Cabana Target Drawdown 5 ETF
Schedule of Investments		1
Summary of Investments		2
Cabana Target Drawdown 7 ETF
Schedule of Investments		3
Summary of Investments		4
Cabana Target Drawdown 10 ETF
Schedule of Investments		5
Summary of Investments		6
Cabana Target Drawdown 13 ETF
Schedule of Investments		7
Summary of Investments		8
Cabana Target Drawdown 16 ETF
Schedule of Investments		9
Summary of Investments		10
Cabana Target Leading Sector Aggressive ETF
Schedule of Investments		11
Summary of Investments		12
Cabana Target Leading Sector Conservative ETF
Schedule of Investments		13
Summary of Investments		14
Cabana Target Leading Sector Moderate ETF
Schedule of Investments		15
Summary of Investments		16
Statements of Assets and Liabilities		17
Statements of Operations		19
Statements of Changes in Net Assets		21
Financial Highlights		25
Notes to Financial Statements		29
Disclosure of Fund Expenses		38
Review of Liquidity Risk Management Program		40
Board Consideration of 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 Moderate ETF, each of which may invest more of its assets in securities of a single issuer, and 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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 100.0%
CURRENCY — 10.0%
WisdomTree Bloomberg U.S. Dollar Bullish Fund	123,606	$	3,197,687
EQUITY — 51.0%
Invesco QQQ Trust Series 1	8,670		3,347,574
Vanguard Communication Services ETF	21,718		3,079,178
Vanguard Consumer Discretionary ETF	9,797		3,319,321
Vanguard Health Care ETF	12,520		3,235,794
Vanguard S&P 500 ETF	7,837		3,308,468
			16,290,335
FIXED INCOME — 39.0%
Vanguard Intermediate-Term Bond ETF	34,843		3,095,452
Vanguard Long-Term Bond ETF	30,299		3,146,551
Vanguard Tax-Exempt Bond Index ETF	56,704		3,101,142
Vanguard Total Bond Market ETF	36,529		3,118,846
			12,461,991
TOTAL EXCHANGE-TRADED FUNDS (Cost $31,473,138)			31,950,013

SHORT-TERM INVESTMENTS — 0.1%
Invesco Government & Agency Portfolio — Institutional Class, 0.03%(a)	28,318		28,318
TOTAL SHORT TERM INVESTMENTS (Cost $28,318)			28,318
TOTAL INVESTMENTS — 100.1% (Cost $31,501,456)			31,978,331
Liabilities in Excess of Other Assets — (0.1%)			(15,622	)
TOTAL NET ASSETS — 100.0%		$	31,962,709

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
EQUITY — 60.9%
Invesco QQQ Trust Series 1	75,484	$	29,145,127
Vanguard Communication Services ETF	189,133		26,815,277
Vanguard Extended Market ETF	145,559		28,002,640
Vanguard Health Care ETF	109,024		28,177,253
Vanguard Information Technology ETF	67,278		29,209,417
Vanguard S&P 500 ETF	68,231		28,804,399
			170,154,113
FIXED INCOME — 38.9%
Global X US Preferred ETF	1,050,149		27,272,369
Vanguard Intermediate-Term Bond ETF	303,440		26,957,610
Vanguard Long-Term Bond ETF	263,865		27,402,380
Vanguard Total Bond Market ETF	318,113		27,160,488
			108,792,847
TOTAL EXCHANGE-TRADED FUNDS (Cost $273,212,269)			278,946,960

SHORT-TERM INVESTMENTS — 0.3%
Invesco Government & Agency Portfolio — Institutional Class, 0.03%(a)	821,613		821,613
TOTAL SHORT TERM INVESTMENTS (Cost $821,613)			821,613
TOTAL INVESTMENTS — 100.1% (Cost $274,033,882)			279,768,573
Liabilities in Excess of Other Assets — (0.1%)			(136,510	)
TOTAL NET ASSETS — 100.0%		$	279,632,063

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
EQUITY — 70.8%
Invesco QQQ Trust Series 1	226,218	$	87,345,032
Vanguard Communication Services ETF	566,786		80,358,919
Vanguard Consumer Discretionary ETF	255,611		86,603,563
Vanguard Extended Market ETF	436,200		83,916,156
Vanguard Information Technology ETF	201,596		87,524,919
Vanguard S&P 500 ETF	204,469		86,318,633
Vanguard Total Stock Market ETF	362,655		85,916,596
			597,983,818
FIXED INCOME — 29.0%
Global X US Preferred ETF	3,147,183		81,732,343
Vanguard Intermediate-Term Bond ETF	909,371		80,788,520
Vanguard Long-Term Bond ETF	790,771		82,121,568
			244,642,431
TOTAL EXCHANGE-TRADED FUNDS (Cost $809,586,738)			842,626,249

SHORT-TERM INVESTMENTS — 0.3%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)	2,353,110		2,353,110
TOTAL SHORT TERM INVESTMENTS (Cost $2,353,110)			2,353,110
TOTAL INVESTMENTS — 100.1% (Cost $811,939,848)			844,979,359
Liabilities in Excess of Other Assets — (0.1%)			(404,956	)
TOTAL NET ASSETS — 100.0%		$	844,574,403

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
EQUITY — 90.2%
Invesco QQQ Trust Series 1	79,724	$	30,782,234
Vanguard Communication Services ETF	199,773		28,323,816
Vanguard Consumer Discretionary ETF	90,081		30,520,344
Vanguard Extended Market ETF	153,751		29,578,617
Vanguard Financials ETF	317,764		31,665,183
Vanguard Health Care ETF	115,143		29,758,708
Vanguard Information Technology ETF	71,057		30,850,107
Vanguard Mid-Cap ETF	120,810		30,487,612
Vanguard S&P 500 ETF	72,053		30,417,894
			272,384,515
FIXED INCOME — 9.6%
Vanguard Long-Term Bond ETF	278,699		28,942,891
TOTAL EXCHANGE-TRADED FUNDS (Cost $286,543,012)			301,327,406

SHORT-TERM INVESTMENTS — 0.2%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)	659,884		659,884
TOTAL SHORT TERM INVESTMENTS (Cost $659,884)			659,884
TOTAL INVESTMENTS — 100.0% (Cost $287,202,896)			301,987,290
Liabilities in Excess of Other Assets — (0.0)%			(146,080	)
TOTAL NET ASSETS — 100.0%		$	301,841,210

