# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-25-068246
**Filing Date:** 2025-7
**Character Count:** 80646
**Document Hash:** 6136e4e7fc886bdc0ee4e98894beb462
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-068246.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001213900-25-068246

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 251155976

**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

### PLUS Korea Defense Industry Index ETF (Series ID: S000089482)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000256047 | PLUS Korea Defense Industry Index ETF | KDEF            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________

**FORM N-CSRS**

**________**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22263**

**Exchange Listed Funds Trust**

(Exact name of registrant as specified in charter)

________

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

J. Garrett Stevens

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Registrant's telephone number, including area code: 1-405-778-8377**

**Date of fiscal year end: November 30, 2025**

**Date of reporting period: May 31, 2025**

**Item 1. Reports to Stockholders.**

(a) Included Tailored Shareholder Report

#### PLUS Korea Defense Industry Index ETF
(KDEF) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ia1db1b833c883b6f2438f9c2.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PLUS Korea Defense Industry Index ETF for the period of February 4, 2025 to May 31, 2025. You can find additional information about the Fund at**https://plusetf.com/investor-materials**. You can also request this information by contacting us at 855-900-0030.

# What were the Fund's costs for the reporting period?
(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** |
| PLUS Korea Defense Industry Index ETF | $27 | 0.65%<sup>Footnote Reference\*\*</sup> |

---

\* Amount shown reflects the expenses of the Fund from date of commencement of operations through May 31, 2025. Expenses would be higher if the Fund had been in operations for the six month period.

\*\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28811329 |
| Number of Portfolio Holdings | 22 |
| Total Advisory Fee Paid | $32414 |
| Portfolio Turnover Rate | 16% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i01aa074faf50b4ca13b6917b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Technology | 3.3% |
| Financials | 4.2% |
| Materials | 5.5% |
| Consumer Discretionary | 13.1% |
| Industrials | 73.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Hanwha Aerospace Company Ltd. | 17.2% |
| Hyundai Rotem Company Ltd. | 14.0% |
| Korea Aerospace Industries Ltd. | 8.2% |
| LIG Nex1 Company Ltd. | 7.5% |
| Hanwha Systems Company Ltd. | 5.0% |
| SNT Dynamics Company Ltd. | 4.9% |
| HJ Shipbuilding & Construction Company Ltd. | 4.3% |
| Hanwha Corporation | 4.2% |
| Poongsan Corporation | 3.5% |
| HD Hyundai Heavy Industries Company Ltd. | 3.4% |

---

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i94cca5b4ae491a8f02ed6b59.jpg)

TSR-SAR 053125-KDEF

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 6. Investments.**

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

(b) Not applicable

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

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

![](tplus_logo.jpg)<br> EXCHANGE LISTED FUNDS TRUST<br> **PLUS Korea Defense Industry Index ETF (KDEF)**<br> **Semi**-Annual **Financials and Other Information**<br> **May 31, 2025<br>(Unaudited)**<br> ![](tetc_logo.jpg)<br>

------

**Exchange Listed Funds Trust**<br> **TABLE OF CONTENTS**<br> **May 31, 2025** <br>

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

---

| | |
|:---|:---|
| PLUS Korea Defense Industry Index ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T100) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T101) | 2 |
| [Statement of Assets and Liabilities](#T102) | 3 |
| [Statement of Operations](#T103) | 4 |
| [Statement of Changes in Net Assets](#T104) | 5 |
| [Financial Highlights](#T105) | 6 |
| [Notes to Financial Statements](#T106) | 7 |
| [Other Information](#T107) | 16 |

---

&nbsp;&nbsp; For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 855-900-0030<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **https://plusetf.com/investor**-materials<br>

