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iShares Bitcoin Trust ETF (ticker IBIT) has filed Pre-Effective Amendment No. 2 to its Post-Effective Amendment No. 2, converting the prior Form S-1 registration to a shelf Form S-3 and updating disclosure through 27 June 2025. The Delaware statutory trust—sponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock—issues shares that track the price performance of bitcoin before expenses.
Scale and capital structure. • The Trust’s net asset value (NAV) was $74.20 billion with a per-share NAV of $60.70. • Shares are listed on NASDAQ under the symbol IBIT and trade independently of NAV. • Creation/redemption occurs only in baskets of 40,000 shares, valued at either bitcoin or cash; as of 25 June 2025 one basket equated to 22.72 BTC (≈ $2.45 million).
Expense profile. The Trust’s single recurring cost is the Sponsor’s Fee of 0.25% (accrued daily, paid quarterly), one of the lowest expense ratios among crypto-linked exchange-traded products. The Sponsor also absorbs a broad range of routine operating expenses—including trustee, administration, audit, listing and registration fees—up to $500 k in annual legal costs, and all organisational costs.
Service framework. • BlackRock Fund Advisors acts as Trustee. • Coinbase Custody Trust Co. is the primary bitcoin custodian; Anchorage Digital Bank N.A. is named as an alternative. • The Bank of New York Mellon serves as cash custodian and administrator. • Prime Execution Agent services are provided by Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT and Virtu are approved bitcoin trading counterparties. • Twelve Authorised Participants can create/redeem in cash; four can transact in-kind.
Key updates. 1) Potential adoption of an in-kind creation/redemption process alongside existing cash flows. 2) Inclusion of audited financial data through the 5 March 2025 annual report. 3) Expanded risk disclosures addressing market volatility, regulatory uncertainty and executive-order developments around a prospective U.S. strategic bitcoin reserve.
Risk highlights. The prospectus devotes extensive space to bitcoin price volatility (one-year trailing volatility ≈ 65%), custody security, fork/air-drop treatment (the Trust permanently abandons ancillary coins), regulatory classification risks under SEC, CFTC, FinCEN and state regimes, and potential divergence between share price and NAV if arbitrage mechanisms are impaired.
Dissolution triggers include delisting, regulatory orders, loss of critical service providers, or failure to qualify as a grantor trust. Upon dissolution, remaining bitcoin would be liquidated and net proceeds distributed via DTC.
Overall, the filing positions IBIT as a large-scale, low-fee vehicle for institutional-grade access to spot bitcoin exposure, while emphasizing the material risks inherent in digital-asset markets.
iShares Bitcoin Trust ETF (simbolo IBIT) ha presentato l'Emendamento Pre-Esecutivo n. 2 al suo Emendamento Post-Esecutivo n. 2, convertendo la precedente registrazione Form S-1 in un Form S-3 a scaffale e aggiornando le informazioni fino al 27 giugno 2025. Il trust statutario del Delaware — sponsorizzato da iShares Delaware Trust Sponsor LLC, una controllata indiretta di BlackRock — emette azioni che replicano la performance del prezzo del bitcoin al netto delle spese.
Dimensioni e struttura del capitale. • Il valore patrimoniale netto (NAV) del Trust era di 74,20 miliardi di dollari con un NAV per azione di 60,70 dollari. • Le azioni sono quotate al NASDAQ con il simbolo IBIT e vengono negoziate indipendentemente dal NAV. • La creazione/redenzione avviene solo in blocchi da 40.000 azioni, valutati in bitcoin o in contanti; al 25 giugno 2025 un blocco corrispondeva a 22,72 BTC (circa 2,45 milioni di dollari).
Profilo dei costi. L'unico costo ricorrente del Trust è la commissione dello Sponsor dello 0,25% (accumulata giornalmente e pagata trimestralmente), tra i più bassi rapporti di spesa tra i prodotti negoziati in borsa legati alle criptovalute. Lo Sponsor copre inoltre una vasta gamma di spese operative ordinarie — inclusi trustee, amministrazione, audit, quotazione e registrazione — fino a 500.000 dollari di costi legali annuali e tutte le spese organizzative.
Quadro dei servizi. • BlackRock Fund Advisors agisce come Trustee. • Coinbase Custody Trust Co. è il custode principale del bitcoin; Anchorage Digital Bank N.A. è indicata come alternativa. • The Bank of New York Mellon funge da custode del contante e amministratore. • I servizi di Prime Execution Agent sono forniti da Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT e Virtu sono controparti approvate per il trading di bitcoin. • Dodici Partecipanti Autorizzati possono creare/redimere in contanti; quattro possono operare in natura.
Aggiornamenti chiave. 1) Possibile adozione di un processo di creazione/redenzione in natura accanto ai flussi in contanti esistenti. 2) Inclusione di dati finanziari certificati fino al bilancio annuale del 5 marzo 2025. 3) Ampliamento delle informazioni sui rischi riguardanti la volatilità di mercato, l'incertezza normativa e gli sviluppi degli ordini esecutivi relativi a una potenziale riserva strategica di bitcoin degli Stati Uniti.
Punti salienti sui rischi. Il prospetto dedica ampio spazio alla volatilità del prezzo del bitcoin (volatilità a un anno circa 65%), alla sicurezza della custodia, al trattamento di fork/air-drop (il Trust abbandona definitivamente le monete accessorie), ai rischi di classificazione normativa sotto SEC, CFTC, FinCEN e regolamenti statali, e alla possibile divergenza tra prezzo delle azioni e NAV in caso di compromissione dei meccanismi di arbitraggio.
Trigger di scioglimento includono la cancellazione dalla quotazione, ordini regolamentari, perdita di fornitori di servizi critici o il mancato mantenimento della qualifica di grantor trust. In caso di scioglimento, i bitcoin residui saranno liquidati e i proventi netti distribuiti tramite DTC.
In sintesi, la documentazione posiziona IBIT come un veicolo di grande scala e a basso costo per l'accesso istituzionale all'esposizione diretta al bitcoin, sottolineando al contempo i rischi significativi insiti nei mercati degli asset digitali.
iShares Bitcoin Trust ETF (símbolo IBIT) ha presentado la Enmienda Pre-Efectiva No. 2 a su Enmienda Post-Efectiva No. 2, convirtiendo la anterior inscripción en el Formulario S-1 a un Formulario S-3 en estante y actualizando la información hasta el 27 de junio de 2025. El fideicomiso estatutario de Delaware — patrocinado por iShares Delaware Trust Sponsor LLC, una subsidiaria indirecta de BlackRock — emite acciones que reflejan el desempeño del precio de bitcoin antes de gastos.
Escala y estructura de capital. • El valor neto de activos (NAV) del Trust era de
Perfil de gastos. El único costo recurrente del Trust es la tarifa del patrocinador del 0,25% (acumulada diariamente y pagada trimestralmente), una de las ratios de gastos más bajos entre los productos cotizados vinculados a criptomonedas. El patrocinador también cubre una amplia gama de gastos operativos rutinarios — incluyendo fideicomisario, administración, auditoría, tarifas de listado y registro — hasta $500,000 en costos legales anuales y todos los costos organizativos.
Marco de servicios. • BlackRock Fund Advisors actúa como fideicomisario. • Coinbase Custody Trust Co. es el custodio principal de bitcoin; Anchorage Digital Bank N.A. es nombrado como alternativa. • The Bank of New York Mellon sirve como custodio de efectivo y administrador. • Los servicios de Agente de Ejecución Principal son proporcionados por Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT y Virtu son contrapartes aprobadas para la negociación de bitcoin. • Doce Participantes Autorizados pueden crear/redimir en efectivo; cuatro pueden operar en especie.
Actualizaciones clave. 1) Potencial adopción de un proceso de creación/redención en especie junto con los flujos en efectivo existentes. 2) Inclusión de datos financieros auditados hasta el informe anual del 5 de marzo de 2025. 3) Ampliación de las divulgaciones de riesgos que abordan la volatilidad del mercado, la incertidumbre regulatoria y los desarrollos de órdenes ejecutivas sobre una posible reserva estratégica de bitcoin de EE.UU.
Aspectos destacados de riesgos. El prospecto dedica un amplio espacio a la volatilidad del precio del bitcoin (volatilidad anual aproximada del 65%), la seguridad de la custodia, el tratamiento de forks/air-drops (el Trust abandona permanentemente las monedas accesorias), riesgos de clasificación regulatoria bajo SEC, CFTC, FinCEN y regímenes estatales, y la posible divergencia entre el precio de las acciones y el NAV si se afectan los mecanismos de arbitraje.
Disparadores de disolución incluyen la exclusión de la lista, órdenes regulatorias, pérdida de proveedores de servicios críticos o la incapacidad para calificar como un grantor trust. En caso de disolución, los bitcoins restantes se liquidarían y los ingresos netos se distribuirían a través de DTC.
En general, la presentación posiciona a IBIT como un vehículo de gran escala y bajo costo para el acceso institucional directo a bitcoin, enfatizando al mismo tiempo los riesgos materiales inherentes a los mercados de activos digitales.
iShares Bitcoin Trust ETF (티커 IBIT)는 선행 효력 개정안 2호를 제출하여 기존 Form S-1 등록을 선반(Form S-3)으로 전환하고 2025년 6월 27일까지의 공시를 업데이트했습니다. 델라웨어 법정 신탁으로, iShares Delaware Trust Sponsor LLC가 후원하며 블랙록의 간접 자회사입니다. 이 신탁은 비용 차감 전 비트코인 가격 성과를 추적하는 주식을 발행합니다.
규모 및 자본 구조. • 신탁의 순자산가치(NAV)는 742억 달러이며 주당 NAV는 60.70달러입니다. • 주식은 NASDAQ에 IBIT 심볼로 상장되어 있으며 NAV와 독립적으로 거래됩니다. • 생성/상환은 40,000주 단위의 바스켓으로만 가능하며, 비트코인 또는 현금으로 평가됩니다. 2025년 6월 25일 기준 한 바스켓은 22.72 BTC(약 245만 달러)에 해당합니다.
비용 프로필. 신탁의 유일한 반복 비용은 후원 수수료 0.25%(일일 누적, 분기별 지급)로, 암호화폐 연계 상장지수상품 중 가장 낮은 비용 비율 중 하나입니다. 후원사는 수탁자, 관리, 감사, 상장 및 등록 수수료를 포함한 다양한 운영 비용과 연간 법률 비용 최대 50만 달러, 모든 조직 비용을 부담합니다.
서비스 체계. • BlackRock Fund Advisors가 수탁자로 활동합니다. • Coinbase Custody Trust Co.가 주요 비트코인 수탁자이며, Anchorage Digital Bank N.A.가 대안으로 지정되어 있습니다. • Bank of New York Mellon이 현금 수탁자 및 관리자 역할을 합니다. • Coinbase Inc.가 주요 실행 대행 서비스를 제공하며, Cumberland DRW, Flow Traders, JSCT, Virtu가 승인된 비트코인 거래 상대방입니다. • 12명의 승인 참가자가 현금으로 생성/상환할 수 있고, 4명은 현물로 거래할 수 있습니다.
주요 업데이트. 1) 기존 현금 흐름과 함께 현물 생성/상환 프로세스 도입 가능성. 2) 2025년 3월 5일 연례 보고서까지 감사된 재무 데이터 포함. 3) 시장 변동성, 규제 불확실성, 미국 전략적 비트코인 준비금 관련 행정명령 개발 등 위험 공시 확대.
