Item 1. Reports to Stockholders.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate
fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the
audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are as follows:
(b) Audit-Related Fees. There
were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably
related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this
Item.
(c) Tax Fees. The aggregate
fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are
as follows:
Preparation of Federal & State income tax returns, assistance with
calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
(d) All Other
Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal
accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended April
30, 2026, and 2025, respectively.
(e)(1) The Trust’s Audit Committee
has adopted, and the Board of Trustees has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which
sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Trust
may be pre-approved.
(e)(2) There were no services described
in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule
2-01 of Regulation S-X.
(f) Not applicable.
(g) All non-audit
fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended April 30, 2026,
and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal
accountant for the registrant's adviser.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
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.
(a) The
Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.
Item 7. Financial Statements and Financial
Highlights for Open-End Investment Companies.
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS
April
30, 2026 |
|
|
1. Organization
Exchange
Listed Funds Trust (the “Trust”) was organized on April 4, 2012 as a Delaware statutory trust and is registered with
the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940
Act”) as an open-end management investment company. The Agreement and Declaration of Trust
permits the Trust to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more series representing
interests in separate portfolios of securities. The Trust has registered its Shares in multiple separate series. The assets of each series
in the Trust are segregated and a shareholder’s interest is limited to the series in which Shares are held. The financial statements
presented herein relate to the funds listed below and are individually referred to as a “Fund” or collectively as the “Funds”:
ETC
Cabana Target Beta ETF*
ETC
Cabana Target Drawdown 10 ETF*
ETC
Cabana Target Leading Sector Moderate ETF*
The
ETC Cabana Target Beta ETF, the ETC Cabana Target Drawdown 10 ETF and the ETC Cabana Target Leading Sector Moderate ETF are classified
as diversified investment companies under the 1940 Act.
Each
Fund is an actively managed exchange-traded fund (“ETF”). Unlike index ETFs, actively managed
ETFs do not seek to track the performance of a specified index. Instead, each Fund uses an active investment strategy in seeking to meet
its investment objective.
The
ETC Cabana Target Beta ETF seeks to provide long-term growth. The ETC Cabana Target Beta ETF seeks to achieve
its investment objective by targeting a one year rolling beta of 0.35 relative to the S&P 500 Equal Weight Index, although the beta
exposure is not a fixed amount and may vary based on the fund’s proprietary algorithm for assessing market and economic conditions.
Beta is a measure of the volatility of an asset relative to the overall market. The ETC Cabana Target Drawdown 10 ETF seeks to provide
long-term growth within a targeted risk parameter and seeks to achieve its investment objective with limited
volatility and reduced correlation to the overall performance of the equity markets by allocating its assets among ETFs in the following
five major asset classes: equities, fixed income securities, real estate, currencies, and commodities. The ETC Cabana Target Leading Sector
Moderate ETF seeks to provide long-term growth and seeks to achieve its investment objective primarily by
allocating its assets among ETFs that invest in securities of companies in the various sectors of the U.S. market: communication
services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real
estate, and utilities. The ETC Cabana Target Beta ETF and the ETC Cabana Target Drawdown 10 ETF commenced operations on September 17,
2020, and the ETC Cabana Target Leading Sector Moderate ETF commenced operations on July 13, 2021.
Under
the Trust’s organizational documents, its officers and Board of Trustees (the “Board”) are indemnified against certain
liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may
enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made against the Trust.
*
On June 25, 2025, each Fund changed its name as follows:
|
Prior
Fund Name |
|
New
Fund Name |
|
Cabana
Target Beta ETF |
|
ETC
Cabana Target Beta ETF |
|
Cabana
Target Drawdown 10 ETF |
|
ETC
Cabana Target Drawdown 10 ETF |
|
Cabana
Target Leading Sector Moderate ETF |
|
ETC
Cabana Target Leading Sector Moderate ETF |
14
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
2. Basis
of Presentation and Significant Accounting Policies
The
following is a summary of the significant accounting policies followed by the Trust in the preparation of the financial statements. These
policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment
Companies.”
(a) Use
of Estimates
The
preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and income
and expenses during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results
may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value each Fund
ultimately realizes upon sale of the securities.
