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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>UMB Fund Services, Inc.</adminName>
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            <idNumberDesc>SEC file number</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
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          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
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            <grossCommission>216.00000000</grossCommission>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO</brokerName>
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            <grossCommission>39.00000000</grossCommission>
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        <aggregateCommission>255.00000000</aggregateCommission>
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          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>UBS SECURITIES LLC</principalName>
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          <principalTransaction>
            <principalName>CREDIT AGRICOLE SECURITIES (USA) INC.</principalName>
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        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>InsightShares Patriotic Employers ETF</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="InsightShares Patriotic Employers ETF" sharesOutstandingClassId="C000196730" sharesOutstandingTickerSymbol="HONR"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
          <indexFundInfo fundType="Index Fund">
            <isIndexFundAffiliated>N</isIndexFundAffiliated>
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            <indexFundReturnDiffBeforeExpense>-0.01000000</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.64000000</indexFundReturnDiffAfterExpense>
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            <indexFundReturnDailyStdevAfterExpense>0.05000000</indexFundReturnDailyStdevAfterExpense>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Exchange Traded Concepts, LLC</investmentAdviserName>
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            <investmentAdviserCrdNo>000151197</investmentAdviserCrdNo>
            <investmentAdviserLei>549300BB5DRIKK8VVV91</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OK" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Vident Investment Advisory, LLC</subAdviserName>
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            <subAdviserCrdNo>000171004</subAdviserCrdNo>
            <subAdviserLei>254900XSZB691Z1A6X78</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-GA" subAdviserCountry="US"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2018-01-16"/>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>The Bank of New York Mellon</transferAgentName>
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            <transferAgentLei>HPFHU0OQ28E4N0NFVK49</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>The Bank of New York Mellon</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Bank of New York Mellon</adminName>
            <adminLei>HPFHU0OQ28E4N0NFVK49</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
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          <admin>
            <adminName>UMB Fund Services, Inc.</adminName>
            <adminLei>084-05792</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>VIRTU AMERICAS LLC</brokerName>
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            <grossCommission>1357.00000000</grossCommission>
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          <broker>
            <brokerName>BTIG, LLC</brokerName>
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            <grossCommission>549.00000000</grossCommission>
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          <broker>
            <brokerName>Jane Street Execution Services, LLC</brokerName>
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            <grossCommission>215.00000000</grossCommission>
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        <aggregateCommission>2121.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO.</principalName>
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          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>UBS SECURITIES LLC</principalName>
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          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
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        <principalAggregatePurchase>35068416.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21351425.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Saba Closed-End Funds ETF</mgmtInvFundName>
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        <mgmtInvLei>549300GSI1BSONVINL03</mgmtInvLei>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Saba Closed-End Funds ETF" sharesOutstandingClassId="C000179256" sharesOutstandingTickerSymbol="CEFS"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <investmentAdvisers>
          <investmentAdviser>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Saba Capital Management, L.P.</subAdviserName>
            <subAdviserFileNo>801-71740</subAdviserFileNo>
            <subAdviserCrdNo>000154362</subAdviserCrdNo>
            <subAdviserLei>YCZ8C13B1NIESD9DNZ63</subAdviserLei>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>The Bank of New York Mellon</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
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            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
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        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
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            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
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          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
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            <adminName>The Bank of New York Mellon</adminName>
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          <admin>
            <adminName>UMB Fund Services, Inc.</adminName>
            <adminLei>084-05792</adminLei>
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        <brokers>
          <broker>
            <brokerName>BNP PARIBAS SECURITIES CORP.</brokerName>
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          <broker>
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            <brokerCrdNo>000000079</brokerCrdNo>
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            <grossCommission>783.00000000</grossCommission>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO</brokerName>
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            <grossCommission>862.00000000</grossCommission>
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            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
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            <grossCommission>923.00000000</grossCommission>
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            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</brokerName>
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            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>414.00000000</grossCommission>
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          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS INC.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>702.00000000</grossCommission>
