# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001752724-23-063323
**Filing Date:** 2023-3
**Character Count:** 43570
**Document Hash:** 294d38e42c580fc6bb898bf70f7ca531
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-063323.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001752724-23-063323

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 23752227

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Exchange Traded Concepts Trust II
- **DATE OF NAME CHANGE:** 20120420

## Series and Classes Contracts Data

### QRAFT AI-Enhanced U.S. Next Value ETF (Series ID: S000069970)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000222820 | QRAFT AI-Enhanced U.S. Next Value ETF | NVQ             |

## Nport-Ex

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> **QRAFT AI-Enhanced U.S. Next Value ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;**January 31, 2023**<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | **Value** |
| **COMMON STOCKS – 99.7%** | | |
| **COMMUNICATION SERVICES – 1.3%** | **COMMUNICATION SERVICES – 1.3%** | |
| John Wiley & Sons, Inc., Class A | 272 | $12458 |
| Nexstar Media Group, Inc. | 219 | 44845 |
| Paramount Global, Class B | 252 | 5836 |
| TEGNA, Inc. | 201 | 4006 |
|  |  | **67145** |
| **CONSUMER DISCRETIONARY – 14.8%** |  |  |
| Century Communities, Inc. | 1047 | 64076 |
| Dillard's, Inc., Class A | 13 | 5113 |
| Foot Locker, Inc. | 113 | 4917 |
| Group 1 Automotive, Inc. | 108 | 23096 |
| KB Home | 494 | 18994 |
| Kohl's Corp. | 169 | 5471 |
| Lithia Motors, Inc. | 165 | 43428 |
| MDC Holdings, Inc. | 1897 | 71631 |
| Meritage Homes Corp.\* | 731 | 78721 |
| Mohawk Industries, Inc.\* | 410 | 49225 |
| Penske Automotive Group, Inc. | 467 | 59692 |
| Skechers USA, Inc., Class A\* | 1128 | 54313 |
| Taylor Morrison Home Corp.\* | 1800 | 64440 |
| Toll Brothers, Inc. | 1776 | 105654 |
| Tri Pointe Homes, Inc.\* | 3915 | 86482 |
| Urban Outfitters, Inc.\* | 179 | 4903 |
|  |  | **740156** |
| **CONSUMER STAPLES – 7.3%** |  |  |
| Central Garden & Pet Co., Class A\* | 119 | 4716 |
| Ingles Markets, Inc., Class A | 238 | 22610 |
| J M Smucker Co. (The) | 94 | 14363 |
| Nu Skin Enterprises, Inc., Class A | 101 | 4331 |
| Tyson Foods, Inc., Class A | 1025 | 67394 |
| United Natural Foods, Inc.\* | 110 | 4578 |
| US Foods Holding Corp.\* | 2524 | 96240 |
| Walgreens Boots Alliance, Inc. | 4046 | 149135 |
| Weis Markets, Inc. | 52 | 4490 |
|  |  | **367857** |
| **ENERGY – 0.5%** |  |  |
| Civitas Resources, Inc. | 74 | 4925 |
| Coterra Energy, Inc. | 173 | 4330 |
| DHT Holdings, Inc. | 480 | 4114 |
| Vitesse Energy, Inc.\* | 313 | 4995 |
| World Fuel Services Corp. | 156 | 4415 |
|  |  | **22779** |
| **FINANCIALS – 34.0%** |  |  |
| American Equity Investment Life Holding Co. | 93 | 4431 |
| Ameris Bancorp | 940 | 44330 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | **Value** |
| **COMMON STOCKS (Continued)** |  |  |
| **FINANCIALS (Continued)** |  |  |
| Associated Banc-Corp. | 1600 | $35856 |
| Assured Guaranty Ltd. | 182 | 11393 |
| Banner Corp. | 324 | 21005 |
| Cadence Bank | 1410 | 36068 |
| Citizens Financial Group, Inc. | 3104 | 134465 |
| CNA Financial Corp. | 1529 | 66603 |
| Columbia Banking System, Inc. | 591 | 18268 |
| Enstar Group Ltd.\* | 23 | 5573 |
| First Financial Bancorp | 1329 | 33664 |
