# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-25-061062
**Filing Date:** 2025-7
**Character Count:** 139011
**Document Hash:** 4d5ca1d28e6ff803b5fc13aee8080852
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-061062.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001213900-25-061062

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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:** 251101933

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

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

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

## Series and Classes Contracts Data

### QRAFT AI-Enhanced U.S. Large Cap ETF (Series ID: S000065357)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000211432 | QRAFT AI-Enhanced U.S. Large Cap ETF | QRFT            |

### QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (Series ID: S000065358)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000211433 | QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | AMOM            |

### LG QRAFT AI-Powered U.S. Large Cap Core ETF (Series ID: S000082989)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000246458 | LG QRAFT AI-Powered U.S. Large Cap Core ETF | LQAI            |

?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)

J. Garrett Stevens

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>April 30, 2025</u>

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) &nbsp;&nbsp;&nbsp;&nbsp; Included Tailored Shareholder Report

#### LG QRAFT AI-Powered U.S. Large Cap Core ETF
(LQAI) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025
![Image](ia186d3dc82d45c7d762dbb6c.jpg)

# Fund Overview
This annual shareholder report contains important information about LG QRAFT AI-Powered U.S. Large Cap Core ETF for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.qraftaietf.com/lqai**. You can also request this information by contacting us at 855-973-7880.

# 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** |
| LG QRAFT AI-Powered U.S. Large Cap Core ETF | $80 | 0.75% |

---

# How did the Fund perform during the reporting period?
The LG Qraft AI-Powered U.S. Large Cap Core ETF (the "Fund") is an actively-managed exchange-traded fund that seeks capital appreciation by utilizing an investment strategy enhanced by the use of artificial intelligence ("AI"). For the fiscal year ending April 30, 2025, the Fund has a total return of +12.40% at Net Asset Value ("NAV").

The Fund utilizes an AI-driven approach to dynamically rotate among investment factors that include, but are not limited to: quality, size, value, momentum, and low volatility. In line with the broader U.S. equity market, the Fund recorded gains throughout the Tech-driven rally for the majority of 2024, before returning some of those profits in February 2025 in the market volatility following international tariff negotiations. The Fund outperformed the benchmark S&P 500 over the past year, finishing higher after taking a more concentrated bet in Technology for most of 2024.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i99ff0b1bd53a1382f509dd7d.jpg)

---

| | | |
|:---|:---|:---|
| | **LG QRAFT AI-Powered U.S. Large Cap Core ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **11/06/23** | $10000 | $10000 |
| **12/31/23** | $10959 | $10958 |
| **03/31/24** | $12090 | $12114 |
| **06/30/24** | $12484 | $12633 |
| **09/30/24** | $13043 | $13377 |
| **12/31/24** | $14013 | $13699 |
| **03/31/25** | $13068 | $13114 |
| **04/30/25** | $12946 | $13025 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 6, 2023)** |
| LG QRAFT AI-Powered U.S. Large Cap Core ETF - NAV | 12.40% | 19.03% |
| S&P 500<sup>®</sup> Index | 12.10% | 19.52% |

---

***The Fund's past performance is not a good 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. Inception date is used for performance purposes.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6088093 |
| Number of Portfolio Holdings | 100 |
| Total Advisory Fee Paid | $37043 |
| Portfolio Turnover Rate | 567% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia484cb20263dd28cda155811.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.9% |
| Industrials | 2.0% |
| Materials | 3.2% |
| Real Estate | 5.1% |
| Health Care | 5.7% |
| Financials | 5.9% |
| Utilities | 9.1% |
| Consumer Discretionary | 10.3% |
| Communications | 15.6% |
| Consumer Staples | 17.6% |
| Technology | 24.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Microsoft Corporation | 6.5% |
| Netflix, Inc. | 5.2% |
| NVIDIA Corporation | 4.9% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.8% |
| Apple, Inc. | 3.3% |
| Palantir Technologies, Inc. | 3.1% |
| Broadcom, Inc. | 3.0% |
| Meta Platforms, Inc., Class A | 2.3% |
| Amcor PLC | 2.1% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Change In Or Disagreement 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.

#### LG QRAFT AI-Powered U.S. Large Cap Core ETF (LQAI) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib42c055c062ded70f256f9ba.jpg)

TSR-AR 043025-LQAI

#### QRAFT AI-Enhanced U.S. Large Cap ETF
(QRFT) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025
![Image](idd5ad399f7f44ea40f03421d.jpg)

# Fund Overview
This annual shareholder report contains important information about QRAFT AI-Enhanced U.S. Large Cap ETF for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.qraftaietf.com/qrft**. You can also request this information by contacting us at 855-973-7880.

# 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** |
| QRAFT AI-Enhanced U.S. Large Cap ETF | $79 | 0.75% |

---

# How did the Fund perform during the reporting period?
The Qraft AI-Enhanced U.S. Large Cap ETF (the "Fund") is an actively-managed exchange-traded fund that seeks capital appreciation by utilizing an investment strategy enhanced by the use of artificial intelligence ("AI"). For the fiscal year ending April 30, 2025, the Fund has a total return of +11.04% at Net Asset Value ("NAV").

The Fund utilizes an AI-driven approach to dynamically rotate among investment factors that include, but are not limited to: quality, size, value, momentum, and low volatility. In line with the broader U.S. equity market, the Fund recorded gains throughout the Tech-driven rally for the majority of 2024, before returning some of those profits in February 2025 in the market volatility following international tariff negotiations. The Fund outperformed the benchmark S&P 500 in the first half of 2024, but finished lower after taking a slightly more defensive positioning in the second half of 2024.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie74fda295c02f18a1d5a6a08.jpg)

---

| | | |
|:---|:---|:---|
| | **QRAFT AI-Enhanced U.S. Large Cap ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **May-2019** | $10000 | $10000 |
| **Apr-2020** | $11284 | $10443 |
| **Apr-2021** | $17380 | $15245 |
| **Apr-2022** | $16588 | $15278 |
| **Apr-2023** | $16723 | $15685 |
| **Apr-2024** | $20102 | $19239 |
| **Apr-2025** | $22320 | $21567 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 20, 2019)** |
| QRAFT AI-Enhanced U.S. Large Cap ETF - NAV | 11.04% | 14.62% | 14.45% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 13.79% |

---

***The Fund's past performance is not a good 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 | $12739087 |
| Number of Portfolio Holdings | 350 |
| Total Advisory Fee Paid | $99521 |
| Portfolio Turnover Rate | 267% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i422e0ebb8a778873f95a73d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Materials | 1.3% |
| Real Estate | 1.6% |
| Utilities | 1.9% |
| Energy | 3.0% |
| Consumer Staples | 6.7% |
| Industrials | 7.4% |
| Communications | 9.3% |
| Consumer Discretionary | 10.3% |
| Health Care | 10.9% |
| Financials | 11.3% |
| Technology | 36.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Apple, Inc. | 7.0% |
| Microsoft Corporation | 6.7% |
| NVIDIA Corporation | 6.0% |
| Amazon.com, Inc. | 4.4% |
| Meta Platforms, Inc., Class A | 2.7% |
| Alphabet, Inc., Class A | 2.1% |
| Tesla, Inc. | 2.1% |
| Broadcom, Inc. | 2.1% |
| Eli Lilly & Company | 1.9% |
| Walmart, Inc. | 1.7% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Change In Or Disagreement 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.

#### QRAFT AI-Enhanced U.S. Large Cap ETF (QRFT) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i628d03ec38751560c917a32a.jpg)

TSR-AR 043025-QRFT

#### QRAFT AI-Enhanced U.S. Large Cap Momentum ETF
(AMOM) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025
![Image](ie97bcef24628a2f08b06ed4b.jpg)

# Fund Overview
This annual shareholder report contains important information about QRAFT AI-Enhanced U.S. Large Cap Momentum ETF for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**https://www.qraftaietf.com/amom**. You can also request this information by contacting us at 855-973-7880.

# 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** |
| QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | $78 | 0.75% |

---

# How did the Fund perform during the reporting period?
The Qraft AI-Enhanced U.S. Large Cap Momentum ETF (the "Fund") is an actively-managed exchange-traded fund that seeks capital appreciation by utilizing an investment strategy enhanced by the use of artificial intelligence ("AI"). For the fiscal year ending April 30, 2025, the Fund has a total return of +8.18 % at Net Asset Value ("NAV").