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
EQUITY — 99.8%
Invesco QQQ Trust Series 1	43,725	$	16,882,660
Vanguard Communication Services ETF	109,576		15,535,685
Vanguard Consumer Discretionary ETF	49,414		16,741,957
Vanguard Extended Market ETF	84,331		16,223,598
Vanguard Industrials ETF	80,158		16,083,703
Vanguard Information Technology ETF	38,976		16,921,820
Vanguard Mid-Cap ETF	66,265		16,722,636
Vanguard S&P 500 ETF	39,521		16,684,185
Vanguard Small-Cap ETF	70,542		16,188,684
Vanguard Total Stock Market ETF	70,118		16,611,655
			164,596,583
TOTAL EXCHANGE-TRADED FUNDS (Cost $156,886,654)			164,596,583

SHORT-TERM INVESTMENTS — 0.2%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)	332,677		332,677
TOTAL SHORT TERM INVESTMENTS (Cost $332,677)			332,677
TOTAL INVESTMENTS — 100.0% (Cost $157,219,331)			164,929,260
Liabilities in Excess of Other Assets — (0.0)%			(70,569	)
TOTAL NET ASSETS — 100.0%		$	164,858,691

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.9%
EQUITY — 99.9%
Invesco QQQ Trust Series 1	183,490	$	70,847,324
Vanguard Communication Services ETF	178,770		25,346,011
Vanguard Consumer Discretionary ETF	288,430		97,722,968
			193,916,303
TOTAL EXCHANGE-TRADED FUNDS (Cost $184,428,445)			193,916,303

SHORT-TERM INVESTMENTS — 0.2%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)	359,313		359,313
TOTAL SHORT TERM INVESTMENTS (Cost $359,313)			359,313
TOTAL INVESTMENTS — 100.1% (Cost $184,787,758)			194,275,616
Liabilities in Excess of Other Assets — (0.1%)			(86,673	)
TOTAL NET ASSETS — 100.0%		$	194,188,943

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

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
CURRENCY — 11.9%
WisdomTree Bloomberg U.S. Dollar Bullish Fund(a)	858,188	$	22,201,324
EQUITY — 64.7%
Invesco QQQ Trust Series 1	121,472		46,901,554
SPDR Dow Jones Industrial Average ETF Trust	10,577		3,788,999
Vanguard Communication Services ETF	330,252		46,823,128
Vanguard Health Care ETF	58,200		15,041,790
Vanguard S&P 500 ETF	18,333		7,739,459
			120,294,930
FIXED INCOME — 23.2%
Vanguard Long-Term Bond ETF	346,803		36,015,491
Vanguard Short-Term Bond ETF	44,133		3,594,191
Vanguard Total Bond Market ETF	42,068		3,591,766
			43,201,448
TOTAL EXCHANGE-TRADED FUNDS (Cost $182,379,594)			185,697,702

SHORT-TERM INVESTMENTS — 0.2%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(b)	327,597		327,597
TOTAL SHORT TERM INVESTMENTS (Cost $327,597)			327,597
TOTAL INVESTMENTS — 100.0% (Cost $182,707,191)			186,025,299
Other Assets in Excess of Liabilities — (0.0)%			43,177
TOTAL NET ASSETS — 100.0%		$	186,068,476

	Number of Shares	Value
EXCHANGE-TRADED FUNDS — 99.8%
EQUITY — 90.5%
Invesco QQQ Trust Series 1	254,398	$	98,225,612
Vanguard Consumer Discretionary ETF	224,424		76,037,095
Vanguard S&P 500 ETF	166,517		70,296,817
			244,559,524
FIXED INCOME – 9.3%
Vanguard Long-Term Bond ETF	242,094		25,141,462
TOTAL EXCHANGE-TRADED FUNDS (Cost $255,954,306)			269,700,986

SHORT-TERM INVESTMENTS — 0.1%
Invesco Government & Agency Portfolio – Institutional Class, 0.03%(a)	326,556		326,556
TOTAL SHORT TERM INVESTMENTS (Cost $326,556)			326,556
TOTAL INVESTMENTS — 99.9% (Cost $256,280,862)			270,027,542
Other Assets in Excess of Liabilities — 0.1%			105,145
TOTAL NET ASSETS — 100.0%		$	270,132,687

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

	Cabana Target Drawdown 5 ETF		Cabana Target Drawdown 7 ETF		Cabana Target Drawdown 10 ETF		Cabana Target Drawdown 13 ETF
Assets:
Investments, at value	$	31,978,331	$	279,768,573	$	844,979,359	$	301,987,290
Dividends receivable		2		17		48		14
Capital shares receivable		—		657,838		1,394,431		—
Total Assets		31,978,333		280,426,428		846,373,838		301,987,304

Liabilities:
Due to custodian		3,208		23,036		61,576		19,274
Advisory fee payable		12,416		116,065		348,879		126,820
Investments securities purchased		—		655,264		1,388,980		—
Total Liabilities		15,624		794,365		1,799,435		146,094

Net Assets	$	31,962,709	$	279,632,063	$	844,574,403	$	301,841,210

Net Assets Consist of:
Paid-in capital	$	31,305,349	$	267,741,926	$	779,449,341	$	268,094,375
Distributable earnings (loss)		657,360		11,890,137		65,125,062		33,746,835
Net Assets	$	31,962,709	$	279,632,063	$	844,574,403	$	301,841,210

Net Assets	$	31,962,709	$	279,632,063	$	844,574,403	$	301,841,210
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		1,225,000		10,600,000		30,225,000		10,250,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.09	$	26.38	$	27.94	$	29.45
Investments, at cost	$	31,501,456	$	274,033,882	$	811,939,848	$	287,202,896

	Cabana Target Drawdown 16 ETF		Cabana Target Leading Sector Aggressive ETF		Cabana Target Leading Sector Conservative ETF		Cabana Target Leading Sector Moderate ETF
Assets:
Unaffiliated investments, at value	$	164,929,260	$	194,275,616	$	163,823,975	$	270,027,542
Affiliated investments, at value		—		—		22,201,324		—
Cash		—		—		132,942		224,173
Capital shares receivable		2,234,238		1,971,295		—		3,295,581
Dividends receivable		7		4		1,237		5
Total Assets		167,163,505		196,246,915		186,159,478		273,547,301