| FNB Corp./PA | 3477 | 49617 |
| Fulton Financial Corp. | 1685 | 28190 |
| Genworth Financial, Inc., Class A\* | 4673 | 25795 |
| Horace Mann Educators Corp. | 114 | 4060 |
| Independent Bank Group, Inc. | 525 | 32182 |
| Invesco Ltd. | 6964 | 128904 |
| Jefferies Financial Group, Inc. | 2667 | 104760 |
| Kemper Corp. | 87 | 5110 |
| Lincoln National Corp. | 139 | 4925 |
| MetLife, Inc. | 3118 | 227676 |
| NBT Bancorp, Inc. | 98 | 3852 |
| Nelnet, Inc., Class A | 221 | 21103 |
| New York Community Bancorp, Inc. | 5800 | 57942 |
| Popular, Inc. | 658 | 45165 |
| Prosperity Bancshares, Inc. | 589 | 44682 |
| Prudential Financial, Inc. | 2068 | 217016 |
| Radian Group, Inc. | 1638 | 36200 |
| Regions Financial Corp. | 4783 | 112592 |
| Reinsurance Group of America, Inc. | 235 | 35666 |
| Towne Bank/Portsmouth VA | 584 | 17794 |
| Trustmark Corp. | 603 | 17559 |
| Unum Group | 104 | 4371 |
| Valley National Bancorp | 5290 | 62845 |
| White Mountains Insurance Group Ltd. | 3 | 4584 |
|  |  | **1704246** |
| **HEALTH CARE – 19.0%** |  |  |
| Bio-Rad Laboratories, Inc., Class A\* | 156 | 72924 |
| Centene Corp.\* | 1978 | 150803 |
| Cigna Corp. | 1135 | 359420 |
| CVS Health Corp. | 4036 | 356056 |
| Patterson Cos., Inc. | 377 | 11381 |
| Prestige Consumer Healthcare, Inc.\* | 68 | 4472 |
|  |  | **955056** |
| **INDUSTRIALS – 9.9%** |  |  |
| AAR Corp.\* | 440 | 22634 |
| ABM Industries, Inc. | 271 | 12713 |
| Air Lease Corp. | 1859 | 83599 |
| Beacon Roofing Supply, Inc.\* | 857 | 48746 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> **QRAFT AI-Enhanced U.S. Next Value ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;**January 31, 2023**<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | **Value** |
| **COMMON STOCKS (Continued)** |  |  |
| **INDUSTRIALS (Continued)** |  |  |
| Boise Cascade Co. | 62 | $4648 |
| CACI International, Inc., Class A\* | 48 | 14788 |
| GATX Corp. | 255 | 29185 |
| GEO Group, Inc. (The)\* | 389 | 4474 |
| Hub Group, Inc., Class A\* | 387 | 32999 |
| ICF International, Inc. | 43 | 4394 |
| ManpowerGroup, Inc. | 591 | 51512 |
| Ryder System, Inc. | 51 | 4815 |
| UniFirst Corp./MA | 187 | 37108 |
| Univar Solutions, Inc.\* | 1416 | 48824 |
| Veritiv Corp. | 35 | 4376 |
| WESCO International, Inc.\* | 609 | 90747 |
|  |  | **495562** |
| **INFORMATION TECHNOLOGY – 7.1%** |  |  |
| Arrow Electronics, Inc.\* | 985 | 115728 |
| Avnet, Inc. | 1524 | 69921 |
| Sanmina Corp.\* | 751 | 45758 |
| TD SYNNEX Corp. | 1245 | 127177 |
|  |  | **358584** |
| **MATERIALS – 5.8%** |  |  |
| Greif, Inc., Class A | 343 | 24500 |
| Minerals Technologies, Inc. | 557 | 38684 |
| Mosaic Co. (The) | 97 | 4805 |
| Reliance Steel & Aluminum Co. | 366 | 83247 |
| Westlake Corp. | 524 | 64321 |
| Westrock Co. | 1870 | 73379 |
|  |  | **288936** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,648,527) |  | **5000321** |
| **SHORT-TERM INVESTMENTS – 0.3%** |  |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.30%<sup>(a)</sup> | 12832 | 12832 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,832) |  | **12832** |
| **TOTAL INVESTMENTS – 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,661,359) |  | **5013153** |
| Other Assets in Excess of Liabilities – 0.0% |  | 913 |
| **TOTAL NET ASSETS – 100.0%** |  | $**5014066** |