The Fund utilizes an AI-driven approach to dynamically rotate among momentum factors. In line with the broader U.S. equity market, the Fund recorded gains throughout the Tech-driven rally for the majority of 2024, before returning some of those profits in February 2025 in the market volatility following international tariff negotiations. The Fund outperformed the benchmark S&P 500 in calendar year 2024, but finished lower after suffering steeper drawdowns in the first quarter of 2025.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2f106f3305af3999ec1ec746.jpg)

---

| | | |
|:---|:---|:---|
| | **QRAFT AI-Enhanced U.S. Large Cap Momentum ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **May-2019** | $10000 | $10000 |
| **Apr-2020** | $10999 | $10443 |
| **Apr-2021** | $18693 | $15245 |
| **Apr-2022** | $14834 | $15278 |
| **Apr-2023** | $15526 | $15685 |
| **Apr-2024** | $19814 | $19239 |
| **Apr-2025** | $21434 | $21567 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 20, 2019)** |
| QRAFT AI-Enhanced U.S. Large Cap Momentum ETF - NAV | 8.18% | 14.27% | 13.68% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 13.79% |

---

***The Fund's past performance is not a good 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 | $26698194 |
| Number of Portfolio Holdings | 50 |
| Total Advisory Fee Paid | $249623 |
| Portfolio Turnover Rate | 354% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id52d87ec884d212f451af738.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Real Estate | 2.6% |
| Utilities | 3.1% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Industrials | 7.4% |
| Consumer Staples | 8.6% |
| Financials | 9.0% |
| Health Care | 11.9% |
| Communications | 14.2% |
| Technology | 31.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corporation | 8.7% |
| Meta Platforms, Inc., Class A | 5.8% |
| Broadcom, Inc. | 5.6% |
| Eli Lilly & Company | 5.2% |
| Walmart, Inc. | 5.0% |
| Netflix, Inc. | 4.2% |
| Costco Wholesale Corporation | 3.7% |
| Palantir Technologies, Inc. | 3.3% |
| T-Mobile US, Inc. | 2.8% |
| General Electric Company | 2.5% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Change In Or Disagreement 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.

#### QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (AMOM) NYSE Arca, Inc.

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i018bee1bf9a7ed40cec2a69d.jpg)

TSR-AR 043025-AMOM

(b) &nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $43500 |
| 2024 | $42600 |

---

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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 | $9000 |
| 2024 | $9000 |

---

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)&nbsp;&nbsp;&nbsp;&nbsp; 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 April 30, 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended April 30, 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) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

(b) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**(a)&nbsp;&nbsp;&nbsp;&nbsp; Included Long Form Financial Statements**

![](tqraft_logo.jpg)<br> EXCHANGE LISTED FUNDS TRUST<br> **QRAFT AI**-Enhanced **U.S. Large Cap ETF (QRFT)**<br> **QRAFT AI**-Enhanced **U.S. Large Cap Momentum ETF (AMOM)**<br> **LG QRAFT AI**-Powered **U.S. Large Cap Core ETF (LQAI)**<br> **Annual Financials and Other Information**<br> **April 30, 2025** <br>![](tetc_logo.jpg)<br>

------

**Exchange Listed Funds Trust**<br> **TABLE OF CONTENTS**<br> **April 30, 2025** <br>

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

---

| | |
|:---|:---|
| QRAFT AI-Enhanced U.S. Large Cap ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T002) | 6 |
| QRAFT AI-Enhanced U.S. Large Cap Momentum ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T003) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T004) | 8 |
| LG QRAFT AI-Powered U.S. Large Cap Core ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T005) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T006) | 11 |
| [Statements of Assets and Liabilities](#T007) | 12 |
| [Statements of Operations](#T008) | 13 |
| [Statements of Changes in Net Assets](#T009) | 14 |
| [Financial Highlights](#T010) | 15 |
| [Notes to Financial Statements](#T011) | 18 |
| [Report of Independent Registered Public Accounting Firm](#T012) | 27 |
| [Other Information](#T013) | 28 |

---

&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;• 855-973-7880<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://qraftaietf.com/<br>

i

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **SCHEDULE OF INVESTMENTS**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — 99.7%** |  |  |
|  **Communications — 9.3%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 125 | $15240 |
|  Alphabet, Inc., Class A | 1665 | 264402 |
|  AT&T, Inc. | 2046 | 56674 |
|  Booking Holdings, Inc. | 9 | 45894 |
|  Comcast Corporation, Class A | 1071 | 36628 |
|  Electronic Arts, Inc. | 75 | 10882 |
|  Expedia Group, Inc. | 35 | 5493 |
|  Fox Corporation, Class A | 60 | 2987 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 40 | 7533 |
|  Interpublic Group of Companies, Inc. (The) | 103 | 2587 |
|  Match Group, Inc. | 70 | 2076 |
|  Meta Platforms, Inc., Class A | 627 | 344222 |
|  Netflix, Inc.<sup>(a)</sup> | 123 | 139202 |
|  News Corporation, Class A | 105 | 2848 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 51 | 11899 |
|  T-Mobile US, Inc. | 325 | 80259 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 597 | 48363 |
|  VeriSign, Inc.<sup>(a)</sup> | 26 | 7335 |
|  Verizon Communications, Inc. | 1193 | 52564 |
|  Walt Disney Company (The) | 514 | 46749 |
|  |  | 1183837 |
|  **Consumer Discretionary — 10.3%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 3071 | 566353 |
|  Aptiv Holdings Ltd.<sup>(a)</sup> | 66 | 3766 |
|  AutoZone, Inc.<sup>(a)</sup> | 5 | 18813 |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 23 | 14106 |
|  BorgWarner, Inc. | 62 | 1760 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 33 | 3948 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 385 | 19450 |
|  Darden Restaurants, Inc. | 33 | 6621 |
|  Domino's Pizza, Inc. | 9 | 4413 |
|  DR Horton, Inc. | 89 | 11244 |
|  eBay, Inc. | 132 | 8997 |
|  General Motors Company | 283 | 12803 |
|  Hasbro, Inc. | 39 | 2414 |
|  Hilton Worldwide Holdings, Inc. | 68 | 15333 |
|  Home Depot, Inc. (The) | 278 | 100217 |
|  Lowe's Companies, Inc. | 156 | 34875 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 35 | 9477 |
|  Marriott International, Inc., Class A | 78 | 18609 |
|  Masco Corporation | 60 | 3637 |
|  McDonald's Corporation | 201 | 64250 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 18 | 1914 |
|  NIKE, Inc., Class B | 337 | 19008 |
|  NVR, Inc.<sup>(a)</sup> | 1 | 7126 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 16 | 22643 |
|  Ralph Lauren Corporation | 11 | 2474 |
|  Starbucks Corporation | 324 | 25936 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Consumer Discretionary — (continued)** | **Consumer Discretionary — (continued)** | **Consumer Discretionary — (continued)** |
|  Tapestry, Inc. | 59 | $4168 |
|  Tesla, Inc.<sup>(a)</sup> | 935 | 263819 |
|  TJX Companies, Inc. (The) | 312 | 40148 |
|  Yum! Brands, Inc. | 79 | 11885 |
|  |  | 1320207 |
|  **Consumer Staples — 6.7%** |  |  |
|  Altria Group, Inc. | 468 | 27682 |
|  Archer-Daniels-Midland Company | 137 | 6542 |
|  Bunge Global S.A. | 38 | 2991 |
|  Church & Dwight Company, Inc. | 70 | 6954 |
|  Clorox Company (The) | 35 | 4981 |
|  Coca-Cola Company (The) | 1210 | 87785 |
|  Colgate-Palmolive Company | 230 | 21204 |
|  Constellation Brands, Inc., Class A | 52 | 9752 |
|  Costco Wholesale Corporation | 125 | 124313 |
|  Kellanova | 98 | 8111 |
|  Kenvue, Inc. | 540 | 12744 |
|  Kimberly-Clark Corporation | 94 | 12387 |
|  Kroger Company (The) | 204 | 14731 |
|  McCormick & Company, Inc. | 72 | 5520 |
|  Mondelez International, Inc., Class A | 369 | 25140 |
|  Monster Beverage Corporation<sup>(a)</sup> | 275 | 16533 |
|  PepsiCo, Inc. | 391 | 53012 |
|  Philip Morris International, Inc. | 435 | 74542 |
|  Procter & Gamble Company (The) | 662 | 107621 |
|  Sysco Corporation | 138 | 9853 |
|  Tyson Foods, Inc., Class A | 80 | 4899 |
|  Walmart, Inc. | 2225 | 216381 |
|  |  | 853678 |
|  **Energy — 3.0%** |  |  |
|  Baker Hughes Company | 277 | 9806 |
|  Chevron Corporation | 500 | 68030 |
|  ConocoPhillips | 355 | 31638 |
|  Coterra Energy, Inc. | 216 | 5305 |
|  Devon Energy Corporation | 182 | 5535 |
|  EOG Resources, Inc. | 156 | 17211 |
|  Exxon Mobil Corporation | 1229 | 129819 |
|  Halliburton Company | 245 | 4856 |
|  Hess Corporation | 87 | 11227 |
|  Kinder Morgan, Inc. | 632 | 16622 |
|  Marathon Petroleum Corporation | 88 | 12092 |
|  ONEOK, Inc. | 177 | 14542 |
|  Schlumberger Ltd. | 390 | 12967 |
|  Targa Resources Corporation | 62 | 10596 |
|  Valero Energy Corporation | 89 | 10332 |
|  Williams Companies, Inc. (The) | 345 | 20207 |
|  |  | 380785 |

