# EDGAR Filing Document

**Accession Number:** 0001547950
**File Stem:** 0001213900-23-007037
**Filing Date:** 2023-2
**Character Count:** 109138
**Document Hash:** d6f57f4d6699e0612c49ab334c1a57c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-007037.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001213900-23-007037

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Listed Funds Trust
- **CENTRAL INDEX KEY:** 0001547950
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22700
- **FILM NUMBER:** 23579404

**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

### Akros Monthly Payout ETF (Series ID: S000076036)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000235473 | Akros Monthly Payout ETF | MPAY            |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

Investment Company Act File Number <u>811-22700</u>

**Exchange Listed Funds Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

(Address of principal executive offices) (Zip Code)

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

(Name and address of agent for service)

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

Date of fiscal year end: <u>November 30</u>

Date of reporting period: <u>November 30, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**ITEM 1: REPORTS TO STOCKHOLDERS.**

(a) Insert
 a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17
 CFR 270.30e-1)

![](takros_001.jpg)

EXCHANGE LISTED FUNDS TRUST

**Akros Monthly Payout ETF (MPAY)**

**Annual Report**

**November 30, 2022**

![](etc_logo.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Exchange Listed Funds Trust**<br>**TABLE OF CONTENTS** | **November 30, 2022** <br>|

---

---

| | |
|:---|:---|
|  **Akros Monthly Payout ETF** |  |
|  [Management's Discussion of Fund Performance](#T01) | 1 |
|  [Schedule of Investments](#T02) | 4 |
|  [Summary of Investments](#T03) | 6 |
|  [Statement of Assets and Liabilities](#T04) | 7 |
|  [Statement of Operations](#T05) | 8 |
|  [Statement of Changes in Net Assets](#T06) | 9 |
|  [Financial Highlights](#T07) | 10 |
|  [Notes to Financial Statements](#T08) | 11 |
|  [Report of Independent Registered Public Accounting Firm](#T09) | 19 |
|  [Disclosure of Fund Expenses](#T10) | 20 |
|  [Board Consideration and Approval of Investment Advisory Agreement](#T101) | 21 |
|  [Other Information](#T12) | 23 |
|  [Trustees](#T13) | 24 |
|  [Officers](#T14) | 25 |

---

**Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is available in the Fund's prospectus, a copy of which may be obtained by visiting the Fund's website at www.akrosetfs.com. Please read the Fund's prospectus carefully before you invest.**

There are risks involved with investing, including possible loss of principal, and there is no guarantee the Fund will achieve its investment objective. The Fund is classified as a diversified investment company under the Investment Company Act of 1940 (the "1940 Act"). Concentration in a particular industry or sector will subject the Fund to loss due to adverse occurrences that may affect that industry or sector. The Fund is new and has a limited operating history for investors to evaluate. New and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.

The Fund seeks to make cash distributions once per month throughout a calendar year with the goal, but not the guarantee, of an annualized target rate of 7.0%, which is based on the Fund's per-share NAV on the date of a distribution's declaration. See Note 2(e) — Distributions to Shareholders for additional information on the Fund's target distributions.

Individual shares of the Fund may be purchased or sold in the secondary market throughout the regular trading day on the NYSE Arca, Inc. (the "Exchange") through a brokerage account. However, shares are not individually redeemable directly from the Fund. The Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large blocks of shares ("Creation Units"), generally in-kind for securities included in the Fund's underlying index and a specified cash payment.

*Distributor: Foreside Fund Services, LLC*

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE | **November 30, 2022** <br> (Unaudited)  |

---

Dear Shareholders,

Thank you for your investment in the Akros Monthly Payout ETF (the "Fund"). The information presented in this report relates to the operations of the Fund for the fiscal period May 6, 2022 (commencement of operations) through November 30, 2022.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Akros Multi-Asset Index (the "Index"). The Index is broadly diversified and seeks to offer the potential for monthly distributions, which may include return of capital to investors. The goal of the Index is to represent an allocation to a balanced portfolio of international equities, fixed income securities and alternative investments.

The overall market has been volatile since the Fund commenced operation; however, the Fund's volatility was lower compared to other funds in the same category, such as Strategy Shares Nasdaq 7 HANDL(TM) Index ETF (HNDL), Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF (NUSI), Nasdaq 100 Covered Call ETF (QYLD), and Gadsden Dynamic Multi-Asset ETF (GDMA). For example, the annualized volatility of the Fund was 12.03%, and the average annualized volatility of the peer group was 15.64% between the commencement of the Fund's operations and the end of the fiscal year (05/06/2022 – 11/30/2022). Steeper interest rate hikes were expected, therefore the Fund, in accordance with its Index, increased its investment in short-term loans to manage volatility. Further, the Fund increased its investment in Treasury Inflation Protected Securities-related ETFs, which also lowered the impact of inflation shocks.

The Fund had negative performance during the fiscal period ended November 30, 2022. The market price for the Fund decreased 3.41% and the net asset value decreased 3.36%. The Index returned negative 3.33%, while the S&P 500<sup>®</sup> Index and the Blended Index (60% S&P 500<sup>®</sup> and 40% Bloomberg US Aggregate Bond Index) returned negative 0.59% and negative 1.21%, respectively.

