Fund Description: Qraft AI-Enhanced U.S. Large-Cap 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 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 companies to provide a balanced exposure to five main factors affecting the U.S. market: quality (generally, a company’s profitability), size (market capitalization), value (comparison of a company’s market value versus its book value), momentum (a security’s recent price returns compared to the overall market over time), and volatility (a security’s systematic risk as compared to the market as a whole) (the U.S. Large Cap Database). In creating the U.S. Large Cap Database, AQUA utilizes automated data feed and data processing using deep learning technologies (i.e., exposure to and processing of large amounts of data). The Fund expects to hold 300 to 350 companies in its portfolio. While it is anticipated that the Adviser will purchase and sell securities based on recommendations by the U.S. Large Cap 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 health care sector, although this may change from time to time. FUND MANAGEMENT: Traded Concepts, LLC serves as the investment adviser to the Fund.