[SCHEDULE 13G/A] Qraft AI-Enhanced US Large Cap ETF SEC Filing

Rhea-AI Filing Summary

Foundations Investment Advisors, LLC filed Amendment 4 to Schedule 13G covering the Qraft AI-Enhanced US Large Cap ETF (Exchange Listed Funds Trust, CUSIP 30151E715) for the event date 30 June 2025.

• Disclosed beneficial ownership: 3,691,152 ETF units, equal to 60.6 % of the outstanding class.
• Sole dispositive power over all units; no voting power reported.
• Filer status: Arizona-based investment adviser; filing made under Rule 13d-1(b).
• No group, subsidiary, or additional reporting persons; certification signed 28 July 2025 by CCO Marc Pugsley.

The disclosure signals a highly concentrated ownership position in QRFT by a single adviser, which could influence liquidity and control dynamics. The filing contains no financial performance data or other corporate actions.

Positive

• Substantial ownership: Adviser’s 3.69 M-unit position may signify confidence in the ETF’s strategy.

Negative

• High concentration: 60.6 % held by one adviser could affect liquidity and create redemption risk.
• No voting power disclosure may limit shareholder influence, potentially misaligning interests.

Insights

Securities Analyst

TL;DR: 60.6 % stake disclosed; material concentration but no direct financial impact.

This 13G reveals that Foundations Investment Advisors controls nearly two-thirds of QRFT’s units, a size well above the 5 % threshold that triggers disclosure. While the adviser holds sole dispositive power, it reports zero voting power, suggesting the units may be held in discretionary accounts rather than proprietary funds. The update neither adds nor removes shares versus prior filings, so no immediate market-moving transaction is indicated. Still, investors should watch for liquidity effects: any sizable redemption or reallocation by this holder could materially sway trading volumes and premiums/discounts of the ETF.

Corporate Governance Expert

TL;DR: One adviser’s 60 % control heightens governance and liquidity risk.

A single institution owning 60.6 % of an ETF raises potential concentration concerns. Although the adviser disclaims voting power, its ability to dispose of shares unilaterally can impact market price stability. The absence of a group or subsidiary simplifies oversight, but also concentrates responsibility. No governance violations are noted; the filing satisfies §13d requirements. Impact is neutral for now yet noteworthy for risk monitoring.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Exchange Listed Funds Trust

(Name of Issuer)

Exchange Traded Product

(Title of Class of Securities)

30151E715

(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. 30151E715

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 3,691,152.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,691,152.00

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)

60.6 %

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.: 30151E715
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: 3,691,152
(b)	Percent of class: 60.6 %
(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 - 3,691,152
	(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

What stake does Foundations Investment Advisors hold in QRFT?

The filing shows 3,691,152 units, representing 60.6 % of the ETF’s outstanding shares.

Does the adviser have voting power over its QRFT units?

No. It reports 0 sole and 0 shared voting power.

When was the ownership position effective?

The ownership information is as of 30 June 2025.

Under which rule was the Schedule 13G/A filed?

It was filed pursuant to Rule 13d-1(b) as the filer is an investment adviser.

Where is Foundations Investment Advisors located?

Principal business office: 4050 E. Cotton Center Blvd., Suite 40, Phoenix, AZ 85040.

Who signed the Schedule 13G/A?

Marc Pugsley, CCO, signed on 28 July 2025.