Liabilities:
Due to custodian		9,701		—		—		—
Advisory fee payable		69,719		90,253		91,002		126,400
Investments securities purchased		2,225,394		1,967,719		—		3,288,214
Total Liabilities		2,304,814		2,057,972		91,002		3,414,614

Net Assets	$	164,858,691	$	194,188,943	$	186,068,476	$	270,132,687

Net Assets Consist of:
Paid-in capital	$	146,809,691	$	184,355,864	$	182,486,627	$	255,947,885
Distributable earnings (loss)		18,049,000		9,833,079		3,581,849		14,184,802
Net Assets	$	164,858,691	$	194,188,943	$	186,068,476	$	270,132,687

Net Assets	$	164,858,691	$	194,188,943	$	186,068,476	$	270,132,687

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		5,525,000		7,375,000		7,300,000		10,225,000
Net Asset Value, Offering and Redemption Price Per Share	$	29.84	$	26.33	$	25.49	$	26.42
Unaffiliated investments, at cost	$	157,219,331	$	184,787,758	$	160,709,081	$	256,280,862
Affiliated investments, at cost	$	—	$	—	$	21,998,110	$	—

	Cabana Target Drawdown 5 ETF			Cabana Target Drawdown 7 ETF			Cabana Target Drawdown 10 ETF			Cabana Target Drawdown 13 ETF
	For the Six Months Ended October 31, 2021 (Unaudited)			For the Six Months Ended October 31, 2021 (Unaudited)			For the Six Months Ended October 31, 2021 (Unaudited)			For the Six Months Ended October 31, 2021 (Unaudited)
Investment Income:
Dividends	$	196,752		$	3,369,296		$	6,843,100		$	1,757,486
Total Investment Income		196,752			3,369,296			6,843,100			1,757,486

Expenses:
Advisory fees		104,123			1,258,633			2,995,884			1,054,654
Total Expenses		104,123			1,258,633			2,995,884			1,054,654
Less fees waived:
Waiver		(32,437	)		(383,058	)		(899,593	)		(314,123	)
Net Expenses		71,686			875,575			2,096,291			740,531
Net Investment Income (Loss)		125,066			2,493,721			4,746,809			1,016,955

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(87,327	)		(3,926,562	)		(7,552,242	)		(3,037,992	)
In-kind redemptions		1,322,111			18,119,300			57,017,418			27,841,316
Net realized gain (loss)		1,234,784			14,192,738			49,465,176			24,803,324
Net change in unrealized appreciation (depreciation) on:
Investments		(281,642	)		(3,529,195	)		(9,192,735	)		(4,547,636	)
Net change in unrealized appreciation (depreciation)		(281,642	)		(3,529,195	)		(9,192,735	)		(4,547,636	)
Net realized and unrealized gain (loss)		953,142			10,663,543			40,272,441			20,255,688
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,078,208		$	13,157,264		$	45,019,250		$	21,272,643

	Cabana Target Drawdown 16 ETF			Cabana Target Leading Sector Aggressive ETF			Cabana Target Leading Sector Conservative ETF			Cabana Target Leading Sector Moderate ETF
	For the Six Months Ended October 31, 2021 (Unaudited)			For the period July 13, 2021(1) to October 31, 2021 (Unaudited)			For the period July 13, 2021(1) to October 31, 2021 (Unaudited)			For the period July 13, 2021(1) to October 31, 2021 (Unaudited)
Investment Income:
Dividends	$	856,399		$	556,685		$	538,736		$	798,327
Total Investment Income		856,399			556,685			538,736			798,327

Expenses:
Advisory fees		570,032			395,963			435,068			562,207
Total Expenses		570,032			395,963			435,068			562,207
Less fees waived:
Waiver		(167,982	)		(103,454	)		(114,205	)		(147,579	)
Net Expenses		402,050			292,509			320,863			414,628
Net Investment Income (Loss)		454,349			264,176			217,873			383,699

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,103,834	)		—			—			—
Unaffiliated in-kind redemptions		—			81,045			39,549			54,423
Affiliated in-kind redemptions		14,707,545			—			6,319			—
Net realized gain (loss)		13,603,711			81,045			45,868			54,423
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(4,242,713	)		9,487,858			3,114,894			13,746,680
Affiliated Investments		—			—			203,214			—
Net change in unrealized appreciation (depreciation)		(4,242,713	)		9,487,858			3,318,108			13,746,680
Net realized and unrealized gain (loss)		9,360,998			9,568,903			3,363,976			13,801,103
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,815,347		$	9,833,079		$	3,581,849		$	14,184,802

(1) Commencement of operations.

	Cabana Target Drawdown 5 ETF						Cabana Target Drawdown 7 ETF
	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) to April 30, 2021			For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) to April 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	125,066		$	164,353		$	2,493,721		$	3,660,890
Net realized gain (loss)		1,234,784			(807,348	)		14,192,738			(4,521,152	)
Change in net unrealized appreciation (depreciation)		(281,642	)		758,517			(3,529,195	)		9,263,886
Net increase (decrease) in net assets resulting from operations		1,078,208			115,522			13,157,264			8,403,624

Distributions to Shareholders		(175,221	)		(117,432	)		—			(1,699,958	)

Capital Transactions:
Proceeds from shares issued		26,365,668			40,096,656			184,564,636			542,359,117
Cost of shares redeemed		(13,467,412	)		(21,933,280	)		(267,472,528	)		(199,680,092	)
Net increase (Decrease) in Net Assets Resulting from Capital Share Transactions		12,898,256			18,163,376			(82,907,892	)		342,679,025
Total Increase (Decrease) in Net Assets		13,801,243			18,161,466			(69,750,628	)		349,382,691

Net Assets:
Beginning of period		18,161,466			—			349,382,691			—
End of period	$	31,962,709		$	18,161,466		$	279,632,063		$	349,382,691

Change in Shares Outstanding:
Shares outstanding, beginning of period		725,000			—			13,850,000			—
Shares issued		1,025,000			1,625,000			7,125,000			21,950,000
Shares redeemed		(525,000	)		(900,000	)		(10,375,000	)		(8,100,000	)
Shares outstanding, end of period		1,225,000			725,000			10,600,000			13,850,000

(1) Commencement of operations.