(b) Segment
Reporting
In
accordance with the FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures, Exchange Traded Concepts, LLC, each Fund’s investment adviser (the “Adviser”),
reviewed each Fund in the Trust, evaluated its business activities and determined that each Fund operates as a single reportable operating
segment.
An
operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may
recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating
decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and
has discrete financial information available. The CODM is comprised of the Co-Chief Executive Officers of
the Adviser, and who are also officers of the Trust. The CODM has established various management committees to assist the CODM with overseeing
aspects of the fund’s daily operations and financial reporting. Through these committees, the CODM manages each Fund’s operations
to achieve the investment objective, as detailed in its prospectus, through the execution of the Fund’s investment strategies.
Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and
assessed as a whole by the CODM responsible for oversight functions of the Fund.
(c) Valuation
of Investments
Each
Fund records investments at fair value using procedures approved by the Board and are generally valued using market valuations (Market
Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker
(or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service,
or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service’s valuation matrix may
be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted
into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.
Rule 2a-5
under the 1940 Act, establishes requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund
boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board
oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes
of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available.
Pursuant
to the requirements of Rule 2a-5, the Board (i) has designated the Adviser as the Board’s
valuation designee to perform fair-value determinations for the Fund through the Adviser’s Valuation
Committee and (ii) has approved the Adviser’s Valuation Procedures.
15
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
In
the event that current market valuations are not readily available or such valuations do not reflect current fair market value, the Trust’s
procedures require the Valuation Committee, in accordance with the Trust’s Board-approved Valuation
Procedures, to determine a security’s fair value. In determining such value, the Valuation Committee may consider, among other
things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a
review of relevant financial indicators (e.g., movement in interest rates or market indices). Fair value pricing involves subjective judgments
and it is possible that the fair value determination for a security is materially different than the value that could be realized upon
the sale of the security. With respect to securities that are primarily listed on foreign exchanges, the value of each Fund’s portfolio
securities may change on days when the investors will not be able to purchase or sell their Shares.
Each
Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions
developed based on market data obtained from sources independent of each Fund (observable inputs) and (2) each Fund’s own
assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable
inputs). The three levels defined by the hierarchy are as follows:
• Level
1 – Quoted prices in active markets for identical assets.
• Level
2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.).
• Level
3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Pursuant
to the Valuation Procedures noted previously, ETFs 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 April 30, 2026, for each Fund based upon the three levels defined above:
ETC
Cabana Target Beta ETF
|
Assets
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total
|
|
Exchange-Traded
Funds* |
|
$
|
49,451,665
|
|
$
|
—
|
|
$
|
—
|
|
$
|
49,451,665
|
|
Total
|
|
$
|
49,451,665
|
|
$
|
—
|
|
$
|
—
|
|
$
|
49,451,665
|
ETC
Cabana Target Drawdown 10 ETF
|
Assets
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total
|
|
Exchange-Traded
Funds* |
|
$
|
102,175,133
|
|
$
|
—
|
|
$
|
—
|
|
$
|
102,175,133
|
|
Total
|
|
$
|
102,175,133
|
|
$
|
—
|
|
$
|
—
|
|
$
|
102,175,133
|
ETC
Cabana Target Leading Sector Moderate ETF
|
Assets
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total
|
|
Exchange-Traded
Funds* |
|
$
|
92,817,500
|
|
$
|
—
|
|
$
|
—
|
|
$
|
92,817,500
|
|
Total
|
|
$
|
92,817,500
|
|
$
|
—
|
|
$
|
—
|
|
$
|
92,817,500
|
16
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
(d) Investment
Transactions and Related Income
For
financial reporting purposes, investment transactions are reported on the trade date. However, for daily Net Asset Value (“NAV”)
determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day
following the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized
on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount, using the effective yield method.
Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost
of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes
withheld on income from foreign securities, which are provided for in accordance with each Fund’s understanding of the applicable
tax rules and regulations, if any.
(e) Federal
Income Tax
It
is the policy of each Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue
Code of 1986 (the “Code”) and to distribute substantially all of its net investment income and capital gains, if any, to
its shareholders. Therefore, no federal income tax provision is required as long as each Fund qualifies as a regulated investment company.