i

**PLUS KOREA DEFENSE INDUSTRY INDEX ETF**<br> **SCHEDULE OF INVESTMENTS (Unaudited)**<br> **May 31, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **Common Stocks — 99.6%** |  |  |
|  **South Korea — 99.6%** |  |  |
|  *Consumer Discretionary — 13.1%* |  |  |
|  Hyundai Mobis Company Ltd. | 2832 | $519313 |
|  Hyundai Motor Company | 3123 | 419433 |
|  Hyundai Wia Corporation | 31734 | 982128 |
|  Kia Corp | 7116 | 461093 |
|  SNT Dynamics Company Ltd. | 45988 | 1399939 |
|  |  | 3781906 |
|  *Financials — 4.2%* |  |  |
|  Hanwha Corporation | 21966 | 1202024 |
|  *Industrials — 73.5%* |  |  |
|  Daewoo Shipbuilding & Marine Engineering Company<sup>(a)</sup> | 14613 | 826132 |
|  Hanwha Aerospace Company Ltd. | 8450 | 4966985 |
|  Hanwha Systems Company Ltd. | 43695 | 1437815 |
|  HD Hyundai Heavy Industries Company Ltd. | 3369 | 990164 |
|  HJ Shipbuilding & Construction Company Ltd.<sup>(a)</sup> | 237097 | 1240734 |
|  Hyundai Rotem Company Ltd. | 38074 | 4040033 |
|  Korea Aerospace Industries Ltd. | 39112 | 2369909 |
|  LIG Nex1 Company Ltd. | 6966 | 2165988 |
|  LS Marine Solution Company Ltd. | 49201 | 636542 |
|  Rainbow Robotics<sup>(a)</sup> | 2946 | 564773 |
|  Samhyun Company Ltd. | 100500 | 963699 |
|  SK oceanplant Company Ltd.<sup>(a)</sup> | 70129 | 976937 |
|  |  | 21179711 |
|  *Materials — 5.5%* |  |  |
|  Poongsan Corporation | 22623 | 1016617 |
|  Young Poong Corporation | 19800 | 573320 |
|  |  | 1589937 |
|  *Technology — 3.3%* |  |  |
|  Satrec Initiative Company Ltd. | 27107 | 953863 |
|  **Total South Korea** |  | 28707441 |
|  **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; **(Cost $22,863,872)** |  | **28707441** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration** | **Shares** | **Fair Value** |
|  **Right — 0.2%** |  |  |  |
|  **South Korea — 0.2%** |  |  |  |
|  *Industrials — 0.2%* |  |  |  |
|  Hanwha Aerospace Company Ltd.<sup>(a)</sup> | July 2025 | 611 | $56242 |
|  **Total Right<br>(Cost $51,008)** |  |  | **56242** |
|  **Total Investments** — **99.8%<br>(Cost $22,914,880)** |  |  | **28763683** |
|  **Other Assets in Excess of Liabilities** — **0.2%** |  |  | 47646 |
|  **Total Net Assets — 100.0%** |  |  | $**28811329** |

---

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

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

See accompanying Notes to Financial Statements.

**PLUS KOREA DEFENSE INDUSTRY INDEX ETF**<br> **SUMMARY OF INVESTMENTS (Unaudited)**<br> **May 31, 2025**<br>

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 73.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 3.3% |
|  **Total Common Stocks** | **99.6%** |
|  **Right** | **0.2%** |
|  **Total Investments** | **99.8%** |
|  Other Assets in Excess of Liabilities | 0.2% |
|  **Total Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| **Diversification of Assets** | **Percent of <br>Total Net <br>Assets** |
|  **Country** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 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.

**EXCHANGE LISTED FUNDS TRUST**<br> **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)**<br> **May 31, 2025**<br>

---

| | |
|:---|:---|
|  | **PLUS Korea <br>Defense Industry <br>Index ETF** |
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value | $28763683 |
| &nbsp;&nbsp;&nbsp; Cash | 57387 |
| &nbsp;&nbsp;&nbsp; Dividend and interest receivable | 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 28826034 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp; Advisory fee payable | 14705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 14705 |
|  **Net Assets** | $28811329 |
|  **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $23295233 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings | 5516096 |
|  **Net Assets** | $28811329 |
|  **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value)** | 860000 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $33.50 |
|  **Investments, at cost** | $22914880 |

---

See accompanying Notes to Financial Statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **STATEMENT OF OPERATIONS (Unaudited)**<br> **For the Period Ended May 31, 2025**<br>

---

| | |
|:---|:---|
|  | **PLUS Korea <br>Defense Industry <br>Index ETF<sup>(a)</sup>** |
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp; Dividend income &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $74785 |
| &nbsp;&nbsp;&nbsp; Less foreign taxes withheld &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (16332) |
| &nbsp;&nbsp;&nbsp; Interest income | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 61657 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 32414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 32414 |
|  **Net Investment Income (Loss)** | 29243 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (338185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (23754) |
|  | (361939) |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 5848803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (11) |
|  | 5848792 |
|  **Net Realized and Unrealized Gain (Loss) on Investments &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 5486853 |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $5516096 |

---

<sup>(a)</sup>For the period February 4, 2025 (commencement of operations) to May 31, 2025.

