# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-26-023464
**Filing Date:** 2026-3
**Character Count:** 163839
**Document Hash:** 1467e2dec5c667aaf4c3a35e3467fa15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-023464.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001213900-26-023464

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 26719325

**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

### Stratified LargeCap Hedged ETF (Series ID: S000084822)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000249322 | Stratified LargeCap Hedged ETF | SHUS            |

### Stratified LargeCap Index ETF (Series ID: S000084823)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000249323 | Stratified LargeCap Index ETF | SSPY            |

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-22700</u>

Exchange Listed Funds Trust

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive Suite 400 Oklahoma City, Oklahoma 73120

(Address of principal executive offices) (Zip code)

Richard Malinowski

Exchange Traded Concepts LLC

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(405) 778-8377</u>

Date of fiscal year end: <u>December 31, 2025</u>

Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) Included Tailored Shareholder Report

#### Stratified LargeCap Index ETF
(SSPY) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025
![Image](id1f5b6e42973607d991ef67c.jpg)

# Fund Overview
This annual shareholder report contains important information about Stratified LargeCap Index ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://stratifiedfunds.com/investor-materials/**. You can also request this information by contacting us at 866-972-4492 .

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Stratified LargeCap Index ETF | $48 | 0.45% |

---

# How did the Fund perform during the reporting period?
The Stratified LargeCap Index ETF (ticker: SSPY) seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified LargeCap Index (the "Index"). As of December 31, 2025, the Fund returned 12.96% at net asset value ("NAV") while the Index returned 13.51% as compared to the Equal Weight S&P 500 Index return of 11.43% and the S&P 500 Index return of 17.88%.

The primary detractor to the Fund's performance compared to the S&P 500 Index was the Index's underweight positions to certain technology companies that outperformed dramatically during the period. Specifically, the "Magnificent Seven" stocks (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla), all technology companies, contributed to more than half of the S&P 500 Index's growth in 2025 because of their combined weighting of 34% in the S&P 500 Index versus a total technology sector weighting of 16.10% in the Index.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2e22e4732e6f96177f0e859d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Stratified LargeCap Index ETF - NAV** | **S&P 500<sup>®</sup> Index** | **Syntax Stratified LargeCap Index** |
| **01/01/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $9855 | $10138 | $9934 |
| **12/31/16** | $11246 | $11351 | $11296 |
| **12/31/17** | $13462 | $13829 | $13569 |
| **12/31/18** | $12578 | $13223 | $12696 |
| **12/31/19** | $16216 | $17386 | $16421 |
| **12/31/20** | $18194 | $20585 | $18453 |
| **12/31/21** | $23424 | $26494 | $23849 |
| **12/31/22** | $21311 | $21696 | $21752 |
| **12/31/23** | $24223 | $27399 | $24809 |
| **12/31/24** | $27408 | $34254 | $28205 |
| **12/31/25** | $30960 | $40379 | $32014 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Stratified LargeCap Index ETF - NAV | 12.96% | 11.22% | 12.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Syntax Stratified LargeCap Index | 13.51% | 11.65% | 12.41% |

---

***A privately offered fund managed by Syntax Advisors, LLC was reorganized into the Fund as of January 2, 2019 upon commencement of the ETF operations. For periods prior to the commencement of ETF operations, the Fund's performance is that of the private fund***. ***The fund's past performance is not a predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $115765462 |
| Number of Portfolio Holdings | 505 |
| Total Advisory Fee Paid | $496904 |
| Portfolio Turnover Rate | 29% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4be3b7ab58da7fbef9ab6d4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Materials | 3.0% |
| Real Estate | 3.4% |
| Utilities | 6.3% |
| Energy | 6.4% |
| Communications | 7.5% |
| Financials | 9.8% |
| Industrials | 10.3% |
| Health Care | 12.2% |
| Consumer Staples | 12.8% |
| Consumer Discretionary | 13.1% |
| Technology | 15.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Kroger Company (The) | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;0.7% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

#### Change In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

#### Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds.

#### Stratified LargeCap Index ETF (SSPY) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://stratifiedfunds.com/investor-materials/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](iee7c763bc1a6f18a3bff8302.jpg)

TSR-AR 123125-SSPY

#### Stratified LargeCap Hedged ETF
(SHUS) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025
![Image](id1f5b6e42973607d991ef67c.jpg)

# Fund Overview
This annual shareholder report contains important information about Stratified LargeCap Hedged ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://stratifiedfunds.com/investor-materials/**. You can also request this information by contacting us at 866-972-4492 . **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Stratified LargeCap Hedged ETF | $69 | 0.66% |

---

# How did the Fund perform during the reporting period?
The Stratified LargeCap Hedged ETF (ticker: SHUS) seeks to obtain capital growth by investing in a portfolio of equity securities that tracks the Syntax Stratified LargeCap Index (the "Index") while also employing risk management strategies to limit downside risk and generate additional returns. As of December 31, 2025, the Fund returned 9.84% at net asset value ("NAV") while the Index returned 13.51% as compared to the Equal Weight S&P 500 Index return of 11.43% and the S&P 500 Index return of 17.88%.

The primary detractor to the Fund's performance as compared to the S&P 500 Index was the Index's underweight positions to certain technology companies that outperformed dramatically during the period. Specifically, the "Magnificent Seven" stocks (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla), all technology companies, contributed to more than half of the S&P 500 Index's growth in 2025 because of their combined weighting of 34% in the S&P 500 Index. An additional contributor to underperformance was the cost of the options used to implement the Fund's hedging strategy. While the Fund is expected to underperform the broad equity markets in strong up markets, such as that experienced during the period, the Fund should have lower volatility in declining markets due to its hedging strategy.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i142ab32d2b52469ac66e42a8.jpg)

---

| | | |
|:---|:---|:---|
| | **Stratified LargeCap Hedged ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **Jun-2021** | $10000 | $10000 |
| **Dec-2021** | $10354 | $11305 |
| **Dec-2022** | $9989 | $9258 |
| **Dec-2023** | $10602 | $11691 |
| **Dec-2024** | $11125 | $14617 |
| **Dec-2025** | $12219 | $17230 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 15, 2021)** |
| Stratified LargeCap Hedged ETF - NAV | 9.84% | 4.51% |
| S&P 500<sup>®</sup> Index | 17.88% | 12.72% |

---

***The fund's past performance is not a predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $23203381 |
| Number of Portfolio Holdings | 3 |
| Total Advisory Fee Paid | $166598 |
| Portfolio Turnover Rate | 106% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i372bfd4067eaef7dadbae082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Index Options | 0.4% |
| Equity | 99.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Stratified LargeCap Index ETF | &nbsp;&nbsp;99.4% |
| &nbsp;&nbsp;S&P 500 Index Purchased Put Option, Expiration: 3/20/26, Strike $6,130 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;S&P 500 Index Written Put Option, Expiration: 3/20/2026, Strike $5,450 | &nbsp;&nbsp;-0.2% |

---

# Material Fund Changes
Effective April 30, 2025, Exchange Traded Concepts, LLC (the Adviser) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of the Stratified LargeCap Hedged ETF (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, acquired fund fees and expenses, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.50% of the Fund's average daily net assets through at least April 30, 2026, unless earlier terminated by the Board for any reason at any time. Fees waived pursuant to this waiver are not subject to recoupment in future periods.

#### Change In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.

#### Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds.

#### Stratified LargeCap Hedged ETF (SHUS) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://stratifiedfunds.com/investor-materials/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](iee7c763bc1a6f18a3bff8302.jpg)

TSR-AR 123125-SHUS

(b) Not applicable.

**Item 2. Code of Ethics.**

**(a)** **The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.** 

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an audit committee financial expert on the audit committee.

(a)(2) The audit committee financial expert Timothy Jacoby is an independent trustee as defined in Form N-CSR Item 3 (a)(2).

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| 2025 | $30800 |
| 2024 | $29900 |

---

(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $7000 |
| 2024 | $7000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended December 31, 2025, and 2024, respectively.

(e)(1) The Trust's Audit Committee has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust may be pre-approved.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2025, and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are Timothy J. Jacoby (chairman), Linda Petrone and Stuart Strauss.

**Item 6. Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

**(a) Included Long Form Financial Statements**

![](tstratified_logo.jpg)

EXCHANGE LISTED FUNDS TRUST

**STRATIFIED LARGECAP INDEX ETF (SSPY)**

**STRATIFIED LARGECAP HEDGED ETF (SHUS)**

**Annual Financials and Other Information**

**December 31, 2025**

![](tetc_logo.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Exchange Listed Funds Trust** <br> **TABLE OF CONTENTS** | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

**Financial Statements (Form N**-CSR**, Item 7)**

---

| | |
|:---|:---|
|  **Stratified LargeCap Index ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T002) | 8 |
|  **Stratified LargeCap Hedged ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T003) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T004) | 11 |
|  [Statements of Assets and Liabilities](#T005) | 12 |
|  [Statements of Operations](#T006) | 13 |
|  [Statements of Changes in Net Assets](#T007) | 14 |
|  [Financial Highlights](#T008) | 15 |
|  [Notes to Financial Statements](#T009) | 17 |
|  [Report of Independent Registered Public Accounting Firm](#T010) | 29 |
|  [Notice to Shareholders (Unaudited)](#T011) | 30 |
|  [Other Information (Form N-CSR, Items 8-11) (Unaudited)](#T012) | 31 |

---

&nbsp;&nbsp; For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 866-972-4492<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://stratifiedfunds.com/investor-materials/<br>

