISTED FUNDS TRUST STATEMENTS OF ASSETS AND LIABILITIES (Concluded) |
October 31, 2022 (Unaudited) |
|
|
Cabana Target
|
Cabana Target
|
Cabana Target
|
Cabana Target
| ||||||||||||
|
Assets: |
|
|
|
|
|
|
|
| ||||||||
|
Investments, at value |
$ |
179,607,739 |
|
$ |
60,142,312 |
|
$ |
293,219,379 |
|
$ |
33,723,212 |
| ||||
|
Dividends receivable |
|
645 |
|
|
611 |
|
|
2,865 |
|
|
537 |
| ||||
|
Total Assets |
|
179,608,384 |
|
|
60,142,923 |
|
|
293,222,244 |
|
|
33,723,749 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Liabilities: |
|
|
|
|
|
|
|
| ||||||||
|
Advisory fee payable |
|
82,487 |
|
|
||||||||||||