See accompanying Notes to Financial Statements.

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

---

| | |
|:---|:---|
| | **PLUS Korea <br>Defense Industry <br>Index ETF** |
| | **Period Ended <br>May 31, 2025<sup>(a)</sup> <br>(Unaudited)** |
|  **Operations** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $29243 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (361939) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 5848792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 5516096 |
|  **Capital Share Transactions** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 23295233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 23295233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 28811329 |
|  **Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $— |
| &nbsp;&nbsp;&nbsp; End of period &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $28811329 |
|  **Change in Share Transactions** |  |
| &nbsp;&nbsp;&nbsp; Shares sold &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 860000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 860000 |

---

<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the period February 4, 2025 (commencement of operations) to May 31, 2025.

See accompanying Notes to Financial Statements.

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

---

| | |
|:---|:---|
| **PLUS Korea Defense Industry Index ETF <br>(For a Share Outstanding Throughout the Period Presented)** | **Period Ended <br>May 31, <br>2025<sup>(a)</sup> <br>(Unaudited)** |
|  Net asset value, beginning of period | $20.76 |
|  **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 12.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 12.74 |
|  Net asset value, end of period | $33.50 |
|  **Net Asset Value, Total Return** | 61.37%<sup>(c)</sup> |
|  **Ratios and Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $28812 |
|  **Ratios to Average Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Expenses | 0.65%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.59%<sup>(d)</sup> |
|  **Portfolio turnover rate**<sup>(e)</sup> | 16%<sup>(c)</sup> |

---

<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the period February 4, 2025 (commencement of operations) to May 31, 2025.

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

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

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

<sup>(e)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units, if any.

See accompanying Notes to Financial Statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited)**<br> **May 31, 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 are for the PLUS Korea Defense Industry Index ETF (the "Fund").

The Fund is classified as a non-diversified investment company under the 1940 Act.

The Fund is a passively managed exchange-traded fund ("ETF").

The Fund's investment objective is to seek to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Korea Defense Industry Index (the "Index"). The Fund commenced operations on February 4, 2025.

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 the Fund ultimately realizes upon sale of the securities.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Valuation of Investments**

The 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

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

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 the Fund's portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

The 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 the Fund (observable inputs) and (2) the 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 the 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).

The following is a summary of the valuations as of May 31, 2025, for the Fund based upon the three levels defined above:

**PLUS Korea Defense Industry Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks\* | $28707441 | $— | $— | $28707441 |
|  Right\* | 56242 |  |  | 56242 |
| &nbsp;&nbsp;&nbsp; **Total** | $**28763683** | $**—** | $**—** | $**28763683** |

---

\* See Schedule of Investments for additional detailed categorizations.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

**(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 the Fund's understanding of the applicable tax rules and regulations, if any.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions**

The accounting records of the Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of the 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. The 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. The 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 the Fund invests.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Tax**

It is the policy of the 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 the Fund qualifies as a regulated investment company.

Management of the Fund has evaluated tax positions taken or expected to be taken in the course of preparing the 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 the Fund to record a tax liability and, therefore, there is no impact to the Fund's financial statements. The 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 Statement of Operations. As of May 31, 2025, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

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

The Fund distributes its net investment income and capital gains, if any, at least annually. The 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 the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for, among other things, the selection and ongoing monitoring of the securities in the Fund's portfolio, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides to the Fund, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.65% of average daily net assets of the Fund.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly owned subsidiary of the Adviser, administers the Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under the 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 the Fund to operate. For the services it provides to the Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of the Fund's average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the 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").