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |  |  |
|  **Communications — 7.5%** |  | | |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 839 | $| 113869 |
|  Alphabet, Inc., Class C | 867 |  | 272065 |
|  Alphabet, Inc., Class A | 871 |  | 272623 |
|  AppLovin Corporation, Class A<sup>(a)</sup> | 301 |  | 202820 |
|  AT&T, Inc. | 16433 |  | 408196 |
|  Booking Holdings, Inc. | 20 |  | 107107 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 2933 |  | 612264 |
|  Comcast Corporation, Class A | 22251 |  | 665082 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 478 |  | 108257 |
|  Electronic Arts, Inc. | 2974 |  | 607677 |
|  Expedia Group, Inc. | 396 |  | 112191 |
|  Fox Corporation, Class A | 1432 |  | 104636 |
|  Fox Corporation, Class B | 1615 |  | 104862 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 2589 |  | 321243 |
|  Match Group, Inc. | 16227 |  | 523970 |
|  Meta Platforms, Inc., Class A | 836 |  | 551835 |
|  Netflix, Inc.<sup>(a)</sup> | 2829 |  | 265247 |
|  News Corporation, Class A | 3884 |  | 101450 |
|  News Corporation, Class B | 3434 |  | 101750 |
|  Omnicom Group, Inc. | 5033 |  | 406414 |
|  Paramount Skydance Corporation, Class B | 14825 |  | 198655 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2509 |  | 642380 |
|  T-Mobile US, Inc. | 2070 |  | 420292 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 5558 |  | 210982 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 1276 |  | 104262 |
|  VeriSign, Inc. | 1335 |  | 324338 |
|  Verizon Communications, Inc. | 9879 |  | 402372 |
|  Walt Disney Company (The) | 1825 |  | 207630 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 6794 |  | 195803 |
|  |  |  | 8670272 |
|  **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 1191 |  | 274906 |
|  Aptiv plc<sup>(a)</sup> | 5768 |  | 438887 |
|  AutoZone, Inc.<sup>(a)</sup> | 66 |  | 223839 |
|  Best Buy Company, Inc. | 4124 |  | 276019 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 2112 |  | 217304 |
|  Carnival Corporation | 3687 |  | 112601 |
|  Carvana Company<sup>(a)</sup> | 503 |  | 212276 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 16765 |  | 620305 |
|  Copart, Inc.<sup>(a)</sup> | 6964 |  | 272641 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Consumer Discretionary (Continued)** | **Consumer Discretionary (Continued)** | **Consumer Discretionary (Continued)** |
|  Darden Restaurants, Inc. | 3324 | $611682 |
|  Deckers Outdoor Corporation<sup>(a)</sup> | 3593 | 372486 |
|  Domino's Pizza, Inc. | 1403 | 584798 |
|  DR Horton, Inc. | 1936 | 278842 |
|  eBay, Inc. | 3155 | 274801 |
|  Ford Motor Company | 33025 | 433288 |
|  General Motors Company | 5618 | 456856 |
|  Genuine Parts Company | 1742 | 214196 |
|  Hasbro, Inc. | 3715 | 304630 |
|  Hilton Worldwide Holdings, Inc. | 482 | 138455 |
|  Home Depot, Inc. (The) | 566 | 194761 |
|  Las Vegas Sands Corporation | 1561 | 101605 |
|  Lennar Corporation, Class A | 2538 | 260906 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 712 | 101460 |
|  Lowe's Companies, Inc. | 824 | 198716 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 1774 | 368655 |
|  Marriott International Inc, Class A | 455 | 141159 |
|  Masco Corporation | 3584 | 227441 |
|  McDonald's Corporation | 1913 | 584670 |
|  MGM Resorts International<sup>(a)</sup> | 2700 | 98523 |
|  NIKE, Inc., Class B | 5388 | 343269 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 4882 | 108966 |
|  NVR, Inc.<sup>(a)</sup> | 40 | 291711 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 2435 | 222096 |
|  Pool Corporation | 636 | 145485 |
|  PulteGroup, Inc. | 2396 | 280955 |
|  Ralph Lauren Corporation | 982 | 347245 |
|  Ross Stores, Inc. | 4991 | 899079 |
|  Royal Caribbean Cruises Ltd. | 365 | 101806 |
|  Starbucks Corporation | 7099 | 597807 |
|  Tapestry, Inc. | 2951 | 377050 |
|  Tesla, Inc.<sup>(a)</sup> | 990 | 445223 |
|  TJX Companies, Inc. (The) | 5821 | 894164 |
|  TKO Group Holdings, Inc. | 969 | 202521 |
|  Tractor Supply Company | 2940 | 147029 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 504 | 304925 |
|  Williams-Sonoma, Inc. | 1086 | 193949 |
|  Wynn Resorts Ltd. | 830 | 99874 |
|  Yum! Brands, Inc. | 4011 | 606784 |
|  |  | 15206646 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Consumer Staples — 12.8%** | **Consumer Staples — 12.8%** | **Consumer Staples — 12.8%** |
|  Altria Group, Inc. | 7735 | $446000 |
|  Archer-Daniels-Midland Company | 7572 | 435314 |
|  Brown-Forman Corporation, Class B | 9849 | 256665 |
|  Bunge Global S.A. | 4895 | 436047 |
|  Church & Dwight Company, Inc. | 6138 | 514671 |
|  Clorox Company (The) | 4993 | 503444 |
|  Coca-Cola Company (The) | 4296 | 300333 |
|  Colgate-Palmolive Company | 6629 | 523825 |
|  Conagra Brands, Inc. | 14629 | 253228 |
|  Constellation Brands, Inc., Class A | 2055 | 283508 |
|  Costco Wholesale Corporation | 1028 | 886486 |
|  Dollar General Corporation | 1529 | 203005 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 1568 | 192880 |
|  Estee Lauder Companies, Inc. (The), Class A | 4989 | 522448 |
|  General Mills, Inc. | 5562 | 258633 |
|  Hershey Company (The) | 1666 | 303179 |
|  Hormel Foods Corporation | 18895 | 447811 |
|  J M Smucker Company (The) | 2557 | 250100 |
|  Kenvue, Inc. | 29968 | 516948 |
|  Keurig Dr Pepper, Inc. | 10266 | 287551 |
|  Kimberly-Clark Corporation | 5035 | 507981 |
|  Kroger Company (The) | 14383 | 898649 |
|  Lamb Weston Holdings, Inc. | 4353 | 182347 |
|  McCormick & Company, Inc. | 3887 | 264744 |
|  Molson Coors Beverage Company, Class B | 6364 | 297072 |
|  Mondelez International, Inc., Class A | 5606 | 301771 |
|  Monster Beverage Corporation<sup>(a)</sup> | 4096 | 314039 |
|  PepsiCo, Inc. | 2011 | 288619 |
|  Philip Morris International, Inc. | 2958 | 474463 |
|  Procter & Gamble Company (The) | 3636 | 521075 |
|  Sysco Corporation | 12226 | 900934 |
|  Target Corporation | 2098 | 205080 |
|  The Campbell's Company | 9035 | 251805 |
|  The Kraft Heinz Company | 10621 | 257559 |
|  Tyson Foods, Inc., Class A | 7585 | 444633 |
|  Walmart, Inc. | 7788 | 867661 |
|  |  | 14800508 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** |
|  APA Corporation | 3928 | $96079 |
|  Baker Hughes Company | 8620 | 392555 |
|  Chevron Corporation | 6059 | 923452 |
|  ConocoPhillips | 1074 | 100537 |
|  Coterra Energy, Inc. | 5815 | 153051 |
|  Devon Energy Corporation | 4072 | 149157 |
|  Diamondback Energy, Inc. | 650 | 97715 |
|  EOG Resources, Inc. | 943 | 99024 |
|  EQT Corporation | 2749 | 147346 |
|  Expand Energy Corporation | 1354 | 149427 |
|  Exxon Mobil Corporation | 7649 | 920481 |
|  First Solar, Inc.<sup>(a)</sup> | 899 | 234846 |
|  Halliburton Company | 14114 | 398861 |
|  Kinder Morgan, Inc. | 11334 | 311572 |
|  Marathon Petroleum Corporation | 3262 | 530499 |
|  Occidental Petroleum Corporation | 2480 | 101978 |
|  ONEOK, Inc. | 4077 | 299660 |
|  Phillips 66 | 4284 | 552807 |
|  SLB Ltd. | 10239 | 392973 |
|  Targa Resources Corporation | 1654 | 305163 |
|  Texas Pacific Land Corporation | 363 | 104261 |
|  Valero Energy Corporation | 3600 | 586044 |
|  Williams Companies, Inc. (The) | 5061 | 304217 |
|  |  | 7351705 |
|  **Financials — 9.8%** |  |  |
|  Aflac, Inc. | 2175 | 239837 |
|  Allstate Corporation (The) | 1170 | 243536 |
|  American Express Company | 142 | 52533 |
|  American International Group, Inc. | 2855 | 244245 |
|  Ameriprise Financial, Inc. | 165 | 80906 |
|  Aon PLC, Class A | 120 | 42346 |
|  Apollo Global Management, Inc. | 550 | 79618 |
|  Arch Capital Group Ltd.<sup>(a)</sup> | 1842 | 176685 |
|  Ares Management Corporation, Class A | 469 | 75804 |
|  Arthur J Gallagher & Company | 177 | 45806 |
|  Assurant, Inc. | 1057 | 254578 |
|  Bank of America Corporation | 2771 | 152405 |
|  Bank of New York Mellon Corporation (The) | 1160 | 134664 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1213 | 609714 |
|  Blackrock, Inc. | 74 | 79205 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Financials (Continued)** |  |  |
|  Blackstone, Inc. | 539 | $83081 |
|  Brown & Brown, Inc. | 555 | 44234 |
|  Capital One Financial Corporation | 5094 | 1234582 |
|  Cboe Global Markets, Inc. | 177 | 44427 |
|  Charles Schwab Corporation (The) | 2090 | 208813 |
|  Chubb Ltd. | 566 | 176660 |
|  Cincinnati Financial Corporation | 1054 | 172139 |
|  Citigroup, Inc. | 1366 | 159398 |
|  Citizens Financial Group, Inc. | 1163 | 67931 |
|  CME Group, Inc. | 164 | 44785 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup> | 169 | 38218 |
|  Erie Indemnity Company, Class A | 843 | 241646 |
|  Everest Group Ltd. | 534 | 181213 |
|  Fifth Third Bancorp | 1410 | 66002 |
|  Franklin Resources, Inc. | 3441 | 82205 |
|  Globe Life, Inc. | 1738 | 243077 |