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          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>008-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>3624.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
            <brokerFileNo>008-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2325.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>ITG, INC.</brokerName>
            <brokerFileNo>008-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>549300S41SMIODVIT266</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>328.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>12545.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>VIRTU AMERICAS LLC</principalName>
            <principalFileNo>008-68193</principalFileNo>
            <principalCrdNo>000149823</principalCrdNo>
            <principalLei>549300RA02N3BNSWBV74</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6204023.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>OPPENHEIMER &amp; CO. INC.</principalName>
            <principalFileNo>008-04077</principalFileNo>
            <principalCrdNo>000000249</principalCrdNo>
            <principalLei>254900VH02JQR2L8XD64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>153136.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4018280.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT AGRICOLE SECURITIES (USA) INC.</principalName>
            <principalFileNo>008-13753</principalFileNo>
            <principalCrdNo>000000190</principalCrdNo>
            <principalLei>549300WO2DKF0Q3YMV43</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2102905.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP PARIBAS SECURITIES CORP.</principalName>
            <principalFileNo>008-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15754198.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO.</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1300671.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>29533214.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>23627889.00000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>11415472.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="BNP Paribas"/>
              </lineOfCreditInstitutions>
              <soleCreditType creditType="Sole"/>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="667304.00000000" daysCreditUsed="353"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>REX BKCM ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000061652</mgmtInvSeriesId>
        <mgmtInvLei>5493001RF0QIY985MJ98</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="REX BKCM ETF" sharesOutstandingClassId="C000199645" sharesOutstandingTickerSymbol="BKC"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Exchange Traded Concepts, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-70485</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000151197</investmentAdviserCrdNo>
            <investmentAdviserLei>549300BB5DRIKK8VVV91</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-OK" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2018-05-03</investmentAdviserStartDate>
            </investmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>BKCM Funds, LLC</subAdviserName>
            <subAdviserFileNo>801-113132</subAdviserFileNo>
            <subAdviserCrdNo>000296496</subAdviserCrdNo>
            <subAdviserLei>254900C5J489FJJR7369</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-NY" subAdviserCountry="US"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2018-05-03"/>
          </subAdviser>
          <subAdviser>
            <subAdviserName>Vident Investment Advisory, LLC</subAdviserName>
            <subAdviserFileNo>801-80534</subAdviserFileNo>
            <subAdviserCrdNo>000171004</subAdviserCrdNo>
            <subAdviserLei>254900XSZB691Z1A6X78</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-GA" subAdviserCountry="US"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2018-05-03"/>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>The Bank of New York Mellon</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>HPFHU0OQ28E4N0NFVK49</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Citibank International Limited (Portugal)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Finland)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (China)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Seoul Branch</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Portugal)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (France)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>BCO BILB.VIZC.ARGENTARIA(BBVA)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Netherlands)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Shanghai</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Netherlands)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Germany)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Spain)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank SA/NV</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company (Canada)</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken, Helsinki Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>ESES FRANCE REGISTERED</custodianName>
            <custodianLei>54930060MY6S68NEUP16</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Shenzhen</custodianName>
            <custodianLei>213800H3TEBTFHD5JR69</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear SA/NV</custodianName>
            <custodianLei>549300CBNW05DILT6870</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Stockholm</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>National Bank of Belgium</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Taiwan) Limited</custodianName>
            <custodianLei>549300SG184IVNYDMN03</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Austria)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Copenhagen Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>ESES FRANCE BEARER</custodianName>
            <custodianLei>54930060MY6S68NEUP16</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV (Germany)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Oslo Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corporation (Hong Kong)</custodianName>
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            <custodianCountry>HK</custodianCountry>
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        <creationUnitPercentageRedeemedInKind>98.60000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.00000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0.00000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>500.00000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.00000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.00000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>500.00000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.00000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0.00000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>500.00000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.00000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.00000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>500.00000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.00000000</purchaseCreationUnitCashPercentagePerUnit>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Exchange Listed Funds Trust" signedDate="2019-02-13" signature="Dennis Lowenfels" title="Chief Compliance Officer"/>
  </formData>
</edgarSubmission>