---

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **SCHEDULE OF INVESTMENTS (Continued)**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Financials — 11.3%** |  |  |
|  Aflac, Inc. | 155 | $16845 |
|  Allstate Corporation (The) | 75 | 14879 |
|  American Express Company | 198 | 52748 |
|  American International Group, Inc. | 163 | 13288 |
|  Ameriprise Financial, Inc. | 27 | 12718 |
|  Aon PLC, Class A | 61 | 21642 |
|  Apollo Global Management, Inc. | 163 | 22246 |
|  Arch Capital Group Ltd. | 106 | 9612 |
|  Arthur J Gallagher & Company | 72 | 23090 |
|  Assurant, Inc. | 15 | 2891 |
|  Bank of America Corporation | 2150 | 85742 |
|  Bank of New York Mellon Corporation (The) | 203 | 16323 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 379 | 202103 |
|  Blackrock, Inc. | 45 | 41143 |
|  Blackstone, Inc. | 206 | 27132 |
|  Brown & Brown, Inc. | 81 | 8959 |
|  Capital One Financial Corporation | 106 | 19108 |
|  Charles Schwab Corp./The | 501 | 40781 |
|  Chubb Ltd. | 113 | 32327 |
|  Cincinnati Financial Corporation | 44 | 6125 |
|  Citigroup, Inc. | 534 | 36515 |
|  Citizens Financial Group, Inc. | 123 | 4537 |
|  CME Group, Inc. | 102 | 28262 |
|  Discover Financial Services | 67 | 12239 |
|  Everest Re Group Ltd. | 12 | 4306 |
|  Fifth Third Bancorp | 189 | 6793 |
|  Globe Life, Inc. | 24 | 2960 |
|  Goldman Sachs Group, Inc. (The) | 88 | 48184 |
|  Hartford Financial Services Group, Inc. (The) | 81 | 9936 |
|  Huntington Bancshares, Inc. | 412 | 5986 |
|  Intercontinental Exchange, Inc. | 166 | 27883 |
|  Invesco Ltd. | 128 | 1783 |
|  JPMorgan Chase & Company | 792 | 193738 |
|  KeyCorporation | 312 | 4630 |
|  KKR & Company, Inc. | 253 | 28910 |
|  Loews Corporation | 60 | 5210 |
|  Marsh & McLennan Companies, Inc. | 139 | 31340 |
|  MetLife, Inc. | 192 | 14471 |
|  Morgan Stanley | 456 | 52633 |
|  Nasdaq, Inc. | 163 | 12422 |
|  PNC Financial Services Group, Inc. (The) | 111 | 17837 |
|  Principal Financial Group, Inc. | 64 | 4746 |
|  Progressive Corp./The | 165 | 46488 |
|  Prudential Financial, Inc. | 100 | 10271 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Financials — (continued)** | **Financials — (continued)** | **Financials — (continued)** |
|  Raymond James Financial, Inc. | 58 | $7948 |
|  Regions Financial Corporation | 255 | 5205 |
|  State Street Corporation | 82 | 7224 |
|  Synchrony Financial | 110 | 5715 |
|  Travelers Companies, Inc. (The) | 65 | 17168 |
|  Truist Financial Corporation | 367 | 14071 |
|  US Bancorp | 446 | 17992 |
|  W R Berkley Corporation | 109 | 7814 |
|  Wells Fargo & Company | 920 | 65329 |
|  Willis Towers Watson PLC | 28 | 8618 |
|  |  | 1438866 |
|  **Health Care — 10.9%** |  |  |
|  Abbott Laboratories | 489 | 63937 |
|  AbbVie, Inc. | 495 | 96574 |
|  Agilent Technologies, Inc. | 81 | 8716 |
|  Align Technology, Inc.<sup>(a)</sup> | 21 | 3639 |
|  Amgen, Inc. | 152 | 44220 |
|  Boston Scientific Corporation<sup>(a)</sup> | 416 | 42794 |
|  Bristol-Myers Squibb Company | 573 | 28765 |
|  Cardinal Health, Inc. | 68 | 9608 |
|  Cencora, Inc. | 55 | 16097 |
|  Cigna Group (The) | 76 | 25843 |
|  CVS Health Corporation | 357 | 23815 |
|  Danaher Corporation | 205 | 40863 |
|  DexCom, Inc.<sup>(a)</sup> | 111 | 7923 |
|  Edwards Lifesciences Corporation<sup>(a)</sup> | 165 | 12456 |
|  Elevance Health, Inc. | 65 | 27337 |
|  Eli Lilly & Company | 270 | 242716 |
|  Gilead Sciences, Inc. | 355 | 37822 |
|  HCA Healthcare, Inc. | 70 | 24156 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 23 | 9951 |
|  Incyte Corporation<sup>(a)</sup> | 55 | 3446 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 102 | 52612 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 51 | 7909 |
|  Johnson & Johnson | 681 | 106446 |
|  McKesson Corporation | 35 | 24948 |
|  Medtronic PLC | 357 | 30259 |
|  Merck & Company, Inc. | 718 | 61173 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 6 | 6423 |
|  Pfizer, Inc. | 1614 | 39398 |
|  Regeneron Pharmaceuticals, Inc. | 31 | 18562 |
|  Revvity, Inc. | 35 | 3270 |
|  Solventum Corporation<sup>(a)</sup> | 48 | 3174 |
|  STERIS plc | 27 | 6068 |
|  Stryker Corporation | 107 | 40009 |

---

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **SCHEDULE OF INVESTMENTS (Continued)**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Health Care — (continued)** | **Health Care — (continued)** | **Health Care — (continued)** |
|  Thermo Fisher Scientific, Inc. | 108 | $46332 |
|  UnitedHealth Group, Inc. | 258 | 106151 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 75 | 38213 |
|  Zimmer Biomet Holdings, Inc. | 56 | 5771 |
|  Zoetis, Inc. | 127 | 19863 |
|  |  | 1387259 |
|  **Industrials — 7.4%** |  |  |
|  3M Company | 152 | 21114 |
|  A O Smith Corporation | 34 | 2307 |
|  Allegion plc | 25 | 3480 |
|  AMETEK, Inc. | 65 | 11023 |
|  Amphenol Corporation, Class A | 352 | 27086 |
|  Boeing Company (The)<sup>(a)</sup> | 219 | 40130 |
|  Carrier Global Corporation | 247 | 15447 |
|  Caterpillar, Inc. | 136 | 42062 |
|  Cintas Corporation | 115 | 24343 |
|  CSX Corporation | 533 | 14961 |
|  Cummins, Inc. | 39 | 11460 |
|  Deere & Company | 77 | 35694 |
|  Dover Corporation | 39 | 6655 |
|  Eaton Corporation PLC | 113 | 33264 |
|  Emerson Electric Company | 160 | 16818 |
|  Expeditors International of Washington, Inc. | 39 | 4286 |
|  FedEx Corporation | 68 | 14302 |
|  Fortive Corporation | 96 | 6690 |
|  GE Vernova, LLC | 78 | 28925 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 17 | 1944 |
|  General Dynamics Corporation | 76 | 20681 |
|  General Electric Company | 305 | 61470 |
|  Honeywell International, Inc. | 185 | 38943 |
|  Howmet Aerospace, Inc. | 115 | 15937 |
|  Hubbell, Inc. | 15 | 5448 |
|  IDEX Corporation | 22 | 3827 |
|  Illinois Tool Works, Inc. | 84 | 20152 |
|  Jacobs Solutions, Inc. | 35 | 4333 |
|  Johnson Controls International plc | 187 | 15689 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 50 | 7270 |
|  Lennox International, Inc. | 10 | 5468 |
|  Lockheed Martin Corporation | 66 | 31532 |
|  Northrop Grumman Corporation | 42 | 20433 |
|  Otis Worldwide Corporation | 112 | 10782 |
|  Parker-Hannifin Corporation | 36 | 21782 |
|  Pentair PLC | 47 | 4264 |
|  Republic Services, Inc. | 88 | 22066 |
|  Rockwell Automation, Inc. | 33 | 8173 |
|  Rollins, Inc. | 136 | 7770 |
|  RTX Corporation | 380 | 47928 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Industrials — (continued)** | **Industrials — (continued)** | **Industrials — (continued)** |
|  Snap-on, Inc. | 15 | $4707 |
|  Southwest Airlines Company | 170 | 4753 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 14 | 6524 |
|  Textron, Inc. | 53 | 3730 |
|  Trane Technologies PLC | 64 | 24532 |
|  TransDigm Group, Inc. | 16 | 22609 |
|  Trimble, Inc.<sup>(a)</sup> | 70 | 4350 |
|  Union Pacific Corporation | 168 | 36232 |
|  United Parcel Service, Inc., Class B | 209 | 19918 |
|  United Rentals, Inc. | 19 | 11998 |
|  Veralto Corporation | 70 | 6713 |
|  Waste Management, Inc. | 114 | 26603 |
|  Westinghouse Air Brake Technologies Corporation | 49 | 9052 |
|  WW Grainger, Inc. | 14 | 14340 |
|  Xylem, Inc. | 69 | 8319 |
|  |  | 940319 |
|  **Materials — 1.3%** |  |  |
|  Avery Dennison Corporation | 23 | 3936 |
|  CF Industries Holdings, Inc. | 47 | 3683 |
|  Corteva, Inc. | 189 | 11716 |
|  Eastman Chemical Company | 33 | 2541 |
|  Ecolab, Inc. | 80 | 20114 |
|  Freeport-McMoRan, Inc. | 417 | 15025 |
|  Linde PLC | 134 | 60733 |
|  Mosaic Company (The) | 91 | 2766 |
|  Packaging Corporation of America | 25 | 4640 |
|  PPG Industries, Inc. | 64 | 6967 |
|  Sherwin-Williams Company (The) | 70 | 24704 |
|  Steel Dynamics, Inc. | 43 | 5578 |
|  |  | 162403 |
|  **Real Estate — 1.6%** |  |  |
|  American Tower Corporation, Class A - REIT | 133 | 29980 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 85 | 10385 |
|  Digital Realty Trust, Inc. - REIT | 95 | 15251 |
|  Equinix, Inc. - REIT | 27 | 23240 |
|  Essex Property Trust, Inc. - REIT | 18 | 5025 |
|  Iron Mountain, Inc. - REIT | 83 | 7443 |
|  Prologis, Inc. - REIT | 262 | 26776 |
|  Public Storage - REIT | 49 | 14721 |
|  Realty Income Corporation - REIT | 249 | 14407 |
|  SBA Communications Corporation, Class A - REIT | 30 | 7302 |
|  Simon Property Group, Inc. - REIT | 93 | 14636 |
|  Texas Pacific Land Corporation - REIT | 6 | 7733 |
|  Welltower, Inc. - REIT | 184 | 28077 |
|  |  | 204976 |