|  Goldman Sachs Group, Inc. (The) | 341 | 299739 |
|  Hartford Insurance Group, Inc. (The) | 1285 | 177073 |
|  Huntington Bancshares Inc | 3722 | 64577 |
|  Interactive Brokers Group, Inc., Class A | 3118 | 200519 |
|  Intercontinental Exchange, Inc. | 277 | 44863 |
|  Invesco Ltd. | 3103 | 81516 |
|  JPMorgan Chase & Company | 476 | 153377 |
|  KeyCorporation | 3259 | 67266 |
|  KKR & Company, Inc. | 591 | 75341 |
|  Loews Corporation | 5809 | 611746 |
|  M&T Bank Corporation | 336 | 67697 |
|  Marsh & McLennan Companies, Inc. | 218 | 40443 |
|  MetLife, Inc. | 2948 | 232715 |
|  Morgan Stanley | 1698 | 301445 |
|  Nasdaq, Inc. | 468 | 45457 |
|  Northern Trust Corporation | 588 | 80315 |
|  PNC Financial Services Group, Inc. (The) | 320 | 66794 |
|  Principal Financial Group, Inc. | 2695 | 237726 |
|  Progressive Corporation (The) | 1032 | 235007 |
|  Prudential Financial, Inc. | 2072 | 233887 |
|  Raymond James Financial, Inc. | 1243 | 199614 |
|  Regions Financial Corporation | 2434 | 65961 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Financials (Continued)** |  |  |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 384 | $43430 |
|  State Street Corporation | 1064 | 137267 |
|  Synchrony Financial | 14389 | 1200474 |
|  T Rowe Price Group, Inc. | 777 | 79549 |
|  Travelers Companies, Inc. (The) | 612 | 177517 |
|  Truist Financial Corporation | 1349 | 66384 |
|  US Bancorp | 1271 | 67821 |
|  W R Berkley Corporation | 2518 | 176562 |
|  Wells Fargo & Company | 1647 | 153500 |
|  Willis Towers Watson PLC | 138 | 45347 |
|  |  | 11331222 |
|  **Health Care — 12.2%** |  |  |
|  Abbott Laboratories | 609 | 76302 |
|  AbbVie, Inc. | 1447 | 330625 |
|  Agilent Technologies, Inc. | 1250 | 170088 |
|  Align Technology, Inc.<sup>(a)</sup> | 739 | 115395 |
|  Amgen, Inc. | 1017 | 332874 |
|  Baxter International, Inc. | 3989 | 76230 |
|  Becton Dickinson and Company | 377 | 73164 |
|  Biogen, Inc.<sup>(a)</sup> | 1856 | 326637 |
|  Bio-Techne Corporation | 2984 | 175489 |
|  Boston Scientific Corporation<sup>(a)</sup> | 825 | 78664 |
|  Bristol-Myers Squibb Company | 6166 | 332594 |
|  Cardinal Health, Inc. | 1223 | 251327 |
|  Cencora, Inc. | 700 | 236425 |
|  Centene Corporation<sup>(a)</sup> | 9888 | 406891 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 904 | 180330 |
|  Cigna Group (The) | 882 | 242753 |
|  Cooper Companies, Inc. (The)<sup>(a)</sup> | 1489 | 122038 |
|  CVS Health Corporation | 5086 | 403625 |
|  Danaher Corporation | 540 | 123617 |
|  DaVita, Inc.<sup>(a)</sup> | 1679 | 190751 |
|  Dexcom, Inc.<sup>(a)</sup> | 1825 | 121125 |
|  Edwards Lifesciences Corporation<sup>(a)</sup> | 912 | 77748 |
|  Elevance Health, Inc. | 1125 | 394369 |
|  Eli Lilly & Company | 314 | 337450 |
|  GE HealthCare Technologies, Inc. | 1456 | 119421 |
|  Gilead Sciences, Inc. | 2684 | 329434 |
|  HCA Healthcare, Inc. | 1250 | 583575 |
|  Henry Schein, Inc.<sup>(a)</sup> | 3166 | 239286 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Health Care (Continued)** | **Health Care (Continued)** | **Health Care (Continued)** |
|  Hologic, Inc.<sup>(a)</sup> | 1630 | $121419 |
|  Humana, Inc. | 1505 | 385476 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 174 | 117716 |
|  Incyte Corporation<sup>(a)</sup> | 3387 | 334534 |
|  Insulet Corporation<sup>(a)</sup> | 413 | 117391 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 282 | 159714 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 786 | 177172 |
|  Johnson & Johnson | 1527 | 316013 |
|  Labcorp Holdings, Inc. | 1147 | 287759 |
|  McKesson Corporation | 300 | 246087 |
|  Medtronic PLC | 758 | 72813 |
|  Merck & Company, Inc. | 3222 | 339148 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 125 | 174274 |
|  Moderna, Inc.<sup>(a)</sup> | 10969 | 323476 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 2397 | 415975 |
|  Pfizer, Inc. | 12501 | 311275 |
|  Quest Diagnostics, Inc. | 1659 | 287886 |
|  Regeneron Pharmaceuticals, Inc. | 436 | 336535 |
|  ResMed, Inc. | 484 | 116581 |
|  Revvity, Inc. | 1216 | 117648 |
|  Solventum Corporation<sup>(a)</sup> | 921 | 72980 |
|  STERIS plc | 590 | 149577 |
|  Stryker Corporation | 431 | 151484 |
|  Thermo Fisher Scientific, Inc. | 305 | 176731 |
|  UnitedHealth Group, Inc. | 1182 | 390190 |
|  Universal Health Services, Inc., Class B | 2722 | 593451 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 715 | 324152 |
|  Viatris, Inc. | 27738 | 345338 |
|  Waters Corporation<sup>(a)</sup> | 453 | 172063 |
|  West Pharmaceutical Services, Inc. | 288 | 79240 |
|  Zimmer Biomet Holdings, Inc. | 1668 | 149987 |
|  Zoetis, Inc. | 2723 | 342608 |
|  |  | 14154920 |
|  **Industrials — 10.3%** |  |  |
|  3M Company | 1206 | 193081 |
|  A O Smith Corporation | 3335 | 223045 |
|  Allegion plc | 570 | 90755 |
|  AMETEK, Inc. | 751 | 154188 |
|  Amphenol Corporation, Class A | 1758 | 237576 |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 180 | 102227 |
|  Boeing Company (The)<sup>(a)</sup> | 997 | 216469 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Industrials (Continued)** | **Industrials (Continued)** | **Industrials (Continued)** |
|  Carrier Global Corporation | 1731 | $91466 |
|  Caterpillar, Inc. | 256 | 146655 |
|  CH Robinson Worldwide, Inc. | 648 | 104172 |
|  Cintas Corporation | 1222 | 229822 |
|  Comfort Systems USA, Inc. | 237 | 221190 |
|  CSX Corporation | 2724 | 98745 |
|  Cummins, Inc. | 180 | 91881 |
|  Deere & Company | 316 | 147120 |
|  Delta Air Lines, Inc. | 4340 | 301196 |
|  Dover Corporation | 1023 | 199730 |
|  Eaton Corporation PLC | 1369 | 436039 |
|  EMCOR Group, Inc. | 367 | 224528 |
|  Emerson Electric Company | 243 | 32251 |
|  Expeditors International of Washington, Inc. | 671 | 99986 |
|  Fastenal Company | 3637 | 145953 |
|  FedEx Corporation | 358 | 103412 |
|  Fortive Corporation | 613 | 33844 |
|  GE Vernova, Inc. | 303 | 198032 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 570 | 77731 |
|  General Dynamics Corporation | 598 | 201323 |
|  General Electric Company | 679 | 209152 |
|  Honeywell International, Inc. | 1052 | 205234 |
|  Howmet Aerospace, Inc. | 458 | 93899 |
|  Hubbell, Inc. | 1014 | 450327 |
|  Huntington Ingalls Industries, Inc. | 312 | 106102 |
|  IDEX Corporation | 1281 | 227941 |
|  Illinois Tool Works, Inc. | 769 | 189405 |
|  Ingersoll Rand, Inc. | 2779 | 220152 |
|  Jacobs Solutions, Inc. | 1688 | 223592 |
|  JB Hunt Transport Services, Inc. | 513 | 99696 |
|  Johnson Controls International plc | 792 | 94842 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 1451 | 294829 |
|  L3Harris Technologies, Inc. | 354 | 103924 |
|  Lennox International, Inc. | 453 | 219968 |
|  Lockheed Martin Corporation, Class B | 210 | 101571 |
|  Nordson Corporation | 143 | 34381 |
|  Norfolk Southern Corporation | 340 | 98165 |
|  Northrop Grumman Corporation | 177 | 100927 |
|  Old Dominion Freight Line, Inc. | 639 | 100195 |
|  Otis Worldwide Corporation | 1002 | 87525 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Industrials (Continued)** | **Industrials (Continued)** | **Industrials (Continued)** |
|  PACCAR, Inc. | 1369 | $149919 |
|  Parker-Hannifin Corporation | 104 | 91412 |
|  Pentair PLC | 2143 | 223172 |
|  Quanta Services, Inc. | 523 | 220737 |
|  Republic Services, Inc. | 1063 | 225282 |
|  Rockwell Automation, Inc. | 83 | 32293 |
|  Rollins, Inc. | 3784 | 227116 |
|  RTX Corporation | 570 | 104538 |
|  Snap-on, Inc. | 864 | 297735 |
|  Southwest Airlines Company | 7359 | 304147 |
|  Stanley Black & Decker, Inc. | 4003 | 297343 |
|  TE Connectivity plc | 987 | 224552 |
|  Textron, Inc. | 2337 | 203716 |
|  Trane Technologies PLC | 229 | 89127 |
|  TransDigm Group, Inc. | 70 | 93090 |
|  Trimble, Inc.<sup>(a)</sup> | 407 | 31888 |
|  Union Pacific Corporation | 424 | 98080 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 2836 | 317122 |
|  United Parcel Service, Inc., Class B | 1009 | 100083 |
|  United Rentals, Inc. | 187 | 151343 |
|  Veralto Corporation | 332 | 33127 |
|  Waste Management, Inc. | 1054 | 231573 |
|  Westinghouse Air Brake Technologies Corporation | 713 | 152190 |
|  WW Grainger, Inc. | 147 | 148330 |
|  Xylem Inc | 1671 | 227557 |
|  |  | 11939716 |
|  **Materials — 3.0%** |  |  |
|  Air Products and Chemicals, Inc. | 239 | 59038 |
|  Albemarle Corporation | 438 | 61951 |
|  Amcor PLC | 17976 | 149920 |
|  Avery Dennison Corporation | 418 | 76026 |
|  Ball Corporation | 2905 | 153877 |
|  CF Industries Holdings, Inc. | 1715 | 132638 |
|  Corteva, Inc. | 2054 | 137680 |
|  CRH PLC | 1209 | 150883 |
|  Dow, Inc. | 4249 | 99342 |
|  DuPont de Nemours, Inc. | 1422 | 57164 |
|  Ecolab, Inc. | 204 | 53554 |
|  Freeport-McMoRan, Inc. | 6394 | 324751 |