위험 요약. 투자설명서에는 비트코인 가격 변동성(1년 추적 변동성 약 65%), 수탁 보안, 포크/에어드랍 처리(신탁은 부수 코인을 영구 포기), SEC, CFTC, FinCEN 및 주정부 규제 분류 위험, 차익거래 메커니즘 장애 시 주가와 NAV 간 괴리 가능성 등이 상세히 설명되어 있습니다.
해산 조건에는 상장 폐지, 규제 명령, 핵심 서비스 제공자 상실, 그랜터 트러스트 자격 상실 등이 포함됩니다. 해산 시 남은 비트코인은 청산되어 순수익이 DTC를 통해 분배됩니다.
전반적으로 이번 제출은 IBIT를 대규모 저비용 기관급 현물 비트코인 노출 수단으로 자리매김하면서 디지털 자산 시장에 내재된 중대한 위험을 강조합니다.
iShares Bitcoin Trust ETF (symbole IBIT) a déposé l'Amendement Pré-Efficace n° 2 à son Amendement Post-Efficace n° 2, convertissant l'enregistrement précédent sous le formulaire S-1 en un formulaire S-3 sur étagère et mettant à jour les informations jusqu'au 27 juin 2025. Le trust statutaire du Delaware — parrainé par iShares Delaware Trust Sponsor LLC, une filiale indirecte de BlackRock — émet des actions qui suivent la performance du prix du bitcoin avant frais.
Échelle et structure du capital. • La valeur nette d'inventaire (VNI) du Trust était de 74,20 milliards de dollars avec une VNI par action de 60,70 dollars. • Les actions sont cotées au NASDAQ sous le symbole IBIT et se négocient indépendamment de la VNI. • La création/rédemption s'effectue uniquement par paniers de 40 000 actions, évalués en bitcoin ou en espèces ; au 25 juin 2025, un panier équivalait à 22,72 BTC (≈ 2,45 millions de dollars).
Profil des frais. Le seul coût récurrent du Trust est la commission du sponsor de 0,25% (accrue quotidiennement, payée trimestriellement), l'un des ratios de frais les plus bas parmi les produits négociés liés aux cryptomonnaies. Le sponsor prend également en charge une large gamme de frais opérationnels courants — y compris les frais de fiduciaire, d'administration, d'audit, de cotation et d'enregistrement — jusqu'à 500 000 $ de frais juridiques annuels et tous les frais d'organisation.
Cadre des services. • BlackRock Fund Advisors agit en tant que fiduciaire. • Coinbase Custody Trust Co. est le dépositaire principal du bitcoin ; Anchorage Digital Bank N.A. est nommé en tant qu'alternative. • The Bank of New York Mellon sert de dépositaire de trésorerie et d'administrateur. • Les services d'agent d'exécution principal sont fournis par Coinbase Inc. ; Cumberland DRW, Flow Traders, JSCT et Virtu sont des contreparties de trading bitcoin approuvées. • Douze participants autorisés peuvent créer/racheter en espèces ; quatre peuvent effectuer des transactions en nature.
Mises à jour clés. 1) Adoption potentielle d'un processus de création/rédemption en nature parallèlement aux flux en espèces existants. 2) Inclusion des données financières auditées jusqu'au rapport annuel du 5 mars 2025. 3) Extension des divulgations des risques traitant de la volatilité du marché, de l'incertitude réglementaire et des développements des ordres exécutifs autour d'une réserve stratégique américaine potentielle de bitcoin.
Points clés sur les risques. Le prospectus consacre un large espace à la volatilité du prix du bitcoin (volatilité sur un an ≈ 65 %), à la sécurité de la garde, au traitement des forks/air-drops (le Trust abandonne définitivement les pièces accessoires), aux risques de classification réglementaire sous les régimes SEC, CFTC, FinCEN et étatiques, ainsi qu'à la divergence potentielle entre le prix des actions et la VNI si les mécanismes d'arbitrage sont perturbés.
Déclencheurs de dissolution incluent la radiation, les ordres réglementaires, la perte de prestataires de services critiques ou l'incapacité à se qualifier en tant que grantor trust. En cas de dissolution, les bitcoins restants seraient liquidés et le produit net distribué via DTC.
Globalement, le dépôt positionne IBIT comme un véhicule à grande échelle et à faible coût pour un accès institutionnel à l'exposition au bitcoin au comptant, tout en soulignant les risques importants inhérents aux marchés des actifs numériques.
iShares Bitcoin Trust ETF (Ticker IBIT) hat die Vor-Effektive Änderung Nr. 2 zu seiner Nach-Effektiven Änderung Nr. 2 eingereicht, wodurch die vorherige Registrierung im Formular S-1 in ein Shelf-Formular S-3 umgewandelt und die Offenlegung bis zum 27. Juni 2025 aktualisiert wurde. Der Delaware Statutory Trust — gesponsert von iShares Delaware Trust Sponsor LLC, einer indirekten Tochtergesellschaft von BlackRock — gibt Anteile aus, die die Kursentwicklung von Bitcoin vor Kosten abbilden.
Größe und Kapitalstruktur. • Der Nettoinventarwert (NAV) des Trusts betrug 74,20 Milliarden US-Dollar bei einem NAV pro Anteil von 60,70 US-Dollar. • Die Anteile sind an der NASDAQ unter dem Symbol IBIT gelistet und werden unabhängig vom NAV gehandelt. • Erstellung/Rücknahme erfolgt nur in Körben von 40.000 Anteilen, bewertet in Bitcoin oder Bargeld; am 25. Juni 2025 entsprach ein Korb 22,72 BTC (≈ 2,45 Millionen US-Dollar).
Kostenprofil. Die einzige wiederkehrende Kostenposition des Trusts ist die Sponsor-Gebühr von 0,25% (täglich aufgelaufen, vierteljährlich bezahlt), eine der niedrigsten Kostenquoten unter krypto-gebundenen börsengehandelten Produkten. Der Sponsor übernimmt außerdem eine breite Palette routinemäßiger Betriebskosten — einschließlich Treuhänder-, Verwaltungs-, Prüfungs-, Notierungs- und Registrierungsgebühren — bis zu 500.000 US-Dollar an jährlichen Rechtskosten sowie alle Organisationskosten.
Service-Rahmen. • BlackRock Fund Advisors fungiert als Treuhänder. • Coinbase Custody Trust Co. ist der primäre Bitcoin-Verwahrer; Anchorage Digital Bank N.A. ist als Alternative benannt. • Die Bank of New York Mellon fungiert als Bargeldverwahrer und Administrator. • Prime Execution Agent-Dienste werden von Coinbase Inc. bereitgestellt; Cumberland DRW, Flow Traders, JSCT und Virtu sind genehmigte Bitcoin-Handelspartner. • Zwölf autorisierte Teilnehmer können in bar erstellen/rücknehmen; vier können in natura handeln.
Wichtige Aktualisierungen. 1) Potenzielle Einführung eines in natura Erstellung/Rücknahme-Prozesses neben den bestehenden Bargeldflüssen. 2) Einbeziehung geprüfter Finanzdaten bis zum Jahresbericht vom 5. März 2025. 3) Erweiterte Risikohinweise zu Marktvolatilität, regulatorischer Unsicherheit und Entwicklungen von Exekutivverordnungen bezüglich einer potenziellen strategischen Bitcoin-Reserve der USA.
Risikohighlights. Der Prospekt widmet umfangreichen Raum der Bitcoin-Preisschwankung (einjährige Volatilität ca. 65%), Verwahrungssicherheit, Behandlung von Forks/Airdrops (der Trust verzichtet dauerhaft auf Neben-Coins), regulatorischen Einstufungsrisiken unter SEC, CFTC, FinCEN und Bundesstaaten sowie der möglichen Divergenz zwischen Aktienkurs und NAV, falls Arbitrage-Mechanismen beeinträchtigt sind.
Auflösungsgründe umfassen Delisting, behördliche Anordnungen, Verlust kritischer Dienstleister oder Versagen der Qualifikation als Grantor Trust. Bei Auflösung würden verbleibende Bitcoins liquidiert und der Nettobetrag über DTC verteilt.
Insgesamt positioniert die Einreichung IBIT als ein großvolumiges, kostengünstiges Vehikel für institutionellen Zugang zu Spot-Bitcoin-Exponierung und betont gleichzeitig die wesentlichen Risiken, die in digitalen Vermögenswertmärkten bestehen.
- $74.2 billion NAV demonstrates significant investor uptake and liquidity.
- Low 0.25 % sponsor fee positions IBIT among the most cost-efficient spot-bitcoin ETFs.
- Filing enables in-kind creation/redemption, which can enhance market-making efficiency and reduce tracking error.
- Transition to Form S-3 shelf simplifies future capital issuance and signals regulatory progress.
- Prospectus highlights 65 % one-year bitcoin volatility; shares could lose substantial value.
- Regulatory uncertainty remains high; adverse SEC, CFTC or FinCEN action could force dissolution.
- Custody risk concentrated at Coinbase Custody; security breach or service disruption would impair operations.
- Trust must sell bitcoin to pay fees, causing NAV erosion over time and taxable events for shareholders.
Insights
TL;DR – Large-scale, low-fee bitcoin ETF transitions to Form S-3; structure intact, risks reiterated.
The move to a shelf S-3 streamlines future capital raises and signals operational maturity. A $74 bn NAV and 0.25 % sponsor fee make IBIT cost-competitive versus peers. Expanded in-kind flexibility should tighten primary-market spreads, benefiting arbitrage efficiency. Service-provider line-up (Coinbase, Anchorage, BNY Mellon) remains robust, limiting counter-party concentration risk. However, material exposure to bitcoin price swings, custody vulnerabilities, and evolving U.S. regulation persists. Investors gain institutional-grade access but must tolerate crypto-specific volatility.
TL;DR – Regulatory path still unclear; filing adds contingencies but no new protections.
The prospectus expands disclosure on potential MSB, CFTC and Investment Company Act classifications, yet offers no structural mitigation beyond standard dissolution rights. Abandoning forked/airdropped assets avoids securities-law complications but foregoes incidental upside. The reference to President Trump’s March 2025 executive order underscores policy fluidity; future reversals could strain market sentiment. Reliance on a single primary custodian (Coinbase) and omnibus trading balances remains a tail-risk despite naming Anchorage as backup. From a compliance perspective, the Trust remains exposed to rapid rule changes.
iShares Bitcoin Trust ETF (simbolo IBIT) ha presentato l'Emendamento Pre-Esecutivo n. 2 al suo Emendamento Post-Esecutivo n. 2, convertendo la precedente registrazione Form S-1 in un Form S-3 a scaffale e aggiornando le informazioni fino al 27 giugno 2025. Il trust statutario del Delaware — sponsorizzato da iShares Delaware Trust Sponsor LLC, una controllata indiretta di BlackRock — emette azioni che replicano la performance del prezzo del bitcoin al netto delle spese.
Dimensioni e struttura del capitale. • Il valore patrimoniale netto (NAV) del Trust era di 74,20 miliardi di dollari con un NAV per azione di 60,70 dollari. • Le azioni sono quotate al NASDAQ con il simbolo IBIT e vengono negoziate indipendentemente dal NAV. • La creazione/redenzione avviene solo in blocchi da 40.000 azioni, valutati in bitcoin o in contanti; al 25 giugno 2025 un blocco corrispondeva a 22,72 BTC (circa 2,45 milioni di dollari).