---

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **SCHEDULE OF INVESTMENTS (Continued)**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Technology — 36.0%**<sup>+</sup> |  |  |
|  Accenture PLC, Class A | 175 | $52351 |
|  Adobe, Inc.<sup>(a)</sup> | 123 | 46123 |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 465 | 45268 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 43 | 3465 |
|  Analog Devices, Inc. | 142 | 27679 |
|  ANSYS, Inc.<sup>(a)</sup> | 25 | 8047 |
|  Apple, Inc. | 4220 | 896750 |
|  Applied Materials, Inc. | 233 | 35115 |
|  Arista Networks, Inc.<sup>(a)</sup> | 363 | 29864 |
|  Autodesk, Inc.<sup>(a)</sup> | 61 | 16729 |
|  Automatic Data Processing, Inc. | 115 | 34569 |
|  Broadcom, Inc. | 1359 | 261567 |
|  Broadridge Financial Solutions, Inc. | 33 | 7999 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 79 | 23521 |
|  CDW Corporation | 38 | 6101 |
|  Cisco Systems, Inc. | 1123 | 64831 |
|  Cognizant Technology Solutions Corporation, Class A | 140 | 10300 |
|  Corning, Inc. | 245 | 10873 |
|  Corpay, Inc.<sup>(a)</sup> | 20 | 6507 |
|  CoStar Group, Inc.<sup>(a)</sup> | 121 | 8975 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 72 | 30879 |
|  F5, Inc.<sup>(a)</sup> | 16 | 4236 |
|  FactSet Research Systems, Inc. | 11 | 4754 |
|  Fair Isaac Corporation<sup>(a)</sup> | 7 | 13928 |
|  Fidelity National Information Services, Inc. | 149 | 11753 |
|  Fiserv, Inc.<sup>(a)</sup> | 157 | 28977 |
|  Fortinet, Inc.<sup>(a)</sup> | 221 | 22931 |
|  Garmin Ltd. | 55 | 10278 |
|  Gartner, Inc.<sup>(a)</sup> | 22 | 9264 |
|  Gen Digital, Inc. | 175 | 4527 |
|  Global Payments, Inc. | 70 | 5342 |
|  HP, Inc. | 272 | 6955 |
|  Intel Corporation | 1247 | 25065 |
|  International Business Machines Corporation | 260 | 62873 |
|  Intuit, Inc. | 78 | 48943 |
|  Jabil, Inc. | 31 | 4543 |
|  Jack Henry & Associates, Inc. | 20 | 3469 |
|  Juniper Networks, Inc. | 95 | 3450 |
|  KLA Corporation | 37 | 26000 |
|  Lam Research Corporation | 366 | 26231 |
|  Leidos Holdings, Inc. | 36 | 5298 |
|  MarketAxess Holdings, Inc. | 11 | 2437 |
|  Mastercard, Inc., Class A | 255 | 139756 |
|  Microchip Technology, Inc. | 155 | 7142 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Technology — (continued)** |  |  |
|  Micron Technology, Inc. | 325 | $25009 |
|  Microsoft Corporation | 2145 | 847833 |
|  Monolithic Power Systems, Inc. | 14 | 8303 |
|  Moody's Corporation | 51 | 23109 |
|  Motorola Solutions, Inc. | 47 | 20698 |
|  MSCI, Inc. | 22 | 11992 |
|  NetApp, Inc. | 58 | 5206 |
|  NVIDIA Corporation | 7063 | 769301 |
|  Oracle Corporation | 808 | 113702 |
|  Palantir Technologies, Inc.<sup>(a)</sup> | 655 | 77578 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 192 | 35891 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 283 | 18633 |
|  PTC, Inc.<sup>(a)</sup> | 35 | 5424 |
|  QUALCOMM, Inc. | 315 | 46765 |
|  Roper Technologies, Inc. | 30 | 16802 |
|  S&P Global, Inc. | 86 | 43004 |
|  Salesforce, Inc. | 276 | 74164 |
|  Seagate Technology Holdings PLC | 60 | 5462 |
|  ServiceNow, Inc.<sup>(a)</sup> | 59 | 56346 |
|  Synopsys, Inc.<sup>(a)</sup> | 45 | 20655 |
|  Teradyne, Inc. | 46 | 3414 |
|  Texas Instruments, Inc. | 255 | 40813 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 13 | 7063 |
|  Verisk Analytics, Inc. | 40 | 11857 |
|  Visa, Inc., Class A | 483 | 166878 |
|  Western Digital Corporation<sup>(a)</sup> | 100 | 4386 |
|  Workday, Inc., Class A<sup>(a)</sup> | 63 | 15435 |
|  Zebra Technologies Corporation, Class A<sup>(a)</sup> | 15 | 3755 |
|  |  | 4585143 |
|  **Utilities — 1.9%** |  |  |
|  Alliant Energy Corporation | 73 | 4456 |
|  Ameren Corporation | 76 | 7542 |
|  American Electric Power Company, Inc. | 149 | 16143 |
|  CMS Energy Corporation | 85 | 6260 |
|  Consolidated Edison, Inc. | 99 | 11162 |
|  Constellation Energy Corporation | 91 | 20333 |
|  DTE Energy Company | 58 | 7946 |
|  Duke Energy Corporation | 217 | 26478 |
|  Evergy, Inc. | 65 | 4492 |
|  Exelon Corporation | 280 | 13132 |
|  NextEra Energy, Inc. | 585 | 39124 |
|  NiSource, Inc. | 134 | 5241 |
|  NRG Energy, Inc. | 58 | 6356 |
|  PPL Corporation | 208 | 7592 |
|  Public Service Enterprise Group, Inc. | 142 | 11350 |

---

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **SCHEDULE OF INVESTMENTS (Continued)**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Utilities — (continued)** |  |  |
|  Sempra | 182 | $13517 |
|  Southern Company (The) | 311 | 28578 |
|  Vistra Corporation | 98 | 12704 |
|  |  | 242406 |
|  **Total Common Stocks<br>(Cost $13,206,937)** |  | **12699879** |
|  **Total Investments — 99.7%<br>(Cost $13,206,937)** |  | **12699879** |
|  **Other Assets in Excess of Liabilities — 0.3%** |  | 39208 |
|  **Total Net Assets — 100.0%** |  | $**12739087** |