The Fund commenced operations on May 6, 2022, with 110,001 shares outstanding as of November 30, 2022.

We appreciate your investment in the Akros Monthly Payout ETF.

Sincerely,

Garrett Stevens,<br>Chief Executive Officer<br>Exchange Traded Concepts, LLC, Adviser to the Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Continued) | **November 30, 2022** <br> (Unaudited)  |

---

#### Growth of a $10,000 Investment
(at net asset value)

![](tlinechart_001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date of the Fund** | **Cumulative <br>Total Return <br>As of <br>11/30/2022** | **<br>Expense Ratio\*** | **<br>Expense Ratio\*** |
|  | **Inception Date of the Fund** | **Cumulative <br>Total Return <br>As of <br>11/30/2022** | **Gross** | **Net** |
|  **Akros Monthly Payout ETF (Net Asset Value)** | 5/6/2022 | -3.36% | 0.84% | 0.59% |
|  **Akros Monthly Payout ETF (Market Price)** |  | -3.41% |  |  |
|  **S&P 500**<sup>®</sup> **Index** |  | -0.59% |  |  |
|  **Blended Index (60% S&P 500**<sup>®</sup> **and 40% Bloomberg US Aggregate Bond Index)** |  | -1.21% |  |  |
|  **Akros Multi-Asset Index** |  | -3.33% |  |  |

---

*\* Reflects the expense ratio (inclusive of 0.09% of acquired fund fees and expenses) as reported in the Prospectus dated May 2, 2022.*

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.*

*Current performance may be lower or higher than performance data quoted. For the Fund's most recent month end performance, please visit www.akrosetfs.com.*

*There are no assurances that the Fund will meet its stated objectives.*

*The Fund's holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. The information provided herein represents the opinion of Exchange Traded Concepts, LLC for the period stated and is subject to change at any time.*

*Blended Index is 60% the S&P 500*<sup>®</sup> *Index and 40% the Bloomberg US Aggregate Bond Index.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Concluded) | **November 30, 2022** <br> (Unaudited) |

---

*The S&P 500*<sup>®</sup> *Index is a capitalization*-weighted *index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.* 

*The Bloomberg US Aggregate Bond Index is a broad base, market capitalization*-weighted *bond market index representing intermediate term investment grade bonds traded in the United States.* 

*The Akros Multi*-Asset *Index seeks to facilitate the Fund's adopted policy to pay monthly distributions on Fund shares at a target rate that represents an annualized payout of approximately 7.0% on the Fund's per*-share *net asset value on the date of a distributions's declaration.*

*The Fund's shares are listed on an exchange. The price of the Fund's shares is based on market price, and because exchange*-traded *fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).*

*NAV — The dollar value of a single share is calculated by taking the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. NAV is calculated at the end of each business day.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> SCHEDULE OF INVESTMENTS | **November 30, 2022** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Value** |
|  **COMMON STOCKS — 25.7%** |  |  |
|  **CONSUMER DISCRETIONARY — 5.2%** | **CONSUMER DISCRETIONARY — 5.2%** |  |
|  Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 471 | $45470 |
|  AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 7737 |
|  Caesars Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 8180 |
|  Carnival Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 803 | 7974 |
|  Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 19115 |
|  Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 230 | 7378 |
|  NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 13602 |
|  Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 12673 |
|  Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 52 | 7620 |
|  |  | **129749** |
|  **CONSUMER STAPLES — 3.0%** |  |  |
|  Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | 16177 |
|  Coty, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | 8303 |
|  Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 11790 |
|  Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 138 | 20584 |
|  Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 95 | 8218 |
|  Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 215 | 8923 |
|  |  | **73995** |
|  **HEALTH CARE — 1.9%** |  |  |
|  Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 11742 |
|  Bausch Health Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 1062 | 7466 |
|  Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 98 | 7857 |
|  CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | 13142 |
|  McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 8397 |
|  |  | **48604** |
|  **INDUSTRIALS — 1.5%** |  |  |
|  American Airlines Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 513 | 7403 |
|  Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 10189 |
|  Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 8370 |
|  Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | 11649 |
|  |  | **37611** |
|  **INFORMATION TECHNOLOGY — 13.2%** | **INFORMATION TECHNOLOGY — 13.2%** |  |
|  Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 45 | 13542 |
|  Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312 | 46185 |
|  Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | 11727 |
|  Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 11358 |
|  Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | 16531 |
|  Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 283 | 14071 |
|  DXC Technology Co.\* | &nbsp;&nbsp;&nbsp;&nbsp; 237 | 7032 |
|  Flex Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 363 | 7979 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Value** |
|  **COMMON STOCKS (Continued)** |  |  |
|  **INFORMATION TECHNOLOGY (Continued)** | **INFORMATION TECHNOLOGY (Continued)** |  |
|  HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 278 | $8351 |
|  Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 372 | 11186 |
|  International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 77 | 11465 |
|  Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 10190 |
|  Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 110 | 7941 |
|  Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 233 | 7745 |
|  KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 10222 |
|  LAM Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 10392 |
|  Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 9627 |
|  Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 207 | 52814 |
|  Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 239 | 7022 |
|  Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 13285 |
|  Palo Alto Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 52 | 8835 |
|  PayPal Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 128 | 10036 |
|  Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 95 | 20615 |
|  |  | **328151** |
|  **MATERIALS — 0.6%** |  |  |
|  Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp; 638 | 7880 |
|  Westrock Co. | &nbsp;&nbsp;&nbsp;&nbsp; 210 | 7963 |
|  |  | **15843** |
|  **REAL ESTATE — 0.3%** |  |  |
|  Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 44 | **7400** |
|  **TOTAL COMMON STOCKS** <br> (Cost $603,787) |  | **641353** |
|  **EXCHANGE-TRADED FUNDS — 74.0%** | **EXCHANGE-TRADED FUNDS — 74.0%** |  |
|  **FIXED INCOME — 74.0%** |  |  |
|  Invesco Treasury Collateral ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2296 | 241838 |
|  iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2411 | 241992 |
|  iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2498 | 256620 |
|  iShares Treasury Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4787 | 241887 |
|  SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2641 | 242100 |
|  SPDR Portfolio Long Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4133 | 123370 |
|  Vanguard Long-Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4043 | 256164 |
|  WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4811 | 241753 |
|  |  | **1845724** |
|  **TOTAL EXCHANGE-TRADED FUNDS** <br> (Cost $1,837,849) |  | **1845724** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> SCHEDULE OF INVESTMENTS (Concluded) | **November 30, 2022** <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Value** |
|  **SHORT-TERM INVESTMENTSS — 0.2%** | **SHORT-TERM INVESTMENTSS — 0.2%** |  |
|  Invesco Government & Agency Portfolio — Institutional Class, 3.73%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4920 | $4920 |
|  **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost $4,920) |  | **4920** |
|  **TOTAL INVESTMENTS — 99.9%** <br> (Cost $2,446,556) |  | **2491997** |
|  Other Assets in Excess of Liabilities — 0.1% |  | 744 |
|  **TOTAL NET ASSETS — 100.0%** |  | $**2492741** |