Profilo dei costi. L'unico costo ricorrente del Trust è la commissione dello Sponsor dello 0,25% (accumulata giornalmente e pagata trimestralmente), tra i più bassi rapporti di spesa tra i prodotti negoziati in borsa legati alle criptovalute. Lo Sponsor copre inoltre una vasta gamma di spese operative ordinarie — inclusi trustee, amministrazione, audit, quotazione e registrazione — fino a 500.000 dollari di costi legali annuali e tutte le spese organizzative.
Quadro dei servizi. • BlackRock Fund Advisors agisce come Trustee. • Coinbase Custody Trust Co. è il custode principale del bitcoin; Anchorage Digital Bank N.A. è indicata come alternativa. • The Bank of New York Mellon funge da custode del contante e amministratore. • I servizi di Prime Execution Agent sono forniti da Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT e Virtu sono controparti approvate per il trading di bitcoin. • Dodici Partecipanti Autorizzati possono creare/redimere in contanti; quattro possono operare in natura.
Aggiornamenti chiave. 1) Possibile adozione di un processo di creazione/redenzione in natura accanto ai flussi in contanti esistenti. 2) Inclusione di dati finanziari certificati fino al bilancio annuale del 5 marzo 2025. 3) Ampliamento delle informazioni sui rischi riguardanti la volatilità di mercato, l'incertezza normativa e gli sviluppi degli ordini esecutivi relativi a una potenziale riserva strategica di bitcoin degli Stati Uniti.
Punti salienti sui rischi. Il prospetto dedica ampio spazio alla volatilità del prezzo del bitcoin (volatilità a un anno circa 65%), alla sicurezza della custodia, al trattamento di fork/air-drop (il Trust abbandona definitivamente le monete accessorie), ai rischi di classificazione normativa sotto SEC, CFTC, FinCEN e regolamenti statali, e alla possibile divergenza tra prezzo delle azioni e NAV in caso di compromissione dei meccanismi di arbitraggio.
Trigger di scioglimento includono la cancellazione dalla quotazione, ordini regolamentari, perdita di fornitori di servizi critici o il mancato mantenimento della qualifica di grantor trust. In caso di scioglimento, i bitcoin residui saranno liquidati e i proventi netti distribuiti tramite DTC.
In sintesi, la documentazione posiziona IBIT come un veicolo di grande scala e a basso costo per l'accesso istituzionale all'esposizione diretta al bitcoin, sottolineando al contempo i rischi significativi insiti nei mercati degli asset digitali.
iShares Bitcoin Trust ETF (símbolo IBIT) ha presentado la Enmienda Pre-Efectiva No. 2 a su Enmienda Post-Efectiva No. 2, convirtiendo la anterior inscripción en el Formulario S-1 a un Formulario S-3 en estante y actualizando la información hasta el 27 de junio de 2025. El fideicomiso estatutario de Delaware — patrocinado por iShares Delaware Trust Sponsor LLC, una subsidiaria indirecta de BlackRock — emite acciones que reflejan el desempeño del precio de bitcoin antes de gastos.
Escala y estructura de capital. • El valor neto de activos (NAV) del Trust era de
Perfil de gastos. El único costo recurrente del Trust es la tarifa del patrocinador del 0,25% (acumulada diariamente y pagada trimestralmente), una de las ratios de gastos más bajos entre los productos cotizados vinculados a criptomonedas. El patrocinador también cubre una amplia gama de gastos operativos rutinarios — incluyendo fideicomisario, administración, auditoría, tarifas de listado y registro — hasta $500,000 en costos legales anuales y todos los costos organizativos.
Marco de servicios. • BlackRock Fund Advisors actúa como fideicomisario. • Coinbase Custody Trust Co. es el custodio principal de bitcoin; Anchorage Digital Bank N.A. es nombrado como alternativa. • The Bank of New York Mellon sirve como custodio de efectivo y administrador. • Los servicios de Agente de Ejecución Principal son proporcionados por Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT y Virtu son contrapartes aprobadas para la negociación de bitcoin. • Doce Participantes Autorizados pueden crear/redimir en efectivo; cuatro pueden operar en especie.
Actualizaciones clave. 1) Potencial adopción de un proceso de creación/redención en especie junto con los flujos en efectivo existentes. 2) Inclusión de datos financieros auditados hasta el informe anual del 5 de marzo de 2025. 3) Ampliación de las divulgaciones de riesgos que abordan la volatilidad del mercado, la incertidumbre regulatoria y los desarrollos de órdenes ejecutivas sobre una posible reserva estratégica de bitcoin de EE.UU.
Aspectos destacados de riesgos. El prospecto dedica un amplio espacio a la volatilidad del precio del bitcoin (volatilidad anual aproximada del 65%), la seguridad de la custodia, el tratamiento de forks/air-drops (el Trust abandona permanentemente las monedas accesorias), riesgos de clasificación regulatoria bajo SEC, CFTC, FinCEN y regímenes estatales, y la posible divergencia entre el precio de las acciones y el NAV si se afectan los mecanismos de arbitraje.
Disparadores de disolución incluyen la exclusión de la lista, órdenes regulatorias, pérdida de proveedores de servicios críticos o la incapacidad para calificar como un grantor trust. En caso de disolución, los bitcoins restantes se liquidarían y los ingresos netos se distribuirían a través de DTC.
En general, la presentación posiciona a IBIT como un vehículo de gran escala y bajo costo para el acceso institucional directo a bitcoin, enfatizando al mismo tiempo los riesgos materiales inherentes a los mercados de activos digitales.
iShares Bitcoin Trust ETF (티커 IBIT)는 선행 효력 개정안 2호를 제출하여 기존 Form S-1 등록을 선반(Form S-3)으로 전환하고 2025년 6월 27일까지의 공시를 업데이트했습니다. 델라웨어 법정 신탁으로, iShares Delaware Trust Sponsor LLC가 후원하며 블랙록의 간접 자회사입니다. 이 신탁은 비용 차감 전 비트코인 가격 성과를 추적하는 주식을 발행합니다.
규모 및 자본 구조. • 신탁의 순자산가치(NAV)는 742억 달러이며 주당 NAV는 60.70달러입니다. • 주식은 NASDAQ에 IBIT 심볼로 상장되어 있으며 NAV와 독립적으로 거래됩니다. • 생성/상환은 40,000주 단위의 바스켓으로만 가능하며, 비트코인 또는 현금으로 평가됩니다. 2025년 6월 25일 기준 한 바스켓은 22.72 BTC(약 245만 달러)에 해당합니다.
비용 프로필. 신탁의 유일한 반복 비용은 후원 수수료 0.25%(일일 누적, 분기별 지급)로, 암호화폐 연계 상장지수상품 중 가장 낮은 비용 비율 중 하나입니다. 후원사는 수탁자, 관리, 감사, 상장 및 등록 수수료를 포함한 다양한 운영 비용과 연간 법률 비용 최대 50만 달러, 모든 조직 비용을 부담합니다.
서비스 체계. • BlackRock Fund Advisors가 수탁자로 활동합니다. • Coinbase Custody Trust Co.가 주요 비트코인 수탁자이며, Anchorage Digital Bank N.A.가 대안으로 지정되어 있습니다. • Bank of New York Mellon이 현금 수탁자 및 관리자 역할을 합니다. • Coinbase Inc.가 주요 실행 대행 서비스를 제공하며, Cumberland DRW, Flow Traders, JSCT, Virtu가 승인된 비트코인 거래 상대방입니다. • 12명의 승인 참가자가 현금으로 생성/상환할 수 있고, 4명은 현물로 거래할 수 있습니다.
주요 업데이트. 1) 기존 현금 흐름과 함께 현물 생성/상환 프로세스 도입 가능성. 2) 2025년 3월 5일 연례 보고서까지 감사된 재무 데이터 포함. 3) 시장 변동성, 규제 불확실성, 미국 전략적 비트코인 준비금 관련 행정명령 개발 등 위험 공시 확대.
위험 요약. 투자설명서에는 비트코인 가격 변동성(1년 추적 변동성 약 65%), 수탁 보안, 포크/에어드랍 처리(신탁은 부수 코인을 영구 포기), SEC, CFTC, FinCEN 및 주정부 규제 분류 위험, 차익거래 메커니즘 장애 시 주가와 NAV 간 괴리 가능성 등이 상세히 설명되어 있습니다.
해산 조건에는 상장 폐지, 규제 명령, 핵심 서비스 제공자 상실, 그랜터 트러스트 자격 상실 등이 포함됩니다. 해산 시 남은 비트코인은 청산되어 순수익이 DTC를 통해 분배됩니다.
전반적으로 이번 제출은 IBIT를 대규모 저비용 기관급 현물 비트코인 노출 수단으로 자리매김하면서 디지털 자산 시장에 내재된 중대한 위험을 강조합니다.
iShares Bitcoin Trust ETF (symbole IBIT) a déposé l'Amendement Pré-Efficace n° 2 à son Amendement Post-Efficace n° 2, convertissant l'enregistrement précédent sous le formulaire S-1 en un formulaire S-3 sur étagère et mettant à jour les informations jusqu'au 27 juin 2025. Le trust statutaire du Delaware — parrainé par iShares Delaware Trust Sponsor LLC, une filiale indirecte de BlackRock — émet des actions qui suivent la performance du prix du bitcoin avant frais.
Échelle et structure du capital. • La valeur nette d'inventaire (VNI) du Trust était de 74,20 milliards de dollars avec une VNI par action de 60,70 dollars. • Les actions sont cotées au NASDAQ sous le symbole IBIT et se négocient indépendamment de la VNI. • La création/rédemption s'effectue uniquement par paniers de 40 000 actions, évalués en bitcoin ou en espèces ; au 25 juin 2025, un panier équivalait à 22,72 BTC (≈ 2,45 millions de dollars).
Profil des frais. Le seul coût récurrent du Trust est la commission du sponsor de 0,25% (accrue quotidiennement, payée trimestriellement), l'un des ratios de frais les plus bas parmi les produits négociés liés aux cryptomonnaies. Le sponsor prend également en charge une large gamme de frais opérationnels courants — y compris les frais de fiduciaire, d'administration, d'audit, de cotation et d'enregistrement — jusqu'à 500 000 $ de frais juridiques annuels et tous les frais d'organisation.
Cadre des services. • BlackRock Fund Advisors agit en tant que fiduciaire. • Coinbase Custody Trust Co. est le dépositaire principal du bitcoin ; Anchorage Digital Bank N.A. est nommé en tant qu'alternative. • The Bank of New York Mellon sert de dépositaire de trésorerie et d'administrateur. • Les services d'agent d'exécution principal sont fournis par Coinbase Inc. ; Cumberland DRW, Flow Traders, JSCT et Virtu sont des contreparties de trading bitcoin approuvées. • Douze participants autorisés peuvent créer/racheter en espèces ; quatre peuvent effectuer des transactions en nature.
Mises à jour clés. 1) Adoption potentielle d'un processus de création/rédemption en nature parallèlement aux flux en espèces existants. 2) Inclusion des données financières auditées jusqu'au rapport annuel du 5 mars 2025. 3) Extension des divulgations des risques traitant de la volatilité du marché, de l'incertitude réglementaire et des développements des ordres exécutifs autour d'une réserve stratégique américaine potentielle de bitcoin.