Management
of each Fund has evaluated tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine
whether it is more-likely-than-not (i.e., greater
than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position.
A tax position that meets the more-likely-than-not
recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax
positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability
for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating
expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years
for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require each
Fund to record a tax liability and, therefore, there is no impact to the Fund’s financial statements. Each Fund’s policy
is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on
its Statements of Operations. As of April 30, 2026, the Funds did not have any interest or penalties associated with the underpayment
of any income taxes.
(f) Distributions
to Shareholders
The
ETC Cabana Target Beta ETF and ETC Cabana Target Drawdown 10 ETF each pay out dividends from their net investment income at least quarterly
and distribute their net capital gains, if any, at least annually. The ETC Cabana Target Leading Sector Moderate ETF distributes its net
investment income and capital gains, if any, at least annually. Each Fund may make distributions on a more frequent basis to comply with
the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.
The
amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations,
which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature.
To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are
reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales
and straddles) do not require a reclassification.
3. Transactions
with Affiliates and Other Servicing Agreements
(a) Investment
Advisory and Administrative Services
The
Adviser serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory
Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund and is responsible for,
among other things, overseeing the Sub-Adviser (as defined below), including regular review of
17
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
the
Sub-Adviser’s performance, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to
execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides, each Fund pays the Adviser
a fee calculated daily and paid monthly at an annual rate of 0.80% of the Fund’s average daily net assets.
ETC
Platform Services, LLC (“ETC Platform Services”), a direct wholly owned subsidiary of the Adviser, administers each Fund’s
business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent
services under each Fund’s unitary fee arrangement (as described below), and its officers and employees to serve as officers or
Trustees of the Trust. ETC Platform Services also arranges for transfer agency, custody, fund administration and accounting, and other
non-distribution related services necessary for each Fund to operate. For the services it provides
to each Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of each Fund’s average
daily net assets.
Under
the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund (including the fee charged by ETC Platform Services) except
for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of
securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses,
and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under
the 1940 Act (collectively, “Excluded Expenses”). As part of an arrangement between the Sub-Adviser and
the Adviser, the Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses
of the Fund (except Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee.
The
Adviser has voluntarily elected to waive a portion of the Advisory Fee attributable to the income tax expense on ETC Cabana Target Beta
ETF related to the April 30, 2025 fiscal year. Fees waived pursuant to this voluntary waiver are not subject to recoupment in future
periods. As of April 30, 2026, the Adviser waived $5,549 in advisory fees pursuant to the voluntary waiver.
The
Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to keep total annual operating expenses
of each Fund (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1,
interest expense, taxes, acquired fund fees and expenses, brokerage commissions, other expenditures which are capitalized in accordance
with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.69% of the combined average daily net assets
of the Funds up to and including $750 million, and 0.64% of combined average daily net assets in excess of $750 million.
This arrangement is in effect through at least August 31, 2026, unless earlier terminated by the Trust for any reason at any time
with the approval of the Board.
|
Fund
|
|
Expenses
Waived
|
|
ETC
Cabana Target Beta ETF |
|
$
|
67,993
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
140,653
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
119,387
|
The
above waived amounts are not subject to recoupment.
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) Investment
Sub-Advisory
Agreement
The
Adviser has entered into investment sub-advisory agreement (the “Sub-Advisory Agreement”)
with respect to the Funds with Cabana LLC d/b/a Cabana Asset Management (the “Sub-Adviser”).
Under the Sub-Advisory Agreement, the Sub-Adviser makes investment
decisions for the Funds and continuously reviews and administers the investment program of the Funds, subject to the supervision of the
Adviser and the oversight of the Board. The Adviser pays a fee to the Sub-Adviser out of the Fee the
Adviser receives from each Fund, which is calculated daily and paid monthly. Assets of each of the Cabana Target Beta ETF and Cabana Target
Drawdown 10 ETF shall be aggregated for purposes of calculating the sub-advisory fee for those funds.
