# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001752724-23-038319
**Filing Date:** 2023-2
**Character Count:** 17054
**Document Hash:** b97999f756f2628e094f1531d7872e62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038319.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038319

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**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:** 23664179

**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

### ETC Gavekal Asia Pacific Government Bond ETF (Series ID: S000071406)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000226483 | ETC Gavekal Asia Pacific Government Bond ETF | AGOV            |

## Nport-Ex

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **ETC Gavekal Asia Pacific Government Bond ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;**December 31, 2022<br> (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> Amount** | **Value** |
| **FOREIGN BONDS – 98.4%** | **FOREIGN BONDS – 98.4%** | | |
| **AUSTRALIA – 4.8%** | | | |
| Australia Government Bond, <br> Series 163, 1.00%, <br> 11/21/2031 | AUD | 3800000 | $**2001155** |
| **CHINA – 11.3%** |  |  |  |
| China Government Bond, <br> Series INBK, 3.72%, <br> 4/12/2051 | CNY | 30000000 | **4684379** |
| **HONG KONG – 4.5%** |  |  |  |
| Hong Kong Government <br> Bond, 2.24%, 8/27/2029 | HKD | 16000000 | **1877443** |
| **INDIA – 8.3%** |  |  |  |
| India Government Bond, <br> 6.54%, 1/17/2032 | INR | 300000000 | **3437689** |
| **INDONESIA – 13.5%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series FR87, 6.50%, <br> 2/15/2031 | IDR | 80000000000 | 5000161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series FR91, 6.38%, <br> 4/15/2032 | IDR | 10000000000 | 619174 |
|  |  |  | **5619335** |
| **JAPAN – 4.8%** |  |  |  |
| Japan Government Ten Year <br> Bond, Series 363, 0.10%, <br> 6/20/2031 | JPY | 270000000 | **1977973** |
| **MALAYSIA – 8.4%** |  |  |  |
| Malaysia Government Bond, <br> Series 0220, 2.63%, <br> 4/15/2031 | MYR | 17000000 | **3483009** |
| **NEW ZEALAND – 4.8%** |  |  |  |
| New Zealand Government <br> Bond, Series 0532, 2.00%, <br> 5/15/2032 | NZD | 3900000 | **2006483** |
| **PHILIPPINES – 4.6%** |  |  |  |
| Philippine Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 7-64, 3.63%, <br> 4/22/2028 | PHP | 100000000 | 1563078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1064, 6.88%, <br> 1/10/2029 | PHP | 20000000 | 362933 |
|  |  |  | **1926011** |
| **RUSSIA – 5.9%** |  |  |  |
| Russian Federal Bond - OFZ, <br> Series 6228, 7.65%, <br> 4/10/2030<sup>(a)(b)</sup> | RUB | 570000000 | **2459589** |
| **SINGAPORE – 4.8%** |  |  |  |
| Singapore Government Bond, <br> 1.63%, 7/1/2031 | SGD | 3020000 | **2007941** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> Amount** | **Value** |
| **FOREIGN BONDS (Continued)** | **FOREIGN BONDS (Continued)** | | |
| **SUPRANATIONAL – 18.0%** | | | |
| Asian Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series EMTN, 2.72%, <br> 1/16/2023 | CNY | 4000000 | $575344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 3/11/2026 | CNY | 10000000 | 1471467 |
| Asian Infrastructure <br> Investment Bank (The), <br> Series GMTN, 2.50%, <br> 3/24/2025 | CNY | 11000000 | 1566816 |
| European Bank for <br> Reconstruction & <br> Development, Series <br> GMTN, 2.20%, 12/6/2023 | CNY | 8000000 | 1144733 |
| European Investment Bank, <br> Series EMTN, 2.70%, <br> 4/22/2024 | CNY | 2000000 | 284991 |
| International Bank for <br> Reconstruction & <br> Development, Series GDIF, <br> 2.00%, 2/18/2026 | CNY | 7000000 | 974454 |
| New Development Bank <br> (The), 3.00%, 7/7/2025 | CNY | 10000000 | 1445440 |
|  |  |  | **7463245** |
| **THAILAND – 4.7%** |  |  |  |
| Thailand Government Bond, <br> 2.00%, 12/17/2031 | THB | 70000000 | **1948431** |
| **TOTAL FOREIGN BONDS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,348,034) |  |  | **40892683** |
| **TOTAL INVESTMENTS – 98.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,348,034) |  |  | **40892683** |
| Other Assets in Excess of Liabilities – 1.6% |  |  | 655728 |
| **TOTAL NET ASSETS – 100.0%** |  |  | $**41548411** |

---

(a) Security is considered illiquid and valued at fair value by the Trust's Valuation Committee in accordance with procedures approved by, and under the general supervision of, the Trust's Board of Trustees. The total value of the security is $2,459,589 which represents approximately 5.9% of net assets as of December 31, 2022.