---

LLC&nbsp;&nbsp;&nbsp;&nbsp;- Limited Liability Company

LTD&nbsp;&nbsp;&nbsp;&nbsp;- Limited Company

MSCI - Morgan Stanley Capital International

PLC&nbsp;&nbsp;&nbsp;&nbsp;- Public Limited Company

REIT - Real Estate Investment Trust

S.A.&nbsp;&nbsp;&nbsp;&nbsp;- Société Anonyme

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

<sup>+</sup>More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP ETF**<br> **Summary of Investments**<br> **April 30, 2025**<br>

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 36.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1.3% |
|  **Total Common Stocks** | **99.7%** |
|  **Total Investments** | **99.7%** |
|  Other Assets in Excess of Liabilities | 0.3% |
|  **Total Net Assets** | **100.0%** |

---

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP MOMENTUM ETF**<br> **SCHEDULE OF INVESTMENTS**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — 99.8%** |  |  |
|  **Communications — 14.2%** |  |  |
|  Fox Corporation, Class A | 2804 | $139611 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 1282 | 241439 |
|  Meta Platforms, Inc., Class A | 2821 | 1548729 |
|  Netflix, Inc.<sup>(a)</sup> | 981 | 1110217 |
|  T-Mobile US, Inc. | 2984 | 736899 |
|  |  | 3776895 |
|  **Consumer Discretionary — 5.5%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 562 | 344675 |
|  Deckers Outdoor Corporation<sup>(a)</sup> | 1690 | 187303 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 288 | 407577 |
|  Royal Caribbean Cruises Ltd. | 1669 | 358685 |
|  Tapestry, Inc. | 2488 | 175777 |
|  |  | 1474017 |
|  **Consumer Staples — 8.6%** |  |  |
|  Costco Wholesale Corporation | 983 | 977594 |
|  Walmart, Inc. | 13616 | 1324156 |
|  |  | 2301750 |
|  **Energy — 5.7%** |  |  |
|  EQT Corporation | 4834 | 238993 |
|  Kinder Morgan, Inc. | 12765 | 335720 |
|  ONEOK, Inc. | 3625 | 297830 |
|  Targa Resources Corporation | 1503 | 256863 |
|  Williams Companies, Inc. (The) | 6524 | 382110 |
|  |  | 1511516 |
|  **Financials — 9.0%** |  |  |
|  Apollo Global Management, Inc. | 2960 | 403981 |
|  Arthur J Gallagher & Company | 1240 | 397656 |
|  Brown & Brown, Inc. | 2190 | 242214 |
|  Discover Financial Services | 1699 | 310356 |
|  KKR & Company, Inc. | 4007 | 457880 |
|  Progressive Corp./The | 2071 | 583483 |
|  |  | 2395570 |
|  **Health Care — 11.9%** |  |  |
|  Boston Scientific Corporation<sup>(a)</sup> | 5510 | 566814 |
|  Cardinal Health, Inc. | 1913 | 270288 |
|  Eli Lilly & Company | 1547 | 1390675 |
|  Gilead Sciences, Inc. | 4831 | 514695 |
|  McKesson Corporation | 624 | 444781 |
|  |  | 3187253 |
|  **Industrials — 7.4%** |  |  |
|  General Electric Company | 3344 | 673950 |
|  Howmet Aerospace, Inc. | 2563 | 355181 |
|  Quanta Services, Inc. | 1108 | 324301 |
|  TransDigm Group, Inc. | 291 | 411202 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 3188 | 219398 |
|  |  | 1984032 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** | **Common Stocks — (continued)** | **Common Stocks — (continued)** |
|  **Real Estate — 2.6%** |  |  |
|  Texas Pacific Land Corporation - REIT | 190 | $244885 |
|  Welltower, Inc.- REIT | 2969 | 453040 |
|  |  | 697925 |
|  **Technology — 31.8%**<sup>+</sup> |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 5868 | 482760 |
|  Broadcom, Inc. | 7706 | 1483174 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1224 | 524937 |
|  Fair Isaac Corporation<sup>(a)</sup> | 167 | 332277 |
|  Fiserv, Inc.<sup>(a)</sup> | 2287 | 422112 |
|  Fortinet, Inc.<sup>(a)</sup> | 4107 | 426142 |
|  International Business Machines Corporation | 2773 | 670566 |
|  Jabil, Inc. | 1303 | 190968 |
|  NVIDIA Corporation | 21364 | 2326967 |
|  Palantir Technologies, Inc.<sup>(a)</sup> | 7548 | 893985 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 2874 | 537237 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 6047 | 192657 |
|  |  | 8483782 |
|  **Utilities — 3.1%** |  |  |
|  Entergy Corporation | 3237 | 269221 |
|  NRG Energy, Inc. | 2118 | 232090 |
|  Vistra Corporation | 2487 | 322391 |
|  |  | 823702 |
|  **Total Common Stocks<br>(Cost $26,674,083)** |  | **26636442** |
|  **Total Investments — 99.8%<br>(Cost $26,674,083)** |  | **26636442** |
|  **Other Assets in Excess of Liabilities — 0.2%** |  | 61752 |
|  **Total Net Assets — 100.0%** |  | $**26698194** |

---

LTD&nbsp;&nbsp;&nbsp;&nbsp;- Limited Company

REIT - Real Estate Investment Trust

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

<sup>+&nbsp;&nbsp;&nbsp;&nbsp;</sup>More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

See accompanying Notes to Financial Statements.

**QRAFT AI-ENHANCED U.S. LARGE CAP MOMENTUM ETF**<br> **Summary of Investments**<br> **April 30, 2025**<br>

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 31.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 14.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2.6% |
|  **Total Common Stocks** | **99.8%** |
|  **Total Investments** | **99.8%** |
|  Other Assets in Excess of Liabilities | 0.2% |
|  **Total Net Assets** | **100.0%** |

---

See accompanying Notes to Financial Statements.

**LG QRAFT AI-POWERED U.S. LARGE CAP CORE ETF**<br> **SCHEDULE OF INVESTMENTS**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — 99.7%** |  |  |
|  **Communications — 15.6%** |  |  |
|  Alphabet, Inc., Class A | 1438 | $228354 |
|  AT&T, Inc. | 3803 | 105343 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 109 | 42713 |
|  Comcast Corporation, Class A | 365 | 12483 |
|  Meta Platforms, Inc., Class A | 250 | 137250 |
|  Netflix, Inc.<sup>(a)</sup> | 282 | 319146 |
|  News Corporation, Class A | 1520 | 41222 |
|  Verizon Communications, Inc. | 1339 | 58996 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 808 | 7005 |
|  |  | 952512 |
|  **Consumer Discretionary — 10.3%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 1245 | 229604 |
|  CarMax, Inc.<sup>(a)</sup> | 94 | 6079 |
|  Ford Motor Company | 11861 | 118729 |
|  Home Depot, Inc. (The) | 30 | 10815 |
|  LKQ Corporation | 1645 | 62855 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 25 | 6769 |
|  McDonald's Corporation | 123 | 39317 |
|  NIKE, Inc., Class B | 118 | 6655 |
|  Tesla, Inc.<sup>(a)</sup> | 332 | 93677 |
|  Yum! Brands, Inc. | 335 | 50397 |
|  |  | 624897 |
|  **Consumer Staples — 17.6%** |  |  |
|  Altria Group, Inc. | 837 | 49509 |
|  Coca-Cola Company (The) | 467 | 33881 |
|  Conagra Brands, Inc. | 3809 | 94120 |
|  Constellation Brands, Inc., Class A | 170 | 31882 |
|  Costco Wholesale Corporation | 118 | 117351 |
|  Dollar General Corporation | 145 | 13585 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 317 | 25921 |
|  General Mills, Inc. | 697 | 39548 |
|  Hormel Foods Corporation | 3110 | 92989 |
|  Kenvue, Inc. | 3525 | 83190 |
|  Keurig Dr Pepper, Inc. | 2598 | 89864 |
|  Kraft Heinz Company (The) | 2934 | 85379 |
|  Molson Coors Beverage Company, Class B | 598 | 34403 |
|  Mondelez International, Inc., Class A | 131 | 8925 |
|  Monster Beverage Corporation<sup>(a)</sup> | 665 | 39980 |
|  PepsiCo, Inc. | 69 | 9355 |
|  Philip Morris International, Inc. | 76 | 13023 |
|  Target Corporation | 120 | 11604 |
|  The Campbell's Company | 2349 | 85645 |
|  Walmart, Inc. | 1167 | 113491 |
|  |  | 1073645 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Energy — 0.9%** |  |  |
|  Chevron Corporation | 220 | $29933 |
|  Kinder Morgan, Inc. | 907 | 23854 |
|  |  | 53787 |
|  **Financials — 5.9%** |  |  |
|  Aon PLC, Class A | 145 | 51445 |
|  Bank of America Corporation | 326 | 13001 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 236 | 125846 |
|  CME Group, Inc. | 76 | 21058 |
|  Erie Indemnity Company, Class A | 61 | 21876 |
|  Franklin Resources, Inc. | 2584 | 48476 |
|  Huntington Bancshares, Inc. | 3134 | 45537 |
|  JPMorgan Chase & Company | 64 | 15656 |
|  KeyCorporation | 469 | 6960 |
|  W R Berkley Corporation | 154 | 11040 |
|  |  | 360895 |
|  **Health Care — 5.7%** |  |  |
|  Abbott Laboratories | 111 | 14513 |
|  Cencora, Inc. | 49 | 14341 |
|  Eli Lilly & Company | 20 | 17979 |
|  Gilead Sciences, Inc. | 107 | 11400 |
|  Humana, Inc. | 44 | 11539 |
|  Johnson & Johnson | 73 | 11411 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 33 | 35329 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 36 | 11772 |
|  ResMed, Inc. | 156 | 36908 |
|  Revvity, Inc. | 321 | 29991 |
|  UnitedHealth Group, Inc. | 70 | 28801 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 44 | 22418 |
|  Viatris, Inc. | 11648 | 98075 |
|  |  | 344477 |
|  **Industrials — 2.0%** |  |  |
|  CSX Corporation | 1338 | 37558 |
|  L3Harris Technologies, Inc. | 124 | 27282 |
|  Lockheed Martin Corporation | 30 | 14333 |
|  Rollins, Inc. | 647 | 36963 |
|  Stanley Black & Decker, Inc. | 109 | 6542 |
|  |  | 122678 |
|  **Materials — 3.2%** |  |  |
|  Amcor PLC | 13680 | 125856 |
|  Avery Dennison Corporation | 162 | 27720 |
|  LyondellBasell Industries N.V., Class A | 113 | 6578 |
|  Newmont Corporation | 671 | 35348 |
|  |  | 195502 |

