# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-25-080987
**Filing Date:** 2025-8
**Character Count:** 121413
**Document Hash:** 6a8cdd2b95578daeafa3262291244aa1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-080987.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001213900-25-080987

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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:** 251261672

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-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: December 31, 2025**

**Date of reporting period: June 30, 2025**

**Item 1. Reports to Stockholders.**

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

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i4143b84fcc8d1aeb80447c9d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Stratified LargeCap Hedged ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at**https://stratifiedfunds.com/investor-materials/**. You can also request this information by contacting us at 866-972-4492 .

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Stratified LargeCap Hedged ETF | $40 | 0.80%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25324897 |
| Number of Portfolio Holdings | 3 |
| Total Advisory Fee Paid | $105537 |
| Portfolio Turnover Rate | 100% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia08a8134f6a539d9994303b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Index Option | 0.3% |
| Equity | 99.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Stratified LargeCap Index ETF | 99.1% |
| S&P 500 Index Purchased Put Option, Expiration:9/22/2025, Strike $5,400 | 0.5% |
| S&P 500 Index Written Put Option, Expiration:9/22/2025, Strike $4,800 | -0.2% |

---

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ie2ae72342352fd930c6a456c.jpg)

TSR-SAR 063025-SHUS

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i4bb106b4c2c785491f328f8a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Stratified LargeCap Index ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at**https://stratifiedfunds.com/investor-materials/**. You can also request this information by contacting us at 866-972-4492 .

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Stratified LargeCap Index ETF | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $119959936 |
| Number of Portfolio Holdings | 505 |
| Total Advisory Fee Paid | $222566 |
| Portfolio Turnover Rate | 12% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ied5514e457bf049dbed2b55d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Materials | 2.8% |
| Real Estate | 3.1% |
| Utilities | 6.1% |
| Energy | 6.3% |
| Communications | 7.5% |
| Financials | 9.9% |
| Industrials | 10.0% |
| Health Care | 11.3% |
| Consumer Staples | 13.4% |
| Consumer Discretionary | 13.5% |
| Technology | 15.6% |

---

# Top 10 Holdings (% of net assets)

---

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

---

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i1e270c16ffac28c9ea0cfeaf.jpg)

TSR-SAR 063025-SSPY

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

![](tstratified_logo.jpg)

EXCHANGE LISTED FUNDS TRUST

**STRATIFIED LARGECAP INDEX ETF (SSPY)**

**STRATIFIED LARGECAP HEDGED ETF (SHUS)**

**Semi**-Annual **Financials and Other Information**

**June 30, 2025 (Unaudited)**

![](tetc_logo.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Exchange Listed Funds Trust** <br> **TABLE OF CONTENTS** | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br>|

---

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

---

| | |
|:---|:---|
|  **Stratified LargeCap Index ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T01) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T02) | 8 |
|  **Stratified LargeCap Hedged ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T03) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Investments](#T04) | 11 |
|  [Statements of Assets and Liabilities](#T05) | 12 |
|  [Statements of Operations](#T06) | 13 |
|  [Statements of Changes in Net Assets](#T07) | 14 |
|  [Financial Highlights](#T08) | 15 |
|  [Notes to Financial Statements](#T09) | 17 |
|  [Other Information](#T13) | 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;• 866-972-4492<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://stratifiedfunds.com/investor-materials/<br>