	Cabana Target Drawdown 10 ETF						Cabana Target Drawdown 13 ETF
	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) to April 30, 2021			For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) to April 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	4,746,809		$	4,964,237		$	1,016,955		$	1,263,101
Net realized gain (loss)		49,465,176			(8,758,811	)		24,803,324			(1,548,357	)
Change in net unrealized appreciation (depreciation)		(9,192,735	)		42,232,246			(4,547,636	)		19,332,030
Net increase (decrease) in net assets resulting from operations		45,019,250			38,437,672			21,272,643			19,046,774

Distributions to Shareholders		—			(2,996,851	)		—			(968,743	)

Capital Transactions:
Proceeds from shares issued		640,286,944			927,823,599			317,775,509			365,891,811
Cost of shares redeemed		(501,547,440	)		(302,448,771	)		(280,750,882	)		(140,425,902	)
Net increase (Decrease) in Net Assets Resulting from Capital Share Transactions		138,739,504			625,374,828			37,024,627			225,465,909
Total Increase (Decrease) in Net Assets		183,758,754			660,815,649			58,297,270			243,543,940

Net Assets:
Beginning of period		660,815,649			—			243,543,940			—
End of period	$	844,574,403		$	660,815,649		$	301,841,210		$	243,543,940

Change in Shares Outstanding:
Shares outstanding, beginning of period		25,225,000			—			9,000,000			—
Shares issued		23,550,000			37,450,000			11,250,000			14,650,000
Shares redeemed		(18,550,000	)		(12,225,000	)		(10,000,000	)		(5,650,000	)
Shares outstanding, end of period		30,225,000			25,225,000			10,250,000			9,000,000

(1) Commencement of operations.

	Cabana Target Drawdown 16 ETF						Cabana Target Leading Sector Aggressive ETF
	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) to April 30, 2021			For the period July 13, 2021(1) to October 31, 2021 (Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	454,349		$	706,398		$	264,176
Net realized gain (loss)		13,603,711			(1,272,508	)		81,045
Change in net unrealized appreciation (depreciation)		(4,242,713	)		11,952,642			9,487,858
Net increase (decrease) in net assets resulting from operations		9,815,347			11,386,532			9,833,079

Distributions to Shareholders		—			(539,242	)		—

Capital Transactions:
Proceeds from shares issued		190,987,795			184,639,436			188,719,194
Cost of shares redeemed		(160,644,476	)		(70,786,701	)		(4,363,330	)
Net increase (Decrease) in Net Assets Resulting from Capital Share Transactions		30,343,319			113,852,735			184,355,864
Total Increase (Decrease) in Net Assets		40,158,666			124,700,025			194,188,943

Net Assets:
Beginning of period		124,700,025			—			—
End of period	$	164,858,691		$	124,700,025		$	194,188,943

Change in Shares Outstanding:
Shares outstanding, beginning of period		4,500,000			—			—
Shares issued		6,650,000			7,350,000			7,550,000
Shares redeemed		(5,625,000	)		(2,850,000	)		(175,000	)
Shares outstanding, end of period		5,525,000			4,500,000			7,375,000

(1) Commencement of operations.

	Cabana Target Leading Sector Conservative ETF			Cabana Target Leading Sector Moderate ETF
	For the period July 13, 2021(1) to October 31, 2021 (Unaudited)			For the period July 13, 2021(1) to October 31, 2021 (Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	217,873		$	383,699
Net realized gain (loss)		45,868			54,423
Change in net unrealized appreciation (depreciation)		3,318,108			13,746,680
Net increase (decrease) in net assets resulting from operations		3,581,849			14,184,802


Capital Transactions:
Proceeds from shares issued		186,258,439			257,847,031
Cost of shares redeemed		(3,771,812	)		(1,899,146	)
Net increase (Decrease) in Net Assets Resulting from Capital Share Transactions		182,486,627			255,947,885
Total Increase (Decrease) in Net Assets		186,068,476			270,132,687

Net Assets:
Beginning of period		—			—
End of period	$	186,068,476		$	270,132,687

Change in Shares Outstanding:
Shares outstanding, beginning of period		—			—
Shares issued		7,450,000			10,300,000
Shares redeemed		(150,000	)		(75,000	)
Shares outstanding, end of period		7,300,000			10,225,000

(1) Commencement of operations.

Cabana Target Drawdown 5 ETF Selected Per Share Data	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	25.05		$	24.99
Investment Activities
Net investment income (loss)(2)		0.12			0.20
Net realized and unrealized gain (loss)		1.11			0.01	(3)
Total from investment activities		1.23			0.21
Distributions to shareholders from
Net investment income		(0.19	)		(0.15	)
Total distributions		(0.19	)		(0.15	)
Net Asset Value, end of period	$	26.09		$	25.05
Total Return (%)		4.94	(4)		0.85	(4)
Total Return at Market Price (%)		4.89	(4)		0.85	(4)
Ratios to Average Net Assets
Expenses before fee waiver (%)(5)		0.80	(6)		0.80	(6)
Expenses after fee waiver (%)(5)		0.55	(6)		0.54	(6)
Net investment income (loss) (%)		0.96	(6)		1.36	(6)
Supplemental Data
Net Assets at end of period (000’s)	$	31,963		$	18,161
Portfolio turnover (%)(7)		90	(4)		516	(4)

Cabana Target Drawdown 7 ETF Selected Per Share Data	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	25.23		$	24.98
Investment Activities
Net investment income (loss)(2)		0.21			0.25
Net realized and unrealized gain (loss)		0.94			0.11
Total from investment activities		1.15			0.36
Distributions to shareholders from
Net investment income		—			(0.11	)
Total distributions		—			(0.11	)
Net Asset Value, end of period	$	26.38		$	25.23
Total Return (%)		4.58	(4)		1.45	(4)
Total Return at Market Price (%)		4.44	(4)		1.51	(4)
Ratios to Average Net Assets
Expenses before fee waiver (%)(5)		0.80	(6)		0.80	(6)
Expenses after fee waiver (%)(5)		0.56	(6)		0.54	(6)
Net investment income (loss) (%)		1.59	(6)		1.69	(6)
Supplemental Data
Net Assets at end of period (000’s)	$	279,632		$	349,383
Portfolio turnover (%)(7)		122	(4)		416	(4)

(1) Commencement of operations.

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

(3) Per share net realized and unrealized gains or losses on investments is a balancing amount and may not correspond with the realized and change in aggregate unrealized gains and losses in the Fund’s securities because of the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund.

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

(5) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(6) Annualized for periods less than one year.