---

\* Non-income producing security.

<sup>(a)</sup>The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Akros Monthly Payout ETF**<br> SUMMARY OF INVESTMENTS | **November 30, 2022** <br>|

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | **Percent of <br>Total Net <br>Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 13.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0.3% |
|  **Total Common Stocks** | **25.7%** |
|  **Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 74.0% |
|  **Total Exchange-Traded Funds** | **74.0%** |
|  **Short-Term Investments** | **0.2%** |
|  **Total Investments** | **99.9%** |
|  Other Assets in Excess of Liabilities | 0.1% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> STATEMENT OF ASSETS AND LIABILITIES | &nbsp;&nbsp;&nbsp; **November 30, 2022** <br>|

---

---

| | |
|:---|:---|
|  | **Akros Monthly <br>Payout ETF** |
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $2491997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 226611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 2719773 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased payable | 226121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 227032 |
|  **Net Assets** | $2492741 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2565474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (72733) |
|  **Net Assets** | $2492741 |
|  **Net Assets** | $2492741 |
|  **Shares of Beneficial Interest Outstanding** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(unlimited number of shares authorized, no par value)** | 110001 |
|  **Net Asset Value, Offering and Redemption Price Per Share** | $22.66 |
|  Investments, at cost | $2446556 |

---

*See accompanying Notes to Financial Statements.*

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

---

| | |
|:---|:---|
|  | **Akros Monthly <br>Payout ETF** |
|  | **For the period <br>May 6, 2022<sup>(1)</sup> to <br>November 30, <br>2022** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $33616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 33616 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 8126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 8126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (2709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 5417 |
|  **Net Investment Income (Loss)** | 28199 |
|  **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (118949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 46176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (72773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 45441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 45441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss)** | (27332) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $867 |

---

<sup>(1)</sup> Commencement of operations.

*See accompanying Notes to Financial Statements.*

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

---

| | |
|:---|:---|
|  | **Akros Monthly <br>Payout ETF** |
|  | **For the period <br>May 6, 2022<sup>(1)</sup> to <br>November 30, <br>2022** |
|  **From Investment Activities:** |  |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $28199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (72773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 45441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 867 |
|  **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions | (28199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (39557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (67756) |
|  **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 3738178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1178572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | 2559606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 2492717 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period (initial seed amount)<sup>(2)</sup> | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $2492741 |
|  **Change in Shares Outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 110001 |

---

<sup>(1)</sup> Commencement of operations.

<sup>(2)</sup> Beginning capital of $24 was contributed by the Adviser in exchange for 1 share of the Fund in connection with the commencement of operations.

*See accompanying Notes to Financial Statements.*

&nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> FINANCIAL HIGHLIGHTS<br>

---

| | |
|:---|:---|
|  **Akros Monthly Payout ETF <br>Selected Per Share Data** | **For the period <br>May 6, 2022<sup>(1)</sup> <br>through <br>November 30, <br>2022** |
|  Net Asset Value, beginning of period | $24.28 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup> | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | (0.82) |
|  **Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.80) |
|  Net Asset Value, end of period | $22.66 |
|  **Total Return (%)** | (3.36)<sup>(3)</sup> |
|  **Total Return at Market Price (%)** | (3.41)<sup>(3)</sup> |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fee waiver (%)<sup>(4)</sup> | 0.75<br><sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fee waiver (%)<sup>(4)</sup> | 0.50<br><sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 2.60<br><sup>(5)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets at end of period (000's) | $2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover (%)<sup>(6)</sup> | 223<br><sup>(3)</sup> |

---

<sup>(1)</sup> Commencement of operations.

