Schedule 13G/A: Adviser Controls 2.08M QRFT Units (64% Ownership)

Rhea-AI Filing Summary

Schedule 13G/A (Amendment 3) for Exchange Listed Funds Trust – Qraft AI-Enhanced US Large Cap ETF (CUSIP 30151E723) discloses that Foundations Investment Advisors, LLC, an Arizona-organized investment adviser, held 2,079,949 exchange-traded product units as of 30 Jun 2025. This represents 64 % of the outstanding class.

The adviser reports sole dispositive power over the full position but no voting power, indicating authority to sell but not to vote the shares. The filing is made under Rule 13d-1(b); Foundations is classified as an “IA” (investment adviser). No other persons or subsidiaries are listed as having beneficial ownership, and there is no group filing. Certification is signed by CCO Marc Pugsley on 28 Jul 2025.

• Issuer address: 10900 Hefner Pointe Dr., Ste 400, Oklahoma City, OK 73120
• Reporting person address: 4050 E. Cotton Center Blvd., Ste 40, Phoenix, AZ 85040
• No indication of voting agreements, sales plans, or changes in control beyond the stated ownership.

The disclosure signals a highly concentrated holding in the ETF by a single investment adviser, which may affect liquidity and potential share-price volatility should the adviser adjust its position.

Positive

• Institutional support: A registered investment adviser holds 64 % of outstanding units, demonstrating significant institutional demand.

Negative

• Liquidity/concentration risk: A single holder’s 64 % stake could lead to market volatility if large redemptions occur.
• No voting power disclosed: Lack of voting authority limits governance oversight despite large economic interest.

Insights

Portfolio Manager

TL;DR: Adviser controls 64 % of QRFT units, creating liquidity concentration risk.

The 13G reveals that Foundations Investment Advisors effectively dominates ownership of the ETF, with dispositive control over 2.08 million units. While large institutional sponsorship can support assets under management, a single holder accounting for nearly two-thirds of shares heightens liquidity risk; any sizeable redemption could pressure market price and widen spreads. The absence of voting power suggests the units are held for client accounts rather than strategic influence. Overall, disclosure is materially relevant but neither clearly bullish nor bearish without knowledge of redemption intent.

Corporate Governance Specialist

TL;DR: 64 % stake without voting rights limits governance impact but signals control over float.

From a governance lens, the adviser’s lack of voting authority minimizes influence on proxy matters, yet sole dispositive power over a majority of units effectively controls float liquidity. Such concentration can deter other large investors and may exaggerate price swings during creations/redemptions. No group or subsidiary involvement simplifies tracing accountability. Investors should monitor future amendments for changes in ownership or voting power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Exchange Listed Funds Trust

(Name of Issuer)

Exchange Traded Product

(Title of Class of Securities)

30151E723

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 30151E723

1

Names of Reporting Persons

FOUNDATIONS INVESTMENT ADVISORS, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ARIZONA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,079,949.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,079,949.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

64.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Exchange Listed Funds Trust
(b)	Address of issuer's principal executive offices: 10900 HEFNER POINTE DRIVE, SUITE 400, OKLAHOMA CITY, OKLAHOMA 73120
Item 2.
(a)	Name of person filing: FOUNDATIONS INVESTMENT ADVISORS, LLC
(b)	Address or principal business office or, if none, residence: 4050 E. COTTON CENTER BLVD. SUITE 40 PHOENIX, Arizona 85040
(c)	Citizenship: FOUNDATIONS INVESTMENT ADVISORS, LLC - ARIZONA
(d)	Title of class of securities: Exchange Traded Product
(e)	CUSIP No.: 30151E723
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,079,949
(b)	Percent of class: 64 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
	(ii) Shared power to vote or to direct the vote: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
	(iii) Sole power to dispose or to direct the disposition of: FOUNDATIONS INVESTMENT ADVISORS, LLC - 2,079,949
	(iv) Shared power to dispose or to direct the disposition of: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FOUNDATIONS INVESTMENT ADVISORS, LLC

Signature:	/s/Marc Pugsley
Name/Title:	CCO
Date:	07/28/2025

FAQ

How many QRFT units does Foundations Investment Advisors own?

The adviser reports 2,079,949 units beneficially owned.

What percentage of QRFT’s outstanding units does this represent?

The stake equals 64 % of the class.

Does the adviser have voting power over the QRFT units?

No. It reports 0 voting power; only dispositive power is held.

Under which SEC rule was this Schedule 13G/A filed?

It was filed pursuant to Rule 13d-1(b) for investment advisers.

What is the CUSIP number for the Qraft AI-Enhanced US Large Cap ETF?

The CUSIP disclosed is 30151E723.