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |  |
|  **Communications — 7.5%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 852 | $112754 |
|  Alphabet, Inc., Class C | 1555 | 275841 |
|  Alphabet, Inc., Class A | 1572 | 277034 |
|  AT&T, Inc. | 14676 | 424724 |
|  Booking Holdings, Inc. | 19 | 109996 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 1564 | 639379 |
|  Comcast Corporation, Class A | 17364 | 619721 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 570 | 140511 |
|  Electronic Arts, Inc. | 4094 | 653811 |
|  Expedia Group, Inc. | 641 | 108124 |
|  Fox Corporation, Class B | 2006 | 103570 |
|  Fox Corporation, Class A | 1865 | 104515 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 1767 | 318166 |
|  Interpublic Group of Companies, Inc. (The) | 17621 | 431362 |
|  Match Group, Inc. | 17893 | 552715 |
|  Meta Platforms, Inc., Class A | 791 | 583828 |
|  Netflix, Inc.<sup>(a)</sup> | 223 | 298626 |
|  News Corporation, Class A | 3614 | 107408 |
|  News Corporation, Class B | 3147 | 107974 |
|  Omnicom Group, Inc. | 5833 | 419626 |
|  Paramount Global, Class B | 16679 | 215159 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2640 | 641124 |
|  T-Mobile US, Inc. | 1778 | 423626 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 1454 | 135658 |
|  VeriSign, Inc. | 1158 | 334430 |
|  Verizon Communications, Inc. | 9423 | 407733 |
|  Walt Disney Company (The) | 1718 | 213049 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 19134 | 219276 |
|  |  | 8979740 |
|  **Consumer Discretionary — 13.5%** | **Consumer Discretionary — 13.5%** |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 1319 | 289375 |
|  Aptiv Holdings Ltd.<sup>(a)</sup> | 6939 | 473379 |
|  AutoZone, Inc.<sup>(a)</sup> | 51 | 189324 |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 130 | 107632 |
|  Best Buy Company, Inc. | 4367 | 293157 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 1639 | 191255 |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 2782 | 78981 |
|  CarMax, Inc.<sup>(a)</sup> | 2810 | 188860 |
|  Carnival Corporation<sup>(a)</sup> | 4895 | 137647 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 12100 | 679416 |
|  Copart, Inc.<sup>(a)</sup> | 5560 | 272830 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Consumer Discretionary (Continued)** | **Consumer Discretionary (Continued)** |  |
|  Darden Restaurants, Inc. | 2795 | $609226 |
|  Deckers Outdoor Corporation<sup>(a)</sup> | 3594 | 370434 |
|  Domino's Pizza, Inc. | 1379 | 621377 |
|  DR Horton, Inc. | 2470 | 318432 |
|  eBay, Inc. | 3493 | 260089 |
|  Ford Motor Company | 45087 | 489194 |
|  General Motors Company | 9080 | 446827 |
|  Genuine Parts Company | 1442 | 174929 |
|  Hasbro, Inc. | 4482 | 330861 |
|  Hilton Worldwide Holdings, Inc. | 570 | 151814 |
|  Home Depot, Inc. (The) | 548 | 200919 |
|  Las Vegas Sands Corporation | 1806 | 78579 |
|  Lennar Corporation, Class A | 2799 | 309597 |
|  Live Nation Entertainment, Inc.<sup>(</sup><sup>a)</sup> | 817 | 123596 |
|  LKQ Corporation | 4784 | 177056 |
|  Lowe's Companies, Inc. | 870 | 193027 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 1525 | 362310 |
|  Marriott International, Inc., Class A | 533 | 145621 |
|  Masco Corporation | 2947 | 189669 |
|  McDonald's Corporation | 2014 | 588430 |
|  MGM Resorts International<sup>(a)</sup> | 2455 | 84427 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 1798 | 188502 |
|  NIKE, Inc., Class B | 6026 | 428086 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 5079 | 103002 |
|  NVR, Inc.<sup>(a)</sup> | 44 | 324970 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1935 | 174402 |
|  Pool Corporation | 526 | 153318 |
|  PulteGroup, Inc. | 2844 | 299928 |
|  Ralph Lauren Corporation | 1402 | 384541 |
|  Ross Stores, Inc. | 6916 | 882342 |
|  Royal Caribbean Cruises Ltd. | 393 | 123064 |
|  Starbucks Corporation | 6518 | 597244 |
|  Tapestry, Inc. | 4622 | 405858 |
|  Tesla, Inc.<sup>(a)</sup> | 1402 | 445359 |
|  TJX Companies, Inc. (The) | 7359 | 908762 |
|  TKO Group Holdings, Inc. | 1243 | 226164 |
|  Tractor Supply Company | 2817 | 148653 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 662 | 309697 |
|  Williams-Sonoma, Inc. | 1316 | 214995 |
|  Wynn Resorts Ltd. | 910 | 85240 |
|  Yum! Brands, Inc. | 4222 | 625617 |
|  |  | 16158014 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Consumer Staples — 13.4%** |  |  |
|  Altria Group, Inc. | 7450 | $436794 |
|  Archer-Daniels-Midland Company | 8768 | 462775 |
|  Brown-Forman Corporation, Class B | 11496 | 309357 |
|  Bunge Global S.A. | 5600 | 449568 |
|  Church & Dwight Company, Inc. | 5367 | 515822 |
|  Clorox Company (The) | 4234 | 508376 |
|  Coca-Cola Company (The) | 4222 | 298707 |
|  Colgate-Palmolive Company | 5773 | 524766 |
|  Conagra Brands, Inc. | 12079 | 247257 |
|  Constellation Brands, Inc., Class A | 1843 | 299819 |
|  Costco Wholesale Corporation | 921 | 911735 |
|  Dollar General Corporation | 1814 | 207485 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 2129 | 210856 |
|  Estee Lauder Companies, Inc. (The), Class A | 7741 | 625474 |
|  General Mills, Inc. | 4864 | 252004 |
|  Hershey Company (The) | 1288 | 213744 |
|  Hormel Foods Corporation | 14855 | 449364 |
|  J M Smucker Company (The) | 2722 | 267300 |
|  Kellanova | 2670 | 212345 |
|  Kenvue, Inc. | 24292 | 508432 |
|  Keurig Dr Pepper, Inc. | 9205 | 304317 |
|  Kimberly-Clark Corporation | 3982 | 513359 |
|  Kraft Heinz Company (The) | 9990 | 257942 |
|  Kroger Company (The) | 13909 | 997692 |
|  Lamb Weston Holdings, Inc. | 4916 | 254895 |
|  McCormick & Company, Inc. | 3520 | 266886 |
|  Molson Coors Beverage Company, Class B | 6008 | 288925 |
|  Mondelez International, Inc., Class A | 3418 | 230510 |
|  Monster Beverage Corporation<sup>(a)</sup> | 4820 | 301925 |
|  PepsiCo, Inc. | 1742 | 230014 |
|  Philip Morris International, Inc. | 2473 | 450407 |
|  Procter & Gamble Company (The) | 3251 | 517949 |
|  Sysco Corporation | 12274 | 929633 |
|  Target Corporation | 2125 | 209631 |
|  The Campbell's Company | 7946 | 243545 |
|  Tyson Foods, Inc., Class A | 8318 | 465308 |
|  Walgreens Boots Alliance, Inc. | 71163 | 816951 |
|  Walmart, Inc. | 9656 | 944164 |
|  |  | 16136033 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Energy — 6.3%** |  |  |
|  APA Corporation | 4261 | $77934 |
|  Baker Hughes Company | 10381 | 398007 |
|  Chevron Corporation | 6250 | 894939 |
|  ConocoPhillips | 868 | 77894 |