|  International Flavors & Fragrances, Inc. | 865 | 58292 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Materials (Continued)** |  |  |
|  International Paper Company | 1982 | $78071 |
|  Linde PLC | 140 | 59695 |
|  LyondellBasell Industries N.V., Class A | 2294 | 99330 |
|  Martin Marietta Materials, Inc. | 243 | 151306 |
|  Mosaic Company (The) | 5181 | 124810 |
|  Newmont Corporation | 3087 | 308237 |
|  Nucor Corporation | 1835 | 299307 |
|  Packaging Corporation of America | 372 | 76718 |
|  PPG Industries, Inc. | 984 | 100821 |
|  Qnity Electronics, Inc. | 737 | 60176 |
|  Sherwin-Williams Company (The) | 310 | 100449 |
|  Smurfit WestRock plc | 2054 | 79428 |
|  Steel Dynamics, Inc. | 1762 | 298571 |
|  Vulcan Materials Company | 516 | 147174 |
|  |  | 3499209 |
|  **Real Estate — 3.4%** |  |  |
|  Alexandria Real Estate Equities, Inc. - REIT | 2912 | 142513 |
|  American Tower Corporation, Class A - REIT | 451 | 79182 |
|  AvalonBay Communities, Inc. - REIT | 768 | 139246 |
|  BXP, Inc. - REIT | 1902 | 128347 |
|  Camden Property Trust - REIT | 1303 | 143434 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 269 | 43253 |
|  Crown Castle, Inc. - REIT | 830 | 73762 |
|  Digital Realty Trust, Inc. - REIT | 2103 | 325356 |
|  Equinix, Inc. - REIT | 431 | 330216 |
|  Equity Residential - REIT | 2228 | 140453 |
|  Essex Property Trust, Inc. - REIT | 527 | 137905 |
|  Extra Space Storage, Inc. - REIT | 1010 | 131522 |
|  Federal Realty Investment Trust - REIT | 818 | 82454 |
|  Healthpeak Properties, Inc. - REIT | 8171 | 131390 |
|  Host Hotels & Resorts, Inc. - REIT | 7334 | 130032 |
|  Invitation Homes, Inc. - REIT | 5154 | 143230 |
|  Iron Mountain, Inc. - REIT | 978 | 81125 |
|  Kimco Realty Corporation - REIT | 4042 | 81931 |
|  Mid-America Apartment Communities, Inc. - REIT | 1028 | 142799 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Real Estate (Continued)** |  |  |
|  Prologis, Inc. - REIT | 626 | $79915 |
|  Public Storage - REIT | 494 | 128193 |
|  Realty Income Corporation - REIT | 1412 | 79594 |
|  Regency Centers Corporation - REIT | 1202 | 82974 |
|  SBA Communications Corporation, Class A - REIT | 399 | 77179 |
|  Simon Property Group, Inc. - REIT | 441 | 81634 |
|  UDR, Inc. - REIT | 3822 | 140191 |
|  Ventas, Inc. - REIT | 2616 | 202426 |
|  VICI Properties, Inc. - REIT | 3554 | 99938 |
|  Welltower, Inc. - REIT | 1091 | 202501 |
|  Weyerhaeuser Company - REIT | 6531 | 154719 |
|  |  | 3937414 |
|  **Technology — 15.0%** |  |  |
|  Accenture PLC, Class A | 1487 | 398963 |
|  Adobe, Inc.<sup>(a)</sup> | 758 | 265292 |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 773 | 165546 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 3763 | 328322 |
|  Analog Devices, Inc. | 964 | 261437 |
|  Apple, Inc. | 2177 | 591839 |
|  Applied Materials, Inc. | 786 | 201994 |
|  Arista Networks, Inc.<sup>(a)</sup> | 2428 | 318141 |
|  Autodesk, Inc.<sup>(a)</sup> | 905 | 267889 |
|  Automatic Data Processing, Inc. | 1012 | 260317 |
|  Block, Inc.<sup>(a)</sup> | 839 | 54611 |
|  Broadcom, Inc. | 1122 | 388323 |
|  Broadridge Financial Solutions, Inc. | 590 | 131670 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 1250 | 390725 |
|  CDW Corp | 1054 | 143555 |
|  Cisco Systems, Inc. | 3894 | 299955 |
|  Cognizant Technology Solutions Corporation, Class A | 2427 | 201441 |
|  Corning, Inc. | 2595 | 227218 |
|  Corpay, Inc.<sup>(a)</sup> | 173 | 52061 |
|  CoStar Group, Inc.<sup>(a)</sup> | 746 | 50161 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 404 | 189379 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 240 | 32638 |
|  Dayforce, Inc.<sup>(a)</sup> | 2876 | 198904 |
|  Dell Technologies, Inc., Class C | 1343 | 169057 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 972 | 199143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Technology (Continued)** | **Technology (Continued)** | **Technology (Continued)** |
|  Equifax, Inc. | 231 | $50122 |
|  F5, Inc.<sup>(a)</sup> | 1153 | 294315 |
|  FactSet Research Systems, Inc. | 174 | 50493 |
|  Fair Isaac Corporation<sup>(a)</sup> | 27 | 45647 |
|  Fidelity National Information Services, Inc. | 803 | 53367 |
|  Fiserv, Inc.<sup>(a)</sup> | 790 | 53064 |
|  Fortinet, Inc.<sup>(a)</sup> | 2456 | 195031 |
|  Garmin Ltd. | 1939 | 393326 |
|  Gartner, Inc.<sup>(a)</sup> | 871 | 219736 |
|  Gen Digital, Inc. | 7361 | 200146 |
|  Global Payments, Inc. | 618 | 47833 |
|  Hewlett Packard Enterprise Company | 7314 | 175682 |
|  HP, Inc. | 16327 | 363766 |
|  Intel Corporation<sup>(a)</sup> | 4310 | 159039 |
|  International Business Machines Corporation | 1306 | 386850 |
|  Intuit, Inc. | 301 | 199388 |
|  Jabil, Inc. | 1816 | 414084 |
|  Jack Henry & Associates, Inc. | 290 | 52919 |
|  KLA Corporation | 169 | 205349 |
|  Lam Research Corporation | 1269 | 217227 |
|  Leidos Holdings, Inc. | 1074 | 193750 |
|  Mastercard, Inc., Class A | 92 | 52521 |
|  Microchip Technology, Inc. | 2405 | 153247 |
|  Micron Technology, Inc. | 676 | 192937 |
|  Microsoft Corporation | 844 | 408175 |
|  Monolithic Power Systems, Inc. | 287 | 260125 |
|  Moody's Corporation | 97 | 49552 |
|  Motorola Solutions, Inc. | 1661 | 636694 |
|  MSCI, Inc. | 83 | 47620 |
|  NetApp, Inc. | 1510 | 161706 |
|  NVIDIA Corporation | 931 | 173632 |
|  NXP Semiconductors N.V. | 1180 | 256131 |
|  ON Semiconductor Corporation<sup>(a)</sup> | 4900 | 265335 |
|  Oracle Corporation | 1072 | 208944 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1467 | 260759 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 1063 | 195805 |
|  Paychex, Inc. | 2333 | 261716 |
|  Paycom Software, Inc. | 1223 | 194897 |
|  PayPal Holdings, Inc. | 790 | 46120 |
|  PTC, Inc.<sup>(a)</sup> | 1530 | 266541 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Technology (Continued)** | **Technology (Continued)** | **Technology (Continued)** |
|  QUALCOMM, Inc. | 2266 | $387599 |
|  Roper Technologies, Inc. | 76 | 33830 |
|  S&P Global, Inc. | 95 | 49646 |
|  Salesforce, Inc. | 777 | 205835 |
|  Sandisk Corporation<sup>(a)</sup> | 847 | 201061 |
|  Seagate Technology Holdings PLC | 607 | 167162 |
|  ServiceNow, Inc.<sup>(a)</sup> | 1556 | 238364 |
|  Skyworks Solutions, Inc. | 4021 | 254972 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 5400 | 158058 |
|  Synopsys, Inc.<sup>(a)</sup> | 892 | 418991 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 68 | 34730 |
|  Teradyne, Inc. | 1053 | 203819 |
|  Texas Instruments, Inc. | 1501 | 260408 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 591 | 268284 |
|  Verisk Analytics, Inc. | 235 | 52567 |
|  Visa, Inc., Class A | 145 | 50853 |
|  Western Digital Corporation | 990 | 170547 |
|  Workday, Inc., Class A<sup>(a)</sup> | 887 | 190510 |
|  Zebra Technologies Corporation, Class A<sup>(a)</sup> | 569 | 138165 |
|  |  | 17337573 |
|  **Utilities — 6.3%** |  |  |
|  AES Corporation (The) | 26286 | 376941 |
|  Alliant Energy Corporation | 1412 | 91794 |
|  Ameren Corporation | 909 | 90773 |
|  American Electric Power Company, Inc. | 2654 | 306033 |
|  American Water Works Company, Inc. | 3071 | 400766 |
|  Atmos Energy Corporation | 2399 | 402144 |
|  CenterPoint Energy, Inc. | 8006 | 306950 |
|  CMS Energy Corporation | 1278 | 89371 |
|  Consolidated Edison, Inc. | 3106 | 308488 |
|  Constellation Energy Corporation | 1033 | 364928 |
|  Dominion Energy, Inc. | 5106 | 299161 |
|  DTE Energy Company | 2334 | 301039 |
|  Duke Energy Corporation | 815 | 95526 |
|  Edison International | 5196 | 311864 |
|  Entergy Corporation | 3296 | 304649 |
|  Evergy, Inc. | 1221 | 88510 |
|  Eversource Energy | 1339 | 90155 |
|  Exelon Corporation | 8344 | 363715 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Utilities (Continued)** |  |  |
|  FirstEnergy Corporation | 6845 | $306451 |
|  NextEra Energy, Inc. | 3710 | 297839 |
|  NiSource, Inc. | 9754 | 407327 |
|  NRG Energy, Inc. | 2252 | 358608 |
|  PG&E Corporation | 5929 | 95279 |
|  Pinnacle West Capital Corporation | 1039 | 92159 |
|  PPL Corporation | 2766 | 96865 |
|  Public Service Enterprise Group, Inc. | 3840 | 308352 |
|  Sempra | 1053 | 92969 |
|  Southern Company (The) | 1113 | 97054 |
|  Vistra Corporation | 2137 | 344762 |
|  WEC Energy Group, Inc. | 905 | 95441 |
|  Xcel Energy, Inc. | 1251 | 92399 |
|  |  | 7278312 |
|  **Total Common Stocks** (Cost $107,197,515) |  | **115507497** |
|  **Rights — 0.0%**<sup>(c)</sup> |  |  |
|  **Health Care — 0.0%**<sup>(c)</sup> |  |  |
|  Omniab, Inc.<sup>(a)(b)</sup> - CVR, $12.5 Earnout | 198 |  |
|  Omniab, Inc.<sup>(a)(b)</sup> - CVR, $15.0 Earnout | 198 |  |
|  **Total Right** <br> (Cost $0) |  |  |
|  **Total Investments — 99.8%** <br> (Cost $107,197,515) |  | **115507497** |
|  **Other Assets in Excess of Liabilities — 0.2%** |  | 257965 |
|  **Total Net Assets — 100.0%** |  | $**115765462** |