(b) Level 3 security. The total value of this security is $2,459,589.

---

| | |
|:---|:---|
| **ETC Gavekal Asia Pacific Government Bond ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp; **December 31, 2022**<br> (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **<u>Currency Abbreviations</u>** | **<u>Currency Abbreviations</u>** | **<u>Currency Abbreviations</u>** |
| AUD | : | Australian Dollar |
| CNY | : | Chinese Yuan |
| HKD | : | Hong Kong Dollar |
| IDR | : | Indonesian Rupiah |
| INR | : | Indian Rupee |
| JPY | : | Japanese Yen |
| MYR | : | Malaysian Ringgit |
| NZD | : | New Zealand Dollar |
| PHP | : | Philippine peso |
| RUB | : | Russian Ruble |
| SGD | : | Singapore Dollar |
| THB | : | Thai Baht |

---

## 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:** ETC Gavekal Asia Pacific Government Bond ETF

- **b. EDGAR series identifier (if any):** S000071406

- **c. LEI of Series:** 54930077BC9343N4VG43

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $41814037.67

**Total Liabilities:** $259785.12

**Net Assets:** $41554252.55

**Cash Not Reported:** $270074.36

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2.64658000 | **1-Year:** 611.57936000 | **5-Year:** 371.70278000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 10.19819000 | **1-Year:** 316.23092000 | **5-Year:** 223.30241000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226483 | 2.08%                | 1.79%                | -0.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $875192.07                                 |
| Month 2  | $-656429.13              | $1322976.93                                |
| Month 3  | $-137367.41              | $-334699.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW ZEALAND GOVERNMENT   | New Zealand Government Bond                         | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     3900000 | PA      | $2006482.67   | 4.83%             | 2032-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HONG KONG GOVERNMENT     | Hong Kong Government Bond                           | CUSIP: 000000000<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    16000000 | PA      | $1877443.01   | 4.52%             | 2029-08-27      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| NEW DEVELOPM BANK BRICS  | New Development Bank/The                            | CUSIP: 000000000<br>LEI: 254900VPI91W77OOUM06 | Long             | DBT              | NUSS              | CN        |    10000000 | PA      | $1445440.15   | 3.48%             | 2025-07-07      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT    | Australia Government Bond                           | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     3800000 | PA      | $2001155.12   | 4.82%             | 2031-11-21      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)    | Japan Government Ten Year Bond                      | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |   270000000 | PA      | $1977972.75   | 4.76%             | 2031-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK   | Asian Development Bank                              | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |     4000000 | PA      | $575344.16    | 1.38%             | 2023-01-16      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECO         | European Bank for Reconstruction & Development      | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | N/A       |     8000000 | PA      | $1144732.94   | 2.75%             | 2023-12-06      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND | Thailand Government Bond                            | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    70000000 | PA      | $1948430.97   | 4.69%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT     | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 10000000000 | PA      | $619174.56    | 1.49%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT     | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 80000000000 | PA      | $5000160.59   | 12.03%            | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND    | India Government Bond                               | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |   300000000 | PA      | $3437688.87   | 8.27%             | 2032-01-17      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP  | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |     7000000 | PA      | $974453.73    | 2.35%             | 2026-02-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT    | Philippine Government Bond                          | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   100000000 | PA      | $1563078.43   | 3.76%             | 2028-04-22      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK | European Investment Bank                            | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | N/A       |     2000000 | PA      | $284990.72    | 0.69%             | 2024-04-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT    | Philippine Government Bond                          | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    20000000 | PA      | $362932.88    | 0.87%             | 2029-01-10      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK   | Asian Development Bank                              | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | CORP              | N/A       |    10000000 | PA      | $1471467.55   | 3.54%             | 2026-03-11      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ   | Russian Federal Bond - OFZ                          | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |   570000000 | PA      | $2459589.04   | 5.92%             | 2030-04-10      | Fixed         | 7.65%                 | No            |                  3 | On Loan: No      |
| CHINA GOVERNMENT BOND    | China Government Bond                               | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    30000000 | PA      | $4684379.36   | 11.27%            | 2051-04-12      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV | Asian Infrastructure Investment Bank/The            | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | N/A       |    11000000 | PA      | $1566816.03   | 3.77%             | 2025-03-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT      | Malaysia Government Bond                            | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    17000000 | PA      | $3483008.90   | 8.38%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| SINGAPORE GOVERNMENT     | Singapore Government Bond                           | CUSIP: 000000000<br>LEI: 549300ZSV6VOGFH1ER70 | Long             | DBT              | NUSS              | SG        |     3020000 | PA      | $2007940.65   | 4.83%             | 2031-07-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

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

**Signature:** Dennis Lowenfels

**Name of Signer:** Dennis Lowenfels

**Title:** Chief Compliance Officer