Points clés sur les risques. Le prospectus consacre un large espace à la volatilité du prix du bitcoin (volatilité sur un an ≈ 65 %), à la sécurité de la garde, au traitement des forks/air-drops (le Trust abandonne définitivement les pièces accessoires), aux risques de classification réglementaire sous les régimes SEC, CFTC, FinCEN et étatiques, ainsi qu'à la divergence potentielle entre le prix des actions et la VNI si les mécanismes d'arbitrage sont perturbés.
Déclencheurs de dissolution incluent la radiation, les ordres réglementaires, la perte de prestataires de services critiques ou l'incapacité à se qualifier en tant que grantor trust. En cas de dissolution, les bitcoins restants seraient liquidés et le produit net distribué via DTC.
Globalement, le dépôt positionne IBIT comme un véhicule à grande échelle et à faible coût pour un accès institutionnel à l'exposition au bitcoin au comptant, tout en soulignant les risques importants inhérents aux marchés des actifs numériques.
iShares Bitcoin Trust ETF (Ticker IBIT) hat die Vor-Effektive Änderung Nr. 2 zu seiner Nach-Effektiven Änderung Nr. 2 eingereicht, wodurch die vorherige Registrierung im Formular S-1 in ein Shelf-Formular S-3 umgewandelt und die Offenlegung bis zum 27. Juni 2025 aktualisiert wurde. Der Delaware Statutory Trust — gesponsert von iShares Delaware Trust Sponsor LLC, einer indirekten Tochtergesellschaft von BlackRock — gibt Anteile aus, die die Kursentwicklung von Bitcoin vor Kosten abbilden.
Größe und Kapitalstruktur. • Der Nettoinventarwert (NAV) des Trusts betrug 74,20 Milliarden US-Dollar bei einem NAV pro Anteil von 60,70 US-Dollar. • Die Anteile sind an der NASDAQ unter dem Symbol IBIT gelistet und werden unabhängig vom NAV gehandelt. • Erstellung/Rücknahme erfolgt nur in Körben von 40.000 Anteilen, bewertet in Bitcoin oder Bargeld; am 25. Juni 2025 entsprach ein Korb 22,72 BTC (≈ 2,45 Millionen US-Dollar).
Kostenprofil. Die einzige wiederkehrende Kostenposition des Trusts ist die Sponsor-Gebühr von 0,25% (täglich aufgelaufen, vierteljährlich bezahlt), eine der niedrigsten Kostenquoten unter krypto-gebundenen börsengehandelten Produkten. Der Sponsor übernimmt außerdem eine breite Palette routinemäßiger Betriebskosten — einschließlich Treuhänder-, Verwaltungs-, Prüfungs-, Notierungs- und Registrierungsgebühren — bis zu 500.000 US-Dollar an jährlichen Rechtskosten sowie alle Organisationskosten.
Service-Rahmen. • BlackRock Fund Advisors fungiert als Treuhänder. • Coinbase Custody Trust Co. ist der primäre Bitcoin-Verwahrer; Anchorage Digital Bank N.A. ist als Alternative benannt. • Die Bank of New York Mellon fungiert als Bargeldverwahrer und Administrator. • Prime Execution Agent-Dienste werden von Coinbase Inc. bereitgestellt; Cumberland DRW, Flow Traders, JSCT und Virtu sind genehmigte Bitcoin-Handelspartner. • Zwölf autorisierte Teilnehmer können in bar erstellen/rücknehmen; vier können in natura handeln.
Wichtige Aktualisierungen. 1) Potenzielle Einführung eines in natura Erstellung/Rücknahme-Prozesses neben den bestehenden Bargeldflüssen. 2) Einbeziehung geprüfter Finanzdaten bis zum Jahresbericht vom 5. März 2025. 3) Erweiterte Risikohinweise zu Marktvolatilität, regulatorischer Unsicherheit und Entwicklungen von Exekutivverordnungen bezüglich einer potenziellen strategischen Bitcoin-Reserve der USA.
Risikohighlights. Der Prospekt widmet umfangreichen Raum der Bitcoin-Preisschwankung (einjährige Volatilität ca. 65%), Verwahrungssicherheit, Behandlung von Forks/Airdrops (der Trust verzichtet dauerhaft auf Neben-Coins), regulatorischen Einstufungsrisiken unter SEC, CFTC, FinCEN und Bundesstaaten sowie der möglichen Divergenz zwischen Aktienkurs und NAV, falls Arbitrage-Mechanismen beeinträchtigt sind.
Auflösungsgründe umfassen Delisting, behördliche Anordnungen, Verlust kritischer Dienstleister oder Versagen der Qualifikation als Grantor Trust. Bei Auflösung würden verbleibende Bitcoins liquidiert und der Nettobetrag über DTC verteilt.
Insgesamt positioniert die Einreichung IBIT als ein großvolumiges, kostengünstiges Vehikel für institutionellen Zugang zu Spot-Bitcoin-Exponierung und betont gleichzeitig die wesentlichen Risiken, die in digitalen Vermögenswertmärkten bestehen.
united
states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder
report of registered management
investment companies
| Investment Company Act file number | 811-22700 |
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)
J. Garrett Stevens
Exchange Traded Concepts LLC
10900 Hefner Pointe Drive
Suite 400
Oklahoma City, Oklahoma 73120
(Name and address of agent for service)
Registrant's telephone number, including area code: (405) 778-8377
Date of fiscal year end: April 30, 2025
Date of reporting period: April 30, 2025
Item 1. Reports to Stockholders.
| (a) | Included Tailored Shareholder Report |
| (b) | Not applicable. |
Item 2. Code of Ethics.
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| (f) | See Item 19(a)(1) |
Item 3. Audit Committee Financial Expert.
| (a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an audit committee financial expert on the audit committee. |
| (a)(2) | The audit committee financial expert Timothy Jacoby is an independent trustee as defined in Form N-CSR Item 3 (a)(2). |
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:
| 2025 | $ | 43,500 | ||
| 2024 | $ | 42,600 |
(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:
| 2025 | $ | 10,500 | ||
| 2024 | $ | 10,500 |
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, 2025, and 2024, 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, 2025, and 2024 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. |
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 is included as part of the Financial Statements and Other Information filed under Item 7 of this form. |
| (b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) | Included Long Form Financial Statements |
|
EXCHANGE LISTED FUNDS TRUST Cabana Target Beta ETF (TDSB) Cabana Target Drawdown 10 ETF (TDSC) Cabana Target Leading Sector Moderate ETF (CLSM) Annual Financials and Other Information April 30, 2025
|
|
Exchange Listed Funds Trust TABLE OF CONTENTS April 30, 2025 |
Financial Statements (Form NCSR, Item 7)
|
Cabana Target Beta ETF |
|
|
Schedule of Investments |
1 |
|
Summary of Investments |
2 |
|
Cabana Target Drawdown 10 ETF |
|
|
Schedule of Investments |
3 |
|
Summary of Investments |
4 |
|
Cabana Target Leading Sector Moderate ETF |
|
|
Schedule of Investments |
5 |
|
Summary of Investments |
6 |
|
Statements of Assets and Liabilities |
7 |
|
Statements of Operations |
8 |
|
Statements of Changes in Net Assets |
9 |
|
Financial Highlights |
11 |
|
Notes to Financial Statements |
14 |
|
Report of Independent Registered Public Accounting Firm |
26 |
|
Other Information |
27 |
|
For additional information about the Funds; including each Fund’s prospectus, financial information, holdings, and proxy voting information, call or visit: • 866-239-9536 • https://www.cabanaetfs.com/investor-materials |
i
|
CABANA TARGET BETA ETF SCHEDULE OF INVESTMENTS April 30, 2025 |
|
Shares |
Fair Value | |||||
|
Exchange-Traded Funds — 100.1% |
|
| ||||
|
Equity — 36.4% |
|
| ||||
|
JPMorgan Equity Premium Income ETF |
67,138 |
$ |
3,732,201 |
| ||
|
SPDR Dow Jones Industrial Average ETF Trust |
18,547 |
|
7,536,388 |
| ||
|
Vanguard Mega Cap ETF |
57,371 |
|
11,490,838 |
| ||
|
Vanguard Total Stock Market ETF |
14,010 |
|
3,822,208 |
| ||
|
|
26,581,635 |
| ||||
|
|
| |||||
|
Fixed Income — 58.8% |
|
| ||||
|
iShares 3-7 Year Treasury Bond ETF |
60,007 |
|
7,164,236 |
| ||
|
Janus Henderson AAA CLO ETF |
281,588 |
|
14,231,458 |
| ||
|
JPMorgan Ultra-Short Income ETF |
140,098 |
|
7,095,964 |
| ||
|
Vanguard Short-Term Bond ETF |
45,260 |
|
3,565,583 |
| ||
|
Vanguard Tax-Exempt Bond Index ETF |
219,532 |
|
10,800,974 |
| ||
|
|
42,858,215 |
| ||||
|
|
| |||||
|
Specialty — 4.9% |
|
| ||||
|
Invesco DB US Dollar Index Bullish Fund |
130,876 |
|
3,587,311 |
| ||
|
|
| |||||
|
Total Exchange-Traded Funds (Cost $71,520,492) |
|
73,027,161 |
| |||
|
|
| |||||
|
Total
Investments — 100.1% |
|
73,027,161 |
| |||
|
|
| |||||
|
Liabilities in Excess of Other Assets — (0.1)% |
|
(79,352 |
) | |||
|
|
| |||||
|
Total Net Assets — 100.0% |
$ |
72,947,809 |
| |||
ETF - Exchange-Traded Fund
SPDR- Standard & Poor’s Depositary Receipt
1
|
CABANA TARGET BETA ETF SUMMARY OF INVESTMENTS April 30, 2025 |
|
Security Type/Sector |
Percent
of |
|
Exchange-Traded Funds |
|
|
Equity |
36.4% |
|
Fixed Income |
58.8% |
|
Specialty |
4.9% |
|
Total Exchange-Traded Funds |
100.1% |
|
Total Investments |
100.1% |
|
Liabilities in Excess of Other Assets |
(0.1)% |
|
Total Net Assets |
100.0% |
2
|
CABANA TARGET DRAWDOWN 10 ETF SCHEDULE OF INVESTMENTS April 30, 2025 |
|
Shares |
Fair Value | |||||
|
Exchange-Traded Funds — 99.8% |
|
| ||||
|
Commodity — 9.2% |
|
| ||||
|
Goldman Sachs Physical Gold ETF(a) |
436,533 |
$ |
14,213,514 |
| ||
|
|
| |||||
|
Equity — 59.4% |
|
| ||||
|
Health Care Select Sector SPDR Fund |
167,072 |
|
23,468,604 |
| ||
|
iShares Latin America 40 ETF(c) |
946,924 |
|
23,578,408 |
| ||
|
JPMorgan Equity Premium Income ETF |
70,034 |
|
3,893,190 |
| ||
|
JPMorgan Nasdaq Equity Premium Income ETF |
309,619 |
|
15,895,839 |
| ||
|
Technology Select Sector SPDR Fund |
117,887 |
|
24,752,734 |
| ||
|
|
91,588,775 |
| ||||
|
|
| |||||
|
Fixed Income — 31.2% |
|
| ||||
|
iShares Short Treasury Bond ETF |
200,712 |
|
22,170,647 |
| ||
|
Janus Henderson AAA CLO ETF |
220,297 |
|
11,133,810 |
| ||
|
JPMorgan Ultra-Short Income ETF |
146,138 |
|
7,401,890 |
| ||
|
Vanguard Tax-Exempt Bond Index ETF |
152,664 |
|
7,511,069 |
| ||
|
|
48,217,416 |
| ||||
|
|
| |||||
|
Total Exchange-Traded Funds (Cost $147,823,527) |
|
154,019,705 |
| |||
|
|
| |||||
|
Short-Term Investments — 1.2% |
|
| ||||
|
Invesco Government & Agency Portfolio, Institutional Class, 4.26%(b)(d) |
1,802,500 |
|
1,802,500 |
| ||
|
Total
Short-Term Investments |
|
1,802,500 |
| |||
|
|
| |||||
|
Total
Investments — 101.0% |
|
155,822,205 |
| |||
|
|
| |||||
|
Liabilities in Excess of Other Assets — (1.0)% |
|
(1,539,770 |
) | |||
|
|
| |||||
|
Total Net Assets — 100.0% |
$ |
154,282,435 |
| |||
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of April 30, 2025.