---

See accompanying Notes to Financial Statements.

**LG QRAFT AI-POWERED U.S. LARGE CAP CORE ETF**<br> **SCHEDULE OF INVESTMENTS (Continued)**<br> **April 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Real Estate — 5.1%** |  |  |
|  Alexandria Real Estate Equities, Inc. - REIT | 373 | $27102 |
|  Host Hotels & Resorts, Inc. - REIT | 6833 | 96482 |
|  Invitation Homes, Inc. - REIT | 984 | 33643 |
|  Kimco Realty Corporation - REIT | 4101 | 81938 |
|  VICI Properties, Inc. - REIT | 2169 | 69451 |
|  |  | 308616 |
|  **Technology — 24.3%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 94 | 9151 |
|  Apple, Inc. | 937 | 199113 |
|  Broadcom, Inc. | 949 | 182654 |
|  Hewlett Packard Enterprise Company | 455 | 7380 |
|  Intel Corporation | 623 | 12522 |
|  Juniper Networks, Inc. | 2917 | 105945 |
|  Micron Technology, Inc. | 93 | 7156 |
|  Microsoft Corporation | 1008 | 398422 |
|  NVIDIA Corporation | 2739 | 298332 |
|  ON Semiconductor Corporation<sup>(a)</sup> | 184 | 7305 |
|  Palantir Technologies, Inc.<sup>(a)</sup> | 1574 | 186425 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 194 | 6181 |
|  Texas Instruments, Inc. | 274 | 43854 |
|  Visa, Inc., Class A | 39 | 13475 |
|  |  | 1477915 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — (continued)** |  |  |
|  **Utilities — 9.1%** |  |  |
|  American Water Works Company, Inc. | 60 | $8821 |
|  CenterPoint Energy, Inc. | 3169 | 122894 |
|  Exelon Corporation | 1349 | 63268 |
|  FirstEnergy Corporation | 1716 | 73582 |
|  NiSource, Inc. | 1050 | 41065 |
|  PG&E Corporation | 6644 | 109759 |
|  PPL Corporation | 2663 | 97200 |
|  Xcel Energy, Inc. | 513 | 36269 |
|  |  | 552858 |
|  **Total Common Stocks<br>(Cost $5,825,851)** |  | **6067782** |
|  **Total Investments — 99.7%<br>(Cost $5,825,851)** |  | **6067782** |
|  **Other Assets in Excess of Liabilities — 0.3%** |  | 20311 |
|  **Total Net Assets — 100.0%** |  | $**6088093** |

---

N.V.&nbsp;&nbsp;&nbsp;&nbsp;- Naamioze Vennootschap

PLC&nbsp;&nbsp;&nbsp;&nbsp;- Public Limited Company

REIT - Real Estate Investment Trust

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

See accompanying Notes to Financial Statements.

**LG QRAFT AI-POWERED U.S. LARGE CAP CORE ETF**<br> **SUMMARY OF INVESTMENTS**<br> **April 30, 2025**<br>

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.9% |
|  **Total Common Stocks** | **99.7%** |
|  **Total Investments** | **99.7%** |
|  Other Assets in Excess of Liabilities | 0.3% |
|  **Total Net Assets** | **100.0%** |

---

See accompanying Notes to Financial Statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **STATEMENTS OF ASSETS AND LIABILITIES**<br> **April 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **QRAFT <br>AI-Enhanced <br>U.S. Large Cap ETF** | **QRAFT<br>AI-Enhanced<br>U.S. Large Cap<br>Momentum ETF** | **LG QRAFT<br>AI-Powered<br>U.S. Large Cap<br>Core ETF** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value | $12699879 | $26636442 | $6067782 |
| &nbsp;&nbsp;&nbsp; Cash | 39717 | 70936 | 19273 |
| &nbsp;&nbsp;&nbsp; Dividend and interest receivable | 7352 | 5458 | 4351 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable | 83 | 831 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 12747031 | 26713667 | 6091413 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fee payable | 7944 | 15473 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 7944 | 15473 | 3320 |
|  **Net Assets** | $12739087 | $26698194 | $6088093 |
|  **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $18037339 | $49524535 | $6866385 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (deficit) | (5298252) | (22826341) | (778292) |
|  **Net Assets** | $12739087 | $26698194 | $6088093 |
|  **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)** | 250001 | 675001 | 190001 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $50.96 | $39.55 | $32.04 |
|  **Investments, at cost** | $13206937 | $26674083 | $5825851 |

---

See accompanying Notes to Financial Statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **STATEMENTS OF OPERATIONS**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **QRAFT<br>AI-Enhanced<br>U.S. Large Cap ETF** | **QRAFT<br>AI-Enhanced<br>U.S. Large Cap<br>Momentum ETF** | **LG QRAFT<br>AI-Powered<br>U.S. Large Cap<br>Core ETF** |
|  | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2025** |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income | $171982 | $196147 | $79862 |
| &nbsp;&nbsp;&nbsp; **Less foreign taxes withheld** | (517) |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 1213 | 1930 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 172678 | 198077 | 80407 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees | 99521 | 249623 | 37043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 99521 | 249623 | 37043 |
|  **Net Investment Income (Loss)** | 73157 | (51546) | 43364 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (811103) | (6668547) | (987178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1831789 | 7784817 | 1312001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3 |  |  |
|  | 1020689 | 1116270 | 324823 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (343916) | 48672 | 138953 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 676773 | 1164942 | 463776 |
|  **Net Increase (Decrease) in Net Assets Resulting From <br>Operations** | $749930 | $1113396 | $507140 |

---

See accompanying Notes to Financial Statements.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **QRAFT AI-Enhanced<br>U.S. Large Cap ETF** | **QRAFT AI-Enhanced<br>U.S. Large Cap ETF** | **QRAFT AI-Enhanced<br>U.S. Large Cap <br>Momentum ETF** | **QRAFT AI-Enhanced<br>U.S. Large Cap <br>Momentum ETF** | **LG QRAFT AI-Powered<br>U.S. Large Cap Core ETF** | **LG QRAFT AI-Powered<br>U.S. Large Cap Core ETF** |
| | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2024** | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2024** | **Year Ended <br>April 30,<br>2025** | **Period Ended <br>April 30,<br>2024<sup>(a)</sup>** |
|  **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $73157 | $40717 | $(51546) | $34619 | $43364 | $17854 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1020689 | 1096115 | 1116270 | 3766808 | 324823 | 327605 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | (343916) | (279840) | 48672 | (720789) | 138953 | 102978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | 749930 | 856992 | 1113396 | 3080638 | 507140 | 448437 |
|  **Distribution to Shareholders** | (75270) | (45066) |  | (48948) | (46265) | (13026) |
|  **Capital Share Transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 23956518 | 16899814 | 70839968 | 59697468 | 14151285 | 10102871 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (21120821) | (13320551) | (65362032) | (54840627) | (12839334) | (6223040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | 2835697 | 3579263 | 5477936 | 4856841 | 1311951 | 3879831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets** | 3510357 | 4391189 | 6591332 | 7888531 | 1772826 | 4315242 |
|  **Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 9228730 | 4837541 | 20106862 | 12218331 | 4315267 | 25<br> <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; End of year | $12739087 | $9228730 | $26698194 | $20106862 | $6088093 | $4315267 |
|  **Change in Share Transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 450000 | 375000 | 1650000 | 1800000 | 430000 | 370000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (400000) | (300000) | (1525000) | (1675000) | (390000) | (220000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding** | 50000 | 75000 | 125000 | 125000 | 40000 | 150000 |

---

<sup>(a)</sup>For the period November 7, 2023 (commencement of operations) to April 30, 2024.

