Fund Description: Qraft AI-Enhanced U.S. Large-Cap Momentum ETF is a non-diversified actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Exchange Listed Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Qraft AI-Enhanced U.S. Large-Cap Momentum ETF seeks capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amounts of any borrowings for investment purposes, in securities of U.S.-listed large capitalization companies that are excess of $4 billion at the time of purchase. The Fund will invest in equity securities of such companies, including common stock, American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund’s adviser uses an investment process based on a proprietary artificial intelligence security selection process that extracts patterns from analyzing data developed by QRAFT Technologies, Inc. Qraft is a South Korea-based provider of artificial intelligence investment systems and currently offers services to various financial institutions in Korea. The Adviser has licensed Qraft’s proprietary artificial intelligence security selection process for the management of the Fund. In pursuing the Fund’s investment objective, the Adviser consults a database generated by Qraft’s AI Quantitative Investment System (AQUA), which automatically selects and weights portfolios of U.S. large cap companies to provide exposure to a portfolio of 50 companies that have had higher residual returns relative to their similar-sized peers (based on market capitalization) over a rolling 3 to 36 month period. A stock’s residual return equals its total return after removal of market, size and value risks factored into portfolio construction under conventional portfolio management. Use of residual momentum rather than conventional momentum to construct a portfolio is based on the stock management theory that stocks with higher residual returns have the potential to perform better and more consistently over time than conventional momentum stocks. AQUA’s AI system finds a period within those 3 to 36 months that resulted in the best performance of stocks in the past and ranks those stocks by their residual returns the Momentum Database. AQUA then uses a proprietary statistical analysis method to calculate and identify a set of parameters that contributed to the stocks’ outperformance during the period and AQUA then assigns weightings every six months. While it is anticipated that the Adviser will purchase and sell securities based on recommendations of the Momentum Database, the Adviser has full discretion over investment decisions for the Fund. The Fund expects to invest a significant portion of its assets in the securities of companies in the information technology sector, although this may change from time to time. FUND MANAGEMENT: Traded Concepts, LLC serves as the investment adviser to the Fund.