Hanwha Asset Management Co., Ltd. is the Index Provider to the Fund and acts as the Fund's sponsor. The Adviser has entered into an arrangement with the Index Provider pursuant to which the Adviser is permitted to use the Index. The Adviser is sub-licensing rights to the Index to the Fund at no charge. In connection with an arrangement between the Adviser, ETC Platform Services and the Index Provider, the Index Provider has agreed to assume the obligation of the Adviser to pay all expenses of the Fund (except Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee. For its services, the Index Provider 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 the Fund. The Index Provider does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to any Fund.

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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

**(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 the 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 the 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**

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

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

**4.&nbsp;&nbsp;&nbsp;&nbsp; Investments Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  PLUS Korea Defense Industry Index ETF | $26189683 | $2892582 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  PLUS Korea Defense Industry Index ETF | $ |  | $ |  |

---

**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"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the 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).

The Fund offers and redeems Shares on a continuous basis at NAV only in large blocks of shares (each a "Creation Unit"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Fund Shares may only be purchased from or redeemed directly from the 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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

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 the 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 the 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 the 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 the 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. The 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. The Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units redeemed in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the 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 the Fund's securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the 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 the Fund and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund's prospectus. Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

*Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. The 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 the Fund's performance. Factors such as domestic and foreign

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

(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.

*Non*-Diversification *Risk.* The Fund is non-diversified under the 1940 Act, meaning that, as compared to a diversified fund, 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.

*Defense Companies Risk.* Defense companies are subject to numerous risks, including fierce competition, consolidation, adverse political, economic and governmental developments, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. In addition, companies involved in the defense industry are also subject to order cancellations, excess capacity, fuel price hikes, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns. Defense companies rely heavily on government demand for their products and services. As a result, these companies could be adversely impacted by future reductions or changes in government spending. Such government spending on defense is not generally correlated with economic cycles, but rather with general political support for this type of spending. There is no assurance that future levels of spending on defense will increase or that such spending will not decrease in the future.

*South Korea Risk.* The Fund invests a significant portion of its assets in securities of South Korean issuers and is therefore subject to certain risks specifically associated with investments in the securities of South Korean issuers. Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea's neighbors may have an adverse effect on the South Korean economy. This includes risks associated with the economic, market, regulatory, political, natural disasters and local risks of the Asia-Pacific region, which are heightened as compared to a fund with a more geographically diversified portfolio. The region has historically been highly dependent on global trade with nations (especially the United States and other Asian countries) taking strong roles in both the importing and exporting of goods, any reduction in this trading may have an adverse impact on the Fund's investments. In addition, South Korea has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Lastly, North and South Korea each have substantial military capabilities, and historical tensions between the two present the ongoing risk of war. Recent incidents involving the North Korean military have heightened tensions between North and South Korea. Any outbreak of hostilities between the two countries could have a severe adverse effect on the South Korean economy and its securities markets.

*Trading Risk.* Shares of the Fund may trade on the Exchange above (premium) or below (discount) their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund's holdings. The market prices of the Fund's shares will fluctuate continuously throughout trading hours based on market supply and demand and may deviate significantly from the value of the Fund's holdings, particularly in times of market stress, with the result that investors may pay more or receive less than the underlying value of the Fund shares bought or sold. When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask), which is known as the bid-ask spread. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. In stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. In such a circumstance, the Fund's shares could trade at a premium or discount to their NAV.

*Foreign Securities Ris*k. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to expropriation, nationalization or adverse political or economic developments. Foreign securities may have relatively low market liquidity and decreased publicly available information about issuers. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Non-U.S. issuers may also be subject to inconsistent and potentially less stringent accounting, auditing, financial reporting and investor protection standards than U.S. issuers. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Fund's portfolio holdings trade in markets that are closed when the Fund's market is open, there may be valuation differences that could lead to differences between the Fund's market price and the value of the Fund's portfolio holdings.

**7.&nbsp;&nbsp;&nbsp;&nbsp; Federal Income Taxes**

At May 31, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were 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** |
|  PLUS Korea Defense Industry Index ETF | $22914880 | $5943801 | $(94998) | $5848803 |

---

**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.

**EXCHANGE LISTED FUNDS TRUST**<br> **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**<br> **May 31, 2025**<br>

**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 the Fund's financial statements.

**EXCHANGE LISTED FUNDS TRUST**<br> **OTHER INFORMATION (Form N**-CSR **Items 8**-11**) (Unaudited)**<br> **May 31, 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 $9,662 to each Fund in the Trust for the period covered by the report.