(c) All or a portion of the security is on loan. The total fair value of the securities on loan as of April 30, 2025 was $1,743,000.
(d) Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $1,802,500 at April 30, 2025.
Other Affiliated Investments
Fiscal period to date transactions with investments which are or were affiliates are as follows:
|
Affiliate |
Value
at |
Purchases |
Sales |
Net |
Net
Change in |
Value
at the |
Number
of |
Dividend |
Capital
Gain | |||||||||||||||||
|
Pimco Commodity Strategy Active ETF |
$ |
23,721,119 |
$ |
8,888,289 |
$ |
(31,019,566) |
$ |
(1,822,780) |
$ |
232,938 |
$ |
— |
— |
$ |
— |
$ |
— | |||||||||
|
Total |
$ |
23,721,119 |
$ |
8,888,289 |
$ |
(31,019,566) |
$ |
(1,822,780) |
$ |
232,938 |
$ |
— |
— |
$ |
— |
$ |
— | |||||||||
3
|
CABANA TARGET DRAWDOWN 10 ETF SUMMARY OF INVESTMENTS April 30, 2025 |
|
Security Type/Sector |
Percent
of |
|
Exchange-Traded Funds |
|
|
Commodity |
9.2% |
|
Equity |
59.4% |
|
Fixed Income |
31.2% |
|
Total Exchange-Traded Funds |
99.8% |
|
Short-Term Investments |
1.2% |
|
Total Investments |
101.0% |
|
Liabilities in Excess of Other Assets |
(1.0)% |
|
Total Net Assets |
100.0% |
4
|
CABANA TARGET LEADING SECTOR MODERATE ETF SCHEDULE OF INVESTMENTS April 30, 2025 |
|
Shares |
Fair Value | |||||
|
Exchange-Traded Funds — 99.8% |
|
| ||||
|
Commodity — 9.0% |
||||||
|
Goldman Sachs Physical Gold ETF(a) |
330,026 |
$ |
10,745,647 |
| ||
|
|
| |||||
|
Equity — 76.5% |
|
| ||||
|
Invesco Nasdaq 100 ETF |
31,287 |
|
6,127,559 |
| ||
|
iShares Latin America 40 ETF(c)(f) |
1,431,782 |
|
35,651,372 |
| ||
|
JPMorgan Nasdaq Equity Premium Income ETF |
234,077 |
|
12,017,513 |
| ||
|
Technology Select Sector SPDR Fund(e) |
178,249 |
|
37,426,942 |
| ||
|
|
91,223,386 |
| ||||
|
|
| |||||
|
Fixed Income — 14.3% |
|
| ||||
|
Vanguard Tax-Exempt Bond Index ETF |
346,251 |
|
17,035,549 |
| ||
|
|
| |||||
|
Total Exchange-Traded Funds (Cost $112,410,867) |
|
119,004,582 |
| |||
|
|
| |||||
|
Short-Term Investments — 21.8% |
|
| ||||
|
Invesco Government & Agency Portfolio, Institutional Class, 4.26%(b)(d) |
25,919,950 |
|
25,919,950 |
| ||
|
Total
Short-Term Investments |
|
25,919,950 |
| |||
|
|
| |||||
|
Total
Investments — 121.6% |
|
144,924,532 |
| |||
|
|
| |||||
|
Liabilities in Excess of Other Assets — (21.6)% |
|
(25,728,578 |
) | |||
|
|
| |||||
|
Total Net Assets — 100.0% |
$ |
119,195,954 |
| |||
ETF - Exchange-Traded Fund
SPDR- Standard & Poor’s Depositary Receipt
(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of April 30, 2025.
(c) All or a portion of the security is on loan. The total fair value of the securities on loan as of April 30, 2025 was $25,064,340.
(d) Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $25,919,950 at April 30, 2025.
(e) A copy of the security’s annual report to shareholders may be obtained without charge at www.ssga.com
(f) A copy of the security’s annual report to shareholders may be obtained without charge at www.ishares.com
5
|
CABANA TARGET LEADING SECTOR MODERATE ETF SUMMARY OF INVESTMENTS April 30, 2025 |
|
Security Type/Sector |
Percent
of |
|
Exchange-Traded Funds |
|
|
Commodity |
9.0% |
|
Equity |
76.5% |
|
Fixed Income |
14.3% |
|
Total Exchange-Traded Funds |
99.8% |
|
Short-Term Investments |
21.8% |
|
Total Investments |
121.6% |
|
Liabilities in Excess of Other Assets |
(21.6)% |
|
Total Net Assets |
100.0% |
6
|
EXCHANGE LISTED FUNDS TRUST STATEMENTS OF ASSETS AND LIABILITIES April 30, 2025 |
|
Cabana
Target |
Cabana
Target |
Cabana
Target | ||||||||||
|
Assets |
|
|
|
|
|
| ||||||
|
Investments, at value(a) |
$ |
73,027,161 |
|
$ |
155,822,205 |
|
$ |
144,924,532 |
| |||
|
Cash |
|
148,488 |
|
|
346,817 |
|
|
256,462 |
| |||
|
Receivable for investments sold |
|
544,395 |
|
|
— |
|
|
— |
| |||
|
Securities lending income receivable |
|
41 |
|
|
3,065 |
|
|
264 |
| |||
|
Dividend and interest receivable |
|
960 |
|
|
925 |
|
|
1,371 |
| |||
|
Receivable for Adviser |
|
66,961 |
|
|
— |
|
|
— |
| |||
|
Total Assets |
|
73,788,006 |
|
|
156,173,012 |
|
|
145,182,629 |
| |||
|
|
|
|
|
|
| |||||||
|
Liabilities |
|
|
|
|
|
| ||||||
|
Payable for fund shares redeemed |
|
545,774 |
|
|
— |
|
|
— |
| |||
|
Advisory fee payable – net |
|
41,567 |
|
|
88,077 |
|
|
66,725 |
| |||
|
Payable upon return on securities loaned |
|
— |
|
|
1,802,500 |
|
|
25,919,950 |
| |||
|
Income tax payable |
|
252,856 |
|
|
— |
|
|
— |
| |||
|
Total Liabilities |
|
840,197 |
|
|
1,890,577 |
|
|
25,986,675 |
| |||
|
Net Assets |
$ |
72,947,809 |
|
$ |
154,282,435 |
|
$ |
119,195,954 |
| |||
|
|
|
|
|
|
| |||||||
|
Net Assets consist of: |
|
|
|
|
|
| ||||||
|
Paid-in capital |
$ |
153,659,612 |
|
$ |
544,729,389 |
|
$ |
340,886,631 |
| |||
|
Accumulated deficit |
|
(80,711,803 |
) |
|
(390,446,954 |
) |
|
(221,690,677 |
) | |||
|
Net Assets |
$ |
72,947,809 |
|
$ |
154,282,435 |
|
$ |
119,195,954 |
| |||
|
|
|
|
|
|
| |||||||
|
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) |
|
3,350,000 |
|
|
6,591,665 |
|
|
5,956,941 |
| |||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
21.78 |
|
$ |
23.41 |
|
$ |
20.01 |
| |||
|
Investments, at cost |
$ |
71,520,492 |
|
$ |
149,626,027 |
|
$ |
138,330,817 |
| |||
|
(a) Market value of securities on loan |
$ |
— |
|
$ |
1,743,000 |
|
$ |
25,064,340 |
| |||
7
|
EXCHANGE LISTED FUNDS TRUST STATEMENTS OF OPERATIONS For the Year Ended April 30, 2025 |
|
Cabana
Target |
Cabana
Target |
Cabana
Target | ||||||||||
|
Investment Income |
|
|
|
|
|
| ||||||
|
Dividend income |
$ |
3,358,297 |
|
$ |
5,823,925 |
|
$ |
2,813,393 |
| |||
|
Interest income |
|
77,209 |
|
|
46,099 |
|
|
34,187 |
| |||
|
Securities lending income (net) |
|
28,843 |
|
|
46,892 |
|
|
5,851 |
| |||
|
Total Investment Income |
|
3,464,349 |
|
|
5,916,916 |
|
|
2,853,431 |
| |||
|
|
|
|
|
|
| |||||||
|
Expenses |
|
|
|
|
|
| ||||||
|
Advisory fees |
|
745,375 |
|
|
1,639,742 |
|
|
1,228,197 |
| |||
|
Total Expenses before Income Tax |
|
745,375 |
|
|
1,639,742 |
|
|
1,228,197 |
| |||
|
Income tax expense |
|
252,856 |
|
|
— |
|
|
— |
| |||
|
Total Expenses after Income Tax |
|
998,231 |
|
|
1,639,742 |
|
|
1,228,197 |
| |||
|
Waiver |
|
(102,489 |
) |
|
(225,464 |
) |
|
(168,871 |
) | |||
|
Voluntary Waiver |
|
(66,961 |
) |
|
— |
|
|
— |
| |||
|
Net Expenses After Income Tax |
|
828,781 |
|
|
1,414,278 |
|
|
1,059,326 |
| |||
|
Net Investment Income (Loss) |
|
2,635,568 |
|
|
4,502,638 |
|
|
1,794,105 |
| |||
|
|
|
|
|
|
| |||||||
|
Net Realized and Unrealized Gain (Loss) on Investments |
|
|
|
|
|
| ||||||
|
Net Realized Gain (Loss) on: |
|
|
|
|
|
| ||||||
|
Unaffiliated investments |
|
(1,878,450 |
) |
|
(4,997,607 |
) |
|
(6,099,543 |
) | |||
|
Affiliated investments |
|
— |
|
|
(1,503,685 |
) |
|
— |
| |||
|
Unaffiliated in-kind redemptions |
|
1,166,810 |
|
|
4,887,982 |
|
|
2,440,820 |
| |||
|
Affiliated in-kind redemptions |
|
— |
|
|
(319,095 |
) |
|
— |
| |||
|
Net increase from payment made by affiliate (Note 2) |
|
— |
|
|
— |
|
|
414,576 |
| |||
|
|
(711,640 |
) |
|
(1,932,405 |
) |
|
(3,244,147 |
) | ||||
|
Net Change in Unrealized Gain (Loss) on: |
|
|
|
|
|
| ||||||
|
Unaffiliated investments |
|
2,964,289 |
|
|
6,848,350 |
|
|
8,973,718 |
| |||
|
Affiliated investments |
|
— |
|
|
232,938 |
|
|
— |
| |||
|
|
2,964,289 |
|
|
7,081,288 |
|
|
8,973,718 |
| ||||
|
Net Realized and Unrealized Gain (Loss) on Investments |
|
2,252,649 |
|
|
5,148,883 |
|
|
5,729,571 |
| |||
|
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ |
4,888,217 |
|
$ |
9,651,521 |
|
$ |
7,523,676 |
| |||
8
|
EXCHANGE LISTED FUNDS TRUST STATEMENTS OF CHANGES IN NET ASSETS |
|
Cabana Target Beta ETF |
Cabana
Target | |||||||||||||||
|
Year
Ended |
Year
Ended |
Year
Ended |
Year
Ended | |||||||||||||
|
Operations |
|
|
|
|
|
|
|
| ||||||||
|
Net investment income (loss) |
$ |
2,635,568 |
|
$ |
3,774,030 |
|
$ |
4,502,638 |
|
$ |
8,115,741 |
| ||||
|
Net realized gain (loss) on investments |
|
(711,640 |