<sup>(2)</sup> Per share numbers have been calculated using the average shares method.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

<sup>(5)</sup> Annualized for periods less than one year.

<sup>(6)</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 | **November 30, 2022** <br>|

---

#### 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 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 herein are for the Akros Monthly Payout ETF (the "Fund").

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

The Fund's investment objective is to seek to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Akros Multi-Asset Index (the "Index"). The Fund commenced operations on May 6, 2022.

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

**(a) Valuation of Investments**

The Fund records investments at fair value using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market 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. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Trust's Board and were implemented through a Fair Value Committee designated by the Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

---

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 Committee, in accordance with the Trust's Board-approved valuation procedures, to determine a security's fair value. In determining such value, the 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, fair value pricing could result in a difference between the prices used to calculate the Fund's NAV and the prices used by the Fund's Index. This may result in a difference between the Fund's performance and the performance of the Fund's Index. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund's portfolio securities may change on days when the investors will not be able to purchase or sell their Shares.

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

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

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

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

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

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

The following is a summary of the valuations as of May 31, 2022 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Akros Monthly Payout ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds<sup>(a)</sup> | $1845724 | $— | $— | $1845724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | 641353 |  |  | 641353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 4920 |  |  | 4920 |
|  **Total** | $**2491997** | $**—** | $**—** | $**2491997** |

---

<sup>(a)</sup>See Schedule of Investments for additional detailed categorizations.

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

For financial reporting purposes, investment transactions are reported on 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 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 Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

---

**(c) Foreign Currency Transactions**

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

**(d) Federal Income Tax**

It is the policy of the Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the "Code"), and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as the Fund qualifies as a regulated investment company.

Management of the Fund has evaluated tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Fund to record a tax liability and, therefore, there is no impact to the Fund's financial statements. The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of November 30, 2022, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

**(e) Distributions to Shareholders**

The Fund distributes net investment income monthly and capital gains, if any, at least annually. The Fund seeks to make cash distributions once per month throughout a calendar year with the goal, but not the guarantee of an annualized target rate of 7.0%, which is based on the Fund's per-share NAV on the date of a distribution's declaration. Exchange Traded Concepts, LLC (the "Adviser") monitors the Fund's distributions, the expected cash flow from investments and other metrics in determining whether to adjust the distribution rate during the course of a year. All or a portion of the distributions made by the Fund may be treated as return of capital for tax purposes. Shareholders who receive a payment of a distribution consisting of a return of capital may be under the impression that they are receiving net profits when, in fact, they are not. Shareholders should not assume that the source of a distribution from the Fund is net profit. The amounts and sources of the distribution that may be reported by the Fund throughout the year are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the distribution for tax reporting purposes will depend on a variety of factors. The Fund (or your broker) will inform you of the actual amount of your ordinary income dividends, qualified dividend income, and net capital gain distributions shortly after the close of each calendar year. One or more additional distributions may be made generally in December or after the Fund's fiscal year-end to comply with applicable law. The Fund will declare and pay capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional shares of the Fund only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

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

#### Note 3 – Transactions with Affiliates and Other Servicing Agreements
**(a) Investment Advisory Agreement**

The Adviser serves as the investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the Fund and is responsible for the day-to-day management of the Fund including, among other things, implementing changes to the Fund's portfolio in connection with any rebalancing or reconstitution of the Index, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. The Adviser also arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services, and provides its officers and employees to serve as officers or Trustees of the Trust.

For the services it provides to the Fund, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% on the first $1 billion in assets, 0.70% on the next $2 billion in assets, and 0.65% on assets in excess of $3 billion of average daily net assets of the Fund. The Adviser has contractually agreed to waive a portion of its management fee in an amount equal to 0.25% of the Fund's average daily net assets through May 1, 2023, unless earlier terminated by the Board for any reason at any time.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund 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"). The Adviser has entered into an arrangement with Akros Technologies, Inc. (the "Index Provider") pursuant to which the Adviser and the Fund are permitted to use the Index. As part of an arrangement between the Adviser and the Index Provider, the Index Provider has agreed to assume the Adviser's obligation to pay, or cause to be paid, all Fund expenses (except the Excluded Expenses) and, to the extent applicable, to pay the Adviser a minimum fee.

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 the Fund's Shares. The Distributor does not maintain any secondary market in Fund's Shares.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

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**(c) Other Servicing Agreements**

The Bank of New York Mellon ("BNY Mellon") serves as the Fund's fund accountant, transfer agent, custodian and administrator.

#### Note 4 – Investment Transactions
Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  **Fund** | **Purchases** | **Sales** |
|  Akros Monthly Payout ETF | $4484576 | $4934364 |

---

Purchases and sales of in-kind transactions for the period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  **Fund** | **Purchases** | **Sales** |
|  Akros Monthly Payout ETF | $3724115 | $759918 |

---

#### Note 5 – Capital Share Transactions
Fund Shares are listed and traded on the Exchange each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

The Fund offers and redeems Shares on a continuous basis at NAV only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Fund Shares may only be purchased or redeemed directly from the Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of the Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing Shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit the Fund to use such collateral to purchase the missing Shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such Shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

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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. The standard Creation Unit transaction fee for the Fund is $500, regardless of the number of Creation Units created in the transaction.