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

BOARD CONSIDERATION OF INITIAL APPROVAL OF INVESTMENT ADVISORY AGREEMENT

At a meeting held on December 10, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Listed Funds Trust (the "Trust") considered the initial approval of the investment advisory agreement (the "Agreement") between the Trust, on behalf of the PLUS Korea Defense Industry Index ETF ("KDEF" or the "Fund"), and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Fund.

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Agreement must be approved by a vote of (i) the shareholders of the Fund and (ii) a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and ETC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement. In addition, rules under the 1940 Act require the Fund to disclose in its shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board's approval of the Agreement.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed materials ("Materials") from ETC and, at the Meeting, representatives from ETC presented additional information to help the Board evaluate the Agreement. Among other things, the Board was provided an overview of ETC's advisory business, including investment personnel and investment processes. During the Meeting, the Board discussed the Materials it received, including a memorandum from legal counsel to the Independent Trustees on the responsibilities of Trustees in considering the approval of investment advisory agreements under the 1940 Act, considered ETC's oral presentations, and deliberated on the approval of the Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel separately and without management present.

In considering whether to approve the Agreement, the Board took into account the Materials, the presentation and extensive discussion during the Meeting and had a detailed discussion with the independent legal counsel. In particular, the Trustees took into consideration (i) the nature, extent, and quality of the services to be provided by ETC; (ii) ETC's expected costs and the profits to be realized from providing such services, including any fall-out benefits to ETC or its affiliates; (iii) comparative fee and expense data; (iv) the extent to which the advisory fee for KDEF reflects economies of scale to be shared with shareholders; and (v) other factors the Board deemed to be relevant.

*Nature, Extent, and Quality of Services.* The Independent Trustees reviewed Materials provided by ETC at this Meeting related to the Agreement with respect to KDEF and information provided by ETC in the ordinary course of business throughout the year, including: a description of the manner in which investment decisions are to be made and executed; an overview of the personnel that will perform services for the Fund and their background and experience; a review of the

**EXCHANGE LISTED FUNDS TRUST**<br> **OTHER INFORMATION (Form N**-CSR **Items 8**-11**) (Unaudited) (Continued)**<br> **May 31, 2025**<br>

financial condition of ETC; information regarding risk management processes and liquidity management; the compliance policies and procedures of ETC; and an independent report prepared by Institutional Shareholder Services ("ISS") analyzing the estimated fees and expenses of KDEF as compared to those of a peer group of other registered investment companies with similar investment strategies as selected by ISS.

With respect to the nature, extent, and quality of the services to be provided to KDEF, the Board considered ETC's specific responsibilities in all aspects of the day-to-day management of KDEF. The Board noted that ETC's responsibilities would include, among other things, develop, implement, and maintain KDEF's portfolio consistent with the strategies described in KDEF's prospectus, trading portfolio securities and other investment instruments on behalf of KDEF, selecting broker-dealers to execute purchase and sale transactions, determining the cash amount for creation units of the Fund, executing portfolio securities trades for purchases and redemptions of Fund shares, overseeing general portfolio compliance with relevant law, monitoring compliance with various policies and procedures and applicable securities regulations, quarterly reporting to the Board, and implementing Board directives as they relate to KDEF. The Board noted that it had been provided with ETC's registration form on Form ADV and ETC's responses to a detailed series of questions, which included a description of ETC's operations, services, personnel, compliance program, risk management program, and financial condition, and whether there had been material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience, and responsibilities of ETC's investment personnel, the quality of ETC's compliance infrastructure, and the determination of the Trust's Chief Compliance Officer that ETC has appropriate compliance policies and procedures in place. The Board considered ETC's experience working with ETFs including other series of the Trust and other ETFs outside of the Trust.