<sup>(b)</sup>Beginning capital of $25 was contributed by the Adviser in exchange for 1 share of the Fund in connection with the commencement of operations.

See accompanying Notes to Financial Statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **FINANCIAL HIGHLIGHTS**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **QRAFT AI-Enhanced U.S. Large Cap ETF<br>(For a Share Outstanding Throughout <br>the Period Presented)** | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2024** | **Year Ended <br>April 30,<br>2023** | **Year Ended <br>April 30,<br>2022** | **Year Ended <br>April 30,<br>2021** |
|  Net asset value, beginning of year | $46.14 | $38.70 | $38.74 | $40.62 | $26.83 |
|  **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.30 | 0.32 | 0.06 | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.81 | 7.48 | (0.03) | (1.91) | 14.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.10 | 7.78 | 0.29 | (1.85) | 14.48 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.28) | (0.34) | (0.33) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.28) | (0.34) | (0.33) | (0.03) | (0.69) |
|  Net asset value, end of year | $50.96 | $46.14 | $38.70 | $38.74 | $40.62 |
|  **Net Asset Value, Total Return** | 11.04% | 20.21% | 0.83% | (4.57)% | 54.12% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000 omitted) | $12739 | $9229 | $4838 | $11621 | $20311 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.55% | 0.71% | 0.86% | 0.15% | (0.06)% |
|  **Portfolio turnover rate**<sup>(b)</sup> | 267% | 317% | 348% | 180% | 263% |

---

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

<sup>(b)</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.

**EXCHANGE LISTED FUNDS TRUST**<br> **FINANCIAL HIGHLIGHTS**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **QRAFT AI-Enhanced U.S. Large Cap <br>Momentum ETF<br>(For a Share Outstanding Throughout the <br>Period Presented)** | **Year Ended <br>April 30,<br>2025** | **Year Ended <br>April 30,<br>2024** | **Year Ended <br>April 30,<br>2023** | **Year Ended <br>April 30,<br>2022** | **Year Ended <br>April 30,<br>2021** |
|  Net asset value, beginning of year | $36.56 | $28.75 | $27.72 | $35.19 | $25.75 |
|  **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.07) | 0.08 | 0.24 | 0.01 | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.06 | 7.84 | 1.02<sup>(b)</sup> | (7.21) | 17.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.99 | 7.92 | 1.26 | (7.20) | 17.23 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income |  | (0.11) | (0.23) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.26) | (7.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.11) | (0.23) | (0.27) | (7.79) |
|  Net asset value, end of year | $39.55 | $36.56 | $28.75 | $27.72 | $35.19 |
|  **Net Asset Value, Total Return** | 8.18% | 27.62% | 4.65% | (20.63)% | 69.95% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000 omitted) | $26698 | $20107 | $12218 | $15940 | $21992 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.15)% | 0.24% | 0.88% | 0.03% | (0.13)% |
|  **Portfolio turnover rate**<sup>(c)</sup> | 354% | 449% | 506% | 790% | 346% |

---

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

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

<sup>(c)</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.

**EXCHANGE LISTED FUNDS TRUST**<br> **FINANCIAL HIGHLIGHTS**<br>

---

| | | |
|:---|:---|:---|
| **LG QRAFT AI-Powered U.S. Large Cap Core ETF<br>(For a Share Outstanding Throughout the Period Presented)** | **Year Ended <br>April 30,<br>2025** | **Period Ended <br>April 30, <br>2024<sup>(a)</sup>** |
|  Net asset value, beginning of period | $28.77 | $25.06 |
|  **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.29 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.28 | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.57 | 3.80 |
|  **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.30) | (0.09) |
|  Net asset value, end of period | $32.04 | $28.77 |
|  **Net Asset Value, Total Return** | 12.40% | 15.19%<sup>(c)</sup> |
|  **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $6088 | $4315 |
|  **Ratios to Average Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.88% | 0.97%<sup>(d)</sup> |
|  **Portfolio turnover rate**<sup>(e)</sup> | 567% | 258%<sup>(c)</sup> |

---

<sup>(a)</sup>For the period November 7, 2023 (commencement of operations) to April 30, 2024.

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

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

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

<sup>(e)</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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **April 30, 2025**<br>

**1.&nbsp;&nbsp;&nbsp;&nbsp; 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 (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":

QRAFT AI-Enhanced U.S. Large Cap ETF

QRAFT AI-Enhanced U.S. Large Cap Momentum ETF

LG QRAFT AI-Powered U.S. Large Cap Core ETF

The QRAFT AI-Enhanced U.S. Large Cap Momentum ETF is classified as a non-diversified investment company under the 1940 Act. The QRAFT AI-Enhanced U.S. Large Cap ETF and the LG QRAFT AI-Powered U.S. Large Cap Core ETF are classified as diversified investment companies under the 1940 Act.

Each Fund is an actively managed exchange-traded fund ("ETF"). Unlike index ETFs, actively managed ETFs do not seek to track the performance of a specified index. Instead, each Fund uses an active investment strategy in seeking to meet its investment objective.

Each of the QRAFT AI-Enhanced U.S. Large Cap ETF, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF and the LG QRAFT AI-Powered U.S. Large Cap Core ETF seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amounts of any borrowings for investment purposes, in securities of U.S. listed large capitalization companies (as such term is defined in each Fund's prospectus). The QRAFT AI-Enhanced U.S. Large Cap ETF and QRAFT AI-Enhanced U.S. Large Cap Momentum ETF commenced operations on May 20, 2019. The LG QRAFT AI-Powered U.S. Large Cap Core ETF commenced operations on November 7, 2023.

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.

**2.&nbsp;&nbsp;&nbsp;&nbsp; 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."

**(a)&nbsp;&nbsp;&nbsp;&nbsp;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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

**(b)&nbsp;&nbsp;&nbsp;&nbsp;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.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing 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. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations.

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 Fund 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. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – Quoted prices in active markets for identical assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, Equities 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).

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

The following is a summary of the valuations as of April 30, 2025, for each Fund based upon the three levels defined above:

**QRAFT AI-Enhanced U.S. Large Cap ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks\* | $12699879 | $— | $— | $12699879 |
| &nbsp;&nbsp;&nbsp; **Total** | $**12699879** | $**—** | $**—** | $**12699879** |

---

**QRAFT AI-Enhanced U.S. Large Cap Momentum ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks\* | $26636442 | $— | $— | $26636442 |
| &nbsp;&nbsp;&nbsp; **Total** | $**26636442** | $**—** | $**—** | $**26636442** |

---

**LG QRAFT AI-Powered U.S. Large Cap Core ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks\* | $6067782 | $— | $— | $6067782 |
| &nbsp;&nbsp;&nbsp; **Total** | $**6067782** | $**—** | $**—** | $**6067782** |

---

\* See Schedule of Investments for additional detailed categorizations.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily Net Asset Value ("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 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.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

**(e)&nbsp;&nbsp;&nbsp;&nbsp;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 the 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 April 30, 2025, the Funds did not have any interest or penalties associated with the underpayment of any income taxes.

**(f)&nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders**

Each Fund pays out dividends from its net investment income at least quarterly and distributes its net capital gains, if any, to investors 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.

**3.&nbsp;&nbsp;&nbsp;&nbsp; Transactions with Affiliates and Other Servicing Agreements**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory and Administrative Services**

Exchange Traded Concepts, LLC (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 the day-to-day management of the Funds, including, among other things, providing an investment program for each Fund, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides, each Fund pays the Adviser a fee calculated daily and paid monthly at an annual rate of 0.75% of the Fund's average daily net assets.

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 (as described below), 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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

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").

QRAFT Technologies, Inc. ("Qraft") is the Funds' sponsor. In connection with an arrangement between the Adviser, and Qraft, Qraft has agreed to assume the Adviser's obligation to pay all expenses of the Funds (except the Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee. Qraft will also provide marketing support for the Funds including, but not limited to, distributing each Fund's materials and providing the Funds with access to and the use of Qraft's other marketing capabilities, including communications through print and electronic media. For its services, Qraft is entitled to a fee from the Adviser, which is calculated daily and paid monthly, based on a percentage of the average daily net assets of each Fund. Qraft does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds.