|  Coterra Energy, Inc. | 5295 | 134387 |
|  Devon Energy Corporation | 4237 | 134779 |
|  Diamondback Energy, Inc. | 561 | 77081 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 6666 | 264306 |
|  EOG Resources, Inc. | 693 | 82890 |
|  EQT Corporation | 2878 | 167845 |
|  Expand Energy Corporation | 1420 | 166055 |
|  Exxon Mobil Corporation | 8133 | 876737 |
|  First Solar, Inc.<sup>(a)</sup> | 1301 | 215368 |
|  Halliburton Company | 17476 | 356161 |
|  Hess Corporation | 568 | 78691 |
|  Kinder Morgan, Inc. | 10792 | 317285 |
|  Marathon Petroleum Corporation | 3659 | 607796 |
|  Occidental Petroleum Corporation | 1830 | 76878 |
|  ONEOK, Inc. | 3629 | 296235 |
|  Phillips 66 | 4977 | 593756 |
|  Schlumberger Ltd. | 11165 | 377377 |
|  Targa Resources Corporation | 1739 | 302725 |
|  Valero Energy Corporation | 4533 | 609326 |
|  Williams Companies, Inc. (The) | 5112 | 321085 |
|  |  | 7505537 |
|  **Financials — 9.9%** |  |  |
|  Aflac, Inc. | 2380 | 250995 |
|  Allstate Corporation (The) | 1222 | 246001 |
|  American Express Company | 192 | 61244 |
|  American International Group, Inc. | 2812 | 240679 |
|  Ameriprise Financial, Inc. | 178 | 95004 |
|  Aon PLC, Class A | 110 | 39244 |
|  Apollo Global Management, Inc. | 644 | 91364 |
|  Arch Capital Group Ltd. | 1806 | 164436 |
|  Arthur J Gallagher & Company | 130 | 41616 |
|  Assurant, Inc. | 1227 | 242320 |
|  Bank of America Corporation | 3573 | 169075 |
|  Bank of New York Mellon Corporation (The) | 1587 | 144592 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1247 | 605755 |
|  Blackrock, Inc. | 98 | 102827 |
|  Blackstone, Inc. | 620 | 92740 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Financials (Continued)** |  |  |
|  Brown & Brown, Inc. | 363 | $40246 |
|  Capital One Financial Corporation | 6305 | 1341452 |
|  Cboe Global Markets, Inc. | 241 | 56204 |
|  Charles Schwab Corporation (The) | 3479 | 317424 |
|  Chubb Ltd. | 571 | 165430 |
|  Cincinnati Financial Corporation | 1154 | 171854 |
|  Citigroup, Inc. | 2157 | 183605 |
|  Citizens Financial Group, Inc. | 1593 | 71287 |
|  CME Group, Inc. | 196 | 54022 |
|  Erie Indemnity Company, Class A | 682 | 236511 |
|  Everest Re Group Ltd. | 519 | 176382 |
|  Fifth Third Bancorp | 1687 | 69386 |
|  Franklin Resources, Inc. | 4438 | 105846 |
|  Globe Life, Inc. | 2030 | 252309 |
|  Goldman Sachs Group, Inc. (The) | 495 | 350335 |
|  Hartford Financial Services Group, Inc. (The) | 1405 | 178252 |
|  Huntington Bancshares, Inc. | 4411 | 73928 |
|  Intercontinental Exchange, Inc. | 302 | 55408 |
|  Invesco Ltd. | 5669 | 89400 |
|  JPMorgan Chase & Company | 574 | 166408 |
|  KeyCorporation | 4144 | 72188 |
|  KKR & Company, Inc. | 764 | 101635 |
|  Loews Corporation | 6768 | 620355 |
|  M&T Bank Corporation | 366 | 71000 |
|  Marsh & McLennan Companies, Inc. | 185 | 40448 |
|  MetLife, Inc. | 3144 | 252840 |
|  Morgan Stanley | 2347 | 330598 |
|  Nasdaq, Inc. | 685 | 61253 |
|  Northern Trust Corporation | 867 | 109927 |
|  PNC Financial Services Group, Inc. (The) | 371 | 69162 |
|  Principal Financial Group, Inc. | 3204 | 254494 |
|  Progressive Corporation (The) | 908 | 242309 |
|  Prudential Financial, Inc. | 2362 | 253773 |
|  Raymond James Financial, Inc. | 2052 | 314715 |
|  Regions Financial Corporation | 3033 | 71336 |
|  State Street Corporation | 1501 | 159616 |
|  Synchrony Financial | 20318 | 1356023 |
|  T Rowe Price Group, Inc. | 932 | 89938 |
|  Travelers Companies, Inc. (The) | 641 | 171493 |
|  Truist Financial Corporation | 1597 | 68655 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Financials (Continued)** |  |  |
|  US Bancorp | 1552 | $70228 |
|  W R Berkley Corporation | 2370 | 174124 |
|  Wells Fargo & Company | 2060 | 165047 |
|  Willis Towers Watson PLC | 130 | 39845 |
|  |  | 11904583 |
|  **Health Care — 11.3%** |  |  |
|  Abbott Laboratories | 578 | 78614 |
|  AbbVie, Inc. | 1697 | 314997 |
|  Agilent Technologies, Inc. | 1383 | 163208 |
|  Align Technology, Inc.<sup>(a)</sup> | 703 | 133099 |
|  Amgen, Inc. | 1098 | 306573 |
|  Baxter International, Inc. | 2111 | 63921 |
|  Becton Dickinson and Company | 441 | 75962 |
|  Biogen, Inc.<sup>(a)</sup> | 2482 | 311714 |
|  Bio-Techne Corporation | 3438 | 176885 |
|  Boston Scientific Corporation<sup>(a)</sup> | 754 | 80987 |
|  Bristol-Myers Squibb Company | 6517 | 301672 |
|  Cardinal Health, Inc. | 1507 | 253176 |
|  Cencora, Inc. | 823 | 246777 |
|  Centene Corporation<sup>(a)</sup> | 5871 | 318678 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1162 | 176310 |
|  Cigna Group (The) | 750 | 247935 |
|  Cooper Companies, Inc. (The)<sup>(a)</sup> | 1744 | 124103 |
|  CVS Health Corporation | 11879 | 819413 |
|  Danaher Corporation | 548 | 108252 |
|  DaVita, Inc.<sup>(a)</sup> | 887 | 126353 |
|  DexCom, Inc.<sup>(a)</sup> | 1651 | 144116 |
|  Edwards Lifesciences Corporation<sup>(a)</sup> | 1046 | 81808 |
|  Elevance Health, Inc. | 843 | 327893 |
|  Eli Lilly & Company | 388 | 302458 |
|  GE HealthCare Technologies, Inc. | 1683 | 124660 |
|  Gilead Sciences, Inc. | 2948 | 326845 |
|  HCA Healthcare, Inc. | 1092 | 418345 |
|  Henry Schein, Inc.<sup>(a)</sup> | 3317 | 242307 |
|  Hologic, Inc.<sup>(a)</sup> | 1927 | 125563 |
|  Humana, Inc. | 1378 | 336893 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 233 | 124967 |
|  Incyte Corporation<sup>(a)</sup> | 4599 | 313192 |
|  Insulet Corporation<sup>(a)</sup> | 399 | 125358 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 300 | 163023 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 1107 | 174452 |
|  Johnson & Johnson | 2064 | 315276 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Health Care (Continued)** |  |  |
|  Labcorp Holdings, Inc. | 814 | $213683 |
|  McKesson Corporation | 334 | 244749 |
|  Medtronic PLC | 780 | 67993 |
|  Merck & Company, Inc. | 3968 | 314107 |
|  Mettler-Toledo International, Inc.<sup>(</sup><sup>a)</sup> | 150 | 176208 |
|  Moderna, Inc.<sup>(a)</sup> | 12157 | 335411 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 1087 | 323817 |
|  Pfizer, Inc. | 13212 | 320259 |
|  Quest Diagnostics, Inc. | 1150 | 206575 |
|  Regeneron Pharmaceuticals, Inc. | 613 | 321825 |
|  ResMed, Inc. | 516 | 133128 |
|  Revvity, Inc. | 1300 | 125736 |
|  Solventum Corporation<sup>(a)</sup> | 987 | 74854 |
|  STERIS plc | 645 | 154942 |
|  Stryker Corporation | 398 | 157461 |
|  Thermo Fisher Scientific, Inc. | 431 | 174753 |
|  UnitedHealth Group, Inc. | 1034 | 322577 |