The Board also considered services to be provided to KDEF by ETC, either directly or through its subsidiary ETC Platform Services, LLC, such as arranging for service providers and other non-distribution related services necessary for KDEF to operate; providing office facilities and equipment; and certain clerical, bookkeeping, and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to KDEF's business activities; oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for KDEF's shares; marketing consulting services, and providing its officers and employees to serve as officers or Trustees of the Trust. The Board considered ETC's experience working with ETFs, including other series of the Trust, and other ETFs outside of the Trust. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services to be provided to KDEF by ETC.

*Performance.* Because KDEF is new and has not commenced operations, the Board noted that there were no historical performance records to consider. The Board considered backtested index performance data which was the total return of the PLUS US K-Defense Industry Index, licensed by ETC, relative to the Korea Composite Stock Price Index (KOSPI) and found that the results were not unreasonable.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee to be paid to ETC for its services to KDEF under the Agreement. The Board reviewed the report provided by ISS, an independent third party, comparing KDEF's advisory fee to those paid by a group of peer funds. The Board found that KDEF's proposed fee was higher than the median and less than the highest comparable fund of the ISS peer group. The Board took into consideration that the advisory fee is a "unitary fee," meaning that KDEF would pay no expenses other than certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that ETC would be responsible for compensating KDEF's other service providers and paying KDEF's other expenses out of its own fee and resources and is ultimately responsible for ensuring the obligation is satisfied. The Board considered the costs and expenses to be incurred by ETC in providing advisory services, evaluated the compensation and benefits to be received by ETC from its relationship with KDEF, and reviewed a profitability analysis from ETC with respect to KDEF. The Board considered the risks borne by ETC associated with providing services to KDEF, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of KDEF. In light of this information, the Board concluded that the advisory fee appeared reasonable in light of the services to be rendered.

**EXCHANGE LISTED FUNDS TRUST**<br> **OTHER INFORMATION (Form N**-CSR **Items 8**-11**) (Unaudited) (Continued)**<br> **May 31, 2025**<br>

*Economies of Scale.* The Board considered that economies of scale may be realized for the benefit of KDEF as assets grow in size, noting however that for the initial term of the Agreement with respect to KDEF that the Fund was not likely to realize economies of scale and accordingly economies of scale would not be a relevant consideration at this time, however, the Board considered that it would have an opportunity to evaluate the extent to which economies of scale are being shared when it next considers the renewal of the Agreement.

*Conclusion.* Having requested and received such information from ETC as it believed reasonably necessary to evaluate the terms of the Agreement and having been advised by independent counsel that it had appropriately considered and weighed all relevant factors, the Board, including the Independent Trustees, determined that the Agreement, including the compensation payable thereunder, was fair and reasonable to KDEF. The Board, including the Independent Trustees, therefore, determined that the approval of the Agreement was in the best interests of KDEF and its shareholders. No single factor was determinative of the Board's decision to approve the Agreement on behalf of KDEF; rather, the Board based its determination on the total mix on information available to it. The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently.

![](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 Fund.

 For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 855-900-0030<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **https://plusetf.com/investor**-materials<br>

------

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

 **Item 16. Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

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

(a) Not Applicable

(b) Not Applicable

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](ea0248164-01_ex99cert.htm)

(a)(4) Not applicable to open-end management investment companies.

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](ea0248164-01_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Exchange Traded Concepts Trust |
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: July 28, 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 28, 2025 | Principal Executive Officer |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher Roleke |
|  | Christopher Roleke |
| Date: July 28, 2025 | Principal Financial Officer |

---

## 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 PLUS Korea Defense Industry Index ETF (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>7/28/25</u> | <u>/s/ J. Garrett Stevens</u> |
|  | J. Garrett Stevens |
|  | Principal Executive Officer/President |

---

**C** **ertification**

I, Christopher W. Roleke, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the PLUS Korea Defense Industry Index ETF (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>7/28/25</u> | <u>/s/ Christopher W. Roleke</u> |
|  | Chrisopher 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;1. The Registrant's periodic report on Form N-CSR for the
period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and

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

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer |
| Exchange Listed Funds Trust | Exchange Listed Funds Trust |
| <u>/s/ J. Garrett Stevens</u> | <u>/s/ Christopher W. Roleke</u> |
| J. Garrett Stevens | Chrisopher W. Roleke |
| Date: <u>7/28/25</u> | Date: <u>7/28/25</u> |

---

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