# EDGAR Filing Document

**Accession Number:** 0001452937
**File Stem:** 0001213900-25-124382
**Filing Date:** 2025-12
**Character Count:** 79048
**Document Hash:** a475d9ed916676245e13cdc095ce57b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-124382.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001213900-25-124382

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXCHANGE TRADED CONCEPTS TRUST
- **CENTRAL INDEX KEY:** 0001452937

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22263
- **FILM NUMBER:** 251591729

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120
- **BUSINESS PHONE:** 405-778-8377

**MAIL ADDRESS:**
- **STREET 1:** 10900 HEFNER POINTE DRIVE
- **STREET 2:** SUITE 400
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAITHSHARES TRUST
- **DATE OF NAME CHANGE:** 20090717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAITHSHARES INC
- **DATE OF NAME CHANGE:** 20090225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VERITAS FUNDS INC
- **DATE OF NAME CHANGE:** 20081230

## Series and Classes Contracts Data

### CORE16 Best of Breed Premier Index ETF (Series ID: S000092071)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000259986 | CORE16 Best of Breed Premier Index ETF | BOBP            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-22263**

**Exchange Traded Concepts Trust**

(Exact name of registrant as specified in charter)

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Address of principal executive offices) (Zip code)

Richard Malinowski

Exchange Traded Concepts Trust

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, OK 73120

(Name and address of agent for service)

Copy to:

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Registrant's telephone number, including area code: 1-405-778-8377**

**Date of fiscal year end: April 30, 2026**

**Date of reporting period: October 31, 2025**

**Item 1.** **Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1) is attached hereto.

# Exchange Traded Concepts Trust
![Image](i6c1ab6820590bc089fd9d40e.jpg)

## CORE16 Best of Breed Premier Index ETF

## Ticker: BOBP

## Principal Listing Exchange: NYSE Arca

## Semi-Annual Shareholder Report: October 31, 2025
This semi-annual shareholder report contains important information about the CORE16 Best of Breed Premier Index ETF (the "Fund") for the period from May 20, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://core16etf.com/#investor-materials. You can also request this information by contacting us at 833-462-3466.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup></u>** |
| CORE16 Best of Breed Premier Index ETF | $33 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;Costs shown not annualized. The Fund commenced operations on May 20, 2025. If the Fund had been in operation for the complete semi-annual period, the costs shown would have been higher. |
| Footnote† | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Number of Holdings</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $814293 | 51 | $7185 | 135% |

---

## What did the Fund invest in?

### Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ib7a4a7d4a420c9aadd8c38e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.5% |
| Health Care | 6.7% |
| Communication Services | 8.1% |
| Financials | 8.4% |
| Exchange-Traded Fund | 9.9% |
| Consumer Discretionary | 15.4% |
| Information Technology | 21.1% |
| Industrials | 28.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 9.9% |
| Warner Bros Discovery | 2.8% |
| CH Robinson Worldwide | 2.6% |
| Palantir Technologies, Cl A | 2.5% |
| Tesla | 2.4% |
| Broadcom | 2.2% |
| Amphenol, Cl A | 2.0% |
| Alphabet, Cl A | 2.0% |
| AppLovin, Cl A | 2.0% |
| Allegion PLC | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments, if any, are not shown. |

---

#### Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 833-462-3466 

* https://core16etf.com/#investor-materials 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 833-462-3466 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](i7b4173577c1f561c43ef1f88.jpg)

## BOBP-SAR-2025
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable for semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable for semi-annual report.

**Item 6.** **Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

EXCHANGE TRADED CONCEPTS TRUST

**CORE16 Best of Breed Premier Index ETF (BOBP)**

**Semi**-Annual **Financials and Other Information**

**October 31, 2025**

(Unaudited)

------

 **Core16 Best of Breed Premier Index ETF**

**Table of Contents**

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#T001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#T002) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#T003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#T004) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#T005) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#T006) | 6 |
|  [Other Information (Form N-CSRS Items 8-11)](#T007) | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp; For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 833-462-3466<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• https://core16etf.com/#investor-materials<br>