|  Universal Health Services, Inc., Class B | 2327 | 421536 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 712 | 316982 |
|  Viatris, Inc. | 36348 | 324588 |
|  Waters Corporation<sup>(a)</sup> | 507 | 176963 |
|  West Pharmaceutical Services, Inc. | 313 | 68484 |
|  Zimmer Biomet Holdings, Inc. | 1665 | 151865 |
|  Zoetis, Inc. | 1933 | 301451 |
|  |  | 13505732 |
|  **Industrials — 10.0%** |  |  |
|  3M Company | 1424 | 216790 |
|  A O Smith Corporation | 2625 | 172121 |
|  Allegion plc | 694 | 100019 |
|  AMETEK, Inc. | 817 | 147844 |
|  Amphenol Corporation, Class A | 2465 | 243419 |
|  Boeing Company (The)<sup>(a)</sup> | 1012 | 212044 |
|  Carrier Global Corporation | 1323 | 96830 |
|  Caterpillar, Inc. | 426 | 165377 |
|  CH Robinson Worldwide, Inc. | 991 | 95086 |
|  Cintas Corporation | 1027 | 228887 |
|  CSX Corporation | 3252 | 106113 |
|  Cummins, Inc. | 276 | 90390 |
|  Deere & Company | 303 | 154072 |
|  Delta Air Lines, Inc. | 6253 | 307523 |
|  Dover Corporation | 1071 | 196239 |
|  Eaton Corporation PLC | 939 | 335214 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Industrials (Continued)** |  |  |
|  Emerson Electric Company | 331 | $44132 |
|  Expeditors International of Washington, Inc. | 865 | 98826 |
|  Fastenal Company | 3890 | 163380 |
|  FedEx Corporation | 404 | 91833 |
|  Fortive Corporation | 505 | 26326 |
|  GE Vernova, LLC | 424 | 224360 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 678 | 97096 |
|  General Dynamics Corporation | 747 | 217870 |
|  General Electric Company | 856 | 220326 |
|  Honeywell International, Inc. | 931 | 216811 |
|  Howmet Aerospace, Inc. | 533 | 99207 |
|  Hubbell, Inc. | 796 | 325095 |
|  Huntington Ingalls Industries, Inc. | 502 | 121213 |
|  IDEX Corporation | 1207 | 211913 |
|  Illinois Tool Works, Inc. | 839 | 207443 |
|  Ingersoll Rand, Inc. | 2680 | 222922 |
|  Jacobs Solutions, Inc. | 3599 | 473089 |
|  JB Hunt Transport Services, Inc. | 652 | 93627 |
|  Johnson Controls International plc | 894 | 94424 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 1535 | 251526 |
|  L3Harris Technologies, Inc. | 460 | 115386 |
|  Lennox International, Inc. | 339 | 194328 |
|  Lockheed Martin Corporation | 213 | 98649 |
|  Nordson Corporation | 170 | 36443 |
|  Norfolk Southern Corporation | 413 | 105716 |
|  Northrop Grumman Corporation | 196 | 97996 |
|  Old Dominion Freight Line, Inc. | 597 | 96893 |
|  Otis Worldwide Corporation | 873 | 86444 |
|  PACCAR, Inc. | 1654 | 157229 |
|  Parker-Hannifin Corporation | 139 | 97087 |
|  Pentair PLC | 2359 | 242175 |
|  Quanta Services, Inc. | 1273 | 481295 |
|  Republic Services, Inc. | 943 | 232553 |
|  Rockwell Automation, Inc. | 136 | 45175 |
|  Rollins, Inc. | 4266 | 240688 |
|  RTX Corporation | 752 | 109807 |
|  Snap-on, Inc. | 981 | 305268 |
|  Southwest Airlines Company | 9276 | 300913 |
|  Stanley Black & Decker, Inc. | 4658 | 315580 |
|  TE Connectivity plc | 1506 | 254018 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 73 | 37399 |
|  Textron, Inc. | 2668 | 214214 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Industrials (Continued)** |  |  |
|  Trane Technologies PLC | 249 | $108915 |
|  TransDigm Group, Inc. | 64 | 97321 |
|  Trimble, Inc.<sup>(a)</sup> | 521 | 39586 |
|  Union Pacific Corporation | 410 | 94333 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 3969 | 316052 |
|  United Parcel Service, Inc., Class B | 1013 | 102252 |
|  United Rentals, Inc. | 234 | 176296 |
|  Veralto Corporation | 362 | 36544 |
|  Waste Management, Inc. | 979 | 224015 |
|  Westinghouse Air Brake Technologies Corporation | 818 | 171249 |
|  WW Grainger, Inc. | 156 | 162277 |
|  Xylem, Inc. | 1791 | 231684 |
|  |  | 11995167 |
|  **Materials — 2.8%** |  |  |
|  Air Products and Chemicals, Inc. | 183 | 51617 |
|  Albemarle Corporation | 744 | 46626 |
|  Amcor PLC | 16701 | 153482 |
|  Avery Dennison Corporation | 409 | 71767 |
|  Ball Corporation | 2815 | 157894 |
|  CF Industries Holdings, Inc. | 1352 | 124384 |
|  Corteva, Inc. | 1865 | 138999 |
|  Dow, Inc. | 3389 | 89741 |
|  DuPont de Nemours, Inc. | 715 | 49042 |
|  Eastman Chemical Company | 590 | 44049 |
|  Ecolab, Inc. | 224 | 60355 |
|  Freeport-McMoRan, Inc. | 7527 | 326295 |
|  International Flavors & Fragrances, Inc. | 700 | 51485 |
|  International Paper Company | 1384 | 64813 |
|  Linde PLC | 121 | 56771 |
|  LyondellBasell Industries N.V., Class A | 1686 | 97552 |
|  Martin Marietta Materials, Inc. | 374 | 205311 |
|  Mosaic Company (The) | 3778 | 137821 |
|  Newmont Corporation | 5250 | 305865 |
|  Nucor Corporation | 2493 | 322943 |
|  Packaging Corporation of America | 367 | 69161 |
|  PPG Industries, Inc. | 862 | 98053 |
|  Sherwin-Williams Company (The) | 286 | 98201 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Materials (Continued)** |  |  |
|  Smurfit WestRock plc | 1648 | $71111 |
|  Steel Dynamics, Inc. | 2296 | 293911 |
|  Vulcan Materials Company | 838 | 218567 |
|  |  | 3405816 |
|  **Real Estate — 3.1%** |  |  |
|  Alexandria Real Estate Equities, Inc. - REIT | 1873 | 136036 |
|  American Tower Corporation, Class A - REIT | 366 | 80893 |
|  AvalonBay Communities, Inc. - REIT | 624 | 126984 |
|  BXP, Inc. - REIT | 1984 | 133860 |
|  Camden Property Trust - REIT | 1102 | 124184 |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 335 | 46940 |
|  Crown Castle, Inc. - REIT | 756 | 77664 |
|  Digital Realty Trust, Inc. - REIT | 1858 | 323906 |
|  Equinix, Inc. - REIT | 368 | 292733 |
|  Equity Residential - REIT | 1860 | 125531 |
|  Essex Property Trust, Inc. - REIT | 446 | 126396 |
|  Extra Space Storage, Inc. - REIT | 892 | 131516 |
|  Federal Realty Investment Trust - REIT | 812 | 77132 |
|  Healthpeak Properties, Inc. - REIT | 7773 | 136105 |
|  Host Hotels & Resorts, Inc. - REIT | 8725 | 134016 |
|  Invitation Homes, Inc. - REIT | 3887 | 127494 |
|  Iron Mountain, Inc. - REIT | 896 | 91903 |
|  Kimco Realty Corporation - REIT | 3790 | 79666 |
|  Mid-America Apartment Communities, Inc. - REIT | 902 | 133505 |
|  Prologis, Inc. - REIT | 698 | 73374 |
|  Public Storage - REIT | 431 | 126464 |
|  Realty Income Corporation - REIT | 1380 | 79502 |
|  Regency Centers Corporation - REIT | 1090 | 77641 |
|  SBA Communications Corporation, Class A - REIT | 356 | 83603 |
|  Simon Property Group, Inc. - REIT | 481 | 77326 |
|  Texas Pacific Land Corporation | 78 | 82398 |
|  UDR, Inc. - REIT | 2997 | 122368 |
|  Ventas, Inc. - REIT | 1940 | 122511 |
|  VICI Properties, Inc. - REIT | 2413 | 78664 |