) |
|
3,974,179 |
|
|
(1,932,405 |
) |
|
20,559,104 |
| ||||
|
Net change in unrealized gain (loss) on investments |
|
2,964,289 |
|
|
(1,948,601 |
) |
|
7,081,288 |
|
|
(5,565,276 |
) | ||||
|
Net
Increase (Decrease) in Net Assets Resulting |
|
4,888,217 |
|
|
5,799,608 |
|
|
9,651,521 |
|
|
23,109,569 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Distributions to Shareholders |
|
|
|
|
|
|
|
| ||||||||
|
Distribution |
|
(2,714,812 |
) |
|
(3,746,980 |
) |
|
(5,029,377 |
) |
|
(7,468,134 |
) | ||||
|
Return of capital |
|
— |
|
|
(296,809 |
) |
|
— |
|
|
— |
| ||||
|
Total Distributions to Shareholders |
|
(2,714,812 |
) |
|
(4,043,789 |
) |
|
(5,029,377 |
) |
|
(7,468,134 |
) | ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
| ||||||||
|
Proceeds from shares sold |
|
— |
|
|
73,664,064 |
|
|
— |
|
|
59,285,116 |
| ||||
|
Proceeds received in connection with merger |
|
— |
|
|
— |
|
|
— |
|
|
111,521,280 |
| ||||
|
Cost of shares redeemed |
|
(42,808,399 |
) |
|
(116,984,521 |
) |
|
(90,034,987 |
) |
|
(408,476,155 |
) | ||||
|
Net
Increase (Decrease) in Net Assets Resulting |
|
(42,808,399 |
) |
|
(43,320,457 |
) |
|
(90,034,987 |
) |
|
(237,669,759 |
) | ||||
|
Net Increase (Decrease) in Net Assets |
|
(40,634,994 |
) |
|
(41,564,638 |
) |
|
(85,412,843 |
) |
|
(222,028,324 |
) | ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Net Assets |
|
|
|
|
|
|
|
| ||||||||
|
Beginning of year |
$ |
113,582,803 |
|
$ |
155,147,441 |
|
$ |
239,695,278 |
|
$ |
461,723,602 |
| ||||
|
End of year |
$ |
72,947,809 |
|
$ |
113,582,803 |
|
$ |
154,282,435 |
|
$ |
239,695,278 |
| ||||
|
|
|
|
|
|
|
|
| |||||||||
|
Change in Share Transactions |
|
|
|
|
|
|
|
| ||||||||
|
Shares sold |
|
— |
|
|
3,425,000 |
|
|
— |
|
|
2,575,000 |
| ||||
|
Shares received in connection with merger |
|
— |
|
|
— |
|
|
— |
|
|
4,866,665 |
| ||||
|
Shares redeemed |
|
(1,925,000 |
) |
|
(5,500,000 |
) |
|
(3,675,000 |
) |
|
(18,000,000 |
) | ||||
|
Net Increase (Decrease) in Shares Outstanding |
|
(1,925,000 |
) |
|
(2,075,000 |
) |
|
(3,675,000 |
) |
|
(10,558,335 |
) | ||||
9
|
EXCHANGE LISTED FUNDS TRUST STATEMENTS OF CHANGES IN NET ASSETS |
|
Cabana
Target Leading | ||||||||
|
Year
Ended |
Year
Ended | |||||||
|
Operations |
|
|
|
| ||||
|
Net investment income (loss) |
$ |
1,794,105 |
|
$ |
4,082,125 |
| ||
|
Net realized gain (loss) on investments |
|
(3,244,147 |
) |
|
(3,252,322 |
) | ||
|
Net change in unrealized gain (loss) on investments |
|
8,973,718 |
|
|
(4,482,540 |
) | ||
|
Net Increase (Decrease) in Net Assets Resulting From Operations |
|
7,523,676 |
|
|
(3,652,737 |
) | ||
|
|
|
|
| |||||
|
Distributions to Shareholders |
|
(2,937,259 |
) |
|
(2,578,282 |
) | ||
|
Capital Share Transactions |
|
|
|
| ||||
|
Proceeds from shares sold |
|
— |
|
|
85,719,201 |
| ||
|
Proceeds received in connection with merger |
|
— |
|
|
62,868,722 |
| ||
|
Cost of shares redeemed |
|
(66,111,294 |
) |
|
(131,761,633 |
) | ||
|
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions |
|
(66,111,294 |
) |
|
16,826,290 |
| ||
|
Net Increase (Decrease) in Net Assets |
|
(61,524,877 |
) |
|
10,595,271 |
| ||
|
|
|
|
| |||||
|
Net Assets |
|
|
|
| ||||
|
Beginning of year |
$ |
180,720,831 |
|
$ |
170,125,560 |
| ||
|
End of year |
$ |
119,195,954 |
|
$ |
180,720,831 |
| ||
|
|
|
|
| |||||
|
Change in Share Transactions |
|
|
|
| ||||
|
Shares sold |
|
— |
|
|
4,225,000 |
| ||
|
Shares received in connection with merger |
|
— |
|
|
3,106,941 |
| ||
|
Shares redeemed |
|
(3,200,000 |
) |
|
(6,575,000 |
) | ||
|
Net Increase (Decrease) in Shares Outstanding |
|
(3,200,000 |
) |
|
756,941 |
| ||
10
|
Cabana Target Beta ETF FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period Presented) |
|
Year
|
Year
|
Year
|
Year
|
Period
| |||||||||||
|
Net asset value, beginning of period |
$ |
21.53 |
$ |
21.11 |
$ |
22.66 |
$ |
25.23 |
$ |
24.98 | |||||
|
|
|
|
|
|
|||||||||||
|
Investment operations: |
|
|
|
|
|
||||||||||
|
Net investment income (loss)(b) |
|
0.63 |
|
0.68 |
|
0.29 |
|
0.38 |
|
0.25 | |||||
|
Net realized and unrealized gain (loss) on investments |
|
0.30 |
|
0.53 |
|
(1.48) |
|
(2.47) |
|
0.11 | |||||
|
Total from investment operations |
|
0.93 |
|
1.21 |
|
(1.19) |
|
(2.09) |
|
0.36 | |||||
|
|
|
|
|
|
|||||||||||
|
Distributions to shareholders from: |
|
|
|
|
|
||||||||||
|
Net investment income |
|
(0.68) |
|
(0.73) |
|
(0.36) |
|
(0.48) |
|
(0.11) | |||||
|
Return of capital |
|
— |
|
(0.06) |
|
— |
|
— |
|
— | |||||
|
Total distributions |
|
(0.68) |
|
(0.79) |
|
(0.36) |
|
(0.48) |
|
(0.11) | |||||
|
|
|
|
|
|
|||||||||||
|
Net asset value, end of period |
$ |
21.78 |
$ |
21.53 |
$ |
21.11 |
$ |
22.66 |
$ |
25.23 | |||||
|
Net Asset Value, Total Return |
|
4.32% |
|
5.81% |
|
(5.31)% |
|
(8.48)% |
|
1.45%(c) | |||||
|
|
|
|
|
|
|||||||||||
|
Ratios and Supplemental Data: |
|
|
|
|
|
||||||||||
|
Net assets, end of period (000 omitted) |
$ |
72,948 |
$ |
113,583 |
$ |
155,147 |
$ |
256,088 |
$ |
349,383 | |||||
|
Ratios to Average Net Assets: |
|
|
|
|
|
||||||||||
|
Expenses before fee waiver(d) |
|
1.07%(g) |
|
0.80% |
|
0.80% |
|
0.80% |
|
0.80%(e) | |||||
|
Expenses after fee waiver(d) |
|
0.89%(g)(h) |
|
0.65% |
|
0.55% |
|
0.57% |
|
0.54%(e) | |||||
|
Net investment income (loss) |
|
2.83%(g) |
|
3.20% |
|
1.35% |
|
1.49% |
|
1.69%(e) | |||||
|
Portfolio turnover rate(f) |
|
200% |
|
460% |
|
1048% |
|
338% |
|
416%(c) | |||||
(a) For the period September 17, 2020 (commencement of operations) to April 30, 2021.
(b) Per share amounts calculated using average shares method.
(c) Not Annualized for periods less than one year.
(d) The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. The ratio does not include these indirect fees and expenses.
(e) Annualized for periods less than one year.
(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.
(g) Includes 0.27% for the year ended April 30, 2025, attributed to income tax expense, which are not subject to waiver by the Advisor.
(h) The ratio of expenses after fee waiver to average net assets includes the effect of a voluntary waiver reducing expenses 0.07%.
11
|
Cabana Target Drawdown 10 ETF FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period Presented) |
|
Year
|
Year
|
Year
|
Year
|
Period
| |||||||||||
|
Net asset value, beginning of period |
$ |
23.35 |
$ |
22.17 |
$ |
23.93 |
$ |
26.20 |
$ |
25.02 | |||||
|
|
|
|
|
|
|||||||||||
|
Investment operations: |
|
|
|
|
|
||||||||||
|
Net investment income (loss)(b) |
|
0.54 |
|
0.56 |
|
0.30 |
|
0.30 |
|
0.22 | |||||
|
Net realized and unrealized gain (loss) on investments |
|
0.18 |
|
1.17 |
|
(1.68) |
|
(2.25) |
|
1.09 | |||||
|
Total from investment operations |
|
0.72 |
|
1.73 |
|
(1.38) |
|
(1.95) |
|
1.31 | |||||
|
|
|
|
|
|
|||||||||||
|
Distributions to shareholders from: |
|
|
|
|
|
||||||||||
|
Net investment income |
|
(0.66) |
|
(0.55) |
|
(0.38) |
|
(0.32) |
|
(0.13) | |||||
|
Total distributions |
|
(0.66) |
|
(0.55) |
|
(0.38) |
|
(0.32) |
|
(0.13) | |||||
|
|
|
|
|
|
|||||||||||
|
Net asset value, end of period |
$ |
23.41 |
$ |
23.35 |
$ |
22.17 |
$ |
23.93 |
$ |
26.20 | |||||
|
Net Asset Value, Total Return |
|
2.96% |
|
7.85% |
|
(5.78)% |
|
(7.58)% |
|
5.27%(c) | |||||
|
|
|
|
|
|
|||||||||||
|
Ratios and Supplemental Data: |
|
|
|
|
|
||||||||||
|
Net assets, end of period (000 omitted) |
$ |
154,282 |
$ |
239,695 |
$ |
461,724 |
$ |
782,042 |
$ |
660,816 | |||||
|
Ratios to Average Net Assets: |
|
|
|
|
|
||||||||||
|
Expenses before fee waiver(d) |
|
0.80% |
|
0.80% |
|
0.80% |
|
0.80% |
|
0.80%(e) | |||||
|
Expenses after fee waiver(d) |
|
0.69% |
|
0.65% |
|
0.55% |
|
0.58% |
|
0.54%(e) | |||||
|
Net investment income (loss) |
|
2.20% |
|
2.48% |
|
1.31% |
|
1.13% |
|
1.46%(e) | |||||
|
Portfolio turnover rate(f) |
|
256% |
|
485% |
|
1068% |
|
319% |
|
451%(c) | |||||
(a) For the period September 17, 2020 (commencement of operations) to April 30, 2021.