------

 **Core16 Best of Breed Premier Index ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

![](tbarchart_001.jpg)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **COMMON STOCK**†† **— 89.6%** |  |  |
|  **Communication Services — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A | 57 | $16028 |
| &nbsp;&nbsp;&nbsp; Netflix\* | 10 | 11189 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software\* | 61 | 15638 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery\* | 1005 | 22562 |
|  |  | 65417 |
|  **Consumer Discretionary — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Airbnb, Cl A\* | 108 | 13666 |
| &nbsp;&nbsp;&nbsp; Amazon.com\* | 62 | 15142 |
| &nbsp;&nbsp;&nbsp; Booking Holdings | 2 | 10156 |
| &nbsp;&nbsp;&nbsp; Carnival\* | 463 | 13348 |
| &nbsp;&nbsp;&nbsp; Expedia Group | 61 | 13420 |
| &nbsp;&nbsp;&nbsp; Garmin | 58 | 12409 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings | 59 | 15161 |
| &nbsp;&nbsp;&nbsp; Tesla\* | 43 | 19632 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma | 66 | 12826 |
|  |  | 125760 |
|  **Financials — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab | 147 | 13894 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Cl A\* | 38 | 13064 |
| &nbsp;&nbsp;&nbsp; Franklin Resources | 583 | 13182 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group | 19 | 14998 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Cl A | 195 | 13720 |
|  |  | 68858 |
|  **Health Care — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp; Insulet\* | 41 | 12833 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings | 57 | 14476 |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | 141 | 12789 |
| &nbsp;&nbsp;&nbsp; Stryker | 40 | 14250 |
|  |  | 54348 |
|  **Industrials — 28.4%** |  |  |
| &nbsp;&nbsp;&nbsp; 3M | 91 | 15151 |
| &nbsp;&nbsp;&nbsp; Allegion PLC | 95 | 15748 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise\* | 16 | 11716 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide | 137 | 21097 |
| &nbsp;&nbsp;&nbsp; CSX | 371 | 13363 |
| &nbsp;&nbsp;&nbsp; Deere | 32 | 14772 |
| &nbsp;&nbsp;&nbsp; Eaton PLC | 36 | 13736 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value** |
|  **Industrials — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Emerson Electric | 98 | $13678 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace | 72 | 14828 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions | 91 | 14179 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 118 | 13498 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern | 55 | 15586 |
| &nbsp;&nbsp;&nbsp; Pentair PLC | 121 | 12869 |
| &nbsp;&nbsp;&nbsp; Quanta Services | 33 | 14821 |
| &nbsp;&nbsp;&nbsp; Uber Technologies\* | 145 | 13993 |
| &nbsp;&nbsp;&nbsp; United Rentals | 14 | 12197 |
|  |  | 231232 |
|  **Information Technology — 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp; Amphenol, Cl A | 118 | 16442 |
| &nbsp;&nbsp;&nbsp; AppLovin, Cl A\* | 25 | 15933 |
| &nbsp;&nbsp;&nbsp; Arista Networks\* | 97 | 15296 |
| &nbsp;&nbsp;&nbsp; Broadcom | 49 | 18112 |
| &nbsp;&nbsp;&nbsp; International Business Machines | 45 | 13833 |
| &nbsp;&nbsp;&nbsp; Microsoft | 30 | 15534 |
| &nbsp;&nbsp;&nbsp; NVIDIA | 76 | 15389 |
| &nbsp;&nbsp;&nbsp; Oracle | 52 | 13656 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Cl A\* | 101 | 20247 |
| &nbsp;&nbsp;&nbsp; Salesforce | 55 | 14323 |
| &nbsp;&nbsp;&nbsp; Trimble Navigation\* | 163 | 12999 |
|  |  | 171764 |
|  **Materials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals | 51 | 12372 |
|  Total Common Stock <br>(Cost $684,867) |  | 729751 |
|  **EXCHANGE-TRADED FUND — 9.9%** | **EXCHANGE-TRADED FUND — 9.9%** |  |
|  **Domestic Fixed Income — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg 1-3 Month T-Bill ETF | 878 | 80565 |
|  Total Exchange-Traded Fund<br>(Cost $80,480) |  | 80565 |
|  Total Investments — 99.5%<br>(Cost $765,347) |  | $810316 |

---

Percentages are based on net assets of $814,293.