|  Welltower, Inc. - REIT | 878 | 134975 |
|  Weyerhaeuser Company - REIT | 7561 | 194242 |
|  |  | 3759532 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Technology — 15.6%** |  |  |
|  Accenture PLC, Class A | 485 | $144962 |
|  Adobe, Inc.<sup>(a)</sup> | 489 | 189184 |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 1396 | 198092 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 4209 | 335710 |
|  Analog Devices, Inc. | 1241 | 295383 |
|  ANSYS, Inc.<sup>(a)</sup> | 595 | 208976 |
|  Apple, Inc. | 3094 | 634797 |
|  Applied Materials, Inc. | 1247 | 228288 |
|  Arista Networks, Inc.<sup>(a)</sup> | 2801 | 286570 |
|  Autodesk, Inc.<sup>(a)</sup> | 694 | 214842 |
|  Automatic Data Processing, Inc. | 888 | 273859 |
|  Broadcom, Inc. | 1630 | 449309 |
|  Broadridge Financial Solutions, Inc. | 573 | 139256 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 1351 | 416311 |
|  CDW Corporation | 871 | 155552 |
|  Cisco Systems, Inc. | 3864 | 268084 |
|  Cognizant Technology Solutions Corporation, Class A | 1974 | 154031 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup> | 186 | 65191 |
|  Corning, Inc. | 4687 | 246489 |
|  Corpay, Inc.<sup>(a)</sup> | 158 | 52428 |
|  CoStar Group, Inc.<sup>(a)</sup> | 623 | 50089 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 422 | 214929 |
|  Dayforce, Inc.<sup>(a)</sup> | 3516 | 194751 |
|  Dell Technologies, Inc., Class C | 1850 | 226810 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 858 | 151712 |
|  Equifax, Inc. | 212 | 54986 |
|  F5, Inc.<sup>(a)</sup> | 888 | 261356 |
|  FactSet Research Systems, Inc. | 113 | 50543 |
|  Fair Isaac Corporation<sup>(a)</sup> | 22 | 40215 |
|  Fidelity National Information Services, Inc. | 920 | 74897 |
|  Fiserv, Inc.<sup>(a)</sup> | 414 | 71378 |
|  Fortinet, Inc.<sup>(a)</sup> | 2029 | 214506 |
|  Garmin Ltd. | 2013 | 420153 |
|  Gartner, Inc.<sup>(a)</sup> | 400 | 161688 |
|  Gen Digital, Inc. | 7217 | 212180 |
|  Global Payments, Inc. | 547 | 43782 |
|  Hewlett Packard Enterprise Company | 11481 | 234786 |
|  HP, Inc. | 17000 | 415820 |
|  Intel Corporation | 8049 | 180298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Technology (Continued)** |  |  |
|  International Business Machines Corporation | 1462 | $430969 |
|  Intuit, Inc. | 269 | 211872 |
|  Jabil, Inc. | 2305 | 502721 |
|  Jack Henry & Associates, Inc. | 372 | 67023 |
|  Juniper Networks, Inc. | 6584 | 262899 |
|  KLA Corporation | 234 | 209603 |
|  Lam Research Corporation | 2264 | 220378 |
|  Leidos Holdings, Inc. | 1161 | 183159 |
|  MarketAxess Holdings, Inc. | 243 | 54272 |
|  Mastercard, Inc., Class A | 102 | 57318 |
|  Microchip Technology, Inc. | 2466 | 173532 |
|  Micron Technology, Inc. | 1402 | 172797 |
|  Microsoft Corporation | 853 | 424291 |
|  Monolithic Power Systems, Inc. | 425 | 310837 |
|  Moody's Corporation | 107 | 53670 |
|  Motorola Solutions, Inc. | 1490 | 626486 |
|  MSCI, Inc. | 81 | 46716 |
|  NetApp, Inc. | 2116 | 225460 |
|  NVIDIA Corporation | 1142 | 180425 |
|  NXP Semiconductors N.V. | 1262 | 275734 |
|  ON Semiconductor Corporation<sup>(a)</sup> | 5296 | 277563 |
|  Oracle Corporation | 1883 | 411680 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1966 | 268005 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 1066 | 218146 |
|  Paychex, Inc. | 1791 | 260519 |
|  Paycom Software, Inc. | 827 | 191368 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 941 | 69935 |
|  PTC, Inc.<sup>(a)</sup> | 1246 | 214736 |
|  QUALCOMM, Inc. | 2619 | 417102 |
|  Roper Technologies, Inc. | 63 | 35711 |
|  S&P Global, Inc. | 105 | 55365 |
|  Salesforce, Inc. | 1568 | 427578 |
|  Seagate Technology Holdings PLC | 1592 | 229773 |
|  ServiceNow, Inc.<sup>(a)</sup> | 273 | 280666 |
|  Skyworks Solutions, Inc. | 3743 | 278928 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 4621 | 226475 |
|  Synopsys, Inc.<sup>(a)</sup> | 874 | 448081 |
|  Teradyne, Inc. | 2439 | 219315 |
|  Texas Instruments, Inc. | 1471 | 305409 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 462 | 273892 |
|  Verisk Analytics, Inc. | 170 | 52955 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Technology (Continued)** |  |  |
|  Visa, Inc., Class A | 160 | $56808 |
|  Western Digital Corporation<sup>(a)</sup> | 3638 | 232796 |
|  Workday, Inc., Class A<sup>(a)</sup> | 802 | 192480 |
|  Zebra Technologies Corporation, Class A<sup>(a)</sup> | 524 | 161581 |
|  |  | 18729222 |
|  **Utilities — 6.1%** |  |  |
|  AES Corporation (The) | 31884 | 335420 |
|  Alliant Energy Corporation | 1435 | 86774 |
|  Ameren Corporation | 913 | 87685 |
|  American Electric Power Company, Inc. | 2954 | 306507 |
|  American Water Works Company, Inc. | 2865 | 398550 |
|  Atmos Energy Corporation | 2606 | 401611 |
|  CenterPoint Energy, Inc. | 8239 | 302701 |
|  CMS Energy Corporation | 1234 | 85492 |
|  Consolidated Edison, Inc. | 2924 | 293423 |
|  Constellation Energy Corporation | 1229 | 396672 |
|  Dominion Energy, Inc. | 5352 | 302495 |
|  DTE Energy Company | 2161 | 286246 |
|  Duke Energy Corporation | 751 | 88618 |
|  Edison International | 6290 | 324564 |
|  Entergy Corporation | 3704 | 307876 |
|  Evergy, Inc. | 1336 | 92090 |
|  Eversource Energy | 1464 | 93140 |
|  Exelon Corporation | 8433 | 366161 |
|  FirstEnergy Corporation | 7344 | 295669 |
|  NextEra Energy, Inc. | 3974 | 275875 |
|  NiSource, Inc. | 10255 | 413687 |
|  NRG Energy, Inc. | 2399 | 385231 |
|  PG&E Corporation | 6857 | 95587 |
|  Pinnacle West Capital Corporation | 955 | 85444 |
|  PPL Corporation | 2577 | 87335 |
|  Public Service Enterprise Group, Inc. | 3593 | 302459 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp; **Fair Value** |
|  **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |  |
|  **Utilities (Continued)** |  |  |
|  Sempra | 1282 | $97137 |
|  Southern Company (The) | 995 | 91371 |
|  Vistra Corporation | 2099 | 406806 |
|  WEC Energy Group, Inc. | 838 | 87320 |
|  Xcel Energy, Inc. | 1289 | 87781 |
|  |  | 7267727 |
|  **Total Common Stocks<br>(Cost $115,067,503)** |  | **119347103** |
|  **Rights — 0.0%**<sup>(c)</sup> <br> **Health Care — 0.0%**<sup>(c)</sup> <br> Omniab, Inc.<sup>(a)(b)</sup> - CVR, $12.5 Earnout | 198 |  |
|  Omniab, Inc.<sup>(a)(b)</sup> - CVR, $15.0 Earnout | 198 |  |
|  **Total Right <br>Cost ($0)** |  |  |
|  **Total Investments — 99.5%<br>(Cost $115,067,503)** |  | **119347103** |
|  **Other Assets in Excess of Liabilities — 0.5%** |  | 612833 |
|  **Total Net Assets — 100.0%** |  | $**119959936** |