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 created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund's securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the Fund's securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for the Fund is $500, regardless of the number of Creation Units redeemed in the transaction.

#### Note 6 – Principal Risks
As with any investment, an investor could lose all or part of their investment in the Fund and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund's prospectus. Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

*Exchange*-Traded *Funds Risk.* Through its investments in ETFs, the Fund is subject to the risks associated with the ETFs' investments, including the possibility that the value of the instruments held by an ETF could decrease. The Fund's exposure to a particular risk will be proportionate to that Fund's overall allocation and each ETF's asset allocation. In addition, by investing in the Fund, shareholders indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. As a result, the cost of investing in the Fund may exceed the costs of investing directly in ETFs. The Fund may purchase ETFs at prices that exceed the net asset value of their underlying investments and may sell ETF investments at prices below such net asset value, and will likely incur brokerage costs when it purchases and sells ETFs.

*Market Risk.* The market price of a security or instrument could decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. 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. The market value of a security may also decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Continued) | **November 30, 2022** <br>|

---

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

#### Note 7 – Federal Income Taxes
GAAP requires certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the period ended November 30, 2022, the following amounts resulting primarily from the differing book and tax treatment relating to the reversal of gains and losses emanating from redemption-in-kind transactions have been reclassified:

---

| | | |
|:---|:---|:---|
|  **Fund** | **Paid-in <br>Capital** | **Total <br>Distributable <br>Earnings (Loss)** |
|  Akros Monthly Payout ETF | $45401 | $(45401) |

---

The tax character of the distributions paid during the tax period ended November 30, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended November 30, 2022** | **Period Ended November 30, 2022** | **Period Ended November 30, 2022** | **Period Ended November 30, 2022** |
|  **Fund** | **Ordinary <br>Income** | **Net Long-Term <br>Capital Gains** | **Return of Capital** | **Total <br>Distributions Paid** |
|  Akros Monthly Payout ETF | $28199 | $— | $39557 | $67756 |

---

As of the tax period ended November 30, 2022, the components of Distributable earnings (loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Fund** | **Undistributed <br>Ordinary <br>Income** | **Undistributed <br>Long-Term <br>Capital Gains<br>(Losses)** | **Unrealized <br>Appreciation <br>(Depreciation)<br>on Investments** | **Distributable <br>Earnings <br>(Loss)** |
|  Akros Monthly Payout ETF | $— | $(116517) | $43784 | $(72733) |

---

At November 30, 2022, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Fund** | **Tax Cost of<br>Investments** | **Unrealized <br>Appreciation<br>on Investments** | **Unrealized <br>Depreciation<br>on Investments** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>on Investments** |
|  Akros Monthly Payout ETF | $2448213 | $58353 | $(14569) | $43784 |

---

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

As of the tax period ended November 30, 2022, the Fund has non-expiring accumulated capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund** | **Short-Term** | **Long-Term** | **Total <br>Amount** |
|  Akros Monthly Payout ETF | $116517 | $— | $116517 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> NOTES TO FINANCIAL STATEMENTS (Concluded) | **November 30, 2022** <br>|

---

#### Note 8 – Recent Market Events
The spread of COVID-19 around the world has caused significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to the COVID-19 pandemic, as well as its impact on the U.S. and international economies. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such developments may in turn impact the value of the Fund's investments. The ultimate impact of the pandemic on the financial performance of the Fund's investments is not reasonably able to be estimated at this time.

On February 24, 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.

#### Note 9 – Events Subsequent to the Fiscal Period End
In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined there are no subsequent events that would require disclosure in the Fund's financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> Report of Independent Registered Public Accounting Firm | **November 30, 2022** <br>|

---

To the Shareholders of Akros Monthly Payout ETF and<br>Board of Trustees of Exchange Listed Funds Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Akros Monthly Payout ETF (the "Fund"), a series of Exchange Listed Funds Trust, as of November 30, 2022, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the period from May 6, 2022 (commencement of operations) through November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations, changes in net assets, and the financial highlights for the period from May 6, 2022 (commencement of operations) through November 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

January 25, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> DISCLOSURE OF FUND EXPENSES | **November 30, 2022** <br> (Unaudited)  |

---

All ETFs have operating expenses. As a shareholder of the Fund, you incur an advisory fee. In addition to the advisory fee, a shareholder may pay brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses), if any. It is important for you to understand the impact of these ongoing costs on your investment returns. Shareholders may incur brokerage commissions on their purchases and sales of the Fund's shares, which are not reflected in these examples.