††&nbsp;&nbsp;&nbsp;&nbsp;Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

\*&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

Cl — Class

ETF — Exchange-Traded Fund

PLC — Public Limited Company

SPDR — Standard & Poor's Depositary Receipts

As of October 31, 2025, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. Generally Accepted Accounting Principles.

The accompanying notes are an integral part of the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Statement of Assets and Liabilities**

**October 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at Cost | $765347 |
| &nbsp;&nbsp;&nbsp; Investments, at Fair Value | $810316 |
| &nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 3091 |
| &nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 78363 |
| &nbsp;&nbsp;&nbsp; Dividends Receivable | 68 |
| &nbsp;&nbsp;&nbsp; Reclaims Receivable | 6 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 891844 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 77049 |
| &nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 25 |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable – Net | 477 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 77551 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $814293 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $612989 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 201304 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $814293 |
| &nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unlimited authorization – no par value) | 30000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $27.14 |

---

The accompanying notes are an integral part of the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Statement of Operations**

**For the Period Ended October 31, 2025 (Unaudited)†**

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Dividend Income | $11851 |
| &nbsp;&nbsp;&nbsp; Interest Income | 132 |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | 11983 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees | 7185 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 7185 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 4798 |
|  **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup> | 151537 |
| &nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | 151537 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp; Investments | 44969 |
| &nbsp;&nbsp;&nbsp; **Net Change in Unrealized Appreciation (Depreciation)** | 44969 |
| &nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss)** | 196506 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | $201304 |

---

<sup>†</sup> The Fund commenced operations on May 20, 2025.

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes realized gains (losses) as a result of in-kind transactions, if any (See Note 4 in Notes to Financial Statements).

The accompanying notes are an integral part of the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, 2025 <br>(Unaudited)†** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $4798 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)<sup>(1)</sup> | 151537 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 44969 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | 201304 |
|  **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 6227235 |
| &nbsp;&nbsp;&nbsp; Redeemed | (5614246) |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Capital Share Transactions** | 612989 |
| &nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 814293 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period |  |
| &nbsp;&nbsp;&nbsp; End of Period | $814293 |
|  **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | 250000 |
| &nbsp;&nbsp;&nbsp; Redeemed | (220000) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 30000 |

---

<sup>†</sup> The Fund commenced operations on May 20, 2025.

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes realized gains (losses) as a result of in-kind transactions, if any (See Note 4 in the Notes to Financial Statements).

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Financial Highlights**

**Select Per Share Data & Ratios For a Share Outstanding Throughout the Period**

---

| | |
|:---|:---|
|  | **Period Ended <br>October 31, 2025 <br>(Unaudited)†** |
|  Net Asset Value, beginning of period | $24.94 |
|  **Investment Activities** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)\* | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment activities | 2.20 |
|  Net Asset Value, end of period | $27.14 |
|  **Net Asset Value, Total Return (%)**<sup>(1)</sup> | 8.82 |
|  **Ratios to Average Net Assets** |  |
| &nbsp;&nbsp;&nbsp; Expenses (%) | 0.70<br><sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (%) | 0.46<br><sup>(2)</sup> |
|  **Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp; Net Assets end of period (000) | $814 |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate(%)<sup>(3)</sup> | 135 |

---

<sup>†</sup> Commenced operations on May 20, 2025.

\* Per share data calculated using average shares method.

<sup>(1)</sup> Total return is for the period indicated and has not been annualized for periods less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemption of Fund shares.

<sup>(2)</sup> Annualized.

<sup>(3)</sup> Portfolio turnover is for the period indicated and periods of less than one year have not been annualized. Excludes the effect of securities received or delivered from processing in-kind creations or redemptions, if any.