(b) Per share amounts calculated using average shares method.
(c) Not Annualized for periods less than one year.
(d) The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. The ratio does not include these indirect fees and expenses.
(e) Annualized for periods less than one year.
(f) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.
12
|
Cabana Target Leading Sector Moderate ETF FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period Presented) |
|
Year
|
Year
|
Year
|
Period
| |||||||||
|
Net asset value, beginning of period |
$ |
19.74 |
$ |
20.25 |
$ |
21.83 |
$ |
25.09 | ||||
|
|
|
|
|
|||||||||
|
Investment operations: |
|
|
|
|
||||||||
|
Net investment income (loss)(b) |
|
0.24 |
|
0.54 |
|
0.29 |
|
0.11 | ||||
|
Net realized and unrealized gain (loss) on investments |
|
0.46 |
|
(0.52) |
|
(1.23) |
|
(3.21)(c) | ||||
|
Total from investment operations |
|
0.70 |
|
0.02 |
|
(0.94) |
|
(3.10) | ||||
|
|
|
|
|
|||||||||
|
Distributions to shareholders from: |
|
|
|
|
||||||||
|
Net investment income |
|
(0.43) |
|
(0.53) |
|
(0.64) |
|
(0.16) | ||||
|
Total distributions |
|
(0.43) |
|
(0.53) |
|
(0.64) |
|
(0.16) | ||||
|
|
|
|
|
|||||||||
|
Net asset value, end of period |
$ |
20.01 |
$ |
19.74 |
$ |
20.25 |
$ |
21.83 | ||||
|
Net Asset Value, Total Return |
|
3.52%(h) |
|
(0.03)% |
|
(4.27)% |
|
(12.51)%(d) | ||||
|
|
|
|
|
|||||||||
|
Ratios and Supplemental Data: |
|
|
|
|
||||||||
|
Net assets, end of period (000 omitted) |
$ |
119,196 |
$ |
180,721 |
$ |
170,126 |
$ |
72,025 | ||||
|
Ratios to Average Net Assets: |
|
|
|
|
||||||||
|
Expenses before fee waiver(e) |
|
0.80% |
|
0.80% |
|
0.80% |
|
0.80%(f) | ||||
|
Expenses after fee waiver(e) |
|
0.69% |
|
0.67% |
|
0.59% |
|
0.59%(f) | ||||
|
Net investment income (loss) |
|
1.17% |
|
2.69% |
|
1.40% |
|
0.53%(f) | ||||
|
Portfolio turnover rate(g) |
|
401% |
|
681% |
|
1003% |
|
231%(d) | ||||
(a) For the period July 13, 2021 (commencement of operations) to April 30, 2022.
(b) Per share amounts calculated using average shares method.
(c) Per share net realized and unrealized gains or losses on investments is a balancing amount and may not correspond with the realized and change in aggregate unrealized gains and losses in the Fund’s Securities because of the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund.
(d) Not Annualized for periods less than one year.
(e) The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. The ratio does not include these indirect fees and expenses.
(f) Annualized for periods less than one year.
(g) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.
(h) In 2025, 0.36% of the Fund’s total return consists of a reimbursement by the Adviser for a realized investment loss due to a trade error. Excluding this item, total return would have been 3.16%.
13
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS April 30, 2025 |
1. Organization
Exchange Listed Funds Trust (the “Trust”) was organized on April 4, 2012 as a Delaware statutory trust and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more series representing interests in separate portfolios of securities. The Trust has registered its Shares in multiple separate series. The assets of each series in the Trust are segregated and a shareholder’s interest is limited to the series in which Shares are held. The financial statements presented herein relate to the funds listed below and are individually referred to as a “Fund” or collectively as the “Funds”:
Cabana Target Beta ETF
Cabana Target Drawdown 10 ETF
Cabana Target Leading Sector Moderate ETF
The Cabana Target Beta ETF, the Cabana Target Drawdown 10 ETF and the 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 Cabana Target Beta ETF seeks to provide long-term growth. The 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 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 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 Cabana Target Beta ETF and the Cabana Target Drawdown 10 ETF commenced operations on September 17, 2020, and the 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.
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.
14
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
(b) Valuation of Investments
Each Fund records investments at fair value using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations.
Pursuant to the requirements of Rule 2a-5, the Board (i) has designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Fund through the Adviser’s Valuation Committee and (ii) has approved the Adviser’s Valuation Procedures.
In the event that current market valuations are not readily available or such valuations do not reflect current fair market value, the Trust’s procedures require the Valuation Committee, in accordance with the Trust’s Board-approved Valuation Procedures, to determine a security’s fair value. In determining such value, the Valuation Committee may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators (e.g., movement in interest rates or market indices). Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. 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).
15
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
The following is a summary of the valuations as of April 30, 2025, for each Fund based upon the three levels defined above:
Cabana Target Beta ETF
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Exchange-Traded Funds* |
$ |
73,027,161 |
$ |
— |
$ |
— |
$ |
73,027,161 | ||||
|
Total |
$ |
73,027,161 |
$ |
— |
$ |
— |
$ |
73,027,161 | ||||
Cabana Target Drawdown 10 ETF
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Exchange-Traded Funds* |
$ |
154,019,705 |
$ |
— |
$ |
— |
$ |
154,019,705 | ||||
|
Short-Term Investments |
|
1,802,500 |
|
— |
|
— |
|
1,802,500 | ||||
|
Total |
$ |
155,822,205 |
$ |
— |
$ |
— |
$ |
155,822,205 | ||||
Cabana Target Leading Sector Moderate ETF
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Total | ||||||||
|
Exchange-Traded Funds* |
$ |
119,004,582 |
$ |
— |
$ |
— |
$ |
119,004,582 | ||||
|
Short-Term Investments |
|
25,919,950 |
|
— |
|
— |
|
25,919,950 | ||||
|
Total |
$ |
144,924,532 |
$ |
— |
$ |
— |
$ |
144,924,532 | ||||
* See Schedule of Investments for additional detailed categorizations.
(c) 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.
(d) 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
16
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
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, 2025, The Cabana Target Beta ETF did not meet the qualified income test under Subchapter M of the Internal Code of 1986 for the tax year ended April 30, 2025, because it did not generate at least 90% of its gross income from qualifying sources. However, the fund intends to continue to qualify as a regulated investment company pursuant to Internal Revenue Code 851(i). Accordingly, the Fund has recorded an estimated tax liability pursuant to this provision in the amount of $252,856. The Cabana Target Drawdown 10 ETF and Cabana Target Leading Sector Moderate ETF did not have any interest or penalties associated with the underpayment of any income taxes.
(e) Distributions to Shareholders
The Cabana Target Beta ETF and 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 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
(f) Payment from affiliate
The Cabana Target Leading Sector Moderate ETF was reimbursed $414,576 from Cabana Asset Management as a result of a trading error which is included in net increase from payment made by affiliate on the Fund’s Statement of Operations.
3. Transactions with Affiliates and Other Servicing Agreements
(a) Investment Advisory and Administrative Services
Exchange Traded Concepts, LLC (the “Adviser”) serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). Under the Advisory Agreement, the Adviser provides investment advisory services to each Fund and is responsible for, among other things, overseeing the Sub-Adviser (as defined below), including regular review of 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
17
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
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. Fees waived pursuant to this voluntary waiver are not subject to recoupment in future periods. As of April 30, 2025, the Adviser waived $66,961 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, 2025, unless earlier terminated by the Trust for any reason at any time with the approval of the Board.
|
Fund |
Expenses | ||
|
Cabana Target Beta ETF |
$ |
102,489 | |
|
Cabana Target Drawdown 10 ETF |
|
225,464 | |
|
Cabana Target Leading Sector Moderate ETF |
|
168,871 | |
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.
(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.
18
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
(d) Other Servicing Agreements
Effective June 14, 2024, Ultimus Fund Services, LLC provides administration and fund accounting services to the Trust pursuant to separate servicing agreements. Brown Brothers Harriman & Co. serves as each fund’s custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement. The Adviser pays these fees. Prior to June 14, 2024, The Bank of New York Mellon provided administration, fund accounting services, transfer agent and custodian services to the Funds.
An officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.
4. Investments Transactions
Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended April 30, 2025, were as follows:
|
Fund |
Purchases |
Sales | ||||
|
Cabana Target Beta ETF |
$ |
184,495,722 |
$ |
184,297,247 | ||
|
Cabana Target Drawdown 10 ETF |
|
521,067,803 |
|
521,776,642 | ||
|
Cabana Target Leading Sector Moderate ETF |
|
613,022,695 |
|
614,032,193 | ||
Purchases and sales of in-kind transactions for the year ended April 30, 2025, were as follows:
|
Fund |
Purchases |
Sales | ||||
|
Cabana Target Beta ETF |
$ |
— |
$ |
42,484,353 | ||
|
Cabana Target Drawdown 10 ETF |
|
— |
|
89,545,653 | ||
|
Cabana Target Leading Sector Moderate ETF |
|
— |
|
65,732,096 | ||
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, 2025, 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
|
Securities
|
Net
Realized | |||||||
|
Cabana Target Drawdown 10 ETF |
$ |
6,092,391 |
$ |
— |
$ |
— |
| |||
|
Cabana Target Leading Sector Moderate ETF |
|
— |
|
6,092,391 |
|
(231,783 |
) | |||
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.
19
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
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 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.
20
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
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 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, 2025, 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 Capital |
Total
| |||||
|
Cabana Target Beta ETF |
$ |
1,133,103 |
$ |
(1,133,103 |
) | ||
|
Cabana Target Drawdown 10 ETF |
|
4,233,024 |
|
(4,233,024 |
) | ||
|
Cabana Target Leading Sector Moderate ETF |
|
2,386,065 |
|
(2,386,065 |
) | ||
21
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
The tax character of the distributions paid during the tax year ended April 30, 2025, and April 30, 2024, was as follows:
|
Year Ended April 30, 2025 | ||||||||||||
|
Fund |
Ordinary
|
Net
Long-Term |
Return
of |
Total
| ||||||||
|
Cabana Target Beta ETF |
$ |
2,714,812 |
$ |
— |
$ |
— |
$ |
2,714,812 | ||||
|
Cabana Target Drawdown 10 ETF |
|
5,029,377 |
|
— |
|
— |
|
5,029,377 | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
2,937,259 |
|
— |
|
— |
|
2,937,259 | ||||
|
Year Ended April 30, 2024 | ||||||||||||
|
Fund |
Ordinary
|
Net
Long-Term |
Return
of |
Total
| ||||||||
|
Cabana Target Beta ETF |
$ |
3,746,980 |
$ |
— |
$ |
296,809 |
$ |
4,043,789 | ||||
|
Cabana Target Drawdown 10 ETF |
|
7,468,134 |
|
— |
|
— |
|
7,468,134 | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
2,578,282 |
|
— |
|
— |
|
2,578,282 | ||||
As of the tax year ended April 30, 2025, the components of distributable earnings (loss) on a tax basis were as follows:
|
Fund |
Undistributed |
Undistributed |
Unrealized |
Distributable | ||||||||||
|
Cabana Target Beta ETF |
$ |
— |
$ |
(81,077,975 |
) |
$ |
366,172 |
$ |
(80,711,803 |
) | ||||
|
Cabana Target Drawdown 10 ETF |
|
— |
|
(391,940,765 |
) |
|
1,493,811 |
|
(390,446,954 |
) | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
390,328 |
|
(227,441,941 |
) |
|
5,360,936 |
|
(221,690,677 |
) | ||||
At April 30, 2025, 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 |
Unrealized
|
Unrealized |
Net
Unrealized | ||||||||
|
Cabana Target Beta ETF |
$ |
72,660,989 |
$ |
366,172 |
$ |
— |
$ |
366,172 | ||||
|
Cabana Target Drawdown 10 ETF |
|
154,328,394 |
|
1,493,811 |
|
— |
|
1,493,811 | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
139,563,596 |
|
5,360,936 |
|
— |
|
5,360,936 | ||||
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.