The following examples use the annualized expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (unless otherwise noted below). The table below illustrates the Fund's cost in two ways:

#### Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers that the Fund may have incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

#### Hypothetical 5% Return
This section helps you compare your Fund's costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio for the period is unchanged. This example is useful in making comparisons because the SEC requires all funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund's actual return – the account values shown may not apply to your specific investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning <br>Account Value<br>June 1, 2022** | **Ending <br>Account Value<br>November 30, 2022** | **Annualized<br>Expense <br>Ratio** | **Expenses <br>Paid During <br>Period<sup>(1)</sup>** |
|  **Akros Monthly Payout ETF** |  |  |  |  |
|  Actual Performance | $1000.00 | $968.10 | 0.50% | $2.47 |
|  Hypothetical (5% return before expenses) | $1000.00 | $1022.56 | 0.50% | $2.54 |

---

<sup>(1)</sup> Expenses paid during the period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AGREEMENT | **November 30, 2022** <br> (Unaudited)  |

---

At a meeting held on September 21, 2022 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Listed Funds Trust (the "Trust") considered and approved the continuance of the investment advisory agreement between the Trust, on behalf of the Akros Monthly Payout ETF (the "Fund"), and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Fund (the "Agreement").

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

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

In considering whether to approve the continuance of the Agreement, the Board took into consideration (i) the nature, extent, and quality of the services provided by ETC to the Fund; (ii) the Fund's performance; (iii) ETC's costs of and profits realized from providing advisory services to the Fund, including any fall-out benefits enjoyed by ETC or its affiliates; (iv) comparative fee and expense data; (v) the extent to which the advisory fee for the Fund reflects economies of scale shared with Fund shareholders; and (vi) other factors the Board deemed to be relevant.

*Nature, Extent, and Quality of Services.* With respect to the nature, extent, and quality of the services provided to the Fund, the Board considered ETC's specific responsibilities in all aspects of day-to-day management of the Fund. The Board noted that such responsibilities include developing, implementing, and maintaining the Fund's investment program; implementing changes to the Fund's portfolio in connection with any rebalancing or reconstitution of the underlying index; trading portfolio securities and other investment instruments on behalf of the Fund; selecting broker-dealers to execute purchase and sale transactions; determining the daily baskets of deposit securities and cash components; executing portfolio securities trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis; overseeing general portfolio compliance with relevant law; monitoring compliance with various policies and procedures and applicable securities regulations; quarterly reporting to the Board; and implementing Board directives as they relate to the Fund. The Board noted that it had been provided with ETC's registration form on Form ADV as well as ETC's responses to a detailed series of questions, which included a description of ETC's operations, services, personnel, compliance program, risk management program, and financial condition, and whether there had been material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience, and responsibilities of ETC's investment personnel, the quality of ETC's compliance infrastructure, and the determination of the Trust's Chief Compliance Officer that ETC has appropriate compliance policies and procedures in place. The Board considered ETC's experience working with ETFs, including the Fund, other series of the Trust, and other ETFs outside of the Trust.

The Board also considered other services provided to the Fund by ETC, such as arranging for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate; administering the Fund's business affairs; providing office facilities and equipment and certain clerical, bookkeeping, and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to the Fund's business activities; supervising the Fund's registration as an investment company and the offering of Fund shares to the public, including oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for the Fund's shares; and providing its officers and employees to serve as officers or Trustees of the Trust.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> BOARD CONSIDERATION AND APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Concluded) | **November 30, 2022** <br> (Unaudited)  |

---

Based on the factors discussed above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of services provided to the Fund by ETC.

*Performance.* The Board reviewed the Fund's performance in light of its stated investment objective, noting that the Fund is passively managed. The Board was provided reports regarding the past performance of the Fund, including a report comparing the Fund's performance to the performance of its underlying index for the period from launch through June 30, 2022. The Board noted that, because the Fund launched on May 5, 2022, there was limited performance information to consider. The Board focused on the extent to which the Fund achieved its investment objective as a passively managed fund. The Board reviewed information regarding factors impacting the performance of the Fund, including the construction of its underlying index and the addition or deletion of securities from the underlying index. The Board reviewed information regarding the Fund's index tracking, noting, as applicable, the factors that contributed to the Fund's tracking error. The Board noted that the Fund had slightly outperformed its underlying index during its limited operation history, but that the Fund was expected to slightly underperform longer term as a result of costs incurred by the Fund that are not incurred by its underlying index. The Board also noted that the Fund's performance was nonetheless generally in line with that of its underlying index. The Board further noted that it received regular reports regarding the Fund's performance at its quarterly meetings.

*Cost of Advisory Services and Profitability.* The Board reviewed the advisory fee paid to ETC under the Agreement. The Board reviewed a report prepared by ISS, an independent third party, comparing the Fund's advisory fee to those paid by a group of peer funds. The Board noted that the report included one mutual fund in the peer group, which was intended to enhance the Board's ability to evaluate the quality of fees and expenses on a broader scale. The Board took into account the differences in operations and fee structures between ETFs and mutual funds and gave such weight to the mutual fund data as it deemed appropriate. The Board noted that ISS selected the particular mutual fund that was included in its report. The Board noted that the Fund's advisory fee was at the median of the peer group range. The Board took into account that due to the specialized nature of the Fund's underlying index and, thus, the Fund's strategy, there are limitations in comparing the Fund's advisory fee to those of other funds and the information provided by the peer group report may not provide meaningful direct comparisons to the Fund. The Board also considered that ETC had implemented a contractual fee waiver with respect to the Fund. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as underlying investment company fees, brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, ETC is responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources and that, while the Fund's index provider has assumed such responsibility, ETC is ultimately responsible for ensuring the obligation is satisfied. The Board considered information provided about the costs and expenses incurred by ETC in providing advisory services, evaluated the compensation and benefits received by ETC from its relationship with the Fund, and reviewed profitability information from ETC with respect to the Fund. The Board considered the risks borne by ETC associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund. Based on the foregoing information, the Board concluded that the Fund's advisory fee appeared reasonable in light of the services rendered.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> OTHER INFORMATION | **November 30, 2022** <br> (Unaudited)  |

---

#### Tax Information
For the period ended November 30, 2022, the Fund listed below had a percentage of the dividends paid from net investment income, including short-term capital gains (if any) designated as qualified dividend income.