The accompanying notes are an integral part of the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited)**

**1. ORGANIZATION**

Exchange Traded Concepts Trust (the "Trust") is a Delaware statutory trust formed on July 17, 2009. The Trust is registered with the Securities and Exchange Commission (the "Commission") under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company with multiple investment portfolios. The financial statements herein are those of CORE16 Best of Breed Premier Index ETF (the "Fund"). The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the CORE16 Best of Breed Premier Index (the "Index"). Exchange Traded Concepts, LLC (the "Adviser"), an Oklahoma limited liability company, serves as the investment adviser for the Fund. The Fund is classified as "non-diversified" under the 1940 Act (see "Non-Diversification Risk" under Note 6). The Fund commenced operations on May 20, 2025.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares of the Fund may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis to certain institutional investors (typically market makers or other broker-dealers) at NAV only in large blocks of shares called "Creation Units". Creation Units are available for purchase and redemption on each business day and are offered and redeemed on an in-kind basis, together with a specified cash amount, or for an all cash amount. Once created, shares trade in a secondary market at market prices that change throughout the day in share amounts less than a Creation Unit.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. The accompanying financial statements have been prepared in accordance with U.S. GAAP on the accrual basis of accounting. Management has reviewed Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies ("ASC 946"), and concluded that the Fund meets the criteria of an "investment company," and therefore, the Fund prepares its financial statements in accordance with investment company accounting as outlined in ASC 946.

**Use of Estimates and Indemnifications** — The Fund is an investment company in conformity with U.S. GAAP. Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust, on behalf of the Fund, enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

**Segment Reporting** — In accordance with the FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Adviser reviewed each Fund in the Trust, evaluated its business activities and determined that each Fund operates as a single reportable operating segment. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the Co-Chief Executive Officers of the Adviser, and who are also officers of the Trust. The CODM has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations and financial reporting. Through these committees, the CODM manages the fund's

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Continued)**

 **2. SIGNIFICANT ACCOUNTING POLICIES** (Continued)

operations to achieve the investment objective, as detailed in its prospectus, through the execution of the fund's performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund.

**Security Valuation** — The Fund records its investments at fair value. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market ("NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid price for long positions and at the most recent quoted ask price for short positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded.

The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Debt obligations with remaining maturities of sixty days or less when acquired will be valued at their market value. If a market value is not available from a pricing vendor or from an independent broker, the security shall be fair valued according to the Trust's fair value procedures. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

Rule 2a-5 under the 1940 Act establishes 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.

Pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (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) approved the Adviser's Valuation Procedures.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time, when under normal conditions, it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that traded outside of the United States (a ''Significant Event'') has occurred between the time of the security's last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to, government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Continued)**

 **2. SIGNIFICANT ACCOUNTING POLICIES** (Continued)

date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The valuation techniques used by the Fund to measure fair value during the period ended October 31, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs. Investments are classified within the level of the lowest significant input considered in determining fair value.

**Federal Income Taxes** — It is the Fund's intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of October 31, 2025, the Fund did not have any interest or penalties associated with the underpayment of any income taxes. Current tax years remain open and subject to examination by tax jurisdictions. The Fund has reviewed all major jurisdictions and concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on its tax returns.

**Foreign Taxes —** The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

**Security Transactions and Investment Income** — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Foreign Currency Translation** — The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The Fund may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Continued)**

 **2. SIGNIFICANT ACCOUNTING POLICIES** (Concluded)

**Cash and Cash Equivalents** — Idle cash may be swept into various overnight demand deposits and is classified as Cash and Cash equivalents on the Statement of Assets and Liabilities, if any. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

**Dividends and Distributions to Shareholders** — The Fund pays out dividends from its net investment income and distributes its net capital gains, if any, to investors at least annually. All distributions are recorded on ex-dividend date.

**Creation Units** — The Fund issues and redeems shares at NAV and only in Creation Units or multiples thereof. Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee regardless of the number of Creation Units created in a given transaction. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction. The Fund may charge, either in lieu of or in addition to the fixed creation transaction fee, a variable fee for creations and redemptions in order to cover certain non-standard brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transactions. In all cases, such fees will be limited in accordance with the requirements of the Commission applicable to management investment companies offering redeemable securities.

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 purchase or redemption of a Creation Unit, which the transaction fee is designed to cover.

Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain 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 an Authorized Participant Agreement with the Fund's distributor. 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 the Fund. Rather, most retail investors will purchase and sell shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

To the extent contemplated by an Authorized 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 to SEI Investments Distribution Co. (the "Distributor"), on behalf of the Fund, by the time as set forth in the Authorized 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 value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit the 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 the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

**3. SERVICE PROVIDERS**

*Investment Advisory and Administrative Services*

The Adviser is an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, its principal place of business, and 295 Madison Avenue, New York, New York 10017. The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser provides investment advisory services to the

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Continued)**

 **3. SERVICE PROVIDERS** (Concluded)

Fund and is responsible for the day-to-day management of the Fund, including, among other things, implementing changes to the Fund's portfolio in connection with any rebalancing or reconstitution of the Index, trading portfolio securities on behalf of the Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services it provides to the Fund, the Fund pays the Adviser a fee, which is calculated daily and paid monthly, at an annual rate of 0.70% of average daily net assets of the Fund.

ETC Platform Services, LLC ("ETC Platform Services"), a direct wholly-owned subsidiary of the Adviser, administers the Fund's business affairs and provides office facilities and equipment, certain clerical, bookkeeping and administrative services, paying agent services under the 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 the Fund to operate. For the services it provides to the Fund, ETC Platform Services is paid a fee calculated daily and paid monthly based on a percentage of the Fund's average daily net assets.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the 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 Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses").

CORE16, Inc. is the sponsor of the Fund's Index and the Fund (the "Sponsor"). In connection with an arrangement between the Adviser and the Sponsor, the Sponsor has agreed to assume the obligation of the Adviser to pay all expenses of the Fund (except Excluded Expenses) and, to the extent applicable, pay the Adviser a minimum fee. For its services, the Sponsor is entitled to a fee from the Adviser, which is calculated daily and paid monthly, based on a percentage of the average daily net assets of the Fund. The Sponsor does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Fund.

A 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.

*Distribution Arrangement*

The Distributor serves as the Fund's underwriter and distributor of shares pursuant to a distribution agreement (the "Distribution Agreement"). Under the Distribution Agreement, the Distributor, as agent, receives orders to purchase shares in Creation Units and transmits such orders to the Fund's custodian and transfer agent. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor bears the following costs and expenses relating to the distribution of shares: (i) the expenses of maintaining its registration or qualification as a dealer or broker under federal or state laws; (ii) filing fees; and (iii) all other expenses incurred in connection with the distribution services, that are not reimbursed by the Adviser, as contemplated in the Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Fund has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended October 31, 2025, no fees were charged by the Distributor under the Plan and the Plan will only be implemented with approval of the Board.

*Administrator, Custodian and Transfer Agent*

SEI Investments Global Funds Services serves as the Fund's administrator pursuant to an administration agreement. Brown Brothers Harriman & Co. serves as the Fund's custodian and transfer agent pursuant to a custodian agreement and transfer agency services agreement. The Adviser pays these fees.

An officer of the Trust is affiliated with the administrator and receives no compensation from the Trust for serving as an officer.

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Continued)**

**4. INVESTMENT TRANSACTIONS**

For the period ended October 31, 2025, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Government and short-term securities were:

---

| | |
|:---|:---|
| **Purchases** | **Sales and <br>Maturities** |
| $3338179 | $3305623 |

---

For the period ended October 31, 2025, there were no purchases or sales of long-term U.S. Government securities by the Fund.

For the period ended October 31, 2025, the in-kind transactions associated with creations and redemptions were:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized <br>Gain (Loss)** |
| $6191424 | $5610171 | $132099 |

---

**5. TAX INFORMATION**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in capital, or distributable earnings (accumulated losses), as appropriate, in the period that the differences arise.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency transactions held by the Fund at October 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br>Cost** | **Aggregated <br>Gross <br>Unrealized <br>Appreciation** | **Aggregated <br>Gross <br>Unrealized <br>Depreciation** | **Net Unrealized <br>Appreciation <br>(Depreciation)** |
| $765347 | $58152 | $**(13183)** | $44969 |