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

Cabana Target Drawdown 10 ETF Selected Per Share Data	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	26.20		$	25.02
Investment Activities
Net investment income (loss)(2)		0.17			0.22
Net realized and unrealized gain (loss)		1.57			1.09
Total from investment activities		1.74			1.31
Distributions to shareholders from
Net investment income		—			(0.13	)
Total distributions		—			(0.13	)
Net Asset Value, end of period	$	27.94		$	26.20
Total Return (%)		6.67	(3)		5.27	(3)
Total Return at Market Price (%)		6.76	(3)		5.16	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)		0.80	(5)
Expenses after fee waiver (%)(4)		0.56	(5)		0.54	(5)
Net investment income (loss) (%)		1.27	(5)		1.46	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	844,574		$	660,816
Portfolio turnover (%)(6)		95	(3)		451	(3)

Cabana Target Drawdown 13 ETF Selected Per Share Data	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	27.06		$	25.03
Investment Activities
Net investment income (loss)(2)		0.11			0.18
Net realized and unrealized gain (loss)		2.28			2.00
Total from investment activities		2.39			2.18
Distributions to shareholders from
Net investment income		—			(0.15	)
Total distributions		—			(0.15	)
Net Asset Value, end of period	$	29.45		$	27.06
Total Return (%)		8.82	(3)		8.74	(3)
Total Return at Market Price (%)		8.84	(3)		8.66	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)		0.80	(5)
Expenses after fee waiver (%)(4)		0.56	(5)		0.54	(5)
Net investment income (loss) (%)		0.77	(5)		1.15	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	301,841		$	243,544
Portfolio turnover (%)(6)		119	(3)		448	(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) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(5) Annualized for periods less than one year.

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

Cabana Target Drawdown 16 ETF Selected Per Share Data	For the Six Months Ended October 31, 2021 (Unaudited)			For the period September 17, 2020(1) through April 30, 2021
Net Asset Value, beginning of period	$	27.71		$	25.03
Investment Activities
Net investment income (loss)(2)		0.09			0.21
Net realized and unrealized gain (loss)		2.04			2.64
Total from investment activities		2.13			2.85
Distributions to shareholders from
Net investment income		—			(0.17	)
Total distributions		—			(0.17	)
Net Asset Value, end of period	$	29.84		$	27.71
Total Return (%)		7.68	(3)		11.47	(3)
Total Return at Market Price (%)		7.76	(3)		11.39	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)		0.80	(5)
Expenses after fee waiver (%)(4)		0.56	(5)		0.54	(5)
Net investment income (loss) (%)		0.64	(5)		1.32	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	164,859		$	124,700
Portfolio turnover (%)(6)		117	(3)		452	(3)

Cabana Target Leading Sector Aggressive ETF Selected Per Share Data	For the period July 13, 2021(1) through October 31, 2021 (Unaudited)
Net Asset Value, beginning of period	$	25.12
Investment Activities
Net investment income (loss)(2)		0.04
Net realized and unrealized gain (loss)		1.17
Total from investment activities		1.21
Net Asset Value, end of period	$	26.33
Total Return (%)		4.82	(3)
Total Return at Market Price (%)		4.74	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)
Expenses after fee waiver (%)(4)		0.59	(5)
Net investment income (loss) (%)		0.53	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	194,189
Portfolio turnover (%)(6)		—

(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.

(5) Annualized for periods less than one year.

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

Cabana Target Leading Sector Conservative ETF Selected Per Share Data	For the period July 13, 2021(1) through October 31, 2021 (Unaudited)
Net Asset Value, beginning of period	$	25.05
Investment Activities
Net investment income (loss)(2)		0.03
Net realized and unrealized gain (loss)		0.41
Total from investment activities		0.44
Net Asset Value, end of period	$	25.49
Total Return (%)		1.74	(3)
Total Return at Market Price (%)		1.72	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)
Expenses after fee waiver (%)(4)		0.59	(5)
Net investment income (loss) (%)		0.40	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	186,068
Portfolio turnover (%)(6)		—

Cabana Target Leading Sector Moderate ETF Selected Per Share Data	For the period July 13, 2021(1) through October 31, 2021 (Unaudited)
Net Asset Value, beginning of period	$	25.09
Investment Activities
Net investment income (loss)(2)		0.04
Net realized and unrealized gain (loss)		1.29
Total from investment activities		1.33
Net Asset Value, end of period	$	26.42
Total Return (%)		5.28	(3)
Total Return at Market Price (%)		5.34	(3)
Ratios to Average Net Assets
Expenses before fee waiver (%)(4)		0.80	(5)
Expenses after fee waiver (%)(4)		0.59	(5)
Net investment income (loss) (%)		0.55	(5)
Supplemental Data
Net Assets at end of period (000’s)	$	270,133
Portfolio turnover (%)(6)		—

(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.

(5) Annualized for periods less than one year.

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

Cabana Target Drawdown 5 ETF

Cabana Target Drawdown 7 ETF

Cabana Target Drawdown 10 ETF

Cabana Target Drawdown 13 ETF

Cabana Target Drawdown 16 ETF

Cabana Target Leading Sector Aggressive ETF

Cabana Target Leading Sector Conservative ETF

Cabana Target Leading Sector Moderate 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 Cabana Target Drawdown 5 ETF, Cabana Target Drawdown 7 ETF, Cabana Target Drawdown 10 ETF, Cabana Target Drawdown 13 ETF, and Cabana Target Drawdown 16 ETF each seek to provide long-term growth within a targeted risk parameter and seek to achieve their investment objective with limited volatility and reduced correlation to the overall performance of the equity markets by allocating its assets among the following five major asset classes – equities, fixed income securities, real estate, currencies, and commodities. The Cabana Target Leading Sector Aggressive ETF, The Cabana Target Leading Sector Conservative ETF, and The Cabana Target Leading Sector Moderate ETF each seek to provide long-term growth and seek to achieve their investment objective primarily by allocating their assets among ETFs that invest in securities of companies in 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.