---

| | |
|:---|:---|
|  **Fund** | **Qualified <br>Dividend Income** |
|  Akros Monthly Payout ETF | 13.90% |

---

For the period ended November 30, 2022, the Fund listed below had a percentage of the dividends paid from net investment income, including short-term capital gains (if any), qualify for the dividends received deduction available to corporate shareholders.

---

| | |
|:---|:---|
|  **Fund** | **Corporate Dividends <br>Received Deduction** |
|  Akros Monthly Payout ETF | 6.17% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> TRUSTEES | **November 30, 2022** <br> (Unaudited)  |

---

Set forth below is information about each of the persons currently serving as a Trustee of the Trust. The address of each Trustee of the Trust is c/o Exchange Listed Funds Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120. The Fund's Statement of Additional Information ("SAI") contains additional information about the Trust's Trustees. The SAI is available without charge, upon request, by calling toll-free (855)955-1865 or at www.akrosetfs.com.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position(s) <br>Held with <br>the Trust** | **Term of Office <br>and Length of <br>Time Served<sup>(1)</sup>** | **Principal Occupation(s) <br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex<sup>(2)</sup> <br>Overseen <br>By Trustee** | **Other Directorships <br>held by Trustee <br>During the Past 5 Years** |
|  **Interested Trustee**<sup>(3)</sup> |  |  |  |  |  |
|  Richard Hogan <br>(1961) | Trustee and Secretary | Since 2012 | Director, Exchange Traded Concepts, LLC (since 2011); Private Investor (since 2002); Secretary, Exchange Traded Concepts Trust (since 2011). | 18 | Board Member, Peconic Land Trust of Suffolk County, New York. |
|  **Independent Trustees** |  |  |  |  |  |
|  Timothy J. Jacoby <br>(1952) | Trustee | Since 2014 | None. | 38 | Independent Trustee, Bridge Builder Trust (16 portfolios) (since 2022); Independent Trustee, Edward Jones Money Market Fund (since 2017); Audit Committee Chair, Perth Mint Physical Gold ETF (2018 to 2020). |
|  Linda Petrone <br>(1962) | Trustee | Since 2019 | Founding Partner, Sage Search Advisors (since 2012). | 38 | None. |
|  Stuart Strauss <br>(1953) | Trustee | Since 2022 | Partner, Dechert LLP (2009 to 2020). | 38 | None. |

---

<sup>(1)</sup> Each Trustee shall serve during the continued life of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of competent jurisdiction, or is removed.

<sup>(2)</sup> The fund complex includes each series of the Trust and of Exchange Traded Concepts Trust.

<sup>(3)</sup> Mr. Hogan is an "interested person" of the Trust, as that term is defined in the 1940 Act, by virtue of his employment with, and ownership interest in, the Adviser.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **EXCHANGE LISTED FUNDS TRUST**<br> OFFICERS | **November 30, 2022** <br> (Unaudited)  |

---

Set forth below is information about each of the persons currently serving as officers of the Trust. The address of each officer of the Trust is c/o Exchange Listed Funds Trust, 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120.

---

| | | | |
|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position(s) Held <br>with the Trust** | **Term of Office <br>and Length of <br>Time Served<sup>(1)</sup>** | **Principal Occupation(s) <br>During Past 5 Years** |
|  J. Garrett Stevens <br>(1979) | President | Since 2012 | Investment Adviser/Vice President, T.S. Phillips Investments, Inc. (since 2000); Chief Executive Officer, Exchange Traded Concepts, LLC (since 2009); President, Exchange Traded Concepts Trust (since 2011). |
|  Richard Malinowski <br>(1983) | Vice President and Secretary | Since 2022 | General Counsel, Exchange Traded Concepts, LLC (since 2022); Senior Vice President and Senior Managing Counsel, Ultimus Fund Solutions LLC, (2020 to 2022); Senior Vice President, Ultimus Fund Solutions LLC (2017 to 2020). |
|  Christopher Roleke <br>(1972) | Treasurer | Since 2012 | Controller, Exchange Traded Concepts, LLC (since 2022); Managing Director/Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to 2022). |
|  James Baker Jr. <br>(1951) | Assistant Treasurer | Since 2015 | Managing Partner, Exchange Traded Concepts, LLC (since 2011). |
|  Matthew Fleischer <br>(1983) | Chief Compliance Officer | Since 2021 | Chief Compliance Officer Exchange Traded Concepts Trust (since 2021); Vice President, Compliance, Goldman Sachs Group, Inc., Goldman Sachs Asset Management Funds (2017 to 2021); Associate Counsel, Ameriprise Financial, Columbia Threadneedle Funds (2015 to 2017). |

---

<sup>(1)</sup> Each officer serves at the pleasure of the Board.