---

---

| |
|:---|
| LTD — Limited Company |
| MSCI — Morgan Stanley Capital International |
| N.V. — Naamioze Vennootschap |
| PLC — Public Limited Company |
| REIT — Real Estate Investment Trust |
| S.A. — Société Anonyme |

---

 <sup>(a)</sup> Non-income producing security.

 <sup>(b)</sup> The fair value of this investment is determined using significant unobservable inputs.

 <sup>(c)</sup> Percentage rounds to less than 0.1%.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SUMMARY OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 3.0% |
|  **Total Common Stocks** | **99.8%** |
|  **Total Rights** | **0.0%**<sup>(a)</sup> |
|  **Total Investments** | **99.8%** |
|  Other Assets in Excess of Liabilities | 0.2% |
|  **Total Net Assets** | **100.0%** |

---

<sup>(a)</sup>Percentage rounds to less than 0.1%.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Fair Value** |
|  **EXCHANGE-TRADED FUNDS — 99.4%** | **EXCHANGE-TRADED FUNDS — 99.4%** |  |  |
|  **Equity — 99.4%** | **Equity — 99.4%** | **Equity — 99.4%** |  |
|  Stratified LargeCap Index ETF<sup>(c)(d)</sup> | Stratified LargeCap Index ETF<sup>(c)(d)</sup> | 265478 | $23070038  |
|  **Total Exchange-Traded Funds** <br> (Cost $20,426,109) | **Total Exchange-Traded Funds** <br> (Cost $20,426,109) |  | **23070038**  |
|  **PURCHASED OPTIONS** — **0.6%** | **Notional** | **Contracts**<sup>(b)</sup> |  |
|  **Put Options — 0.6%** |  |  |  |
|  S&P 500 Index<sup>(a)</sup>, Expiration: March 20, 2026, Strike $6,130 | $23959250 | 35  | 128275  |
|  **Total Purchased Options** <br> (Cost $201,390) | **Total Purchased Options** <br> (Cost $201,390) | **Total Purchased Options** <br> (Cost $201,390) | **128275**  |
|  **Total Investments — 100.0%** <br> (Cost $20,627,499) | **Total Investments — 100.0%** <br> (Cost $20,627,499) | **Total Investments — 100.0%** <br> (Cost $20,627,499) | **23198313**  |
|  **Written Options —** (**0.2)%** |  |  |  |
|  **Put Options — (0.2)%** | **Put Options — (0.2)%** |  |  |
|  S&P 500 Index<sup>(a)</sup>, Expiration: March 20, 2026, Strike $5,450 | $(23959250) | (35) | (46900) |
|  **Total Written Options <br>(Premiums received $77,279)** | **Total Written Options <br>(Premiums received $77,279)** | **Total Written Options <br>(Premiums received $77,279)** | **(46900)** |
|  **Other Assets in Excess of Liabilities — 0.2%** | **Other Assets in Excess of Liabilities — 0.2%** | **Other Assets in Excess of Liabilities — 0.2%** | 51968  |
|  **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | $**23203381**  |

---

 ETF — Exchange-Traded Fund<br>

 <sup>(a)</sup> Non-income producing security.

 <sup>(b)</sup> 100 shares per contract.

 <sup>(c)</sup> Affiliated issuer.

 <sup>(d)</sup> A copy of the security's annual report to shareholders may be obtained without charge at www.stratifiedfunds.com/sspy.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

**Other Affiliated Investments**

Fiscal year transactions with investments which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at <br>beginning <br>of the <br>year** | **Purchases <br>Cost** | **Sales <br>Proceeds** | **Net <br>Realized <br>Gain/(Loss)** | **Net Change <br>in Unrealized <br>Appreciation<br>(Depreciation)** | **Value at <br>the end of <br>the year** | **Number of <br>Shares at <br>the end of <br>the year** | **Dividend <br>Income** | **Capital Gain <br>Distributions** |
|  Stratified LargeCap Index ETF | $— | $25147005 | $(5147094) | $426198 | $2643929 | $23070038 | 265478 | $318059 | $— |
|  **Total** | $**—** | $**25147005** | $**(5147094)** | $**426198** | $**2643929** | $**23070038** | **265478** | $**318059** | $**—** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SUMMARY OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 99.4% |
|  **Total Exchange-Traded Funds** | **99.4%** |
|  **Purchased Options** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | 0.6% |
|  **Total Purchased Options** | **0.6%** |
|  **Total Investments** | **100.0%** |
|  **Written Options** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | (0.2)% |
|  **Total Purchased Options** | **(0.2)%** |
|  **Other Assets in Excess of Liabilities** | 0.2% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Statements of Assets and Liabilities | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Stratified <br>LargeCap<br>Index ETF** | **Stratified <br>LargeCap<br>Hedged ETF** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value | $115507497 | $128275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value |  | 23070038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 192487 | 360320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash at broker |  | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest receivable | 109463 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims receivable | 1007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 115810454 | 23559265 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  | 298970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at fair value (Premiums Received $0 and $77,279) |  | 46900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 44992 | 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 44992 | 355884 |
|  **Net Assets** | $115765462 | $23203381 |
|  **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $112173567 | $26070824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (deficit) | 3591895 | (2867443) |
|  **Net Assets** | $115765462 | $23203381 |
|  **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value)** | 1332990 | 505000 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $86.85 | $45.95 |
|  **Unaffiliated investments, at cost** | $107197515 | $201390 |
|  **Affiliated investments, at cost** | $— | $20426109 |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENTS OF OPERATIONS<br>

---

| | | |
|:---|:---|:---|
| | **Stratified <br>LargeCap <br>Index ETF** | **Stratified <br>LargeCap <br>Hedged ETF** |
| <br>**&nbsp;&nbsp;&nbsp;&nbsp;**  | **For the <br>Year Ended <br>December 31, <br>2025** | **For the <br>Year Ended <br>December 31, <br>2025** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $2087485 | $166733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  | 318059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less foreign taxes withheld | (134) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 18196 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 2105547 | 488588 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 496904 | 240768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 496904 | 240768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser |  | (74170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 496904 | 166598 |
|  **Net Investment Income (Loss)** | 1608643 | 321990 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Investments | 170198 | (2016346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  | 104616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 3668403 | 48197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  | 321582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 335357 |
|  | 3838601 | (1206594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 9342352 | 485134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments |  | 2643929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (35584) |
|  | 9342352 | 3093479 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 13180953 | 1886885 |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $14789596 | $2208875 |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENTS OF CHANGES IN NET ASSETS<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stratified LargeCap <br>Index ETF** | **Stratified LargeCap <br>Index ETF** | **Stratified LargeCap <br>Hedged ETF** | **Stratified LargeCap <br>Hedged ETF** |
| | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** |
|  **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1608643 | $1433805 | $321990 | $(18654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 3838601 | 19447963 | (1206594) | 4286750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | 9342352 | (10137017) | 3093479 | (2829516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | 14789596 | 10744751 | 2208875 | 1438580 |
|  **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution | (1602521) | (1412197) | (319008) | (70070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (12577) |  |  |
|  **Total Distributions to Shareholders** | (1602521) | (1424774) | (319008) | (70070) |
|  **Capital Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 30884962 | 15690035 | 1069751 | 32284412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds received in connection with merger |  | 50027506 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14667907) | (83015492) | (7319905) | (41545002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | 16217055 | (17297951) | (6250154) | (9260590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets** | 29404130 | (7977974) | (4360287) | (7892080) |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | $86361332 | $94339306 | $27563668 | $35455748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $115765462 | $86361332 | $23203381 | $27563668 |
|  **Change in Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 400000 | 200000 | 25000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares received in connection with merger |  | 632990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (175000) | (1050000) | (170000) | (975000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding** | 225000 | (217010) | (145000) | (225000) |

---

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> FINANCIAL HIGHLIGHTS<br>

**(For a Share Outstanding Throughout the Year Presented)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** | **Year Ended <br>December 31, <br>2022** | **Year Ended <br>December 31, <br>2021** |
|  Net asset value, beginning of year | $77.94 | $71.20 | $63.75 | $71.27 | $55.99 |
|  **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 1.20 | 1.22 | 1.16 | 1.03 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 8.91 | 8.15 | 7.54 | (7.47) | 15.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.11 | 9.37 | 8.70 | (6.44) | 16.06 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.20) | (2.62) | (1.25) | (1.08) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.20) | (2.63) | (1.25) | (1.08) | (0.78) |
|  Net asset value, end of year | $86.85 | $77.94 | $71.20 | $63.75 | $71.27 |
|  **Net Asset Value, Total Return** | 12.96% | 13.14% | 13.67% | (9.20)%<sup>(b)</sup> | 28.76% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000 omitted) | $115765 | $86361 | $94339 | $97219 | $108685 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fee waiver | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fee waiver<sup>(c)</sup> | 0.45% | 0.34% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(c)</sup> | 1.46% | 1.61% | 1.75% | 1.58% | 1.39% |
|  **Portfolio turnover rate**<sup>(d)</sup> | 29% | 20% | 23% | 31% | 25% |

---

<sup>(a)</sup>Per share amounts calculated using average shares method.

<sup>(b)</sup>If the Sub-Adviser had not made a special reimbursement during the period ended December 31, 2022, the total return would have been (9.13)%.

<sup>(c)</sup>Net of expenses waived/reimbursed by the Advisor.

<sup>(d)</sup>Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> FINANCIAL HIGHLIGHTS<br>

**(For a Share Outstanding Throughout the Period Presented)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** | **Year Ended <br>December 31, <br>2022** | **Period Ended <br>December 31, <br>2021<sup>(a)</sup>** |
|  Net asset value, beginning of period | $42.41 | $40.52 | $38.63 | $41.39 | $40.40 |
|  **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.56 | (0.02) | 0.44 | 0.37 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.61 | 2.02 | 1.93 | (1.83) | 1.00<br> <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.17 | 2.00 | 2.37 | (1.46) | 1.43 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.63) | (0.11) | (0.48) | (0.40) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.63) | (0.11) | (0.48) | (1.30) | (0.44) |
|  Net asset value, end of period | $45.95 | $42.41 | $40.52 | $38.63 | $41.39 |
|  **Net Asset Value, Total Return** | 9.84% | 4.93% | 6.14% | (3.53)% | 3.54<br> %<sup>(d)</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $23203 | $27564 | $35456 | $39594 | $45527 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fee waiver<sup>(e)</sup> | 0.95% | 0.99% | 1.00% | 1.00% | 1.00<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fee waiver<sup>(e)(g)</sup> | 0.66% | 0.50% | 0.36% | 0.38% | 0.38<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(g)</sup> | 1.27% | (0.06)% | 1.14% | 0.94% | 1.96<br> %<sup>(f)</sup> |
|  **Portfolio turnover rate**<sup>(h)</sup> | 106% | 8% | 12% | 35% | 88<br> %<sup>(d)</sup> |

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<sup>(a)</sup>For the period June 15, 2021 (commencement of operations) to December 31, 2021.

<sup>(b)</sup>Per share amounts calculated using average shares method.

<sup>(c)</sup>As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share gain or loss amount does not correlate to the aggregate of the net realized and unrealized gain or loss in the Statements of Operations for the year ended December 31, 2021, primarily due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<sup>(d)</sup>Not Annualized for periods less than one year.

<sup>(e)</sup>The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. The ratio does not include these indirect fees and expenses.

<sup>(f)</sup>Annualized for periods less than one year.