---

**6. PRINCIPAL RISKS OF INVESTING IN THE FUND**

As with all exchange traded funds ("ETFs"), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. Additional principal risks are disclosed in the Fund's prospectus. Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

*Authorized Participant Concentration Risk.*&nbsp;&nbsp;&nbsp;&nbsp;Only an authorized participant may engage in creation or redemption transactions directly with the Fund. A limited number of institutions act as authorized participants for the Fund. However, participants are not obligated to make a market in the Fund's shares or submit purchase and redemption orders for creation units. To the extent that these institutions exit the business, reduce their role or are unable to proceed with creation and/or redemption orders and no other authorized participant steps forward to create or redeem, the Fund's shares may trade at a premium or discount to the Fund's net asset value and possibly face delisting and the bid/ask spread on the Fund's shares may widen.

*Market Risk:*&nbsp;&nbsp;&nbsp;&nbsp;Market risk is the risk that a particular investment, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political

 **Core16 Best of Breed Premier Index ETF**

**Notes to Financial Statements**

**October 31, 2025 (Unaudited) (Concluded)**

 **6. PRINCIPAL RISKS OF INVESTING IN THE FUND** (Concluded)

changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund's shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund's shares may widen and the returns on investment may fluctuate.

**7. OTHER**

At October 31, 2025, the records of the Trust reflected that 100% of the Fund's total shares outstanding were held by three Authorized Participants, in the form of Creation Units. However, the individual shares comprising such Creation Units are listed and traded on the Exchange and have been purchased and sold by persons other than Authorized Participants.

**8. 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 raised interest rates in an effort to fight inflation. The Federal Reserve has begun to lower interest rates and may continue to do so in the future. 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 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.

**9. RECENT 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.

**10. SUBSEQUENT EVENTS**

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

 **Core16 Best of Breed Premier Index ETF**

**Other Information (Form N-CSRS Items 8-11)**

(Unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management 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 Management Investment Companies.**

All fund expenses, including Trustee compensation is paid by the Adviser pursuant to the Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At a meeting held on April 24, 2025 and reconvened on April 29, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Traded Concepts Trust (the "Trust") considered the initial approval of the investment advisory agreement between the Trust, on behalf of the CORE16 Best of Breed Premier Index ETF ("BOBP" or the "Fund"), and Exchange Traded Concepts, LLC ("ETC") pursuant to which ETC provides advisory services to the Fund (the "Agreement").

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Agreement must be approved by a vote of (i) the Trustees or the shareholders of the Fund and (ii) a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and ETC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement. In addition, rules under the 1940 Act require the Fund to disclose in its Form N-CSR the material factors and the conclusions with respect thereto that formed the basis for the Board's approval of the Agreement.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed written materials from ETC and, at the Meeting, representatives from ETC presented additional oral and written information to help the Board evaluate the Agreement. Among other things, representatives from ETC provided an overview of its advisory business, including investment personnel and investment processes. During the Meeting, the Board discussed the materials it received, including a memorandum from legal counsel to the Independent Trustees on the responsibilities of Trustees in considering the approval of investment advisory agreements under the 1940 Act, considered ETC's oral presentation, and deliberated on the approval of the Agreement in light of this information. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from ETC. The Independent Trustees were assisted in their review by independent legal counsel and met with counsel separately and without management present.

In considering whether to approve the Agreement, the Board took into account the materials provided for the Meeting, the presentation and extensive discussion during the Meeting and had a detailed discussion with the independent legal counsel. In particular, the Trustees took into consideration (i) the nature, extent, and quality of the services to be provided by ETC; (ii) ETC's expected costs of the profits to be realized from providing such services, including any fall-out benefits to be enjoyed by ETC or its affiliates; (iii) comparative fee and expense data; (iv) the extent to which the advisory fee for BOBP reflects economies of scale to be shared with shareholders; and (v) other factors the Board deemed to be relevant.