18
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
(c) Distribution
Arrangement
Foreside
Fund Services, LLC (the “Distributor”), a Delaware limited liability company, is the principal underwriter and distributor
of each Fund’s Shares. The Distributor does not maintain any secondary market in any Fund’s Shares.
The
Trust has adopted a Rule 12b-1 Distribution and Service Plan (the “Distribution and Service
Plan”) pursuant to which payments of up to a maximum of 0.25% of a Fund’s average daily net assets may be made to compensate
or reimburse financial intermediaries for activities principally intended to result in the sale of each Fund’s Shares. In accordance
with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to
distribution and/or marketing services with respect to the Trust.
Currently,
no payments are made under the Distribution and Service Plan. Such payments may only be made after approval by the Board. The Adviser
and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the
Trust.
(d) Other
Servicing Agreements
Ultimus
Fund Solutions, LLC provides administration and fund accounting services to the Trust pursuant to a master servicing agreement. Brown
Brothers Harriman & Co. serves as each Fund’s custodian and transfer agent pursuant to a custodian and transfer agent
agreement. The Adviser pays these fees.
An
officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.
4. Investment
Transactions
Purchases
and sales of investments, excluding in-kind transactions and short-term investments,
for the year ended April 30, 2026, were as follows:
|
Fund
|
|
Purchases
|
|
Sales
|
|
ETC
Cabana Target Beta ETF |
|
$
|
83,553,013
|
|
$
|
83,855,343
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
236,351,609
|
|
|
235,340,765
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
450,647,172
|
|
|
451,704,943
|
Purchases
and sales of in-kind transactions for the year ended April 30, 2026, were as follows:
|
Fund
|
|
Purchases
|
|
Sales
|
|
ETC
Cabana Target Beta ETF |
|
$
|
—
|
|
$
|
31,646,650
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
—
|
|
|
72,078,537
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
22,788,740
|
|
|
74,902,912
|
Transactions
with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is
solely due to having a common investment advisor, common officers, or common trustees. During the fiscal year ended April 30, 2026,
the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7
under the 1940 Act as follows:
|
Fund
|
|
Securities
Purchased |
|
Securities
Sold |
|
Net
Realized
Gain (Loss) on
Securities Sold |
|
ETC
Cabana Target Drawdown 10 ETF |
|
$
|
18,106,042
|
|
$
|
25,307,319
|
|
$
|
3,915,554
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
25,307,319
|
|
|
18,106,042
|
|
|
2,085,489
|
19
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
5. Capital
Share Transactions
Fund
Shares are listed and traded on the NASDAQ Stock Market, LLC (the “Exchange”) each day that the Exchange is open
for business (“Business Day”). Each Fund’s Shares may only be purchased and sold on the Exchange through a broker-dealer.
Because each Fund’s Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than
NAV (premium) or less than NAV (discount).
Each
Fund offers and redeems Shares on a continuous basis at NAV only in large blocks of Shares (“Creation Units”). Except when
aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased from or redeemed directly
from each Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a
broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of
the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each
case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption
on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount,
or for an all cash amount.
To
the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper
form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of each
Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on
the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by
the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the market value as set forth in the
Participant Agreement. A Participant Agreement may permit each Fund to use such collateral to purchase the missing shares, and could subject
an Authorized Participant to liability for any shortfall between the cost of each Fund acquiring such shares and the value of the collateral.
Most
retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they
will be unable to purchase or redeem the Shares directly from each Fund. Rather, most retail investors will purchase Shares in the secondary
market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.
A
purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of
Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created
in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable
fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units.
The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange,
execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund
may adjust the non-standard charge from time to time based upon actual experience. Investors who use the
services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount
for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring
the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction
fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation
Unit, which the transaction fee is designed to cover.
A
redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units,
and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units redeemed
in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to
any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition,
a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial
cash redemptions for each Fund. The variable fee is primarily designed
20
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
to
cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other
costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized
Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction
fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting
each Fund’s securities to the account of the Trust. The non-standard charges are payable to each Fund
as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund’s securities and the cash redemption
amount and other transactions costs.