<sup>(g)</sup>Net of expenses waived/reimbursed by the Advisor.

<sup>(h)</sup>Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

*See accompanying Notes to Financial Statements.*

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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**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 Investment Company Act of 1940, as amended (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 assets of each series in the Trust are segregated and a shareholder's interest is limited to the series in which Shares are held. The financial statements presented herein relate to the funds listed below and are individually referred to as a "Fund" or collectively as the "Funds":

Stratified LargeCap Index ETF

Stratified LargeCap Hedged ETF

Stratified LargeCap Index ETF is the successor to the Syntax Stratified LargeCap ETF, a series of Syntax ETF Trust (a "Predecessor Fund"), pursuant to a reorganization that took place after the close of business on September 27, 2024. Stratified LargeCap Hedged ETF is the successor to the Syntax Stratified U.S. Total Market Hedged ETF, a series of Syntax ETF Trust (a "Predecessor Fund"), pursuant to a reorganization that took place after the close of business on September 27, 2024.

The Stratified LargeCap Index ETF and the Stratified LargeCap Hedged ETF are each classified as a diversified investment company under the 1940 Act.

The Stratified LargeCap Index ETF's investment objective seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified LargeCap Index. The Stratified LargeCap Index ETF commenced operations on January 1, 2015.

The Stratified LargeCap Hedged ETF's investment objective is to seek to obtain capital growth. The Stratified LargeCap Hedged ETF seeks to obtain capital growth by investing in a portfolio of equity securities, including common stocks and/or exchange-traded funds ("ETFs") that tracks the Syntax Stratified LargeCap Index while also employing risk management strategies to limit downside risk and generate additional returns. The Stratified LargeCap Hedged ETF may obtain investment exposure to the Syntax Stratified LargeCap Index by investing in one or more ETFs designed to track the performance of the Syntax Stratified LargeCap Index. To the extent the Stratified LargeCap Hedged ETF derives exposure to the Syntax Stratified LargeCap Index through investments in an ETF, the Stratified LargeCap Hedged ETF will invest significantly in the Stratified LargeCap Index ETF. The Stratified LargeCap Hedged ETF is an actively managed ETF. Unlike index ETFs, actively managed ETFs do not seek to track the performance of a specified index. Instead, the Stratified LargeCap Hedged ETF uses an active investment strategy in seeking to meet its investment objective. The Stratified LargeCap Hedged ETF commenced operations on June 15, 2021.

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".

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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**(a) Use of Estimates**

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.

**(b) Segment Reporting**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, Exchange Traded Concepts, LLC, each Fund's investment adviser (the "Adviser"), reviewed each Fund in the Trust, evaluated its business activities and determined that each Fund operates as a single reportable operating segment.

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the Co-Chief Executive Officers of the Adviser, and who are also officers of the Trust. The CODM has established various management committees to assist the CODM with overseeing aspects of each Fund's daily operations and financial reporting. Through these committees, the CODM manages each Fund's operations to achieve the investment objective, as detailed in its prospectus, through the execution of each Fund's investment strategies. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund.

**(c) Valuation of Investments**

Each Fund records investments at fair value 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.

Rule 2a-5 under the 1940 Act establishes requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available.

Pursuant to the requirements of Rule 2a-5, the Board (i) has designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Funds through the Adviser's Valuation Committee and (ii) has approved the Adviser's Valuation Procedures.

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 Valuation Committee, in accordance with the Trust's Board-approved Valuation Procedures, 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. In addition, for the Stratified LargeCap Index ETF, fair value pricing could result in a difference between the prices used to calculate the Fund's net asset value ("NAV") and the prices used by the Fund's underlying index. This may result in a difference

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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between the Fund's performance and the performance of the Fund's underlying index. 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, equities, options 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 December 31, 2025, for each Fund based upon the three levels defined above:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stratified LargeCap Index ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
|  Common Stocks<sup>\*</sup> | $115507497 | $— | $—  | $115507497 |
|  Rights<sup>\*</sup> |  |  | —^ |  |
|  Total | $115507497 | $— | $—  | $115507497 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stratified LargeCap Hedged ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
|  Exchange-Traded Funds<sup>\*</sup> | $23070038 | $— | $— | $23070038 |
|  Purchased Options | 128275 |  |  | 128275 |
|  Total | $23198313 | $— | $— | $23198313 |
|  **Liabilities** |  |  |  |  |
|  Written Options | $46900 | $— | $— | $46900 |
|  Total | $46900 | $— | $—  | $46900 |

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<sup>\*</sup>See Schedule of Investments for additional detailed categorizations.

^ Includes securities valued at $0.

The Stratified LargeCap Index ETF held Level 3 securities at the end of the period. The securities classified as Level 3 are deemed immaterial.

**(d) Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the 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 the 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, using the effective yield method. Gains or losses realized on

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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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, if any.

**(e) Foreign Currency Transactions**

The accounting records of each Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of each Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. Each Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. Each Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which each Fund invests.

**(f) Federal Income Tax**

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 each Fund 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 each Fund to record a tax liability and, therefore, there is no impact to each Fund's financial statements. Each 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 Statements of Operations. As of December 31, 2025, the Funds did not have any interest or penalties associated with the underpayment of any income taxes.

**(g) Options**

The Stratified LargeCap Hedged ETF may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Stratified LargeCap Hedged ETF may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Stratified LargeCap Hedged ETF may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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or is committed to purchase. Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

**(h) Distributions to Shareholders**

The Stratified LargeCap Index ETF and the Stratified LargeCap Hedged ETF each pay out dividends from their net investment income and net capital gains, if any, at least annually. Each Fund may make distributions on a more frequent basis 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 and Administrative Services**

The Adviser serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund and is responsible for, among other things, the selection and ongoing monitoring of the securities in each Fund's portfolio, trading portfolio securities on behalf of the Funds, selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board, and certain other services necessary for the management of the Funds. For the services it provides, each Fund pays the Adviser a fee calculated daily and paid monthly at an annual rate of 0.45% for Stratified LargeCap Index ETF and 0.95% for Stratified LargeCap Hedged ETF of each Fund's average daily net assets.

Effective April 30, 2025, the Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of the Stratified LargeCap Hedged ETF (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, acquired fund fees and expenses, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.50% of the Fund's average daily net assets through at least April 30, 2026, unless earlier terminated by the Board for any reason at any time. Fees waived pursuant to this waiver are not subject to recoupment in future periods.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly owned subsidiary of the Adviser, administers each Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under each Fund's unitary fee arrangement and its officers and employees to serve as officers or Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for each Fund to operate. For the services it provides to each Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of each Fund's average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund (including the fee charged by ETC Platform Services) 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").

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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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**(b) Distribution Arrangement**

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.

**(c) Other Servicing Agreements**

Ultimus Fund Solutions, LLC provides administration and fund accounting services to the Trust pursuant to a master servicing agreement. Brown Brothers Harriman & Co. serves as each Fund's custodian and transfer agent pursuant to a custodian and transfer agent agreement. The Adviser pays these fees.

An officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.

Syntax LLC ("Syntax") is the Index Provider to the Funds. The Adviser has entered into license agreements with Syntax pursuant to which the Adviser pays a fee to use the Syntax Stratified LargeCap Index for the Funds' use. The Adviser is sub-licensing rights to the Syntax Stratified LargeCap Index to the Funds at no charge.

**Note 4 – Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions, purchased options, written options and short-term investments, for the year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Stratified LargeCap Index ETF | $31078046 | $31030423 |
|  Stratified LargeCap Hedged ETF | 26695312 | 28172966 |

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Purchases and sales of in-kind transactions for the year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Stratified LargeCap Index ETF | $30748212 | $14616987 |
|  Stratified LargeCap Hedged ETF | 1055356 | 6175823 |

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**Note 5 – Capital Share Transactions**

Fund Shares are listed and traded on the NYSE Arca, Inc. (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 (each a "Creation Unit"). Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased from 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

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

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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.

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 redeemed 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 transaction costs.

**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 the Funds' prospectus. Please refer to the relevant Fund's prospectus for a complete description of the principal risks of investing in that Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

*Market Risk:* Overall market risk may affect the value of individual instruments in which a Fund invests. A Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect a Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets, adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money.

*Derivatives Risk (Stratified LargeCap Hedged ETF):* The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share price.

*Index Concentration Risk (Stratified LargeCap Index ETF):* The Stratified LargeCap Index ETF will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified. There may be instances in which the Index, for a variety of reasons including changes in the prices of individual securities held by the Fund, has a larger exposure to a small number of stocks or a single stock relative to the rest of the stocks in the Index. Under such circumstances, the Fund will not deviate from the Index except in rare circumstances or in an immaterial way and therefore the Fund's returns would be more greatly influenced by the returns of the stock(s) with the larger exposure.

**Note 7 – Federal Income Taxes**

GAAP requires certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended December 31, 2025, the following amounts, resulting primarily from the differing book and tax treatment relating to the reversal of gains and losses emanating from redemption-in-kind transactions have been reclassified:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total <br>Distributable <br>Earnings (Loss)** |
|  Stratified LargeCap Index ETF | $3655025 | $(3655025) |
|  Stratified LargeCap Hedged ETF | 370448 | (370448) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

The tax character of the distributions paid during the tax years ended December 31, 2025, and December 31, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| <br>**Fund** | **Ordinary <br>Income** | **Net Long-Term <br>Capital Gains** | **Return of <br>Capital** | **Total <br>Distributions** |
|  Stratified LargeCap Index ETF | $1602521 | $— | $— | $1602521 |
|  Stratified LargeCap Hedged ETF | 319008 |  |  | 319008 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Fund** | **Ordinary <br>Income** | **Net Long-Term <br>Capital Gains** | **Return of <br>Capital** | **Total <br>Distributions** |
|  Stratified LargeCap Index ETF | $1412197<br> <sup>(a)</sup> | $— | $12577 | $1424774 |
|  Stratified LargeCap Hedged ETF | 70070 |  |  | 70070 |

---

<sup>(a)</sup>The Predecessor Fund distributed $1,120,742 of ordinary income prior to the Reorganization that took place on September 27, 2024.

As of the tax year ended December 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br>Ordinary <br>Income** | **Undistributed <br>Capital Gains <br>(Losses)** | **Capital Loss <br>Carryforwards\*** | **Unrealized <br>Appreciation <br>(Depreciation) <br>on Investments** | **Distributable <br>Earnings (Loss)** |
|  Stratified LargeCap Index ETF\*\* | $4434 | $— | $(4572362) | $8159823 | $3591895 |
|  Stratified LargeCap Hedged ETF | 2331 |  | (5513703) | 2643929 | (2867443) |

---

<sup>\*</sup>A portion of the capital loss carryforward for the Stratified LargeCap Index ETF was acquired in a reorganization on September 27, 2024. See Note 10.