---

\* Non-income producing security. <br> (a) The rate is the annualized seven-day yield at period end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Exchange Listed Funds Trust

- **b. Investment Company Act file number:** 811-22700

- **c. CIK number of Registrant:** 0001547950

- **d. LEI of Registrant:** 549300NACQI9T12KM079

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 10900 Hefner Pointe Drive

  - **City:** Oklahoma City

  - **State:** OK

  - **Foreign country:** US

  - **Zip / Postal Code:** 73120

  - **Telephone number:** 405-778-8377

**Item A.2. Information about the Series.**

- **a. Name of Series:** QRAFT AI-Enhanced U.S. Next Value ETF

- **b. EDGAR series identifier (if any):** S000069970

- **c. LEI of Series:** 549300QHPBQI7PS32K07

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5017146.30

**Total Liabilities:** $3080.46

**Net Assets:** $5014065.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222820 | 4.83%                | -5.19%               | 6.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-54736.53               | $280999.16                                 |
| Month 2  | $207737.95               | $-499984.51                                |
| Month 3  | $-6863.97                | $293509.03                                 |

### Schedule of Portfolio Investments

| Name                                  | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Assured Guaranty Ltd                  | Assured Guaranty Ltd                       | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |       182 | NS      | $11393.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                           | FNB Corp/PA                                | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      3477 | NS      | $49616.79     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Weis Markets Inc                      | Weis Markets Inc                           | CUSIP: 948849104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        52 | NS      | $4489.68      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                         | Dillard's Inc                              | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |        13 | NS      | $5113.03      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                           | Invesco Ltd                                | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | US        |      6964 | NS      | $128903.64    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                             | TEGNA Inc                                  | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |       201 | NS      | $4005.93      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                      | Boise Cascade Co                           | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |        62 | NS      | $4648.14      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                  | Tri Pointe Homes Inc                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3915 | NS      | $86482.35     | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc                 | ICF International Inc                      | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |        43 | NS      | $4394.17      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc              | Bio-Rad Laboratories Inc                   | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       156 | NS      | $72923.76     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                     | ManpowerGroup Inc                          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |       591 | NS      | $51511.56     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Cos Inc                     | Patterson Cos Inc                          | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |       377 | NS      | $11381.63     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                              | AAR Corp                                   | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |       440 | NS      | $22633.60     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                     | Lithia Motors Inc                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       165 | NS      | $43428.00     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc               | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       219 | NS      | $44844.63     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc          | Citizens Financial Group Inc               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      3104 | NS      | $134465.28    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                | Regions Financial Corp                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      4783 | NS      | $112591.82    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                    | ABM Industries Inc                         | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |       271 | NS      | $12712.61     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                         | Hub Group Inc                              | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       387 | NS      | $32999.49     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc              | United Natural Foods Inc                   | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |       110 | NS      | $4578.20      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                | Group 1 Automotive Inc                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       108 | NS      | $23095.80     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc             | Prosperity Bancshares Inc                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       589 | NS      | $44681.54     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                            | Unum Group                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |       104 | NS      | $4371.12      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                          | Centene Corp                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      1978 | NS      | $150802.72    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc                | CACI International Inc                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |        48 | NS      | $14788.32     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc             | Minerals Technologies Inc                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |       557 | NS      | $38683.65     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                       | NBT Bancorp Inc                            | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        98 | NS      | $3852.38      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                        | TD SYNNEX Corp                             | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      1245 | NS      | $127176.75    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I        | Prestige Consumer Healthcare Inc           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        68 | NS      | $4471.68      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                        | Air Lease Corp                             | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      1859 | NS      | $83599.23     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                      | Skechers USA Inc                           | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |      1128 | NS      | $54313.20     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MDC Holdings Inc                      | MDC Holdings Inc                           | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |      1897 | NS      | $71630.72     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                   | Meritage Homes Corp                        | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |       731 | NS      | $78721.39     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                             | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      1524 | NS      | $69921.12     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                 | Lincoln National Corp                      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |       139 | NS      | $4924.77      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                 | US Foods Holding Corp                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      2524 | NS      | $96240.12     | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                 | Mohawk Industries Inc                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       410 | NS      | $49224.60     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc                    | Vitesse Energy Inc                         | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       313 | NS      | $4995.48      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                    | CNA Financial Corp                         | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |      1529 | NS      | $66603.24     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                          | Sanmina Corp                               | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |       751 | NS      | $45758.43     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                    | J M Smucker Co/The                         | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |        94 | NS      | $14363.