6. Principal
Risks
As
with any investment, an investor could lose all or part of their investment in each Fund and each Fund’s performance could trail
that of other investments. Each Fund is subject to the principal risks noted below, any of which may adversely affect a Fund’s
NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the
Funds’ prospectus. Please refer to the relevant Fund’s prospectus for a complete description of the principal risks of investing
in that Fund.
Asset
Allocation Risk. Each Fund’s investment performance depends upon the successful allocation by the Sub-Adviser
of the Fund’s assets among asset classes. There is no guarantee that the Sub-Adviser’s allocation
techniques and decisions will produce the desired results.
Exchange-Traded
Funds Risk. Through its investments in ETFs, each 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. A 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 a 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 a Fund may exceed the costs of investing directly in ETFs. A 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. Overall market risk may affect the value of individual instruments in which a Fund invests. A Fund is subject to the risk
that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect a Fund’s performance. Factors such as domestic and foreign (non-U.S.)
economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, the spread
of infectious illness or other public health threats, lack of liquidity in the bond or other markets, volatility in the securities markets,
adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced
periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods
of decline in value. A change in financial condition or other event affecting a single issuer or market may adversely impact securities
markets as a whole. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the
future as inflation decreases the value of money.
Trading
Risk. Shares of each Fund may trade on the Exchange above (premium) or below (discount) their NAV. The NAV of shares of
each Fund will fluctuate with changes in the market value of that Fund’s holdings. The market prices of each Fund’s shares
will fluctuate continuously throughout trading hours based on market supply and demand and may deviate significantly from the value
of such 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 a Fund (bid) and the lowest price a seller
is willing to accept for shares of a Fund (ask), which is known as the bid-ask spread. In addition, although
each Fund’s shares are currently listed on the Exchange, there can be
21
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
no
assurance that an active trading market for shares will develop 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 a Fund inadvisable. In stressed market conditions, the market
for a 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, a Fund’s shares could trade at a premium or discount to their NAV.
7. Federal
Income Taxes
GAAP
requires certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect
on net assets or NAV per share. For the year ended April 30, 2026, 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 and taxable overdistribution:
|
Fund
|
|
Paid-in
Capital |
|
Total
Distributable
Earnings (Loss) |
|
ETC
Cabana Target Beta ETF |
|
$
|
1,578,902
|
|
$
|
(1,578,902
|
)
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
2,300,366
|
|
|
(2,300,366
|
)
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
5,944,904
|
|
|
(5,944,904
|
)
|
The
tax character of the distributions paid during the tax year ended April 30, 2026, and April 30, 2025, was as follows:
|
|
|
Year
Ended April 30, 2026 |
|
Fund
|
|
Ordinary
Income |
|
Net
Long-Term
Capital Gains |
|
Return
of
Capital |
|
Total
Distributions |
|
ETC
Cabana Target Beta ETF |
|
$
|
1,336,082
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,336,082
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
2,970,306
|
|
|
—
|
|
|
—
|
|
|
2,970,306
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
941,049
|
|
|
—
|
|
|
—
|
|
|
941,049
|
|
|
|
Year
Ended April 30, 2025 |
|
Fund
|
|
Ordinary
Income |
|
Net
Long-Term
Capital Gains |
|
Return
of
Capital |
|
Total
Distributions |
|
ETC
Cabana Target Beta ETF |
|
$
|
2,714,812
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,714,812
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
5,029,377
|
|
|
—
|
|
|
—
|
|
|
5,029,377
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
2,937,259
|
|
|
—
|
|
|
—
|
|
|
2,937,259
|
As
of the tax year ended April 30, 2026, the components of distributable earnings (loss) on a tax basis were as follows:
|
Fund
|
|
Undistributed
Ordinary
Income
|
|
Undistributed
Capital Gains
(Losses) |
|
Capital
Loss
Carryforwards |
|
Unrealized
Appreciation
(Depreciation) on
Investments
|
|
Distributable
Earnings
(Loss)
|
|
ETC
Cabana Target Beta ETF |
|
$
|
114,261
|
|
$
|
—
|
|
$
|
(79,377,675
|
)
|
|
$
|
5,411,625
|
|
$
|
(73,851,789
|
)
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
—
|
|
|
—
|
|
|
(382,236,796
|
)
|
|
|
8,705,127
|
|
|
(373,531,669
|
)
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
65,923
|
|
|
—
|
|
|
(211,743,948
|
)
|
|
|
10,735,730
|
|
|
(200,942,295
|
)
|
22
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
At
April 30, 2026, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation)
of securities, are as follows:
|
Fund
|
|
Tax
Cost of
Investments |
|
Unrealized
Appreciation on
Investments |
|
Unrealized
Depreciation
on Investments |
|
Net
Unrealized
Appreciation
(Depreciation) on
Investments |
|
ETC
Cabana Target Beta ETF |
|
$
|
44,040,040
|
|
$
|
5,471,994
|
|
$
|
(60,369
|
)
|
|
$
|
5,411,625
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
93,470,006
|
|
|
9,820,389
|
|
|
(1,115,262
|
)
|
|
|
8,705,127
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
82,081,770
|
|
|
10,735,730
|
|
|
—
|
|
|
|
10,735,730
|
The
differences 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.” Include temporary book to tax differences relating to “wash sales, partnerships,
and granter trust basis adjustments.