<sup>\*\*</sup>Stratified LargeCap Index ETF Funds ability to utilize its acquired capital loss carryforward is subject to an annual limitation under the Internal Revenue Code.

At December 31, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of <br>Investments** | **Unrealized <br>Appreciation <br>on Investments** | **Unrealized <br>(Depreciation) <br>on Investments** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation) <br>on Investments** |
|  Stratified LargeCap Index ETF | $107347674 | $15283830 | $(7124007) | $8159823 |
|  Stratified LargeCap Hedged ETF | 20554384 | 2643929 |  | 2643929 |

---

The difference between cost amounts for financial statements and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions primarily due to wash sales and REIT basis adjustments.

As of the tax year ended December 31, 2025, each Fund has non-expiring accumulated capital loss carryforwards as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** | **CLCF Utilized** |
|  Stratified LargeCap Index ETF | $— | $4572362 | $4572362 | $224472 |
|  Stratified LargeCap Hedged ETF | 4561642 | 952061 | 5513703 |  |

---

**Note 8 – Derivatives and Hedging Disclosures**

FASB ASC Topic 815 Derivatives and Hedging requires enhanced disclosures about the Stratified LargeCap Hedged ETF derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in purchased and written options during the year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

The effects of these derivative instruments on the Stratified LargeCap Hedged ETF's financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the tables below. The fair values of derivative instruments held as of December 31, 2025, by risk category are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivative** | <br>**Risk Exposure** | **Statement of Assets and <br>Liabilities Location** | **Value** | **Statement of Assets and <br>Liabilities Location** | **Value** |
|  Options purchased | Equity contracts | Unaffiliated <br>investments, at value | $128275 | Unaffiliated investments, at value | $— |
|  Options written | Equity contracts | Options written, <br>at fair value |  | Options written, at fair value | 46900 |

---

The effects of the Fund's derivative instruments on the Statements of Operations for the year ended December 31, 2025, are as follows:

**Amount of Realized Gain or (Loss) on Derivatives**

---

| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Value** |
|  Options purchased | Equity contracts | $(857400) |
|  Options written | Equity contracts | 335357 |

---

**Change in Unrealized Appreciation/(Depreciation) on Derivatives**

---

| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Value** |
|  Options purchased | Equity contracts | $44784 |
|  Options written | Equity contracts | (35584) |

---

The quarterly average volume of derivative instruments for the year ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Notional** |
|  Options purchased | Equity contracts | $25424903 |
|  Options written | Equity contracts | 25424903 |

---

**Note 9 – Recent Market Events**

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. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.

Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and raised interest rates in an effort to fight inflation. The Federal Reserve has begun to lower interest rates and may continue to do so in the future. Trade disputes and the imposition of tariffs, along with other matters, may negatively impact the economies of the United States and its trading partners, as well as the financial markets as a whole. This and other government intervention into the economy and financial markets to address significant events in the future may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

**Note 10 – Reorganization**

At a meeting held on February 7, 2024, the Board of the Syntax ETF Trust approved the following reorganizations (each, a "Reorganization") of the Syntax Stratified LargeCap ETF, the Syntax Stratified MidCap ETF, the Syntax Stratified SmallCap ETF, the Syntax Stratified U.S. Total Market ETF, the Syntax Stratified Total Market II ETF and the Syntax Stratified U.S. Total Market Hedged ETF (each an "Acquired Fund," and collectively, the "Acquired Funds"). Each Acquired Fund was a series of Syntax ETF Trust. The

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

Trust approved the following Reorganizations of the Acquired Funds: (i) the Reorganization of the Syntax Stratified LargeCap ETF, the Syntax Stratified MidCap ETF, the Syntax Stratified SmallCap ETF, the Syntax Stratified U.S. Total Market ETF, and the Syntax Stratified Total Market II ETF into the Stratified LargeCap Index ETF and (ii) the Reorganization of the Syntax Stratified U.S. Total Market Hedged ETF into the Stratified LargeCap Hedged ETF (collectively, with the Stratified LargeCap Index ETF, the "Acquiring Funds"). Each Reorganization occurred after the close of business on September 27, 2024.

Each Reorganization occurred by transferring all of the assets of the Acquired Funds to the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption of all the liabilities of the Acquired Funds by the Acquiring Fund. Syntax Stratified LargeCap ETF, the Syntax Stratified U.S. Total Market ETF, the Syntax Stratified Total Market II ETF and the Syntax Stratified U.S. Total Market Hedged ETF Reorganization was accomplished by a tax-free exchange of shares of each Acquiring Fund. A tax-free exchange means that shareholders of the Acquired Funds will not realize any capital gains (losses) for federal income tax purposes. The following amounts were exchanged:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **Predecessor <br>Fund's Net <br>Assets before <br>Reorganization** | **Predecessor <br>Fund's Shares <br>Outstanding <br>before <br>Reorganization** | **Acquiring <br>Fund's Net <br>Assets** | **Acquiring Fund's <br>Net Assets after <br>Reorganization** | **Acquiring <br>Fund's Shares <br>Outstanding <br>after <br>Reorganization** |
|  Syntax Stratified LargeCap ETF<sup>(1)</sup> | $37540850 | 475000 | $— | $87568356 | 1107992 |
|  Syntax Stratified U.S. Total Market Hedged ETF<sup>(2)</sup> | 32434503 | 750000 |  | 32434503 | 750000 |

---

<sup>1.</sup>Includes accumulated net investment loss, accumulated realized gains and unrealized appreciation in the amounts of $(979,356), $33,983,685 and $2,078,255, respectively.

<sup>2.</sup>Includes accumulated net investment loss, accumulated realized gains and unrealized appreciation in the amounts of $(570,731), $20,213,379 and $310,335, respectively.

A reconciliation of each Stratified LargeCap Hedged ETF's ending net assets and shares outstanding after the Reorganization were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Reconciliation <br>of Acquiring <br>Fund's Net <br>Assets after <br>Reorganization** | **Reconciliation <br>of Acquiring <br>Fund's Shares <br>Outstanding <br>after <br>Reorganization** |
|  Syntax Stratified LargeCap ETF | $37540850 | 475000 |
|  Syntax Stratified MidCap ETF | 5519576 | 69838 |
|  Syntax Stratified SmallCap ETF | 10337557 | 130800 |
|  Syntax Stratified U.S. Total Market ETF | 25448441 | 321996 |
|  Syntax Stratified Total Market II ETF | 8721932 | 110356 |
|  Total | $87568356 | 1107990 |

---

A reconciliation of each Stratified LargeCap Hedged ETF's ending net assets and shares outstanding after the Reorganization were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Reconciliation <br>of Acquiring <br>Fund's Net <br>Assets after <br>Reorganization** | **Reconciliation <br>of Acquiring <br>Fund's Shares <br>Outstanding <br>after <br>Reorganization** |
|  Syntax Stratified U.S. Total Market Hedged ETF | $32434503 | 750000 |
|  Total | $32434503 | 750000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **December 31, 2025** <br>|

---

The net unrealized appreciation (depreciation) for each Acquired Fund immediately before the Reorganizations were as follows:

---

| | |
|:---|:---|
| **Acquired Fund Name** | **Acquired Fund's <br>Unrealized <br>Appreciation <br>(Depreciation)** |
|  Syntax Stratified LargeCap ETF | $2078255<br><sup>(1)</sup> |
|  Syntax Stratified MidCap ETF | —<br><sup>(2)</sup> |
|  Syntax Stratified SmallCap ETF | —<br><sup>(2)</sup> |
|  Syntax Stratified U.S. Total Market ETF | 249790<br><sup>(1)</sup> |
|  Syntax Stratified Total Market II ETF | 83421<br><sup>(1)</sup> |
|  Syntax Stratified U.S. Total Market Hedged ETF | 310335<br><sup>(1)</sup> |

---

<sup>(1)</sup> Each Acquiring Fund has elected to carry forward the assets of the Acquired Funds at each Acquired Fund's historical cost basis for purposes of measuring unrealized appreciation (depreciation) and future realized gain (loss) of those acquired assets.

<sup>(2)</sup> Acquired Fund did not qualify as a tax-free exchange under the Code.

**Note 11 – Events Subsequent to Fiscal Year**

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Report of Independent Registered Public Accounting Firm | **December 31, 2025** <br>|

---

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Stratified LargeCap Index ETF and Stratified LargeCap Hedged ETF and

Board of Trustees of Exchange Listed Funds Trust

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Exchange Listed Funds Trust comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br>Operations** | **Statements of <br>Changes in Net Assets** | **Financial Highlights** |
| Stratified LargeCap Index ETF | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| Stratified LargeCap Hedged ETF | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and for the period from June 15, 2021 (commencement of operations) to December 31, 2021 |

---

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021. We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

![](tsig_cohencompanyltd.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

![](tcohen_footer.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTICE TO SHAREHOLDERS | **December 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Tax Information**

For the year ended December 31, 2025, each Fund listed below had a percentage of the dividends paid from net investment income, including short-term capital gains (if any) designated as qualified dividend income:

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| | |
|:---|:---|
| **Fund** | **Qualified <br>Dividend Income** |
|  Stratified LargeCap Index ETF | 100% |
|  Stratified LargeCap Hedged ETF | 100% |

---

For the year ended December 31, 2025, each Fund listed below had a percentage of the dividends paid from net investment income, including short-term capital gains (if any), qualify for the dividends received deduction available to corporate shareholders:

---

| | |
|:---|:---|
| **Fund** | **Corporate Dividends <br>Received Deduction** |
|  Stratified LargeCap Index ETF | 100% |
|  Stratified LargeCap Hedged ETF | 100% |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> OTHER INFORMATION (Form N-CSR, Items 8-11)  | **December 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

All fund expenses, including Trustee compensation is paid by the Adviser pursuant to the Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

*Approval of Continuance of Investment Advisory Agreement*

At a meeting held on September 24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Listed Funds Trust (the "Trust") considered the approval of the continuance of the investment advisory agreement between the Trust, on behalf of the Stratified LargeCap Hedged ETF ("SHUS") and Stratified LargeCap Index ETF ("SSPY") (each, a "Fund" and collectively, the "Funds"), and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Funds (the "Agreement").

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Agreement must be approved by a vote of (i) the Trustees or the shareholders of the Fund and (ii) a majority of the Trustees who are not parties to the Agreement 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 approval, the Board must request and evaluate, and ETC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement. In addition, rules under the 1940 Act require the Funds to disclose in its Form N-CSR the material factors and the conclusions with respect thereto that formed the basis for the Board's approval of the Agreement.