![](etc_logo.jpg)

10900 Hefner Pointe Drive, Suite 400<br>Oklahoma City, OK 73120

#### Investment Adviser:
Exchange Traded Concepts, LLC<br>10900 Hefner Pointe Drive, Suite 400<br>Oklahoma City, OK 73120

#### Distributor:
Foreside Fund Services, LLC<br>Three Canal Plaza, Suite 100<br>Portland, ME 04101

#### Legal Counsel:
Morgan, Lewis & Bockius LLP<br>1111 Pennsylvania Avenue NW<br>Washington, DC 20004

#### Proxy Voting Information
Exchange Traded Concepts' proxy voting policies and procedures are attached to the Fund's SAI, which is available without charge by visiting the Fund's website at www.akrosetfs.com or the SEC's website at www.sec.gov or by calling toll free (855) 955-1865.

In addition, a description of how the Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling toll free (855) 955-1865 or on the SEC's website at www.sec.gov.

#### Quarterly Portfolio Holdings Information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of its fiscal period as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov. In addition, the Fund's full portfolio holdings are updated daily and available on the Fund's website at www.akrosetfs.com.

**This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.**

(b) Not applicable.

**ITEM 2: CODE OF ETHICS.**

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer
and principal financial officer. This code of ethics is included as Exhibit 13(a)(1).

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies
to its principal executive officer and principal financial officer; there have been no amendments to, not any waivers granted from, a
provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

**ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT.**

3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is Timothy J. Jacoby, who is "independent" for purposes of this Item 3 of Form N-CSR.

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

**(a) Audit Fees:**

---

| |
|:---|
| 2022 |
| $14700 |

---

Audit fees, paid to Cohen & Company, Ltd., relate to the audit of the registrant's annual financial statements and the consent issued and included with the registrant's post-effective registration statements.

**(b) Audit-Related Fees:**

---

| |
|:---|
| 2022 |
| $- |

---

**(c) Tax Fees:**

---

| |
|:---|
| 2022 |
| $3500 |

---

These tax fees relate to the review of the registrant's tax returns, and review of income and capital gain distribution calculations. These fees were paid to Cohen & Company, Ltd.

**(d) All Other Fees:**

---

| |
|:---|
| 2022 |
| $- |

---

---

| | |
|:---|:---|
| (e)(1) | The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Trust and certain non-audit services to be rendered by the Auditor to the Advisor which require preapproval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Trust officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting. |

---

(e)(2)

---

| |
|:---|
| 2022 |
| -% |

---

(f) Not applicable.

(g) ---

| |
|:---|
| 2022 |
| $3500 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item** **5: Audit Committee of Listed registrants.**

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

**Item 6: Investments.**

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report
to shareholders filed under Item 1 of the Form N-CSR.

(b) Not applicable.

**Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10: Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11: Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based
on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this
report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information
required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting 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 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Exhibits**

(a)(1) [The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](s147207_ex99codeeth.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) are attached hereto.](s147207_ex99cert.htm)

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) are furnished herewith.](s147207_ex99-906cert.htm)

**SIGNATURES**

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

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| | |
|:---|:---|
| (Registrant) | **Exchange Listed Funds Trust** |
| By (Signature and Title) | /s/ J. Garrett Stevens |
|  | J. Garrett Stevens |
|  | President and Principal Executive Officer |
| Date: | 2/2/2023 |

---

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 |
|  | President and Principal Executive Officer |
| Date: | 2/2/2023 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer |
| Date: | 2/2/2023 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Exchange Listed Funds Trust**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AFFIRMATION OF THE CODE

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AMENDMENT AND WAIVER

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

Adopted: February 24, 2015

**Amended: August 25, 2015 (Schedule A)**

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

**SCHEDULE A**

Principal Executive Officer: Garrett Stevens <br>Principal Financial Officer: Christopher Roleke

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

I, J. Garrett Stevens, certify that:

1. I have reviewed this report on Form N-CSR of Exchange Listed Funds Trust (the "registrant");

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;

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;

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2023 | <br> /s/ J. Garrett Stevens |
| | | J. Garrett Stevens<br> President and Principal Executive Officer |

---

**CERTIFICATION**

I, Christopher W. Roleke, certify that:

1. I have reviewed this report on Form N-CSR of Exchange Listed Funds Trust (the "registrant");

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;

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;

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2023 | /s/ Christopher W. Roleke |
| | | Christopher W. Roleke<br> Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION** 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended November 30, 2022 of Exchange Listed Funds Trust (the "Registrant")

I, J. Garrett Stevens, the President and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge,:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

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.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2023 | <br> /s/ J. Garrett Stevens |
| | | J. Garrett Stevens<br> President and Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

**CERTIFICATION** 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended November 30, 2022 of Exchange Listed Funds Trust (the "Registrant")

I, Christopher W. Roleke, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge,:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

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.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2023 | <br> /s/ Christopher W. Roleke |
| | | Christopher W. Roleke<br> Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.