---

ETF — Exchange-Traded Fund

LLC — Limited Liability Company

LTD — Limited Company

MSCI — Morgan Stanley Capital International

NV — Naamioze Vennootschap

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S.A. — Société Anonyme

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

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

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

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP INDEX ETF**<br> SUMMARY OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2.8% |
|  **Total Common Stocks** | **99.5%** |
|  **Total Rights** | **0.0%**<sup>(a)</sup> |
|  **Total Investments** | **99.5%** |
|  Other Assets in Excess of Liabilities | 0.5% |
|  **Total Net Assets** | **100.0%** |

---

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

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Fair Value** |
|  **Exchange-Traded Funds — 99.1%** | **Exchange-Traded Funds — 99.1%** |  |  |
|  **Equity – 99.1%** | **Equity – 99.1%** |  |  |
|  Stratified LargeCap Index ETF<sup>(c)(d)</sup> | Stratified LargeCap Index ETF<sup>(c)(d)</sup> | 305044 | $25106219 |
|  **Total Exchange-Traded Funds<br>(Cost $23,430,429)** | **Total Exchange-Traded Funds<br>(Cost $23,430,429)** |  | **25106219** |
|  **PURCHASED OPTIONS** — **0.5%** | **Notional** | **Contracts**<sup>(b)</sup> |  |
|  **Put Options — 0.5%** |  |  |  |
|  S&P 500 Index<sup>(a)</sup>, Expiration: September 22, 2025, Strike $5,400 | $25440295 | 41 | 127305 |
|  **Total Purchased Options <br>(Cost $268,802)** | **Total Purchased Options <br>(Cost $268,802)** | **Total Purchased Options <br>(Cost $268,802)** | **127305** |
|  **Total Investments — 99.6% <br>(Cost $23,699,231)** | **Total Investments — 99.6% <br>(Cost $23,699,231)** | **Total Investments — 99.6% <br>(Cost $23,699,231)** | **25233524** |
|  **WRITTEN <br>OPTIONS —** (**0.2)%** | **WRITTEN <br>OPTIONS —** (**0.2)%** |  |  |
|  **Put Options — (0.2)%** | **Put Options — (0.2)%** |  |  |
|  S&P 500 Index<sup>(a)</sup>, Expiration: September 22, 2025, Strike $4,800 | $(25440295) | (41) | (49610) |
|  **Total Written Options <br>(Premiums received $103,146)** | **Total Written Options <br>(Premiums received $103,146)** | **Total Written Options <br>(Premiums received $103,146)** | **(49610)** |
|  **Other Assets in Excess of Liabilities — 0.6%** | **Other Assets in Excess of Liabilities — 0.6%** | **Other Assets in Excess of Liabilities — 0.6%** | 140983 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $**25324897** |

---

 ETF — Exchange-Traded Fund<br>

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

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

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

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

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Other Affiliated Investments**

Fiscal period to date transactions with investments which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at <br>beginning <br>of the <br>period** | **Purchases <br>Cost** | **Sales <br>Proceeds** | **Net <br>Realized <br>Gain/(Loss)** | **Net Change <br>in Unrealized <br>Appreciation<br>(Depreciation)** | **Value at <br>the end of <br>the period** | **Number of <br>Shares at <br>the end of <br>the period** | **Dividend <br>Income** | **Capital Gain <br>Distributions** |
|  Stratified LargeCap Index ETF | $— | $24848035 | $(1461898) | $44292 | $1675790 | $25106219 | 305044 | $— | $— |
|  **Total** | $**—** | $**24848035** | $**(1461898)** | $**44292** | $**1675790** | $**25106219** | **305044** | $**—** | $**—** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **STRATIFIED LARGECAP HEDGED ETF**<br> SUMMARY OF INVESTMENTS | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | |
|:---|:---|
| **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 99.1% |
|  **Total Exchange-Traded Funds** | **99.1%** |
|  **Purchased Options**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | 0.5% |
|  **Total Purchased Options** | **0.5%** |
|  **Total Investments** | **99.6%** |
|  **Written Options** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | (0.2)% |
|  **Total Purchased Options** | **(0.2)%** |
|  Other Assets in Excess of Liabilities | 0.6% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Statements of Assets and Liabilities | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;**  | **Stratified <br>LargeCap <br>Index ETF** | **Stratified <br>LargeCap <br>Hedged ETF** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value | $119347103 | $127305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value |  | 25106219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 545792 | 150921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 8145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest receivable | 101424 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims receivable | 889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 120003353 | 25384733 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at fair value (Premiums Received $0 and $103,146) |  | 49610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 43417 | 10226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 43417 | 59836 |
|  **Net Assets** | $119959936 | $25324897 |
|  **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $119326523 | $28888646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (deficit) | 633413 | (3563749) |
|  **Net Assets** | $119959936 | $25324897 |
|  **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)** | 1457990 | 575000 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $82.28 | $44.04 |
|  **Unaffiliated investments, at cost** | $115067503 | $268802 |
|  **Affiliated investments, at cost** | $— | $23430429 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENTS OF OPERATIONS | &nbsp;&nbsp;&nbsp; **For the Six Months Ended June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;**  | **Stratified<br>LargeCap<br>Index ETF** | **Stratified<br>LargeCap<br>Hedged ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $988370 | $166732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less foreign taxes withheld |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 6693 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 995063 | 169242 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 222566 | 124699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 222566 | 124699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser |  | (19162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 222566 | 105537 |
|  **Net Investment Income (Loss)** | 772497 | 63705 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Investments | (283798) | (1582922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments |  | 44292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 772899 | 48197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 169726 |
|  | 489101 | (1320707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 5311970 | 416752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments |  | 1675790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | (12427) |
|  | 5311970 | 2080115 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 5801071 | 759408 |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $6573568 | $823113 |

---

*See accompanying Notes to Financial Statements.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stratified LargeCap <br>Index ETF** | **Stratified LargeCap <br>Index ETF** | **Stratified LargeCap <br>Hedged ETF** | **Stratified LargeCap <br>Hedged ETF** |
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** |
|  **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $772497 | $1433805 | $63705 | $(18654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 489101 | 19447963 | (1320707) | 4286750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | 5311970 | (10137017) | 2080115 | (2829516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | 6573568 | 10744751 | 823113 | 1438580 |
|  **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution |  | (1412197) |  | (70070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (12577) |  |  |
|  **Total Distributions to Shareholders** |  | (1424774) |  | (70070) |
|  **Capital Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 30884962 | 15690035 | 1069750 | 32284412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds received in connection with merger |  | 50027506 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3859926) | (83015492) | (4131634) | (41545002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | 27025036 | (17297951) | (3061884) | (9260590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets** | 33598604 | (7977974) | (2238771) | (7892080) |
|  **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $86361332 | $94339306 | $27563668 | $35455748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $119959936 | $86361332 | $25324897 | $27563668 |
|  **Change in Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 400000 | 200000 | 25000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares received in connection with merger |  | 632990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (1050000) | (100000) | (975000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding** | 350000 | (217010) | (75000) | (225000) |