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’s investments are valued 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 Trust’s Valuation Committee, in accordance with the Trust’s Board-approved valuation guidelines, to determine a security’s fair value. In determining such value, the Valuation 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, ETFs 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, 2021 for each Fund based upon the three levels defined above:

Cabana Target Drawdown 5 ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	31,950,013	$	—	$	—	$	31,950,013
Short-Term Investments		28,318		—		—		28,318
Total	$	31,978,331	$	—	$	—	$	31,978,331

Cabana Target Drawdown 7 ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	278,946,960	$	—	$	—	$	278,946,960
Short-Term Investments		821,613		—		—		821,613
Total	$	279,768,573	$	—	$	—	$	279,768,573

Cabana Target Drawdown 10 ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	842,626,249	$	—	$	—	$	842,626,249
Short-Term Investments		2,353,110		—		—		2,353,110
Total	$	844,979,359	$	—	$	—	$	844,979,359

Cabana Target Drawdown 13 ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	301,327,406	$	—	$	—	$	301,327,406
Short-Term Investments		659,884		—		—		659,884
Total	$	301,987,290	$	—	$	—	$	301,987,290

Cabana Target Drawdown 16 ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	164,596,583	$	—	$	—	$	164,596,583
Short-Term Investments		332,677		—		—		332,677
Total	$	164,929,260	$	—	$	—	$	164,929,260

Cabana Target Leading Sector Aggressive ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	193,916,303	$	—	$	—	$	193,916,303
Short-Term Investments		359,313		—		—		359,313
Total	$	194,275,616	$	—	$	—	$	194,275,616

Cabana Target Leading Sector Conservative ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	185,697,702	$	—	$	—	$	185,697,702
Short-Term Investments		327,597		—		—		327,597
Total	$	186,025,299	$	—	$	—	$	186,025,299

Cabana Target Leading Sector Moderate ETF	Level 1		Level 2		Level 3		Total
Investments
Exchange-Traded Funds(a)	$	269,700,986	$	—	$	—	$	269,700,986
Short-Term Investments		326,556		—		—		326,556
Total	$	270,027,542	$	—	$	—	$	270,027,542

(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 based on effective yield. 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 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.

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 the Funds 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 a Fund to record a tax liability and, therefore, there is no impact to the Fund’s financial statements. The 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, 2021, the Funds did not have any interest or penalties associated with the underpayment of any income taxes.

(d) Distributions to Shareholders

Each Fund, except for the Cabana Target Drawdown 5 ETF, distributes net investment income and capital gains, if any, at least annually. The Cabana Target Drawdown 5 ETF pays out dividends from its net investment income at least monthly and distributes its net capital gains, if any, at least annually. Each Fund may make distributions on a more frequent basis for each 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 the Trust, including each Fund, pursuant to an investment advisory agreement entered into by the Adviser and the Trust on behalf of each Fund (“Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund. The Adviser is responsible for among other things, overseeing the Sub-Adviser (as defined below), including regular review of the Sub-Adviser’s performance, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the supervision 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.

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 (collectively, “Excluded Expenses”). As part of an agreement between the Sub-Adviser and the Adviser, the Sub-Adviser has agreed to pay all expenses of the Fund (except the Excluded Expenses) and, to the extent applicable, pay the Adviser’s minimum fee under the arrangement.

For the services it provides to each Fund, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.80% of average daily net assets of each Fund.

Effective September 1, 2021, the Adviser, for the Funds below, has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of each Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses but including acquired fund fees and expenses) from exceeding 0.69% of the Fund’s average daily net assets until at least September 1, 2022. The expense limitation agreement may be terminated, without payment of any penalty: (i) by the Trust for any reason and at any time and (ii) by the Adviser, for any reason, upon sixty days’ prior written notice to the Trust, such termination to be effective as of the close of business on the last day of the then-current one-year period. For purposes of calculating the waiver, the Adviser uses estimates of acquired fund fees and expenses. Previously, the Adviser had contractually agreed to waive a portion of its fee in an amount equal to 0.26% of each Fund’s average daily net assets. For the period ended October 31, 2021, the Adviser waived expenses of the Funds as follows:

Fund	Expenses Waived
Cabana Target Drawdown 5 ETF	$	32,437
Cabana Target Drawdown 7 ETF		383,058
Cabana Target Drawdown 10 ETF		899,593
Cabana Target Drawdown 13 ETF		314,123
Cabana Target Drawdown 16 ETF		167,982

The Adviser, for the Funds below, has contractually agreed to waive a portion of its management fee in an amount equal to 0.21% of the Fund’s average daily net assets through July 21, 2022, unless earlier terminated by the Board for any reason at any time. For the period ended October 31, 2021, the Adviser waived expenses of the Funds as follows:

Fund	Expenses Waived
Cabana Target Leading Sector Aggressive ETF	$	103,454
Cabana Target Leading Sector Conservative ETF		114,205
Cabana Target Leading Sector Moderate ETF		147,579

Waived fees are not recoupable in the future periods.

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) Investment Sub-Advisory Agreement

The Adviser has entered into an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with respect to the Funds with Cabana LLC d/b/a Cabana Asset Management (the “Sub-Adviser”). Under the Sub-Advisory Agreement, the Sub-Adviser makes investment decisions for the Funds and continuously reviews, supervises, and administers the investment program of the Funds, subject to the supervision of the Adviser and the Board. The Adviser pays a fee to the Sub-Adviser out of the Fee the Adviser receives from each Fund, which is calculated daily and paid monthly, at an annual rate (adjusted for waived fees and expenses) based on the aggregate of the average daily net assets of the Funds up to a maximum rate of 0.76%, which is calculated according to a breakpoint schedule.

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 a Fund’s 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.

An officer of the Trust is also an employee of an affiliate of the Distributor and receives no compensation from the Trust for serving as an officer.

(d) Other Servicing Agreements

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, 2021 were as follows:

Fund	Purchases		Sales
Cabana Target Drawdown 5 ETF	$	23,143,886	$	23,564,296
Cabana Target Drawdown 7 ETF		380,510,866		377,489,891
Cabana Target Drawdown 10 ETF		711,234,882		704,303,698
Cabana Target Drawdown 13 ETF		313,247,824		312,670,429
Cabana Target Drawdown 16 ETF		166,926,164		166,189,423
Cabana Target Leading Sector Aggressive ETF		153,130		—
Cabana Target Leading Sector Conservative ETF		160,484		—
Cabana Target Leading Sector Moderate ETF		150,190		—

Purchases and sales of in-kind transactions for the period ended October 31, 2021 were as follows:

Fund	Purchases		Sales
Cabana Target Drawdown 5 ETF	$	26,278,610	$	12,967,176
Cabana Target Drawdown 7 ETF		183,104,531		264,603,467
Cabana Target Drawdown 10 ETF		637,013,979		499,589,827
Cabana Target Drawdown 13 ETF		316,431,309		278,987,211
Cabana Target Drawdown 16 ETF		190,211,510		160,117,887
Cabana Target Leading Sector Aggressive ETF		188,551,752		4,357,482
Cabana Target Leading Sector Conservative ETF		185,935,960		3,762,716
Cabana Target Leading Sector Moderate ETF		257,647,952		1,898,259

Note 5 – Capital Share Transactions

Fund Shares are listed and traded on the Exchange 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 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 fee for each Fund is $500, 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 fee for each Fund is $500, regardless of the number of Creation Units redeemed 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. Each Fund is subject to the principal risks noted below, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in each Fund’s prospectus. Please refer to the relevant Fund’s prospectus for a complete description of the principal risks of investing in that Fund.