*Nature, Extent, and Quality of Services.*&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees reviewed materials provided by ETC at this Meeting related to the Agreement and information provided by ETC in the ordinary course of business throughout the year, including: detailed information about the CORE16 Best of Breed Premier Index ETF, the index the Fund will seek to track, the manner in which investment decisions are to be made and executed in an attempt to track the index; an overview of the personnel that would perform services for BOBP and their

 **Core16 Best of Breed Premier Index ETF**

**Other Information (Form N-CSRS Items 8-11)**

(Unaudited) (Continued)

background and experience; a review of the financial condition of ETC; information regarding risk management processes and liquidity management; the compliance policies and procedures of ETC; and an independent report prepared by ISS analyzing the estimated fees and expenses of BOBP as compared to those of a peer group of other registered investment companies with similar investment strategies as selected by ISS.

With respect to the nature, extent, and quality of the services to be provided to BOBP, the Board considered ETC's specific responsibilities in all aspects of the day-to-day management of BOBP. The Board noted that ETC's responsibilities would include, among other things, implementing and maintaining BOBP's portfolio consistent with the strategies described in BOBP's prospectus, trading portfolio securities and other investment instruments on behalf of BOBP, selecting broker-dealers to execute purchase and sale transactions, determining the cash amount for creation units of the Fund, executing portfolio securities trades for purchases and redemptions of Fund shares, overseeing general portfolio compliance with relevant law, monitoring compliance with various policies and procedures and applicable securities regulations, quarterly reporting to the Board, and implementing Board directives as they relate to BOBP. The Board noted that it had been provided ETC's registration form on Form ADV and ETC's responses to a detailed series of questions, which included a description of ETC's operations, services, personnel, compliance program, risk management program, and financial condition, and whether there had been material changes to such information since it was last presented to the Board. The Board considered the qualifications, experience, and responsibilities of ETC's investment personnel, the quality of ETC's compliance infrastructure, and the determination of the Trust's Chief Compliance Officer that ETC has appropriate compliance policies and procedures in place. The Board considered ETC's experience working with ETFs including other series of the Trust and other ETFs outside of the Trust.

The Board also considered services to be provided to BOBP by ETC, either directly or through its subsidiary ETC Platform Services, LLC, such as arranging for service providers and other non-distribution related services necessary for BOBP to operate; providing office facilities and equipment; and certain clerical, bookkeeping, and administrative services; liaising with and reporting to the Board on matters relating to Fund operations, portfolio management and other matters essential to BOBP's business activities; oversight and preparation of regulatory filings; working with ETF market participants, including authorized participants, market makers, and exchanges, to help facilitate an orderly trading environment for BOBP' shares; marketing consulting services, and providing its officers and employees to serve as officers or Trustees of the Trust. The Independent Trustees also considered the significant risks assumed by ETC in connection with the services provided to BOBP, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent, and quality of the services to be provided to BOBP by ETC.

*Performance.*&nbsp;&nbsp;&nbsp;&nbsp;Because BOBP is new and has not commenced operations, the Board noted that there were no historical performance records to consider. The Board considered backtested performance data of the CORE16 Best of Breed Premier Index ETF and found that the results were not unreasonable. The Board noted that ETC did not currently manage a comparable fund or managed account to BOBP and considered the Fund's index-based investment objective and that the Fund's performance is expected to reasonably track the performance of its underlying index. The Independent Trustees indicated that once BOBP had commenced operations, the Board would focus on, among other things, the Fund's performance relative to its underlying index, and the extent to which the Fund achieved its investment objective as a passively-managed ETF.

*Cost of Advisory Services and Profitability.*&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the advisory fee to be paid to ETC for its services to the Fund under the Agreement. The Board reviewed the report provided by ISS, an independent third party, comparing the Fund's advisory fee to those paid by a group of peer funds. The Board found that BOBP's proposed fee was greater than the median of the peer group but within the range of other fees in the peer group. The Board considered that ISS' selection criteria reflect that the Fund is compared against other passively managed ETFs exposed to large cap and mid cap equal weight equities utilizing AI and quantitative methods in the investment process.

 **Core16 Best of Breed Premier Index ETF**

**Other Information (Form N-CSRS Items 8-11)**

(Unaudited) (Concluded)

With respect to peer group composition, ETC expressed to the Board its view that the peer group presented reflects a fair comparison of peer ETFs. In its review of the peer group, the Adviser determined that the ISS selected funds have comparable systems or traits as part of their investment processes. ETC reviewed ISS' proposed group and had an opportunity to comment and make recommendations, which were considered and implemented by ISS. There were no disagreements between ETC and ISS with respect to the composition of the peer group.