---

*See accompanying Notes to Financial Statements.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br>Ended <br>June 30, 2025 <br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** | **Year Ended <br>December 31, <br>2022** | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** |
|  Net asset value, beginning of period | $77.94 | $71.20 | $63.75 | $71.27 | $55.99 | $50.73 |
|  **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.61 | 1.22 | 1.16 | 1.03 | 0.92 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.73 | 8.15 | 7.54 | (7.47) | 15.14 | 5.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.34 | 9.37 | 8.70 | (6.44) | 16.06 | 6.17 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (2.62) | (1.25) | (1.08) | (0.78) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.63) | (1.25) | (1.08) | (0.78) | (0.91) |
|  Net asset value, end of period | $82.28 | $77.94 | $71.20 | $63.75 | $71.27 | $55.99 |
|  **Net Asset Value, Total Return** | 5.57<br> %<sup>(b)</sup> | 13.14% | 13.67% | (9.20)%<sup>(c)</sup> | 28.76% | 12.18% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $119960 | $86361 | $94339 | $97219 | $108685 | $41989 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fee waiver | 0.45<br> %<sup>(d)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fee waiver<sup>(e)</sup> | 0.45<br> %<sup>(d)</sup> | 0.34% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.56<br> %<sup>(d)</sup> | 1.61% | 1.75% | 1.58% | 1.39% | 1.83% |
|  **Portfolio turnover rate**<sup>(f)</sup> | 12<br> %<sup>(b)</sup> | 20% | 23% | 31% | 25% | 36% |

---

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

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

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

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

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

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

*See accompanying Notes to Financial Statements.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br>Ended <br>June 30, 2025 <br>(Unaudited)** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** | **Year Ended <br>December 31, <br>2022** | **Period Ended <br>December 31, <br>2021**<sup>(a)</sup> |
|  Net asset value, beginning of period | $42.41 | $40.52 | $38.63 | $41.39 | $40.40 |
|  **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.10 | (0.02) | 0.44 | 0.37 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.53 | 2.02 | 1.93 | (1.83) | 1.00<br> <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.63 | 2.00 | 2.37 | (1.46) | 1.43 |
|  **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.11) | (0.48) | (0.40) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.11) | (0.48) | (1.30) | (0.44) |
|  Net asset value, end of period | $44.04 | $42.41 | $40.52 | $38.63 | $41.39 |
|  **Net Asset Value, Total Return** | 3.84<br> %<sup>(d)</sup> | 4.93% | 6.14% | (3.53)% | 3.54<br> %<sup>(d)</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $25325 | $27564 | $35456 | $39594 | $45527 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fee waiver<sup>(e)</sup> | 0.95<br> %<sup>(f)</sup> | 0.99% | 1.00% | 1.00% | 1.00<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fee waiver<sup>(e)(g)</sup> | 0.80<br> %<sup>(f)</sup> | 0.50% | 0.36% | 0.38% | 0.38<br> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(g)</sup> | 0.49<br> %<sup>(f)</sup> | (0.06)% | 1.14% | 0.94% | 1.96<br> %<sup>(f)</sup> |
|  **Portfolio turnover rate**<sup>(h)</sup> | 100<br> %<sup>(d)</sup> | 8% | 12% | 35% | 88<br> %<sup>(d)</sup> |

---

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

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

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

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

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

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

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

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

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Note 1 – Organization**

Exchange Listed Funds Trust (the "Trust") was organized on April 4, 2012 as a Delaware statutory trust and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, (the "1940 Act") as an open-end management investment company. The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The Trust has registered its Shares in multiple separate series. The assets of each series in the Trust are segregated and a shareholder's interest is limited to the series in which Shares are held. The financial statements presented herein relate to the funds listed below and are individually referred to as a "Fund" or collectively as the "Funds":

Stratified LargeCap Index ETF

Stratified LargeCap Hedged ETF

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

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

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

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

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust.

**Note 2 – Basis of Presentation and Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Trust in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies".

**(a) Use of Estimates**

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value each Fund ultimately realizes upon sale of the securities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**(b) 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 Funds through the Adviser's Valuation Committee and (ii) has approved the Adviser's Valuation Procedures.

In the event that current market valuations are not readily available or such valuations do not reflect current fair market value, the Trust's procedures require the Valuation Committee, in accordance with the Trust's Board-approved Valuation Procedures, to determine a security's fair value. In determining such value, the Valuation Committee may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates or market indices). Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. In addition, for the Stratified LargeCap Index ETF, fair value pricing could result in a difference between the prices used to calculate the Fund's net asset value ("NAV") and the prices used by the Fund's underlying index. This may result in a difference between the Fund's performance and the performance of the Fund's underlying index. With respect to securities that are primarily listed on foreign exchanges, the value of each Fund's portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

Each Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of each Fund (observable inputs) and (2) each Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

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

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

• Level 3 – Significant
 unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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Pursuant to the Valuation Procedures noted previously, ETFs, equities, options and short-term investments are generally categorized as Level 1 in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 or Level 3).

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stratified LargeCap Index ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
|  Common Stocks<sup>\*</sup> | $119347103 | $— | $—  | $119347103 |
|  Rights<sup>\*</sup> |  |  | —^ |  |
|  Total | $119347103 | $— | $—  | $119347103 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stratified LargeCap Hedged ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
|  Exchange-Traded Funds<sup>\*</sup> | $25106219 | $— | $— | $25106219 |
|  Purchased Options | 127305 |  |  | 127305 |
|  Total | $25233524 | $— | $— | $25233524 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Liabilities** |  |  |  |  |
|  Written Options | $49610 | $— | $— | $49610 |
|  Total | $49610 | $— | $— | $49610 |

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

^ Includes securities valued at $0.

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

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

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount, using the effective yield method. Gains or losses realized on 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) 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,

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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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.

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

**(f) Options**

The Stratified LargeCap Hedged ETF may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Stratified LargeCap Hedged ETF may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Stratified LargeCap Hedged ETF may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase. Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

**(g) Distributions to Shareholders**

The Stratified LargeCap Index ETF and the Stratified LargeCap Hedged ETF each pay out dividends from their net investment income and net capital gains, if any, at least annually. Each Fund may make distributions on a more frequent basis to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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**Note 3 – Transactions with Affiliates and Other Servicing Agreements**

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

Effective April 30, 2025, the Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses of the Stratified LargeCap Hedged ETF (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, acquired fund fees and expenses, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.50% of the Fund's average daily net assets through at least April 30, 2026, unless earlier terminated by the Board for any reason at any time.

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

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund (including the fee charged by ETC Platform Services) except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses").

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

**(b) Distribution Arrangement**

Foreside Fund Services, LLC (the "Distributor"), a Delaware limited liability company, is the principal underwriter and distributor of each Fund's Shares. The Distributor does not maintain any secondary market in any Fund's Shares.

The Trust has adopted a Rule 12b-1 Distribution and Service Plan (the "Distribution and Service Plan") pursuant to which payments of up to a maximum of 0.25% of a Fund's average daily net assets may be made to compensate or reimburse financial intermediaries for activities principally intended to result in the sale of each Fund's Shares. In accordance with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Trust.