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

*Nature, Extent, and Quality of Services.* With respect to the nature, extent, and quality of the services provided to the Funds, the Board considered ETC's specific responsibilities in all aspects of the day-to-day management of the Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> OTHER INFORMATION (Form N-CSR, Items 8-11) (Continued) | **December 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

The Board considered that responsibilities with respect to each Fund's portfolio include developing, implementing, and maintaining the Fund's investment program; implementing changes to the Fund's portfolio in connection with any rebalancing or reconstitution of the underlying index; selecting broker-dealers to execute purchase and sale transactions; determining the daily baskets of deposit securities and cash components; executing portfolio securities trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis. The Board considered that beyond portfolio management, ETC, including through its affiliates, also maintains responsibilities for overseeing compliance with relevant law; monitoring compliance with various policies and procedures and applicable securities regulations; providing various administrative services to the Fund and overseeing third-party administrators; quarterly reporting to the Board; and implementing Board directives as they relate to the Funds. The Board considered that those services also include arranging for and providing oversight of 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; supervising the Funds' registration as an investment company and the offering of Fund 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 the Funds' shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

The Board noted that it has reviewed ETC's responses to a detailed series of questions, which included a description of ETC's consolidated operations, services, personnel, compliance program, risk management program, and financial condition, and an overview of the material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience, and responsibilities of ETC's investment personnel, the quality of ETC's compliance infrastructure, and the determination of the Trust's Chief Compliance Officer that ETC has procedures that are reasonably designed to comply with the federal securities laws. The Board considered ETC's experience working with ETFs, including the Funds, other series of the Trust, and other ETFs outside of the Trust. The Board also considered the pending organizational changes at ETC. The Board noted no other material changes to ETC's staffing, management, or overall condition over the past year.

*Performance.* The Board reviewed the performance of each of the Funds in light of each Fund's stated investment objective, noting that SHUS is actively managed and SSPY is passively managed. The Board was provided reports regarding each Fund's past performance, including a report prepared by ISS, an independent third party, comparing each Fund's performance to the performance of a group of peer funds (each a "Peer Group") for various time periods ended June 30, 2025. The Board reviewed this information for each Fund in turn, noting its observations with respect to each Fund.

*Stratified LargeCap Hedged ETF (SHUS)*

The Board found that SHUS underperformed the Peer Group median and mean for the June 30, 2025 year-to-date, 1-year and 3-year periods (annualized) but generated a positive return. The Fund underperformed the overall returns of its benchmark index (S&P 500 Index) for the year-to-date, 1-year and 3-year periods ended June 30, 2025.

The Board considered that SHUS' investment strategy was substantially revised in its reorganization to ETC on September 30, 2024 and its long term and relative performance may not reflect its current strategy. The Board observed that the Fund did not materially underperform its Peer Group for the year-to-date period ended June 30, 2025, which would reflect only the performance of the new strategy. The Board noted that SHUS is designed to maintain consistent hedged exposure to protect against market downturns and has delivered consistent positive returns. Based on the information presented, the Board found that SHUS appears to have been meeting its objective for the limited period of its operation under ETC. The Board concluded that the Fund's performance was acceptable.

*Stratified LargeCap Index ETF (SSPY)*

The Board reviewed SSPY's performance in light of its stated investment objective, noting that SSPY's objective was to provide investment results that correspond to the total return performance of its index. The Board was provided reports regarding SSPY's past performance, including a report comparing the Fund's performance to the performance of its underlying index for various time periods ended June 30, 2025. The Board found that SSPY slightly underperformed compared to its respective index over the relevant period. The Board reviewed information regarding SSPY's index tracking, noting the factors that contributed to the

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> OTHER INFORMATION (Form N-CSR, Items 8-11) (Concluded) | **December 31, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

Fund's tracking error, such as the Fund's management fee and trading commissions. The Board found that there were no other material components that contributed to SSPY's tracking error and further noted that it received regular reports regarding the Fund's performance, including tracking error, at its quarterly meetings throughout the year. The Board concluded that the Fund's performance was acceptable.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee paid by each Fund to ETC under the Agreement. The Board reviewed a report prepared by ISS comparing each Fund's advisory fee to those paid by a group of peer funds. In support of its review of the statistical information, the Board was provided with a description of the methodology used by ISS to prepare this information. The Board noted that the advisory fee for each of SHUS and SSPY was higher than the median of advisory fees paid by its peer funds, and that SSPY was within the range of fees paid by peers and SHUS was the highest among its peers. The Board observed that after taking into account the fee waiver, SHUS's net expense ratio was below the Peer Group median and mean.

The Board took into consideration that the advisory fee for each Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes and interest. The Board noted that, under the Agreement, ETC is responsible for compensating the Funds' other service providers and paying the Funds' other expenses out of its own fee and resources and that, while the Funds' index provider has assumed such responsibility, ETC is ultimately responsible for ensuring the obligation is satisfied. The Board considered information provided about the costs and expenses incurred by ETC in providing advisory services, evaluated the compensation and benefits received by ETC from its relationship with each Fund, and reviewed profitability information from ETC with respect to each Fund. The Board considered the risks borne by ETC 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. Based on the foregoing information, the Board concluded that the advisory fee appeared reasonable in light of the services rendered.

*Economies of Scale.* The Board considered whether economies of scale have been realized with respect to the Funds. The Board noted that the Fund's investment advisory fee includes breakpoints, which allows for economies of scale to be shared through reductions in the advisory fee as Fund assets grow.

*Other Benefits.* The Board considered other direct and indirect benefits that could be realized by ETC from its relationship with the Funds. The Board considered that ETC does not utilize soft dollars with respect to the Funds. The Board considered that ETC receives some form of reputational benefits from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Board concluded that the additional benefits ETC receives from its relationship with the Funds are reasonable and appropriate.

*Conclusion.* No single factor was determinative of the Board's decision to approve the continuance of the Agreement on behalf of the Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, determined that the Agreement, including the compensation payable thereunder, was fair and reasonable to the Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the continuance of the Agreement was in the best interests of each Fund and its shareholders.

![](tetc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Investment Adviser:**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Distributor:**

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**Legal Counsel:**

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**This information must be preceded or accompanied by a current prospectus for the Funds.**

&nbsp;&nbsp; For additional information about the Funds; including each Fund's prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 866-972-4492<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://stratifiedfunds.com/investor-materials/<br>

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

 **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable for open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable for open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable for open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

 **Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable for open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers. Attached hereto.](ea0276582-01_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0276582-01_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](ea0276582-01_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Exchange Listed Funds Trust |
| By (Signature and Title) | /s/ Richard Malinowski |
|  | Richard Malinowski, |
| Date: March 4, 2026 | Principal Executive Officer/President |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Richard Malinowski |
|  | Richard Malinowski, |
| Date: March 4, 2026 | Principal Executive Officer/President |
| By (Signature and Title) | /s/ Christopher Roleke |
|  | Christopher W. Roleke, |
| Date: March 4, 2026 | Principal Financial Officer/Treasurer |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Exchange Traded Concepts Trust**

**Exchange Listed Funds Trust**

**(each a "Trust" and together, the "Trusts")**

**<u>Code of Ethics for Principal Executive and Financial Officers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

The reputation and integrity of each Trust are valuable assets that are vital to the Trusts' success. Each officer and employee of a Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt this Code of Ethics for Principal Executive and Financial Officers (the "Code") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the
U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code should be read in conjunction with the Trusts' other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. HONEST AND ETHICAL CONDUCT

The SFO of the Trusts shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of a Trust to the Trust's Audit Committee, the full Board of Trustees of the Trust, and/or any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The SFO shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised. Each SFO must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Trusts whereby the SFO would benefit personally to the detriment of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the SFO rather than the benefit
of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trusts to profit personally or cause
others to profit by the market effect of such transactions.

The names of the SFO covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FINANCIAL RECORDS AND REPORTING

The SFO shall (1) provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable and (2) provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated; and (3) record (or participate in the recording of) entries in the Trust's books and records that are accurate. The SFO shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The SFO shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The SFO will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as SFO.

The SFO of each Trust shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The SFO shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPLIANCE WITH THIS CODE OF ETHICS

The SFO shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. Any action that directly or indirectly contravenes one or more of the principles outlined herein shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist. Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. Each Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AFFIRMATION OF THE CODE

Upon adoption of the Code, each SFO must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. A form of Certification is attached at Schedule B.

Each SFO report at least annually his or her affiliations and other relationships as requested in the Trust's annual Trustees and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**<u>Responsibilities</u>**

*SFO Responsibility*: Upon adoption of the Code, each SFO must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. Each SFO report at least annually his or her affiliations and other relationships as requested in the Trust's annual Trustees and Officers Questionnaire.

*CCO Responsibility*: At least annually, the CCO shall review the adequacy of this Code.

<u>Revision History</u>:

---

| | |
|:---|:---|
| Adopted: | February 24, 2015 (Exchange Listed Funds Trust only) |
| Amended: | August 25, 2015 (Schedule A) Amended/ |
| Adopted: | February 15, 2023 (Adopted by Exchange Traded Concepts Trust replacing a similar existing policy; addition of Purposes of the Code section and material clarifying changes and additions to sections regarding Honest and Ethical Conduct and Compliance with This Code of Ethics; added Schedule B.) |
| Amended: | September 7, 2023 (Added Responsibilities section.) |

---

**Financial Code of Ethics for Principal Executive and Financial Officers**

**SCHEDULE A**

Principal Executive Officer: Richard Malinowski

Principal Financial Officer: Christopher Roleke

**SCHEDULE B**

**EXCHANGE TRADED FUNDS TRUST**

**EXCHANGE LISTED FUNDS TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

**To: [-] - Principal Executive Officer**

&nbsp;&nbsp;&nbsp;&nbsp;1. I have read and understand the Financial Code of Ethics for Principal Executive and Financial Officers
(the "Code") of Exchange Listed Funds Trust and I recognize that I am subject thereto in the capacity of a "Principal
Officer."

&nbsp;&nbsp;&nbsp;&nbsp;2. I hereby certify that I have complied with the requirements of the Code and will report all violations
or potential violations required to be reported pursuant to the Code.

Signature: ____________________________

Name: __ _______________ ______ _______

Title: ___ ______ ______ ______ ______ ___

Date Submitted: ________________________

## Ex-99.Cert

**Exhibit 99. CERT**

**Certification**

I, Richard Malinowski, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Stratified ETFs (a series of Exchange Listed Funds Trust, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | /s/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer/President |

---

**Certification**

I, Christopher W. Roleke, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Stratified ETFs (a series of Exchange Listed Funds Trust, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | /s/ Christopher Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**certification**

Richard Malinowski, Principal Executive Officer/President, and Christopher Roleke, Principal Financial Officer of Exchange Listed Funds Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Treasurer |
| Exchange Listed Funds Trust | Exchange Listed Funds Trust |
| /s/ Richard Malinowski | /s/ Christopher Roleke |
| Richard Malinowski | Christopher W. Roleke |
| Date: <u>March 4, 2026</u> | Date: <u>March 4, 2026</u> |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.