Asset Allocation Risk. Each Fund’s investment performance depends upon the successful allocation by the Sub-Adviser of the Fund’s assets among asset classes. There is no guarantee that the Sub-Adviser’s allocation techniques and decisions will produce the desired results.

Exchange-Traded Funds Risk. Through its investments in ETFs, the Fund is subject to the risks associated with the ETFs’ investments, including the possibility that the value of the instruments held by an ETF could decrease. The Fund’s exposure to a particular risk will be proportionate to the Fund’s overall allocation and each ETF’s asset allocation. In addition, by investing in the Fund, shareholders indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses. As a result, the cost of investing in the Fund may exceed the costs of investing directly in ETFs. The Fund may purchase ETFs at prices that exceed the net asset value of their underlying investments and may sell ETF investments at prices below such net asset value, and will likely incur brokerage costs when it purchases and sells ETFs.

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.

Non-Diversification Risk (Cabana Target Leading Sector Aggressive ETF, Cabana Target Leading Sector Conservative ETF and Cabana Target Leading Sector Moderate ETF only). The Funds are a non-diversified investment company under the 1940 Act, meaning that, as compared to a diversified fund, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on each Fund’s performance.

Trading Risk. Shares of each Fund may trade on the Exchange above (premium) or below (discount) their NAV. The NAV of shares of each Fund will fluctuate with changes in the market value of that Fund’s holdings. The market prices of each Fund’s shares will fluctuate continuously throughout trading hours based on market supply and demand and may deviate significantly from the value of such Fund’s holdings, particularly in times of market stress, with the result that investors may pay more or receive less than the underlying value of the Fund shares bought or sold. When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of a Fund (bid) and the lowest price a seller is willing to accept for shares of a Fund (ask), which is known as the bid-ask spread. In addition, although each Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of a Fund inadvisable. In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.

Note 7 – Federal Income Taxes

At October 31, 2021, 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		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cabana Target Drawdown 5 ETF	$	31,501,456	$	653,686	$	(176,811	)	$	476,875
Cabana Target Drawdown 7 ETF		274,033,882		6,897,025		(1,162,334	)		5,734,691
Cabana Target Drawdown 10 ETF		811,939,848		35,994,467		(2,954,956	)		33,039,511
Cabana Target Drawdown 13 ETF		287,202,896		15,337,573		(553,179	)		14,784,394
Cabana Target Drawdown 16 ETF		157,219,331		8,008,125		(298,196	)		7,709,929
Cabana Target Leading Sector Aggressive ETF		184,787,758		9,921,705		(433,847	)		9,487,858
Cabana Target Leading Sector Conservative ETF		182,707,191		4,142,288		(824,180	)		3,318,108
Cabana Target Leading Sector Moderate ETF		256,280,862		13,746,680		—			13,746,680

As of the tax period ended April 30, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains (Losses)			Accumulated Capital and Other Losses		Unrealized Appreciation (Depreciation) on Investments		Accumulated Earnings (Deficit)
Cabana Target Drawdown 5 ETF	$	44,669	$	(1,042,495	)	$	—	$	752,199	$	(245,627	)
Cabana Target Drawdown 7 ETF		1,923,395		(12,344,654	)		—		9,154,132		(1,267,127	)
Cabana Target Drawdown 10 ETF		1,947,099		(23,698,689	)		—		41,857,402		20,105,812
Cabana Target Drawdown 13 ETF		282,280		(7,084,821	)		—		19,276,733		12,474,192
Cabana Target Drawdown 16 ETF		140,587		(3,827,881	)		—		11,920,947		8,233,653

As of the tax period ended April 30, 2021, each Fund has non-expiring accumulated capital loss carryforwards as follows:

Fund	Short-Term		Long-Term		Total Amount
Cabana Target Drawdown 5 ETF	$	1,039,262	$	3,233	$	1,042,495
Cabana Target Drawdown 7 ETF		12,299,352		45,302		12,344,654
Cabana Target Drawdown 10 ETF		23,629,820		68,869		23,698,689
Cabana Target Drawdown 13 ETF		7,061,238		23,583		7,084,821
Cabana Target Drawdown 16 ETF		3,816,920		10,961		3,827,881

To the extent that the 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.

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 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 approximated at this time.

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. Management has determined there are no subsequent events that would require disclosure in a Fund’s financial statements.

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio	Expenses Paid During Period
Cabana Target Drawdown 5 ETF
Actual Performance	$1,000.00	$1,049.40	0.55%	$2.84(1)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.43	0.55%	$2.80(1)
Cabana Target Drawdown 7 ETF
Actual Performance	$1,000.00	$1,045.80	0.56%	$2.89(1)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	0.56%	$2.85(1)
Cabana Target Drawdown 10 ETF
Actual Performance	$1,000.00	$1,066.70	0.56%	$2.92(1)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	0.56%	$2.85(1)
Cabana Target Drawdown 13 ETF
Actual Performance	$1,000.00	$1,088.20	0.56%	$2.95(1)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	0.56%	$2.85(1)
Cabana Target Drawdown 16 ETF
Actual Performance	$1,000.00	$1,076.80	0.56%	$2.93(1)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	0.56%	$2.85(1)
Cabana Target Leading Sector Aggressive ETF
Actual Performance	$1,000.00	$1,051.00	0.59%	$1.84(2)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01(1)
Cabana Target Leading Sector Conservative ETF
Actual Performance	$1,000.00	$1,017.40	0.59%	$1.81(2)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01(1)
Cabana Target Leading Sector Moderate ETF
Actual Performance	$1,000.00	$1,052.80	0.59%	$1.84(2)
Hypothetical (5% return before expenses)	$1,000.00	$1,022.23	0.59%	$3.01(1)

(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.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 111 (the number of days in the period July 13, 2021 (commencement of operations) to October 31, 2020), then divided by 365.