The Board took into consideration that the Fund's advisory fee is a "unitary fee," meaning that the Fund would pay no expenses other than certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that ETC will be responsible for compensating the Fund's other service providers and paying the Fund's other expenses out of its own fee and resources and is ultimately responsible for ensuring the obligation is satisfied. The Board considered the costs and expenses to be incurred by ETC in providing advisory services, evaluated the compensation and benefits to be received by ETC from its relationship with the Fund, and reviewed a profitability analysis from ETC with respect to the Fund. The Board considered the risks borne by ETC associated with providing services to the Fund, including the entrepreneurial risk associated with sponsoring new funds, as well as the enterprise risk emanating from litigation and reputational risks, operational and business risks, and other risks associated with the ongoing management of the Fund. In light of this information, the Board concluded that the advisory fee of the Fund appeared reasonable in light of the services to be rendered.

*Economies of Scale.*&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that economies of scale may be realized for the benefit of the Fund as assets grow in size, noting however that for the initial term of the Agreement that the Fund was not likely to realize economies of scale and accordingly economies of scale would not be a relevant consideration at this time However, the Board considered that it would have an opportunity to evaluate the extent to which economies of scale are being shared when it next considers the renewal of the Agreement with respect to the Fund.

*Conclusion.*&nbsp;&nbsp;&nbsp;&nbsp;The Board, having requested and received such information from ETC as it believed reasonably necessary to evaluate the terms of the Agreement and having been advised by independent counsel that it had appropriately considered and weighed all relevant factors, the Board, including the Independent Trustees, determined that the Agreement, including the compensation payable thereunder, was fair and reasonable to the Fund. The Board, including the Independent Trustees, therefore, determined that the approval of the Agreement was in the best interests of BOBP and its shareholders. No single factor was determinative of the Board's decision to approve the Agreement on behalf of BOBP; rather, the Board based its determination on the total mix on information available to it. The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently.

![](tetc_logo.jpg)

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

**Distributor:** SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:** SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

**Independent Registered Public Accounting Firm:** Cohen & Company, Ltd.

1350 Euclid Avenue

Suite 800

Cleveland, OH 44115

This information must be preceded or accompanied by a current prospectus for the Fund.

 For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833-462-3466<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;https://core16etf.com/#investor-materials<br>

COR-SA-001-0100

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management 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 Management 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 to open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to 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 to open-end management investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19.** **Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; [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.](ea0269749-01_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Filed herewith.](ea0269749-01_ex99906cert.htm)

**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/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer |

---

Date: December 22, 2025

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/ Richard Malinowski |
|  | Richard Malinowski |
|  | Principal Executive Officer |

---

Date: December 22, 2025

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Christopher W. Roleke |
|  | Christopher W. Roleke |
|  | Principal Financial Officer |

---

Date: December 22, 2025

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Richard Malinowski, certify that:

1. I have reviewed this report on Form N-CSRS of the Exchange Traded
Concepts Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information, included in this report fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of,
and for, the periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have
disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 22, 2025 |
| /s/ Richard Malinowski |
| Richard Malinowski<br> Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Christopher W. Roleke, certify that:

1. I have reviewed this report on Form N-CSRS of the Exchange Traded
Concepts Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information, included in this report fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of,
and for, the periods presented in this report;

4. The Registrant's other certifying officer(s), if any,
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have
disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 22, 2025 |
| /s/ Christopher W. Roleke |
| Christopher W. Roleke<br> Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Richard Malinowski, the Principal Executive Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: December 22, 2025

---

| |
|:---|
| /s/ Richard Malinowski |
| Richard Malinowski |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Christopher W. Roleke, the Principal Financial Officer of the Exchange Traded Concepts Trust (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: December 22, 2025

---

| |
|:---|
| /s/ Christopher W. Roleke |
| Christopher W. Roleke |
| Principal Financial Officer |

---