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                     | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      1776 | NS      | $105654.24    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA              | Towne Bank/Portsmouth VA                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |       584 | NS      | $17794.48     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Community Bancorp Inc        | New York Community Bancorp Inc             | CUSIP: 649445103<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |      5800 | NS      | $57942.00     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                        | Trustmark Corp                             | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |       603 | NS      | $17559.36     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Roofing Supply Inc             | Beacon Roofing Supply Inc                  | CUSIP: 073685109<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |       857 | NS      | $48746.16     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                          | Cadence Bank                               | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      1410 | NS      | $36067.80     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                      | Ryder System Inc                           | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |        51 | NS      | $4814.91      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                      | Enstar Group Ltd                           | CUSIP: 000000000<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |        23 | NS      | $5572.90      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                      | UniFirst Corp/MA                           | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       187 | NS      | $37108.28     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp               | Valley National Bancorp                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |      5290 | NS      | $62845.20     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc           | Penske Automotive Group Inc                | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       467 | NS      | $59691.94     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                      | Radian Group Inc                           | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      1638 | NS      | $36199.80     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio | Invesco Government & Agency Portfolio      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     12832 | NS      | $12832.07     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp            | Horace Mann Educators Corp                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |       114 | NS      | $4059.54      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                           | Kemper Corp                                | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |        87 | NS      | $5109.51      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Skin Enterprises Inc               | Nu Skin Enterprises Inc                    | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |       101 | NS      | $4330.88      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                | Genworth Financial Inc                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |      4673 | NS      | $25794.96     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritiv Corp                          | Veritiv Corp                               | CUSIP: 923454102<br>LEI: 529900VQARHWQROHAS58 | Long             | EC               | CORP              | US        |        35 | NS      | $4376.40      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp             | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      1800 | NS      | $64440.00     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc         | Jefferies Financial Group Inc              | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      2667 | NS      | $104759.76    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co               | Central Garden & Pet Co                    | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |       119 | NS      | $4715.97      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                           | Westrock Co                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |      1870 | NS      | $73378.80     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                            | Cigna Corp                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1135 | NS      | $359420.45    | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc               | Century Communities Inc                    | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      1047 | NS      | $64076.40     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc          | Walgreens Boots Alliance Inc               | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      4046 | NS      | $149135.56    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc              | Prudential Financial Inc                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      2068 | NS      | $217015.92    | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou        | White Mountains Insurance Group Ltd        | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |         3 | NS      | $4583.88      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                      | DHT Holdings Inc                           | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |       480 | NS      | $4113.60      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc           | Columbia Banking System Inc                | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       591 | NS      | $18267.81     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp                 | Fulton Financial Corp                      | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      1685 | NS      | $28190.05     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| World Fuel Services Corp              | World Fuel Services Corp                   | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |       156 | NS      | $4414.80      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp               | First Financial Bancorp                    | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |      1329 | NS      | $33663.57     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                 | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |       272 | NS      | $12457.60     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                       | Foot Locker Inc                            | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |       113 | NS      | $4916.63      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                         | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |        97 | NS      | $4805.38      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                           | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3118 | NS      | $227676.36    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                       | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      1025 | NS      | $67393.75     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc               | WESCO International Inc                    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       609 | NS      | $90747.09     | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Lif        | American Equity Investment Life Holding Co | CUSIP: 025676206<br>LEI: 549300RK5RZQ740FPL83 | Long             | EC               | CORP              | US        |        93 | NS      | $4431.45      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                             | GATX Corp                                  | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |       255 | NS      | $29184.75     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                  | Urban Outfitters Inc                       | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |       179 | NS      | $4902.81      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                 | Arrow Electronics Inc                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |       985 | NS      | $115727.65    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                           | Banner Corp                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       324 | NS      | $21004.92     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Univar Solutions Inc                  | Univar Solutions Inc                       | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |      1416 | NS      | $48823.68     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co          | Reliance Steel & Aluminum Co               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       366 | NS      | $83246.70     | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                           | Kohl's Corp                                | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |       169 | NS      | $5470.53      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                               | KB Home                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |       494 | NS      | $18994.30     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I        | Reinsurance Group of America Inc           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       235 | NS      | $35665.95     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                           | Popular Inc                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       658 | NS      | $45165.12     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                            | Nelnet Inc                                 | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |       221 | NS      | $21103.29     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                    | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |       173 | NS      | $4330.19      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      4036 | NS      | $356055.92    | 7.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Group Inc            | Independent Bank Group Inc                 | CUSIP: 45384B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       525 | NS      | $32182.50     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                        | Ameris Bancorp                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |       940 | NS      | $44330.40     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                      | Paramount Global                           | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       252 | NS      | $5836.32      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                  | Associated Banc-Corp                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |      1600 | NS      | $35856.00     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                 | Civitas Resources Inc                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |        74 | NS      | $4924.70      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                             | Greif Inc                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |       343 | NS      | $24500.49     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                    | Ingles Markets Inc                         | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |       238 | NS      | $22610.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                         | Westlake Corp                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       524 | NS      | $64321.00     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The                     | GEO Group Inc/The                          | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |       389 | NS      | $4473.50      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-17

**Name of Applicant:** Exchange Listed Funds Trust

**Signature:** Dennis Lowenfels

**Name of Signer:** Dennis Lowenfels

**Title:** Chief Compliance Officer