At a meeting held on March 12, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of Exchange Listed Funds Trust (the “Trust”) considered and approved the following agreements (the “Agreements”) with respect to the Cabana Target Leading Sector Conservative ETF, Cabana Target Leading Sector Moderate ETF, and Cabana Target Leading Sector Aggressive ETF (the “Funds”):

• an investment advisory agreement between the Trust, on behalf of the Funds, and Exchange Traded Concepts, LLC (“ETC”), pursuant to which ETC would provide advisory services to the Funds; and

• an investment sub-advisory agreement between ETC and Cabana LLC (“Cabana”) pursuant to which Cabana would provide sub-advisory services to the Funds.

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Agreements must be approved by a vote of (i) the Trustees or the shareholders of the Funds and (ii) a majority of the Trustees who are not parties to the Agreements 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 and Cabana are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. In addition, rules under the 1940 Act require an investment company 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 an investment advisory agreement.

Although the 1940 Act requires that the Agreements be approved by the in-person vote of a majority of the Independent Trustees, the Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and possible restrictions on gatherings. The Meeting was held in reliance on an order issued by the Securities and Exchange Commission that provides temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed written materials from ETC and Cabana and, at the Meeting, representatives from ETC and Cabana presented additional oral and written information to help the Board evaluate the Agreements. Among other things, representatives from ETC and Cabana provided an overview of their 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 and Cabana’s oral presentations, and deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC and Cabana. 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 Agreements, the Trustees took into account all the materials provided prior to and during the Meeting, the presentations made and the extensive discussions during the Meeting, including the discussion the Independent Trustees had during their executive session with independent legal counsel. In particular, the Trustees took into consideration (i) the nature, extent, and quality of the services to be provided by ETC and Cabana; (ii) ETC’s and Cabana’s expected costs of and profits to be realized from providing such services, including any fall-out benefits to be enjoyed by ETC, Cabana, or their respective affiliates; (iii) comparative fee and expense data for the Funds; (iv) the extent to which each Fund’s advisory fee reflects economies of scale to be shared with shareholders; and (vi) other factors the Board deemed to be relevant.

Nature, Extent, and Quality of Services to be Provided

In considering the nature, extent, and quality of the services to be provided to the Funds, the Board considered the proposed investment strategies for each Fund and ETC’s and Cabana’s experience with such strategies. The Board considered ETC’s and Cabana’s specific responsibilities in all aspects of day-to-day management of the Funds. The Board noted that ETC’s responsibilities would include overseeing the activities of Cabana, while Cabana would be responsible for developing, implementing, and maintaining the Funds’ investment program. The Board further noted that ETC’s responsibilities also would include, among other things, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, trading

portfolio securities and other investment instruments on behalf of the Funds, selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board, determining the daily baskets of deposit securities and cash components, executing portfolio securities trades for purchases and redemptions of Fund shares, oversight of general portfolio compliance with relevant law, responsibility for quarterly reporting to the Board, and implementation of Board directives as they relate to the Funds. The Board considered the qualifications, experience, and responsibilities of ETC’s and Cabana’s investment personnel, the quality of ETC’s and Cabana’s compliance infrastructure, and the determination of the Trust’s Chief Compliance Officer that ETC and Cabana have appropriate compliance policies and procedures in place. The Board noted that it had been provided with ETC’s and Cabana’s registration form on Form ADV as well as ETC’s and Cabana’s responses to a detailed series of questions, which included a description of ETC’s and Cabana’s operations, service offerings, personnel (including, with respect to Cabana, information about the background and experience of the portfolio managers who would be primarily responsible for day-to-day management of the Funds), compliance program, risk management program, and financial condition.

The Board considered ETC’s experience working with ETFs, including other series of the Trust and other ETFs managed by ETC. The Board also considered other services to be 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 each Fund’s 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 to be provided to the Funds by ETC and Cabana.

Performance

Because the Funds are new and have not commenced operations, the Board noted that there was no historical performance to consider.

Cost of Advisory Services and Profitability

The Board reviewed the proposed advisory fee to be paid to ETC and the proposed sub-advisory fee to be paid by ETC to Cabana for services to be provided to the Funds under the Agreements. The Board reviewed a report prepared an independent third party comparing each Fund’s advisory fee to those paid by a group of peer funds. The Board noted that the fees for each Fund are within the range of advisory fees paid by peer funds. The Board also considered that ETC expected to implement a contractual waiver of a portion of the advisory fee payable for each Fund. The Board discussed 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, and that the sub-advisory fees to be paid to Cabana would be paid out of the advisory fees. The Board noted that, under the Agreements, ETC is responsible for compensating the Funds’ other service providers and paying each Fund’s other expenses out of its own advisory fees and resources and that while Cabana has agreed to assume such responsibility, ETC is ultimately responsible for ensuring the obligation to the Fund is satisfied. The Board considered that the sub-advisory fees would be paid by ETC, not the Funds, and that the fees reflect an arm’s length negotiation between ETC and Cabana. The Board further determined that the fees reflected a reasonable allocation of the advisory fee paid to ETC given the work performed by ETC and Cabana. The Board considered information provided about the costs and expenses to be incurred by ETC and Cabana in providing advisory and sub-advisory services, evaluated the compensation and benefits to be received by each of ETC and Cabana from its relationship with the Funds, and reviewed profitability analyses from ETC with respect to each Fund. The Board considered the risks borne by ETC and Cabana 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. In light of this information, the Board concluded that the advisory and sub-advisory fees were reasonable in light of the services to be rendered.

Security Type/Sector	Percent of Total Net Assets
Exchange-Traded Funds
Currency	10.0	%
Equity	51.0	%
Fixed Income	39.0	%
Total Exchange-Traded Funds	100.0	%
Short-Term Investments	0.1	%
Total Investments	100.1	%
Liabilities in Excess of Other Assets	(0.1	)%
Total Net Assets	100.0	%

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		$	—		$	22,446,601		$	(454,810	)		$	6,319		$	203,214		$	22,201,324		858,188		$	—		$	—