An interested Trustee and certain officers of the Trust are affiliated with the Adviser and receive no compensation from the Trust for serving as officers and/or Trustee.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Other Servicing Agreements**

Effective June 14, 2024, Ultimus Fund Services, LLC provides administration and fund accounting services to the Trust pursuant to separate servicing agreements. Brown Brothers Harriman & Co. serves as each fund's custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement. The Adviser pays these fees. Prior to June 14, 2024, The Bank of New York Mellon provided administration, fund accounting services, transfer agent and custodian services to the Funds.

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

**4.&nbsp;&nbsp;&nbsp;&nbsp; Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $35629750 | $36201706 |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 113766359 | 117139427 |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 27844731 | 29089882 |

---

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

Purchases and sales of in-kind transactions for the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $23945435 | $20558972 |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 70677243 | 61859395 |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 14126989 | 11587179 |

---

**5.&nbsp;&nbsp;&nbsp;&nbsp; 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 ("Creation Units"). 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 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

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for each Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting each Fund's securities to the account of the Trust. The non-standard charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund's securities and the cash redemption amount and other transactions costs.

**6.&nbsp;&nbsp;&nbsp;&nbsp; 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.

*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.

*Models and Data Risk.* Each Fund relies heavily on a proprietary artificial intelligence selection model as well as data and information supplied by third parties that are utilized by such model. To the extent the model does not perform as designed or as intended, a Fund's strategy may not be successfully implemented and a Fund may lose value. If the model or data are incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the model or data been correct and complete.

*Non*-Diversification *Risk.* (QRAFT AI-Enhanced U.S. Large Cap Momentum ETF only). As a non-diversified investment company under the 1940 Act, it can invest a greater percentage of its assets in securities issued by or representing a small number of issuers. As a result, the performance of these issuers can have a substantial impact on the Fund's performance.

*Sector Focus Risk.* Each Fund's sector exposure is expected to vary over time, a Fund may have a significant portion of its assets in one or more sectors from time to time. When a Fund has significant exposure to a particular sector, it will be more susceptible to the risks affecting that sector.

*Technology Sector Risk.* Each Fund is subject to the risk that market or economic factors impacting technology companies and companies that rely heavily on technology advances could have a major effect on the value of a Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

**7.&nbsp;&nbsp;&nbsp;&nbsp; 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 April 30, 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<br>Capital** | **Total <br>Distributable<br>Earnings<br>(Loss)** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $1669203 | $(1669203) |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 7317195 | (7317195) |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 1205516 | (1205516) |

---

The tax character of the distributions paid during the tax year ended April 30, 2025, and April 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
| <br>**Fund** | **Ordinary <br>Income** | **Net Long-Term <br>Capital Gains**  | **Return of<br>Capital** | **Total<br>Distributions** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $75270 | $— | $— | $75270 |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF |  |  |  |  |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 46265 |  |  | 46265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** |
| <br>**Fund** | **Ordinary <br>Income** | **Net Long-Term <br>Capital Gains**  | **Return of<br>Capital** | **Total<br>Distributions** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $45066 | $— | $— | $45066 |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 48948 |  |  | 48948 |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 13026 |  |  | 13026 |

---

As of the tax year ended April 30, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Accumulated <br>Capital and <br>Other Losses** | **Undistributed <br>Ordinary <br>Income** | **Undistributed <br>Capital Gains <br>(Losses)** | **Unrealized <br>Appreciation <br>(Depreciation) <br>on Investments** | **Distributable <br>Earnings <br>(Loss)** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $(4707510) | $— | $— | $(590742) | $(5298252) |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | (22665582) |  |  | (160759) | (22826341) |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | (846960) | 1372 |  | 67296 | (778292) |

---

At April 30, 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 on <br>Investments** | **Unrealized <br>Depreciation on <br>Investments** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation) on <br>Investments** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $13290621 | $264671 | $(855413) | $(590742) |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 26797201 | 1450566 | (1611325) | (160759) |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 6000486 | 170242 | (102946) | 67296 |

---

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Continued)**<br> **April 30, 2025**<br>

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of the tax year ended April 30, 2025, each Fund has non-expiring accumulated capital loss carry forwards as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | $4450260 | $257250 | $4707510 |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 22606182 | 34140 | 22640322 |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 846960 |  | 846960 |

---

To the extent that the Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

As of April 30, 2025, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF had $25,260 of qualified late-year ordinary losses, which are deferred until May 1, 2025, for tax purposes. Net late-year losses incurred after December 31, 2024, and within the taxable year are deemed to arise on the first day of the Fund's next taxable year.

**8.&nbsp;&nbsp;&nbsp;&nbsp; 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 began to raise interest rates in an effort to fight inflation. The Federal Reserve may determine to raise interest rates further. 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 the pandemic, inflation, or other 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.

9.&nbsp;&nbsp;&nbsp;&nbsp; New Accounting Pronouncement

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

10. Events Subsequent to Fiscal Period End

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined there are no subsequent events that would require disclosure in a Fund's financial statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> **April 30, 2025**<br>

![](tcohen_logo.jpg)

To the Shareholders of QRAFT AI-Enhanced U.S. Large Cap ETF, QRAFT AI-Enhanced U.S. Large Cap Momentum ETF, and LG QRAFT AI-Powered U.S. Large Cap Core 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 April 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and 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 of the Funds as of April 30, 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.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br>Operations** | **Statements of<br>Changes in<br>Net Assets** | **Financial<br>Highlights** |
| QRAFT AI-Enhanced U.S. Large Cap ETF and QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022, and 2021 |
| LG QRAFT AI-Powered U.S. Large Cap Core ETF | For the year ended April 30, 2025 | For the year ended April 30, 2025 and for the period from November 7, 2023 (commencement of operations) through April 30, 2024 | For the year ended April 30, 2025 and for the period from November 7, 2023 (commencement of operations) through April 30, 2024 |

---

<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 April 30, 2025, by correspondence with the custodians. 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 auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 26, 2025

**EXCHANGE LISTED FUNDS TRUST**<br> **OTHER INFORMATION (Unaudited)**<br> **April 30, 2025**<br>

**Tax Information**

For the year ended April 30, 2025, the Funds 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.

---

| | |
|:---|:---|
| **Fund** | **Qualified<br>Dividend Income** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | 100% |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 0% |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 57% |

---

For the year ended April 30, 2025, the Funds 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<br>Dividends <br>Received <br>Deduction** |
|  QRAFT AI-Enhanced U.S. Large Cap ETF | 100% |
|  QRAFT AI-Enhanced U.S. Large Cap Momentum ETF | 0% |
|  LG QRAFT AI-Powered U.S. Large Cap Core ETF | 64% |

---

**Premium/Discount information**

Information regarding how often the Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for various time periods can be found on the Fund's website at https://qraftaietf.com/.

**EXCHANGE LISTED FUNDS TRUST**<br> **OTHER INFORMATION (Form N**-CSR **Items 8**-11**) (Unaudited) (Continued)**<br> **April 30, 2025**<br>

**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.**

Remuneration was paid by the company during the period covered by the report to Trustees on the company's Board of Trustees. The Board of Trustees expensed $19,323 to each Fund in the Trust for the period covered by the report.

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

Not applicable.

![](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.

 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;• 855-973-7880<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://qraftaietf.com/<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) &nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) &nbsp;&nbsp;&nbsp;&nbsp; [Code of Ethics for Principal Executive and Senior Financial Officers. Attached hereto.](ea024487801_ex99codeeth.htm)

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3) &nbsp;&nbsp;&nbsp;&nbsp; [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.](ea024487801_ex99cert.htm)

(a)(4) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Attached hereto Exhibit 99.906CERT](ea024487801_ex99-906cert.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 Traded Concepts Trust |
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: July 2, 2025 | Principal Executive Officer |

---

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/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: July 2, 2025 | Principal Executive Officer |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke, |
| Date: July 2, 2025 | Principal Financial Officer |

---

## 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>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.) |

---

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

**SCHEDULE A**

Principal Executive Officer: Garrett Stevens <br>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, J. Garrett Stevens, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the QRAFT 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;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;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;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;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;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;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>July 2, 2025</u> | <u>/s/ J. Garrett Stevens</u> |
| | | J. Garrett Stevens |
| | | 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 QRAFT 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;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;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;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;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;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;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>July 2, 2025</u> | /s/ Christopher W. Roleke |
| | | Christopher W. Roleke |
| | | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**certification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Garrett Stevens , 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 April 30, 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 Executive Officer/President | Principal Financial Officer | Principal Financial Officer |
| Exchange Listed Funds Trust | Exchange Listed Funds Trust | Exchange Listed Funds Trust | Exchange Listed Funds Trust |
| /s/ J. Garrett Stevens | /s/ J. Garrett Stevens | /s/ Christopher W. Roleke | /s/ Christopher W. Roleke |
| J. Garrett Stevens | J. Garrett Stevens | Christopher W. Roleke | Christopher W. Roleke |
| Date: | July 2, 2025 | Date: | July 2, 2025 |

---

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.