As
of the tax year ended April 30, 2026, each Fund has non-expiring accumulated capital loss carry forwards
as follows:
|
Fund
|
|
Short-Term
|
|
Long-Term
|
|
Total
Amount |
|
CLCF
Utilized |
|
ETC
Cabana Target Beta ETF |
|
$
|
78,714,218
|
|
$
|
663,457
|
|
$
|
79,377,675
|
|
$
|
1,700,300
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
|
382,236,796
|
|
|
—
|
|
|
382,236,796
|
|
|
9,703,969
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
|
211,743,948
|
|
|
—
|
|
|
211,743,948
|
|
|
15,697,993
|
To
the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward.
Funds ability to utilize its acquired capital loss carryforward is subject to an annual limitation under the Internal Revenue Code.
8. Securities
Lending
Effective
August 1, 2025, the Funds have entered into a Securities Lending Agreement with Mitsubishi (the “Lending Agent”)
to lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or
other criteria established by the Trust’s Board. The Funds previously used Brown Brothers Harriman & Co. as the Lending
Agent. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Funds (including the loan collateral). The
Funds will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations
thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities,
and the collateral will be maintained in an amount equal to at least 102% of the value of domestic equity securities and American Depositary
Receipts and 105% of the value of foreign equity securities (other than ADRs). However, due to market fluctuations during the day,
the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On
each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s
lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable
to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Funds
may be delayed or restricted from recovering the loaned securities or disposing of the collateral for the loan, which could give rise
to loss because at adverse market actions, expenses and/or delays in connection with the disposition of the underlying securities. Any
gain or loss in the market price of the securities loaned and income from lending activity by a Fund that might occur during the term
of the loan would be for the account of the Fund. Cash collateral received in connection with securities lending is invested in short-term
investments by the lending agent.
Securities
lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits the Funds, under certain circumstances
such as an event of default, to offset amounts payable by a Fund to the same counterparty against amounts receivable from the counterparty
to create a net payment due to or from the Fund.
The
Fund had no open securities lending outstanding as of April 30, 2026.
23
|
EXCHANGE
LISTED FUNDS TRUST
NOTES
TO FINANCIAL STATEMENTS (Continued)
April
30, 2026 |
|
|
9. Recent
Market Events
Local,
regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions,
or other events could have a significant impact on the market generally and on specific securities. Periods of market volatility may occur
in response to such events and other economic, political, and global macro factors.
Governments
and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support
local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping
interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022
and raised interest rates in an effort to fight inflation. The Federal Reserve has begun to lower interest rates and may continue to do
so in the future. Trade disputes and the imposition of tariffs, along with other matters, may negatively impact the economies of the United States
and its trading partners, as well as the financial markets as a whole. This and other government intervention into the economy and financial
markets to address significant events in the future may not work as intended, particularly if the efforts are perceived by investors as
being unlikely to achieve the desired results.
