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, 2021

(Unaudited)

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

 

October 31, 2021  

(Unaudited)  

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

i

Cabana Target Drawdown 5 ETF

Schedule of Investments

 

October 31, 2021  
(Unaudited)  

 

Number
of Shares

 

Value

EXCHANGE-TRADED FUNDS100.0%

 

 

 

 

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.

1

Cabana Target Drawdown 5 ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

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

%

2

Cabana Target Drawdown 7 ETF

Schedule of Investments

 

October 31, 2021  
(Unaudited)  

 

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.

3

Cabana Target Drawdown 7 ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Equity

 

60.9

%

Fixed Income

 

38.9

%

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

%

4

Cabana Target Drawdown 10 ETF

Schedule of Investments

 

October 31, 2021  
(Unaudited)  

 

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.

5

Cabana Target Drawdown 10 ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Equity

 

70.8

%

Fixed Income

 

29.0

%

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

%

6

Cabana Target Drawdown 13 ETF

Schedule of Investments

 

October 31, 2021  
(Unaudited)  

 

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.

7

Cabana Target Drawdown 13 ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Equity

 

90.2

%

Fixed Income

 

9.6

%

Total Exchange-Traded Funds

 

99.8

%

Short-Term Investments

 

0.2

%

Total Investments

 

100.0

%

Liabilities in Excess of Other Assets

 

(0.0

)%

Total Net Assets

 

100.0

%

8

Cabana Target Drawdown 16 ETF

Schedule of Investments

 

October 31, 2021  
(Unaudited)  

 

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.

9

Cabana Target Drawdown 16 ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Equity

 

99.8

%

Total Exchange-Traded Funds

 

99.8

%

Short-Term Investments

 

0.2

%

Total Investments

 

100.0

%

Liabilities in Excess of Other Assets

 

(0.0

)%

Total Net Assets

 

100.0

%

10

Cabana Target Leading Sector Aggressive ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2021  
(Unaudited)  

 

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.

11

Cabana Target Leading Sector Aggressive ETF

SUMMARY OF INVESTMENTS

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Equity

 

99.9

%

Total Exchange-Traded Funds

 

99.9

%

Short-Term Investments

 

0.2

%

Total Investments

 

100.1

%

Liabilities in Excess of Other Assets

 

(0.1

)%

Total Net Assets

 

100.0

%

12

Cabana Target Leading Sector Conservative ETF

SCHEDULE OF INVESTMENTS

 

October 31, 2021  
(Unaudited)  

 

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

(a)   Affiliated issuer.

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

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal period to date transactions with companies which are or were affiliates are as follows:

Affiliate

 

Value at
beginning
of the
period

 

Purchases
Cost

 

Sales
Proceeds

 

Net
Realized
Gain
/(Loss)

 

Net Change
in Unrealized
Appreciation
/
(Depreciation)

 

Value at
the end of
the period

 

Number of
Shares at
the end of
the period

 

Dividend
Income

 

Capital Gain
Distributions

WisdomTree Bloomberg U.S. Dollar Bullish Fund

 

$

 

$

22,446,601

 

$

(454,810

)

 

$

6,319

 

$

203,214

 

$

22,201,324

 

858,188

 

$

 

$

13

Cabana Target Leading Sector Conservative ETF

Summary of Investments

 

October 31, 2021  
(Unaudited)  

Security Type/Sector

 

Percent of
Total Net
Assets

Exchange-Traded Funds

   

 

Currency

 

11.9

%

Equity

 

64.7

%

Fixed Income

 

23.2

%

Total Exchange-Traded Funds

 

99.8

%

Short-Term Investments

 

0.2

%

Total Investments

 

100.0

%

Other Assets in Excess of Liabilities

 

0.0

%

Total Net Assets

 

100.0

%