Currently, no payments are made under the Distribution and Service Plan. Such payments may only be made after approval by the Board. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Trust.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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**(c) Other Servicing Agreements**

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

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

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

**Note 4 – Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions, purchased options, written options and short-term investments, for the six months ended June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Stratified LargeCap Index ETF | $11952673 | $11499219 |
|  Stratified LargeCap Hedged ETF | 26396342 | 27661992 |

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Purchases and sales of in-kind transactions for the six months June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Stratified LargeCap Index ETF | $30748212 | $3840828 |
|  Stratified LargeCap Hedged ETF | 1055356 | 3001824 |

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**Note 5 – Capital Share Transactions**

Fund Shares are listed and traded on the NYSE Arca, Inc. (the "Exchange") each day that the Exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

Each Fund offers and redeems Shares on a continuous basis at NAV only in large blocks of shares (each a "Creation Unit"). Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased from or redeemed directly from each Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National 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.

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units redeemed in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for each Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting each Fund's securities to the account of the Trust. The non-standard charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund's securities and the cash redemption amount and other transaction costs.

**Note 6 – Principal Risks**

As with any investment, an investor could lose all or part of their investment in each Fund and each Fund's performance could trail that of other investments. Each Fund is subject to the principal risks noted below, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Funds' prospectus. Please refer to the relevant Fund's prospectus for a complete description of the principal risks of investing in that Fund.

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

*Derivatives Risk (Stratified LargeCap Hedged ETF):* The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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in supply and demand relationships. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify potential for gain or loss and, therefore, amplify the effects of market volatility on share price.

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

**Note 7 – Federal Income Taxes**

As of the tax year ended December 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br>Ordinary <br>Income** | **Undistributed <br>Capital Gains <br>(Losses)** | **Capital Loss <br>Carryforwards\*** | **Unrealized <br>Appreciation <br>(Depreciation) <br>on Investments** | **Distributable <br>Earnings <br>(Loss)** |
|  Stratified LargeCap Index ETF\*\* | $— | $— | $(4795658) | $(1144497) | $(5940155) |
|  Stratified LargeCap Hedged ETF |  |  | (3946362) | (440500) | (4386862) |

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

\*\* Stratified LargeCap Index ETF's ability to utilize its acquired capital loss carryforward is subject to an annual limitation under the Internal Revenue Code.

At June 30, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of <br>Investments** | **Unrealized <br>Appreciation <br>on Investments** | **Unrealized <br>(Depreciation) <br>on Investments** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation) <br>on Investments** |
|  Stratified LargeCap Index ETF | $115067503 | $11751551 | $(7471951) | $4279600 |
|  Stratified LargeCap Hedged ETF | 23699231 | 1675790 | (141497) | 1534293 |

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As of the tax year ended December 31, 2024, each Fund has non-expiring accumulated capital loss carryforwards as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
|  Stratified LargeCap Index ETF | $41442 | $4754216 | $4795658 |
|  Stratified LargeCap Hedged ETF | 3301583 | 644779 | 3946362 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

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**Note 8 – Derivatives and Hedging Disclosures**

FASB ASC Topic 815 Derivatives and Hedging requires enhanced disclosures about the Stratified LargeCap Hedged ETF derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in purchased and written options during the six months ended June 30, 2025.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the tables below. The fair values of derivative instruments held as of June 30, 2025, by risk category are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivative** | <br>**Risk Exposure** | **Statement of Asset and <br>Liabilities Location** | **Value** | **Statement of Asset and <br>Liabilities Location** | **Value** |
|  Options purchased | Equity contracts | Investments, at value | $127305 | Investments, at value | $— |
|  Options written | Equity contracts | Options written, at fair value |  | Options written, at fair value | 49610 |

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The effects of the Fund's derivative instruments on the Statements of Operations for the six months ended June 30, 2025, are as follows:

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

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| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Value** |
|  Options purchased | Equity contracts | $(422362) |
|  Options written | Equity contracts | 169726 |

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

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| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Value** |
|  Options purchased | Equity contracts | $(23598) |
|  Options written | Equity contracts | (12427) |

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The quarterly average volume of derivative instruments for the six months ended June 30, 2025, are as follows:

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| | | |
|:---|:---|:---|
| **Derivative** | **Risk Exposure** | **Notional** |
|  Options purchased | Equity contracts | $25916373 |
|  Options written | Equity contracts | 25916373 |

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**Note 9 – Recent Market Events**

Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.

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

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

**Note 10 – Reorganization**

At a meeting held on February 7, 2024, the Board of the Syntax ETF Trust approved the following reorganizations (each, a "Reorganization") of the Syntax Stratified LargeCap ETF, the Syntax Stratified MidCap ETF, the Syntax Stratified SmallCap ETF, the Syntax Stratified U.S. Total Market ETF, the Syntax Stratified Total Market II ETF and the Syntax Stratified U.S. Total Market Hedged ETF (each an "Acquired Fund," and collectively, the "Acquired Funds"). Each Acquired Fund was a series of Syntax ETF Trust. The Trust approved the following Reorganizations of the Acquired Funds: (i) the Reorganization of the Syntax Stratified LargeCap ETF, the Syntax Stratified MidCap ETF, the Syntax Stratified SmallCap ETF, the Syntax Stratified U.S. Total Market ETF, and the Syntax Stratified Total Market II ETF into the Stratified LargeCap Index ETF and (ii) the Reorganization of the Syntax Stratified U.S. Total Market Hedged ETF into the Stratified LargeCap Hedged ETF (collectively, with the Stratified LargeCap Index ETF, the "Acquiring Funds"). Each Reorganization occurred after the close of business on September 27, 2024.

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

---

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

---

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

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

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

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Concluded) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

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

---

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

---

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

---

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

---

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

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

**Note 11 – 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 each Fund's financial statements.

**Note 12 – Events Subsequent to Fiscal Year**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Other Information (Form N-csr items 8-11) | &nbsp;&nbsp;&nbsp; **June 30, 2025** <br> &nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)  |

---

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

Not applicable.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;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** were expensed $9,662 from each Fund in the Trust for the period covered by the report.

**Item 11.&nbsp;&nbsp;&nbsp;&nbsp;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.**

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

------

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable 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.](ea0252085-01_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](ea0252085-01_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: August 27, 2025 | Principal Executive Officer/President |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens, |
| Date: August 27, 2025 | Principal Executive Officer/President |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher Roleke |
|  | Christopher W. Roleke, |
| Date: August 27, 2025 | Principal Financial Officer/Treasurer |

---

## 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 Stratified ETFs (a series of Exchange Listed Funds Trust the "registrant");

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | <u>August 27, 2025</u> | /s/ J. Garrett Stevens |
|  |  | 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 Stratified ETFs (a series of Exchange Listed Funds Trust the "registrant");

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | <u>August 27, 2025</u> | /s/ Christopher W. Roleke |
|  |  | Christopher W. Roleke |
|  |  | Principal Financial Officer/Treasurer |

---

## 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/Treasurer 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 June 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 Financial Officer/Treasurer <br> 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: | <u>August 27, 2025</u> | Date: | <u>August 27, 2025</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.