10. Events
Subsequent to Fiscal Period End
In
preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through
the date the financial statements were issued. Management has determined there are no subsequent events that would require disclosure
in a Fund’s financial statements.
24
|
EXCHANGE
LISTED FUNDS TRUST
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
April
30, 2026 |
To
the Shareholders of ETC Cabana Target Beta ETF, ETC Cabana Target Drawdown 10 ETF, and ETC Cabana Target Leading Sector Moderate ETF and
Board
of Trustees of Exchange Listed Funds Trust
Opinion
on the Financial Statements
We
have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Exchange Listed Funds Trust
comprising the funds listed below (the “Funds”) as of April 30, 2026, the related statements
of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of each of the Funds as of April 30, 2026, the results of their operations, the changes
in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally
accepted in the United States of America.
|
Fund
Name |
|
Statements
of
Operations |
|
Statements
of
Changes in
Net Assets |
|
Financial
Highlights |
|
ETC
Cabana Target Beta ETF (formerly, Cabana Target Beta ETF) and ETC Cabana Target Drawdown 10 ETF (formerly, Cabana Target Drawdown 10 ETF)
|
|
For
the year ended April 30, 2026 |
|
For
the years ended April 30, 2026 and 2025 |
|
For
the years ended April 30, 2026, 2025, 2024, 2023, and 2022 |
|
ETC
Cabana Target Leading Sector Moderate ETF (formerly, Cabana Target Leading Sector Moderate ETF) |
|
For
the year ended April 30,
2026 |
|
For
the years ended April 30,
2026 and 2025 |
|
For
the years ended April 30,
2026, 2025, 2024, 2023, and for the period from July 13,
2021 (commencement of operations) through April 30,
2022 |
Basis
for Opinion
These
financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April
30, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide
a reasonable basis for our opinion.
We
have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.
COHEN &
COMPANY, LTD.
Cleveland,
Ohio
June
26, 2026
25
|
EXCHANGE
LISTED FUNDS TRUST
NOTICE
TO SHAREHOLDERS (Unaudited)
April
30, 2026 |
|
|
Tax
Information
For
the year ended April 30, 2026, each Fund listed below had a percentage of the dividends paid from net investment income, including
short-term capital gains (if any) designated as qualified dividend income:
|
Fund
|
|
Qualified
Dividend Income |
|
ETC
Cabana Target Beta ETF |
|
21
|
%
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
57
|
%
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
100
|
%
|
For
the year ended April 30, 2026, each Fund listed below had a percentage of the dividends paid from net investment income, including
short-term capital gains (if any), qualify for the dividends received deduction available to corporate shareholders:
|
Fund
|
|
Corporate Dividends
Received Deduction |
|
ETC
Cabana Target Beta ETF |
|
21
|
%
|
|
ETC
Cabana Target Drawdown 10 ETF |
|
37
|
%
|
|
ETC
Cabana Target Leading Sector Moderate ETF |
|
100
|
%
|
26
|
EXCHANGE
LISTED FUNDS TRUST
OTHER
INFORMATION (Form N-CSR, Items 8-11) (Unaudited)
April
30, 2026 |
|
|
Item 8.
Changes in and Disagreements with Accountants for Open-End
Investment Companies.
Not
applicable.
Item 9.
Proxy Disclosures for Open-End
Management Investment Companies
There
were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End
Investment Companies.
All
fund expenses, including Trustee compensation is paid by the Adviser pursuant to the Advisory Agreement. Additional information related
to those fees is available in the Fund’s Statement of Additional Information.
Item 11. Statement
Regarding Basis for Approval of Investment Advisory Contract.
Not
applicable.
27
Item 8. Changes in and Disagreements with
Accountants for Open-End Investment Companies.
Included under Item 7.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included under Item 7.
Included under Item 7.
Included under Item 7.
Item
12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for open-end management investment
companies.
Not applicable for open-end management investment
companies.
Not applicable for open-end management investment
companies.
There have been no changes to the procedures by which shareholders
may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.
(a) The Registrant’s
principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of
a date within 90 days of the filing date of this report.
(b) There were no changes
in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period
covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
Not applicable for open-end management investment
companies.
Item 19. Exhibits.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
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.
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.