As of the tax year ended April 30, 2025, each Fund has non-expiring accumulated capital loss carryforwards as follows:
|
Fund |
Short-Term |
Long-Term |
Total Amount |
CLCF Utilized | ||||||||
|
Cabana Target Beta ETF |
$ |
80,790,536 |
$ |
287,439 |
$ |
81,077,975 |
$ |
— | ||||
|
Cabana Target Drawdown 10 ETF |
|
391,940,765 |
|
— |
|
391,940,765 |
|
168,514,883 | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
227,441,941 |
|
— |
|
227,441,941 |
|
185,265,630 | ||||
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.
22
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
8. Securities Lending
Each Fund has entered into a Securities Lending Agreement with the Brown Brothers Harriman & Co. (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. These loans, if and when made, may not exceed 33 1/3% of the total asset value of a Fund (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 regulations 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 American Depositary Receipts (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. The Funds do not have effective control of the non-cash collateral and therefore it is not disclosed in the Funds’ Schedules of Investments, if any.
Securities lending transactions are entered into by the Funds under the Securities Lending Agreement, which permits each Fund, under certain circumstances such as an event of default, to offset amounts payable by the Funds to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Funds.
The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight maturities and non-cash collateral, which would be subject to offset as of April 30, 2025:
|
Fund |
Gross
Amount of |
Value
of Cash |
Value
of |
Net Amount | ||||||||
|
Cabana Target Drawdown 10 ETF |
$ |
1,743,000 |
$ |
1,743,000 |
$ |
— |
$ |
— | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
25,064,340 |
|
25,064,340 |
|
— |
|
— | ||||
(1) Collateral and non-cash collateral received in excess of market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Statements of Assets and Liabilities.
23
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
The value of loaned securities and related collateral outstanding at April 30, 2025, are shown in the Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of April 30, 2025, the cash collateral was invested in Short-Term Investments with the following maturities:
|
Remaining Contractual Maturity of the Agreements, as of April 30, 2025 | |||||||||||||||
|
Securities Lending Transactions |
Overnight
and |
<30 Days |
Between
|
>90 days |
Total | ||||||||||
|
Cabana Target Drawdown 10 ETF |
|
|
|
|
|
||||||||||
|
Short-Term Investments |
$ |
1,802,500 |
$ |
— |
$ |
— |
$ |
— |
$ |
1,802,500 | |||||
|
|
|
|
|
|
|||||||||||
|
Cabana Target Leading Sector Moderate ETF |
|
|
|
|
|
||||||||||
|
Short-Term Investments |
$ |
25,919,950 |
$ |
— |
$ |
— |
$ |
— |
$ |
25,919,950 | |||||
9. Recent Market Events
Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. Periods of market volatility may occur in response to such events and other economic, political, and global macro factors.
Governments and central banks, including the Federal Reserve in the United States, took extraordinary and unprecedented actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve concluded its market support activities in 2022 and began to raise interest rates in an effort to fight inflation. The Federal Reserve may determine to raise interest rates further. 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 the pandemic, inflation, or other 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. Reorganization
At a meeting held on November 8, 2023, the Board of the Trust approved the following reorganizations (each, a “Reorganization”) of the Cabana Target Drawdown 13 ETF, the Cabana Target Drawdown 16 ETF, the Cabana Target Leading Sector Conservative ETF, and the Cabana Target Leading Sector Aggressive ETF (each an “Acquired Fund,” and collectively, the “Acquired Funds”). Each Acquired Fund was a series of Exchange Listed Funds Trust. The Trust approved the following Reorganizations of the Acquired Funds: (i) the Reorganization of the Cabana Target Drawdown 13 ETF and the Cabana Target Drawdown 16 ETF into the Cabana Target Drawdown 10 ETF and (ii) the Reorganization of the Cabana Target Leading Sector Aggressive ETF and the Cabana Target Leading Sector Conservative ETF into the Cabana Target Leading Sector Moderate ETF (collectively, with the Cabana Target Drawdown 10 ETF, the “Acquiring Funds”). Each Reorganization occurred after the close of business on January 5, 2024.
Each Reorganization occurred by transferring all of the assets of the Acquired Funds to the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption of all the liabilities of the Acquired Funds by the Acquiring Fund. Each Reorganization was accomplished by a tax-free exchange of shares of each Acquiring Fund. A tax-free exchange means that shareholders of the Acquired Funds will not realize any capital gains (losses) for federal income tax purposes. The following amounts were exchanged:
|
Acquiring Fund Name |
Acquiring
|
Acquiring
|
Acquiring
|
Acquiring
| ||||||
|
Cabana Drawdown 10 ETF |
$ |
286,439,954 |
12,500,000 |
$ |
397,961,234 |
17,366,665 | ||||
|
Cabana Target Leading Sector Moderate ETF |
|
98,644,359 |
4,875,000 |
|
161,513,081 |
7,981,941 | ||||
24
|
EXCHANGE LISTED FUNDS TRUST NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025 |
A reconciliation of each Acquiring Fund’s ending net assets and shares outstanding after the Reorganizations were as follows:
|
Fund Name |
Reconciliation of
|
Reconciliation
of | |||
|
Cabana Drawdown 10 ETF |
$ |
286,439,954 |
12,500,000 | ||
|
Cabana Drawdown 13 ETF |
|
67,429,054 |
2,942,530 | ||
|
Cabana Drawdown 16 ETF |
|
44,092,226 |
1,924,135 | ||
|
Total |
$ |
397,961,234 |
17,366,665 | ||
|
|
|||||
|
Cabana Target Leading Sector Moderate ETF |
$ |
98,644,359 |
4,875,000 | ||
|
Cabana Target Leading Sector Aggressive ETF |
|
38,784,583 |
1,916,719 | ||
|
Cabana Target Leading Sector Conservative ETF |
|
24,084,139 |
1,190,222 | ||
|
Total |
$ |
161,513,081 |
7,981,941 | ||
The net unrealized appreciation (depreciation) for each Acquired Fund immediately before the Reorganizations were as follows:
|
Acquired Fund Name |
Acquired Fund’s
| ||
|
Cabana Drawdown 13 ETF |
$ |
1,725,652 | |
|
Cabana Drawdown 16 ETF |
|
1,148,448 | |
|
Cabana Target Leading Sector Aggressive ETF |
|
1,300,157 | |
|
Cabana Target Leading Sector Conservative ETF |
|
210,110 | |
(1) Each Acquiring Fund has elected to carry forward the assets of the Acquired Funds at each Acquired Fund’s historical cost basis for purposes of measuring unrealized appreciation (depreciation) and future realized gain (loss) of those acquired assets.
For accounting and financial reporting purposes, the Acquiring Funds are the accounting survivors and as a result, the financial statements and financial highlights do not reflect the operations of the Acquired Funds. The Acquiring Funds are the accounting survivors for performance purposes.
11. New Accounting Pronouncement
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund’s financial statements.
12. 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.
25
|
EXCHANGE LISTED FUNDS TRUST REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM April 30, 2025 |
To the Shareholders of Cabana Target Beta ETF, Cabana Target Drawdown 10 ETF, and 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, 2025, 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, 2025, 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 |
Statements
of |
Financial
| |||
|
Cabana Target Beta ETF and Cabana Target Drawdown 10 ETF |
For the year ended April 30, 2025 |
For the years ended April 30, 2025 and 2024 |
For the years ended April 30, 2025, 2024, 2023, 2022, and for the period from September 17, 2020 (commencement of operations) through April 30, 2021 | |||
|
Cabana Target Leading Sector Moderate ETF |
For the year ended April 30, 2025 |
For the years ended April 30, 2025 and 2024 |
For the years ended April 30,2025, 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, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. 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, 2025
26
|
EXCHANGE LISTED FUNDS TRUST OTHER INFORMATION (Unaudited) April 30, 2025 |
Tax Information
For the year ended April 30, 2025, the Funds 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
| ||
|
Cabana Target Beta ETF |
28 |
% | |
|
Cabana Target Drawdown 10 ETF |
62 |
% | |
|
Cabana Target Leading Sector Moderate ETF |
52 |
% | |
For the year ended April 30, 2025, the Funds 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
| ||
|
Cabana Target Beta ETF |
28 |
% | |
|
Cabana Target Drawdown 10 ETF |
55 |
% | |
|
Cabana Target Leading Sector Moderate ETF |
52 |
% | |
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 https://www.cabanaetfs.com/investor-materials.
27
|
EXCHANGE LISTED FUNDS TRUST OTHER INFORMATION (Form N-CSR Items 8-11) (Unaudited) (Continued) April 30, 2025 |
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.
Remuneration was paid by the company during the period covered by the report to Trustees on the company’s Board of Trustees. The Board of Trustees expensed $19,323 to each Fund in the Trust for the period covered by the report.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
28
10900
Hefner Pointe Drive, Suite 400
Oklahoma City, OK 73120
Investment Adviser:
Exchange Traded Concepts, LLC
10900 Hefner Pointe Drive, Suite 400
Oklahoma City, OK 73120
Investment Sub-Adviser:
Cabana Asset Management
220 S. School Ave.
Fayetteville, AR 72701
Distributor:
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Legal Counsel:
Chapman
and Cutler LLP
320 South Canal Street
Chicago, IL 60606
This information must be preceded or accompanied by a current prospectus for the Funds.
|
For additional information about the Funds; including each Fund’s prospectus, financial information, holdings, and proxy voting information, call or visit: • 866-239-9536 • https://www.cabanaetfs.com/investor-materials |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
Included under item 7.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included under item 7.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Included under item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable for open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.
Item 16. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable for open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable |
| (b) | Not applicable |
Item 19. Exhibits.
| (a)(1) | Code of Ethics for Principal Executive and Senior Financial Officers. Attached hereto. |
| (a)(2) | Not applicable. |
| (a)(3) | A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith. |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): |
Attached hereto Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Exchange Traded Concepts Trust | |
| By (Signature and Title) | /s/ J. Garrett Stevens | |
| J. Garrett Stevens, | ||
| Date: July 2, 2025 | Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ J. Garrett Stevens | |
| J. Garrett Stevens, | ||
| Date: July 2, 2025 | Principal Executive Officer | |
| By (Signature and Title) | /s/ Christopher W. Roleke | |
| Christopher W. Roleke, | ||
| Date: July 2, 2025 | Principal Financial Officer |
FAQ
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How large is the iShares Bitcoin Trust ETF as of June 27 2025?
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Can baskets be created or redeemed in bitcoin?
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